Dubai Islamic Bank (DIB) is all set to acquire Noor Bank after shareholders gave a nod at the General Assembly Meeting (GAM) on Wednesday.
DIB's combined assets are valuated to touch AED 275 billion on completion of the deal.
Mohammed Al Shaibani, chairman of DIB, said: “The acquisition will provide opportunities for economic growth, ensuring that the UAE’s financial sector remains at the forefront of the Islamic economy.”
The move will fully integrate Noor Bank’s operations with DIB.
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Tesla to pull the plug on Cybertruck after years of poor sales
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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued a law defining Dubai Municipality's mandate to build a future-ready city.
Beaches in Sharjah have reopened to the public, with authorities confirming that an offshore oil spill involving a tanker in October has been contained.
UAE President His Highness Sheikh Mohammed bin Zayed Al Nahyan has met with the US delegation that mediated the talks between Ukraine and Russia in Abu Dhabi this week.
