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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News Network
February 5,2020

The Organisation of Islamic Cooperation (OIC) has said it rejects US President  Donald Trump 's recently unveiled Middle East plan.

The 57-member body, which held a summit on Monday  to discuss the plan in Saudi Arabia's Jeddah, said in a statement that it "calls on all member states not to engage with this plan or to cooperate with the US administration in implementing it in any form".

Requested by the Palestinian leadership, the meeting of the body came two days after the Arab League rejected Trump's so-called "deal of the century", saying: "It does not meet the minimum rights and aspirations of Palestinian people."

Addressing a pro-Israel audience at the White House with Israeli Prime Minister Benjamin Netanyahu by his side, Trump on Tuesday described his long-delayed plan for resolving the Israeli-Palestinian conflict as a "win-win solution" for both sides.

The US president said his proposed deal would ensure the establishment of a two-state solution, promising Palestinians a state of their own with a new capital in Abu Dis, a suburb just outside Jerusalem. Trump also said Jerusalem would be the "undivided capital" of Israel. The Palestinians want both occupied East Jerusalem and the West Bank to be part of a future state.

Palestinian leaders, who were absent during the announcement and had rejected the proposal even before its release, denounced the plan as "a new Balfour Declaration" that heavily favoured Israel and would deny them a viable independent state.

The OIC said in a statement on Twitter on Sunday that its "open-ended executive committee meeting" at the level of foreign ministers would "discuss the organisation's position after the US administration announced its peace plan".

With member states from four continents, the OIC is the second-largest intergovernmental organisation in the world after the United Nations, with a collective population reaching more than 1.8 billion.

The majority of its member states are Muslim-majority countries, while others have significant Muslim populations, including several African and South American countries. While the 22 members of the Arab League are also part of the OIC, the organisation has several significant non-Arab member states, including Turkey, Iran and Pakistan. It also has five observer members, including Russia and Thailand.

Iran 'barred'

Meanwhile, Iran on Monday accused its regional rival Saudi Arabia of blocking its officials from attending the OIC meeting.

"The government of Saudi Arabia has prevented the participation of the Iranian delegation in the meeting to examine the 'deal of the century' plan at the headquarters of the Organization of Islamic Cooperation," Fars news agency quoted Abbas Mousavi, spokesman for Iran's foreign ministry, as saying.

Mousavi said Iran - one of the countries to strongly condemn Trump's plan - had filed a complaint with the OIC and accused its regional rival of misusing its position as the host for the organisation's headquarters.

There was no immediate comment from Saudi officials.

Following the unveiling of Trump's plan, the Saudi foreign ministry expressed appreciation for Trump's efforts and support for direct peace negotiations under Washington's auspices, while state media reported that King Salman had called Palestinian President Mahmoud Abbas to reassure him of Riyadh's unwavering commitment to the Palestinian cause.

The announcement of Trump's plan drew mixed responses from Arab states.

Observers said the reaction was indicative of the division among Arab countries and their inability to prioritise the Palestinian people's plight over domestic economic agendas and political calculations in relation to the Trump administration.

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Agencies
May 31,2020

Riyadh, May 31: Over 90,000 mosques in Saudi Arabia reopened their doors to worshippers on Sunday morning after over a two-month closure as part of an ease in the curfew restrictions to prevent the spread of the novel coronavirus.

The worshipers were allowed to enter the mosques, except the mosques in Makkah, from Fajr prayers today morning (Shawwal 8) with a limit of 40 per cent capacity.

The reopening of mosques was be undertaken in accordance with the guidance of Minister of Islamic Affairs, Dr Abdullatif Al Asheikh, and in line with advice issued by the Senior Council of Ulemas.

The ministry has embarked on a vigorous media campaign to urge all worshippers to abide by preventive measures for their own safety to curb the spread of Covid-19.Among the instructions are doing ablution at home, hand-washing and using sanitisers before going out to the mosque and after coming back home.

On Saturday, the Custodian of the Two Holy Mosques King Salman has approved opening the Prophet's Mosque in Madinah in stages to the public.

The elderly and those with chronic diseases are advised to perform their prayers at home. Reading and reciting the Holy Quran online is advised, too, from one's own mobile phone or at least reading from a privately owned copy of the Holy Quran.

Bringing one's prayer mat to perform prayers in mosques is highly recommended as well as keeping a two-metre distance between one another prayer.

Accompanying children under the age of 15 to the mosques is prohibited. Putting on a face mask and avoiding shaking hands and other contact is also recommended.

Meanwhile, the ministry managed, during the closure of mosques, to undertaking a massive cleaning, sanitising and maintenance drive in all mosques Kingdom-wide, according to world-class standards and best known practices. This included sanitising over 10 million mosques, 43 million copies of several sizes and volumes of the Quran, more than 600,000 Holy Quran cupboards, in addition to repairing and maintaining about 176,000

water closets, annexed to mosques.

 

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KT
April 21,2020

Abu Dhabi, Apr 21: The UAE has reported a further 490 new coronavirus infections, after conducting more than 30,000 new tests, bringing the total number of COVID-19 patients to 7,755.

According to the Ministry of Health and Prevention (MoHAP), three more coronavirus deaths have been confirmed, taking to 46 the country’s death toll.

The ministry revealed that it conducted more than 30,000 additional COVID-19 tests among UAE citizens and residents, using state-of-the-art technology in line with its plans to intensify virus screening in order to bring COVID-19 under control.

The accelerated investigative measures resulted in the detection of 490 new coronavirus cases among various nationalities, all of whom are in a stable condition and receiving the necessary care.

The deceased are of Asian nationalities and had pre-existing conditions coinciding with being infected with coronavirus, which resulted in complications that led to their death.

The ministry expressed its sincere condolences to the families of the deceased and wished a speedy recovery to all patients, calling on the public to cooperate with health authorities and comply with all precautionary measures, particularly social distancing protocols, to ensure the safety and protection of the public.

The ministry also announced the full recovery of 83 new cases after receiving the necessary treatment, taking to 1443 the total of those now recovered from the virus in the UAE.

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