The Abu Dhabi equity market index ADXGI finished unchanged for the second day straight, closing flat at 5,055.06 points on Wednesday, August 20.
Abu Dhabi Ship Building was the top gainer, ending up 10.14 per cent to AED3.04. RAK Ceramics lost the most, finishing 2.44 per cent lower to AED1.20.
RAKBANK declined by 1.54 per cent to hit AED9.60. Earlier in the day, RAKBANK’s CEO, Peter England, told Radio Dubai Eye’s business breakfast morning show that it bought into RAK Insurance Company to broaden its financial services. On Monday, RAKBANK received shareholders’ nod to go ahead with the majority purchase. “RAKBANK, for many year, is at the forefront of selling all sorts of personal finance products, but we not only want to distribute, but also manufacture more of our own products.”
Regarding the establishment of the Al Etihad Credit Bureau, England said that he does not expect that loan growth in the UAE will slow down because of the new government-run institution, which will collect personal credit data and credit history (such as bounced cheques) from September 2014 onwards.
Wednesday, August 20- 2014 @ 17:08 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.