Emirates NBD was formed in 2007 by a merger between Emirates Bank International and the National Bank of Dubai. In 2022, it served over 17 million customers in 13 countries in the MENAT region through a network of 879 branches. In February 2023, Emirates Islamic, the Islamic subsidiary of Emirates NBD Group, issued a dirham-denominated sukuk valued at $272.5 million, following its $272.5 million dirham-bond sale in January 2023. The group’s net profit hit $3.5 billion in 2022, an increase of 39.8% compared to 2021. The Government of Dubai owns 55.8% of Emirates NBD through the Investment Corporation of Dubai.