The credit profile of National Bank of Abu Dhabi (NBAD) reflects the bank's privileged relationship with the government of the oil-rich emirate of Abu Dhabi, good asset quality, strong liquidity, and adequate capitalization and profitability. NBAD is the largest bank in the United Arab Emirates (UAE) by total assets, with year-end 1999 assets of United Arab Emirates dirham (UAD) 31.3 billion (US$8.52 billion, at UAD3.67 to US$1). The emirate of Abu Dhabi owns 73% of the bank's capital through the Abu Dhabi Investment Authority (ADIA). As NBAD is the Abu Dhabi government's main bank, the public sector accounts for a significant portion of both loans and deposits. NBAD's asset quality benefits from the significant proportion of lending to the domestic
