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|20 February, 2019

UAE banking sector remains resilient: Sheikh Ahmed

The UAE economy, and the banking sector in particular, remained resilient in 2018, despite a challenging environment across global markets, ...

Sheikh Ahmed bin Saeed al-Maktoum, Chief Executive of Emirates, gestures during a news conference in Dubai, United Arab Emirates May 10, 2016.

Sheikh Ahmed bin Saeed al-Maktoum, Chief Executive of Emirates, gestures during a news conference in Dubai, United Arab Emirates May 10, 2016.

REUTERS/Ashraf Mohammad

The UAE economy, and the banking sector in particular, remained resilient in 2018, despite a challenging environment across global markets, said Sheikh Ahmed bin Saeed Al Maktoum, Chairman, Emirates NBD.

Speaking at the bank's general assembly meeting, which approved a cash dividend of 40 per cent, Sheikh Ahmed said the UAE remained the most competitive economy in the Mena region last year, as the government continues to progress the country's positioning among the world's top business-friendly nations.

"Emirates NBD has retained its position as a leading bank in the Middle East. As we announce a record annual net profit of Dh10 billion for 2018, we are confident that we will continue to deliver a solid performance and build on opportunities even as we overcome any challenges we encounter. The customer and the community remain at the heart of Emirates NBD's growth strategy, and we will continue to roll out strategic initiatives to deliver excellent products and services, while increasing shareholder value," said Sheikh Ahmed.

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"Looking ahead, with just one year to go until Expo 2020 Dubai, we can see the pace of development stepping up, especially in terms of projects and transport infrastructure," he said. Sheikh Ahmed said the bank also seeks opportunities to further expand its international footprint. "Saudi Arabia remains a key growth market for the Bank, as we have opened three new branches in the Kingdom in 2018." Emirates NBD has posted a net profit of Dh10 billion for 2018, up 20 per cent compared with the prior year. The bank's total Income of Dh 17.4 billion improved 13 per cent compared with the prior year, while total assets at surged six per cent to Dh500.3 billion.

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