National Bank of Umm al-Qaiwain jumps 10 percent in value
- United Arab Emirates: Tuesday, September 18 - 2012 at 17:35
The ADX General Index fell half a percentage point to 2,611.62 points. Etisalat slipped 0.10% to Dhs9.69. Shares of National Bank of Umm al-Qaiwain or NBQ posted the largest advance, closing 10% higher at Dhs1.76. Earlier in the day, Global Investment House, known as Global, from Kuwait said that the Court of Cassation of Dubai on its hearing held Tuesday, in relation to the Dubai Court of Appeal ruling issued on May 21 2012 in Global's favour to recover the company's $250m deposit, decided to revert the case back to the Dubai Court of Appeal. The underlying dispute between the two lenders goes back to the year 2008, when NBQ received a deposit of $250m from Global for the purpose of a capital raising. However, the capital never happened because the financial crisis hit Global on the wrong foot and the Kuwaiti investment bank had to restructure its debt.
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