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BBC cameraman Peter Henderson on the Eat-2-Grow Food enterprise, which aims to empower people in war-torn zones
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Dubai Banks Vulnerable after Abu Dhabi Aid: Fitch
DUBAI - The Dh16 billion ($4.4 billion) Abu Dhabi government capital injection into five Abu Dhabi-based banks will strengthen the recipient’s capitalisation but leaves other UAE banks looking more vulnerable in the event of a significant domestic downturn, said Fitch Ratings agency.
On Wednesday, Union National Bank PJSC and Abu Dhabi Islamic Bank PJSC each took Dh2 billion, while Abu Dhabi Commercial Bank PJSC, National Bank of Abu Dhabi and First Gulf Bank PJSC each borrowed Dh4 billion through government bonds.
“It is uncertain if the
Dubai-based Emirates NBD, Mashreq Bank, Commercial Bank of Dubai and Dubai Islamic Bank will likely require capital injections of similar magnitude given that the equity of the five Abu Dhabi banks as at September 30, 2008, was about Dh52 billion compared to about Dh53 billion for the four Dubai Banks, Fitch added.
However, Fitch believes the probability of support for the majority of banks the agency rates in the UAE remains extremely high.
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