Banking & Business Review June' 10 by Sterling Publications

Vol. VI. No. 48 June 2010

Editor’s note

Editor K Raveendran

ravi@sterlingp.ae

consulting Editor Matein Khalid

matein@sterlingp.ae

Publisher & Managing Director Sankaranarayanan

sankar@sterlingp.ae

Director Finance Anandi Ramachandran

anandi@sterlingp.ae

GENERAL MANAGER Radhika Natu

radhika@sterlingp.ae

Editorial Contributing Editors Anand Vardhan Linda Benbow Vanit Sethi Manju Ramanan

linda@sterlingp.ae vanit@sterlingp.ae manju@sterlingp.ae

DESIGN Ujwala Ranade

ujwala.art@gmail.com

ACCOUNTS Sujay Kumar Circulation Supervisor Printing

sujay@sterlingp.ae Ibrahim A. Hameed

Asiatic Printing Press L.L.C., PB 3522, Ajman, UAE. Tel. 06 743 4221, Fax: 06 743 4223www.asiaticpress.com, email: asiatic@eim.ae Distribution UAE: Tawseel PB No 500666 Dubai, UAE. Tel: (+971 4) 342 1512 Sultanate of Oman: Al-Atta’a Distribution Est., Kuwait: The Kuwaiti Group for Publishing & Distribution Co.Bahrain: Al Hilal Corporation, Qatar: Dar Al-Thaqafah, Saudi Arabia: Saudi Distribution Company

f there was crystal ball to foretell how things are headed in Dubai, there would be no skips absolutely. For, this is something every body is desperately eager to figure out. One doesn’t quite know how conclusive it is, but a latest Citibank report on Dubai is quite sanguine about Dubai’s future. As long as the emirate retains its hub status and as long as the region is faced with the prospects of enhanced growth, Dubai has its future secured, declares the report. The Citibank report does point out that Dubai faces competition from other Gulf cities, such as Doha, Bahrain and Abu Dhabi, who enjoy the same advantages of geographical location. “But its infrastructure, its working and lifestyle environment, and its first-mover advantage should allow it to outcompete other regional cities for the foreseeable future, in our opinion.” Dubai enjoys a significant first-mover advantage. It is a common misperception that Dubai’s success is a recent phenomenon. Certainly, many outside the region may not have heard of Dubai until recently, but Dubai’s leadership has been pursuing economic policies to diversify the economy and position it as a regional hub for at least the last 50 years. In the 1960s, the dredging of the Dubai Creek and in the early 1970’s the building of Port Rashid established Dubai as a modern trade hub. Success led to the building of Jebel Ali port in the early 1980s. So on and on… and Dubai is today what it is and where it is.

K Raveendran

SterlingPublications FZ LLC Loft Office 2, G 01, Dubai Media City

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CONTENTS

COVER STORY 6

Public sector has limits

Current policies can’t go on for long, warns landmark study

SPECIAL REPORT - DUBAI OUTLOOK 10

All set for a bounce back

Citibank report says Dubai’s advantages are intact

13 REAL ESTATE More rent declines 15 INTERNATIONAL Fear over Europe calm

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June 2010

BBR Mag FP.ai

CMY

5/2/10

4:28 PM

ROUND UP

China, India growth to decide oil market

BoB opens more service centres

ank of Baroda has opened two more Customer Service Centres (EBSUs). The new centres are locted at Al Qusais, Dubai and at RAKIA, Ras Al Khaimah. Both the centres were inaugurated by Indian Minister of State for Finance Namo Narain Meena at a function presided over by M.D. Mallya, Global Chairman & Managing Director of the bank. The minister highlighted the International trade and economic relationship between India and UAE, appreciated the contribution made by Bank of Baroda in cementing the same during its 36 years of presence in UAE. He also spoke highly about the investor friendly and business oriented policies of the UAE, which are helping the country to successfully face recession and attract newer investments from countries across the globe. Chariman Mallya pointed out that Bank of Baroda has emerged as the third largest bank in India. With the opening of these two Customer Service Centres, the total number of overseas offices of the bank has increased to 80. The Customer Service Centres provide services almost like a branch of bank, where the customer can avail all the services such as cash withdrawal, opening of accounts; cheque book issuance; lletter of credit application and documents etc. Bank of Baroda is present in the UAE for the last 36 years and has 6 branches at Bur Dubai, Deira, Abu Dhabi, Ras Al Khaimah, Sharjah and Al Ain, apart from four customer service centres. Across the GCC, the bank is present in UAE, Oman and Bahrain. In addition to increase its presence in these countries, the bank has expansion plans for opening offices in Qatar, Kuwait and Saudi Arabia.

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June 2010

rowth in China, India and emerging Asian economies, including the Middle East, are the key factors that will shape world oil markets and prices in 2010, according to Malcolm Wall Morris, CEO, DMCC. “Growing confidence in a global economic recovery had inspired hopes of rising oil demand in early 2010, but the Eurozone crisis and a strengthening dollar have encouraged continuing volatility in oil prices,” Malcolm said. “We anticipate that long-term demand growth in China, India, emerging Asian economies and the Middle East region will be the key factors determining the shape of oil markets and prices through this year.” He emphasised the various factors that have impacted oil prices, including currently high inventories of oil products, the excess shipping and refining capacity left over from the 2008-2009 demand dip, and China and India’s increasing prominence as oil products exporters. At an oil and petrochemical briefing organised by DMCC recently, Malcom highlighted the relevance of Dubai as the central hub in the GCC oil trading community. He added that the rapid growth in downstream projects for refineries and product blending and upgrading will continue to enhance the roles of Jebel Ali and Fujairah as major oil trading and storage hubs. He pointed out that the DMCC’s efforts to establish the JLT free zone as the principal hub for the commodities trade, including energy companies, continue to bear fruit. JLT is now home to more than 200 energy companies and a total of more than 2,250 companies and over 10,000 residents, he said. “So far this year DMCC has registered an average of more than 60 new companies per month at JLT, with registrations up more than 40 per cent in the first half of this year compared to the same period in 2009.” Key energy companies registered at JLT include Lukoil, one of Russia’s largest oil companies, SOCAR, Azerbaijan’s national oil company, PTT, Thailand’s National Oil Company, Reliance, India’s largest independent oil refiner, and Topaz Energy and Marine, one of the world’s leading marine services and oil and gas fabrication companies. In addition to providing physical infrastructure to support energy companies operations, DMCC is so the driving force behind the creation of the Dubai Gold & Commodities exchange which is the region’s largest commodity and currency derivative market. In 2008, DGCX listed the two crude oil global price benchmarks, namely the WTI and Brent contracts, making these contracts directly available to the world’s premier producing region for the first time. Speaking about the outlook for Asian Oil markets, Kate Dourian, Middle East Editor at Platts, spoke about the likelihood of constrained production in the future. She, however, highlighted the prospects of strong demand due to renewed growth in China and elsewhere in Asia. Dourian also examined the effects of simmering geo-political tensions, demand-supply projections and the role of Iraq in helping to meet future demand during her address.

Nasdaq Dubai values up

Key energy companies registered at JLT include Lukoil, one of Russia’s largest oil companies, SOCAR, Azerbaijan’s national oil company, PTT, Thailand’s National Oil Company, Reliance, India’s largest independent oil refiner, and Topaz Energy and Marine, one of the world’s leading marine services and oil and gas fabrication companies. In addition to providing physical infrastructure to support energy companies operations, DMCC is so the driving force behind the creation of the Dubai Gold & Commodities exchange which is the region’s largest commodity and currency derivative market. In 2008, DGCX listed the two crude oil global price benchmarks, namely the WTI and Brent contracts, making these contracts directly available to the world’s premier producing region for the first time. Speaking about the outlook for Asian Oil markets, Kate Dourian, Middle East Editor at Platts, spoke about the likelihood of constrained production in the future. She, however, highlighted the prospects of strong demand due to renewed growth in China and elsewhere in Asia. Dourian also examined the effects of simmering geo-political tensions, demand-supply projections and the role of Iraq in helping to meet future demand during her address.

BANKING AND BUSINESS REVIEW

June 2010 5

C OV ER STORY

Public sector

limited

Current policies canâ&#x20AC;&#x2122;t go on for long, warns landmark study

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June 2010

n upcoming report by two Emiratisation specialists is set to blow the whistle on the current policies for the employment of UAE nationals as various approaches to solving this problem have been found to be unequal to the task. The report, which will sum up the conclusions of a study by Dr Ingo Forstenlechner and co-author Dr Emilie Rutledge, assistant professors at the UAE University, argues that the public sector employment market for the UAE nationals is reaching a saturation point and the Government needs to pursue an overall educational reform, which could include private sector subsidies for employing emiratis as opposed to the current system of quotas. Over-reliance on government employment will not solve the problem, they point out. The state can no longer act as an employer of first and last resort and public sector jobs should not be part of the ‘social contract’ by which the Government

“The dream of most of my students is to work in the municipality. That’s not going to help the country and it’s not going to be possible”

distributes oil wealth to its nationals, the authors have been quoted by The National as emphasizing in the report. Instead, the Government should concentrate on diversifying the economy, greater career exploration in school and college, subsidising the salaries of Emiratis in the private sector and increased support of state-owned private companies, they point out in a range of solutions that the report presents to boost employment. Commentators have time and again stressed that the issue of the employment of UAE nationals can be solved only with the whole-hearted involvement of the private sector, but currently emiratis make up just four per cent of

the private sector workforce, compared with 52 per cent of the public sector. “The dream of most of my students is to work in the municipality. That’s not going to help the country and it’s not going to be possible,” the newspaper quoted Forstenlechner as saying. Dr Forstenlechner pointed out that affinity towards the government sector had contributed to unemployment because many nationals preferred to stay out of work for years rather than work at a private company. “Affirmative action has been proven to work in other countries but the UAE is not making the most of its opportunities to enforce it and this is down to the influence of big business,” he said. The study also showed negative perceptions of emirati employees was hindering the process, with almost three quarters of employers saying they thought emiratis lacked the necessary skills and experience. Lack of adequate data is another problem. The researchers also found that negative stereotypes made employers unwilling to hire UAE nationals even though the country’s investment in education and training was beginning to bear fruit, with increasing numbers of students graduating. “What this means is that the best and brightest of my students who can match anyone in the world don’t even get interviews,” said Dr Forstenlechner. “Their CVs are binned because they are emirati.” About 73 per cent of both local and expatriate employers interviewed for the research said they thought Emiratis lacked skills, education and experience; 29 per cent said emiratis had unrealistic salary expectations; 17 per cent said they had unrealistic promotion expectations; 13 per cent said they were worried Emirati staff would be unproductive and unmotivated. Higher wages, shorter working

BANKING AND BUSINESS REVIEW

June 2010 7

hours and greater job security of the public sector act as disincentives for the UAE nationals to join the private sector. There is a quota system for selected sectors, but the government finds its hands tied from going full steam with an economy-wide quota system as it will dilute the country’s top-rated business-friendly environment. According to Abdullah Al Awadhi, Consultant with Tanmia, the national workforce in the country’s private sector has never exceeded one per cent of the total workforce, while the number of jobs publicly offered to citizens is exaggerated. His figures showed that in the early 1970s, the percentage of nationals in the total population stood at 68 per cent, while today it does not exceed 10 per cent. “The demographic composition of society is asymmetrical to the extent that the situation cannot be tolerated any longer and has to be corrected in favour of citizens without removing the other side from the equation,” he said. “The low number of UAE’s citizens in the demographic structure has left the country in a unique and unnatural historical and political phenomenon. No society has faced a similar problem on this highly sensitive issue that is the demographic imbalance that the population in the country is afflicted with.”

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Negative stereotypes made employers unwilling to hire UAE nationals even though the country’s investment in education and training is beginning to bear fruit, with increasing numbers of students graduating “If we move to the issue of employment of national labour, the picture is not any better than the population imbalance. The total workforce of nationals in the private sector, which is the primary supporter of the country’s economy, has not exceeded one per cent since the formation of the country,” he said. “To date, this crisis persists and has not been resolved in favour of citizens, despite decisions for nationalisation of jobs in several sectors of the economy, as part of a gradual policy of nationalisation.”

Not enough jobs Awadhi said that despite the huge size of the UAE economy and despite being one of the fastest growing economies in the region, which is capable of creating thousands of jobs annually in

June 2010

the private sector alone, it has not been able to find suitable employment for its citizens. “In the past, officials responsible for nationalisation and employment have said that jobs are available. This is proved by the fact that thousands of expatriate labour is coming into the country annually to work in the existing commercial and economic projects, as part of a long-term strategy. However, this employment generation does not adequately benefit the national citizen whose proportion to the expatriate labour force is much less and the current flaws in the labour market are not better than the demographic anomalies in the UAE society.” As a result, finding jobs for nationals, whose numbers have increased with expansion in education, is becoming increasingly difficult. Awadhi says there is a big difference between employment and nationalisation as the first means employing a citizen in a vacant position, or creating a post for the citizen as part of every new budget. “Although we hear that nationalisation and the employment of citizens is currently ongoing, it has to be understood that nationals are also quitting jobs in large numbers. How can the country benefit from this equation if citizens are appointed in the beginning of the year but are either sacked or quit the job a few months or a few years later,” he wondered. “This is a setback for nationalization; the promotion of nationalisation in all public and private sectors has a positive effect on the interest of the country as it saves the cost of rehabilitation of citizens. The programmes for such rehabilitation come at a huge cost that could be better spent in motivating and promoting citizens in their jobs.”

“Lack of job security keeps the situation fluid because a citizen only gets employment after years of study and experience have gone to waste. In order to confront this problem, it would be important to tackle nationalisation and its related issues from the beginning to the end,” he said. In a previous study, Awadhi had said more than 40,000 UAE nationals at work age are jobless, boosting the unemployment rate to its highest level since the country was established about 40 years ago. He said the surge in that rate was a result of a continuous influx of expatriate labour and obstacles in the implementation of job nationalisation plans. Despite the ‘numerous’ institutions created by the UAE to tackle such a problem, the results ‘appear negative at the end of every year’, he said. “This problem has started to convince us that there is a sort of imbalance or a legal gap... it could also be a lack of coordination among those institutions. The problem is that such negative results emerge amidst compelling government decisions to the private sector to raise the number of national workers,” he said.

Modest job quota He referred to existing government rules forcing the banking sector to have a minimum four per cent local manpower and the insurance sector to have five per cent. For the private sector as a whole, the percentage is set at two per cent. “Despite these modest requirements for national workforce as the government believes in a step-by-step policy, the results have remained far below ambition nearly a decade after those legislations were issued,” he said. A survey released by the Ministry of Economy at the end of last year put the total unemployment rate in the UAE at just four per cent but said the rate among nationals far exceeds that among expatriates because of the low level of national workers in the private sector. It noted that nationals still prefer the public sector for more job ben-

efits. The report showed that the unemployment rate among UAE citizens was as high as 13.8 per cent while that in expatriates it was only 2.6 per cent. It also showed that the private sector provided the bulk of the jobs in the UAE, accounting for nearly 63.3 per cent of the total workforce. The Federal Government sector accounted for around 7.9 per cent while 10.7 per cent worked for the local government and 4.1 per cent for joint local-federal departments, the ministry said. The rest are employed by foreign diplomatic missions and local families, mostly domestic maids. But when it comes to the employment of emirati women, the situation

is better. According to a survey released by the Ministry of Economy at the end of last year, the country was making a head way in the employment of national women. The ministry’s figures showed national women have boosted their share of the job market to a record 13.9 per cent as they push their way into the labour market. The share has steadily risen from 9.6 per cent in 1985 to reach about 11.7 per cent in 1995 and 13.5 per cent in 2005. It stood at 13.6 per cent in 2007 before rising to that level in 2008. It is believed to have risen further in 2009. A breakdown showed the women’s share of the labour force stood at 15.6 per cent in Abu Dhabi in 2008 and 12.5 per cent in Dubai. Both emirates have made substantial progress in providing jobs to women as their share was relatively small 25 years ago. As for the general population, nationals stood at around 923,000 in mid 2009, accounting for around 18 per cent of the total population of 5.06 million.

Commentators have time and again stressed that the issue of the employment of UAE nationals can be solved only with the wholehearted involvement of the private sector, but currently emiratis make up just four per cent of the private sector workforce

BANKING AND BUSINESS REVIEW

June 2010

SPECIAL REP OR T: DUBA I OU TLOOK

All set for a bounce back Citibank report says Dubai’s advantages are intact

s the global economy recovers, global business will once again seek out opportunities to invest in the region and Dubai’s geographic position, which has been an economic advantage for centuries, will continue to serve it well in the future, according to a Citibank research report. Citi said that in its view the regional economies are set to grow at almost double the global average over the next five years and the relatively low penetration of financial, ICT and business services in these economies will likely continue to represent clear opportunities to local and international businesses. Dubai’s position as a regional hub is secure for the foreseeable future, despite competition in recent years from other Gulf cities seeking to diversify their economies and act as regional hubs themselves. “We also consider that the recent crisis has removed some of the constraints on growth that were emerging during the boom years, particularly supply bottlenecks and price instability. Finally, the rise in oil prices from their trough 18 months ago shouldboost regional liquidity, providing a further lift to Dubai,” it said. The report points out that In the distant past, Dubai, like other settlements along the Eastern Arabian coast, was an important stop along trade routes from Asia to Europe, exploited by the Portuguese and the British among others. Today, Jebel Ali port is one of the most important stops along shipping lines between Asia and the EMEA region, making it the worlds

10 BANKING AND BUSINESS REVIEW

6th busiest container port (by handling of Twenty-Foot Equivalent Units (TEUs). Dubai’s airport is the worlds 3rd busiest for both international passenger and freight. The airport also serves numerous flights to regional commercial capitals, giving companies based in Dubai access to a combined market of almost 2 billion people within a 5 hour flight. The report points out that while Dubai faces competition from other gulf cities, such as Doha, Bahrain and Abu Dhabi, who enjoy the same advantages of geographical location. “But its infrastructure, its working and lifestyle environment, and its first-mover advantage should allow it to out-compete other regional cities for the foreseeable future, in our opinion.,” it said The report assets that HYPERLINK \l “bookmark0”Dubai’s infrastructure is superior to that of regional peers, and competes with some of the world’s most advanced cities. The airport, particularly since completion of the new Terminal 3 building, has greater capacity and is more efficient than any other airport regionally. Jebel Ali port is the largest and most modern container port in the region by

some distance. Dubai’s roads, once traffic clogged, have received a substantial upgrade in recent years. Total length of asphalted road in Dubai more than tripled to over 10,000km between the end of 2007 and the middle of 2009, according to the Road and Transport Authority (RTA). In September 2009, services began on the region’s first urban light-rail network, the Dubai Metro. The WEF infrastructure rankings show the competitiveness of the UAE’s infrastructure as a whole, which probably understates that of Dubai alone. It says the quality of living in Dubai is the highest in the region. The region, as a whole, is an attractive destination to expatriate workers for its tax-free living and, to some, fine weather. But Dubai came 75th in Mercer’s Quality of Living Worldwide City Rankings 2010, the highest ranking for a city in the Middle East and Africa region, beating Abu Dhabi (83), Muscat (100) and Doha (110). The UAE as a whole was ranked highest among all GCC countries in the Economist Intelligence Units Quality of Life Index (2009), achieving 15th place globally, ahead of Kuwait (23rd), Bahrain (24th), Oman (32nd) and Saudi Arabia (38th). Qatar was not ranked. Dubai is home to more hotels, shops and

Dubai’s position as a regional hub is secure for the foreseeable future, despite competition in recent years from other Gulf cities seeking to diversify their economies and act as regional hubs themselves

June 2010

malls than any other Gulf city (figures 6 & 7). With 90 per cent of the population comprising expatriates from a wide variety of backgrounds, the social scene is varied and active. According to Citibank, Dubai enjoys a significant first-mover advantage. It is a common misperception that Dubai’s success is a recent phenomenon. Certainly, many outside the region may not have heard of Dubai until recently, but Dubai’s leadership has been pursuing economic policies to diversify the economy and position it as a regional hub for at least the last 50 years. In the 1960s, the dredging of the Dubai Creek and in the early 1970’s the building of Port Rashid established Dubai as a modern trade hub. Success led to the building of Jebel Ali port in the early 1980s. The dry-docks industry was also established around that time, and the national carrier, Emirates, was launched in 1985 to boost the tourist industry. Dubal, Dubai’s state-owned aluminum company, began production in 1979. By 1995, there were already 581 thousand expatriates living and working in Dubai, outnumbering locals by a factor of almost six to one. Citibank says that in its view, the property market correction in Dubai has boosted the Emirate’s competitiveness as a regional hub in at least two important ways. First, by creating over-capacity in the economy, they have eliminated some of the supply bottlenecks that had developed during the boom years. Second, and related to this, the cost of living and doing business in Dubai has come down, and is likely to be more stable going forward. Oversupply in the property sector, while bad news for the real estate industry, is good news for business, the report observed. During the boom time, companies relocating to Dubai found it difficult to find quality office space, and moving staff to the Emirate was made difficult by a lack of housing. This has changed. According to data from Jones Lang Lasalle, current vacancy rates for commercial office space stand at 35 per cent and are expected to increase to 45 per cent in the next 12 months as ongoing projects complete. This means there is plenty of headroom for new businesses to set up shop in Dubai, and for existing ones to upgrade and expand opera-

There is plenty of headroom for new businesses to set up shop in Dubai, and for existing ones to upgrade and expand operations tions. Similarly, the current housing stock in Dubai is estimated at 278,000 units, and will increase by 15 per cent to 320,000, providing ample stock for new residents. Office space and housing constraints on growth are likely a thing of the past for

of the cost base going forward. The growth in rental rates, accompanied by consumer price inflation in the double digits, made for a great deal of uncertainty which hindered investment decisions. Oversupply is likely to depress both prices and the

Dubai. In the same vein, soaring rental outlays during the boom years were becoming a deterrent for companies considering using Dubai as a regional base. Rental per square foot in high-end offices peaked in 2008 at almost $110 per square foot, making it the world’s eighth most expensive city for office rental according to CB Richard Ellis. Today, rentals are half that amount, on par with Brussels in 42nd position. Residential rents followed a similar pattern. In Mercer’s global residential rents survey at the beginning of 2009, residential property rentals in Dubai were the 12th highest in the world, with Jeddah the only other regional city featuring in the top 50, in 47th place. Since then, average rents on 2-bedroom apartments have come down by as much as 48%, according to research by Jones Lang Lasalle. Dubai’s affordability, and thus its competitiveness, has been given a real boost. The bank feels that stability of prices will also increase Dubai’s attractiveness as a regional base. Aside from the level of expense of doing business, a key deterrent to investment decisions is the predictability

up-side volatility of prices in the mediumterm, reducing uncertainty on costs and with it a further obstacle to investment. The report points out that Dubai’s improved affordability is a draw to residents and businesses from neighbouring Emirates. During the boom, lack of affordable housing had forced a large number of Dubai’s workforce to more affordable residential accommodation in the neighbouring emirates of Sharjah and Ajman. Although data are not available, there is strong anecdotal evidence of a reversal of this flow. Added to this is an inflow of residents who work in Abu Dhabi, a 90 minute drive from Dubai’s southern suburbs, due to the lack of affordable housing there. According to Citibank, Regional liquidity has been a significant factor in Dubai’s economic growth in recent years for a number of reasons. First, the increased activity in GCC economies presents an attractive market to international businesses, increasing the demand for a regional headquarters in Dubai. Second, Dubai attracts a significant amount of inward investment from wealthy GCC nationals, particularly in the housing market where many buy

BANKING AND BUSINESS REVIEW

June 2010 11

land and second homes. Finally, expenditure by gulf tourists in the Dubai economy is significant - in 2006, the number of tourists from the GCC accounted for 15 per cent of the total. Citibank says the economic growth in Dubai as being pulled in two different directions. On the one hand, the impact of the global economic downturn is likely to have been significant, and the collapse in the real estate sector and resolution of the debt overhang will be a drag on growth in the future through a reduction in investment and knock-on effects to consumption. On the other hand, Dubai looks poised to benefit from the recovery in global and regional trade and commerce, and we believe is emerging from the crisis more competitive than previously. The important questions then are: What is the upshot for growth in the medium term? What are the key risks to growth going forward? The report points out that to answer these questions it is necessary to take a closer look at the structure of Dubai’s GDP, the relative magnitude of its components, and their likely dynamics going forward. GDP can be thought of in terms of three key expenditure components: domestic consumption, domestic investment and external demand (net trade). Unfortunately, a breakdown of GDP by expenditure does not exist for Dubai. In the absence of an official breakdown of GDP by expenditure, the report says it has derived an estimate from publicly available data for a number of expenditure components (such as government expenditure and investment, exports and imports), while certain assumptions are used to derive others. These estimates yield a structure of Dubai’s GDP that is not dissimilar to other small open macroeconomies, such as Hong Kong and Singapore). Consumption and investment are of a comparable order of magnitude in GDP across all three countries (around 70 per cent and 25 per cent respectively), although external trade is a much more important component of GDP in Singapore and Hong Kong than it is in Dubai. According to the bank’s estimates, 2009 was the annus horribilis of the Dubai economy. “We estimate consumption fell by over 14 per cernt, while investment

12 BANKING AND BUSINESS REVIEW

During the boom, lack of affordable housing had forced a large number of Dubai’s workforce to more affordable residential accommodation in the neighbouring emirates of Sharjah and Ajman

plunged by over one third. The blow to GDP was softened by a corresponding fall in imports of over 20 per cent, but we still estimate GDP to have contracted by over 3 per cent in real terms. This all corresponds to the negative impact of the global economic downturn, the real estate collapse, and the impact of the debt overhang”. Citibank says its expects growth to return to positive territory as early as this year, and to become increasingly robust in the medium-term. Initially, the recovery will likely be led mainly by improved external balances, but domestic demand should begin to pick up more strongly next year on the back of more robust consumption, counteracting the continued drag that investment decline will have on growth for the foreseeable future. “We believe GDP growth will be around 1.6 per cent in 2010, rising to 4.7 per cent in 2011 and 6.3 per centin 2012,” it said. According to the bank, the outlook for real estate investment is highly uncertain, and will depend largely on the resolution of the Dubai World/Nakheel restructuring. Under current proposals, the government of Dubai would commit $8 billion to Nakheel to pay off arrears and complete ongoing projects. Assuming that the restructuring is agreed, this should drive a temporary uptick in real estate investment in 2010, contributing 1 per cent to

June 2010

GDP growth, before falling back again in 2011-2012, dragging down GDP growth by 1 -2 per cent per year. The bank estimates that the real estate investment increased in absolute terms between 2006 and 2008, contributing 1.2 per cent to GDP growth in 2007, and 5 per cent in 2008. Real estate investment peaked at Dh37 billion in 2008, falling sharply in 2009 to just over Dh13 billion. This decrease represents a direct contraction in Dubai’s GDP in 2009 of 8 per cent. Other private investment (which includes infrastructure investment by the RTA and other GREs not reported in the budget) is expected to have fallen sharply in 2009, and to continue to fall at a rate of almost 25 per cent per year in the medium term. This reflects a number of factors. First, international and domestic credit conditions have tightened significantly, exacerbated by the debt overhang at Dubai’s GREs and the likelihood of further restructuring of debt beyond Dubai World. Losses and uncertain asset values will significantly inhibit domestic credit growth, while negative perceptions of the creditworthiness of Dubai-based entities in the midst of restructurings could deter international lending. Second, foreign direct investment flows will be reduced due to the financial constraints of international companies during the global economic downturn. Decisions to relocate and/or expand will have been deferred. Finally, overcapacity in the economy and the completion of major infrastructure projects (such as a significant portion of the Dubai metro) should reduce the need for investment, the report argues.

RE AL ESTATE

More rent declines

Impact of new supply pipeline already showing

ubai’s rent declines have now extended to high quality units in prestigious locations as well, according to the latest Landmark Advisory report. Although the units in lower quality buildings and less prestigious locations are experiencing the strongest rent declines, the more significant trend is the resumption in rent declines for high quality units in prestigious locations, it said and attributed the declines primarily to increasing supply, a trend the agency said will continue with 100,000 new units anticipated for delivery over the next two years. Compared to Landmark Advisory’s last Dubai lease guide published in April 2010, the latest guide shows that lease rates have continued to decline across Dubai irrespective of quality and location, for both residential apart-

ments and commercial units. According to Jesse Downs, Director of Research & Advisory Services, Landmark Advisory, the biggest problem is the impending supply pipeline: “Tenants are increasingly seeking more value for their rental dirham and are able to leverage alternative options to negotiate very attractive deals. This is pushing up bid-ask spreads and illustrates that landlords are conceding in negotiations with ever more discerning and value-seeking tenants. More sig-

nificantly, this is a trend now observed in high quality units in prestigious locations, which is a segment that has experienced relatively minimal volatility in late 2009 and the first quarter of 2010 due to relocation trends.” Rental demand in Dubai has been bolstered by tenants relocating from surrounding emirates, namely Abu Dhabi with landlords in Dubai benefiting from tenants moving to Dubai to take advantage of both lifestyle and lower rental rates. “The imminent deliv-

Lease rates have continued to decline across Dubai irrespective of quality and location, for both residential apartments and commercial units

BANKING AND BUSINESS REVIEW

June 2010 13

ery of Abu Dhabi’s Marina Square will inevitably sway existing or potential commuters to rent an apartment in Abu Dhabi, however, which will clearly hurt rental demand in Dubai,” said Jesse. “Rents in the capital are coming down and will continue to do so, especially in Q4 2010 and Q1 2011.” Landmark Advisory notes that even rents in prestigious locations are declining; lower limits for a 1-bedroom on the Palm Jumeirah have fallen 6 per cent, while 1-bedroom apartments in JLT have fallen a further 10 per cent. In lower quality areas such as International City, studio lower limits decreased 12 per cent while upper limits for both studios and 1-bedroom apartments decreased on average by 22 per cent. The lower-limit of lower quality 2-bed apartments in both West and East Dubai have also declined by an average of 7 per cent since early May. Well established areas with a limited supply pipeline are also experiencing additional rent declines; Downtown Dubai has seen further drops in rent due to continued supply entering the market in neighbouring areas, like Business Bay and Sheikh Zayed Road. While these areas are not of comparable quality to Downtown Dubai, the impact on this increased supply is evident, lower limits for 2-beds in Downtown Dubai are falling 5 per cent, at the same time that lower limits in Business Bay and Sheikh Zayed Road have fallen by 12 per cent and 6 per cent respectively since the beginning of May, according to Jesse. As the mounting competition to attract tenants leads landlords to offer more concessions, a 6-check contract and incentives like rent free periods to assist tenants with days lost during the moving process are becoming more common. “Unlike the trends in April 2010, where the rental declines were primarily restricted to lower and medium quality buildings, high quality buildings in good locations are also seeing rental drops,” explained Jesse. “While the falls are still marginal when compared to the drops in lower

14 BANKING AND BUSINESS REVIEW

quality buildings, this is still a significant trend.” According to Landmark Advisory, villa lease ranges have been much more stable then apartment rates, however, some areas are still experiencing declines. Areas including Arabian Ranches, Victory Heights, Jumeirah Islands, The Springs, Dubai Silicon Oasis, sections of the Lakes and parts of Palm Jumeirah have all seen lower limit declines. The largest declines occurred in the lower limits of 5-bed villas; in Jumeirah Islands and Dubai Silicon Oasis, 5-bedroom villas declined by 7 per cent and 13 per cent respectively. For 2-beds, lower limits in The Springs declined 6 per cent (with rents as low as Dh75,000) while in Victory Heights, Palm Jumeirah, and Dubai Silicon Oasis the 3- bed lower limits declined by an average of 6 per cent Jesse said: “While some villa rents did fall, they did not fall in every area and rents for certain high quality villas have remained stable. Since this segment is particularly sensitive to demand fluctuations, rents for specific high end villa developments may experience short term fluctuations. For example, the lower limit rent for a 5 bedroom villa on Palm Jumeirah is currently at Dh400,000 per annum. Given the limited pool of individuals and families able to afford such a luxury villa, the rents may fluctuate based on longer void periods.”

“The imminent delivery of Abu Dhabi’s Marina Square will inevitably sway existing or potential commuters to rent an apartment in Abu Dhabi, which will clearly hurt rental demand in Dubai”

June 2010

Commercial In terms of commercial units, rents have declined and are expected to decline further. Landlords are attracting new tenants by offering lower lease rates, longer term leases, and increased incentives such as rent-free periods, fit-out allowances, and increased cheque options. According to her, location and incentives are set to play a key role in attracting tenants going forward: “The commercial market is witnessing a prolonged period of oversupply, and with new developments in Business Bay, and JLT expected for completion in 2010 and beyond, lease rates are expected to decline further across Dubai.” In terms of specific areas, DIFC lease rates lower limit has decreased by 17 per cent, commercial units in Business Bay have decreased 6% and Dubai Silicon Oasis has decreased 20 per cent. “While freehold areas will be particularly impacted by rent declines due to upcoming supply, those buildings with fragmented ownership are likely to be hit the hardest with premiums emerging for single landlord buildings. By this we mean those buildings where buildings were sold by individual units or floors and Strata Law applies,” Jesse pointed out.

INTERNATIONAL

Fear over Europe calms Survey respondents predict euro set for appreciation next year

lobal investors’ negative sentiment towards Europe appears to have troughed and they are feeling more hopeful about the outlook for Europe’s stocks and for the euro, according to results of the latest Bank of AmericaMerrill Lynch Fund Managers’ Survey. The previous survey had shown the negative sentiment at its peak. A total of 207 fund managers, managing a total of $606 billion, participated in the global survey from 4 June to 10 June. A total of 170 managers, managing $411 billion, participated in the regional surveys. The latest survey shows 19 per cent of the global panel is predicting the euro to appreciate over the coming year, up from 7 per cent in May. The survey also

showed investors’ love-affair with the US dollar has cooled. Investors are neutral about the dollar’s value, a month after a net 29 per cent had viewed it as undervalued. A month ago, a net 30 percent of the panel identified the eurozone as the region they would most like to underweight. That figure has fallen sharply to just 12 per cent. The proportion of the

panel pinpointing the eurozone as having the weakest outlook for corporate profits has fallen to 33 per cent from 41 per cent in May. The proportion of global investors underweight eurozone equities has fallen to a net 27 per cent from 34 per cent a month ago. In contrast, investors within the region are at their gloomiest in more than a year. Only a net 7 per cent of Euro-

The love-affair with the US dollar seems to have cooled off as investors have become increasingly neutral about the dollar’s value, a month after a net 29 per cent had viewed it as undervalued

BANKING AND BUSINESS REVIEW

June 2010 15

pean fund managers expect the region’s economy to improve in the coming year, compared with a net 23 per cent in May, according to the regional survey. A net 20 per cent of European portfolio managers predict an improvement in earnings over the coming 12 months, down sharply from 74 per cent in April. Similarly, investors’ belief in global economic growth and the ability of corporations to improve profits has significantly eroded, the survey showed as the global equities fell by 7.5 per cent during the period under review. Only a net 24 per cent of respondents believing the world economy will strengthen in the next 12 months, down from 42 per cent in May and 61 per cent in April. Global investors expressed similar concerns over corporate profits. A net 28 per cent of the panel believes that profits will improve in the coming 12 months, compared with 47 per cent in May and 67 per cent two months ago. The proportion of the panel expecting corporate operating margins to improve in the coming year has halved in the past two months to a net 19 per cent. Investors are displaying greater concern about market liquidity conditions, with 42 per cent of the panel describing liquidity as ‘poor’, up from 22 per cent in April. Broadly, however, risk appetite remains steady. Average cash balances fell slightly to 4.1 per cent of the portfolio from 4.3 per cent in May. Inflation fears are plummeting and as a result 80 per cent of respondents have ruled out a Fed rate rise in 2010. The survey also hints that investors can see buying opportunities beckoning

16 BANKING AND BUSINESS REVIEW

Investors’ belief in global economic growth and the ability of corporations to improve profits has significantly eroded, as global equities fell by 7.5 per cent during the period under review with a net 38 per cent of the panel saying equities are undervalued, the highest reading since March 2009. “Global growth expectations have ‘double-dipped’ and positioning is more defensive but investors show little sign of panic,” said Michael Hartnett, chief Global Equities strategist at BofA Merrill Lynch Global Research. “Investors are starting to see the basis for Europe’s rehabilitation on the back of a more constructive outlook for the euro,” said Gary Baker, head of European Equities strategy at BofA Merrill Lynch Global Research. Confidence in China has fallen to its lowest level since January 2009. A net 27 per cent of fund managers expect

June 2010

China’s economy to weaken in the coming 12 months, a big turnaround from April when a net 21 per cent predicted the economy to improve. Commodities, closely correlated with China’s fortunes, have suffered. Only a net 4 per cent of global investors remain overweight the asset class, down from 17 per cent a month ago. Investors have sold down energy stocks in record numbers amid news of the continuing oil spill in the Gulf of Mexico. Just a net 7 per cent of global asset allocators retain an overweight position on the sector, down from a net 37 per cent in May, the biggest monthly swing in energy the survey has recorded. Broadly, investors have tightened their defensive approach towards equities, moving out of cyclical sectors. Asset allocators are now underweight Materials, holding their lowest allocations since March 2009. The survey was conducted by BofA Merrill Lynch Research with the help of market research company TNS. Through its international network in more than 50 countries, TNS provides market information services in over 80 countries to national and multinational organizations. It is ranked as the fourth-largest market information group in the world.

Abu Dhabi Commercial Bank Head Office: Abu Dhabi, Al Salam Street, P.O. Box 939 Website : www.adcb.com Branch Name Tourist AD MALL KIOSK GASCO Al Salam Al Muroor Corniche Hamdan Khalidiya Sh. Rashed Al Falah Baniyas Town Al Raha Mall Shahama Khalifa City A Mussafah ICAD Area Office-MB Main Branch Khalifa St. Branch Ind Area Branch Al Wagan Br. Al Yahar Al Bawadi Mall Al Ruwais Al Baya Gayathi Zayed Town Mall of the Emirates Arabian centre Dubai Mall Al Qusais Jumeirah Ittihad Al Karama Al Mina Road Al Riggah Deira Sharjah Main Sharjah Ind.Area

Tel: 02 6962222 Phone Number 02-6940000 02-6443825 02-6771925 02-6962222 02-4447960 02 6275500 02 4067555 02 5016222 02 4458288 02 6213901 02-5821550 02-5016222 02-5632255 02-4014500 02-5544272 02-5500724 03-7558888 03-7550000 03-7669999 03-7210009 03-7351444 03-7814000 03-7028982 02-8775015 02-8721300 02-8742155 02-8846180 04-3411001 04-7058806 04-7058820 04-7058888 04-4069601 04-3615151 04-3345000 04-3984444 04-2958888 04-6024100 06-5737000 06-5433300

Fax: 02 6450384 Fax Number 02-6109712 NA 02-6109797 02-6109772 02-4444795 02 6260540 02 6320396 02 6109822 02 6109815 02 6109720 02-5821007 02-6109807 02-5630035 02-6109860 02-5544273 02-5500739 02-6109775 02-6109775 02-6109739 02-6109819 03-7351799 03-7826600 02-9109856 02-8774704 02-8728124 02-8741626 02-8847663 02-6109732 02-6109849 02-6109850 02-6109813 02-6109749 02-6109735 04-3348000 04-3982664 04-2956632 02-6109790 06-5722322 06-5421285

Buhaira Fujairah Ras Al Khaimah Dibba Ajman

06-5566169 09-2223900 07-2332200 09-2446444 06-7443444

02-6109731 09-2224900 07-2332020 09-2444838 06-7443300

ADCB Senior Management H.E. Eissa Al Suwaidi Ala’a Eraiqat Arup Mukhopadhyay Deepak Khullar Colin Fraser Kevin Taylor Kishore Rao Abdulla Khalifa Al Suwaidi Sultan Mohamed Al Mahmood Mufaddal Khumri Abdul Shakeel Martin Scott Majdi Abdul Muhdi Ahmed Barakat Thierry Bardury Simon Copleston Howard Gaunt Mike Cunningham Nabil Juma Zaki Hamadani Abdirizak Ali

Chairman CEO Head - Consumer Banking Group Chief Financial Officer Head - Wholesale Banking Group Group Treasurer Chief - Risk Management Head - Government Relations Head - Human Resources Head - Islamic Banking Head - Consumer Risk Management Chief Marketing Officer Head - Corporate Communications Head - Wealth Management & Liabilities Group Head - IT & Operations General Counsel Head - Business Banking Group Head - Strategic Programmes Head - Strategic Investor Relations Head- Legal and Special Assets Head- Internal AuditWalter Pompliano

Abu Dhabi Islamic Bank Head Office: Abu Dhabi Najda Street, P.O. Box 313, Abu Dhabi UAE Email: customerservice@adib.ae Website : www.e-adib.com

Tel 02 6343000 Fax 02 6342222

Established on 20th May 1997 as a Public Joint Stock Company through the Amiri Decree No. 9 of 1997. The bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdulla Bin Zayed Ak Nahyan, UAE Minister of Information and Culture on 18th April 1999. All contracts, operations and transactions are carried out in accordance with Islamic Shari’a principles. Branches Abu Dhabi Main

BANKING AND BUSINESS REVIEW

02 6168118

June 2010

Aref Ismail Al Khouri Manager Mushref 02 4455177 Ezzeldin Nagdy Manager Madinat Zayed 02 6100821 Mohamed Yousef Manager Khalidiya Ladies Abu Baker Omar Manager Sheikha Al Suwaidi Manager Khalifa Street 02 6100590 Omar Aqel Manager Al Ain Sinaiya 03 7211777 Omar M. Basheer Manager Clock Tower Branch 03 7076444 Ali Abdullah Al Manager Dhaheri Al Jimi Mall Branch 03 7633500 Ahmed Abdullah Manager Al Boloshi Dubai Al Twar Ibrahim Alqasser Manager Opposite Deira City Center Hashim Al Zarooni Manager Shk. Zayed Rd. Mohamed Hussein Zainal Manager

04 2611116 04 3973333 04 4033400

Fujairah Fujairah 09 2222711 Fahad Al Shaer Manager Dibba 02 6100920 Ali Mohammed Manager Ras Al Khaimah 07 2284448 Saif Hamdan Alkeem Manager Sharjah 06 5075100 Ali Essa Alshaqoosh Manager

Al Ahli Bank of Kuwait - Dubai Head Office: Kuwait Regional Head Office: Dubai Tel 04 2681118 Opposite Hamarain Centre, Deira Fax 04 2684445 P.O.Box 1719, Dubai, E-mail: infodubai@ahlibank.ae Website: www.ahlibank.ae Management & Senior Personnel: Vikram Pradhan General Manager, UAE Vijay Shah Head of Trade Finance & Operations Hiranand Motwani Manager Treasury Krishna Kumar Manager Retail Operations

American Express Bank Ltd Representative Office, Suite 509 Tel: 04 3975000; Fax: 04 3976986 The Business Centre, Khalid Bin Al Waleed Street, Bur Dubai P.O. Box 3304, Dubai. Prabir A. Biswas Director & Chief Representative Sumit.K.Roy Director-financial institution group John A. Smetanka Head-wealth management-subcontinent and global NRI

Arab African International Bank Head Office: Cairo, Egypt. Regional Head Office Dubai Tel: 04 3937773 ART Tower, Al Mina Street, Opp. Ports & Customs Bldg., Bur Dubai

18 BANKING AND BUSINESS REVIEW

June 2010

P.O. Box 1049, Dubai Fax: 04 3937774 Swift ARAIAEAD, E-mail: aaibdxb@emirates.net.ae Web: www.aaib.com History: Established 1964 as the first Arab joint venture bank Hemant Jethwani General Manager UAE Dubai Branch: Key Executive Alaa Sobhy Head of syndication and assert trade Abu Dhabi Tel: 02 6323400; Fax: 02-6216009 Arab Monetary Fund Bldg, Corniche Street, P.O. Box 928, Abu Dhabi Key Executive Hani Hassan Branch Manager

Arab Bank Head Office Jordan â&#x20AC;&#x201C; Amman Tel: 04 2950845; Fax: 04 2024369 P.O.Box 950544, 950545 Amman 11195 Website: www.arabbank.ae History: The Arab Bank Group is one of the principal financial institutions in the Arab world and ranks among the leading international banks in terms of equity, earnings and assets. Established in 1930 in Jerusalem. The Arab Bank Group is owned by about 4,000 shareholders from all over the world, mainly Arab countires. The Group has a diversified network of over 350 branches worldwide. Abdul Majeed Shoman Chairman Abdel Hamid Shoman Deputy Chairman & Chief Executive Officer U.A.E Area Management Mohammad A . Azab Senior Vice President - Dubai Saed Jarallah Senior Vice President â&#x20AC;&#x201C; Abu Dhabi Aladin Al-Khatib Treasury Head Hatem Kurdieh Corporate Banking Head Tareq HajHasan Retail Banking Head Mohammad Mattar Central Operations Unit Manager Hani Hirzallah Regional Manager Human Resources /Gulf Region Tareq Ibrahim Head of Human Resources Ammar Al Khayyat Financial Controllar Ghassan Nimer IT Center Regional Manager Jihad Ghoury Legal Counsel Sanjay Malhotra Global Head of Marketing & Product Develeopment Nasser Maghtheh Senior Auditor Anan Al Khatib Premises & Pruchasing Officer (Engineer) Suleiman Malhas U.A.E Branches Audit Centre Manager Dubai Al Ittihad Street Mohammed Azab

04 2950845

Branch Manager

Deira Mohammed Elayyan Branch Manager

04 2221231

Abu Dhabi Al Naser Street Nasser Serries Branch Manager

02 6392225

Al Ain Colock Tower roundabout, Al Ain Street Maen Jarrar Branch Manager Sharjah Al Arooba Street Maher Al Debis Branch Manager

03 7641328

Ajman Rashid Bin Humaid Street Modhar Kherfan Branch Manager

06 7422431

Ras Al Khaimah Oman Street, Al Nakheel Ali Zatar Branch Manager

07 2288437

Fujairah Sheik Zayed Street

09 2222050

06 5618999

Abdel Hamid Qamhieyah Branch Manager Call Centre Within UAE Outside UAE

800 40 43 009714 2953889

Arab Bank for Investment and Foreign Trade Abu Dhabi Tel 02 6721900 Regional Head Office, Sh. Hamdan Street, Tourist Club Area Fax 02 6785271 P.O. Box 46733, Abu Dhabi Telex 22455 ARBIFT EM Email: arbiftho@emirates.net.ae Website: www.arbift.com History: Established in 1976 in Abu Dhabi Registered as a Puvlic Joint Stock Company Management & Personnel Ibrahim N. R. Lootah General Manager 02 6952286 Hassan S. Kishko Head of Finance 02 6721299 M.A. Majid Siddiqui Head of HR & Admin 02 6728785 Khalid Mohammed Bin Amir Head of Operations 02 6776109 Najib Taleb Nasser Head of Commercial Banking Ahmed Majid Lootah Head of Retail Banking 02 6743801 M. Santosh Babu Senior Manager IT 02 6722975 Izzeldin Al Siddiq Salem Mgr - Inspection & Internal Audit 02 6780592 Osman Hamid Suliman Mgr - Banking Relations Dept 02 6787380 Mir Asif Ali Mgr - Treasury Dept 02 6721600 Saidi Zoubir Head of Business Dev. Dept. 02 6723763 Tareq Sâ&#x20AC;&#x2122;adi Al Darras Mgr - Credit Risk Management 02 6720886 Issam Abugisseisa Legal Advisor 02-6791642 Abu Dhabi Main, Sh. Hamdan Street 02 6721900 Noora Ebrahim Manager -Sales & Services 02 6780423 Souk Branch 02 6269500 Al Masaood Building - Khalifa Street, Abu Dhabi Nasser Rashed Al Ali Manager 02 6275087 Al Ain 03 7655133 Mohd. Sultan Al-Darmaki Bldg., 1st Floor, Old Passport Office Road. Hussain Marzouqul Manager 03 7656482 Dubai Arbift Tower, Baniyas Street, Deira Adel Mohd. Khalfan Manager Al Bagh

04 2220151

Sharjah King Faisal Street Fatima Al Muani Manager

06 5744888 06 5747766

04 2282071

Arab Banking Corporation Abu Dhabi Office Office, 10th Floor, Abu Dhabi Trade Centre, Abu Dhabi Mall P.O.Box 6689, Abu Dhabi Mohamed El Calamawy Chief Representative

02 6447666

Management-UAE Hemant Jethwani Alaa Sobhy Mahendran Raman

Tel: 02 6323400 Fax: 02 6216009

BLOM Bank France SA Dubai Tel 04 2284655 Al Maktoum Street, Deira Dubai, P.O. Box 4370 Fax 04 2236260 email: info@blomfrance.ae www: www.blombank.ae Bassem Ariss Regional Manager 04 2222355 Samir Hobeika Branch Manager 04 2214648 Michel Germanof Manager Corporate Credit UAE 04 2242067 Mohammad M Ansari Treasurer 04 2224812 Sharjah PO Box 5803, Al Buheira Tower, Al Buheira Corniche Tel 06 5736100 Fax 06 5736080 Mokhtar Kassem Branch Manager

Bank Muscat Dubai Representative Office Dubai Creek Tower, Baniyas Road, Deira P.O. Box 29969, Dubai Lawrence P. Monteiro Chief Representative

Tel 04 2222267 Fax 04 2210115

BBK BSC Dubai-Representative Office Dubai Creek Tower Office 18A, Baniyas Road, Deira PO Box 31115 Website History: Established on 16th March, 1971

04 2210560 Tel 04 2210560 / 70 Fax 04 2210260 www.bbkonline.com

Murad Ali Murad Karim Bucheery Sh. Rashed Al Khalifa

Chairman CEO & GM Deputy General Manager

Dubai ReP-Office: Head of Representative Office Rajiv Kapoor Al-Alwan

CK Jaidev Relationship Manager & Loan Syndications Wafa Relationship Manager & Loan Syndications

Fax 02 6444429

Bank of Baroda

Arab Emirates Investment Bank PJSC Head Office: Cairo Egypt Regional Office: Dubai ART Tower, Al Mina Road, Opposite Maritime City, Bur Dubai P.O Box 1049 Dubai SWIFT: ARAIAEAD E-mail: aaibdxb@eim.ae Web: www.aaib.com

Abu Dhabi Branch Arab Monetary Fund Bldg., Corniche P.O Box 928, Abu Dhabi

Tel: 04 3937773 Fax: 04 3937774

General Manager Head of Syndication and Asset Trade Head of Operations and Liabilities

Dubai Zonal Office: Sheikh Rashid Bldg. Ali Bin Abu Talib Street, Bur Dubai, P.O.Box 3162, Dubai Tel: 04 3531628 E-mail: ce.gcc@bankofbaroda-uae.ae Fax: 04 3530839 UAE Website: www.bankofbarodauae.ae History: Established in 1908, July 20 Nationalized on July 19, 1969 Zonal Office, Dubai Ashok K. Gupta Narayanan Devarao Umarmiya S .Sayied

Chief Executive, (GCC Operations) Dy. Chief Executive Chief Manager (Credit)

BANKING AND BUSINESS REVIEW

04 3136699 04 3136617 04 3136690

June 2010

Paramjeet S. Bhatia Sujeet V. Bhale P.K. Rout

Chief Manager (Syndication) Chief Manager (Syndication) Senior Manager (HR & Admn.)

Retail Banking Dubai H. S. Sagar Renuka Shyam Mehul Kumar Dave Shaibal Banerjee Niermala Behera K. Prabha

Chief Manager (Retail / Marketing) 04 3136658 Senior Manager (Retail/Marketing) 04 3136603 Senior Manager (Marketing) 0566195733 Manager (Marketing) 0566093201 Manager (Marketing) 0558638983 Manager (Marketing) 0566253180

I.T. Dept. Anil Kumar Agrawal Hardeep Singh

Senior Manager (I.T.) Senior Manager (I.T.)

04 3136661 04 3136663

Treasury Dilip Kumar Mansingh Shankar Kumar Jha Vikrant Gupta

Senior Manager (Dealer) Manager (Dealer) Manager (Dealer)

04 3136630 04 3136631 04 3136636

Dubai: Sheikh Rashid Bldg, Ali Bin Abu Talib Street, Dubai Bur Dubai N Sundareswaran Asst.General Manager M.V.Murali Krishna Chief Manager (Operations) Sarat C.Baral Chief Manager (Credit) Sunil Tutoo Senior Manager (India desk) Lalitha Janakiraman Senior Manager (Trade Fin.)

04 3136647 04 3136692 04 3136694

04 3136666 04 3136616 04 3136670 04 3136610 04 3136680 04 3136620

Abu Dhabi Al Halami Center, Sheikh Hamdan Street, Abu Dhabi 02 6330244/6322000 N.K. Batra Asst. General Manager 02 6344302 H.T. Solanki Senior Manager (Credit) 02 6326364 Barun Meher Senior Manager (Operations) 02 6326364 Sunil Kumar Manager (Marketing) 0566092501 Sharjah Al Mina Road, Al Maraijah , Near Sharjah Cinema, Sharjah 06 5684231/5686232 B.B. Pradhan Chief Manager 06 5683273 S.K. Tiwari Senior Manager (Operations) 06 5687086 Satya Narayan Patra Senior Manager 06 5684231 Sanjeev Singh Manager (Marketing) 0566093847 Shiv Kumar Shukla Manager (Marketing) 0566241586 Al Ain: Clock Tower, Roundabout, Planning Street, Al Ain Ashwini K Patria Senior Branch Manager Akhilesh Vashistha Senior Manager (Operations) Deira: Kuwaiti Bldg., Al Rigga, Baniyas Street, Deira Ramesh M. Shetty Asst General Manager Pamela Azaredo Chief Manager (Operations) Satish Agarwal Chief Manager (Credit) R K Madaan Manager (Marketing) S.S. Reddy Senior Manager (Marketing) Vipin Bhatt Manager (Marketing) Ras Al Khaimah Al Qasimi Bldg, Oman Street, Al Nakheel Surendra S. Parihar Senior Branch Manager J.K.Jais Senior Manager (Operations) K.S.Iyer Senior Manager (Credit)

20 BANKING AND BUSINESS REVIEW

03 7519880 03 7659554 0508591171 04 2287949 04 2286516 04 2286216 04 2292181 0559692170 0501934096 0566092869 07 2229293 07 2229293 07 2229293 07 2229293

June 2010

Bank of New York Representative office Suite 402, The Blue Tower, Sh. Khalifa Bin Zayed Street P.O.Box 727, Abu Dhabi Hani Kablawi Managing Director

Tel 02 6263008 Fax 02 6263308

Bank of Sharjah Sharjah Head Office – Al Hosn Avenue Tel 06 5694411 P.O. Box 1394, Sharjah Fax 06 5694422 E-mail: bankshj@emirates.net.ae History: Established on 22nd December 1973 with Banque Paribas, Paris Ahmed Abdulla Al Noman Chairman Varouj Nerguizian General Manager Mario Tohme Deputy General Manager Fadi Ghosn Deputy General Manager Ali Burheimah Commercial Manager Mohammed Asghar Senior Operations Manager Fares Saade Senior Manager Michel Germanos Risk Manager Jayakumar Menon Finance Manager Berj Tossounian Credit Manager - Sharjah Wahide Assaad    IT Manager Jihad Aoun    Investment Manager Samer Hamed    Audit & Control Manager Abu Dhabi Tel 02 6795555 Al Mina Street, P.O.Box 27391 Fax 02 6795843 Ramzi Saba Senior Manager Mazen El Attar Operations Manager- Abu Dhab Anni Barsoum Credit Manager - Abu Dhabi Dubai Tel 04 2827278 Al Gharoud Street, PO Box 27141 Fax 04 2827270 Nadim Melki Senior Manager Toufic Youakim Credit Manager - Dubai Fadi Haddad Operations Manager - Dubai Al Ain 03 7517171 Khalifa Street, PO Box 84287 Fax 03 75170770 George Dib Branch Manager Rida Higazi Deputy Branch Manager

Bank Saderat Iran Dubai Regional Office, Al Maktoum Street, P.O. Box 4182

Tel 04-6035555 Fax 04 2229951

Dr.Hamid Borhani                 Regional Manager Abdul Reza Shabahangi         Assistant Regional Manager Mohammad Yousefi Peyhani       Assistant Regional Manager Majid Tavasoli                            H.R. & Organization Dept. Manager Gholamreza Joulaie               Credit Facility Dept. Manager Rahim Erfan Moghaddam        Account Dept. Manager Mehran Arzhang                        Letter of Credit Dept. Manager                Majid Mirnasiri                          Recovery Dept. Manager Hamdi Reza Khalajzadeh         Dealing Dept. Manager Hojatollah Malek Mohammadi    IT Dept. Manager Mansoor Sedaghat Motlagh        Service Dept. Manager  Mohsen Hossein Hosseinpour   Manager of Al Maktoum Branch Gholamreza Ebadi Fard          Manager of Murshid Bazar Branch Saeed Mirzaian Tafti         Manager of Sheikh Zayed Rd. Branch Ferdos Zolfagharian            Manager of Bur Dubai Branch Seifollah Farzan Mehr      Manager of Sharjah Branch

Abu Dhabi Mohd. Joan Al Badi Bldg., Hamdan St. P.O. Box 3771 Ghassan Haddad Acting Regional Manager Samir Rached Acting Branch Manager

Jalil Vosooghi                            Manager of Ajman  Branch Ali Abasteh                       Manager of Abu Dhabi Branch Peyman Sabri                 Manager of Al Ain Branch

Banque Du Caire Abu Dhabi Regional Head Office (02) 6225880 P.O. Box 533, Abu Dhabi Telefax 02-6225881 History: Established on 8th May, 1952 On July 1, 1960 the Amman Branch became independent under the title of Cairo Amman Bank. In July, 1961 the Bank was nationalized. On November 2, 1962 the Lebanese branches were absorbed by Banque Misr-Liban S.A.L On October 1, 1979 fo3rmer branches in Saudi Arabia have been saudized and a new bank was formed under the name of Saudi Cairo Bank. Mohamed kamal Al Deen Barakat Chairman                     Ahmad Sherif Rehab Regional Manager   Abu Dhabi - UAE PO Box 533 Tel:        02-6272525 Abu Dhabi Branch  Mohamad Kamal Farid (Acting Manager) Tel:         02-6273000 Dubai Branch    Labib Abdul Ghaffar Tel:         04-2715175 Sharjah Branch      Tareq Hafez Tel:         06-5739379 Ras Al Khaima      Mohamad Abdul Ghani (Acting Manager) Tel:         07-2332245 Al Ain                          Abdul Hamid  Saeed Tel:         03-7511104

Barclays Bank PLC Dubai Emaar Business Park, Building No. 4, Sheikh Zayed Road P.O. Box: 1891, Dubai Website www.barclays.com

Tel: 04 3626888 Fax: 04 3663133

Saleem Sheikh Regional Managing Director, Middle East & North Africa Mark Petchell Group Country Managing Director Amin Habib Director - Corporate Banking Faizen Mitha Regional Treasurer Farrukh Zain Head of Trade Sales Florence Goodman Head of Corporate Afffairs & Public Relations David Inglesfield Location Manager - International & Premier Banking Callum Watts-Reham Director, Market Manager, Gulf - Barclays Private Clients Barclays Capital Dubai International Financial Centre, Level 9, West Wing, The Gate Building, Sheikh Zayed Road, Dubai Nicholas Hegarthy Managing Director, Head of Middle East & North Africa

BLC Bank (France) S.A. Head Office 17-19 Avenue Montaigne 75008 Paris, France Mr. Andre Tyan General Manager

Tel 33 1 56 52 11 00 Fax 33 1 56 52 11 11

Regional Office Dubai Al Maidan Tower, Al Maktoum St. Tel 04 2222291 P.O. Box 4207, Dubai Fax 04 2283935 E-mail: blcdxbrm@emirates.net.ae Melhem Dagher Administration & Operations Manager Dubai Al Maidan Tower, Al Maktoum St. P.O. Box 4207, Dubai Hamze Abdul Sater Branch Manager

Tel 04 2222291 Fax 04 2279861

Tel 02 6220055 Fax 02 6222055

Sharjah Al Salam Bldg., Al Mina St. P.O. Box 854 Victor Khoriaty Branch Manager

Tel 06 5724561 Fax 06 5727843

Ras-Al-Khaimah Sheikh Ahmad Bin Saker Al Quasimi Bldg., Al Montaser St. P.O. Box 771 Abd El Hajj Branch Manager

Tel 07 2286222 Fax 07 2275067

BNP Paribas Abd Ahmad Al Hajj Branch Manager Abu Dhabi Khalifa Street, P.O. Box, 2742, Abu Dhabi Marc Checri General Manager

Tel 02 6130400 Fax 02 6268638

Central Bank of the U.A.E Abu Dhabi Tel 02 6652220/6915555 Head Office, Al Bateen Area, Bainoona Street Fax 02 6668483/6668621 P.O.Box: 854, Abu Dhabi, www.cbuae.gov.ae E-mail: sultan_rashid@cbuae.gov.ae Swift: CBAU AE AA Reuters dealing code: CBEM History Established in 1980 as a central bank of the United Arab Emirates by a federal decree. Central bank took over the activity of the United Arab Emirates currency board which was established in 1973. Management & Personnel H.E. Sultan Bin Nasser Al-Suwaidi Governor H.E. Mohd. Ali Bin Zayed Al Falasi Deputy Governor Board of Directors H.E. Mohd. Eid M. Jasim Al-Meraikhi H.E. Jumaa Al-Majid H.E. Sultan Bin Nasser Al-Suwaidi

Chairman Vice Chairman Governor

Members Ali Al-Sayed Abdulla, Jamal Nasser Lootah, Khalifa Nasser Bin Huwaileel, Saeed Rashid Al Yateem Al Muhairy Executive Directors Saeed Abdulla Al Hamiz nation Dept. Rashid Mohamed Al Fandi Saif Hadef Al Shamesi Salem Ahmed Al-Hammadi Abdulla Hamad Al-Zaabi Jamal Ebrahim Al Mutawaa

Executive Director-Banking Supervision & ExamiExecutive Director - Banking Operations Dept. Executive Director - Treasury Department Executive Director - Research & Statistics Department Executive Director - Internal Audit Department Executive Director - Administration Department

Economic Advisors Abed Alla Osama Malki, Mohammed Zeitouni Bechri Portfolio Managers Mohammed Abdulla Mohammed, Brian Gardner Anti-Money Laundering & Suspicious Cases Unit Abdul Rahim Mohamed Al Awadi Asst. Executive Director General Secretariat & Legal Affairs Division

BANKING AND BUSINESS REVIEW

June 2010

Salem Said Al Kubaisi

Senior Manager

Financial Control Department Hassan Ibrahim Al Hamar

Senior Manager

Personnel Division Ali Ghurair Al Romaithi

Senior Manager

Correspondent Banking Division Sultan Rashed Al-Sakeb

Senior Manager

Public Relations Division Abdul Raheem Abdullah

Manager

Information Technology Division/ UAE Switch Division Khalifa Al Dhaheri

Senior Manager

Dubai P.O. Box 448 Omar Al Qaizi Manager-in-Charge

Tel: 04 3939777 Fax: 04 3937802

Sharjah Tel: 06 5592592 Old Airport Road, Opp. Immigration Bldg., P.O. Box 645, Sharjah Fax: 06 5593977 Zakaria Abdul Aziz Al Suwaidi Senior Manager Ras Al Khaimah Al Nakheel, Oman Street, P.O. Box 5000 Salem Jasem Al Baker Asst. Executive Director

Tel: 07 2284444 Fax: 07 2284646

Fujairah P.O. Box 768, Fujairah Ali Mubarak Saeed Abbad Senior Manager

Tel: 09 2224040 Fax: 09 2226805

Al Ain Ali Ibn Abee Taleb Street, Oud Al Touba P.O. Box 1414 Ajlan Ahmed Al Qubaisi Asst. Executive Director

Tel: 03 656656 Fax: 03 664777

Citibank N.A (UAE Branches) Date of Establishment 1964 Nationality USA Legal Status Commercial Banking Services (F) Regional Head Office Oud Metha Towers P.O Box 749, Dubai – UAE Tel: 04- 3245000 Telex: 023 6738736 Cable: CITIBAEM Swift: CITIAEAD Reuters: N/A Email: karim.seifeddine@citi.com Website: www.citibank.ae Auditors: KPMG Domestic Branches: Al Wasl Road Branch (Main Branch) Tel: 04 3245000 Oud Metha Road, P.O Box 749 Dubai Branch (Next to Burjuman) Tel: Abu Dhabi Branch Tel: 02 6982206 Al Salam Street, Next to Lulu Center Fax: 02 6726381 P.O Box 999, Abu Dhabi Sharjah Branch Tel: 06 5072101 Beside Sharjah Emigration, Fax: 06 5723378 Opposite Civil Court. Sharjah Al Ain Branch Tel: 03 7641090 Sh. Zayed Street Fax: 03 7663887 Broad of Directors: N/A

22 BANKING AND BUSINESS REVIEW

June 2010

General Management: Atiq Ur-Rehman, MD for the Middle East and Chief Executive Officer, UAE Sanjoy Sen, Consumer Bank Head – Middle East Mohammed Azab, Chief Officer, UAE Offices, Citi Private Bank

Clearstream Banking Dubai Tel 04 3310644 City Tower 2, Sheikh Zayed Road Fax 04 3316973 Website: www.clearstream.com Robert Tabet Vice President Middle East & North Africa

Commercial Bank International Dubai Tel 04 2275265 Head Office Dubai  Al Riqqa Street Deira , P.O  Box 4449                       Tel : 04  2275265   Website : www.cbiuae.com Fax : 04 2279038   Hamad Al Mutawaa Chairman   H.E. Humaid Al Qatami Deputy Chairman   Abdulla Rashid Omran Managing Director and Board Member 04  2242104 Mohammed Saadeh Abdulla Amer Jasem Hesham Abdulla Ahmed Mustafa Tahoun Ramanthan Murgappan Zainab Nour Aldin Yousef Haddad Bashir Haji Mohd A.D.Abooty K.E Mammoo Faris Saddi Yousef Al Marshoudi Tariq Selaij Ameena Bin Kaali Ahmed Al Junaibi Abdulla Ali Almadhani Mohammed Ishaq Ahmed Darwish Alyia Al Mulla Ahmed Bin Masood Fujairah Branch Manager

Head of GBG 04 2126500 Head of HR & Admin 04 2126466 Head of Branches & Services 04 6020615 Head of Internal Audit & compliance Division 04  2126603 Senior Manpower planning & Recruitment Manager 04 2126444 Employee Relations Manager 04 2126 442 Planning & Development Manager 04 2126190 Chief Dealer 04 2126214 Head Of Operations & Finance 04 2126291 Accounts Manager 04 2126215 Chief information Officer 04 2060700 Dubai Branch Manager 04-2275265 Bur Dubai Manager 04-3559577 Sheikh Zayed Branch Manager 04 3405555 Abu Dhabi Branch Manager 02-6913111 Al Ain Branch Manager 03 7669994 RAK  Branch Manager (AL Manar Mall) 07 2274777 RAK  Branch Manager (Nakhel Branch) 07 2227555 Sharjah Branch Manager 06 512100

Dubai Main Branch (Al Riqqa Street) Yousef Al Marshaudi Branch manager Bur Dubai Tariq Sulaij Branch manager Sheikh Zayed Road Ameena Mhd. Bin Kaadi Branch manager Abu Dhabi Ahmed Sulaim Al Junaibi Branch Manager AL AIN Abdulla Ali Branch manager Ras Al Khaimah Khaled Al Mannai Branch Manager (Manar Mall) Ahmed Yousef A. Darwish Branch Manager (Nakeel Branch) Sharjah Aliya Al Mulla Branch manager

Commercial Bank of Dubai COMMERCIAL BANK OF DUBAI, P.O. BOX 2668, AL AITIHAD STREET, DUBAI

09 2011777 04 2126101 04 3555511 04 3405555 02 6264400 03 7669994 07 2274777 07 2227555 06 5687666

TOLL-FREE: 800 CBD (223) TEL: 04 2121000 FAX: 04 2121911 E-Mail: cbd-ho@cbd.ae Website: www.cbd.ae MANAGEMENT COMMITTEE Peter Baltussen Yaqoob Yousuf Hassan Ibrahim Abdulla Mahmoud Hadi Faisal Galadari Ahmed Shaheen HEADS OF DEPARTMENTS Stephen Davies Moukarram Attasi Frans Jan Burkens John Tuke V.P Bhatia Masood Azhar Amir Afzal Adel Al Sammak Kanan Iyer Alan Hill Abdul Rahim Al Nimr Badr Soueidan Nabil Tayyeb Mr. Mohamed Mardood Mr. Hassan Al Redha Akram Gharabeh Waleed Bin Suloom nels Jamal Saleh Salah Omer Rahmatulla Khan Nigel Foster Wafaii Tamimi REGIONAL MANAGERS Mr. Abdul Aziz Al Ansari Ibrahim Salama Othman Bin Hendi Region Alsayed Mohd. Al Hashimi Marwan Ibrahim Ahmed Al Aboodi

Chief Executive Deputy Chief Executive General Manager, Administration & Finance General Manager, Systems & Operations General Manager, Business Group General Manager, Credit & Risk Management Head of Corporate Banking Head of Asset Management Head of Consumer Banking Head of Treasury & ALM Head of Treasury Trading Head of Strategic Planning Department Head of Information Technology Head of Commercial Banking Head of Internal Audit Head of Treasury Sales Head of Wealth Management Head of Marketing Head of Islamic Banking Head of Central Operations Department Head of Financial Institutions Head of Financial Control Head of Personal Banking and Alt Banking ChanHead of Risk Management Head of Legal Services Head of Consumer Products Head of Human Resources Strategy Head of Recovery AGM, Sharjah Branch Regional Manager, Main Region Regional Manager, Abu Dhabi & New Dubai Regional Manager, Deira Region Regional Manager, Northern Emirates Region Regional Manager, Bur Dubai Region

Website: www.calyon.com Amr Alkabbani                         Regional Manager – Gulf      04 3317316 LudovicBernard-Maissa         RegionalCOO                                                                                    Eric Fromaget                          Head of Private Banking         04 3321300 Sebastian Van der List            Head of Corporate Banking – UAE      04 3315836 Naeem Khan                            Trade Finance          04 3291055 Albert Mondjian                       Head of Investment Banking – MEA    04 4284803   Abu Dhabi Al Muhairy Centre, Level 5              Tel:      02 6351100 Block C, Sheikh Zayed the First Street          Fax:     02 6344995 P.O.Box: 4725 Ghazi Abdul Fattah                  Branch Manager           02 6351991

Credit Suisse Abu Dhabi Dhabi Tower, 4th floor, Sheikh Hamdan Street P.O.Box 47060 Jean-Marc Suter Director

Tel 02 6275048 Fax 02 6274109

Dubai P.O. Box 33660 04 3620000 The Gate bldg, 9th Floor Fax 04 3620001 Dubai International Finance Centre ( DIFC), Dubai Head of Regional Office Beat Naegell

Deutsche Bank A G Abu Dhabi P.O.Box 52333 E-mail: jens.moeller@db.com Jens Moeller Representative

Tel 02 6333122 Fax 02 6322044

Dubai P.O. Box: 50490 Emirates Towers, Level 27b Fax 04 3199560 Karl French Director Tel : 04 3199514 Private Wealth Management - Asia Nadeem Masud Director Tel : 04 3199524 Global Markets Harris Irfan Vice President Tel : 04 3199520 Global Equities & Derivatives Rohit Johri Vice President Tel : 04 3199522 Private Wealth Management - Asia

Dresdner Bank AG

Coutts & Co.

Representative Office - Dubai Tel 04 2217007 Twin Towers, Baniyas Street, Deira Fax 04 2217006 P.O. Box 42220 Sarah Deaves CEO Sandra Shaw General Manager Martin Bond Private Banker

Calyon Corporate & Investment Bank

(Previously Crédit Agricole Indosuez & Crédit Lyonnais)   Dubai World Trade Centre, Level 32                            P.O.Box: 9256

Tel:      04 3314211 Fax:     04 3313201

Dubai Representative Office Burjuman Business Towers, 10th Floor, Office 1011 Bur Dubai, P.O. Box: 25654 Tel 04 3596444 Fax 04 3596116 E-mail: RepDubai@Dresdner-Bank.com Bashar A. Barakat

Chief Representative Regional Head GCC & Yemen

Dubai Bank Main Office Sheikh Zayed Road, Near Dubai World Trade Centre P.O. Box 65555, Dubai E-mail: info@dubaibank.ae Website: www.dubaibank.ae

Tel 04 3328989 Fax 04 3290071

History: Established in September 2002

BANKING AND BUSINESS REVIEW

June 2010

Ziad Makkawi

Chief Executive Officer

Dubai Islamic Bank Head Office Al Maktoum Street, Dubai P.O. Box 1080, Dubai Website: www.dib.ae. Email : contactus@dib.ae History: Established March 12, 1975 H.E. Mohammed Ebrahim Al Shaibani H.H. Khaled bin Zayed S. Al Nehayan Abdulla Al Hamli

Tel 04 2953000 Fax 04 2954111 Chairman Deputy Chairman CEO

Branches Dubai Deira Main Branch Bur Dubai Al Souk Ras Al Khor Al Twar Jumeirah Beach Residence Oud Metha Nad Al Hamar Jumeirah Abu Hail Abu Dhabi Airport Road, Abu Dhabi Al Salam Corniche Al Muroor Al Khalidiya Sharjah Sharjah Main Wasit Al Tawun Moweleh Al Nuaimiyah Al Ain Al An Main Al Ain Mall Ajman Ras Al Khaimah Khuzam, Ras Al Khaimah Fujairah Umm Al Quwain

04 2959999 04 3971717 04 2233300 04 3330060 04 2631000 04 4270400 04 3366313 04 2899551 04 3429955 04 2681818 02 6346600 02 6346600 02 6450555 02 6819300 02 4490007 02 6677119 06 5726444 06 5584455 06 5775500 06 5350222 06 7410333 03 7644111 03 7516555 06 7466555 07 2284888 07 2362666 09 2221550 06 7666630

El Nilein Bank Abu Dhabi P.O.Box 46013 Tel 02 6269995 Fax 02 6275551 Abdulla Mahmoud Awad Manager Tel 02 6720934 Mohamed Osman Salih Deputy Manager 02 6761916 Murlidhar G. Ramchandani Chief Accountant & Dealer 02-6729300 Ahmed Hillali Ahmed Head Investment Dept. & Credit 02-6729300

Abu Dhabi 02 6455151 Hameed Sheikh Manager Al Ain 03 7510055/77 Ghanim Al Hajeri Manager Al Maktoum Ali Malallah Manager Al Quoz Mohd. Abdulla Manager Baniyas Square Sherif Al Ulama Manager Bander Talib Fareed Aquilli Manager Dubai Main Branch Amal Al Qamzi Manager Fujairah 09 2222114/110 Yousif Al Marshoudi Manager Internet City 04 3910840/1 Balakrishnan Nair Manager Galleria Farida Al Balooshi Manager IBN Gardens 04 8844689 Hamdan Mohd. Abdulla Manager Jebel Ali Free Zone 04 8815551 Abdul Rahman Ibrahim Manager Karama Muna Al Falahi Manager Karama Shopping Complex Nawal Al Khader Manager Mankhool Abdul Rahim Abdulla Manager Qiyadah Fatima Al Midfa Manager Ghusais Fatima Al Midfa Manager Ramoul Ibrahim Hassan Manager Ras Al Khaimah 07 2272333 Khalifa Bin Kalban Manager Satwa Mohamed Bilal Manager Sharjah Industrial Area 06 5345577 Mohamed Al Shouq Manager Sharjah 06 5733300 Mahmoud Saif Manager Souk Samia Al Aqady Manager Umm Suqueim Nazia Kalban Manager Tower Saif Al Mansoori Manager World Trade Centre Abdulla Sulaij Al Falasi Manager Najdah 02 6771919 Butti Al Assiri Manager

Emirates Industrial Bank Emirates Bank International Dubai Main Branch, Baniyas Road, Deira Tel 04 2256900 P.O. Box 2923, Dubai Fax 04 2267718 Branches

24 BANKING AND BUSINESS REVIEW

May 2010

Abu Dhabi - Head Office Tel 02 6339700 P.O. Box 2722, Abu Dhabi Fax 02 6319191/6326397 E-mail: indbank@emirates.net.ae Dubai Tel 04 2211300 Arbift Tower, Deira P.O. Box 5454, Dubai Fax 04 2232320 E-mail: eibdubai@emirates.net.ae Website: www.emiratesindustrialbank.net Senior Management Personnel/Branch ManagerMohamed Abdulbaki Mohamed

General Manager Ahmed Mohamed Bakhit Khalfan Deputy General Manager Abdullah Rashed Omran Dubai Branch Manager Khalifa Al Falasi Acting Projects Division Manager Ali Ahmed Al Essa Development Services Division Manager Nasser Haji Malek Administration Manager Essa A. Bu Al Rougha Internal Audit Manager Mohamed Moneir Makled Finance Manager Salem Abu Baker Salem Acting Loans Division Manager

Emirates Islamic Bank P.O. Box: 6564, 2nd & 3rd Floor, Al Gurg Tower 1 Tel: 04 3160330 Plot 372 - Riggat Al Buteen, Deira, Dubai. Fax: 04 2272172 www.emiratesislamicbank.ae Ebrahim Fayez Al Shamsi CEO 04 3160330 Abdulla Showaiter (General manager – corporate and investment banking) Faisal Aqil General manager – retail banking Ahmed Fayez Alshamsi chief financial officer Syed Imran Bashir          Head of marketing and product development Samih Mohd Qadri Awadalla        head of branches Nasir Ahmed Khan                       head of consumer finance Zahir Mulla                                head of operations IMB (Main Branch) P.O. Box: 6564, Al Gurg Tower 2, Riggat Al Buteen, Dubai. BUD (Bur Dubai) P.O. Box: 6564, Khalid Bin Walid Road, Dubai. DFR (Diyafa) P.O. Box: 6564, Diyafa Road, Dubai. RIQ (Riqqa) P.O. Box: 6564, Omar Bin Al Khattab Street, Dubai. ADC (Abu Dhabi) P.O. Box: 46077, Sheikh Rashid Bin Saeed Al Maktoum Street, Abu Dbahi. ROS (Ras Al-Khaima) P.O. Box: 5198, 191 Oman Street, Al Nakeel, Ras Al Khaima. Fuj (Fujairah) P.O. Box: 1472, Sheikh Hamad Bin Abdulla Street, Fujairah. AJS (Al Ain) P.O. Box: 15095, Jawazat Street, Al Ain. QFS (Umm Al-Qaiwain) P.O. Box: 315, King Faisal Road, Umm Al Qaiwain. SBA (Sharjah) P.O. Box: 5169, Al Arooba Bank Street, Sharjah.

Finance House P.J.S.C. Mr. Mohammed Abdullah Jumaa Al Qubaisi

Chairman

Mr. Abdul Hamid Umer Taylor General Manager 02 6194998 Mr. T.K. Raman Chief Operating Officer 02 6194889 Mr. Mohammed Wassim Khayata Executive VP – Strategic Planning 02 6194445 Mr. Ramesh S. Mahalingam Chief Investments & Financial Officer 02 6194601 Mrs. Shagufta Farid Khan Head of Internal Audit 02 6194223 Ms. Lina Abdul Hamid I. El Araj Manager – General Services 02 6194702 Mr. Tarek Soubra Vice President – Central Operations 02 6194362 Ms. Maha Al Jamal Senior Manager – Marketing 02 6194893

First Gulf Bank Abu Dhabi Head Office, Sh. Zayed Second Street, Khalidiya P.O. Box 6316, Abu Dhabi Website: www.fbg.ae History: Established in 1979 Shareholder Equity of over AED 10 billion Senior Management Abdulhamid Mohammed Saeed Managing Director Andre’ Sayegh Chief Executive Officer Amit Wanchoo Head of Retail Banking Group Arif Shaikh Chief Credit & Risk Officer George Abraham Head of Corporate Banking Gopi Krishna Madhavan Head of Human Resources

Tel 02 6816666

02 6920502 02 6920506

Hana Al Rostamani Karim Karoui Nadeem A. Siddiqui Shafiqur Rehman Adhami Zafar Habib Khan Zulfiquar Ali Sulaiman

Strategic Planning Head Head of Business Planning & Financial Control Head of International Business SR. VP, CB FI\SYN\MNC\OIL & Energy Sector Chief Investment Officer Business Support Director

Habib Bank A.G. Zurich Head Office: Zurich, Switzerland Zonal Office: Dubai Tel 04 2214535 Baniyas Square Deira, P.O. Box 3306 Fax 04 2284211 E-mail: hbzcad@habibbank.com Website: www.habibbank.com History: Established in 1967 Reza S. Habib Joint President Arif Lakhani Chief Executive Vice President 04 2229985 Asad Habib Senior EVP Afzal Memon Senior EVP Shariq Ali Senior EVP Deira Mains 04 2214535 Najibullah Khan Branch Manager Farrukh Iqbal Deputy Branch Manager Corporate 04 3513777 Awais Hasan Branch Manager Sharjeel Vijdani Deputy Branch Manager Al Fahidi Street 04 3534545 Zain Ghazali Branch Manager Abdul Basheer Deputy Branch Manager Jebel Ali 04 8812828 Nisar Chowdhary Branch Manager Ifthikhar Memon Deputy Branch Manager Sh.Zayed Branch 04 3313999 Zia Abbas Mirza Branch Manager Kashif Aijaz Dodhy Deputy Branch Manager Abu Dhabi Sh. Hamdan Imamat Naqvi Area Manager Farhan Bakhshy Branch Manager Al Falah Syed Akhtar Hussain Branch Manager Raid Saleem Ansari Deputy Branch Manager Sharjah Al Boorj Avenue Younus Warsi Area Manager Kausarullah Khan Branch Manager

02 6346888 02 6422600 06 5730004

Habib Bank limited Abu Dhabi Tel 02 6224688 Main Branch, Corniche Road, P.O.Box 897, Abu Dhabi Fax 02 6225620 E-mail: hbl2003m@emirates.net.ae History: Established on August 25, 1941Nationalised on January 1, 1974 On June 1974 absorbed Habib Bank Ltd. On June 30, 1975 absorbed Standard Bank Ltd., Karachi Aman Aziz Siddiqi EVP/RGM 04 3597753 Mohammad Tanvir HR. Manager 04 3592292 Fouad Farrukh GRM 04 3592214 Sh. Abdul Basit AVP/CAD Manager 04 3592539 M. Amin Usman AVP/Treasury 04 3591893 Ahmed Faraz Faruqi VP/Head ICU 04 3592517 Nadeem Zia VP/Head FINCON 04 3592292 Syed Ali Gohar VP/IT/Head 04 3592820 Abdul Shahid Khan VP/Head Cops 04 3591874 Abu Dhabi

BANKING AND BUSINESS REVIEW

June 2010

Sh. Zayed Road, 2nd Street Mushtaq H. Shah Service Manager 02 6344557 Abu Dhabi Main Branch M. Saadat Cheema VP/Chief Manager 02 6224655 Al Ain 03 7642555 Abdul Jalil Al Fahim Bldg. Adbul Hameed Khan AVP/Senior Manager 03 7642555 Dubai Regional Office Sahibzada M. Taimur SVP/Corporate Manager 04 3596922 Sameera Mohammad Service Manager 04 3592016 Sheikh Zayed Road, Kalantar Tower Khalid Bin Shaheen SVP/Director 04 3431421 Mahdi Hassan Business Development Manager 04 3438081 Isar-Ul-Haq Service Manager 04 3438081 Deira Branch, Creek Road Zulfiqar Ahmad Bhatti Service Manager 04 2253292 Sharjah 06 5682552 / 5683473 Al Boorj Avenue Assad Ali Shaikh AVP/Branch Manager 06 5695122 Dhaid & Dibba 06 8822249 Near Al Dhaid Police Station 06 8822249 Abdul Sattar Badi Service Manager 06 8822249

HDFC Bank Representative Office: Dubai Juma Al Majid Bldg., Opp Bur Juman Centre P O Box 64546, Email: hdfcbank@emirates.net.ae Faisal Saeed Cheif Representative

Tel 04 3966991 Fax 04 3967010 Tel 04 3966991

HSBC Bank Middle East Ltd Regional Management Office Emaar Square, Sheikh Zayed Road, Dubai, P.O. Box 66 From outside the UAE Email : contactus.me@hsbc.com. www.hsbc.ae Simon Cooper Abdulfattah Sharaf Declan G Hegarty

Tel 600 55 4722 Fax 04 4267397 + 971 600 55 4722

Deputy Chairman & CEO, Middle East & N. Africa CEO, UAE Head of Business, Abu Dhabi

IndusInd Bank Dubai Representative Office Tel 04 3978803 203, Safa Commercial Bldg. Fax 04 3978805 Opp. Bur Juman Centre, P.O. Box: 111873, Dubai. E-mail: ibldubai@indusind.ae Pradeep Gupta Vice President & Chief Representative 04 3978804

ING Asia Private Bank Ltd Dubai Representative Office Tel 04 4277100 602, Level 6, Building 4 Fax 04 4257801 Burj Dubai Square Sheikh Zayed Road P.O Box 4296, Dubai â&#x20AC;&#x201C; UAE Suresh Nanda Managing Director & Head Eric Lorentz Managing Director Varun Bukshi Executive Director

26 BANKING AND BUSINESS REVIEW

June 2010

Melwyn Dias

Executive Director

B.R. Subramanian P.G. Bhaskar Ranjit Paul Piyush Bhandari Nitin Bhatnagar Rishi Chauhan Asad Dadarkar Ashraf Al Yamani

Director Director Director Director Director Director Director Director

InvestBank Sharjah Tel 06 5694440 Al Boorj Avenue, P.O. Box 1885 Fax 06-5694442 E-mail: sharjah@invest-bank.com Website: www.invest-bank.com History: Established on 2nd February 1975 as Investment Bank for Trade & Finance On July 1, 1995 name changed to Investbank. Sami Farhat General Manager Qasim Kazmi AGM. Operations & Treasury Taleb Zaarour Senior Manager-ADM & Legal Athar Anis Manager, Credit Risk Bassam Hollmerus Chief Dealer Sajjad H. Holimerus Trade Finance Madhu Pilakazhi Financial Controller Ghassan Accari Personnel Manager Vinay Gupta IT Manager Dubai 04 3213131 Sheikh Zayed Road 04 2285551 Dubai Al Maktoum Street 03 7644446 Al Ain Al Ghaba Street Abu Dhabi 02 6794594 Sh. Khalifa street Abu Dhabi 02 5555336 Mussaffa Area Sharjah 06 5420333 Industrial Area

Janata Bank Abu Dhabi Obied Sayah Al-Mansuri Building Tel No 02-6331400 Electra Road, Post Box No. 2630 Fax : 02-6348749 Email jbadas@emirates.net.ae Mr. Md. Masuduzzaman Chief Executive 02-6344543 Mr. Md. Chaynul Haque IT Manager/SPO 02-6340881 Mr. Md. Ramjan Bahar System Administrator/PO 02-6340881 Abu Dhabi Mr. Mohamudul Hoque Manager 0 2-6344542 Dubai Mr. Md. Abdul Awal Manager Mohammad Saleh Al-Gurg Building 0 4-2281442 Al-Borj Street, P.O. Box 3342 Mr. Md. Mizanur Rahman Manager Sharjah Saqer Bin Rashid Al Quassim Building Al Suwaiheen Street, P.O. Box- 5303 0 6-5687032 Mr. Md. Mizanur Rahman Manager Al Ain Branch Mr. Md Shahadat Hossain Manager Sk. Khalifa Bin Mohd. Al-Nahyan Building, Main Market Centre, Main Street, P.O. Box- 1107 0 3-7513425

Lloyds TSB Bank plc Dubai Main Branch Al Wasl Road, Opp. Safa Park Tel 04 3422000 P.O. Box: 3766, Dubai, UAE Fax 04 3422660 E-mail: information@lloydstsb.ae Website: www.lloydstsb.ae Vivek Vohra Head of Corporate Origination Giles Cunningham Regional Manager, UAE & Gulf States 04 3023267 Bert de Ruiter Managing Director 04 3023267 Steve Williams Consumer Banking Director 04 3023267 Jon Mortell Head of Corporate Banking 04 3023266 Suresh Jadhwani Treasury Manager 04 3023256 Tim Goddard Head of Operations and IT 04 3023250 Derek Vaz Head of Finance and Planning 04 3023330 Caroline Ridley HR Manager 04 3023270 Steve Snowdonâ&#x20AC;Ż Head of Middle Office Alex de Melo Head of Treasury Trading Edson Suppo Head of Treasury Strategy & Risk Claire Thomas Head of Human Resources Dubai Customer Service Centres Community Centre at Arabian Ranches, Dubai Dubai Healthcare City (Behind Wafi City)

Tel 04 3023318 Fax 04 3618035 Tel 04 3023349 Fax 04 3624805

Man Investments Middle East Limited Representative Office Dubai Tel 04 3604999 Level 5, West Wing, The Gate, Dubai Internaional Financial Centre Fax 04 3604900 P.O. Box: 73221, Dubai Website: www.maninvestments.com E-mail: ManDubai@maninvestments.com Patrik Merville Chief Executive Officer Kamlesh Bhatia Deputy Chief Executive Officer

Mashreqbank Dubai Tel 04 2223333 Head Office, Omar Bin Al Khatab Street, Deira Fax 04 2226061 P.O. Box 1250, Dubai History: Established on 1st May, 1967 as Bank of Oman Limited. On October 1st 1993 name was changed to MashreqBank PSC. bdullah Al Ghurair President and Chairman Abdul Aziz Al Ghurair CEO Ali Raza Khan Head of Corporate Affairs Douglas Beckett Head of Retail Banking Omar Bouhadiba Head of Investment and Corporate Banking Nabeel Waheed Head of Treasury and Capital Markets Nigel Morgan Head of Audit Review & Compliance Majid Husain Head of Financial Institutions Somnath Menon Head of Operations & Technology Kantic DasGupta Head of Risk Management Alexander Sinclair Head of Technology Mubashar Khokhar CEO of Badr Al Islami Ebrahim Kazi Head of Marketing and Corporate Communications Saad Hakim Events and Public Relations Manager Al Khaleej Street, Deira 04 2717771 Souq Al Kabir Branch 04 2264176 Hor Al Anz, Deira 04 2623100 Jumeirah Branch 04 3441600 Jebel Ali 04 8815355 Khor Branch 04 3534000 Bur Juman Centre 04 3527103 Al Riqa, Deira 04 2229131

Al Aweer 04 3333727 Abu Dhabi 02 6274300 Main Branch, Khalifa Street Musaffa 02 5555051 Zayed the 2nd Street 02 6334021 Al Salam Street 02 6786500 Al Mushrif 02 4432424 Baniyas 02 5821100 Muroor 02 4481858 Khalidiya 02 6665757 Al Ain 03 7667700 Al Ain Main Street Ali Ibn Abi Tailb St. 03 7669968 Ajman 06 7422440 Shk Humaid Bin Abdul Aziz Street, Near Ajman Museum 09 2221100 Fujairah Sh. Hamad Street 07 2361644 Ras Al Khaimah King Faisal Street. Al Nakheel RAK 07 2281695 Sharjah Main 06 5684366 Bank Street, Rolla King Abdul Aziz Street 06 5730883 Dhaid 06 8822899 Main Street, Sh. Arsan Hameed Bldg., Dhaid Dibba 09 2444230 Kalba 09 2777430 Kalba City Khorfakkan 09 2385295 Umm Al Quwain 06 7666948 King Faisal Street, Next to New Souk

Merill Lynch International & Co.C.V Representative Office Dubai (04) 3975555 Business Center Building, Khalid Bin Walid Street P.O. Box 3911, Dubai Telefax Executive Director

04-3975252 Mones Bazzy

NATIXIS Dubai Branch DIFC Gate Village Building No. 8, 5th Floor P.O Box 33770 Email: natixis@emirates.net.ae Website: www.natixis.fr Philippe Petitgas CEO

Tel 04 7026777 Fax 04 7026820

National Bank of Abu Dhabi Head Office: Abu Dhabi 02 - 6111111 One NBAD Tower, Khalifa St., P.O. Box 4, Abu Dhabi Telex 22266/7 MASRIP EM History: Established in 1968 H.E. KHALIFA MOHAMED AL KINDI Chairman H.E. DR. JAUAN SALEM AL DHAHIRI Deputy Chairman MICHAEL H. TOMALIN Chief Executive ABDULLA MOHAMMED SALEH ABDULRAHEEM GM & Chief Operating Officer SAIF ALI MOHAMED MUNAKHAS AL SHEHHI GM Domestic Banking Division QAMBER ALI AL MULLA GM International Banking Division ABHIJIT CHOUDHURY GM & Chief Risk Officer JOHN GARRETT GM & Chief Audit & Compliance Officer

BANKING AND BUSINESS REVIEW

June 2010

Abu Dhabi Main Branch Khalidiya Dept. of Social Services & Commercial Buildings ADCO ADMA ADNOC Abu Dhabi Municipality NPCC ZADCO HILTON Abu Dhabi International Airport Sheikh Rashed Bin Saeed Al Maktoum Road Abu Dhabi Mall Arabian Gulf Road Baniyas Bateen Between The Two Bridges Area Corniche Dalma Island TAMM Das Island Liwa Madinat Zayed Government Complex Al Mirfaa Al Ruwais Al Muroor Mussafah Dept. of Social Services & Commercial Buildings (Mussafah) Mussafah Municipality Industrial City of Abu Dhabi Al Salam St. Al Shahama New Al Shahama Abu Dhabi Municipality-Shahama Sweihan Marina Mall Al Etihad Emirates Palace National Exhibition Centre Mina Road

02 - 6111111 02 - 6666800 02 - 6346673 02 - 6672642 02 - 6263225 02 - 6669143 02 - 6744749 02 - 5549282 02 - 6768821 02 - 6812280 02 - 5757303 02 - 6419800 02 - 6452200 02 - 4478878 02 - 5831625 02 - 6658332 02 - 5589446 02 - 6220300 02 - 8781240 02 - 8945528 02 - 8731099 02 - 8822388 02 - 8846146 02 - 8945428 02 - 8836506 02 - 8776343 02 - 4481918 02 - 5553357 02 - 5520681 02 - 5540300 02 - 5501125 02 - 6442900 02 - 5632411 02 - 5635695 02 - 5631385 03 - 7347919 02 - 6816002 02 - 6111111 02 - 6908900 02 - 4494996 02 - 6767665

Al Alin Al Ain Clock Tower Al Ain Al Ain Cement Factory Al Ain International Airport Al Ain Defence Al Sanaiya Al Hayer Al Ain Mall

03 - 7642400 03 - 7516900 03 - 7828060 03 - 7855511 03 - 7688824 03 - 7213222 02 - 7322400 03 - 7519900

Ajman Ajman

06 - 7422996

Dubai Deira Dubai Side Jebel Ali Sh. Zayed Road Al Qusais Jumeirah Mall of the Emirates

04 - 2226141 04 - 3599111 04 - 8815655 04 - 3433311 04 - 2674176 04 - 3499001 04 - 3413888

Fujairah Fujairah Dibba

28 BANKING AND BUSINESS REVIEW

09 - 2222458 09 - 2444223

June 2010

Ras Al Khaimah Al Nakheel Ras Al Khaimah

07 - 2281753 07 - 2334333

Sharjah Al Bourj Avenue Sharjah Al Falah Camp Office Al Dhaid Khorfakkan Kalba

06 - 5695500 06 - 5721111 06 - 5385969 06 - 8822929 09 - 2385250 09 - 2772112

Umm Al Quwain Umm Al Quwain

06 - 7660033

National Bank of Bahrain Abu Dhabi Khalaf Bin Ahmed Al Otaiba Building, Sh. Hamdan Street P.O.Box 46080 Email: nbbbr96@emirates.net.ae Website: www.nbbonline.com Farouk Khalaf Ingersoll Ramalingam

UAE Country Manager Manager Credit

Tel 02 6335288 Fax 02 6333783

02 6335299 02 6311248

National Bank of Dubai Dubai Tel 04 2222111 Head Office Baniyas Street, Deira Fax 04 2283000 P.O. Box 777 Email: contactus@nbd.co.ae Website: www.nbd.com History: Established in1963 as National Bank of Dubai Limited. In 1994 name was changed to National Bank of Dubai. R. Douglas Dowie Joyshil Mitter Alex Richardson Leslic Rice Abdul Shakoor Tahlak Ghanim Bin Zaal Ali Al Najjar Suvo Sarkar Rajesh Thaper Faranak Foroughi Husam Al Sayad G. Krishnamoorthy Sue Evans Alan M. Smith A. Chandran Walid El Masri Rashmi Malik Abdul Fattah Sharaf Mohamed Al Neaimi Ali Kaitoob P.S. Sastry Hesham Qassimi

CEO CFO COO CRO CM - Intl. CM - Business Development CM - Liability Head of Retail Head Of Corporate Head of TPO Head of HR Treasurer Head of IS&T Head of Group Audit Head of BPQM Head of Corp Comm Head of Strategy GM NFS GM Aqarat Head of Dist. Retail SM CEOâ&#x20AC;&#x2122;s Office Divisional Manager Corporate Banking

Abu Dhabi P.O. Box: 386 Ajman P.O. Box: 712 Ajman Archives Al Mizhar

Tel : 02 6394555 Tel : 06 7456555 Tel : 06 7444606 Tel : 04 2641221

Fax : 02 6346767 Fax : 06 7456060 Fax : 06 7425883 Fax : 04 2640569

Al Ain P.O. Box: 16122 Burjuman Centre Bullion Convention Centre Branch Dubai Central Fruit & Vgtbl. Mkt Branch Al Awir Dubai International Airport Dubai International Airport Pay Office Dubai Internation Airport Dubai Internation Airport Dubai Internation Airport Dubai Internation Airport Dubai Internation Airport Dubai Media City Pay Office Deira City Centre Dubai Airline Centre Dubai Airport Free Zone Dubai Courts Dubai Media City Pay Office Emirates Tower Fahidi Emirates Tower Emirates Tower Fahidi Direct Banking Fujairah Branch P.O. Box: 1744 Hamriya Hatta Ibn Battuta Mall Branch Ittihad Road Jumeirah Branch Jebel Ali Main Office Maktoom Branch Malleq Emirates Branch Muhaissnah Branch Nadd Al Shiba Oud Metha Branch (Ex-Gulf Tower Branch) Ras Al Kaimah P.O. Box : 1932 Rashidiya Souk Madinat Jumeirah Branch Sh. Zayed Road (Saeed Tower) Sharjah P.O. Box : 21850 Umm Al Quwain P.O. Box : 22 Emirates Tower Umm Suqeim

Tel : 03 7644345 Tel : 04 3555222 Tel : 04 2284757 Tel : 04 3320808 Tel : 04 3333880 Tel : 04 2200404 Tel : 04 2164946 Tel : 04 2162450 Tel : 04 2166995 Tel : 04 2162452 Tel : 04 2162434 Tel : 04 2162740 Tel : 04 3902007 Tel : 04 2951555 Tel : 04 2952555 Tel : 04 2995550 Tel : 04 3366702 Tel : 04 3030400 Tel : 04 3300133 Tel : 04 3535575 Tel : 04 3530308 Tel : 04 2823400 Tel : 04 3532840 Tel : 09 2233335 Tel : 04 2663189 Tel : 04 8523183 Tel : 04 3685499 Tel : 04 2955600 Tel : 04 3420202 Tel : 04 8816087 Tel : 04 2222111 Tel : 04 2281141 Tel : 04 3410777 Tel : 04 2544545 Tel : 04 3363939 Tel : 04 3370222 Tel : 07 2279888 Tel : 04 2859523 Tel : 04 3686130 Tel : 04 3313183 Tel : 06 5738888 Tel : 06 7656154 Tel : 06 7656152 Tel : 04 3485222

Fax : 03 7668515 Fax : 04 3554455 Fax : 04 2289090 Fax : 04 3320908 Fax : 04 3333870 Fax : 04 2244614 Fax : 04 2244614 Fax : 04 2244614 Fax : 04 2244614 Fax : 04 2244614 Fax : 04 2244614 Fax : 04 2244614 Fax : 04 3908855 Fax : 04 2951525 Fax : 04 2955655 Fax : 04 2995557 Fax : 04 3353906 Fax : 04 3908855 Fax : 04 3300155 Fax : 04 3535575 Fax : 04 3534601 Fax : 04 2823640 Fax : 04 3531443 Fax : 09 2233336 Fax : 04 2690103 Fax : 04 8521051 Fax : 04 3685501 Fax : 04 2955611 Fax : 04 3421112 Fax : 04 8816961 Fax : 04 2283000 Fax : 04 2235456 Fax : 04 3410707 Fax : 04 2544646 Fax : 04 3363788 Fax : 04 3366145 Fax : 07 2279889 Fax : 04 2854847 Fax : 04 3686195 Fax : 04 3310629 Fax : 06 5733000 Fax : 06 7655151 Fax : 04 3300155 Fax : 04 3482535

National Bank of Oman Abu Dhabi Bin Sagar Towers, Najda Street Tel 02 6348111 / 6323456 P.O. Box 3822 Fax 02 6325027 Ravi S. Khot Country Manager 02 6393028 Salim Al Khanjri Manager - Operations 02 6392535 Minhajuddin Niazi Manager - Consumer Banking & Business Development 02 6326560 K.K. Gambhir Manager - Corporate Banking 02 6394922

National Bank of Umm Al Qaiwain

P.O.Box 800, Umm Al Qaiwain Falaj Al Mualla Branch NBQ Building, Shaikh Zayed Street P.O.Box 11074 Falaj Al Mualla Dubai Branches NBQ Building, Khalid Bin Al Waleed Street P.O. Box 9715 Dubai  Deira Branch Opposite Dubai Police Head Quaiter Al Ittihad Street, P.O. Box 8898 Deira, Abu Dhabi Branch Hamdan Bin Mohammed Street (# 5) P.O. Box 3915 Abu Dhabi  Mussafah Branch P.O. Box 9770 Abu Dhabi Al Ain Branch Oud Al Touba Street Al Mandoos Roundabout P.O. Box 17888 Al Ain Sharjah Branch King Faisal Street, P.O.Box 23000 Sharjah NBQ Kiosk Sharjah Mega Mall P.O.Box 23000 Sharjah Ajman Branches City Center Branch Ajman City Center P.O.Box 4133 Ajman Masfout Branch NBQ Building Main Street P.O.Box 12550 Masfout, Ajman Fujairah Branch Fujairah Insurance Co. Building Hamad Bin Abdulla Road P.O.Box 1444 Fujairah Ras Al Khaimah Branch Corniche Al Qawasim Road P.O.Box 32253 Ras Al Khaimah

Managing Director General Manager

Umm Al Qaiwain Branch NBQ Building, King Faisal Street

Tel: 06 7066666 Fax: 06 706 6677

Tel: 04 3976655 Fax: 04 3975382 Tel: 04 2651222 Fax: 04 2651333 Tel: 02 6775100 Fax: 02 6779644 Tel: 02 5555088 Fax: 02 5553559 Tel: 03 3751300 Fax: 03 7513500 Tel: 06 5742000 Fax: 06 5742200 Fax: 06 5742200

Tel: 06 7436000 Fax: 06 7436060 Tel: 04 8523377 Fax: 04 8523093 Tel: 09 2232100 Fax: 09 2232220 Tel: 07 2366444 Fax: 07 2364470

Philippine National Bank Dubai Representative Office Room 108, Al Nakheel Bldg., Zabeel Road, Karama Tel 04 3365940 P.O. Box 52357, Dubai, UAE Fax 04 3374474 E-mail: pnbdxb@emirates.net.ae Amroussi Tillah Rasul First Vice President & Regional Representative

Rafidain Bank

Abu Dhabi Al Nasser Street, Glass Bldg. P.O.Box 2727, Abu Dhabi Salah Mahid Branch Manager

History: Established in 1982 24/7 Call Centre Number: 600 56 56 56 E-mail: nbuq@nbq.ae Website: www.nbq.ae Sh. Nasser Bin Rashid Al-Moalla Mohamed Abdel Rahim Al Mulla

Tel: 06 8824447 Fax: 06 8824445

Tel 02 6335882 / 3 Fax 6326996

Royal Bank of Canada

Dubai Representative Office API World Tower, Suite 1002, Shk. Zayed Road, P.O. Box: 3614. Umaima Zaman senior manager Ashwani.k.Dewitt senior manager Global Private Banking Ashish Anand Chief Representative

BANKING AND BUSINESS REVIEW

Tel 04 3313196 Telefax 04 3313960

June 2010

RAK Bank Ras Al Khaimah Head Office, Oman Street, Al Nakheel Tel 07 2281127 P.O. Box 5300 Fax 07 2283238 E-mail: nbrakho@emirates.net.ae; www.rakbank.ae History: Established in 1976 as The National Bank of Ras Al Khaimah. In 2003, name was changed to RAKBANK H.E. Sheikh Omar Bin Saqr Al Qasimi H.E. Sheikh Salim Bin Sultan-Al-Qasimi Mr. Hamad Abdulaziz Al Sagar Mr. Essa Ahmed Abu Shuraija Al Neaimi Mr. Majid Saif Al Ghurair Mr. Ali Samir Al Shihabi Mr. Yousuf Obaid Essa Mr. Graham Honeybill Mr. Ian Hodges Mr. Anil Sukhia Mr. Steve O Hanlon Mr. Kunal Chowdry Mr. Jose Braganza Mr. Malcolm D’Souza Mr. Ramakrishna K S Mrs. Susan Gardner Mr. Dharmesh Pandya Dubai Deira Maktoum Branch Gold Souk Branch Umm Hurair Branch (Bur Dubai) Oud Metha ( Dubai Main Branch) Sheikh Zayed Road Branch Emaar Business Park Branch Marina Diamond Branch Al Quoz Branch Ibn Battuta Mall Branch Mirdiff Branch Al Qusais Branch Sharjah Sharjah Main Branch Sharjah Industrial Area Ajman Ajman Branch East Coast Kalba Branch Khorafakkan Branch Al Ain Al Ain Branch Abu Dhabi Abu Dhabi-Tourist Club Branch Khalidiya Branch Mussafah Branch Ras Al Khaimah RAK Town Branch Sha’am Branch Badr Branch Al Manaei Branch Al Rams Branch Al Dhait Branch Al Nakheel Branch

Chairman Director Director Director Director Director Director General Manager Head of Personal Banking Head of Corporate Banking Chief Operating Officer Head of Internal Controls Head of Credit Head of Treasury Head of Audit Head of Human Resources Head of Finance Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 04-2248000 Tel : 06-5988020 Tel : 06-5988200 Tel : 06-5988266 Tel : 09-2039500 Tel : 09-2039550 Tel : 03-7029000 Tel : 02-4127100 Tel : 02-4127600 Tel : 02-4127300 Tel : 07-2062211 Tel : 07-2062333 Tel : 07-2062411 Tel : 04-2913964 Tel : 07-2062366 Tel : 07-2062266 Tel : 07-2062222

The Royal Bank of Scotland N.V. Head Office: Edinburgh, United Kingdom Dubai Branch,

30 BANKING AND BUSINESS REVIEW

June 2010

Regional Hub for UAE and Middle East P.O. Box: 2567, Khalid bin Waleed Street, Dubai, UAE Phone Banking: Dubai Branch: Simon Penney Country Executive Burhan Khan Head of Regional Markets

Tel: 04 3512200 Fax: 04 3511555 04 4266000

Abu Dhabi Corner of Hamdan and Salam Streets P.O. Box: 2720, Abu Dhabi, United Arab Emirates

Tel: 02 6963000 Fax: 02 6963001

Sharjah Abdul Aziz Al Majid Building, King Faisal Street P.O. Box: 1971, Sharjah, United Arab Emirates

Tel: 06 5594900 Fax: 02 6963001

04 5062601 04 5062801

Sharjah Islamic Bank Mohammed Abdalla Chief Executive Officer Ahmed Saad ibrahim Chief Operating Officer Mohammed Rizwan Chief Risk Officer Saeed M Ahmed Al Amiri Head, Investment Group Ossama Salah El Din Head, Retail Banking G . Ramkirshinan Head of Coroprate Banking Group Hussam A. Abu Aisheh SVP-Chief Internal Audit Mohammed Ishaq Chief Dealer Mohamed Azmeer Head of Credit Division Eman Jasim Sajwani Head of Human Resources Group Myron Britto Head, nformation Technology Div.-CIO Sufyan Maysara Head of Shariaa Supervision Divison Branches Main Branch - Al Brooj Avenue Mohammed Yousif King Faisal Street Branch Abdul Salam Al Ali Ladies Branch Laila Ali Salem American Unversity Branch Mohd Mousa Ali Al Dhaid Branch Khalid M. Ajmani Industrial Area Branch Waleed Abdul Qadir Sharjah Expo Branch Jassim Al Awadi Sharjah Buhaira Branch Osama Ahmed AlSalman Khorfakhan Branch Yousif M. Abdullah Dibba Branch Ali Al-Abdouli Kalba Branch Abdullah Bin Hikal Fujairah Branch Nawal Mohamed AlMaghribi Dubai Branch Mohamed Ibrahim Alghufili Sheikh Zayed Branch Maisoon Zainudin Al Twar Branch Maha AlBanna Abu Dhabi Branch Thomas P.Y. Al Ain Branch Majid Sha’abaan

06-5115116 06-5115118 06-5115172 06-5115000 06-5115339 06-5115111 06-5115153 06-5115151 06-5115319 06-5115170 06-5115444 06-5115213 06-5115121 06-5746805 06-5746807 06-5585789 06-8829414 06-5397623 06-5992502 N/A 09-2387490 09-2442601 09-2774204 09-2244339 04-2698322 04-3217543 04-2638335 02-6224166 03-7513200

Shuaa Capital PSC Head Office Tel: 04 3303600/ 04 3199778 Emirates Towers Hotel, Level 7 Fax: 04 3303550 P.O. Box: 31045, Dubai, UAE. Website: www.shuaacapital.com Iyad Duwaji CEO Abeer Ayash Marketing and PR coordinator

Societe Generale Dubai DIFC Gate Village, Bldg. 6, 4th Floor Sheikh Zayed Road, Dubai

Tel.: 04 4257500 Fax: 04 3653170

Website: www.socgen.com Alain L. Tave

Roger Leitner

Chief Regional Representative

Dubai Creek Tower, Office 17A, Baniyas Road, Deira Peter Schaer Senior Representative

Standard Bank Plc - Dubai Branch (DIFC) Dubai Emirates Tower, Office-16 B Tel 04 3300011 P.O. Box 504904 Fax 04 3300169 Website: www.standardbank.com Jeffrey Rhodes General Manager 04 3300164 Kate Lunjevich Head of Compliance & Operations

DIFC Gate Village, Bldg. No. 6, 5th Floor Sheikh Zayed Road P.O Box 506542 Per Larsson Senior Representative

04 2240044 04 2220006 Tel.: 04 3657150 Fax: 04 3657191

Union National Bank

Standard Chartered Bank Head Office: United Kingdom Dubai Main Branch Tel 04 3520455 Head Office: Al Fardan Building, Fax 04 3528648 Mankhool Road, Bur Dubai P.O. Box: 999, Dubai - United Arab Emirates www.standardchartered.ae Phone Banking: 600 522 288 (24 hours) Dubai Branch P. O. Box 999, Al Mankool Road, Dubai , UAE 04-3520455 Deira Branch P. O. Box 1125, Baniyas Square, Dubai, 04-5085300 Al Ras Souq Branch P. O. Box 64555, Al Ras Souq, Dubai , UAE 04-5085366 Dubai Mall Branch P. O. Box 127899, LG level, Dubai, UAE 04-5085753 Emaar Business Park Branch P. O. Box 103669,Building 3, Dubai, UAE 04-5085255 Jebel Ali Branch P. O. Box 16920 , Downtown Jebel Ali, Dubai , UAE 04-5085200 Dragon Mart Branch P. O. Box 4166, Dragon Mart mall, Dubai, UAE 04-5085260 Al Ain Branch P. O. Box 1240, Near Clock Tower, Al Ain, UAE 03-7056800 Khalidiya Branch P. O. Box 241, Crystal Tower, Abu Dhabi, UAE 02-6165600 Sharjah Branch P. O. Box 5, Al Boorj Avenue, Sharjah , UAE 06-5916100

The Housing Bank for Trade & Finance Abu Dhabi P.O. Box 44768 Muhanad Habashneh Representative

Senior Representative

Tel 02 6268855/6270280 Fax 02 6271771

Abu Dhabi Head Office, Salam Street, P.O.Box 3865, Abu Dhabi Website: www.unb.ae History: Established as a Public Joint Stock Company in 1982 Nahyan Bin Mubarak Al Nahyan Chairman Mohammad Nasr Abdeen Chief Executive Officer Abu Dhabi Corniche City Centre Najda Hazzaa Khalidiya Adgas Booth Musaffah Shahama Baneyas Al Dhafra/Madinat Zayed Al Muroor Al Ain Sh. Khalifa Street Al Jimi Dubai Main Branch, Deira Al Maktoum Street Khalid Bin Al Waleed Road Al Bustan Jebel Ali Sheikh Zayed Road/Jumeira Rashidiya

Tel 02 6741600 Fax 02 6786080

Ajman Central - Emirates Post Fujairah Ras Al Khaimah Sharjah King Abdul Aziz

02 632 1600 02 627 3471 02 632 4981 02 641 2288 02 635 2511 02 627 0611 02 555 9111 02 563 4600 02 582 1886 08 884 8484 02 444 8384 03 7644551 03 7626240 04 2211188 04 2232266 04 3516444 04 2636388 04 8810999 04 3329911 04 2857686 06 7425552 09 2222747 07 2286600 06 5686141 06 5746161

United Arab Bank

Union de Banques Arabes et Francaises UBAF Dubai Creek Tower, Baniyas Road, Deira Tel 04 2284080 P.O. Box 29885 Fax 04 2284070 Hamed Hassouna Chief Representative GCC & Yemen

Bertrand Giraud Awni Alami Gibert Hie Arif Premdjee

UBS AG Abu Dhabi ADNIC Bldg., 5th Floor, Sh. Khalifa Street P.O.Box 3744 Website: www.ubs.com

General Management & H.O. Tel 06 5733900 Sh. Abdulla Bin Salim Al Qassimi Building, Al Qasimia St., Sharjah Fax 06 5733906 E-Mail Address uarbae@emirates.net.ae Website www.uab.ae History: Established 1975 General Manager Dy. General Manager Asst. GM-Corporate & Retail Asst. GM-Admin. & Finance

06 5733900 06 5733900 06 5733900 06 5733900

Tel 02 6275024 Fax 02 6272752

BANKING AND BUSINESS REVIEW

June 2010

United Bank Limited Dubai Gargosh Bldg, Khalid Bin Waleed Street P.O. Box 1367, Dubai Email: ublgmuae@emirates.net.ae Website: www.ubl.com.pk Wajahat Husain Head of Middle East Maruf Ahmed General Manager UAE

64 BANKING AND BUSINESS REVIEW

Wachovia Bank National Assoc. Tel 04 3552020 Fax 04 3514525

June 2010

Representative Office Dubai The Atrium Centre, Khalid Bin Waleed Street, Bur Dubai 04 3556244 P.O. Box 53089 Fax 3557117 Head Office: USA J.Kennedy Thompson Chairman & Chief Executive Officer Michael P. Heavener International Division Dubai Branch: Chafic Haddad Vice President & Regional Manager Carol Hampson Customer Services Representative