The chief executive of Dubai-based Noor Islamic Bank has specified that the banking system could require almost AED25bn ($6.8bn) on top of AED120bn which it had already spent on shoring up bank finances since 2008.

Hussein al Qemzi told UAE daily The National, "The banking sector in the UAE needs continued capital injection. I can say we need another AED20bn to AED25bn."

As per a newspaper, previous week, the International Monetary Fund (IMF) predicted that this year the growth in the UAE would be close to zero. Previously the IMF had expected a 2.4 percent expansion in 2010.