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
April 20,2020

Riyadh, Apr 20: Six more people have died in Saudi Arabia after contracting coronavirus as 1,122 new coronavirus cases were reported on Monday.

The Saudi health ministry said that total number of cases in the Kingdom had increased to 10,484. It also recorded 92 new recoveries, raising the total to 1,490.

The ministry said precautionary measures shall remain to limit the virus spread.

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News Network
March 5,2020

Dubai, Mar 5: A 16-year-old Indian girl here has tested positive for the deadly coronavirus, bringing the total number of confirmed infection cases in the UAE to 28, according to media reports.

Health officials here confirmed on Wednesday that a new coronavirus case was detected in the girl who attended an Indian school in Dubai, Al-Arabiya website reported.

The girl tested positive for the COVID-19 after she contracted the infection from her father who travelled overseas, Dubai Health Authority (DHA) was quoted as saying by the report.

The Indian High School in Dubai will be closed from Thursday as a precautionary measure, the Gulf News reported.

"As a precautionary measure, Indian High School Group of schools is closed from Thursday, March 5. Detailed circular about exams will be mailed. Your well-being is important. Take care," the report said.

The father developed symptoms of the virus five days after returning to Dubai. Both the student and family members have been quarantined in hospital and are stable and recovering well. All other family members have also been quarantined, the Khaleej Times reported.

"Within the framework of comprehensive preventive measures against the spread of coronavirus, the DHA is conducting tests and monitoring the students, staff and workers of the school that may have interacted with the coronavirus patient," the DHA was quoted as saying by the Gulf News.

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KT
May 18,2020

May 18: As the UAE authorities have asked all residents to avoid gatherings, it is clear that - for the first time - it's going to be a #StayHome Eid. But experts say that although it will be different, the celebration will be just as meaningful.

It is important to remember that the Eid prayer can be performed at home either individually or with family members under the sane roof, said Dr Mohammed Eyada Ayoub Alkobaisi, a Grand Mufti with the Islamic Affairs and Charitable Activities Department in Dubai.

Dr Alkobaisi said this prayer is a highly recommended Sunnah or practice urged by the Prophet Muhammad (Peace be upon him).

"Eid Prayer must be performed openly, unless we are prevented for an acceptable reason, such as fear for self, wellbeing, property, etc." Under the current circumstances, prayers can be offered from home, he said.

But what the faithful will likely miss is listening to the khutbah or the sermon of Eid with a crowd. The sight of people pouring out into the streets and coming together for prayer and worship would not be unfolding this time.

Dr Sheikh Mohamed Ashmawy, an Islamic researcher, said that in this time of Covid, doing away with several Eid traditions would be necessary for everyone's safety.

"The ban is is line with the ongoing preventive measures to curb the spread of Covid-19," he said.

However, it doesn't mean people can't celebrate and exchange heartfelt greetings, he added.

"We can greet each other remotely on the phone or via social media networks."

Islamic researcher Sheikh Mohamed Wasfi said audio-visual smart apps have made communication much easier, even bringing people closer than before.

"Of course, families and friends wish to hug, shake hands and see each other personally, but this will be a big risk these days," he said.

Sheikh Asadullah Del Mohamed, an imam, reminded that banquets, parties and visits are discouraged to avoid crowds and gathering.

Recently, 30 people from two families tested positive for the virus after breaking social distancing rules and holding a gathering.

Faithful's sentiments

Ibrahim Abdelkader, an Egyptian auditor, said that while it would be sad to spend Eid Al Fitr at home, he understood that it is for everyone's safety.

"Better to stay home than be sorry," said Ahmad Jamil, a Syrian resident.

Rashid Saeed, an Emirati national, said people are advised to just check on each other by phone or video and voice call apps.

"While Eid prayers is banned in congregation, it's not acceptable at all for some people to carelessly gather and exchange visits," he said.

Abdullah Al Saleh, an Emirati national, said he and all his relatives used to gather for breakfast after the Eid prayer - but this time, they are ready to do it in their own homes.

Mohamed Ibrahim, another Emirati, said he would surely miss seeing his kids happily prancing around with their new clothes and enjoying the outdoors like every year.

"But, I agree as it is for their health, safety and wellbeing," he said.

THINGS TO REMEMBER IN CELEBRATING EID THIS YEAR

>Perform the Eid prayer at home, individually or with family members living with you

>Exchange greetings with loved ones and friends via phone calls or online

>No hugs

>No handshakes

>No gatherings

>No visits to other homes

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