Global Investment House revised upward the fair value for the biggest lender in Dubai by market’s value, Emirates NBD, a client note showed earlier Monday.

“We have increased our fair value estimate for Emirates NBD to Dh9.69 a share from Dh7.17 a share. Our fair value estimate for the stock indicates 16 per cent upside from the bank’s current market price as on June 26, 2014... We upgrade the stock to “Buy” from our previous “Hold” rating,” said Naveed Ahmed, Senior Manager at Global Investment House, in the note.

As of 09:45 GMT, the stock was traded at AED 7.7, 8% down from the previous close.

“Furthermore, being the largest bank in Dubai and UAE, the bank is the chief financier of the development work required for the Expo 2020... The bank showed some promptness in reducing its non-performing loan (NPL) burden in past few quarters, which helped to improve the bank’s bottom-line,” the note added.