Abu Dhabi banks get cash support

Abu Dhabi banks get confidence boost

The Gulf state of Abu Dhabi is pumping $4.36bn into five of its leading banks.

The move comes after several banks posted weaker than expected profits, partly because of bad loans.

A government statement said that, given the state of the global economy, the injection would boost confidence in the emirate's financial institutions.

Correspondents say Abu Dhabi is not the only Gulf state preparing for a tough year after the collapse of the building boom in Dubai.

The funds are being provided to Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank.

Regional banking analyst Raj Madha told Reuters news agency that the move was "shock protection".

He added: "The question is - is the money for a shock they know about or for a shock they don't know about?"