UAE banking described as 'stable'

30/11/2011 - Northern Emirates Property & Investment News Posted by Neil King
UAE banking described as 'stable'

Property investors looking to purchase properties in the Middle East could be among those encouraged by the recent comments of one financial figure.Sultan bin Nasser Al Suwaidi, governor of the UAE Central Bank, has described the country's banking system as "stable".Speaking at a meeting at the Yas Viceroy Hotel on Yas Island earlier this week, the expert explained that the system has a high adequacy in accordance with international standards.Al Suwaidi added that the bank's budget reached its highest level in more than 40 months at the end of May, with a figure of Dh278.36 billion recorded.This marked a rise from against Dh199.77 billion in corresponding period last year, meaning an annual growth rate of 21.6 per cent.In other news, Damas, a leading jewellery firm in Dubai, has posted a triple figure rise in profits for the first six months of this year.The company's profits for first last six months of 2011 grew by 531 per cent as a result of soaring gold costs.