Abu Dhabi Investment Council has increased the share capital Al Hilal Bank by AED 400 million, a timely boost for the lender which is pursing growth in branch network and investment in technology, reported local daily, The National.
Alex Coelho, the Al Hilal Chief Executive, said that while the increase will further strengthen the bank’s balance sheet and capital base, it will allow the lender to meet the growing demand for Islamic finance by investing in areas with the greatest prospects. The Central Bank of the UAE (CBUAE) raised this year’s economic growth forecast to 2.7 per cent from its previous projection of 2.5 per cent while non-oil GDP growth is forecast to increase to 3.9 per cent this year from 3.4 per cent in 2017.
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