Commercial Bank of Dubai to step up lending

15/02/2011 - Dubai Investment News
Commercial Bank of Dubai to step up lending

Newly-released lending projections from the Commercial Bank of Dubai have lent further weight to the view that the emirate's economy is going from strength-to-strength.

While the amount of money lent by the bank, which is part owned by the government, declined over the course of 2010 as the Middle East region in general buckled down to weather the global economic storm, its chief executive has told Bloomberg that this trend is to be reversed over the next 12 months.

Speaking to the news agency, Peter Baltussen revealed plans to lend both within the Dubai property sector as well as in other areas of the economy.

"It's not a matter of liquidity anymore, we have enough money to go out and to make sure we grow our loan book," he said.

The comments came on the back of the news that the Commercial Bank of Dubai enjoyed a 2.2 per cent rise in year-on-year profits in January.

Meanwhile, the bank has also confirmed that it is to serve as the lead sponsor for the upcoming SME Economic Forum, due to take place in Dammam, Saudi Arabia, at the end of next month.

Posted by Neil King

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