Tuesday 1 December 2009

Qatari banks have sizeable Dubai stake

Despite reports in the media suggesting that Qatar might not be substantially affected by the unfolding crisis in Dubai, some Qatari banks and corporate entities do have exposure to Dubai, in particular, and the UAE as a whole.

The country’s largest lender, Qatar National Bank (QNB) acquired 23.8 percent stake in UAE-based Commercial Bank International for QR1.1bn.

In February that year (2008), the Commercial Bank of Qatar (Commercialbank) announced that it concluded a strategic alliance with United Arab Bank (UAB), having bought a fair stake in the UAB. It now holds 40 percent stake in the bank.

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