Dubai 8th Jan 2008: His Highness Shaikh Mohammad Bin Rashid Al Maktoum inagurated the Noor Islamic bank being the 6th Shaia-complaint bank in UAE.

His Highness Sheikh said that “The UAE, in particular Dubai, will remain an international financial and business hub” This indeed is true as more and more financial houses are being opened in Dubai.

Sheikh Mohammad with phalanx of high-ranking officials and businessmen, officially opened? 10th branch of Noor Bank on Shaikh Zayed Road Dubai.

Accompanied by Noor Bank’s chief executive officer Hussain Al Qamzi, the vice-president toured the bank’s various sections and acquainted himself with the bank’s services and facilities. Shaikh Mohammad was given a presentation on the business methods of the bank, which plans to double its UAE branch network by the end of this year and aims to have a presence in major Islamic countries as part of a five-year growth plan.

He instructed the chairman and board members of the bank to focus on the quality of services and facilities in a way that mirrors the image of the bank and enables it to become a leader in the field of investment and banking services at local and international levels, according to a statement.

He stressed his keenness to maintain the UAE’s reputation and enhance the trust of international institutions in the country’s capabilities.

Shaikh Ahmad Bin Saeed Al Maktoum, chairman of Noor Bank, Mohammad Abdullah Al Gergawi, Minister of State for Cabinet Affairs and deputy chairman of the bank, a number of shaikhs and senior officials attended the branch inauguration.

The new bank is capitalised at Dh3.16 billion.

Government-owned Dubai Holding’s financial business division Dubai Group has a 25 per cent stake in Noor and so does Investment Corporation of Dubai, another state investment holding company whose interests include Emirates airline, Dubai Aluminium and a host of other businesses.

The federal UAE government owns a five per cent share and the remainder is held by 15 individual investors, whom the bank has not named.

Jamal
Travel & Culture Dubai