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Emirates NBD, ADCB Rated New ‘Buy’ by Rasmala

July 7 (Bloomberg) -- Emirates NBD PJSC, the United Arab Emirates’ largest bank by assets, and Abu Dhabi Commercial Bank PJSC were rated new “buy” as Rasmala Investments initiated coverage on six banks.

“The market is pricing in three main categories of risks: existing balance sheet risk, the rescheduling/restructuring risks related to ‘Dubai Inc’ and the broader structural risks that are somewhat harder to quantify,” Raj Madha, a Dubai-based bank analyst wrote.’“We think returns for the sector are set to recover strongly once provisioning settles down.”

Rasmala also initiated National Bank of Abu Dhabi with “buy”, and First Gulf Bank PJSC, Abu Dhabi Islamic Bank and Dubai Islamic Bank with “hold”.

Link to Company News:{EMIRATES UH <Equity> CN <GO>} Link to Company News:{DIB UH <Equity> CN <GO>} Link to Company News:{NBAD UH <Equity> CN <GO>} Link to Company News:{ADCB UH <Equity> CN <GO>} Link to Company News:{ADIB UH <Equity> CN <GO>} Link to Company News:{FGB UH <Equity> CN <GO>}

To contact the reporter on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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