Emirates NBD tops syndication deals

Abu Dhabi, July 7, 2008 (WAM)- Foreign banks in the UAE have been overtaken for the first time by a local bank in syndication deals. Emirates NBD, which arranged US$14.7 billion in nine deals in the first four months of 2008, has emerged on top.

It is now set to arrange syndicated loans worth
US$10 billion during the second half according to a report in 'Khaleej
Times.'

Abdul Wahed Al Fahim, general manager of Wholesale Banking at ENBD, said
that the bank is already working on confirmed syndications, which will be
finalised during the next six months for a total value of US$10bn.

"There are also a number of unconfirmed syndication deals. The ENBD topped the UAE banking sector. Traditionally, international banks were leading the corporate syndication deals in the UAE and this is the first time that a local bank leads in syndications," he told Emirates Business.

Al Fahim also expected that profits of the ENBD Wholesale Banking sector
would grow by 30 per cent in 2008 due to the boom in the real estate sector
in the UAE and the GCC. "We should acknowledge that the real estate sector
is the major driver of progress in the current stage. The sector along with
feeder industries including construction, cement, steel and transportation
companies, and even interior design companies, are growing at high rates in
the region and this is a major driver for growth in wholesale banking
operations."

Al Fahim highlighted ENBD's strategy for organic and inorganic expansion,
with a special focus on the GCC and Asian markets. "We've already applied
for licences to open new 10 branches in Saudi Arabia and we are in
negotiations with Saudi authorities to acquire the licences in the near
future. "We have a branch in Riyadh and our operations there are very
successful. We are also opening a branch in China very soon."