2007

Transcription

2007

ANNUAL REPORT
CENTRAL BANK OF THE UNITEDARAB EMIRATES
CENTRAL BANK OF
THE UNITED ARAB EMIRATES
ANNUAL REPORT 2007
2007
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2007
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CENTRAL BANK OF THE UNITED ARAB EMIRATES
BOARD OF DIRECTORS
CHAIRMAN
H.E. Mohammed Eid Al-Meraikhi
DEPUTY CHAIRMAN
H.E. Jumaa Al-Majid
GOVERNOR
H.E. Sultan Bin Nasser Al-Suwaidi
DEPUTY GOVERNOR
H.E. Mohamed Ali Bin Zayed Al Falasi
MEMBERS
Ali Al-Sayed Abdulla
Khalifa Bin Nasser Bin Huwaileel
Jamal Bin Nasser Lootah
Saeed Rashid Alyateem Almuhairy
Head Office :
P O Box 854, Abu Dhabi
Telephone : 02-6652220
Telex
: 22330 MARKZI EM
: 22396 MARKZI
: 24153 MARKZI EM
: 23316 MARKZI / 22566 MARKZI
Fax
: 02-6668483 / 02-6652504
Website
: www.centralbank.ae
Research & Statistics Department
P. O Box 645 - Sharjah - Tel: 06-5592592 - Fax: 06-5595300
E-mail : rsdcbuae@emirates.net.ae
Branches :
Sharjah Branch:
P. O. Box 645
Sharjah
Telex
: 68078 MARKZI EM
Fax
: 06-5593977
Dubai Branch:
P. O. Box 448
Dubai
Telex
: 45645 MARKZI EM
Fax
: 04-3939933
Ras Al Khaimah Branch:
P. O. Box 5000
Ras Al Khaimah
Telex
: 99126 MARKZI EM
Fax
: 07-2284646
Fujairah Branch:
P. O. Box 768
Fujairah
Telex
: 89066 MARKZI EM
Fax
: 09-2226805
Al Ain Branch:
P. O. Box 1414
Al Ain
Telex
: 34073 MARKZI EM
Fax
: 03-7664777
CONTENTS
Page
PART I
INTERNATIONAL ECONOMIC TRENDS
9
PART II
ECONOMIC, FINANCIAL AND BANKING TRENDS IN THE UAE
1.
2.
3.
4.
5.
6.
General Economic Activity
Gross Domestic Product
Population and Labour
Monetary and Credit Policy
4-1 Dirham Exchange Rate
4-2 Monetary and Banking Indicators
The Balance of Payments
Financial Markets
13
13
14
20
23
23
24
31
36
PART III
CENTRAL BANK ACHIEVEMENTS
1.
2.
3.
4.
Central Bank Balance Sheet
Central Bank Financial Results
Currency Issue
Organization of the Banking and Financial Sector
4-1 Organization of Banking
4-2 Structure of the Banking System
4-3 Representative Offices
4-4 Moneychangers
4-5 Monetary and Financial Brokers
4-6 Financial Investment Companies and Banking, Financial and
Investment Consultation Establishments and Companies
4-7 Finance Companies
43
43
45
46
48
48
49
50
51
51
52
52
PART IV
STATISTICAL SUPPLEMENT
53
PART-I
INTERNATIONAL ECONOMIC
TRENDS
PART - I
International Economic Trends
Global growth rate slowed in 2007, reaching 5.2%, against 5.4% in 2006. Within
the group of major industrial countries, the rate of growth decreased in the USA
to 1.9%, against 2.9%, and to 2.0% in Japan, against 2.2% and to 1.9% in France
against 2.0%. The rate of growth also declined to 2.4% in Germany against 2.9%.
Within the Euro area group of countries, the rate of growth dropped to 2.5%
against 2.8%, while it rose to 3.1% in Britain, against 2.8%. Within the group of
Asian Developing countries, growth remained bouyant at 9.8%.
The rate of inflation, measured by consumer prices, dropped within the group of
advanced economies as a whole to 2.1% in 2007, against 2.3% in 2006. In the
USA, the inflation rate dropped to 2.7%, against 3.2%, and in the Euro area to
2.0%, against 2.2%, while it rose in the group of Asian developing countries to
5.3%, against 4.0% and in African countries to 6.6%, against 6.3% . In Britain
inflation rate rose to 2.4% in 2007 against 2.3% in 2006 and in Germany to 2.1%
against 1.8%, while in France it dropped to 1.6% against 1.9%.
Growth rate in the volume of world trade in goods and services decreased to
6.6% in 2007, against 9.2% in 2006.
The overall real domestic demand rate of growth decreased in most major
industrial countries and the Euro area. In the USA, it fell to 1.4% in 2007, against
2.8% in 2006, in France to 1.5%, against 2.4% and in Japan to 1.2% against
1.4%, in Germany to 1.2%, against 1.9%. However, in Britain it rose to 3.4%,
against 3.0%.
ANNUAL REPORT 2007
9
International real interest rates on the US $ (for six months) rose to 2.6% in 2007
against 2.1% in 2006. Likewise, international long - term interest rates rose to
2.4% in 2007 against 1.7% in 2006.
10
ANNUAL REPORT 2007
PART-II
ECONOMIC, FINANCIAL
AND
BANKING TRENDS IN
PART - II
Economic, Financial and Banking Trends in
The United Arab Emirates
1.
General Economic Activity
Gross domestic product at current prices grew by 16.8% in 2007
compared to its level in 2006, reaching AED 729.73 billion. The rate of
increase in non-oil sectors reached 16.0%. The output of these sectors
constituted 61.4% of gross domestic product in 2007. The value of the
output of oil and natural gas sector rose from AED 237.95 billion in 2006
to AED 281.64 billion in 2007, i.e., an increase by 18.2% .
Preliminary estimates of the balance of payments showed that surpluses
were achieved in both the trade balance and the current account in 2007.
The surplus in the trade balance (FOB) increased by 11.8% and in the
current account by 2.7% above the levels achieved in 2006. The overall
balance achieved a surplus of AED 183.24 billion in 2007 against a
surplus of AED 23.89 billion in 2006.
With regard to monetary and banking developments, money supply (M1)
rose by 51.4% to reach AED 181.67 billion by the end of 2007. Quasimonetary deposits increased by AED 104.76 billion (37.5%) and, as a
result, broad money (M2) expanded by AED 166.41 billion (41.7%) to
reach AED 565.70 billion.
An analysis of the factors affecting broad money (M2) shows that the
impact of net foreign assets was expansionary, by AED 4.87 billion
(3.1%). The impact of domestic credit, which rose by AED 159.76 billion
(40.0%) was expansionary. Likewise, the impact of net other factors
(capital, reserves, provisions and other items), which dropped by AED
1.79 billion (1.1%) on broad money, was expansionary.
Financial markets in the UAE witnessed an increase in trade volumes
during 2007. Trading value in Abu Dhabi Securities Market rose by
148.4% and in Dubai Financial Market by 9.0%.
ANNUAL REPORT 2007
13
2.
Gross Domestic Product
Preliminary estimates published by the Ministry of Economy indicate
that the value of gross domestic product, at current prices, rose from
AED 624.62 billion in 2006 to AED 729.73 billion in 2007 (16.8%).The
non-oil sectors recorded an increase of 16.0%, reaching AED 448.39
billion while its contribution to gross domestic product dropped from
61.9% to 61.4%. On the other hand, the value added of the oil and gas
sector recorded an increase of 18.2% in 2007, compared to 2006, with
its value reaching AED 282.63 billion against AED 239.11 billion in
2006 owing to the increase in oil prices by 12.9% which brought their
wighted average to US $ 71.70 a barrel against US $ 63.53 a barrel in
2006.
Table (2-1) below shows the remarkable development achieved in the
various non-oil sectors in 2007, thanks to appropriate economic policies,
increasing economic activity, particularly in the construction and
building sector, the manufacturing industries sector, the finanicial
entrprises sector and other sectors such as transportation,
communication and real estate, in addition to the State’s role in
supporting and developing government services and supporting
electricity and agriculture sectors.
Gross Domestic Product (By Sector)
* Including agriculture, livestock & fishing, electricity & water, restaurants & hotels, social & personal
services and household services.
14
ANNUAL REPORT 2007
Table (2 - 1)
Gross Domestic Product by Economic Sectors
(at current prices)
(In Millions of AEDs)
Sectors
2006*
2007*
(1) Non-Financial Enterprises Sector
554,611
647,394
12,595
12,797
239,115
282,633
237,952
281,340
1,163
1,293
- Manufacturing Industries
75,555
90,530
- Electricity, Gas and Water
9,796
10,893
- Construction
46,428
58,301
- Wholesale / Retail Trade and Maintenance
64,345
72,781
- Restaurants and Hotels
10,733
11,419
- Transportation, Storage and Communication
39,631
42,926
- Real Estate and Business Services
47,455
55,495
- Social and Private Services
8,958
9,619
(2) Financial Enterprises Sector
36,705
40,919
(3) Government Services Sector
40,153
49,266
2,702
2,798
9,548
10,645
TOTAL
624,623
729,732
TOTAL NON-OIL SECTORS
386,671
448,392
- Agriculture, Livestock and Fishery
- Extractive Industries
A. Crude Oil & Natural Gas
B. Other
- Household Services
(Less): Imputed Bank Services Charges
Source: Ministry of Economy
* Preliminary Data.
** Estimates
ANNUAL REPORT 2007
15
A review of growth and contribution of non-oil sectors to gross domestic
product in 2007 shows that the building and construction sector recorded
a higher rate of growth of 25.6% in 2007, compared to 2006 level. The
value-added of this sector rose from AED 46.43 billion in 2006 to AED
58.30 billion in 2007, while its contribution to gross domestic product
increased from 7.4% to 8.0%.
As a result of the State’s continued commitment to provide higher
standard public services to meet the increasing requirements of a growing
population, the output of the government services sector increased by
22.7% in 2007 , compared to 2006 level. The value-added of this sector
reached AED 49.27 billion against AED 40.15 billion and its
contribution to gross domestic product rose from 6.4% to 6.8%.
The output of the manufacturing industries sector rose from AED 75.56
billion in 2006 to AED 90.53 billion in 2007 (19.8%). Such increase was
due to a rise in prices of petroleum products and gas, in line with the
increase in oil prices during 2007.
The value added of the real estate and business services sector recorded an
increase of 16.9% in 2007 compared to 2006 levels, rising from AED 47.46
billion in 2006 to AED 55.50 billion in 2007. This increase was mainly
owed to a rise in number and prices of residential units. It is noteworthy
that the contribution of this sector to gross domestic product remained
unchanged at 2006 level (7.6%).
As a result of strengthening commercial activity in the UAE, the value
added of of wholesale, retail trade and maintenance sector increased by
13.1%, rising from AED 64.35 billion in 2006 to AED 72.78 billion in
2007 owing to the incraese in value and volume of imports, on the one
hand, and the increase in domestic industrial prodution on the other.
16
ANNUAL REPORT 2007
The financial enterprises sector achieved a growth rate of 11.5% in 2007
compared to 2006 level. The value-added of this sector rose from AED
36.71 billion in 2006 to AED 40.92 billion in 2007. Such figures reflect
increased activity by banking and insurance companies, with banking
operations expanding to meet the requirements of rela estate and
construction activities on the one hand, and the need for insurance services
arising as a rersult of expanding eonomic activity on the other.
The transportation, storage and communication sector recorded a growth
rate of 8.3% in 2007, compared to 2006 levels, reaching AED 42.93 billion
although its contribution to gross domestic product dropped from 6.3% in
2006 to 5.9% in 2007. The increase in the value added of this sector may
be attributed to the pick-up in communication services activity in general
and the entry of DU Telecommunications Company to the market during
2007. It may also be attributed to the increase in air transportation activity
resulting from growing numbers of tourists, and the increase in sea
transportation resulting from increases in volumes of imports and exports.
With the expansion in tourism activity in the country, and with all
necessary facilities that would ensure an effective role for the hotels and
restaurants sector in the economy in place, the output of this sector grew
by 6.4% in 2007, compared to 2006 level, reaching AED 11.42 billion.
With gross domestic product, at current prices, increasing by 16.8%
against an increase by 6.1% in population, GDP per capita rose by 10.1%
in 2007, compared to 2006, reaching AED 162.60 thousand against AED
147.70 thousand in 2006.
ANNUAL REPORT 2007
17
Table (2 - 2)
Sector Shares of Gross Domestic Product
(In Percent)
Sectors
Gross Domestic
Product
2005 2006 2007
A. Goods Production Sectors
Agriculture, Livestock & Fishery
Mining
Manufacturing
Construction
Electricity, Gas & Water.
B. Services Sectors
59.6
2.3
35.9
12.6
7.2
1.6
40.4
60.4
2.0
38.3
12.1
7.4
1.6
38.6
62.4
1.8
38.7
12.4
8.0
1.5
37.6
Non-Mining
Gross Domestic Product*
2005 2006 2007
37.0
3.5
19.7
11.2
2.5
63.0
37.5
3.3
19.6
12.0
2.5
62.5
38.6
2.9
20.2
13.0
2.4
61.4
* Ratio to GPP excluding manufacturing industries.
As a result of the increase in the contribution of the oil sector, the
contribution of the goods production sectors to total output rose from
61.4% in 2006 to 62.4% in 2007. When excluding the output of the
extracting industries (mainly oil and natural gas), the contribution of the
goods production sectors would rise in 2007 to 38.6% against 37.5% in
2006. That means that the services sector accounted for nearly 61.4% of
total non-mining output during 2007, compared to 62.5% in 2006.
Analysis of estimates of gross domestic product by major expenditure
categories show that gross final consumption (government and private)
increased by 20.1% in 2007, compared to its 2006 level, reaching AED
396.06 billion and hence its ratio to total output rose from 53.3% in 2006
to 54.8% in 2007. Due to population increase and higher prices, private
final consumption increased by 17.7% in 2007, reaching AED 319.87
billion and forming 80.8% of final gross consumption spending.
18
ANNUAL REPORT 2007
Table (2 - 3)
Expenditure on Gross Domestic Product
(at current prices)
Spending
2006*
2007**
Final Consumption:
329,754
396,057
57,961
76,190
271,793
319,867
120,999
148,479
- Government
16,748
21,159
- Public Sector
37,942
42,992
- Private Sector
66,309
84,328
6,663
7,435
Exports of Goods & Services
534,666
664,345
Minus: Imports of Goods & Services
367,459
486,584
167,207
177,761
624,623
729,732
- Government Consumption
- Private Consumption
Gross Fixed Capital Formation:
Variation in Inventory
- Net Exports
Gross Domestic Product (at current prices)
Source : Ministry of Economy
* Preliminary Estimates.
** Estimates
Gross fixed capital formation rose by 22.7% in 2007, compared to its level
in 2006, reaching AED 148.48 billion against AED 121.00 billion in
2006. The share of the private sector in gross fixed capital formation rose
from 54.8% of total capital formation to 56.8% at the expense of the
government and the public sectors, whose combined share dropped from
45.2% in 2006 to 43.2% in 2007, a clear indication of expanding private
sector activity in the UAE.
On the other hand, net exports of goods and services increased from AED
167.21 billion in 2006 to AED 177.76 billion in 2007 (6.3%).
ANNUAL REPORT 2007
19
3.
Population and Labour
UAE population grew by 6.1% during 2007, compared to 2006 level,
reaching 4.49 millions. Males constituted 68.7% of the population. The
shares of emirates of Abu Dhabi, Dubai and Sharjah in total UAE
population reached 33.3%, 32.9% and 19.7%, respectively.
Table (2 -4)
Population by Gender and Emirate (2006 & 2007*)
(In Thousands)
Emirates
Males
2006
Abu Dhabi
Females
2007
2006
Total
2007
2006
2007
945
982
485
511
1,430
1,493
1,032
1,121
340
357
1,372
1,478
Sharjah
539
581
282
301
821
882
Ajman
135
144
77
80
212
224
Umm Al Qaiwain
31
32
19
20
50
52
Ras Al Khaimah
132
138
82
84
214
222
81
86
49
51
130
137
2,895
3,084
1,334
1,404
4,229
4,488
Dubai
Fujairah
Grand Total
Source : Ministry of Economy
* Preliminary Estimates
Table (2-5) below, which shows distribution of population by gender and
age groups, indicates that the number of population in the age group (less
than 15 years) reached 864 thousand in 2007, compared to 821 thousand
in 2006, an increase of 43 thousand (5.2%). The number of population in
the age group (15 years to less than 40 years) reached 2.71 million in
2007, compared to 2.54 million in 2006, an increase of 164.6 thousand
(6.5%).
20
ANNUAL REPORT 2007
The number of population in the age group (40 years and up to less than
60 years) increased to 846.3 thousand, with an increase of 48.9 thousand.
The number of population in the age group (60 years and more) also
increased by 4.6% compared to its level in 2006 to reach 68.8 thousand.
Table (2 - 5)
Population by Gender & Age Group *
2005
Age Groups
Male Female
Less than 15
416,317
15 to less than 40
1,753,709
40 to less than 60
60 and above
TOTAL
*
384,254
2006
Total
800,571
Male Female
427,779
393,746
2007
Total
821,525
Male Female
450,233
413,658
Total
862,991
714,819 2,468,528 1,810,437
733,797 2,544,234 1,935,658
772,203 2,708,861
595,832
177,218
773,050
615,451
181,949
797,400
654,709
191,607
846,316
40,294
23,984
64,278
41,333
24,508
65,841
43,300
25,532
68,832
2,806,152 1,300,275 4,106,427 2,895,000 1,334,000 4,229,000 3,084,000 1,404,000 4,488,000
Mid-year estimates.
The total number of employees in the UAE rose during 2007 by nearly
226 thousand, reaching 3.10 million workers.
The construction sector ranked first in terms of number of employees,
which reached 624 thousand, i.e., 20.2% of the total number of employees
in 2007. The wholesale, retail trade and maintenance services sector
ranked second (587 thousand employees and a ratio of 19.0% of the total
number). The manufacturing industries ranked third (393 thousand
employees and a ratio of 12.7% of the total number). Government services
sector ranked fourth (334 thousand employees and a ratio of 10.8% of the
total number). The ratio of employees in other sectors ranged between
0.2% and 8.4% of the total number of employees.
ANNUAL REPORT 2007
21
Table (2 - 6)
Employees by Economic Sectors
Sectors
2005
2006*
2007**
2,111,332
2,286,572
2,466,294
193,044
209,066
225,499
– Extractive Industries.
38,694
41,906
45,199
– Crude Oil & Natural Gas.
33,200
35,956
38,783
5,494
5,950
6,418
– Manufacturing Industries.
336,585
364,521
393,173
– Water, Gas and Electricity.
34,207
37,046
39,958
– Construction and Building
534,398
578,753
624,242
– Wholesale / Retail Trade and Maintenance.
502,427
544,129
586,897
– Restaurants and Hotels.
116,615
126,294
136,220
– Transportation, Storage and Communication
162,768
176,278
190,133
77,858
84,320
90,947
114,736
124,259
134,026
Financial Enterprises Sector
31,015
33,589
36,229
Government Services Sector.
286,105
309,851
334,207
222,506
240,975
259,916
2,650,958
2,870,987
3,096,646
Non-Financial Enterprises Sector
– Agriculture, Livestock and Fisheries.
– Quarries.
– Real Estate and Business Services.
– Social and Private Services.
– Household.
Total
Source : Ministry of Economy.
* Preliminary Data.
** Estimates
22
ANNUAL REPORT 2007
4.
Monetary and Credit Policy
4-1 Dirham Exchange Rate
Due to its fixed peg to the US dollar, the dirham exchange rate
dropped against most major currencies during 2007, as a result of
depreciation of the US dollar against most major currencies during
the same period.
The dirham exchange rate fell against the Euro (8.3%), the Pound
Sterling (7.8%) and the SDR (3.9%) and the Swiss franc (4.4%),
while it rose against the Japanese yen (1.2%). The rate of exchange
of the dirham remained unchanged against all GCC currencies at the
end of 2007, compared to its rate at the end of 2006.
Table (2 - 7)
Dirham Exchange Rate Index Against Major Foreign Currencies
(1999 = 100)
2004
2005
2006
2007
100.0 100.0
100.0 100.0
100.0
100.0
100.0
105.0
123.0 121.8
112.9 104.7
107.2
113.3
114.7
100.0
109.4
113.0 106.1
89.5
81.3
81.2
80.5
73.8
Pound Sterling
100.0
106.3
112.0 106.8
98.7
88.6
88.6
87.4
80.6
Swiss Franc
100.0
106.4
105.6
98.0
85.0
78.8
78.5
79.2
75.7
SDR
100.0
104.0
107.8 106.0
98.1
92.7
94.4
93.3
89.7
Currency
1999
2000
2001
US Dollar
100.0
100.0
Japanese Yen
100.0
Euro
*
2002
2003
Base year changed from 1990 to 1999 flowing addition of the Euro.
ANNUAL REPORT 2007
23
4-2 Monetary and Banking Indicators
4-2-1 Monetary Survey
The monetary and banking indicators rose during 2007, as money
supply (M1) increased by AED 61.65 billion (51.4%) to reach
AED 181.67 billion, compared to AED 120.02 billion at the end
of 2006. Monetary deposits also rose by AED 57.54 billion and
currency with the public rose by AED 4.11 billion (18.80%).
Money Supply & Broad Money
Currency with the Public
M1
M2
M3
Broad money (M2) expanded by AED 166.41 billion (41.7%) to
reach AED 565.70 billion. This was due to the increase in money
supply (M1) together with a rise of AED 104.76 billion (37.5%) in
quasi-monetary deposits, which reached AED 384.04 billion.
The overall broad money (M3) rose by AED 192.25 billion
(38.14%) to reach AED 696.23 billion at the end of 2007. This
increase resulted from the expansion of broad money (M2) and the
increase by AED 25.84 billion (24.7%) in government deposits
that reached AED 130.53 billion.
24
ANNUAL REPORT 2007
ANNUAL REPORT 2007
Table (2 - 8)
Major Monetary Indicators and Factors Influencing Them
Items
2006
Currency with the Public
Monetary Deposits
Money Supply (M1)
Quasi - Monetary Deposits
Broad Money (M2)
Government Deposits
Overall Broad Money (M3)
Factors Influencing Broad Money (M2)
Net Foreign Assets
Net Domestic Credit
Net Other Factors
*
2007
21,837
98,182
120,019
279,274
399,293
104,692
503,985
25,942
155,722
181,664
384,038
565,702
130,527
696,229
155,634
399,271
(-)155,612
160,500
559,026
(–)153,824
Including deposits of residents with national banks’ branches (including offshore units) and
their subsidiaries abroad.
Total Foreign Assets
Net Foreign Assets
Claims on Private Sector
Net Claims on Government
Monetary Survey
ANNUAL REPORT 2007
A review of the factors
influencing broad money
(M2) shows that the effect of
net foreign assets was
expansionary, as they rose by
AED 4.87 billion (3.1%).
Likewise, the effect of net
domestic credit on broad
money
(M2)
was
expansionary, as it rose by
AED 159.76 billion (40.0%).
Net other factors, which
decreased by AED 1.79
billion (1.1%), had an
expansionary impact on
broad money (M2)
ANNUAL REPORT 2007
25
4-2-2
Banks Operating in the Country
The aggregated balance sheet of banks operating in the UAE grew by
AED 363.50 billion (42.3%) to reach AED 1223.07 billion at the end
of 2007, against AED 859.57 billion at the end of 2006.
Cash and deposits with the Central Bank increased by AED 173.44
billion (273.5%) to reach AED 236.85 billion at the end of 2007.
The position of net foreign assets of banks reversed from positive at the
end of 2006. when it recorded AED 54.25 billion to negative at the end
of 2007 as it recorded AED 124.074 billion. This change was due to the
fact that foreign assets decreased by AED 35.04 billion (15.1%) and
foreign liabilities rose by AED 143.287 billion (80.6%).
Credit extended by banks operating in the UAE increased by AED
180.66 billion (33.6%) to record AED 718.08 billion, against an
increase by AED 142.53 billion (36.01%) recorded in 2006. Growth in
this item at the end of 2007 had mainly occurred in credit extended to
residents which rose by AED 173.32 billion (36.6%) to reach AED
647.48 billion. Likewise, credit extended to non-residents rose by AED
7.33 billion (11.6%) to reach AED 70.60 billion.
Distribution of credit to residents according to type of facility shows
that the increase in credit mainly occurred in loans, advances and
overdrafts, which rose by AED 141.69 billion (32.7%). The bulk of this
increase went to the industrial and trading enterprises, as the credit
extended to these institutions rose by AED 76.63 billion (31.4%) at the
end of 2007, forming 55.7% of total loans, advances and overdrafts.
Credit extended under
Loans, Advances and Overdrafts (total)
“others”, which includes,
to Residents by Sectors
inter-alia, credit extended to
(As at End of December 2007)
individuals, also rose by
AED 36.20 billion (29.4%),
to government sector by
AED 10.51 billion (22.0%)
and to financial institutions
by AED 18.35 billion
(98.7%).
26
ANNUAL REPORT 2007
ANNUAL REPORT 2007
Credit extended to residents against discounted commercial bills
grew by AED 3.79 billion (39.8%) and credit extended to residents
in the form of mortgaged real estate loans rose by AED 27.84
billion (89.8%).
Table (2 - 9)
Credit (Gross) Extended by Banks
Items
2006
2007
1) Credit to Residents:
474,161
647,482
433,623
47,885
18,593
244,037
123,108
575,311
58,402
36,940
320,665
159,304
B) Mortgaged Real Estate Loans
31,016
58,859
C) Discounted Commercial Bills
9,522
13,312
63,264
70,598
54,188
61,166
B) Real Estate Mortgaged Loans
479
946
C) Discounted Commercial Bills
8,597
8,486
537,425
718,085
A) Loans, Advances and Overdrafts :
- Government
- Financial Institutions
- Industrial and Commercial Institutions
- Other
2) Credit to Non-Residents:
A) Loans, Advances and Overdrafts
Total Bank Credit
*
Analysis of credit to residents according to economic activity shows
that all economic sectors witnessed increases in the amounts of bank
Excluding
Restricted
Bank.Credit extended to the trade sector rose by
creditthethey
had License
received.
AED 13.55 billion (21.6%), reaching AED 106.19 billion at the end
of 2007. Likewise, credit extended to the construction sector rose
by AED 14.07 billion (25.09%), to the government by AED 10.52
billion (22.0%), to the mining and industry sector by AED 12.04
billion (40.0%), to other financial institutions by AED 18.35 billion
(98.7%), to the transportation, storage and communication sector by
AED 2.57 billion (13.2%), to the agriculture sector by AED 261
million (18.6%) and to the water and electricity sector by AED 1.45
billion (13.0%). Credit extended to other sectors also increased by
AED 100.52 billion (50.6%).
ANNUAL REPORT 2007
ANNUAL REPORT 2007
27
Table (2 - 10)
Bank Credit (Gross) to Residents by Economic Activity
Economic Sectors
2006
- Agriculture
- Mining and Industry
- Electricity and Water
- Construction
- Trade
- Transportation, Storage and Communication
- Other Financial Institutions
- Government
- Others
Total
*
2007
1,403
30,072
11,091
54,344
92,637
19,416
18,594
47,885
198,719
1,664
42,108
12,536
68,417
106,191
21,987
36,941
58,402
299,236
474,161
647,482
Not including the Restricted License Bank.
By the end of 2007, total deposits with banks operating in the UAE
amounted to AED 716.02 billion, recording an increase of AED
197.22 billion (38.0%) compared to its level at the end of 2006.
Table (2 - 11)
Deposits According to Ownership
Sectors
2006
2007
Total Deposits
518,806
716,021
A) Residents Deposits:
- Government
- Public Sector*
- Private Sector*
- Individuals
- Others
469,322
93,680
38,142
176,046
142,321
19,133
651,338
114,579
36,196
272,241
202,780
25,542
49,484
64,683
B) Non-Residents Deposits
* Including Business Sector, Industry and Financial Institutions.
28
ANNUAL REPORT 2007
ANNUAL REPORT 2007
The increase at the end of 2007 mainly occurred in residents deposits
which rose by AED 182.02 billion (38.8%). Non-residents deposits
also increased by AED 15.20 billion.
Data on the distribution of residents' deposits by ownership indicate
that individuals' deposits grew by 42.5% to form 31.1% of total
residents' deposits. Deposits of the private sector, which include
business, industries and financial institutions, also grew by 54.6%,
constituting 41.8% of total residents' deposits. Meanwhile, government
deposits constituted 17.6%, and public sector and other deposits
constituted 5.6% and 3.9%, respectively.
Ownership of Deposits
(As at End of December 2007)
Excluding
government
deposits and commercial
prepayments, total deposits
classified according to type
reflected an increase in
current deposits by AED
64.97 billion (52.4%).
Time deposits increased by
AED 99.50 billion (36.5%)
and savings deposits
increased by AED 8.06
billion (36.4%).
Table (2 - 12)
Deposits According to Type and Currency *
Items
2006
2007
A) Type:
-Current Deposits
-Savings Deposits
-Time Deposits
Total
123,886
22,170
272,367
188,859
30,234
371,865
418,423
590,958
282,166
136,257
454,229
136,729
418,423
590,958
B) Currency:
-Deposits in Local Currency
-Deposits in Foreign Currency
Total
*
Excluding government deposits, commercial prepayments and inter-bank deposits.
ANNUAL REPORT 2007
ANNUAL REPORT 2007
29
Distribution of private sector deposits, according to type of currency as
at end of 2007, shows that deposits in local currency increased by AED
172.06 billion (61.0%), while deposits in foreign currency rose by AED
472 million (0.3%). Accordingly, deposits in local currency accounted
for 76.9% of total private sector deposits.
An analysis of banks’ capital position at the end of 2007 shows that the
total of capital and reserves accounts reached AED 130.88 billion,
registering an increase of AED 26.79 billion (25.7%), compared to the
end of 2006. Accordingly, the ratio of capital and reserves to total assets
reached 10.7%.
Banks’ net unclassified liabilities declined by AED 18.42 million
(41.1%) to reach AED 26.51 billion at the end of 2007. This resulted
from an increase of AED 2.67 billion (3.9%) in unclassified liabilities,
which reached AED 70.75 billion at the end of 2007, and a rise of AED
21.09 billion (91.1%) in unclassified assets, which reached AED 44.24
billion.
30
ANNUAL REPORT 2007
ANNUAL REPORT 2007
5. The Balance of Payments
Owing to the increase in receipts of exports of the hydrocarbon and nonhydrocarbon sectors, the surplus in the trade balance (FOB) rose in 2007
by 11.8% compared to 2006, reaching AED 236.15 billion, despite
increase in total imports. The value of exports of the hydrocarbon sector
rose by 20.4% to reach AED 309.92 billion, and the value of exports of
the nonhydrocarbon sector increased by almost similar ratio to reach
AED 125.73 billion.
The increase in the value of exports of the hydrocarbon sector may be
attributed to the rise in oil prices, and hence prices of natural gas,
condensates and petroleum products, during 2007. The weighted average
of oil prices rose from US $ 63.53 a barrel in 2006 to US $ 71.70 a barrel
in 2007 (12.9%) and as a result, the value of oil exports ( including
condensates, which are not included in the country’s production quota set
by OPEC) rose from AED 213.37 billion in 2006 to AED 261.42 billion
in 2007 (22.5%) and the value of gas exports increased by 9.3% ,
compared to 2006, to reach AED 28.50 billion. Likewise, receipts of
petroleum products rose to AED 20.0 billion in 2007, against AED 18.0
billion in 2006 (11.1%).
As a result of an established government policy of diversifying sources of
income through creation of a favorable environment for the industrial
sector and owing to domestic financing institutions’ continued provision
of financing at reasonable terms, the value of commodity exports
continued to rise over the past few years, reaching AED 42.07 billion in
2007, against AED 29.23 billion in 2006 (43.9%). The value of exports of
the free zones also increased from AED 75.29 billion in 2006 to AED
83.66 billion in 2007. Moreover, the value of re-exports (including nonmonetary gold) also rose to AED 228.69 billion in 2007, against AED
172.71 billion in 2006 (32.4%).
ANNUAL REPORT 2007
ANNUAL REPORT 2007
31
On the other hand, the value of total imports - CIF (including estimated
goods imports to all emirates of the country, free zone imports and
imports of non-monetary gold) registered a new record, reaching AED
486.58 billion in 2007, against AED 367.46 billion in 2006 (32.4%). This
may be attributed to population increase, the need to meet the
requirements of re-exports, a higher propensity to spend among
individuals, increases in numbers of tourists, in addition to the role of
commercial festivals held at various times of the year in invigorating
commercial activity. It is noteworthy that as a result of depreciation of
the US dollar, and hence the UAE dirham against most major currencies
and against currencies of UAE major trade partners, in addition to the
increase in prices of commodities in countries of origin, the increase in
value of imports may not reflect increase in their volume.
With the continued increase in estimated net imports (minus total
estimated total value of re-exports and exclusive of free zones imports
and imports of non-moonetary gold) by 41.1% in 2007, compared to 2006
levels, and an increase by 6.1% in population during the same period,
imports per capita rose from AED 27.98 thousand in 2006 to AED 37.22
thousand in 2007 (33.0%).
Data on the structure of imports in 2007 show that consumer goods,
capital goods and intermediate goods maintained the same shares
achieved in 2006, recording 54.2%, 35.5% and 10.3% of total imports
respectively.
32
ANNUAL REPORT 2007
ANNUAL REPORT 2007
The geographical distribution of total imports shows that the share of
Asian countries increased from 46.7% in 2006 to 46.9% in 2007.Within
this group, India continued to rank first. Menawhile, the share of
European countries dropped from 35.3% to 35.0%, with the European
Union countries recording a share of 28.5%. Within this group, Germany
ranked first (7.7%) followed by the United Kingdom (5.1%). The share of
the group of Arab countries increased from 5.5% in 2006 to 5.9% in 2007,
while the share of the group of American counries declined from 9.5% to
9.3%.
Within the current account items, the net outcome of investment income
achieved by various investment institutions in 2007 increased from AED
17.40 billion in 2006 to AED 21.50 billion in 2007. The debit balance of
services, which includes freight and insurance, tourism, travel and
government services continued to rise, reaching AED 87.61 billion in
2007, against AED 66.23 billion in 2006 (32.3%).
The net balance of the financial account reached AED 41.52 billion in
2007, against AED (-58.99) billion in 2006. This was mainly due to the
increase in private sector’s inflows, which rose from AED 87.59 billion
in 2006 to AED 217.32 billion in 2007 (148.1%), despite the increase in
the public sector’s outflows from AED 146.58 billion in 2006 to AED
175.80 billion in 2007.
The final position of the balance of payments in 2007 shows a surplus
of AED 183.24 billion, against a surplus of AED 23.89 billion in 2006.
ANNUAL REPORT 2007
ANNUAL REPORT 2007
33
Table (2 - 13)
Estimates of U.A.E. Balance of Payments *
Items
2006*
2007*
Current Account
132,375
135,936
211,302
257,442
213,372
17,995
26,075
104,518
75,286
29,232
172,706
534,666
-323,364
-367,459
-291,050
-76,409
236,152
309,922
261,422
20,000
28,500
125,729
83,661
42,068
228,694
664,345
-428,194
-486,584
-395,718
-90,866
-66,226
-14,157
-8,086
112
-44,095
-87,614
-19,174
-10,165
115
-58,390
Investment Income(Net)
Banking System 4
Private Non-Banks
Public Sector Enterprises
Foreign Hydrocarbon Companies in UAE
17,400
8,800
-600
30,000
-20,800
21,500
8,150
-1,200
41,100
-26,550
Transfers (Net)
Government Transfers
Workers Transfers
-30,101
-2,025
-28,076
-34,111
-2,159
-31,952
Trade Balance (FOB)
Total Exports of Hydrocarbon
Oil Exports
Petroleum Products Exports
Gas Exports.
Total Goods Exports
Free Zone Exports
Other Exports 1
Re-Exports 2
Total Exports and Re-Exports (FOB)
Total Imports (FOB)
Total Imports (CIF)
Other Imports 3
Free Zone Imports
Services (Net)
Travel
Transportation
Government Services
Freight and Insurance
1)
2)
3)
4)
*
Including Estimates of Other Exports from all Emirates.
Including Re-exports of Non-Monetary Gold.
Including Estimates of Imports of all Emirates, in addition to imports of Non-Monetary Gold.
Central Bank and all Banks.
Adjustable figures and preliminary estimates.
34
ANNUAL REPORT 2007
ANNUAL REPORT 2007
Table (2 - 13) Cont.
Estimates of U.A.E. Balance of Payments *
Items
2006*
Capital and Financial Account (Net)
-58,987
41,524
Capital Account 5
–
--
Financial Account
-58,987
41,524
87,593
217,324
7,030
-1,400
-40,000
-53,500
47,030
52,100
4,400
5,300
35,563
178,324
-12,715
-1,157
Other Investment
48,278
179,481
Private Non-Banks
40,600
35,100
-146,580
-175,800
-49,503
5,788
23,885
183,238
-23,885
-183,238
-24,034
-183,127
149
-111
Private Sector Enterprises
Direct Investment
Outward
Inward
Portfolio Investments
Banks
Securities
Public Sector Enterprises
Net Errors and Omissions
Overall Balance: Surplus (+) or Deficit (-)
Changes in Reserves {(-) Indicates Increase}
Net Foreign Assets with Central Bank
Reserve Position with IMF
2007*
5) Data available at present.
* Adjustable figures and preliminary estimates.
ANNUAL REPORT 2007
ANNUAL REPORT 2007
35
6. Financial Markets
6-1 Abu Dhabi Securities Market (ADSM)
6-1-1 ADSM Performance during 2007
ADSM witnessed marked growth in all performance indicators
during 2007. Trading volume increased by 148.4%, traded shares by
360.9% and executed deals by 54.1% compared to 2006 levels.
Market capitalization of listed companies reached AED 445.14
billion. The general share price index rose by 51.7% , while the
number of listed companies maintained its end of 2006 level at 60
companies.
a) Value of Traded Shares
Value of traded shares increased by AED 104.74 billion during
2007 to reach AED 175.34 billion by year end, compared to AED
70.60 billion at the end of 2006.
b)
Number of Traded Shares
The number of traded shares rose by 40.8 billion shares during 2007,
reaching 52.07 billion shares, compared to 11.30 billion shares at the
end of 2006.
c)
36
Number of Transactions
The number of executed transactions rose by 387 thousand to
reach 1.10 million transactions in 2007, compared to 716
thousand transactions at the end of 2006.
ANNUAL REPORT 2007
Table (2 - 14)
Abu Dhabi Securities Market
Value of Traded Shares (AED)
Number of Executed Transactions
Market Capitalization (AED)
Number of Listed Companies
General Share Price Index (End of Period)
2006
2007
11,296,090,367
70,600,672,931
715,742
296,567,447,243
60
3,000
25,060,597,109
175,338,546,548
1,102,607
445,139,618,142
60
4,552
ra
n
Energy 14.7%
su
co
In
He
al
mm th Ca
r
4.8 unica e 0.1
%
tio
%
ns
Te
le
ce
0%
Distribution of The Value of Traded Shares
at ADSM by Sector - 2007
Banking & Financial Services
25.7%
Industry 1.6%
Construction 14.8%
ervices
ption S
Consum
2.5%
Real Estate
36.4%
ANNUAL REPORT 2007
37
6-2 Dubai Financial Market (DFM)
6-2-1 DFM Performance During 2007
a) Value of Traded Shares
Value of traded shares increased by AED 31.44 billion during 2007,
reaching AED 378.99 billion, compared to AED 347.548 billion at the
end of 2006.
b) Number of Traded Shares
The total number of traded shares increased by 65.61 billion shares
during 2007, reaching 105.26 billion shares, compared to 39.64 billion
shares at the end of 2006.
c) Number of Transactions
The total number of executed transactions fell by 171 thousand to
reach 2.25 million transactions in 2007, compared to 2.42 million
transactions at the end of 2006.
d) Number of Listed Companies
The year 2007 witnessed listing of 12 new companies in DFM,
bringing the total number of companies listed in the market to 58, i.e.,
an increase of 26.1% compared to the number of listed companies at
the end of 2006. The market capitalization of the listed companies
amounted to AED 499.72 billion at the end of 2007, compared to AED
311.32 billion at the end of 2006, an increase of 60.5%.
38
ANNUAL REPORT 2007
e) Share Price Index
DFM performance recorded an increase at the end of 2007 by 43.7%
compared to end of 2006. The market’s general index reached 5,932
points by the end of 2007, against 4,127 points at the end of 2006.
Distribution of the Value of Traded Shares at DFM By Sector - 2007
7%
s
Trans
port
ation
tie
tili
14.6%
U
1.
Banking 17.0%
Telecommunic
ations 2.9%
Staples 0%
Investment and
Financial Services 21.7%
Real Estate and Construction
38.3%
Ma
Insu
ran
ce 3
ls 0
.8%
%
teria
Table (2 - 15)
Dubai Financial Market
Value of Traded Shares (AED)
Number of Executed Transactions
Market Capitalization (AED)
Number of Listed Companies
General Index (End of Period)
2006
2007
39,643,780,002
347,548,309,500
2,422,990
311,321,402,191
46
4,127
105,256,997,055
378,990,551,553
2,252,002
499,719,446,950
58
5,932
ANNUAL REPORT 2007
39
PART-III
CENTRAL BANK ACHIEVEMENTS
PART - III
Central Bank Achievements
1.
The total assets/liabilities of the Central Bank grew by AED 182.72 billion
(177.0%) to reach AED 285.95 billion at the end of December 2007,
against AED 103.23 billion at the end of 2006.
On the assets side, deposits rose by AED 126.72 billion (221.1%) to reach
AED 184.04 billion at the end of 2007. Held-To-Maturity securities also
rose by AED 55.56 billion (128.3%) to reach AED 98.86 billion and other
assets increased by AED 1.17 million (81.7%) to reach AED 2.59 billion.
Meanwhile, cash and bank balances dropped by AED 96 million (22.6%)
to reach AED 329 million.
On the liabilities side, current accounts and deposits increased by AED
34.30 billion (111.0%) to reach AED 65.26 billion and certificates of
deposit by AED 141.26 billion (437.0%) to reach AED 173.58 billion.
Likewise, currency issued grew by AED 4.84 billion (18.0%) to reach
AED 31.67 billion and other liabilities rose from AED 255 million at the
end of 2006 to AED 1.45 billion at the end of 2007.
ANNUAL REPORT 2007
43
Table (3 - 1)
End of Period
December
2006
December
2007
425
329
57,322
184,042
–
-
43,299
98,857
625
-
Other Assets
1,427
2,593
Fixed Assets
135
128
Total Assets
103,233
285,949
Current Accounts & Deposits
30,966
65,261
Certificates of Deposit
32,322
173,577
Currency Issued
26,832
31,671
Other Liabilities
255
1,449
Total Liabilities
90,375
271,958
300
300
General Reserve
1,200
1,200
Special Reserve
60
60
11,298
12,431
103,233
285,949
305
56,219
Items
Assets
Cash & Banks Balances
Deposits
Trading Securities
Held-To-Maturity Securities
Loans & Advances
Liabilities
Capital
Authorized Issued & Fully Paid Capital
Permanent Deposit from Federal Government
Total Liabilities & Capital
Contra Accounts
44
ANNUAL REPORT 2007
2.
Central Bank Financial Results
The balance of foreign currency assets of the Central Bank reached AED
285.7 billion at the end of 2007, registering an increase of 179.3%,
compared to end of 2006 level and accounting for 99.9% of the total
Central Bank Assets. The daily average of these balances reached AED
158.8 billion during 2007, against AED 88.1 billion in 2006. This increase
was due to the increase in the net dirham against US dollar sales to the
local government and banks operating in the country, in addition to the
increase in the statutory reserve.
Due to the increase in its foreign currency assets, in addition to investment
of a portion of its assets in premium foreign bonds, the Central Bank
achieved a net profit of AED 3.78 billion at the end of 2007, against AED
2.65 billion at the end of 2006
Table (3 - 2)
Investment of the Central Bank’s Foreign Assets
(In Billions of AEDs)
Items
2006
2007
Total Foreign Assets
102.3
285,7
– Central Bank’s Investments in Securities,
Premium Bonds and Treasury
43.3
98,9
– Deposit Accounts and Cash With Banks Abroad
57.7
184,4
1.3
2,4
– Net Profit From Foreign Assets
2.8
4
– Net Profit
2.7
3.8
– Other Foreign Assets
ANNUAL REPORT 2007
45
3. Currency Issue
Issue of currency is solely and exclusively exercised by the Central Bank
of UAE. The dirham is the official currency unit of the United Arab
Emirates and is divided into 100 equal units each called “Fills”.
3-1 Currency Notes
The total value of issued currency notes of various denominations reached
AED 31.22 billion at the end of 2007, against AED 26.43 billion at the
end of 2006, an increase of AED 4.79 billion (18.1%).
3-2 Currency Coins
The total value of issued non-gold currency coins of various
denominations reached AED 450.91 million at the end of 2007, against
AED 398.72 million at the end of 2006, an increase of AED 52.20 million
(13.1%).
3-3 New Issues During 2007
3-3-1 Currency Issues
No new currency notes were issued during 2007.
3-3-2 Commemorative Coins
In contribution to the commemoration of important national
occasions, gold and silver jubilee of distinguished institutions,
the Central Bank issued several gold, silver and dirham
commemorative coins during 2007, as summarized in table
3-3 below:
46
ANNUAL REPORT 2007
Table (3 - 3)
Issues of Commemorative Coins During 2007
Issue date
Occasion
Issue Type
8/1/2007
The 30th Anniversary of Zakum Development Company (ZADCO)
in Abu Dhabi Emirate.
Commemorative
Dirham
7/3/2007
The 50th Anniversary of the Scouting Movement in the UAE.
22/10/2007
The 30th Anniversary of the first LNG shipment from Abu Dhabi
Gas Liquefaction Company L.T.D (ADGAS) Plant.
Commemorative
Dirham
Commemorative
Dirham
21/11/2007
The Golden Jubilee of Abu Dhabi Police
AED 50 (Silver)
Commemorative
Dirham
ANNUAL REPORT 2007
47
4.
Organization of the Banking and Financial Sector
4-1 Organization of Banking
Pursuant to provisions of Union Law No-10 of 1980 regarding the
Central Bank, the monetary system and organization of banking, and
within a context of continued efforts to organize banking activities,
the Central Bank took several measures and issued a number of
important directives and circulars during 2007. The most important
of these measures are summarized as follows:
48
1.
Notice No. 2688/200, dated 30/8/2007, regarding implementation of
a secure electronic system for exchange of correspondence with
banks, finance companies and investment companies
(sending/receiving) for inquiries relating to financing of commercial
buildings, as per Central Bank notice No- 650/2005 dated 28/2/2005.
2.
Notice No. 2689/2007, dated 25/8/2007 regarding direct and indirect
exposures to US sub-prime mortgage. This notice was aimed at
giving an accurate picture of the position of UAE banks (or
finance/investment companies) on this regard, and hence avoid
negative publicity.
3.
Notice No- 4335/2007, dated 27/11/2007 whereby banks operating in
the UAE were informed that with effect from 28 November 2007, a
new expanded Central Bank CD issuance system based on auction
will be implemented, to enable banks to subscribe to these CDs at
their preferred interest rate, amount and tenor. The new system will
enable banks to buy Central Bank CDs for maturities ranging from
one week to 5 years. It will also enable interested banks to buy
Central bank CDs denominated in US dollars and Euros. Banks will
also be able to transact CD Repo agreements with the Central Bank
for periods not exceeding three months or the maturity date of the
CD, whichever is coming sooner.
ANNUAL REPORT 2007
4.
Notice No- 3346/2007, dated 9/10/2007 regarding streamlining of
the present system of submission of Banking Return Forms (BRFs),
by introducing an online reporting procedure that will enable the
Central Bank to receive all BRFs electronically..
5.
Notice No- 4346/2007, dated 25/12/2007 based on Council of
Ministers resolution No- 133/1 of 2007, which require all private
sector companies and establishments to pay salaries of their staff and
employees through banks operating in the UAE , with effect from 1st
January 2007.
6.
Notice No- 2545/2007, dated 31/7/2007 regarding Basel II - parallel
run for capital calculation under standardized approach
4-2 Structure of the Banking System
The number of national banks operating in the country increased during
2007 to reach 22 banks, compared to 21 banks at the end of 2006. The
number of branches, cash offices and electronic/customers service units of
these banks raeched 530 branches, including head offices, 56 cash offices
and 11 electronic/customers service units at the end of 2007.
The number of foreign banks operating in the country increased from 25
banks at the end of 2006 to 27 at the end of 2007. Meanwhile, the number
of electronic services/customer services units rose from 14 to 30.
However, the number of branches and cash offices remianed unchanged at
81 and 1, respectively.
ANNUAL REPORT 2007
49
4-3 Representative Offices
The number of licensed representative offices of foreign banks and other
financial institutions in the country reached 74 by the end of 2007,
compared to 69 offices at the end of December 2006, following issuance
of new licenses and cancellation of others by the Central Bank. The
following table shows names of new representative offices licensed during
2007.
Table (3 - 4)
New Representative Offices Licensed in 2007
Serial
50
Representative Office
Emirate
1.
Lombard Odier Darier Hentsch & Cie (Swiss)
Dubai
2.
Bank Turan Alem - (Kazakhistan)
Dubai
3..
Pictet & Cie Banquiers (Swiss)
Dubai
4.
Muslim Commercial Bank Ltd. (Pakistan)
Dubai
5.
Banque Piguet & Cie S.A. (Swiss)
Dubai
6.
Bank Julius Bear & Co. Ltd. (Swiss)
Abu Dhabi
7.
Union Bank of India (India)
Abu Dhabi
8.
The Royal Bank of Scotland (British)
Abu Dhabi
9.
Rothschild Europe B.V. (Holland)
Abu Dhabi
ANNUAL REPORT 2007
4-4 Moneychangers
At the end of December 2007, the number of head offices of
moneychangers operating in the UAE reached 105, with 341
branches, against 102 head offices and 274 branches at the end of
2006.
Table (3 - 5)
Number and Geographical Distribution of
Licensed Moneychangers in the U.A.E.
(As at 31-12-2007)
Head
Branch
Office
Emirate
Abu Dhabi
Dubai
Sharjah
Ajman
Umm-Al Qaiwain
Ras Al Khaimah
Fujairah
Al Ain City
Khor Fakkan City
Total
* Including 4 head offices and 7 branches in Al Ain city.
Total
21
65
10
2
0
1
1
5
0
83
158
55
6
1
6
10
21
1
104
223
65
8
1
7
11
26
1
105
341
446
** Including one head office and one branch in Khor Fakan city.
4-5 Monetary and Financial Brokers
The number of monetary and financial brokers licensed to operate in
the UAE reached 16 head offices at the end of 2007.
Table (3 - 6)
New Financial and Monetary Brokers Licensed During 2007
Serial
1.
Broker Name
Dubai Tadawul - L.L.C
Emirate
Dubai
ANNUAL REPORT 2007
51
4-6 Financial Investment Companies and Banking, Financial and
The number of financial investment companies and banking,
financial and investment consultation establishments and companies
reached 27 at the end of 2007, against 25 companies at the end of
2006. The following table shows companies licensed during 2007.
Table (3 - 7)
Financial Investment Companies and Banking, Financial and
Licensed During 2007
Serial
Company/Establishment Name
Emirate
1.
Allied Investment Partners - P.P.Co.
Abu Dhabi
2.
Gulf Capital-P.P. Co.
Abu Dhabi
4-7 Finance Companies
The number of licensed financing companies increased as at end of
December 2007, reaching 16 companies, compared to 11 companies
at the end of December 2006. The following table shows companies
licensed during 2007.
Table (3 - 8)
Financing Companies Licensed During 2007
52
Serial
Company Name
1.
2.
3.
4.
5.
Aseel Finance “Aseel” - P.P.C
Mawarid Finance - P.P.C
Al Watani Al Islami Finance P.P.C
Abu Dhabi National Islamic Finance - P.J.S.C
Reem Finance - P.J.S.C
ANNUAL REPORT 2007
Emirate
Abu Dhabi
Dubai
Dubai
Abu Dhabi
Abu Dhabi
PART-IV
Table No.
Details
Page
Auditor's Report
57
S-1
Statement of Profit & Loss Account
58
S-2
Central Bank of the UAE Balance Sheet
59
S-3
Aggregated Balance Sheet of Banks
60
S-4
Monetary Survey
64
S-5
Money Supply
65
S-6
Currency Notes Issued by Denominations
66
S-7
Currency Coins Issued by Denominations
67
S-8
DMB’S Foreign Assets & Liabilities
68
S-9
Bank Credit (Gross) to Residents & Non-Residents
69
S-10
Bank Credit (Gross) to Residents by Economic Activity
70
S-11
Loans, Advances & Overdrafts (Gross) to Residents by Sectors
71
S-12
Deposits by Ownership
72
S-13
List of National Banks & Their Branches
73
S-14
List of Foreign Banks & Their Branches
74
S-15
List of Specialized Banks, Investment Institutions,
Finance Companies & Representative Offices
75
S-16
List of Licensed Financial & Monetary Intermediaries
77
S-17
List of Licensed Moneychangers, Financial Investment
Companies and Banking, Financial & Investment Consultation
Establishments and Companies
78
Independent Auditor’s Report to the Board of Directors of
The Central Bank of the United Arab Emirates
Report on the Financial Statements
We have audited the accompanying financial statements of the Central Bank of the United
Arab Emirates (“the Bank”), which comprise the balance sheet as at 31 December 2007, and
the income statement, statement of changes in equity and cash flow statement for the year then
ended, and a summary of significant accounting policies and other explanatory notes. The
Bank’s financial statements for the year ended 31 December 2006 were audited by another firm
of auditors whose report date 18 March 2007 expressed an unqualified opinion on those
financial statements.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with International Financial Reporting Standards. This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatements, whether
due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with relevant ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors’
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate for the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion.
In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Bank as of 31 December 2007, and its financial performance and its cash flows
for the year then ended in accordance with International Financial Reporting Standards.
ERNST & YOUNG
28 May 2008
Abu Dhabi
ANNUAL REPORT 2007
57
Table (S - 1)
Central Bank of the United Arab Emirates
Statement of Profit and Loss Account
for the Year as at 31/12/2007 compared to 31/12/2006
(In Thousands of AEDs)
End of Period
2006
2007
Item
Interest Income
2,497,834
5,768,603
Investment Income
1,868,687
2,308,808
(1,493,980)
(4,112,253)
2,872,541
3,965,158
Other Income
25,142
30,297
Net Gain / (Loss) on Revaluation of Foreign Currencies
(2,534)
33,998
(242,229)
(252,420)
2,005
1,003
2,654,925
3,778,036
Interest Expenses
Net Interest and Investment Income
Administration Expenses
Provisions Reversed
Net Profit
58
ANNUAL REPORT 2007
43,298,775
Held-to-Maturity Securities
Off Balance Sheet Commitments
305,273
103,232,617
135,584
Fixed Assets
Total Assets
1,426,516
Other Assets
625,000
57,321,682
Placement with Banks
Loans & Advances
Table (S - 2)
Off Balance Sheet Commitments
Total Liabilities & Capital
Capital
Authorised, Issued & Fully Paid Capital
General Reserve
Special Reserve
Permanent Deposit from U.A.E. Government
Total Liabilities
Current Accounts & Deposits
Certificates of Deposit
Currency Issued
Other Liabilities
Liabilities
Sultan Bin Nasser Al-Suwaidi
Governor
56,219,447
285,949,027
128,328
2,593,008
_
98,857,368
184,041,648
328,675
2007
Central Bank of The United Arab Emirates
Balance Sheet as at 31 December 2007, 2006
425,060
Page 59
Current and Call Accounts
12:59 PM
2006
3/7/08
Assets
59-78 Pages (E)
ANNUAL REPORT 2007
59
305,273
103,232,617
12,857,537
300,000
1,200,000
60,000
11,297,537
90,375,080
30,965,920
32,322,000
26,831,877
255,283
2006
56,219,447
285,949,027
13,990,839
300,000
1,200,000
60,000
12,430,839
271,958,188
65,261,182
173,577,000
31,671,206
1,448,800
2007
3/7/08
ANNUAL REPORT 2007
*
90,489
Due From Other Banks Abroad
118
29,506
421
4,356
34,401
69,901
3,860
73,761
Feb.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
4,194
4,298
4,663
4,555
4,703
4,831
5,026
4,998
5,730
123
37,544
716
3,560
41,943
130
34,598
481
5,124
40,333
123
35,101
560
3,732
39,516
118
32,973
619
2,696
36,406
117
31,696
663
5,194
37,670
117
33,868
597
3,481
38,063
95
29,625
1,396
5,145
36,261
34,989
3,293
1,079
30,474
143
34,468
3,878
914
29,562
114
130
37,816
919
5,512
44,377
83,936 101,646 108,368 114,611 109,650 106,086 124,698 133,088 227,804 231,122
4,179
88,115 105,840 112,666 119,274 114,205 110,789 129,529 138,114 232,802 236,852
Mar.
63,264
3,409
Credit to Non-Residents *
Other Foreign Assets
16,083
3,417
60,179
57,040
104
3,509
59,642
56,625
106
96,404 102,070
16,260
3,478
64,517
58,054
119
92,684
11,115
3,818
65,074
61,425
102
83,336
12,139
Including provisions for bad and doubtful debts as well as interest in suspence.
56,638
Securities *
114
18,024
Net Due from Head Office
and / or Branches Abroad
Cash in Hand (F.C.)
107
28,104
1,211
3,930
33,352
63,463
3,757
67,220
Jan.
2007
Table (S - 3)
3,983
67,631
67,192
116
85,323
10,694
3,938
68,240
69,691
93
81,579
14,215
4,167
68,126
70,268
161
75,196
12,948
4,215
63,593
71,380
144
82,999
13,384
4,357
66,643
70,415
130
70,392
17,328
5,411
57,555
130
67,629
60,598
4,557
16,516
73,319
131
71,845
66,113
4,275
4,000
70,599
57,795
106
60,222
4,174
231,938 233,404 238,035 229,967 225,894 234,939 237,756 230,866 235,715 229,265 232,199 195,880 196,896
1,478
Cheques in the Course of
Collection
Foreign Assets
30,390
707
2,218
Time Deposits
Demand Deposits
Money at Call & Short Notice
34,793
58,420
Deposits with Central Bank
Due From Resident Banks
4,995
Cash in Hand (L.C.)
63,415
Dec.
2006
Page 60
End of Period
12:59 PM
Cash & Deposits with C.B.
Assets
Item
59-78 Pages (E)
60
61
*
859,574
18,369
873,060
18,780
513
4,426
23,719
32,199
17,435
17,435
348,201
32,883
9,517
390,601
26,443
26,443
48,687
483,166
515,365
Jan.
895,300
20,591
316
5,476
26,383
32,729
17,960
17,960
348,015
38,359
9,511
395,885
26,468
26,468
49,678
489,991
522,720
Feb.
925,979
23,765
404
4,765
28,934
34,224
21,785
21,785
354,709
41,864
10,225
406,798
27,481
27,481
46,732
502,796
537,020
Mar.
946,686
22,608
467
4,885
27,960
34,344
20,177
20,177
360,167
42,166
9,472
411,805
29,303
29,303
51,030
512,315
546,659
Apr.
30,548
383
6,183
37,114
42,099
26,241
26,241
366,479
45,653
9,985
422,117
26,596
26,596
54,971
529,925
572,024
June
34,244
677
6,346
41,267
46,346
21,933
21,933
381,626
45,987
10,389
438,002
29,548
29,548
55,241
544,724
591,070
July
33,662
291
6,547
40,500
47,757
25,597
25,597
390,708
47,206
10,425
448,339
33,444
33,444
57,240
564,620
612,377
Aug.
36,112
600
6,826
43,538
47,588
30,279
30,279
396,792
50,103
11,990
458,885
33,688
33,688
55,861
578,713
626,301
Sep.
34,347
958
7,196
42,501
49,046
27,878
27,878
417,869
51,429
11,127
480,425
37,541
37,541
55,916
601,760
650,806
Oct.
38,229
1,743
7,732
47,704
55,514
26,892
26,892
435,134
54,662
13,000
502,796
36,514
36,514
55,564
621,766
677,280
Nov.
34,283
1,299
8,658
44,240
53,226
36,941
36,941
440,145
58,859
13,312
512,316
39,823
39,823
58,402
647,482
700,708
Dec.
999,560 1,002,574 1,015,078 1,037,444 1,064,894 1,098,088 1,188,655 1,223,073
27,064
355
5,734
33,153
44,383
22,099
22,099
379,464
43,391
9,603
432,458
27,743
27,743
52,603
534,903
579,286
May
2007
Table (S - 3 Contd.)
Including provisions for bad and doubtful debts as well as interest in suspence.
Total Assets/Liabilities *
Other Assets
226
4,555
Fixed Assets
Inter-Branch Transactions
23,150
18,594
Loans, Advances & Overdrafts
Unclassified Assets
18,594
Claims on other Financial Inst.
32,116
335,632
b) Domestic Investments
31,016
376,170
Real Estate Mortgage Loans
31,513
9,522
31,513
Claims on Official Entities
Commercial Bills
47,885
474,162
a) Credit Facilities
Claims on Government
506,278
Domestic Credit & Investments*
2006
Page 61
End of Period
12:59 PM
Dec.
3/7/08
Item
59-78 Pages (E)
ANNUAL REPORT 2007
3/7/08
ANNUAL REPORT 2007
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
3,533
3,043
3,974
3,001
6,981
19,611
7,229
20,220
8,116
20,990
7,574
21,621
7,681
21,187
7,855
21,002
7,991
21,198
7,820
22,024
99,844
8,299
23,040
91,007
9,003
24,654
18,824
21,134
17,188
11,363
18,059
14,615
18,934
21,653
21,950
21,009
35,924
44,476
16
93,680
5,318
1,279
49,484
16
93,455
5,225
1,150
50,178
16
90,626
5,394
1,066
49,512
16
89,107
5,383
1,060
54,132
6,908
1,128
57,512
6,990
1,205
59,038
16
16
16
96,363 102,677 112,426
5,450
1,117
52,399
16
98,428
8,059
1,070
63,850
7,963
1,054
67,704
7,770
1,045
64,535
6,773
2,524
70,396
1,688
819
64,684
16
16
13
16
16
98,945 104,589 104,942 121,495 114,579
8,351
1,086
62,103
101,094 107,877 112,498 120,103 126,362 130,517 135,916 146,723 159,107 146,193 162,628 189,293 209,303
20,513
177,688 183,254 189,604 197,866 196,691 214,124 217,764 238,636 252,300 244,864 256,987 304,910 320,970
93,074 102,077 105,840 101,534 102,348 106,812 107,499 112,796 114,633
6,937
19,375
1) Provisions for bad and doubtful debts as well as interest in suspence.
2) Refinancing for Construction Through the Government of Abu Dhabi.
Government Lending Funds (2)
Government Deposits (L.C. + F.C.)
Other Foreign Liabilities
Provisions (1)
Other Deposits (L.C. + F.C.)
Due to Other Banks Abroad
Net Due to Head Office
and / or Branches Abroad
Foreign Liabilities
97,070
6,731
18,432
5,578
2,448
96,307
2,130
Other Deposits (F.C.)
2,874
Commercial Prepayments (L.C.)
3,173
18,015
2,598
159,374 158,245 165,867 173,649 181,600 185,958 193,785 196,871 202,255 207,780 218,819 241,706 259,374
3,336
Savings Deposits (L.C.)
2,395
Time Deposits (L.C.)
1,973
279,274 208,478 285,253 302,318 314,889 316,598 325,328 332,551 338,611 349,765 363,296 372,889 384,038
1,815
96,367 101,876 105,528 110,051 115,871 126,066 123,900 126,412 124,214 129,436 137,694 147,216 152,721
98,182 103,849 107,924 113,387 118,469 129,239 126,774 128,542 126,662 132,969 140,737 151,190 155,722
Jan.
2007
Quasi-Monetary Deposits
Bankers Drafts
Demand Deposits (L.C.)
Dec.
2006
Page 62
End of Period
12:59 PM
Monetary Deposits
Liabilities
Item
59-78 Pages (E)
62
3/7/08
938,132
78,730
197,869
14,678
339,279
307,576
952,310
79,228
194,143
14,740
341,413
322,786
Memoranda Accounts
Letters of Credit
Guarantees & Other Endorsements
Acceptances
Forward Exchange Contracts
Other Memoranda Accounts
63
69,410
127
33,032
36,251
41,752
1,520
833
39,399
111,198
925
Mar.
68,839
214
34,309
34,316
37,108
1,447
611
35,050
111,519
2,792
Apr.
79,808
127
33,269
46,412
41,358
2,065
673
38,620
115,586
154
May
59,110
140
19,696
39,274
39,784
1,537
994
37,253
117,041
4,331
June
58,411
189
20,031
38,191
40,907
3,191
794
36,922
116,831
756
July
2007
60,814
143
20,172
40,499
40,746
1,500
2,948
36,298
118,670
680
Aug.
64,962
157
19,996
44,809
40,641
3,205
1,780
35,656
121,636
5,452
Sep.
67,649
324
20,033
47,292
39,842
1,893
2,017
35,932
124,099
523
Oct.
68,117
463
20,320
47,334
39,887
1,835
2,646
35,406
127,346
2,805
Nov.
70,746
372
20,788
49,586
46,026
2,008
1,255
42,763
130,882
94
Dec.
980,012 1,074,718 1,101,771 1,108,416 1,100,466 1,246,111 1,271,131 1,376,821 1,394,465 1,497,579 1,416,622
78,041
82,098
85,848
79,638
90,810
92,263
94,335
99,216
98,590 108,771 110,860
199,621 208,972 213,784 216,878 223,456 235,469 241,397 244,671 244,414 248,545 252,402
17,197
14,572
14,931
14,995
15,841
16,666
16,963
17,020
16,835
20,123
18,272
364,653 365,059 447,300 433,953 445,238 519,192 516,533 620,376 598,868 614,676 569,807
320,500 404,017 339,908 362,952 325,121 382,521 401,903 395,538 435,758 505,464 465,281
68,758
223
33,087
35,448
42,472
3,473
1,087
37,912
108,219
2,428
Feb.
* Provisions for bad and doubtful debts as well as interest in suspence.
Other Liabilities
67,378
278
33,115
33,985
68,080
205
33,183
34,692
Unclassified Liabilities
Inter-Branch Transactions
Provisions *
37,477
2,610
502
34,365
38,397
1,904
665
35,828
Due to Resident Banks
Demand Deposits
Time Deposits
107,049
104,089
104
Jan.
Capital & Reserves
168
Dec.
2006
Page 63
End of Period
12:59 PM
Due to Central Bank
Item
59-78 Pages (E)
ANNUAL REPORT 2007
3/7/08
ANNUAL REPORT 2007
Feb.
Mar.
Apr.
May
June
July
2007
Aug.
Sep.
Oct.
Nov.
Dec.
250,539
–51,829
27,915
401,476
30,922
255,856
–48,215
28,011
406,755
32,025
278,174
–48,086
29,174
416,881
38,026
281,176
–50,809
31,054
422,874
35,506
291,567
–52,726
32,140
444,563
41,282
297,182
–60,611
30,819
434,550
42,792
335,996
–44,388
33,912
451,572
40,217
351,869
–42,820
37,996
461,691
44,442
354,967
–49,311
38,419
473,433
47,749
371,554
–50,533
42,388
494,195
48,026
380,368
–64,892
41,752
521,076
46,008
405,376
–61,380
45,385
530,790
55,208
120,019
21,837
98,182
279,274
96,307
182,967
Money Supply (M1)
Currency Outside Banks
Monetary Deposits
Quasi - Money
Foreign Currency Deposits
Dirham Deposits
280,478
97,070
183,408
124,511
20,662
103,849
404,989
284,253
93,074
192,179
129,622
21,698
107,924
414,875
302,318
102,077
200,241
135,902
22,515
113,387
438,220
314,889
105,840
209,049
141,125
22,656
118,469
456,014
316,598
101,534
215,064
152,171
22,932
129,239
468,769
325,328
102,348
222,980
150,041
23,267
126,774
475,369
332,551
106,812
225,739
151,587
23,045
128,542
484,138
338,611
107,499
231,112
149,458
22,796
126,662
488,069
349,765
112,796
236,969
157,177
24,208
132,969
506,942
* Including Deposits of UAE Residents Booked in Overseas Branches (Including off-shore units) and Subsidiaries of National Banks abroad.
399,293
363,296
114,633
248,663
165,698
24,961
140,737
528,994
372,889
99,844
273,045
176,855
25,665
151,190
549,744
384,038
91,007
293,031
181,664
25,942
155,722
565,702
–105,649 –108,609 –109,779 –112,758 –113,079 –117,146 –118,601 –118,391 –120,193 –123,196 –125,659 –128,906 –132,442
–49,963 –49,336 –52,941 –45,063 –44,370 –56,546 –31,767 –26,926 –29,210 –32,127 –36,863 –34,670 –32,185
243,659
–51,882
33,002
385,789
32,362
Broad Money (M2)
Net Domestic Assets
Net Claims on Government
Claims on Official Entities
Claims on Nonbank Financial
Institutions
Capital and Reserves
Other Items (net)
Jan.
Monetary Survey
Table (S - 4)
155,634 154,450 159,019 160,046 174,838 177,202 178,187 148,142 136,200 151,975 157,440 169,376 160,326
334,614 339,004 349,918 359,242 372,839 392,659 397,297 388,132 397,209 409,207 419,470 475,647 482,821
–178,980 –184,554 –190,899 –199,196 –198,001 –215,457 –219,110 –239,990 –261,009 –257,232 –262,030 –306,271 –322,495
Dec.
2006
Page 64
End of Period
12:59 PM
Net Foreign Assets
Foreign Assets
Foreign Liabilities
Item
59-78 Pages (E)
64
25,558
26,695
26,850
27,230
27,930
27,600
27,499
29,040
29,987
30,664
31,671
February
March
April
May
June
July
August
September
October
November
December
1) Including Private Demand Deposits of Residents in AED and Bankers Drafts.
2) M1 plus Quasi-Monetary Deposits.
3) M2 plus Government Deposits in AED and Foreign Currencies.
24,419
January
2007
26,832
Issued
Money Supply
Table (S - 5)
December
Page 65
2006
12:59 PM
Month
3/7/08
Year
59-78 Pages (E)
ANNUAL REPORT 2007
65
5,729
4,999
5,026
4,832
4,703
4,555
4,663
4,298
4,194
4,180
3,860
3,757
4,995
With
Banks
Currency
25,942
25,665
24,961
24,208
22,796
23,045
23,267
22,932
22,656
22,515
21,698
20,662
21,837
With
Public
155,722
151,190
140,737
132,969
126,662
128,542
126,774
129,239
118,469
113,387
107,924
103,849
98,182
Monetary
Deposits 1
Money Supply (M1)
181,664
176,855
165,698
157,177
149,458
151,587
150,041
152,171
141,125
135,902
129,622
124,511
120,019
(M1)
565,702
549,744
528,994
506,942
488,069
484,138
475,369
468,769
456,014
438,220
414,875
404,989
399,293
(M2)
Money 2
Broad
696,228
683,101
645,968
623,401
599,586
594,983
600,292
583,221
564,474
539,670
519,354
512,262
503,985
Overall
Broad
Money 3
(M3)
ANNUAL REPORT 2007
25,150,046
26,284,644
26,435,750
26,812,869
27,511,262
27,177,794
27,071,831
28,603,716
29,544,283
30,215,095
31,215,615
February
March
April
May
June
July
August
September
October
November
December
Excluding Mutilated Notes.
24,013,157
26,428,825
January
Total
2007
*
Table (S - 6)
281,420
253,083
260,951
223,901
209,418
208,901
212,322
213,061
211,160
208,583
208,358
210,965
532,382
484,042
490,461
462,123
441,150
434,646
433,615
423,296
415,346
426,854
440,742
460,249
490,493
Total
Total
227,717
Ten
Dirham
Five
Dirham
178,066
180,499
184,172
184,471
177,656
178,283
182,848
185,701
187,228
175,157
164,676
161,052
613,052
573,512
587,298
556,465
519,274
513,644
513,666
510,046
499,054
493,692
480,764
476,502
504,919
Total
Total
177,550
Fifty
Dirham
Twenty
Dirham
Currency Notes Issued by Denominations *
December
Page 66
2006
12:59 PM
Month
3/7/08
Year
59-78 Pages (E)
66
4,139,591
3,905,096
3,887,102
3,746,802
3,533,427
3,485,360
3,560,032
3,496,460
3,436,705
3,460,618
3,281,023
3,205,811
3,726,332
Total
Total
72,818 15,786,035
75,188 15,423,861
77,619 15,056,451
79,415 14,738,508
82,252 14,128,668
85,524 14,256,079
89,505 14,512,717
92,709 14,008,370
95,912 13,607,256
101,140 13,590,473
105,797 12,883,384
110,017 12,357,595
116,635 13,996,921
Total
9,612,251
9,319,814
9,000,229
8,612,031
7,979,986
8,015,357
8,006,557
7,883,226
7,983,089
7,828,125
7,585,302
7,030,965
7,188,258
Total
One
One
Two
Five
Hundred Hundred Hundred Thousand
Dirham Dirham Dirham Dirham
407,590
410,016
414,287
416,845
418,792
February
March
April
May
June
*
405,429
January
426,887
435,827
442,843
448,496
455,590
August
September
October
November
December
Excluding Gold Coins Issued.
422,414
July
403,052
2007
Total
Table (S - 7)
28
28
28
28
28
28
28
28
28
28
28
28
1,660
1,656
1,656
1,643
1,634
1,628
1,620
1,618
1,611
1,599
1,598
1,591
1,584
Total
Total
28
Five
Fils
One
Fils
3,706
3,686
3,686
3,645
3,614
3,593
3,563
3,552
3,526
3,498
3,491
3,471
3,452
Total
Ten
Fils
29,574
29,164
28,807
28,587
28,323
28,147
27,960
27,835
27,691
27,461
27,316
27,124
26,876
Total
Twentyfive Fils
62,246
61,556
60,532
59,600
59,206
58,949
58,572
58,278
57,936
57,526
57,207
56,909
56,350
Total
Fifty
Fils
Currency Coins Issued by Denominations *
December
Page 67
2006
12:59 PM
Month
3/7/08
Year
59-78 Pages (E)
ANNUAL REPORT 2007
67
352,554
346,615
342,389
336,732
328,509
324,509
321,495
319,988
317,960
314,393
312,448
310,819
309,284
Total
One
Dirham
1,146
1,145
1,145
1,144
1,144
1,144
1,143
1,143
1,143
1,143
1,142
1,141
1,141
Total
Five
Dirham
200
200
200
200
200
200
200
200
200
200
200
200
200
Total
4,476
4,446
4,400
4,248
4,229
4,216
4,211
4,203
4,192
4,168
4,160
4,146
4,137
Total
TwentyFifty
Five
Dirham Dirham
Silver Coins Silver Coins
3/7/08
ANNUAL REPORT 2007
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
4,236
4,370
66,643
4,287
66,113
71,845
4,988
4,572
60,598
67,629
52,552
4,014
70,599
57,795
52,606
7,602
4,174
106
1) Demand and Time Deposits.
2) Including Purchased or Discounted Commercial Bills.
6,646
49,908
5,912
18,824
6,758
53,816
4,331
17,188
6,899
52,067
7,407
11,363
8,284
57,263
7,608
18,059
8,444
58,790
4,841
14,615
9,352
63,626
6,126
18,934
9,695
61,846
5,576
21,653
9,293
67,429
6,126
21,950
9,291
64,060
4,705
21,009
10,699
68,994
4,386
35,924
2,841
64,349
3,620
44,476
3) Including Fixed Assets, Cheques in the Course of Collection on Non-resident Banks and Other Assets.
4) Including Commercial Prepayments.
6,813
49,159
5,221
21,134
6,877
4,184
63,593
70,415
58,369
14,938
5,411
130
Other Foreign Liabilities 4
3,951
68,126
71,380
6,563
63,816
16,516
131
49,204
4,009
68,240
70,268
68,945
14,033
17,328
130
Other Deposits
3,833
67,631
69,691
61,163
14,016
13,384
144
96,785 101,964 107,277 115,773 118,955 122,910 131,074 140,598 153,530 140,066 157,922 184,907 205,684
3,500
65,074
67,192
6,350
75,216
12,948
161
Deposits of Banks
3,526
64,517
61,425
9,010
76,287
14,215
93
4,309
3,437
59,642
58,054
15,411
67,910
10,694
116
20,513
Other Foreign Assets 3
60,179
56,625
5,462
87,200
12,139
102
Due To Banks
3,447
Loans and Advances 2
57,040
75,727
26,326
11,115
119
Due To H.O. & Branches
63,264
Securities
11,697
84,687
16,083
106
177,688 183,254 189,604 197,866 196,691 214,124 217,764 238,636 252,300 244,864 256,987 304,910 320,970
56,638
Deposits with Banks 1
16,260
104
Foreign Liabilities
3,517
86,934
18,024
114
Due From H.O. & Branches
Notes and Coins
Jan.
2007
DMB’s Foreign Assets and Liabilities
Table (S - 8)
231,938 233,404 238,035 229,967 225,894 234,939 237,756 230,866 235,715 229,265 232,199 195,880 196,896
Dec.
2006
Page 68
End of Period
12:59 PM
Foreign Assets
Item
59-78 Pages (E)
68
543,345
549,634
567,312
577,388
602,534
598,166
January
February
March
April
May
June
628,212
645,358
667,873
682,365
718,080
August
September
October
November
December
Excluding Inter-Bank Lending.
612,851
July
537,425
2007
Total
Bank Credit
to Residents
and
NonResidents
December
*
Table (S - 9)
575,311
554,105
539,204
516,621
506,988
488,348
474,289
481,909
460,677
450,706
442,121
440,766
433,623
Loans,
Advances
and
Overdrafts
58,859
54,662
51,429
50,103
47,206
45,987
45,653
43,391
42,166
41,864
38,359
32,883
31,016
Real Estate
Mortgage
Loans
Residents
13,312
13,000
11,127
11,990
10,425
10,389
9,985
9,603
9,472
10,225
9,511
9,517
9,522
Commercial
Bills
61,166
50,890
56,222
56,775
53,303
58,217
58,353
57,466
55,899
54,574
50,108
50,848
54,188
Loans,
Advances
and
Overdrafts
Bank Credit (Gross) to Residents and Non-Residents *
Page 69
2006
12:59 PM
Month
3/7/08
Year
59-78 Pages (E)
ANNUAL REPORT 2007
69
946
799
729
742
700
671
664
630
519
528
546
519
479
Real Estate
Mortgage
Loans
Non-Residents
8,486
8,909
9,162
9,127
9,590
9,239
9,222
9,535
8,655
9,415
8,989
8,812
8,597
Commercial
Bills
Discounted
Table (S - 10)
ANNUAL REPORT 2007
1) Amount Outstanding Excluding Inter-Bank Lending.
2) Including Loans to Services and Non-Profit Institutions.
June
Sep.
Dec.
474,161 502,796 529,926 578,714 647,482
Mar.
2007
Total
2006
1,403
3,592
1,381
1,001
1,664
5,810
5,318
4,398
4,622
8,067
24,262 26,547 29,557 31,722 34,041
2,468
2,854
3,227
3,356
3,314
1,208
1,351
1,334
1,653
1,591
771
808
834
902
868
880
1,105
948
837
784
3,978
3,177
4,490
4,395
4,458
4,091
4,474
5,826
5,608
6,496
1,373
1,316
1,635
2,573
1,855
9,493 11,462 11,263 12,398 14,675
11,091
8,289
9,388 13,101 12,536
54,344 59,225 61,172 63,891 68,417
92,637 103,265 91,322 97,185 106,191
62,031 70,711 59,933 63,263 72,031
30,606 32,554 31,389 33,922 34,160
19,416 21,159 20,100 22,404 21,987
18,594 21,840 26,241 30,279 36,941
47,885 46,732 54,971 55,861 58,402
87,979 94,853 100,558 105,358 110,343
31,257 32,951 36,798 41,008 43,457
79,483 79,025 94,040 112,282 145,436
End of Period
Bank Credit (Gross) to Residents by Economic Activity 1
Page 70
1) Agriculture
2) Mining & Quarrying
3) Manufacturing
3.1 Food, Beverages & Tobacco
3.2 Textiles & Leather Products
3.3 Furniture & Other Wood Products
3.4 Paper & Paper Products
3.5 Chemicals & Chemicals Products, Petroleum & Petro-Chemicals
3.6 Basic Metal Prod. (incl Aluminium)
3.7 Fabricated Metal Products, Machinery and Equipment
3.8 Other Manufacturing
4) Electricity, Gas and Water
5) Construction
6) Trade
6.1 Wholesale
6.2 Retail
7) Transport, Storage & Communication
8) Financial Institutions (Excl. Banks)
9) Government
10) Personal Loans for Business purposes
11) Personal Loans for Consumption purposes
12) All Others 2
12:59 PM
Dec.
3/7/08
Economic Activity
59-78 Pages (E)
70
Table (S - 11)
48,687
49,678
46,732
51,030
52,603
54,971
55,241
January
February
March
April
May
June
July
2007
55,861
55,916
55,564
58,402
September
October
November
December
1) Excluding Inter-Bank Lending.
2) Including Public and Private Sectors.
3) Including Personal Loans for Business and Consumption Purposes.
57,240
August
47,885
December
Government
36,941
26,892
27,878
30,279
25,597
21,933
26,241
22,099
20,177
21,785
17,960
17,435
18,594
Financial
Institutions 2
320,665
308,989
297,461
283,399
279,744
270,216
253,946
271,417
260,606
254,730
248,292
251,092
244,037
Business &
Industrial
Enterprises 2
Loans, Advances and Overdrafts (Gross) to Residents by Sectors 1
Page 71
2006
12:59 PM
Month
3/7/08
Year
59-78 Pages (E)
ANNUAL REPORT 2007
71
159,303
162,660
157,949
147,082
144,407
140,958
139,131
135,790
128,864
127,459
126,191
123,552
123,107
Other
Sectors 3
575,311
554,105
539,204
516,621
506,988
488,348
474,289
481,909
460,677
450,706
442,121
440,766
433,623
Total
3/7/08
ANNUAL REPORT 2007
12:59 PM
Page 72
Table (S - 12)
Deposits by Ownership
End of Period
Government & Diplomatic Missions
Financial Institutions
Business & Industrial Inst.
Individuals & Others
* Excluding Inter-Bank Deposits and Bank Drafts, but Including Commercial Prepayments.
Total Deposits
2.1
2.2
2.3
2.4
2) Non-Residents
1.1 Government
1.2 Public Sector
1.2.1 Financial Institutions
1.2.2 Business & Industrial Inst.
1.3 Private Sector
1.3.1 Financial Institutions
1.3.2 Business & Industrial Inst.
1.4 Individuals
1.5 Others
1) Residents
Item
59-78 Pages (E)
72
*
Mar.
June
2007
Sep.
Dec.
6,057
14,289
18,780
25,557
4,642
13,832
18,354
30,877
4,868
8,243
17,388
28,539
4,345
7,530
14,999
27,258
3,311
8,630
15,720
21,823
518,806 555,608 620,692 651,494 716,021
64,683
67,705
59,038
54,132
49,484
114,579
36,196
4,819
31,377
272,241
22,101
250,140
202,780
25,542
93,680 89,107 112,426 104,589
38,142 41,251 41,259 39,620
3,549
4,208
2,819
3,051
35,091 38,432 37,051 36,071
176,046 193,911 217,984 235,673
13,393 14,482 14,290 17,556
162,653 179,429 203,694 218,117
142,321 155,182 169,930 177,285
19,133 22,025 20,055 26,622
469,322 501,476 561,654 583,789 651,338
Dec.
2006
73
12:59 PM
Page 73
TOTAL
National Bank of Abu Dhabi
Abu Dhabi Commercial Bank
Arab Bank For Investment & Foreign Trade
Union National Bank
The National Bank of Dubai
Commercial Bank of Dubai
Dubai Islamic Bank
Emirates Bank International
Emirates Islamic Bank
Mashreq Bank
Sharjah Islamic Bank
Bank of Sharjah
United Arab Bank
Invest Bank
The National Bank of Ras-Al Khaimah
Commercial Bank International
National Bank of Fujairah
National Bank of Umm-Al Qaiwain
First Gulf Bank
Abu Dhabi Islamic Bank
Dubai Bank
Noor Al Islam Bank
NATIONAL BANKS
3/7/08
Table (S – 13)
187
37
25
3
17
3
5
10
9
4
*13
2
2
2
3
4
2
2
3
8
29
3
1
Abu
Dhabi
200
8
7
1
9
*33
12
16
35
12
*21
3
1
3
2
*12
2
4
*5
2
4
5
4
Dubai
75
6
3
1
6
2
1
10
4
3
*8
12
1
2
4
3
1
1
1
2
4
1
0
Sharjah
26
2
1
0
1
1
1
2
1
1
2
0
0
1
1
6
2
0
1
0
2
1
0
Ras-Al
Khaimah
19
1
1
0
1
1
1
2
1
1
2
0
0
1
1
0
0
1
2
2
1
0
0
Ajman
8
1
0
0
0
1
0
1
0
1
1
0
0
0
0
0
0
0
2
0
1
0
0
Umm-Al
Qaiwain
List of National Banks & Their Branches
(As at 31/12/2007)
* Including Automated Branch/Customers Service Unit.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
59-78 Pages (E)
ANNUAL REPORT 2007
24
2
2
0
1
2
0
2
1
1
2
1
0
0
1
0
1
4
1
1
2
0
0
AlFujairah
530
57
39
5
35
42
20
43
51
23
45
18
4
9
12
20
8
12
15
15
43
10
5
Total
56
16
5
0
11
6
5
0
9
1
0
1
0
0
0
1
1
0
0
0
0
0
0
Pay
Offices
597
73
44
5
46
49
25
43
60
24
49
19
4
9
12
26
9
12
15
15
43
10
5
Grand
Total
ANNUAL REPORT 2007
12:59 PM
0
0
2
1
0
0
1
2
1
1
3
1
1
1
1
3
5
7
2
3
2
1
1
1
3
1
1
46
1
1
2
2
1
1
1
2
1
2
2
1
1
0
1
2
2
3
2
2
2
0
0
1
4
0
0
37
National Bank of Bahrain (BSC)
Rafidain Bank
Arab Bank (PLC)
Banque Du Caire
El Nillien Bank
National Bank of Oman Limited (S.A.O.G.)
Calyon-Corporate and Investment Bank
Bank of Baroda
BNP Paribas
Janata Bank
HSBC Bank Middle East
Arab African International Bank
Banque Libanaise Pour Le Commerce (France) S.A.
Al Ahli Bank of Kuwait (K.S.C.)
Barclays Bank (PLC)
Habib Bank Limited
Habib Bank AG Zurich
Standard Chartered Bank
CitiBank N.A.
Bank Saderat Iran
Bank Melli Iran
Blom Bank France
Lloyds TSB Bank PLC
ABN Amro Bank N.V.
United Bank Limited
Doha Bank
Samba Financial Group
TOTAL
15
0
0
1
1
0
0
0
1
0
1
1
0
1
0
0
1
1
1
1
1
1
1
0
1
1
0
0
Sharjah
5
0
0
1
0
0
0
0
1
0
0
1
0
1
0
0
0
0
0
0
0
1
0
0
0
0
0
0
Ras-Al
Khaimah
2
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
Ajman
List of Foreign Banks & Their Branches
(As at 31/12/2007)
Table (S – 14)
Dubai
Page 74
Abu
Dhabi
FOREIGN BANKS
3/7/08
* Temporary Branch
** Including one cash office in Dubai.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
59-78 Pages (E)
74
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Umm-Al
Qaiwain
3
0
0
1
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
30
0
0
0
0
0
0
0
0
1
0
12
0
0
0
2
0
0
2
5
0
1
0
4
2
2
0
0
AlCustomer
Fujairah Serv. Lice
139
1
1
8
4
1
1
2
6
3
4
20
2
4
1
4
6
8
13
10
7
8
2
5
5
10
1
1
Total
Page 75
Table (S – 15)
Real Estate Bank
2.
Finance House - PJSC
Al Wifaq Finance Company (P.P.C.)
Al Badre Islamic Finance Co. (P.P.C.)
8.
9.
10. Islamic Finance Company (P.P.C.)
Maf Orix Finance - PJSC
7.
Amlak for Finance (Pv.J.S.C.)
4.
6.
HSBC Finance Co. (Pv.J.S.C.)
3.
Tamweel L.L.C.
Gulf Finance Corporation
2.
5.
Osool - A Finance Company L.L.C.
1.
Finance Companies
Emirates Industrial Bank
1.
U.A.E. Development Bank
2.
Abu Dhabi Investment Company
Abu Dhabi Investment Authority
The Bank of Tokyo - Mitsubishi Ltd.
Gulf International Bank (B.S.C.)
4.
Credit Suisse Bank
BNP Paribas
3.
2.
1.
Representative Offices
2.
1.
Investment Institutions
Abu Dhabi Fund for Development
1.
Development Institutions
16. Reem Finance - PJSC
(Abu Dhabi)
(Abu Dhabi)
(Abu Dhabi)
(Abu Dhabi)
8.
14. Al Watani Al Islami (P.P.C.)
(Abu Dhabi)
(Dubai)
(Dubai)
21. American Express Bank Ltd.
22. Dresdner Bank AG.
(Dubai)
(Dubai)
20. Credit Agricote Asset Management
23. Merrill Lynch Bank (Suisse) S.A.
(Dubai)
19. Rothschild Europe B.V.
(Dubai)
17. Union Bank of India
(Dubai)
(Dubai)
16. Bank Julius Bear & Co. Ltd.
18. The Royal Bank of Scotland
(Abu Dhabi)
(Abu Dhabi)
15. Bank Audi SAL, Audi Saradar Group
(Abu Dhabi)
14.. BHF Bank Aktiengesellsehaft
13. Byblos Bank S.A.L.
12. Liechtensteinische Land Bank (Switzerland) Ltd. (Abu Dhabi)
11. Bank Al Falah Limited
(Abu Dhabi)
(Abu Dhabi)
(Abu Dhabi)
(Abu Dhabi)
(Abu Dhabi)
(Abu Dhabi)
Housing Bank for Trade & Finance
Deutshe Bank AG
The Bank of New York
Arab Banking Corporation (B.S.C.)
U.B.S. AG
10. Hypoveroinsbank AG.
9.
7.
13. Mawarid Finance (P.P.C.)
HSBC Financial Services (Middle East) Ltd.
2.
Specialized Banks
6.
12. Aseel Finance “Aseel” (P.P.C.)
Arab Emirates Investment Bank Ltd. - P.J.S.C.
1.
15. Abu Dhabi National Islamic Finance
5.
List of Specialized Banks, Investment Institutions, Finance Companies and Representative Offices
(As at 31/12/2007)
12:59 PM
11. Dubai First (P.P.C.)
3/7/08
Investment Banks
59-78 Pages (E)
ANNUAL REPORT 2007
75
Page 76
Table (S – 15 Contd.)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
25. Clear Stream Banking S.A.
26. Bank of America -National Association
27. Bank of Bahrain and Kuwait (B.S.C.)
ANNUAL REPORT 2007
28. Union de Banques Arabes et Françiases
29. Bank Muscat (S.A.O.G.)
30. Nationwide International (Ltd.)
31. Société Générale Bank
32. Standard Bank Plc
33. State Street Bank & Trust Company
34. Natexis Banque - Pupulaires
35. Union Bancaire Priveé (CBI-TDB)
36. Man Investments Ltd.
37. Coutts & Co.
38. Towry Law (Asia) HK (Ltd.)
39. Royal Bank of Canada
40. ING Asia Private Bank Limited
57. ABN - Amro Asset Management
56. BNP Paribas Private Bank (Switzerland) SA
55. Punjab National Bank
54. Doha Bank
53. IndusInd Bank Limited
52. ICICI Bank Limited
51. Korea Exchange Bank
50. Citigroup Global Markets Inc.
49. UTI International Ltd. (UTIL)
48. Bank of Beirut SAL
47. Deutche Bank AG.
46. HDFC Bank Ltd.
45. Kotak Mahindra International Ltd.
44. West LB A.G.
43. Wachovia Bank National Association
42. Fidelity Investments International
41. HSBC Bank International Ltd.
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
74. Banque Piguet & Cie S. A.
73. M. C. B. Bank Ltd.
72. Pictet & Cie Banqiries
71. Bank Turan
70. Lombard Odier Darier Hents & Cie
69. Diamond Bank (Swizerland) Ltd.
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
(Dubai)
68. The Hongkong & Shanghai Banking Corp. Ltd. (Dubai)
67. Commercial International Bank (Egypt) S.A.E. (Dubai)
66. Sanpaolo IMI S.P.A.
65. RMB Investment Services (Guernsey)
64. Ashburton (Jersy) Bank Ltd.
63. First Rand Bank Ltd.
62. National Bank of Egypt
61. BNP Paribas (Swisse) SA
60. Bank Julius Bear and Co. Ltd.
59. Arner Bank Ltd.
58. Andra Bank
List of Specialized Banks, Investment Institutions, Finance Companies and Representative Offices
(As at 31/12/2007)
12:59 PM
(Dubai)
3/7/08
24. Philippine National Bank
59-78 Pages (E)
76
3/7/08
12:59 PM
Table (S – 16)
List of Licensed Financial and Monetary Intermediaries
(As at 31/12/2007)
Page 77
Royal Index (L.L.C.)
Leader Middle East (L.L.C.)
Century Financial Brokers (L.L.C.)
Sterling Financial Brokers
Orient Financial Brokers
Eastern Trust (L.L.C.)
1.
2.
3.
4.
5.
6.
7.
8.
9.
Abu Dhabi Financial Services Co. (L.L.C.)
International Financial Services
National Financial Services (L.L.C.)
Wifco Financial Brokerage (L.L.C.)
Swiss Precious Metals & Commodities
National Bank of Fujairah NBF Securities (L.L.C.)
Al Ahlia Financial Brokers
Dubai Tadawul (L.L.C.)
Sharjah Islamic Financial Services
Brokers in Dealing in all Financial and Monetary Operations
1. Forex International (L.L.C.)
Brokers in Dealing in Local Shares, Currencies and Commodities as well as in Money Market Operations
1.
2.
3.
4.
5.
6.
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Abu Dhabi
Abu Dhabi
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Sharjah
Abu Dhabi
Brokers in the Sale and Purchase of Currencies, Commodities and Intermediaries in Money Market Operations
59-78 Pages (E)
ANNUAL REPORT 2007
77
–
–
–
–
–
–
–
–
–
Dubai
–
–
–
–
–
–
3/7/08
ANNUAL REPORT 2007
10
2
0
1
1
5
0
Sharjah
Ajman
Umm Quwain
Ras Al-Khaimah
Fujairah
Al Ain City
Khorfakan City
1.
2.
3.
4.
5.
6.
Oman & Emirates Investment Holding Company (S.A.O.G.)
The National Investor (P.J.S.C.)
Abu Dhabi Investment House - PJS
Noor Capital P.S.C.
Injaz Mena Investment Company P.S.C.
Unifund Capital Financial Investment
Commercial Name
Financial Investment Companies
105
65
Total
21
Dubai
Head
Office
Abu Dhabi
EMIRATES
Page 78
Table (S – 17)
341
1
21
10
6
1
6
55
158
83
Branches
Abu Dhabi
Abu Dhabi
Abu Dhabi
Abu Dhabi
Abu Dhabi
Abu Dhabi
446
1
26
11
7
1
8
65
223
104
Total
Commercial Name
Allied Investment Partners - P.P. Co.
Gulf Capital - P.P. Co.
Al Mal Capitals P.S.C.
Merrill Lynch International & Co. C.V. (Netherlands Antille Islands)
Emirates Financial Services (P.J.S.C.)
Shuaa Capital (P.S.C.)
Islamic Investment Company (P.J.S.C.)
National Bonds Corporation (P.S.C.)
Daman Investments - P.P. Co.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Synergy Financial (L.L.C.)
Elfina Financial Investment Consultancy
Landmark International Consulting Services
Professional Investment Consultants Co. (L.L.C.)
Regent Investment Consultants (L.L.C.)
Financial Consultancy Services Company - Partnership
Network Corporate Services (L.L.C.)
Mondial (Dubai) L.L.C.
Invest One Financial Advisory Est.
Continental Financial Services
Acuma
Union National Financial Consultancy (L.L.C.)
Commercial Name
Banking, Financial and Investment Consultation
Establishments and Companies
7.
8.
9.
10.
11.
12.
13.
14.
15.
Financial Investment Companies
List of Licensed Moneychangers, Financial Investment Companies &
Banking, Financial and Investment Consultation Establishment and Companies
(As at 31/12/2007)
12:59 PM
Moneychangers
59-78 Pages (E)
78
Abu Dhabi
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Head Office
Abu Dhabi
Abu Dhabi
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Dubai
Head Office
Printing and Publishing
ô`````°û``ædGh á```YÉ``Ñ``£``∏d
P. O. Box 5266, Dubai - United Arab Emirates
Tel: (9714) 2667131 (12 lines) Fax: (9714) 2660163
Email: ippdubai@emirates.net.ae
Website:
www.ippdubai.com
CENTRAL BANK OF THE UNITEDARAB EMIRATES
ANNUAL REPORT 2007
CENTRAL BANK OF THE UNITED ARAB EMIRATES
CENTRAL BANK OF
ANNUAL REPORT
2007

2007

Transcription

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