The Mashreq Bank, based in Dubai, reported that its net income reached 405 million Emirati Dirhams ($111 million) in 2001, up from Dh 350 million in the previous year of 2000, reported Al-Hayat . These figures translate into a 16 percent climb. The Chief Director of Al-Mashreq Bank, Abdul-Aziz Al-Ghurair, described the bank’s financial results in 2001 as reasonable. The Board of Directors recommended distributing dividends to stockholders equivalent to 30 percent of the bank’s capital. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
