His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, chaired the meeting of the Board of Directors of Ajman Bank, which was held on February 9, 2023, at the Ruler’s Court in the Emirate of Ajman. His Highness was briefed on the bank’s financial results for the year ending on December 31, 2022.

Ajman Bank has reported total operating income of AED 942.3 million in 2022 compared to AED 908.4 million in the previous year (up by 4% YoY). Fees, commission and other income for the year ended increased to AED 184.8 million as compared to AED 106.0 million in the previous year (up by 74% YoY).

The net profit in 2022 was reported as AED 162.1 million (up by 40% YoY) compared to AED 116.2 in 2021.

His Highness Sheikh Ammar bin Humaid Al Nuaimi expressed his appreciation of Ajman Bank’s positive results and was pleased with the performance of the UAE’s financial market, which is moving towards greater prosperity. He also recognized and lauded the efforts of those responsible for the bank’s operations in serving investors and customers, which has earned the bank a distinguished reputation and a leading position among local banks.

His Highness Sheikh Ammar, said, “The positive economic conditions in the UAE provide a favourable environment for businesses to thrive and grow. Our strong financial results are testament to the strength and stability of the UAE economy and Ajman Bank is an integral part of it. We are confident that our focus on delivering exceptional solutions through strategic investments and innovative business practices to our clients will result in sustained success for Ajman Bank.”

Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, stated, “Our success is due to a disciplined and cooperative approach, with a goal to have a positive impact on the economy, businesses, and people’s lives. Our solid performance is driven by a clear business strategy, a favorable product mix, exceptional customer service, and industry-leading technology solutions. We are proud to say that over the months Ajman Bank has made substantial advancements in retail and corporate banking. Looking ahead, we are optimistic about future growth and profitability through diversifying sectors, improving margins, and increasing non-funded income. With the support of our dedicated team, we are confident in continuing to provide effective and efficient service to our customers.”

As of 31 December 2022, the total assets amounted to 21.1 billion dirhams, compared to 22.3 billion as on 31 December 2021. Islamic customer deposits increased by 7% YoY and the Bank has capital adequacy ratio of 15.59% on regulatory capital.

GMG, a global well-being company retailing, distributing, and manufacturing a portfolio of leading international and home-grown brands across sport, food and health sectors, has announced the acquisition of aswaaq LLC from Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai, including its companies operating in retail, trading, and properties.

This acquisition adds a total of 11 community malls and 22 supermarkets to GMG’s rapidly expanding retail network, positioning the group as one of the largest operators of community malls in the UAE.

In April 2022, GMG acquired Géant operations in the UAE from Urban Foods by Dubai Holding, adding 18 hypermarket and supermarket outlets to its rapidly expanding retail footprint.

Mohammad A. Baker, Deputy Chairman and CEO of GMG, said, “This acquisition marks a strategic milestone in our operations, as we not only expand our food retail portfolio but also add aswaaq’s companies operating in retail, trading, and properties. Our acquisitions and expansions come with a purpose-driven objective – to contribute to the UAE government’s National Food Security Strategy and enhance and add value to our consumers’ well-being.”

“By bringing aswaaq under the GMG portfolio, we are getting even closer to our communities. Through a wide range of supermarkets and community malls, we will continue enhancing convenience and improving our customers’ lifestyle choices. We aim to take the concept of community malls to greater heights by nurturing the surrounding communities, regularly engaging with them, and creating opportunities for the local communities to thrive. aswaaq’s customer loyalty programme, wafa, was designed to bring better value to the customers, and as such, it will remain an imperative platform for us to serve the national communities better,” Baker added.

Khalifa Al Daboos, Deputy CEO, Investment Corporation of Dubai, stated, “We at ICD are very proud of all that has been achieved at aswaaq in the last 12 years. We believe that aswaaq and its employees will thrive and grow under the guidance of a diversified family-owned business with immense experience and a glowing track record in the retail sector, where aswaaq will play the leading role in GMG’s push to become the main player in UAE food retail.”

Currently, GMG’s Consumer Goods division manages Franprix, Monoprix, and Géant brands. To date, GMG has introduced over 120 brands and has announced plans to double its global workforce by 2025. Currently, GMG employs approximately 8,700 people across all its verticals, with its workforce estimated to grow by around 10 percent after the acquisition.

GMG’s evolving retail strategy comes amid a rapid expansion of the UAE’s consumer retail market. The segment is anticipated to grow at nearly 6 percent in the next five years and touch US$37.70 billion by 2027 because of the rising per capita income, a booming tourism sector, a growing number of expatriates, and new commercial projects, including malls.

The Sharjah Economic Development Department (SEDD) has obtained PAS 7070: 2016 Benchmarking Management Certificate, among the first local and federal government institutions and entities, in cooperation with Lloyd’s Register Quality Assurance (LRQA).

Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, affirmed that the certificate confirms department success in continuously developing the efficiency standards of its services and bringing them to the highest levels.

Hamad Al Midfa, Acting Director of Strategic Planning and Performance Department, indicated that the international standard for benchmarking contributes to identifying the organisational needs of SEDD to measure its performance. It contributes to supporting the system of excellence and institutional development and raising the efficiency of strategic plans according to international practices.

The Ministry of Finance (MoF), and the Arab Monetary Fund (AMF), in cooperation with the International Monetary Fund (IMF), will organise the Seventh Annual Arab Fiscal Forum under the theme: “Fiscal Sustainability in the Arab World beyond the COVID-19 Pandemic: Challenges and Opportunities” on 12th February at Jumeirah Mina A’Salam Hotel, Dubai. They will also organise three dialogue sessions to discuss the key global financial trends, on the sidelines of the 2023 edition of the World Government Summit (WGS2023), which is being held under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, from 13th to 15th February.
Commenting on the MoF’s participation as a strategic partner in the WGS2023, Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised the significance of the summit as an important global forum for foreseeing and building the future for tomorrow’s generations. Government leaders, ministers, and finance experts from around the world and representatives of financial bodies will come together to exchange visions, expertise, and successful government experiences in facing the various challenges the world is witnessing.
Al Hussaini said: “Through our participation in the WGS, we are keen to strengthen means of communication, consolidate partnerships, and open fruitful discussions with various international partners on future opportunities and challenges in government financial work. This is with the aim of harnessing all efforts to contribute to advancing the comprehensive and sustainable development process, in order to meet the needs of current and future generations, sustain natural resources, and promote human well-being.”
Dr. Abdulrahman Al Hamidy, Director General, Chairman of the Board of the AMF, stressed the importance of the forum in exchanging experiences and expertise between Arab countries to discuss fiscal policy challenges in light of the current economic and financial developments. He lauded the efforts made by Arab authorities to achieve economic recovery and financial stability and promote comprehensive and sustainable growth. Additionally, His Excellency emphasised the critical role that economic and financial policies have in preserving social and economic stability, as well as the significance of this year’s forum topics in keeping up with the current demands. He also commended the UAE authorities for supporting the work of the AMF.
Ministers of Finance and Governors of Central Banks in Arab countries will attend the seventh Annual Arab Fiscal Forum, along with Ms. Kristalina Georgieva, Managing Director of the IMF.
The Arab Fiscal Forum will include four sessions; the first, titled “Macroeconomic Developments and Prospects”, examines recent global and regional economic developments and the outlook, with a focus on key fiscal policy challenges and priorities. The second session, titled “Managing Climate Risks and Opportunities: Fiscal Policy and Climate Change”, focuses on fiscal policy measures to address both the challenges and opportunities associated with climate change and to ensure a transition to a green economy.
The “Managing Fiscal Risks” session explores the scope for enhanced fiscal risk management and its challenges for Arab countries. The fourth and last session, titled “Financing Fiscal Needs: Enhancing Domestic Revenue Mobilization”, highlights the importance of addressing the prevalence of large informal and hard-to-tax sectors or actors, to broaden the tax base and strengthen compliance.
On the first day of WGS2023, MoF, in cooperation with the IMF and the participation of the AMF, will hold a high-level closed session. On the second day, a dialogue session with Ms. Kristalina Georgieva, Managing Director of the IMF, will be held in collaboration with a number of institutions, including the UAE Gender Balance Council and the Federal Youth Authority. A plenary discussion titled “The Role of Tax Policies in Achieving Sustainable Development” will also be held on the second day by the MoF and AMF. The participation of the Ministry will also see the signing of collaboration and cooperation agreements, as well as a number of meetings with regional and international financial leaders.
More than 30 international organisations, 4,000 senior government officials, experts and private sector leaders will participate in the WGS to explore the future of governments across more than 110 interactive sessions and panels, in addition to 15 global forums that discuss the most prominent future trends in vital sectors.