Ahmed Bin Brek

These are challenging times for the bank's chief executive officer, ex-Citibank high-flyer Ahmed Bin Brek, who promises that his new bank will have a name and corporate identity in 'a week or two'.

'Only in Dubai would you get the opportunity to start a new bank from scratch,' he told AMEInfo. 'We don't want to be a run-of-the-mill bank. We will be innovative, creative and transparent, a role model for others to follow'.

For anyone who has missed out on the genesis of this project, Emaar Properties is establishing its own full-blown bank in Dubai. Mr. Bin Brek confirms that Emaar's existing mortgage finance arm Amlak will be merged into the new bank over the next 12-18 months.

'We will start by integrating back office systems, but Amlak is a unique proposition. No other bank offers 25 year loans on property in Dubai, 10 years is the usual time frame for the commercial banks. We can offer true mortgage finance on Emaar Properties and also re-finance any other property in the emirate of Dubai. It is a great strength.'

But how is Emaar's bank going to be innovative and creative in a market which already has 47 other banks?

'Most of the banks here behave like they have for the past 25 years. For example, we want to see debit cards used to offer a cash-back facility in supermarkets. It helps the customer to get cash and relieves the supermarket of its spare cash, everyone benefits'.

Mr. Bin Brek says that the UK's Internet bank Egg is one business model he admires. As pioneered at Egg, Emaar is out-sourcing many of its banking functions, and will consequently have a small staff. Mr. Bin Brek does not expect to employ more than 150 people by the end of next year.

Starting a bank from scratch means that modern technology can play a full role, and that the bank can function with just one, centrally located, branch and ATMs. There will naturally be a large call centre to handle combined Internet, mobile and telephone banking services.

'Typical of the outsourcing is the contract with HP and Kindle to install and manage our IT systems,' says Mr. Bin Brek. 'We will also be offering a full financial planning service for high net worth individuals and arranging much of our sales on a commission basis, again keeping the number of directly employed staff down'.

On his target market, he says: 'We will aim at all expatriates and nationals in the 18-40 age group, and look to follow these individuals through their life-cycle, providing with them with banking services appropriate to the stage of their life.

But Emaar's new bank will not just be a retail bank with a housing finance arm. For corporate customers there will be loan finance and trade finance facilities, and the bank plans to develop an investment banking division unlike anything else in the Middle East.

'This will focus on merger and acquisitions, capital markets, securitization, privatization, and loan syndication,' says Mr. Bin Brek. 'There is nothing like this outside London. Bahrain is just for institutions and lives off Saudi Arabia. Here we have our traditional trading partners in India, Pakistan and Iran, all with huge investment banking requirements'.

Perhaps it should not be a surprise to learn that Mr. Bin Brek is a member of the board of directors of the new Dubai International Finance Centre which he believes will really put Dubai on the financial map of the world.

'The World Bank president's promise to launch the first bond on the DIFC last week is just the start,' he says. 'We are going to see a major development of the financial community in Dubai, and I am very happy to be a part of it'.

So while skeptics may question the need for another bank in Dubai, Emaar's banking chief is getting on with the job of creating one. And, like Emaar's property developments, the planning and marketing drive behind this project is a lot sounder than its critics suggest. But then most of them work for rival banks.