PEST Analysis of Emirates NBD
An announcement has been made in the recent March by Dubai Government that it is to plough $9.5bn into Dubai World. It also added that the Dubai World proposals will now be presented to its creditors, which include Emirates NBD bank. Emirates NBD along with major bankers count for tow thirds of Dubai World’s exposure.
Dubai Metro also seems to be an good opportunity for the Emirates NBD.
Review of monetary policies, action taken by the Dubai Government seems to be an political threat since monetary policies include interest rate policies, exchange rate methods and others.
United Arab Emirates in general not having taxation policy is one of the key advantages for any organization. Though amendments have been made on this
taxation policy, overall compared to other places, UAE gives an added advantage to enjoy the profits.
Impact of Global Economic crisis on Emirates NBD though was mild; they did review their business strategies.
Profit was declined by some amount but they neither went for employee layoff nor decreased their salaries.
Emirates NBD holds the largest asset base and has got the large share in the United Arabs Emirates market.
Emirates NBD has got separate wing of Corporate Social Responsibility.
It focuses on the priority causes in UAE such as culture , charity, education, art, environment and sport.
Preservation of the UAE culture and heritage are at the heart of the Group
Supporting various initiatives that aim to preserve the UAE culture, the Group has also launches first Pearl museum.
Emirates NBD maintains up to date technology and uses latest effective tools.
It has got a separate department of Information technology dedicated for offering quality and competitive Information Technology solutions and services through consistency, continual improvement and encourages openness to communication, team spirit.
It has achieved “Best Banker Award 2010 in the middle East region for the Best Use of Technology” and also grabbed 2010 Financial Sector Technology award for "Systems Integration Project of the Year".
Emirates NBD is the first bank in United Arab Emirates and Middle East region to start with Internet Banking.
Emirates NBD has got its own Internal Audit Department which assesses and appraises the sufficiency and effectiveness of internal controls including the Emirates NBDs governance, operations, functional values and information systems.
It ensures observance and agreement with policies, rules, procedures, methods, plans, laws and regulations.
They are devoted to offer a risk-based practice which acts at its best way to route audit methodology which involves the utilisation of different automated tools and techniques for flowcharting functions, activities, tasks, risk analysis, data examination and reporting.
Health, safety and environment regulations which must be adhered to at all times to avoid any risk and increase the quality of products and services.
Emirates NBD supports to build a sustainable company for future generations.
They take active and timely decisions to care and sustain the environment - the place where they live and work, to keep it safe and healthy.
Emirates NBD Greenland Quest – The Atlantic to Arctic Expedition can be one of the examples of Emirates NBDs concern towards environmental activities.