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Branches of UAE banks’ Increase by 11 per cent and ATMs Increase by 48 per cent

Dubai, United Arab Emirates : 27 February

As per official statistics released by the central bank of the United Arab Emirates, the quantity of branches of the bank within the country increased by over eleven per cent whilst overseas banks e-banking services increased by circa twenty two per cent, according to Emirates Business.

The quantity of Automatic Telling Machines in the country went up by over forty eight per cent to 3,599 (from 2,420), during the calendar year 2009 whereas electronic banking service units of overseas banks too increased from 38 to 43 during the calendar year 2009.

Andrew Reid, Staff Writer, Gulf Jobs Market News
26 February

9 Billion US Dollar Zain Deal is Fine: Bharti

Bharti Airtel said 9 billion US Dollar was a fair price for Kuwaiti telecom Zain’s African assets in light of the growth opportunities, although it could diminish earnings in the short-to-medium term for India’s prominent telecom.
In their initial comprehensive remarks to analysts since confirming the talks with Zain, Bharti officials told that Africa had good [...]

26 February

United Gulf Bank Declares Net Profit of 20.1 Million Dollars

United Gulf Bank B.S.C. – Bahrain (UGB), has declared net profit of 20.1 million US dollars or 2.46 US cents for each share for 2009 compared to 207.3 million US dollars or 25.3 US cents for each share in 2008.
Revenue before interest and other expenses for 2009 declined from 341.4 million US dollars in 2008 [...]

26 February

ENOC to Suspend Acquisitions in 2010

Emirates National Oil Co (ENOC), Dubai’s government controlled refiner will not consider acquiring any assets during current to concentrate on existing businesses, a senior executive said on Thursday.
ENOC, a downstream-focused company in possession of the emirate’s sovereign wealth fund Investment Corporation Dubai, manages oil tankers, fuel terminals and service stations in the Gulf.
Petri Pentti, chief [...]

25 February

Results of First Energy Bank for 2009 announced

Bahrain based First Energy Bank (FEB) proclaimed profit of 14.2 million dollars in 2009 as compared to 42,000 dollars in 2008.
Chief Executive Officer of FEB, Mr. Vahan Zanoyan said that they have been putting up FEB on sound footing, relying on the strength of their team, investor base and the understanding as well as knowledge [...]

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