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Foreign deposits in UAE banks to surge
- United Arab Emirates: Tuesday, October 14 - 2008 at 07:47
Bankers and economists are predicting a large influx of foreign deposits in the UAE following the government's decision to guarantee deposits in national banks regardless of the amount, Gulf News has reported. Ahmad Al Tayer, Chairman of the Emirates National Bank of Dubai, said the UAE will benefit from the current credit crisis in strengthening its position as a safe heaven for deposits from all over the world. Abdul Aziz Al Ghurair, chief executive officer of Mashreq, said the assets of UAE banks have more than doubled in the past two years, which reflects the trust in the local economy and the high level of satisfaction the local banks have earned from their local and regional customers.
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Jeff Florian, Senior ReporterTuesday, October 14 - 2008 at 07:47 UAE local time (GMT+4)
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