The Gulf state is cashing in on wealthy clients from the sanctions-hit country, the news outlet claims Emirati banking majors are trying to capitalize on economic opportunities arising from Western sanctions imposed on Russia, the Wall Street Journal reported on Monday, citing people familiar with the matter. According to the sources, Emirates NBD, Dubai’s key government-controlled financial institution, “poached” bankers from Russian lenders to launch a local subsidiary for dealing with money from wealthy clients. Meanwhile, First Abu Dhabi Bank, the country’s largest lender, is launching a department focused on
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