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Emirates NBD (DFM: EmiratesNBD), a leading banking group in the region, held its 12th General Assembly Meeting at the Bank's Headquarters.
At the General Assembly Meeting, a review of the year ended 31 December 2018 was presented. Commenting on the business environment, Emirates NBD Chairman, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, said, "The UAE economy, and the banking sector in particular, remained resilient in 2018, despite a challenging environment across global markets. The UAE remained the most competitive economy in the MENA region last year, as the government continues to progress the country's positioning among the world's top business-friendly nations."
His Highness added, "Emirates NBD has retained its position as a leading bank in the Middle East. As we announce a record annual net profit of AED 10 billion for 2018, we are confident that we will continue to deliver a solid performance and build on opportunities even as we overcome any challenges we encounter. The Customer and the Community remain at the heart of Emirates NBD's growth strategy, and we will continue to roll out strategic initiatives to deliver excellent products and services, while increasing shareholder value."
Key financial highlights for 2018 included:
His Highness Sheikh Ahmed Bin Saeed Al Maktoum added: "Looking ahead, with just one year to go until Expo 2020 Dubai, we can see the pace of development stepping up, especially in terms of projects and transport infrastructure. As the official banking partner for Expo 2020 Dubai, we are glad to showcase our innovations in smart technology and digital banking through our site-wide presence as “Bank of the Future" at the event.
His Highness Sheikh Ahmed Bin Saeed Al Maktoum concluded, "Finally, I would like to thank HH Sheikh Mohammed bin Rashid A Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for his sharp and wise vision as well as the Country's wise Leadership, Emirates NBD Group's Board of Directors, members of the Executive Committee and employees for their continuous contribution and efforts towards our success in 2018. I also wish to thank our customers and shareholders for their continued support and trust."
The following resolutions were passed at the General Assembly Meeting:
(b) establish any debt funding programme, up to a maximum amount of U.S.$ 10,000,000,000, in addition to the Existing Programmes (the "New Programmes" and, together with the Existing Programmes, the "Programmes") and undertake any subsequent update of the New Programmes;
(c) issue debt instruments, up to an amount of U.S.$ 5,000,000,000, under any of the Programmes from time to time;
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