Financial and Banking News


MEB Recovers from Heavy Losses

After a major recapitalization exercise last year (MEES, 9 June 1986), the loss-making Dubai-based Middle East Bank (MEB) recorded a modest DhlO.4mn ($2.8mn) profit in 1986 according to results released last week. MEB received Dh100mn of fresh capital last year to cover a Dh93.1mn loss in 1985 which not only wiped out its reserves but left it carrying forward negative net reserves of Dh39.3mn at the beginning of...