By Staff writer
Former advisor to Sheikh Mohammed calls for more mega-deals between firms
More Dubai and Abu Dhabi corporate giants should consider merging, according to Sameer Al Ansari, one of HH Sheikh Mohammed Bin Rashid Al Maktoum’s former advisors.
“I don’t know about the politics of Dubai and Abu Dhabi but I think there are opportunities for Dubai and Abu Dhabi to do more things together,” Al Ansari told Arabian Business.
Al Ansari served as Group Chief Financial Officer for The Executive Office of Dubai Ruler Sheikh Mohammed Bin Rashid Al Maktoum, and was the founding chairman and CEO of Dubai International Capital, the emirate’s defacto sovereign wealth fund.
In an interview with the magazine, he said he hopes the mega-merger last year between Dubai Aluminium (Dubal) and Emirates Aluminium, which created the world’s largest aluminium producer with a market value of $15 billion, is just the start of a wider trend for synergies between Dubai and Abu Dhabi companies.
“What Dubai and Abu Dhabi bring to the table are very synergetic resources and skills so I absolutely hope so and I think it would be good for the UAE if we see more and more mergers and tie-ups,” he said.
Earlier this week the CEO of Emirates NBD, Dubai's largest lender, has reportedly called for more mergers in the UAE's banking sector, saying there are too many banks serving a relatively small population.
Speaking to Gulf Business, Shayne Nelson said that banks in the country are struggling to diversify their income streams in such a crowded marketplace.“There are a lot of licensed banks in the UAE, but the population isn’t that big. It’s unusual for so many banks to be in a country that has the population that the UAE has,” he told the magazine in an interview.
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