NBAD hosts major IMF reception and provides update of five-year strategy
On the eve of the official opening of Dubai 2003, the United Arab Emirates (UAE)’s National Bank of Abu Dhabi (NBAD) hosted a major reception for IMF and associated delegates.
NBAD’s event hosted more than 1,000 delegates and treated them to a traditional Arabian experience featuring Bedouin-style Ayyala and Harbiya bands. Inside Emirates Towers Godolphin Ballroom, a 10-meter Arabic-style tent featured falconers and traditional village activities. NBAD will also host on September 25, a special IMF reception at its headquarters at the landmark One NBAD Tower in Abu Dhabi.
As a part of the event, NBAD Chief Executive Michael H. Tomalin also welcomed the timely release of the Moody’s Investors Service Analysis Report which upgraded the Bank’s key financial strength.
The upgrade is based on the Bank’s improving financial fundamentals, its increasing earning power, satisfactory asset quality and adequate capital position. The report stated that NBAD management’s increased focus on the level and quality of earning has resulted in a significant improvement in the bank’s earning power during the last few years.
In June, the rating agency Capital Intelligence upgraded the Bank’s long term foreign currency rating to A+ and short term to A1, which is the highest assigned to UAE banks. — (menareport.com)
© 2003 Mena Report (www.menareport.com)