[2007-11-30]  Abu Dhabi's NBAD bank expects UAE revaluation "soon"
The UAE dirham is undervalued against the dollar, to which it is pegged, by between 10 percent and 15 percent, said Nazem al-Kudsi, chief investment officer for asset management at government controlled NBAD.

NBAD is the UAE's second-largest lender by market value.

"All the indications are that they are very serious about revaluation," Kudsi told reporters in the UAE capital, Abu Dhabi, where the central bank is based.

"We expect some action soon ... there are serious discussions going on," he said, on the sidelines of a meeting with investors.

Abu Dhabi is the most powerful member of the UAE federation. NBAD manages about $1.5 billion of assets, mostly in UAE markets.

Source: © Reuters2007