(MENAFN - Khaleej Times) Dubai Holding announced yesterday that it has consolidated its investments in Dubai Islamic Investment Group and Dubai Bank under Dubai Banking Group, to form a global Shariah-compliant investment company.
This consolidation is in line with Vision 2015, which highlights the development of the financial services sector in Dubai as a catalyst for future growth and economic diversification of the Emirate's resources.
Mohammed Al Gergawi, Chairman of Dubai Holding said: "The UAE's financial services sector is one of the fastest growing sectors in our economy. This is a tremendous opportunity for our group and we are confident that this strategic step will enhance growth and value creation in the industry and solidify Dubai's position as a leading global financial centre."
Mohammed Al Shaibani, Chairman of Dubai Bank said: "Dubai Bank has made significant progress on all fronts and across various business initiatives within retail, corporate and investment banking. I am confident that through Dubai Banking Group, we will be able to capitalise on the opportunities presented and also expand its banking and investment portfolio on a global scale."
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