Today there was an announcement made by Abu Dhabi Commercial Bank ("ADCB") that the construction of the second phase of the Abu Dhabi One (AD-1) Building Project development in ADNEC's Capital Center District (CDD) has been started.

Abu Dhabi Commercial Bank ADCB. AD and Schroder & Co Bank AG have announced to strike a partnership deal which is aimed to woo wealthy clients of UAE for offering them banking and wealth management services.

The recent partnership will not only help Schroder & Co Bank AG to expand its business outside Switzerland but also offer a handsome opportunities to tap growing opportunities in the oil rich Emirates.

Saad and Algosaibi groups of Saudi Arabia owe Abu Dhabi Commercial Bank PJSC (ADCB) Dh1.49 billion and Dh751 million respectively.

These Saudi groups are being sued by the International and regional banks as their Bahrain banks failed to make payments against their debts. Al Ahli Bank of Kuwait is making arrangements to sue Saad Group and its founder and chairman, Maan Al Sanea, for $125 million in compensation, in a court in New York.

A buy-out of all GMB shares, which are held by Abu Dhabi Commercial Bank PJSC (ADCB), has been completed today by Gulf Merchant Bank Limited (GMB), previously known as Gulf Merchant Group Limited (GMG) - the investment banking and asset management firm which is regulated by the Dubai Financial Services Authority.

GMB and its management company, GMG Holdings Limited, conducted the buy-out.

According to the Chief Executive of the Abu Dhabi Commercial Bank, the bank shall buy back and reissue about 1 billion dirhams ($272.3 million) in bonds due later this year in order to manage its liquidity.

The bank, has also retained Standard Chartered (SCBEF. PK - news - people) as the sole manager for these issues.

About the buy back and reissue of bonds, Ala Eraiqat, Chief Executive of Abu Dhabi Commercial Bank, said: "We retired them and renewed the bonds. The deal was struck before maturity to manage the liquidity."