Three UAE banks in merger talks to create over Dh410 billion bank

Agencies
September 4, 2018

Abu Dhabi, Sept 4: Abu Dhabi Commercial Bank (ADCB) said it is in early merger talks with Union National Bank and Al Hilal Bank, which could potentially form a lender with $113 billion (Dh 414.71 billion) in assets.

Abu Dhabi has been revamping its economy and pressing ahead with consolidating state-owned entities after two years of low oil prices weighed heavily on its revenues.

Two of Abu Dhabi's top banks were merged last year to create First Abu Dhabi Bank with total assets of $175 billion, while two of its big sovereign wealth funds were also combined.

ADCB, majority owned by the Abu Dhabi government, said in a disclosure to the Abu Dhabi Securities Exchange that it is in talks with UNB and separately with unlisted Al Hilal Bank. If it goes ahead, a merger of the three could create an entity with $113 billion in assets, according to Thomson Reuters data.

The statement from ADCB followed a Bloomberg News report of the talks which said that a potential merger could create the Gulf's fifth biggest bank.

Talks with both UNB and Al Hilal are at a very preliminary stage, ADCB said, adding that they may not result in a deal.

UNB and Al Hilal representatives did not respond to calls, while the Abu Dhabi government did not reply to an email.

While ADCB, the second largest bank in Abu Dhabi and UNB are both majority government owned, Islamic lender Al Hilal Bank is fully-owned by the Abu Dhabi government.

Consolidation has also hit the banking sectors of other Gulf countries. Bahrain's Ahli United Bank is in merger talks with Kuwait Finance House, which could be the first cross-border tie-up between Gulf banks in recent years.

Meanwhile, Saudi British Bank and Alawwal Bank have also agreed a merger to create Saudi Arabia's third-biggest lender, in a $5 billion deal that marks the first major banking tie-up in the kingdom in two decades.

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Agencies
June 28,2020

Kuwait, Jun 28: Measures imposed to curb the spread of the novel coronavirus in Kuwait are believed to have increased suicide cases in the country, according to a media report.

Forty suicide cases and 15 failed attempts, mainly among Asian expatriates, have been recorded in Kuwait since late February, Gulf News quoted the Al Qabas newspaper report, citing sources as saying on Saturday.

Investigations into the majority of cases have revealed that those who committed suicide had experienced psychological and economic troubles due to dire financial circumstances after their employers stopped to pay them as a result of economic fallout from the coronavirus-related measures.

In one case, an expat livestreamed his suicide while chatting with his fiancee on a social networking platform, the newspaper report said.

Suicide cases have increased by around 40 per cent since the start of the COVID-19 crisis, according to the sources.

Some 70 to 80 suicide cases are recorded annually in Kuwait. Last year, they reached 80 suicides against 77 in 2018.

"Suicide cases have started to go up in Kuwait during the coronavirus pandemic due to fear, anxiety, isolation and instability experienced by people and absence of daily aims that could help the person to spend time regularly as before," the newspaper quoted social psychology consultant Samira Al Dosari as saying.

Uncertainty for some expatriates, whose countries have refused to take them in, is another motive for attempting suicide, according to Jamil Al Muri, a sociology professor at the Kuwait University.

"This is in addition to greed of the iqamat traders, who have brought into the country workers in names of phantom companies and abandoned them on the streets," he added.

Starting from Tuesday, Kuwait will embark on the second phase of a stepwise plan to bring life to normal, Gulf News reportd.

According to Phase 2, a nationwide night-time curfew will be reduced by one hour to run daily from 8 p.m. until 5 a.m. for three weeks.

Kuwait has so far reported 44,391 COVID-19 cases, with 344 deaths.

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Angry indian
 - 
Tuesday, 30 Jun 2020

YA ALLah save all dispressed people in the earth..

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News Network
May 6,2020

A massive fire engulfed a residential tower in UAE's Sharjah last night. The building has been identified as one Abbco Tower in Al Nahda.

According to the latest inputs, Sharjah Civil Defence teams rushed to the spot and evacuated all residents. 

Firefighters managed to douse the blaze after several hours. The building in question is reportedly a 48-storey structure. Officials are yet to reveal the cause of the fire.

All residents of the building were evacuated while seven incurred minor injuries during the evacuation and were treated at local hospitals, reported the United Arab Emirates' local media.

More details are awaited as this is a developing story.

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News Network
January 12,2020

Tehran, Jan 12: Iranian police dispersed students chanting “radical” slogans during a Saturday gathering in Tehran to honour the 176 people killed when an Ukrainian airliner was mistakenly shot down, Fars news agency reported.

News agency correspondents said hundreds of students gathered early in the evening at Amir Kabir University, in downtown Tehran, to pay respects to those killed in the air disaster. The tribute later turned into an angry demonstration.

The students chanted slogans denouncing "liars" and demanded the resignation and prosecution of those responsible for downing the plane and allegedly covering up the accidental action.

Iran said Saturday that the Ukraine International Airlines Boeing 737 was “unintentionally” shot down on Wednesday shortly after taking off from Tehran's main airport. All 176 people on board died, mostly Iranians and Canadians, many of whom were students.

Fars, which is close to conservatives, said the protesting students chanted “destructive” and “radical” slogans. The news agency said some of the students tore down posters of Qasem Soleimani, the Iranian general killed on January 3 in a US drone strike on Baghdad.

Fars published pictures of demonstrators gathered around a ring of candles during the tribute and a picture of a torn poster bearing the image of a smiling Soleimani. It said that police "dispersed" them as they left the university and blocked streets, causing a traffic jam.

In an extremely unusual move, state television mentioned the protest, reporting that the students shouted "anti-regime" slogans.

A video purportedly of the protest circulated online showing police firing tear gas at protesters and a man getting up after apparently being hit in the leg by a projectile. It was not possible to verify the location of the video, or when it was filmed.

Iran's acknowledgement on Saturday that the plane had been shot down in error came after officials had for days categorically denied Western claims that it had been struck by a missile. The aerospace commander of Iran's Revolutionary Guards accepted full responsibility.

But Brigadier General Amirali Hajizadeh said the missile operator acted independently, shooting down the Boeing 737 after mistaking it for a "cruise missile".

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