The profit announcement was accompanied by news that FGB is to raise capital by AED 800 million ($218 million) through the issuance of convertible bonds. ‘This will be a new strategic initiative to the market and will certainly strengthen FGB‘s presence,’ said FGBchief executive Abdulhamid Saeed. ‘The issuance of convertible bonds will ensure the bank’s growth and preserve the rights of shareholders adding value to their investment by introducing strategic partners.’