Majority ownership by and privileged relationship with the government of the Emirate of Abu Dhabi. Solid domestic commercial position, translating into above-average operational efficiency. Very strong capital level and high quality of capital. Resilient asset quality and prudent risk management. Large concentration risks on both sides of the balance sheet, like other Gulf Cooperation Council banks. Challenging, though improving, operating conditions in the United Arab Emirates. Standard&Poor's Ratings Services' outlook on United Arab Emirates (UAE) based National Bank of Abu Dhabi (NBAD) is stable. We believe the bank's dominant domestic position is well-secured, owing to its strong relationship with the Abu Dhabi government, and will enable it to operate with strong operating profitability. In our view, the strong
