Financial and Banking News
MEB Recapitalized to Cover Loan Losses
The Dubai-based Middle East Bank (MEB), controlled by al- Futtaim group which has a 60% stake, has called for a further injection of fresh capital at a meeting of shareholders in Dubai last week. According to a statement by MEB, 90% of the shareholders were represented at the meeting, which approved a 50% increase in MEB's capital from Dh200mn ($55mn) to Dh300mn ($82mn). This second increase in...