Crown Prince of Dubai and United Arab Emirates’ (UAE) Defense Minister Sheikh Mohammed Bin Rashid Al-Maktoum has appointed Sheikh Hamdan Bin Mohammed Al-Maktoum as the Chairman of Dubai Bank.
Sheikh Hamdan, a Sandhurst graduate, will take over his responsibility with immediate effect. The Bank is to be launched by Emaar later this year.
Dubai Bank will be involved in all aspects of the banking business and offer products and services for both individual consumers and corporations. This will be implemented through a number of different delivery vehicles, including traditional branches and remote banking facilities such as the internet.
The launch of Dubai Bank and the development of entities such as the Dubai International Financial Center are part of plans to establish Dubai as a financial hub, on par with leading global commercial centres such as Hong Kong and Singapore.
Emaar Properties, a public joint stock company listed on the Dubai Financial Market, currently has five major real estate projects under development. The establishment of Dubai Bank is in conformity with Emaar's core real estate focus, which aims at optimizing the investment of group resources, while diversifying the sources of its revenues. — (menareport.com)
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