News Column

EIB assets up on foreign capital inflows

February 18, 2014



Emirates Investment Bank yesterday said total assets under management

jumped 71 per cent last year as the UAE's safe-haven status continued to

attract funds from politically troubled countries in the Middle East and

other emerging markets, the National stated.



Total assets under

management increased to Dh4.26 billion last year from Dh2.49bn in 2012,

the boutique investment and private bank said. Net profit last year

increased 38 per cent to Dh36.2 million compared with Dh26.3m in 2012,

while customer deposits more than doubled to Dh1.67bn from Dh800m.



In

the fourth quarter alone, net profit gained 69 per cent to Dh5.6m, EIB

said.



"Confidence in Dubai is at its highest, particularly after

the successful Expo 2020 bid," said Khaled Sifri, EIB's chief executive.

"Dubai has cemented its position as a leading financial centre and has now

emerged as a safe haven for regional and international assets. As a

Dubai-based boutique bank, we have benefited from this increased

confidence."



Mr Sifri said that as well as a bigger intake of

funds from clients, investment banking in the region has been increasingly

active with EIB's team seeing more mergers and acquisitions. He said that

trend would likely continue this year.



EIB's private banking

services have been bolstered in recent years as wealthy individuals in the

region shifted money from offshore accounts in a bid to get closer and

more personalised services.



"The growth in our private banking

business has been tremendous as we continue to see a great deal of

interest from high net worth individuals from the region and

internationally," Mr Sifri said. "Our focus on delivering tailor-made

investment solutions and superior client servicing has allowed us to grow

the assets under our management to new unprecedented levels."



The

UAE economy's more than 4 per cent growth last year was boosted in part by

capital inflows from the region and other emerging markets, such as China,

into bank accounts, property and stocks.;

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Source: Mubasher (Saudi Arabic)


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