GCAA signs air traffic control training agreement with GANS

ABU DHABI: The UAE General Civil Aviation Authority (GCAA) has signed a contract with Global Air Navigation Services (GANS) for the provision of training services for Air Traffic Controllers.

The contract will see GANS provide training services to GCAA ab-initio air traffic controllers at its training centre in Al Ain.

Saif Mohammed Al Suwaidi, Director-General of the GCAA, stated, ‘This agreement highlights our dedication to upholding the highest standards of safety and efficiency within our airspace. By investing in world-class training, we are ensuring that our controllers are equipped with the skills and knowledge necessary to manage the complexities of modern air traffic management.’

Yahya Al Hammadi, CEO of GANS, said, ‘We look forward to delivering this training contract in accordance with GCAA requirements and working together to improve the global Aviation industry through our many collaboration initiatives. I believe the partnership with GCAA will create a new and effective model of collaboration
in our industry.’

Source: Emirates News Agency

ADCB reports net profit after tax of AED 4.456 bn in H1’24


ABU DHABI: Abu Dhabi Commercial Bank PJSC (ADCB) today reported its financial results for the second quarter of 2024 (Q2’24).

Strong performance in H1’24 driven by double-digit YoY growth in net interest income and non-interest income in the context of robust UAE fundamentals.

According to the financial results’ statement, ADCB’s ambitious strategy for accelerated growth is driving strong momentum in the Bank’s operational and financial performance. Net profit before tax increased 30% year-on-year to AED 2.593 billion in the second quarter, and rose 28% to AED 5.023 billion in the first half. On a post-tax basis, net profit for the first half was AED 4.456 billion and was AED 2.317 billion for the second quarter, representing a return on average tangible equity of 15.0% and 16.5% respectively.

ADCB is reinforcing its strong market position through broad-based credit growth in the context of favourable economic fundamentals in the UAE. With an operating income of over AED 9 billion for the first half, the B
ank is moving at pace, recording double-digit year-on-year growth in both net interest income and noninterest income. Rising fee income is enhancing the diversification of revenue streams, driven by deep customer relationships and a sophisticated offering across all core businesses.

ADCB is playing an increasingly central role in the region’s economic dynamism, crossing the key milestone of AED 600 billion in total assets – having expanded at 14% compounded annual growth rate (CAGR) over the last three years. The Bank has recorded AED 30 billion in net loan growth in the first half of the year, driven by solid demand from corporates and individual customers. This robust growth has been marked by increased exposure to high quality credits, resulting in credit risk-weighted assets increasing by only AED 6 billion in the first six months of 2024.

Given the strong loan growth achieved year-to-date and a healthy credit pipeline, ADCB is updating its full-year 2024 loan growth guidance to approximately 15%, from
the previous range of 8% to 10%.

The Retail Banking Group (RBG) continues to leverage digital platforms to expand reach. By providing seamless and immediate access to a broad range of products and services, ADCB’s onboarding app is propelling growth – hitting a new monthly record of 44,000 new customer registrations in May. As the customer base grows, digital engagement also continues to increase, with internet and mobile banking subscribers up 34% year-on-year. The Bank is delivering strong loan growth in Retail, with personal loans up 10% year-on-year, auto loans 19% higher and mortgages increasing 24% as at the end of June. The cards business is also going from strength to strength, with over 64,000 new cards issued in Q2’24(1), fueled by digital onboarding and ecosystem partnerships.

The Corporate and Investment Group (CIBG) is capitalising on rising levels of corporate investment as well as capital markets activity. The business continues to broaden its strong network of clients in the UAE and across t
he GCC, with over 3,500 new banking relationships established year-to-date.

A strong advisory offering and sophisticated product suite have ensured that ADCB’s CIBG business maintains a market-leading fee-to-income ratio.

In the second quarter, ADCB continued to grow market share through solid credit expansion, focused on high-quality credit counterparties to ensure effective capital deployment. In line with the Bank’s strategy to rebalance its lending portfolio, loans to government-related entities (GREs) have increased considerably over the last two years to 27% of total loans, from 23% in December 2022, while exposure to real estate investment has reduced significantly to 15% from 22%.

As a result, the risk-adjusted net interest margin has increased to 2.11% in the first half from 2.05% a year earlier, supported by an improvement of 15 basis points in cost of risk to 0.58%.

ADCB’s strong franchise continues to attract significant customer deposits, which reached AED 390 billion at the end of June, an i
ncrease of AED 27 billion during the first half. Despite a higher interest rate environment, current and savings account (CASA) deposits expanded by AED 21 billion over the previous year, and accounted for 44% of total deposits.

ADCB’s balance sheet remains robust, supported by healthy capital ratios, with the capital adequacy and CET1 ratios strengthening to 16.43% and 13.17%, respectively at the end of June.

Looking ahead, a strong focus on customer experience excellence will remain a core priority to expand market share.

Source: Emirates News Agency

Abu Dhabi Energy Services, UAEU launch country’s largest solar project in education sector

ABU DHABI: Abu Dhabi Energy Services (ADES), a subsidiary of TAQA (Abu Dhabi National Energy Company), announced the commencement of a 9000-kilowatt peak (kWp) solar photovoltaic (PV) project for the United Arab Emirates University (UAEU) in Al Ain.

This project is the largest solar energy initiative in the UAE’s education sector and the first large-scale renewable energy endeavour for the UAEU.

The project will install over 14,000 solar ground-mounted modules with tracking systems on the UAEU campus, covering 190,000 square metres. The panels are expected to provide 25% of the university’s electricity demand and will be completed within 13 months of the agreement’s start.

The initiative is projected to reduce CO2 emissions by 8,187 tons annually, equivalent to removing 1,822 cars from the streets each year.

The collaboration supports the goals of the UAE Consensus from COP28, which aims to triple renewables and double energy efficiency by 2030. This initiative is a significant step in enabling UAEU to in
crease its reliance on renewable energy sources, inspire young people, and set an example for the education sector. It also underscores the commitment of both ADES and UAEU to the UAE’s vision for a sustainable and energy-efficient future.

Prof. Ahmed Ali Al Raeesi, Acting Vice Chancellor of the UAEU, stated, “This project presents a critical milestone towards achieving the UAEU’s vision for achieving sustainability and innovation in renewable energy. We are proud to create partnerships with ADES to implement this pioneering project, which will significantly contribute to reducing carbon emissions and improving efficient energy usage on campus.”

He noted that the university launched various initiatives related to solar energy and supports scientific projects and research that contribute to combating climate change.

Prof. Al Raeesi noted that this project is part of UAEU’s strategy to enhance sustainability, which was reflected in the university’s active participation in COP28.

Khalid Mohamed Al Qubaisi, C
EO of ADES, said, “This solar project marks a significant milestone in our ongoing partnership with the UAEU, reflecting our joint commitment to a sustainable future. By powering the campus with renewable energy, we are shaping a sustainable experience for over 17,000 students and staff.”

He added, “ADES is proud to deliver a comprehensive turnkey solution for this landmark initiative, covering financing, procurement, and construction, in line with the highest industry standards”.

Earlier in 2023, ADES and the UAEU announced the completion of the first phase of their energy efficiency project, which achieved a 27% improvement in energy consumption by retrofitting selected buildings. The second phase expanded these energy-saving measures to additional buildings and facilities, reinforcing the university’s commitment to climate action.

Source: Emirates News Agency

ADGM continues efforts to ensure a seamless transition for Al Reem businesses with Second Community Event


ABU DHABI: Following the success of its inaugural event, ADGM, the international financial centre, hosted its second Al Reem Island Business Community Event. This event underscores ADGM’s ongoing commitment to engaging with local businesses and supporting their transition under its jurisdiction, with the deadline approaching by the end of the year.

Attended by over 150 representatives from Al Reem Island’s business community, the event provided essential updates on licensing, registration fees, and transition processes. It fostered interactive dialogue and collaboration among stakeholders.

As the deadline approaches for Al Reem Island businesses to transition to ADGM’s jurisdiction, ADGM’s executives shared valuable information on converting an ADDED licence to an ADGM licence. Additionally, the ADGM Registration Authority announced significant fee reductions for obtaining commercial licences, with reductions, exceeding 50 per cent for non-financial and retail licences within ADGM’s jurisdiction, that will
take effect from 01 January 2025, aiming to stimulate growth within the financial centre.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “As advocates for the business community, we are committed to ensuring that businesses are well-informed about the ongoing transition and its impact on their operations. These events serve as a platform to guide and support Al Reem-based companies, fostering a conducive business environment in the emirate. Integrating Al Reem Island businesses smoothly into ADGM’s ecosystem is a key priority for us, reflecting our dedication to nurturing a supportive and business-friendly environment in Abu Dhabi, the Capital of Capital. These efforts align with and contribute significantly to the sustainable growth and development of the economy.’

The integration of Al Reem Island into ADGM marks a transformative chapter, solidifying its position as a leading international financial hub and a preferred global destination. Since the expansion, ADGM has supported the comm
unity by establishing an information centre at Shams Boutik Mall and additional centres in business towers on Al Reem Island, enhancing direct engagement and crucial support for the local business community. Furthermore, earlier this year, ADGM announced an incentive initiative exempting existing businesses on Al Reem Island from fees for obtaining an ADGM commercial licence until 31st October 2024.

With all regulatory, administrative, and logistical transitional arrangements in place and actively being implemented, ADGM continues to address key inquiries concerning the impact and outcomes of its jurisdiction expansion.

Source: Emirates News Agency

Mashreq Bank allocates additional AED1 billion in financing for industrial companies

ABU DHABI: Mashreq Bank has allocated an additional AED1 billion in financing solutions to enhance the country’s industrial sector’s growth and support its competitiveness and productivity.

This aligns with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300Bn.

This new step stimulates industrial companies in the country by enabling them with additional financing solutions under the umbrella of “Make it in the Emirates” (MIITE) initiative. It also reflects the Ministry of Industry and Advanced Technology’s (MoIAT) commitment to enhancing collaboration between the public and private sectors and financial institutions to support the industrial sector’s contribution to the UAE’s GDP.

This is an extension of the ongoing partnership between MoIAT and Mashreq Bank during the “Make it in the Emirates 2023 Forum,” during which the bank committed to providing AED1 billion in financing for industrial companies.

In 2023, Mashreq Bank provided AED970 million in financing to ind
ustrial companies of various sizes to enhance growth, expansion, and competitiveness in sectors such as food and beverages, metal industries, and building materials and construction.

Omar Al Suwaidi, MoIAT Under-Secretary, emphasised that the ministry continues to collaborate with strategic partners to provide enablers and incentives to support the growth and competitiveness of the UAE’s industrial sector. This aligns with the objectives of Operation 300Bn, enhancing the attractiveness of industrial investment under the MIITE initiative and the National In-Country Value Programme.

“These efforts support our strategic directions, including the development of AI applications, technological transformation, sustainability, and innovation, which reflect on enhancing productivity and competitiveness,” he added.

Al Suwaidi noted that competitive financing for the industry supports the strategic directions, which include expanding the ministry’s initiatives and programmes.

“We announced in the third edition of MI
ITE Forum of offering 2,000 off take products for local manufacturing. In addition, we launched the AI Innovation Programme, Transform 4.0 to support 100 high-potential manufacturers in digitalisation, creating a group of Industry 4.0 (I4.0) lighthouses over the next three to five years. These efforts and expansions require supportive and enabling financing solutions,” he stated.

He pointed out that innovative financing motivates industrial companies to expand their operations and integrate AI into production. This contributes to transforming factories into smarter and more efficient ones, enhancing the added value to the national economy, creating more growth opportunities for companies, and providing more quality jobs for Emirati talent in production and manufacturing.

Joel Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq Bank, said, “Our partnership with the Ministry of Industry and Advanced Technology represents an important step towards building a prosperous and sustainable futu
re for the industry in the UAE. Providing competitive financing to industrial companies enhances productivity and supply chain flexibility, opening new horizons for investment and growth in vital economic sectors.”

Source: Emirates News Agency

ADGM continues efforts to ensure a seamless transition for Al Reem businesses with Second Community Event


ABU DHABI: Following the success of its inaugural event, ADGM, the international financial centre, hosted its second Al Reem Island Business Community Event. This event underscores ADGM’s ongoing commitment to engaging with local businesses and supporting their transition under its jurisdiction, with the deadline approaching by the end of the year.

Attended by over 150 representatives from Al Reem Island’s business community, the event provided essential updates on licensing, registration fees, and transition processes. It fostered interactive dialogue and collaboration among stakeholders.

As the deadline approaches for Al Reem Island businesses to transition to ADGM’s jurisdiction, ADGM’s executives shared valuable information on converting an ADDED licence to an ADGM licence. Additionally, the ADGM Registration Authority announced significant fee reductions for obtaining commercial licences, with reductions, exceeding 50 per cent for non-financial and retail licences within ADGM’s jurisdiction, that will
take effect from 01 January 2025, aiming to stimulate growth within the financial centre.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “As advocates for the business community, we are committed to ensuring that businesses are well-informed about the ongoing transition and its impact on their operations. These events serve as a platform to guide and support Al Reem-based companies, fostering a conducive business environment in the emirate. Integrating Al Reem Island businesses smoothly into ADGM’s ecosystem is a key priority for us, reflecting our dedication to nurturing a supportive and business-friendly environment in Abu Dhabi, the Capital of Capital. These efforts align with and contribute significantly to the sustainable growth and development of the economy.’

The integration of Al Reem Island into ADGM marks a transformative chapter, solidifying its position as a leading international financial hub and a preferred global destination. Since the expansion, ADGM has supported the comm
unity by establishing an information centre at Shams Boutik Mall and additional centres in business towers on Al Reem Island, enhancing direct engagement and crucial support for the local business community. Furthermore, earlier this year, ADGM announced an incentive initiative exempting existing businesses on Al Reem Island from fees for obtaining an ADGM commercial licence until 31st October 2024.

With all regulatory, administrative, and logistical transitional arrangements in place and actively being implemented, ADGM continues to address key inquiries concerning the impact and outcomes of its jurisdiction expansion.

Source: Emirates News Agency

Yahsat holds forum for Zimbabwe Government Ministries showcasing its advanced space tech solutions

HARARE: Al Yah Satellite Communications Company PJSC (Yahsat), the UAE’s flagship satellite solutions provider, organised a high-level forum with several Zimbabwean Government Ministries, providing live demonstrations of its newest space technology.

The forum was conducted in cooperation with Satcom Technologies, Yahsat’s recently appointed partner in Zimbabwe to explore new satellite communications opportunities in the African country. The event occurred on 17 July at the Hyatt Regency, Harare, and attracted high-level delegates from the Zimbabwean Government.

The forum discussed how Yahsat’s state-of-the-art space technology can connect communities to essential online services. Zimbabwean officials also took part in a series of live demonstrations showcasing Yahsat’s latest Telemedicine and e-Learning solutions. The attendees gained first-hand knowledge about the significant impact of Yahsat’s products and services and how the Zimbabwean Government can leverage space technology as part of its plans to dev
elop the education and health sectors.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said: “We are delighted with the response we received from attendees at the showcase of our space technology solutions. Our satellite-based solutions make it possible to connect communities in even the most isolated areas reliably and securely so that people can access crucial e-Learning and Telemedicine solutions. The Government of Zimbabwe expressed their interest in these solutions after witnessing the demonstrations.’

Sulaiman Al Ali, Chief Commercial Officer of Yahsat, said: “The partnership between Yahsat and Satcom Technologies is a testament to our commitment to actively contribute to bridging the digital divide experienced by underserved communities across Africa. We believe that by combining our expertise with Satcom Technologies, we can significantly enhance Zimbabwe’s connectivity infrastructure and contribute to its economic development.”

Tafadzwa Collins Semu, CEO of SATCOM Technologies, added: “Sa
tcom is excited about our strategic partnership with Yahsat, which enables us to deliver much-needed solutions to our target sectors. We received strong interest from various Zimbabwe Government Ministries during the forum. The live showcase was a huge success as both partners and government officials experienced the advanced capabilities of Yahsat’s space tech solutions first-hand and witnessed how such solutions can make a real difference in improving access to education, health, and other services for millions of people.’

The agreement with Satcom Technologies is the latest example of Yahsat’s determination to provide advanced satellite communication technology to transform the country’s connectivity, and technological capabilities in communities across Zimbabwe.

These solutions allow users even in the most remote areas to access essential public services in e-Learning, Telemedicine, Mobility, and Fixed solutions while acting as a catalyst to drive sustainable economic growth.

Yahsat’s satellite broadba
nd solutions provider, YahClick, has built an extensive partner and network throughout Africa in recent years and is present in 28 countries across the continent. YahClick leverages satellite broadband services to individuals, governments, and businesses across Africa empowering communities by enabling online government services and e-commerce.

Source: Emirates News Agency

Sharjah Islamic Bank reports 25.8% Increase in net profit for H1 2024


SHARJAH: Sharjah Islamic Bank (SIB) announced an increase in its net profit by 25.8%, amounting to AED622.4 million for the first six months of 2024, compared to AED494.6 million for the same period of the previous year. Net profit after tax amounted to AED566.2 million by the end of the first half of 2024, an increase of 14.5%.

The overall revenue increase is due to SIB’s strong core performance, focus on the SIB’s customer-centric approach, and the introduction of multiple new high-profit-oriented customized products.

Total income on financing and investment products increased by 22.8%, or AED327.8 million, reaching AED1.8 billion for the first half of 2024, up from AED1.4 billion for the same period last year.

Net fees, commissions and other income grew by 20.6% to reach AED294.1 million, compared to AED243.8 million for the same period in the previous year.

General and administrative expenses amounted to AED339.4 million at the end of the first half of 2024, up from AED315.7 million for the same perio
d in 2023. Despite this increase of AED23.7 million, cost to income ratio improved to 33.0% for the six-month period ended 30 June 2024 as compared to 34.7% for the year ended 31 December 2023.

The total assets of the Group stands at an amount of AED74.2 billion as at 30 June 2024, with an increase of AED8.4 billion or 12.7%,compared to AED65.9 billion at the end of the previous year. The Group maintains a strong liquidity, amounting to AED17.0 billion, representing 22.9% of the total assets, compared to 20.8% of the total assets at the end of the previous year.

Sharjah Islamic Bank continues to diversify its financing portfolio across various economic sectors. Total investments in Islamic financing reached AED35.2 billion, an increase of AED2.2 billion, or 6.6%, from AED33.0 billion at the end of the previous year. This growth aligns with the SIB’s prudent credit policy that considers economic and political challenges. The ratio of investments in Islamic finance to customer deposits reached 71.2%, aligning
with the management’s strategic objectives.

The total investment securities increased by AED2.6 billion, or 19.1%, to reach AED16.1 billion, compared to AED13.5 billion at the end of the previous year.

NPL ratio of the Group stands at 5.5% as at 30 June 2024, compared to 5.6% as at last year. This is in accordance with conservative risk management policies, cautious provisioning for troubled financing, and an enhanced coverage ratio, which reached 94.7% as of 30 June 2024, compared to 93.8% at the end of the previous year.

Customer deposits increased by AED4.3 billion, or 9.4% to reach AED49.5 billion in the first half of 2024, compared to AED45.2 billion at the end of the previous year.

Sharjah Islamic Bank has a strong capital base, as the total shareholders’ equity at the end of June 2024 amounted to AED8.3 billion, which represents 11.2% of the Group’s total assets. The Group maintained a high capital adequacy ratio in accordance with Basel-III at 17.22%.

Source: Emirates News Agency

Yahsat holds forum for Zimbabwe Government Ministries showcasing its advanced space tech solutions

HARARE: Al Yah Satellite Communications Company PJSC (Yahsat), the UAE’s flagship satellite solutions provider, organised a high-level forum with several Zimbabwean Government Ministries, providing live demonstrations of its newest space technology.

The forum was conducted in cooperation with Satcom Technologies, Yahsat’s recently appointed partner in Zimbabwe to explore new satellite communications opportunities in the African country. The event occurred on 17 July at the Hyatt Regency, Harare, and attracted high-level delegates from the Zimbabwean Government.

The forum discussed how Yahsat’s state-of-the-art space technology can connect communities to essential online services. Zimbabwean officials also took part in a series of live demonstrations showcasing Yahsat’s latest Telemedicine and e-Learning solutions. The attendees gained first-hand knowledge about the significant impact of Yahsat’s products and services and how the Zimbabwean Government can leverage space technology as part of its plans to dev
elop the education and health sectors.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said: “We are delighted with the response we received from attendees at the showcase of our space technology solutions. Our satellite-based solutions make it possible to connect communities in even the most isolated areas reliably and securely so that people can access crucial e-Learning and Telemedicine solutions. The Government of Zimbabwe expressed their interest in these solutions after witnessing the demonstrations.’

Sulaiman Al Ali, Chief Commercial Officer of Yahsat, said: “The partnership between Yahsat and Satcom Technologies is a testament to our commitment to actively contribute to bridging the digital divide experienced by underserved communities across Africa. We believe that by combining our expertise with Satcom Technologies, we can significantly enhance Zimbabwe’s connectivity infrastructure and contribute to its economic development.”

Tafadzwa Collins Semu, CEO of SATCOM Technologies, added: “Sa
tcom is excited about our strategic partnership with Yahsat, which enables us to deliver much-needed solutions to our target sectors. We received strong interest from various Zimbabwe Government Ministries during the forum. The live showcase was a huge success as both partners and government officials experienced the advanced capabilities of Yahsat’s space tech solutions first-hand and witnessed how such solutions can make a real difference in improving access to education, health, and other services for millions of people.’

The agreement with Satcom Technologies is the latest example of Yahsat’s determination to provide advanced satellite communication technology to transform the country’s connectivity, and technological capabilities in communities across Zimbabwe.

These solutions allow users even in the most remote areas to access essential public services in e-Learning, Telemedicine, Mobility, and Fixed solutions while acting as a catalyst to drive sustainable economic growth.

Yahsat’s satellite broadba
nd solutions provider, YahClick, has built an extensive partner and network throughout Africa in recent years and is present in 28 countries across the continent. YahClick leverages satellite broadband services to individuals, governments, and businesses across Africa empowering communities by enabling online government services and e-commerce.

Source: Emirates News Agency

Sharjah Islamic Bank reports 25.8% Increase in net profit for H1 2024


SHARJAH: Sharjah Islamic Bank (SIB) announced an increase in its net profit by 25.8%, amounting to AED622.4 million for the first six months of 2024, compared to AED494.6 million for the same period of the previous year. Net profit after tax amounted to AED566.2 million by the end of the first half of 2024, an increase of 14.5%.

The overall revenue increase is due to SIB’s strong core performance, focus on the SIB’s customer-centric approach, and the introduction of multiple new high-profit-oriented customized products.

Total income on financing and investment products increased by 22.8%, or AED327.8 million, reaching AED1.8 billion for the first half of 2024, up from AED1.4 billion for the same period last year.

Net fees, commissions and other income grew by 20.6% to reach AED294.1 million, compared to AED243.8 million for the same period in the previous year.

General and administrative expenses amounted to AED339.4 million at the end of the first half of 2024, up from AED315.7 million for the same perio
d in 2023. Despite this increase of AED23.7 million, cost to income ratio improved to 33.0% for the six-month period ended 30 June 2024 as compared to 34.7% for the year ended 31 December 2023.

The total assets of the Group stands at an amount of AED74.2 billion as at 30 June 2024, with an increase of AED8.4 billion or 12.7%,compared to AED65.9 billion at the end of the previous year. The Group maintains a strong liquidity, amounting to AED17.0 billion, representing 22.9% of the total assets, compared to 20.8% of the total assets at the end of the previous year.

Sharjah Islamic Bank continues to diversify its financing portfolio across various economic sectors. Total investments in Islamic financing reached AED35.2 billion, an increase of AED2.2 billion, or 6.6%, from AED33.0 billion at the end of the previous year. This growth aligns with the SIB’s prudent credit policy that considers economic and political challenges. The ratio of investments in Islamic finance to customer deposits reached 71.2%, aligning
with the management’s strategic objectives.

The total investment securities increased by AED2.6 billion, or 19.1%, to reach AED16.1 billion, compared to AED13.5 billion at the end of the previous year.

NPL ratio of the Group stands at 5.5% as at 30 June 2024, compared to 5.6% as at last year. This is in accordance with conservative risk management policies, cautious provisioning for troubled financing, and an enhanced coverage ratio, which reached 94.7% as of 30 June 2024, compared to 93.8% at the end of the previous year.

Customer deposits increased by AED4.3 billion, or 9.4% to reach AED49.5 billion in the first half of 2024, compared to AED45.2 billion at the end of the previous year.

Sharjah Islamic Bank has a strong capital base, as the total shareholders’ equity at the end of June 2024 amounted to AED8.3 billion, which represents 11.2% of the Group’s total assets. The Group maintained a high capital adequacy ratio in accordance with Basel-III at 17.22%.

Source: Emirates News Agency

Real estate transactions in Ajman reach AED9 billion in H1 2024

AJMAN: Ajman’s real estate market witnessed remarkable growth in the first half of 2024, with 7,071 transactions valued at over AED9 billion, reflecting a 33 percent increase compared to the same period in 2023.

According to a report by Ajman’s Land and Real Estate Regulatory Department, these transactions were distributed as follows: 2,039 transactions for citizens, totalling AED2.98 billion, and 5,139 transactions for foreign investors, totalling AED6.048 billion, reflecting an impressive 88 percent growth.

Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation in Ajman, highlighted the emirate’s significant achievements across various sectors. He emphasised that the real estate sector’s alignment with Ajman’s continuous development and economic progress, attributing this success to the wise vision of H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and the diligent efforts of H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Pri
nce of Ajman and Chairman of Ajman Executive Council. Their leadership has positioned Ajman as an attractive destination for real estate investments, he explained.

He added that the real estate sector in Ajman has seen remarkable growth in recent years, due to the emirate’s provision of facilities and success factors for investors and their projects, as well as its flexible legislative environment that attracts investments, the ease of registration procedures, the speed of transaction completion, and the advanced modern infrastructure of the emirate.

Sheikh Abdulaziz emphasised that the growth achieved by the emirate’s real estate sector reflects investors’ confidence in Ajman as a leading investment destination and strengthens the sector’s robustness. It also reflects the success of the Department of Land and Real Estate Regulation’s strategy aimed at providing an integrated and distinguished business environment for investors of various categories.

The department’s report mentioned that the volume of rea
l estate transactions in Ajman during the first half of the year reached 5,449 transactions valued at AED6.139 billion, an increase of 37 percent compared to the same period last year. Additionally, 1,205 mortgage transactions were recorded with a total value of AED1.797 billion over the past six months.

The report explained that the areas of Al Yasmeen, Al Zahia, and Al Helio 2 were the highest in real estate transactions (ownership) during the first half of 2024, while the eastern sector was the most active in real estate transactions during the same period, followed by the southern and northern sectors.

The report identified several key reasons for the increase in foreign investment in the emirate, most notably the promotional activities in the emirate, especially the Ajman Real Estate Investment Exhibition, which saw the signing of 336 deals worth AED195.8 million. Other reasons include the emirate’s excellent and central location among the Emirates, its flexible laws and regulations that attract invest
ment, the variety of models offered in the real estate market, the ease of obtaining financing for residential and commercial projects, and the availability of facilities that allow foreigners to purchase and own property up to 100 percent.

Source: Emirates News Agency

100 agreements worth 106.1 bn rubles concluded in Caucasus Investment Forum

GROZNY: Participants in the Caucasus Investment Forum (CIF) signed 100 agreements, including 7 with foreign authorities and companies, worth 106.1 billion rubles.

The CIF was held from July 15 to 17 under the theme ‘The Greater Caucasus: From Sea to Sea”.

The three-day event brought together over 4,000 delegates, including businessmen, experts, industrial companies, CEOs, and government officials from CIS countries and the five Caspian Sea states.

The ?IF agenda included over 65 events with 430 speakers who discussed ways to develop and grow entrepreneurship, the agro-industrial complex, transport infrastructure, tourism, investment, Russian-MENA technological cooperation, industry, energy, the banking sector, international cooperation, healthcare, AI transformation of business and humanitarian issues.

Source: Emirates News Agency