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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Investment, Market

Abu Dhabi banks borrow billions in Emirate funds

Posted on 06 February 2009

From WSJ: Abu Dhabi banks rushed to tap government funds amid rising concern over the health of financial companies in the oil-rich United Arab Emirates.

Five of the sheikdom’s largest listed banks collectively borrowed 16 billion U.A.E. dirhams ($4.4 billion) of funds through bonds. Union National Bank PJSC and Abu Dhabi Islamic Bank PJSC each took two billion dirhams, while Abu Dhabi Commercial Bank PJSC, National Bank of Abu Dhabi and First Gulf Bank PJSC each borrowed four billion dirhams….. Full Article: Source


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