The UAE has been on a firm growth trajectory which has enabled the country to consolidate its position as the second largest Arab economy, propelled by non-oil related investments, continued buoyancy in trade and services, and a booming tourism industry, according to an expert.

Presenting a review of the year ended December 31 at Emirates NBD’s eighth Annual General, its chairman Sheikh Ahmed Bin Saeed Al Maktoum, also noted that the strong and sustained growth in the UAE is attributed to the visionary leadership of the UAE government, which has introduced several measures, including macroeconomic and financial sector developments.

These developments have turned the country into a major economic power in the region, he said.

Taking advantage of the robust economic landscape in the UAE, Emirates NBD remained on a growth path last year.

“It has been an important year for the bank as we have proved yet again in our ability to be a force for growth, whilst setting benchmarks for the banking industry in the UAE and the wider region.” said Sheikh Ahmed.

“We delivered a record performance and became the first UAE bank and for the first time in our 50-year history, to achieve an annual pre-impairment operating profit above Dh10 billion ($2.7 billion). In light of the strong performance by the Bank, we are proposing to increase the cash dividend to 35 fils per share,” he added.
   
The resolutions passed at the AGM included the approval of distribution of 35 per cent cash dividend (35 fils per share) for the year ended December 31, 2014; review and approval of the Directors’ Report concerning the group’s activities and financial statements for the year as well as review and approval of the Auditors’ Report for the same period; approval of the consolidated statements of the group for the financial year; and the appointmed of     Ernst & Young as auditors of the group for this year.

“2014 also witnessed Emirates NBD making significant contributions in taking Dubai closer to its vision of becoming the world capital of the Islamic economy. During the year, our Investment Banking arm was ranked as the highest arranger of US dollar sukuk issuances in the Middle East and number 3 globally. In addition, our Islamic banking franchise, Emirates Islamic, delivered solid results during the year marked by excellent financial performance,” said Sheikh Ahmed.

The key financial highlights for the last year included a total income at Dh14.4 billion, up 22 per cent and net profit of Dh5.1 billion, up 58 per cent, he added. - TradeArabia News Service