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September 22, 2002: Dubai Bank opens for business

September 22, 2002: Dubai Bank opens for business

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Shaikh Hamdan Bin Mohammad Al Maktoum, Chairman of Dubai Bank, with Mohammad Ali Alabbar, Chairman of Emaar Properties, Ahmad Bin Brek, Chief Executive Officer, and bank staff, after inaugurating the Dubai Bank. -
Gulf News

2002 - The UAE’s newest bank — Dubai Bank — was launched by its Chairman, Shaikh Hamdan Bin Mohammad Al Maktoum, at a function that was also attended by Mohammad Ali Alabbar, Chairman of Emaar Properties, and Ahmad Bin Brek, the chief executive of the bank. Living up to its promise of being a truly breakaway brand and a catalyst for change, the new bank commenced its commercial operations with a rich portfolio of innovative and unique banking products and services. The bank, capitalised at Dh300 million, is a fully-owned subsidiary of the real estate major Emaar Properties. The move is intended to add Emaar Properties shareholder value by way of diversifying into the financial sector. Shareholders of Emaar have ratified the move by the company.

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