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Abu Dhabi Commercial Bank buys SME loan portfolio for AED450 million

: Monday, April 21 - 2014 @ 17:56

The Abu Dhabi market index ADXGI finished 0.33 per cent lower at 5,139.75 points on Sunday, April 20.

Arkan Building Materials jumped 9.31 per cent to AED2.70. Abu Dhabi Commercial Bank (ADCB) plummeted by 3.40 per cent to AED7.70. Earlier in the day, the lender said it bought an asset finance loan portfolio for small and medium term enterprises (SME) from Mubadala GE Capital for AED450 million ($713.93m). Earlier last week, Sultan Al-Mansouri, the UAE minister of economy and foreign trade introduced UAE federal law number two of 2014 in order to promote the growth of SMEs. The new law will require the federal government entities to contract with local SMEs by not less than ten per cent of the total contracts of these entities to meet their purchasing, service and consulting needs, among other directives, in order to support the growth of SMEs.

Gérard Al-Fil

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Monday, April 21- 2014 @ 17:56 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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