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Emirates Industrial Bank - National day 2001

posted on 09/12/2001: 2193 views

The crucial decision taken by the board of directors of the emirates industrial bank (EIB) in May 2001 to raise the bank's capital from Dh400 million to one billion dirhams over the coming six years was a strong indicator of the growing demand for industrial financing services.

EIB, owned by government agencies and a number of commercial banks in the United Arab Emirates, provides soft loans to industrial investors in line with the UAE's bid to diversify its economy away from oil. A report prepared by the Emirates News Agency, WAM, on the occasion of the 30th anniversary of the national day said the move was aimed at meeting the increasing credit demand of the local manufacturing industries sector.

''Over the last few years, investors were moving away from small-scale industrial projects towards medium and large-scale projects which require larger level of financing'' Dr. Mohammed Khalfan Khirbash, Minister of State for Financial and Industrial Affairs and EIB's board chairman said.

He added that a three-way future strategy was under way to enhance the bank's role in financing industrial projects, offer new services and enter new economic sectors. ''

The EIB is planning to establish two new buildings in Abu Dhabi and Dubai in the first phase of that strategy at a total cost of Dh100 million,'' he said.

In the first half of 2001, the EIB has agreed to finance 11 projects at a total cost of Dh86.5 million with total investment of Dh727 million. Since its creation in 1982, the EIB has financed 269 projects in the tune of Dh2.1 billion.

Loans rose by 12,4 per cent in 2000 to Dh178.5 million from Dh158.8 million in 1999 and are expected to rise to over Dh200 million before the year end. The bank's net profits for 2000 rose 23.5 percent to Dh30 million from Dh24.5 million in 1999.

Total assets rose by 134 million dirhams to reach 1.1 billion dirhams by the end of 2000 from a year earlier while shareholders' funds rose to 555.5 million dirhams from 445.9 million dirhams. (The Emirates News Agency, WAM)


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