Dubai Islamic Bank (DIB) is all set to acquire Noor Bank after shareholders gave a nod at the General Assembly Meeting (GAM) on Wednesday.
DIB's combined assets are valuated to touch AED 275 billion on completion of the deal.
Mohammed Al Shaibani, chairman of DIB, said: “The acquisition will provide opportunities for economic growth, ensuring that the UAE’s financial sector remains at the forefront of the Islamic economy.”
The move will fully integrate Noor Bank’s operations with DIB.
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Emaar Development approves AED 2.7 bln dividend for 2024
Emaar Development shareholders have approved its Board of Directors’ proposal to distribute a dividend of AED2.7 billion ($740 million), representing 68 per cent of the share capital.
Global auto industry stocks slump as 25% tariff on US imports looms
Automaker stocks around the world slumped on Thursday after US President Donald Trump said that he would impose 25 per cent tariffs on all vehicles and foreign-made auto parts imported into the United States.
Jafza expands Logistics Park with AED 90m investment
Jafza is expanding its facilities with a AED 90 million investment in phase 2 of its cutting-edge Logistics Park, adding 360,000 sq ft, in alignment with the UAE's push to grow its logistics sector to AED 200 billion annually over the next seven years.
Trump may give China tariff reduction to get TikTok deal done
US President Donald Trump says he would be willing to reduce tariffs on China to get a deal done with TikTok's Chinese parent ByteDance to sell the short video app used by 170 million Americans.
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UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the US to boost economic and technology ties including AI.
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