'This is a testament to how far we’ve come – from the desert to space', Dubai Ruler said during the call five years ago
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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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