07 July 2010

The UAE banking industry offers good value, in spite of mixed news from the property market, reports of rescheduling loans and questions about the stability of asset quality, according to a new research report issued today by Rasmala Investment Bank (“Rasmala”) and Royal Bank of Scotland (“RBS”).  

As part of a series of MENA reports, published under the Rasmala-RBS brand, the research highlights business optimism is returning to the sector. However, risks do still persist and it will take another year before there is sufficient confidence in the transparency of the UAE banking sector.

The publication involves a full initiation on six UAE banks (Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, First Gulf Bank and National Bank of Abu Dhabi).

“The lack of transparency and flow of negative information coming from the economy during the crisis knocked investor confidence”, commented Khaled Masri, Head of Brokerage at Rasmala. “However the UAE banking market is of great importance across the region and we are seeing promising signs of recovery. The Rasmala-RBS UAE banking research report provides clients with detailed insight and future expectations for the industry, and in particular six key players, and should help investor confidence levels. Following the success of last month’s inaugural MENA Telecom report we are confident that this publication will add additional value to our clients.”

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