Emirates NBD, the result of an AED41.3 billion (USD11.3 billion) merger between Dubai's two largest banks based on total assets, received its final approval by majority shareholder, the government of Dubai, in July 2007. Emirates NBD became the largest banking entity in the MENA region (surpassing the Saudi-based National Commercial BankNational Commercial Bank) with AED165.2 billion (USD45.0 billion) in total assets.

Offering corporate, retail, Islamic and investment banking including brokerage services, Emirates NBD plans to expand its reach to become a regional financial institution.

The first phase of the merger has EBI and NBD operating as independent legal entities owned by Emirates NBD while the second phase will have the two entities undergo a restructuring process and merge into one entity. Upon completion of the second phase, EBI and NBD will be de-listed while the Emirates NBD will list its shares on the DFM.

Dubai-based Emirates Bank InternationalEmirates Bank International (EBI) provides Islamic commercial banking and investment banking from 37 branches nationwide and four worldwide, as of 2007. Publicly traded on the Dubai Financial Market, EBI was the second largest bank in the UAE, with AED95.88 billion (USD26.11 billion) in total assets, as of the close of 2006.

National Bank of DubaiNational Bank of Dubai (NBD) operates in the commercial banking sector and provides investment financial services from 42 branches in the UAE and offices in Qatar and the UK, as of 2007. Publicly listed on the Dubai Financial Market, NBD had AED69.3 billion (USD18.48 billion) in 2006 total assets.