Banking and finance news and analysis | Business

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grid-nested-first"> <h1>Banking</h1>  <div class="article-teaser article-teaser-with-image-grid-6"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/economy/gcc-likely-to-stand-by-us-dollar">GCC likely to stand by US dollar</a></h4> <p class="last-updated">Jan 2, 2011</p> <p class="lede">The dollar has another bad year in 2010 but as a new year dawns Gulf investors have little alternative in the currency war. <a href="/web/20110102023115/http://www.thenational.ae/business/economy/gcc-likely-to-stand-by-us-dollar" class="more">Read article <span> GCC likely to stand by US dollar</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div>  <div class="ad-mpu">      <script type="text/javascript"> //<![CDATA[ if(typeof(ord) == 'undefined') {var ord = ''; } if(typeof(surroundTag) == 'undefined') { var surroundTag = ''; } if(typeof(article) == 'undefined') { var article = ''; } if(typeof(category) == 'undefined') { var category = 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class="last-updated">Jan 1, 2011</p> <p class="lede">Dubai Holding Commercial Operations Group has five years to pay off new loan. <a href="/web/20110102023115/http://www.thenational.ae/business/banking/creditors-turn-555m-dubai-holding-debt-into-new-loan" class="more">Read article<span> Creditors turn $555m Dubai Holding debt into new loan</span></a></p> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/banking/foreign-investors-target-big-rewards-with-bonds">Foreign investors target big rewards with bonds</a></h4> <p class="last-updated">Dec 31, 2010</p> <p class="lede">Once rare in the Gulf, bonds with high rates of interest are an increasingly common sight of the region's investment landscape. <a href="/web/20110102023115/http://www.thenational.ae/business/banking/foreign-investors-target-big-rewards-with-bonds" class="more">Read article<span> Foreign investors target big rewards with bonds</span></a></p> </div> </div>  <div class="grid-6 grid-nested-last"> <div style="border-bottom: 1px solid rgb(255, 255, 255); height: 22px; width: auto; padding-left: 6px; padding-right: 10px; padding-top: 4px; background-color: rgb(212, 179, 210); font-family: Georgia; font-size: 15px; color: rgb(0, 0, 0); text-transform: uppercase;"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td width="4%" valign="middle" align="left" style="vertical-align: middle;"> <img width="14" height="16" align="absmiddle" style="vertical-align: middle;" alt="" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/nlogo.png"> </td> <td width="96%" valign="middle" align="left" style="vertical-align: middle;">   <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance" style="color: #000000;">finance</a> </td> </tr> </tbody> </table> </div> <div style="background: url('/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/bg-national-conversation-footer.gif') no-repeat scroll right bottom rgb(235, 235, 233); padding-bottom: 30px;" class="extract"> <blockquote> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td valign="top" align="left" style="padding-right: 6px;"> <div class="image"> <img width="119" height="79" alt="" src="/web/20110102023115im_/http://www.thenational.ae/deployedfiles/Assets/Richmedia/Image/SaxoPress/AD20110101729050-Emirates was me_tn.jpg" style="position: relative;" class="null"> </div> </td> <td valign="top" align="left" style="vertical-align: top;"> <p> <span class="text"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance/a-year-defined-by-dubais-financial-management">It was a busy year for Dubai, with financial hurdles being overcome.</a></span>  </p> <p style="color: rgb(21, 120, 201); margin-top: 5px;" class="author"><b><a href="/web/20110102023115/http://www.thenational.ae/vgn-ext-templating/v/index.jsp?vgnextoid=5567e91672448210VgnVCM200000e66411acRCRD">Frank Kane</a></b></p> </td> </tr> </tbody></table> </blockquote>  </div> <div style="border-bottom: 1px solid rgb(255, 255, 255); height: 22px; width: auto; padding-left: 6px; padding-right: 10px; padding-top: 4px; background-color: rgb(212, 179, 210); font-family: Georgia; font-size: 15px; color: rgb(0, 0, 0); text-transform: uppercase;"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td width="4%" valign="middle" align="left" style="vertical-align: middle;"> <img width="14" height="16" align="absmiddle" style="vertical-align: middle;" alt="" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/nlogo.png"> </td> <td width="96%" valign="middle" align="left" style="vertical-align: middle;">   <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance" style="color: #000000;">finance</a> </td> </tr> </tbody> </table> </div> <div style="background: url('/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/bg-national-conversation-footer.gif') no-repeat scroll right bottom rgb(235, 235, 233); padding-bottom: 30px;" class="extract"> <blockquote> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td valign="top" align="left" style="padding-right: 6px;"> <div class="image"> <img width="119" height="79" alt="" src="/web/20110102023115im_/http://www.thenational.ae/deployedfiles/Assets/Richmedia/Image/WVGermanweb_tn.jpg" style="position: relative;" class="null"> </div> </td> <td valign="top" align="left" style="vertical-align: top;"> <p> <span class="text"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/economics/the-piling-up-of-public-debt-defeats-sustainable-growth">An emergency fund by the EU and IMF is a only short-term measure. Struggling economies need to put their affairs in order.</a></span>  </p> <p style="color: rgb(21, 120, 201); margin-top: 5px;" class="author"><b><a href="/web/20110102023115/http://www.thenational.ae/vgn-ext-templating/v/index.jsp?vgnextoid=713a3eff7d53d210VgnVCM100000e56411acRCRD">Wolfgang Schaeuble - Minister of Finance, Germany</a></b></p> </td> </tr> </tbody></table> </blockquote>  </div>  <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/property/emaar-among-the-pacesetters-on-2010s-final-trading-day">Emaar among the pacesetters on 2010's final trading day</a></h4> <p class="last-updated">Dec 30, 2010</p> <div class="image"> </div> <p class="lede">As the closing bell approaches for 2010 trading Emaar Properties were among the first stocks to make an impact. <a href="/web/20110102023115/http://www.thenational.ae/business/property/emaar-among-the-pacesetters-on-2010s-final-trading-day" class="more">Read article <span>Emaar among the pacesetters on 2010's final trading day</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/media/your-chance-to-prove-you-are-a-business-brainbox">Your chance to prove you are a business brainbox</a></h4> <p class="last-updated">Dec 30, 2010</p> <div class="image"> </div> <p class="lede">Take our online Business Quiz of the Year for your chance to win brunch for two. <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/media/your-chance-to-prove-you-are-a-business-brainbox" class="more">Read article <span>Your chance to prove you are a business brainbox</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/economy/dh700-million-acquisition-strategy-for-dubais-masharie">Dh700 million acquisition strategy for Dubai's Masharie</a></h4> <p class="last-updated">Dec 28, 2010</p> <div class="image"> </div> <p class="lede">A Dh700 million investment spree is planned by the private equity arm of Dubai Investments as Masharie plans to acquire a number of companies in 2011. <a href="/web/20110102023115/http://www.thenational.ae/business/economy/dh700-million-acquisition-strategy-for-dubais-masharie" class="more">Read article <span>Dh700 million acquisition strategy for Dubai's Masharie</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/markets/oil-price-drives-up-uae-banking-stocks">Oil price drives up UAE banking stocks</a></h4> <p class="last-updated">Dec 28, 2010</p> <div class="image"> </div> <p class="lede"><b>MARKETS UPDATE: </b>Banking stocks in the UAE reversed yesterday's losses during the first part of the trading session today, buoyed by higher oil prices. <a href="/web/20110102023115/http://www.thenational.ae/business/markets/oil-price-drives-up-uae-banking-stocks" class="more">Read article <span>Oil price drives up UAE banking stocks</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/banking/central-bank-tells-lenders-to-increase-provisions">Central Bank tells lenders to increase provisions</a></h4> <p class="last-updated">Dec 28, 2010</p> <div class="image"> </div> <p class="lede">The Central Bank's decree is to guard against potential exposure to the Saad and Al Gosaibi groups of Saudi Arabia. <a href="/web/20110102023115/http://www.thenational.ae/business/banking/central-bank-tells-lenders-to-increase-provisions" class="more">Read article <span>Central Bank tells lenders to increase provisions</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/banking/uae-banks-to-hike-saad-and-gosaibi-provisions-to-80">UAE banks to hike Saad and Gosaibi provisions to 80%</a></h4> <p class="last-updated">Dec 27, 2010</p> <div class="image"> </div> <p class="lede">UAE banks with exposure to the ongoing Saad and Gosaibi Group legal action have been asked to increase their loan loss provision to 80 per cent. The UAE Central Bank has asked all lenders to have the provision in place by the end of the year. <a href="/web/20110102023115/http://www.thenational.ae/business/banking/uae-banks-to-hike-saad-and-gosaibi-provisions-to-80" class="more">Read article <span>UAE banks to hike Saad and Gosaibi provisions to 80%</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/banking/us-buyout-giant-carlyle-partners-up-with-dubais-difc">US buyout giant Carlyle partners up with Dubai's DIFC</a></h4> <p class="last-updated">Dec 27, 2010</p> <div class="image"> </div> <p class="lede">The Dubai International Financial Centre (DIFC) is teaming up with one of the world's biggest buyout firms - The Carlyle Group - to make fund management in the financial free zone easier and cheaper. <a href="/web/20110102023115/http://www.thenational.ae/business/banking/us-buyout-giant-carlyle-partners-up-with-dubais-difc" class="more">Read article <span>US buyout giant Carlyle partners up with Dubai's DIFC</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance/precious-little-to-celebrate-but-the-bankers-party-on">Precious little to celebrate, but the bankers party on</a></h4> <p class="last-updated">Dec 26, 2010</p> <div class="image"> </div> <p class="lede">The spotlight may have been on financiers' bonuses this year, and many have given the impression that austerity is the order of the day, but is it really? <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance/precious-little-to-celebrate-but-the-bankers-party-on" class="more">Read article <span>Precious little to celebrate, but the bankers party on</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/banking/rash-of-deals-and-easier-credit-a-boost-for-buyouts">Rash of deals and easier credit a boost for buyouts</a></h4> <p class="last-updated">Dec 25, 2010</p> <div class="image"> </div> <p class="lede">Region buyout companies are predicting a rise in deal-making next year as stronger economies make financing easier. <a href="/web/20110102023115/http://www.thenational.ae/business/banking/rash-of-deals-and-easier-credit-a-boost-for-buyouts" class="more">Read article <span>Rash of deals and easier credit a boost for buyouts</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> <div class="article-teaser"> <h4 class="headline"><a href="/web/20110102023115/http://www.thenational.ae/business/banking/abraaj-buys-49-stake-in-emirates-nbd-payment-arm">Abraaj buys 49% stake in Emirates NBD payment arm</a></h4> <p class="last-updated">Dec 23, 2010</p> <div class="image"> </div> <p class="lede">Abraaj Capital's purchase of Network International is one of the largest private-equity transactions in recent years. <a href="/web/20110102023115/http://www.thenational.ae/business/banking/abraaj-buys-49-stake-in-emirates-nbd-payment-arm" class="more">Read article <span>Abraaj buys 49% stake in Emirates NBD payment arm</span> </a> </p> <div class="comments-media"> <ul class="media"> </ul> </div> </div> </div>   </div> <div class="channel-conversation clear"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody><tr> <td width="146" align="left" style="padding-bottom: 10px;"> <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights" style="null"> <img width="146" height="51" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/industrylogo.gif" alt="The National Conversation"> </a> </td> <td align="left" style="padding-bottom: 10px;"><hr width="100%" color="#cccccc" size="1" style="color: rgb(204, 204, 204);"></td> </tr> </tbody></table> <div class="grid-4 grid-nested-first"><div style="border-bottom: 1px solid rgb(255, 255, 255); height: 22px; width: auto; padding-left: 6px; padding-right: 10px; padding-top: 4px; background-color: rgb(212, 179, 210); font-family: Georgia; font-size: 15px; color: rgb(0, 0, 0); text-transform: uppercase;"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td width="4%" valign="middle" align="left" style="vertical-align: middle;"><img width="14" height="16" align="absmiddle" style="vertical-align: middle;" alt="" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/nlogo.png"></td> <td width="96%" valign="middle" align="left" style="vertical-align: middle;">   <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance" style="color: #000000;">finance</a> </td> </tr> </tbody> </table> </div> <div style="background: url('/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/bg-national-conversation-footer.gif') no-repeat scroll right bottom rgb(235, 235, 233); padding-bottom: 30px;" class="extract"> <blockquote> <p> <span class="text"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance/uneasy-political-truce-obscures-painful-truth">Commentators are acclaiming the agreement over tax cuts between the two main US political parties. But the deal hides disturbing financial realities.</a></span>  </p> <p style="color: rgb(21, 120, 201); margin-top: 5px;" class="author"><b><a href="/web/20110102023115/http://www.thenational.ae/vgn-ext-templating/v/index.jsp?vgnextoid=ef96f4f5275da210VgnVCM200000e66411acRCRD">Jeffrey D Sachs</a></b></p> </blockquote>  </div> <div style="border-bottom: 1px solid rgb(255, 255, 255); height: 22px; width: auto; padding-left: 6px; padding-right: 10px; padding-top: 4px; background-color: rgb(212, 179, 210); font-family: Georgia; font-size: 15px; color: rgb(0, 0, 0); text-transform: uppercase;"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td width="4%" valign="middle" align="left" style="vertical-align: middle;"><img width="14" height="16" align="absmiddle" style="vertical-align: middle;" alt="" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/nlogo.png"></td> <td width="96%" valign="middle" align="left" style="vertical-align: middle;">   <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance" style="color: #000000;">finance</a> </td> </tr> </tbody> </table> </div> <div style="background: url('/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/bg-national-conversation-footer.gif') no-repeat scroll right bottom rgb(235, 235, 233); padding-bottom: 30px;" class="extract"> <blockquote> <p> <span class="text"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance/madoff-clawback-claims-highlight-moral-dilemma">Irving Picard's efforts to recover billions of dollars could create a new class of victims.</a></span>  </p> <p style="color: rgb(21, 120, 201); margin-top: 5px;" class="author"><b><a href="/web/20110102023115/http://www.thenational.ae/vgn-ext-templating/v/index.jsp?vgnextoid=14117fdfa2448210VgnVCM100000e56411acRCRD">Asa Fitch</a></b></p> </blockquote>  </div> <div style="border-bottom: 1px solid rgb(255, 255, 255); height: 22px; width: auto; padding-left: 6px; padding-right: 10px; padding-top: 4px; background-color: rgb(212, 179, 210); font-family: Georgia; font-size: 15px; color: rgb(0, 0, 0); text-transform: uppercase;"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td width="4%" valign="middle" align="left" style="vertical-align: middle;"><img width="14" height="16" align="absmiddle" style="vertical-align: middle;" alt="" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/nlogo.png"></td> <td width="96%" valign="middle" align="left" style="vertical-align: middle;">   <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance" style="color: #000000;">finance</a> </td> </tr> </tbody> </table> </div> <div style="background: url('/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/bg-national-conversation-footer.gif') no-repeat scroll right bottom rgb(235, 235, 233); padding-bottom: 30px;" class="extract"> <blockquote> <p> <span class="text"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/technology/deal-of-the-day-websites-flood-the-market">Group buying and deal-of-the-day websites are proliferating in the UAE but is the local market in danger of becoming saturated?</a></span>  </p> <p style="color: rgb(21, 120, 201); margin-top: 5px;" class="author"><b><a href="/web/20110102023115/http://www.thenational.ae/vgn-ext-templating/v/index.jsp?vgnextoid=1d482c04ffbcb210VgnVCM200000e66411acRCRD">Ben Flanagan</a></b></p> </blockquote>  </div> </div>  <style> .date { color:#827FA2; font:italic 1.4em 'Georgia',serif; margin-bottom:0; } </style> <div class="grid-4"> <h3 style="color: rgb(147, 147, 177); font-size:15px; font-family:'Georgia',serif; margin-bottom:0px; text-transform: uppercase; word-spacing: -0.25em;">SOUND & <span style="color: rgb(19, 36, 90);">VISION</span></h3> <div class="blogs-list article-teaser article-teaser-with-image article-teaser-with-image-grid-3"> <div class="image"> <img width="220" height="147" alt="" src="/web/20110102023115im_/http://www.thenational.ae/deployedfiles/Assets/Richmedia/Video/insights_vid_teaser1.jpg" style="position: relative;" class="null"> <img width="14" height="14" right: 0pt;" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/icon-multimedia-video.gif" alt="(Video)" class="icon-multimedia"> </div> <p class="text"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/media/video/what-is-the-future-of-tv-revenues-part-1" style="font: 1.47em 'Georgia',serif; color: rgb(38, 38, 38);">What is the future of TV revenues? (part 1)</a></p> <p> <span class="text">How smarter, more targeted TV advertising campaigns are luring advertisers.</span> <span style="font-weight:normal"> <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/media/video/what-is-the-future-of-tv-revenues-part-1" class="more">Watch Video</a> </span> </p> </div> <hr width="100%" color="#cccccc" size="1" style="color: rgb(204, 204, 204);"> <h3 style="color: rgb(147, 147, 177); font-size:15px; font-family:'Georgia',serif; margin-bottom:0px; text-transform: uppercase; word-spacing: -0.25em;">SOUND & <span style="color: rgb(19, 36, 90);">VISION</span></h3> <div class="blogs-list article-teaser article-teaser-with-image article-teaser-with-image-grid-3"> <div class="image"> <img width="220" height="147" alt="" src="/web/20110102023115im_/http://www.thenational.ae/deployedfiles/Assets/Richmedia/Video/insights_vid_teaser2.jpg" style="position: relative;" class="null"> <img width="14" height="14" right: 0pt;" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/icon-multimedia-video.gif" alt="(Video)" class="icon-multimedia"> </div> <p class="text"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/media/video/what-is-the-future-of-tv-revenues-part-2" style="font: 1.47em 'Georgia',serif; color: rgb(38, 38, 38);">What is the future of TV revenues? (part 2)</a></p> <p> <span class="text">What is the future of TV revenues? What paths are likely to succeed or fail? What are the key building blocks of a strategy going forward?</span> <span style="font-weight:normal"> <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/media/video/what-is-the-future-of-tv-revenues-part-2" class="more">Watch Video</a> </span> </p> </div> </div> <div class="grid-4 grid-nested-last"> <div class="grid-4 grid-nested-first"> <div style="border-bottom: 1px solid rgb(255, 255, 255); height: 22px; width: auto; padding-left: 6px; padding-right: 10px; padding-top: 4px; background-color: rgb(212, 179, 210); font-family: Georgia; font-size: 15px; color: rgb(0, 0, 0); text-transform: uppercase;"> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td width="4%" valign="middle" align="left" style="vertical-align: middle;"><img width="14" height="16" align="absmiddle" style="vertical-align: middle;" alt="" src="/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/nlogo.png"></td> <td width="96%" valign="middle" align="left" style="vertical-align: middle;">   <a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance" style="color: #000000;">finance</a> </td> </tr> </tbody> </table> </div> <div style="background: url('/web/20110102023115im_/http://www.thenational.ae/staticfiles/images/portal/bg-national-conversation-footer.gif') no-repeat scroll right bottom rgb(235, 235, 233); padding-bottom: 30px;" class="extract"> <div class="image"> <img width="200" height="134" alt="" src="/web/20110102023115im_/http://www.thenational.ae/deployedfiles/Assets/Richmedia/Image/usgiftweb_tn.jpg" style="position: relative;" class="author-portrait"> </div> <blockquote> <p> <span class="text"><a href="/web/20110102023115/http://www.thenational.ae/thenationalconversation/industry-insights/finance/giving-pledge-looks-good-but-does-it-have-substance">An unprecedented charitable effort spearheaded by the American billionaire philanthropists Gill Gates and Warrent Buffett is not without its sceptics and those less willing to loosen their purse strings. </a></span>  </p> <p style="color: rgb(21, 120, 201); margin-top: 5px;" class="author"><b><a href="/web/20110102023115/http://www.thenational.ae/vgn-ext-templating/v/index.jsp?vgnextoid=bde9e7acf7b98210VgnVCM100000e56411acRCRD">Kathryn Tully</a></b></p> </blockquote>  </div> </div> <div class="catch-up1"> <h2 style="background: none repeat scroll 0pt 0pt rgb(0, 0, 0); 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