VOL. XLII

No. 02

11-January-1999

UAE

EIB To Raise Share Capital To $82Mn

The board of directors of the Emirates Industrial Bank (EIB) hasdecided to raise the banks capital from Dh200mn ($54.5mn) to Dh300mn ($81.7mn). TheUAE federal government, which holds 51% of the current capital of Dh200mn ($54.5mn), willput up the major part of the capital increase. The other shareholders in EIB consist of 13UAE banks and insurance companies.