DUBAI, United Arab Emirates (AP) - Abu Dhabi says it will pump $4.36 billion into its banks to shore up confidence in the oil-rich Gulf emirate's financial sector.
In a statement released Wednesday to state news agency WAM, the government says it is injecting the 16 billion dirhams into five local banks as a strategic and proactive response to global economic conditions.
The funds are being provided to Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank.
The arrangement gives the government nonvoting securities known as Tier I capital notes in each of the banks.
Abu Dhabi is the capital as well as the largest and richest of the seven United Arab Emirates.
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