UAE concession to foreign banks

UAE - Foreign banks in the United Arab Emirates are to receive a concession under a new central bank law to be issued early next year.

Sultan al-Suwaidi, the central bank governor, has announced that the minimum paid-up capital for the country's 47 local and foreign banks will be raised to Dh100m (£17.2m, €26.9m, $27.2m) from Dh40m, Reuters reported.

However, he stipulated that "for certain foreign banks, we will accept a guarantee from their head office that this minimum level of capital is

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