June 24th, 2008
Something of Value

Summary

▪Emirates National Bank of Dubai (ENBD)
We are initiating our coverage of Emirates National Bank of Dubai with a “Strong Buy” recommendation, based on a target price of AED16.01/share, which offers 35.1% upside potential to the bank’s current market price.

▪Dubai Islamic Bank (DIB)
We are initiating our coverage of Dubai Islamic Bank with a “Buy” recommendation, based on a target price of AED10.42/share, which offers 26.3% upside potential to the bank’s current market price.

▪Commercial Bank of Dubai (CBD)
Commercial Bank of Dubai (CBD) We are initiating our coverage of Commercial Bank of Dubai with a “Hold” recommendation, based on a target price of AED10.76/share,which offers 6.0% upside potential to the bank’s current market price.