Awards for Excellence 2009: United Arab Emirates
Best Bank: National Bank of Abu Dhabi
Dubai’s real estate boom finally came to a shuddering halt. In the first three months of this year, for example, residential real estate prices fell an average 41%, according to property consultants Colliers. Many of its leading companies face refinancing difficulties, while it remains to be seen what impact the property market crash will have on its banks.
Abu Dhabi too has suffered in the crisis. Its property market has also suffered a decline in prices, although less severe than that in Dubai. But the emirate remains the bedrock of the country’s finances thanks to its oil wealth. In February it made available a $10 billion loan facility to Dubai. In the same month the Abu Dhabi government also announced a $4 billion injection of tier 1 capital into five of its banks.