Dubai, December 12, 2009: In a sign of its commitment to sustained regional communications outreach, Emirates NBD, the Middle East’s largest bank by asset size, announced today that it has appointed ASDA’A Burson-Marsteller as its retained public relations consultancy.

The appointment of ASDA’A Burson-Marsteller comes at a time when the bank has recently concluded the two-year merger process between Emirates Bank and National Bank of Dubai. As a result, Emirates NBD has now consolidated its status as a national banking champion and among the largest banks in the wider Middle East and North Africa region.

Emirates NBD continues to expand its operations and range of products and services. It is also increasingly focused on communicating with all its stakeholders, including clients, investors, partners and the media.

“We are pleased to announce our new relationship with ASDA’A Burson-Marsteller, the region’s leading public relations consultancy, which has a significant track record of successfully partnering with both regional and international firms,” said Saif Al Mansoori, Head – Group Business Marketing, Emirates NBD. “At Emirates NBD, we are convinced that consistent communication has never been more important, and are confident that ASDA’A Burson-Marsteller will prove a reliable partner in that long-term effort.”

“It is a privilege for us to have the opportunity to provide our support to Emirates NBD, a storied brand in the regional financial services sector,” said Sunil John, Chief Executive Officer, ASDA’A Burson-Marsteller. “We are grateful to the management of the bank for their confidence in ASDA’A Burson-Marsteller, and look forward to working closely with them, across the operations of Emirates NBD, for many years to come.”

Mr Mohammed Shael, CEO, Business Registration and Licensing Division at DED, presented an extensive brief on the business registration process including how to choose the type of business activity, and procedures for applying for trade license and determining related activities to be included in the chosen business license.

“Dubai’s economic environment supports investors to further enhance their growth opportunities. DED’s mandate is to promote Dubai’s economic development, maintain its competitiveness internationally and review procedures and systems to simplify the steps for doing business,” said Mr Mohammed Shael.

“DED has reduced the number of procedures and the duration of the business registration process with certain fees brought down by 20 per cent as per government guidance. DED also signs joint agreements with other government departments and authorities to ease business licensing issuance, renewal or adjustment,” added Al Shael.

The World Bank delegation praised the leading role of the Department of Economic Development in strengthening the business environment in the emirate, and has invited the DED to present their experience at the Global Forum for Business Registration, which is to be held in Mauritius in April 2010.

Dubai, December 12, 2009: Dubai Bank announced today that it has been selected as one of the “Top 20 innovative users of IT for business” in the Middle East. The awards, presented by Computer News Middle East, celebrate the top 20 organisations in the region that are using information technology in innovative, value-added ways.

Dubai Bank was chosen by industry experts for its dynamic Internet and mobile banking facilities. The bank was recognised for its Customer Attention and Relationship Evolution system that provides personalised customer service, for its improved turnaround time in transaction processing and for increased decision-making and empowerment for frontline staff via the use of automated eligibility calculators for banking products. These initiatives have resulted in improved customer satisfaction, a key criteria of the award.

Following the CIO 20 Symposium and Awards ceremony in Dubai, Faizal Eledath, Chief Information Officer, Dubai Bank said: “Innovation and quality have been the pillars of our success, helping us introduce unique products and services to our customers. The ‘CIO Top 20’ award is an acknowledged mark of enterprise excellence, reflecting our strategic expertise and innovative business approach. We are very grateful to the entire team for helping us achieve this prestigious industry award.

“Our customer-centric approach has led us to develop easier and flexible services such as the PDA (Personal Digital Assistant) banking, which packages a rich functionality using an iconic interface. This has enabled our customers to conduct online banking transactions in a highly user-friendly manner, directly from their handheld devices.”

Dubai Bank has won a host of regional and international awards in 2009, including most recently being ranked second in the UAE for retail banking and “Best Islamic Bank” by Ethos Consultancy. It has also been named “Best Islamic Bank” by Banker Middle East, the Arab world’s premier financial magazine. Additionally, Dubai Bank earned the “Best Islamic Credit Card” award at the Banker Middle East Product Awards, and took home two awards at the International Islamic Finance Forum in the areas of “Alternate Channels in Islamic Banking” and “Innovation in Card Application.” The bank was also recently nominated for “Marketing Strategy of the Year” at the Middle East Business Achievement Awards.

The UK’s relationship with the Gulf is well regarded, given its historical trade relationship and the depth of experience found in its financial centre. In 2009, a Lord Mayor of London’s visit to the United Arab Emirates discussed the pressing topic of regulation during the financial crisis, in addition to public-private partnerships.

At a time when the Islamic finance world is working towards global co-operation in establishing frameworks for regulation and dialogue on harmonising Islamic rules and structures, UK firms are deeply involved.

UK-based lawyers are playing a valuable role in helping to re-establish the legal frameworks for some Gulf sukuk bond structures, for example, following the frailties revealed by the economic crisis. English Common Law’s flexibility has made it more suited to use in Islamic finance than some more prescriptive forms of law. Such work is reinforcing sukuks’ legal and regulatory foundations.

“Modern-day sukuk are based on traditional Islamic principles and they have re-emerged as financial instruments only relatively recently. It is still a young industry and therefore it is all the more important that those structuring sukuk properly consider the legal consequences of what happens when things go wrong” says Muneer Khan, Head of Islamic finance at international law firm Simmons & Simmons.

The UK is also at the forefront of education when it comes to Islamic finance. Since the London-based Chartered Institute for Securities & Investment (CISI) launched its Islamic Finance Qualification two years ago, more than 700 students have achieved this global benchmark qualification.

The Chartered Institute of Management Accountants (CIMA) have also recently completed a groundbreaking education initiative by signing a contract with the Jordan-based organisation TAGI Training to translate and deliver the CIMA Certificate in Islamic Finance in Arabic and English throughout the Arab speaking world.

“There is a lot of enthusiasm for more of these sorts of partnerships,” says Richard Thomas, Chief Executive of Gatehouse Bank. “Quite a lot of new institutions in the Gulf are looking to do more business with Western markets. Their domestic markets are relatively small and it is through strategic partnerships that their next stage of growth will be reached.”

This upgraded system provides a simple, user-friendly experience and includes many value-added enhancements, such as an improved look and feel, graphical representation of account and card transactions, detailed information across all banking relationships, complete online setup and maintenance of login credentials, as well as customisable account management and security settings.

It now offers more than 50 services and functions at a click of a button, allowing customers to meet their banking requirements 24 hours a day. The faster and user-friendly Al Islami Online Banking is protected by state-of-the-art security enhancements.

“Dubai Islamic Bank has always been at the forefront of innovation, using technology to enhance the banking experience of our valued customers,” said Musabbah Al Qaizi, Senior Vice President and Head of Electronic Banking Services Department, DIB. “Our customers lead an increasingly busy lifestyle, seeking convenience and flexibility, thus prompting the move towards automating more areas of our operations. As increasing numbers of customers choose to bank with DIB, we are committed to providing additional transactional ease and convenience. We encourage all DIB customers to enjoy the benefits of online banking from the comfort of their homes and offices by visiting DIB website on www.alislami.ae.”

According to the most recently available data, Middle East Internet usage increased a stunning 1,177 per cent between 2000-2008. Currently, there are more than 48 million Internet users in the region – who spend an average 22 minutes a day online. In the UAE, which has the highest Internet penetration rate in the Middle East, nearly 60 per cent of the population is now online.

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Mashreq’s growth in operating income is largely attributed to the growth in fee, commission, and other non-interest income which has grown year on year by 37%. Net, Interest income and income from Islamic financing and investment products have recorded a collective growth of 1% year on year.

Net income for the nine months to 30th September 2009 at AED 1.12 bn has declined 26% year on year in response to prudent financial management which has seen the bank increase its provisions for loans, advances, and other financial assets to AED 1.4bn. Mashreq’s earnings per share stand at AED6.95, a 26% reduction year on year.

Mashreq has a strong asset base with total assets standing at AED 99.9bn, an increase of 7% as compared to 31st December 2008, largely attributed to a significantly stronger cash position.

At an operational level, Mashreq has experienced a healthy growth in deposits, with the value at 30th September 2009 standing at AED 61bn, an increase of 19% against 31st December 2008 position. During the same period, loans and advances including Islamic financing reduced by 9.5% enabling the bank to achieve a very comfortable advances to deposit ratio of 82%. At a business level, this is reflective of Mashreq’s strategy to keep this ratio at a prudent level under current market uncertainties. Consequently, Mashreq operates a highly liquid balance sheet with cash and balances with Central Bank standing at AED 20bn, a 218% increase compared to 31st December 2008.

In addition to this strong financial position, Mashreq’s cost management efforts have resulted for a year on year 1% reduction in operating expenses to AED 1.3b. Resultantly the Bank’s expenses to income ratio improved to a healthy 34%.

As part of its strategy, Mashreq has focused efforts on ensuring that it is well capitalized with a total capital adequacy ratio of 21% and Tier-1 Capital ratio at 15%. In the current market environment, this solid capitalization adds strength to the bank’s operations.

Commenting on Mashreq’s financial performance for the nine months to 30th September 2009, Abdul-Aziz Al-Ghurair, CEO of Mashreq said:

“As we move through 2009 to our full year results in December, Mashreq continues to be a very profitable financial institution and a key part of the UAE banking landscape.

“Whilst net profits are below those recorded for the equivalent period last year, this is largely due to our ongoing policy of prudent financial management which has seen us increase our provisions for loans, advances and other financial assets. At an operating level our income has increased, reflective of the products that we offer suiting the needs for our customers.

“We remain a well capitalized, highly liquid and profitable institution, and are well positioned to continue with our strategic growth plans as the economy develops over the coming months.”

Mashreq continues to build on its strength and presence throughout the UAE, having recently unveiled 4 new branches throughout Abu Dhabi and Al Ain, as part of its expansion plans in the Capital, bringing the total number of branches in the UAE to 62. It also entered into strategic partnerships with leading developers in Abu Dhabi such as Aldar, TDIC & Sorouh, to increase access to home financing for customers wishing to invest in Abu Dhabi real estate.

In order to increase convenience for retail customers, Mashreq successfully installed 11 ATMs in nine stations of phase I of the much anticipated Dubai Metro, the first national bank to do so. At a product level, the Bank recently launched the Grand Entertainment Card and the Mashreq Business Platinum Debit card for Small and Medium Enterprises (SME), the first of their kind in the UAE.

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Based on the Islamic concept of Murabaha, INTALEQ Ramadan Promotion offers an array of benefits and features such as competitive profit rates, installment & profit holiday for after 90 days and a host of other benefits.

“Ramadan holds a special significance for our bank, our customers and the community, and we wanted to reflect this by launching a very special offering which reflects the spirit of Ramadan!” said Mr. Faisal Aqil, GM Retail Banking for Emirates Islamic Bank.

Customers can also benefit from tailor-made features designed to suit their wallets like the 72-month repayment periods. This feature gives them the distinct advantage of planning out their finances and simultaneously helps them have an improved lifestyle today with the ease of long-term repayments.

One of the key activities is Dubai Bank’s partnership with the Dubai Department of Tourism and Commerce Marketing (DTCM), to serve as a sponsor of the 8th Ramadan Forum. The Forum is a large annual event organised by the DTCM, featuring scholars and lecturers from Arab and Islamic countries. It also has significant exhibitions, community-style Iftars and charity caravans that roam the streets of Dubai to distribute brochures and pamphlets in a range of languages outlining the values and beliefs of Islam.

Dubai Bank has also partnered with the Dar Al Bar Society, a leading Islamic charitable and educational organisation, to host Iftars for the local community, including underprivileged members of society.

Dubai Bank is also organising a unique Suhour at the Madinat Jumeriah for its Royal Banking clients, as a recongnition of their special contribution to the ongoing success of the bank

Recognising value is also the theme behind a series of special events organised by the bank for its staff during Ramadan. Along with gifts of the traditional box of dates, employees will also be invited to participate in a wide range of athletic and cultural events designed to foster community spirit, in line with the guiding principles of the Holy Month.

“Throughout the year, and especially during the Holy Month of Ramadan, we make a special effort to give back to the community that we are so honoured to serve. By working closely with organisations like the DTCM and Dar Al Bar Society, we are privileged to be able to make a lasting contribution to the welfare of the community here in Dubai and across the UAE,” said Mohamed Amiri, Head of Retail Banking at Dubai Bank. “At Dubai Bank, all our actions are guided by Shari’a, which means that all our staff conduct themselves with the highest level of transparency, integrity, fairness, respect and care in all aspects of our business.”

“During Ramadan, Dubai Bank takes pride in sharing its success with our loyal customers, dedicated employees and society as a whole,” said Asim Al Ali, Head of Human Resources at Dubai Bank. “Through our corporate social responsibility activities and internal events, the bank continues to demonstrate its commitment to the principles of Shari’a, and its overriding vision of giving back to the community.”

“There are three key benefits that Dubai Islamic Bank has already realized by moving to IP telephony from Avaya – improved customer service through a centralized communications system, enhanced employee productivity as all DIB staff can now be reached by their own extensions, and a reduced telecoms cost of almost 50% in less than 6 months,” said Mr. Ali Al Basti, Head of Admin Affairs, Dubai Islamic Bank.

“The new IP telephony infrastructure has given the bank its fastest-ever return on investment for an IT/telecoms deployment, which is important at a time when the financial services industry is making every effort to maximize its technology spend.  IP telephony has also empowered the bank to centrally manage, control and administer our communications, including a disaster recovery option should we experience any downtime.  All of these elements combine into a more cost-effective communications strategy for the bank which also benefits our customers,” he explained.

Olive, an Avaya partner in the Middle East, delivered the new IP telephony system to Dubai Islamic Bank, including a seamless integration of a multi-vendor voice messaging system to a single Avaya modular solution.  Opting for IP telephony means that all of the banks calls from branch-to-branch are via extension, or ‘internal’ calls on the Avaya network, delivering substantial cost savings.  Customers can also reach Dubai Islamic Bank’s different service groups, including retail and private banking, business and corporate banking, investment banking and real estate finance, more quickly and easily via the new network.

“The banking sector is facing rigorous pressure to reduce costs and optimize its technology solutions while maintaining and even improving customer service.  By moving to IP telephony, Dubai Islamic Bank can now more accurately forecast its telecoms costs while benchmarking savings from the new system, and benefit from increased staff productivity and customer service delivery,” Nidal Abou-Ltaif, area vice president of Emerging Markets for Avaya

The five women selected for the WLP will be assigned a series of projects in departments outside of their own to increase their exposure to the other business units and groom them to take on more responsibility. Soft skills instruction, coursework and on the job training will all be utilised to further develop and hone their skills.

“Women tend to fall off the corporate ladder once they reach the higher rungs,” said Dina Amin, one of the five selected for the programme and the Head of Business Cards at Barclays Bank UAE. “This initiative recognizes the important role women play in the workforce and encourages all of us to pursue the professional goals we have set for ourselves.”

The programme was restricted to the middle management grades because it tend to be the “tipping point” in the professional career of a woman.

“To retain talented female employees, businesses have to go the extra mile to encourage women who choose to remain in the workforce and equip them with the right tools for their career enhancement” said Amin.

A six months mentoring programme will be created for each of the five employees. Following completion of the programme each of the participants will be asked to mentor a less senior female employee at Barclays – thereby extending the reach and efficiency of the programme.

The WLP programme in the UAE is a part of the larger, award winning Diversity and Inclusion campaign that Barclays has implemented across all of the markets it operates in. The Diversity and Inclusion campaign allows each market the flexibility to identify specific areas they would like to focus their resources toward improving. After thorough review, Barclays in the UAE chose to devote special attention to the retention and promotion of female managers in the organisation.