Dubai Bank breaks even in record period

In its second year of operations, the Bank experienced Strong growth last year placing it well ahead of initial plans to break even by 2006.

"Our operational revenues reached AED 111 Million, an increase of 156% compared to last year. The bank also generated a profit of AED 4 Million compared to a loss of AED 36 Million last year," said Ziad Makawi, CEO of Dubai Bank since February 2004.

Speaking on the financial results, he added: "We have attained break even within a short period of two years, and the excellent results speak for themselves. To achieve this milestone, we faced different challenges and increasing competition within Dubai. As the city grows into a global player, Dubai Bank will continue its ongoing success through increasing competency levels and providing services at par with international standards."

Commenting on the future plans and strategy at Dubai Bank, Makawi remarked, "The UAE's financial sector and Dubai are evolving rapidly with many new opportunities and major developments. The next few years will see Major developments at Dubai Bank including Our involvement with Islamic Banking, Investment Banking and Asset Management. We will continue to build upon our foundations in Retail and Corporate Banking while contributing do the development of the regions' Capital Markets and Investments.

According to Dubai Bank's Vice Chairman, Mohamed Ali Alabbar, "When the bank was launched 2 years ago, we set our targets on breaking even in four years. To break even in just half that time is truly an amazing achievement for a bank, let alone any large organization."

"Dubai Bank has achieved a memorable milestone, complimenting the success of Emaar and its other subsidiaries. We are delighted with the ongoing growth and success at Dubai Bank and Emaar," Mr. Alabbar concluded.