February 28 2011, Sharjah, UAE: The General Assembly of the Shareholders of United Arab Bank (UAB) approved during its annual general meeting held yesterday February 27th at Coral Beach Resort in Sharjah the proposal of the Board of Directors regarding the appropriation of profits for the year 2010 by distributing a cash dividend equal to 16% of the paid up capital.
UAB's Chairman, Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, stated that the Bank was able to achieve satisfactory results for the year ended December 2010, considering the general economic downturn and overall market conditions impacted by the Global Financial Crisis that started during the last quarter of 2008, as evidenced by the 10% increase in profit for the year ended in December 2010.
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