Browse
related articles
NBAD hits multi-year high on bullish GCC prospects
- United Arab Emirates: Thursday, November 29 - 2012 at 14:52
The ADX General Index closed 1.04% higher at 2,674.56 as shares gained across the board on Thursday. The UAE's second lender National Bank of Abu Dhabi or NBAD jumped 4% to hit Dhs10.50, representing the highest price level since August 2008, the month before U. S. investment bank Lehman Brothers went bankrupt. Earlier in the day, Deutsche Bank CEO for the MENA region Ashok Aram said at the 7th annual summit of the Gulf Petrochems & Chemicals Association (GPCA) that GCC banks were today better off than their counterparts in the West as GCC lenders had a low cost income ratio of below 40% on average and their return on equity was between 12% to 15% compared to 60% / 5% - 7% at banks in Europe and the U. S. "GCC capital markets will continue to expand in the coming years," said Aram. Abu Dhabi National Energy Co, known as Taqa, closed unchanged. Earlier in the day, Taqa said it hired 5 banks, NBAD being one of them, to arrange global investors meetings in order to raise bonds of half a billion U. S. dollars under its existing Global Medium Term Note program. On Wednesday, Taqa said it acquired oil and gas assets in the North Sea from BP worth $1bn.
Related Content
Article Options
Gérard Al-Fil, Financial JournalistThursday, November 29 - 2012 at 14:52 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / 4C.
This article was updated on Sat Dec 01 2012.
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
