Sindh Business Leaders Meet Ambassador Faisal Niaz Tirmizi to Discuss Economic and Cultural Initiatives in UAE
A group of business leaders and professionals from Sindh called on Ambassador Faisal Niaz Tirmizi on July 18, 2024 to appraise him of what they are doing in the UAE to promote economic activity, friendship and cultural heritage of Pakistan in the United Arab Emirates
Ajman Bank sets highest Record in its history for the first half of 2024
His Highness Sheikh Ammar Bin Humaid Al Noaimi, Crown Prince of Ajman and Chairman of Ajman Bank Board of Directors, chaired the meeting held today at the bank’s headquarters, with the attendance of board members and Mustafa Al Khalfawi the CEO of the bank.
His Highness reviewed the bank’s results for the first half of 2024, which showed that it achieved an all-time high half-yearly net profit of AED 216 Million up by 111%, supported by strong profit of AED 108 million in Q2 2024. This is on the back of a 12% increase in total operating income to AED 813 Million as compared to AED 729 Million in corresponding first half of 2023, and net operating income of AED 428 million – an increase of 2%. Return on shareholder Equity (annualized) and Return on Asset (annualized) have doubled in H1 2024 as compared to corresponding period of 2023 to 15.0% (up by 695 bps) and 1.8% (up by 88 bps) respectively.
The strong results are supported by a healthy balance sheet with Total Assets of AED 24.2 Billion, Customer deposits of AED 20.2 Billion and AED 2.9 Billion of Equity.
His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, said, “Ajman Bank’s excellent H1 2024 financial performance showcases the success of our strategic initiatives and the strength of the UAE’s economic landscape. We are immensely proud of our team and extend my gratitude to the Board of Directors, senior management, and all employees for their continued support, hard work and dedication.”
Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, stated, “Our outstanding H1 2024 financial results with substantial income growth across all core businesses underscore Ajman Bank’s unique market position and reputation as a trusted partner. These accomplishments are a collective victory for our team and our customers, driving us to innovate and excel further. Speed, Service, and Specialization are the cornerstones of our operations. We are poised to capitalize on exciting opportunities ahead of us and we remain committed to delivering exceptional value and fostering innovation to drive sustainable growth.”
Ajman Bank’s Capital adequacy ratio increased to 17.6% (up by 251 bps) and Tier 1 Capital Ratio increased to 16.4% (up by 252 bps), which remain well above regulatory requirements. Advance to stable resources ratio of 78.4%, and eligible liquid asset ratio of 19.8%, underline its solid liquidity and along with the capital position provide a strong foundation for continued growth. Ajman Bank’s non-performing financing ratio reduced significantly to 10.9% in Q2 2024 (from 14.7% in Q1 2024), clear evidence of the improving credit portfolio of the bank.
This strong financial performance was delivered thanks to continued focus on expanding the customer base, operating income, enhancing the credit quality, and continued focus on risk management. 33% of the new accounts opened through digital channels which emphasis on our focus on the digital transformation. Additionally, the BBB+ Rating with a Stable Outlook from Fitch reflects our financial strength and stability.
The bank is confident that the solid foundation on the back of it’s strong H1 2024 results, the ongoing transformation and the strength of the UAE economy will help it maintain a strong momentum for growth and continued profitability through 2024 and beyond.
du launches Future X, a graduate trainee program to forge the next generation of digital innovation leaders
The program offers a comprehensive framework for fresh graduates aimed at nurturing the technological experts of tomorrow.
Dubai, UAE, July 8, 2024: du, from Emirates Integrated Telecommunications Company (EITC), today announced the launch of Future X, an innovative graduate trainee program for UAE nationals crafted to nurture and convert fresh talent into outstanding professionals. Future X represents du’s commitment to digital excellence, providing an incubator for tomorrow’s leaders with a structured framework for graduates to transition from academia to a professional environment.
The Future X program is an accelerated journey built around the principles of learning, innovation, and adaptability. It equips UAE nationals who are newly graduated from higher education with skills that resonate with industry progression and tech-forward strategies, to accelerate in a digital-first market by focusing on continuous professional development and emphasizing tech-driven innovation.
Fatema Al Afeefi, Head of Employee Experience and HR Digitalization at du, said: “In response to dynamic market changes, du is committed to delivering innovation excellence. Emiratisation, coupled with the need for technological expertise, is at the forefront of our revamped strategy to nurture a pioneering workforce in future-anchored technology. Future X is a transformative program to comprehend and adapt to market needs and cultivate the most fitting talent for a future-proof UAE.”
Future X is designed to facilitate the creation of Emirati talent with digital focused trainings and tailored for the innovative world and the market demands. By integrating a visionary structure of four core pillars—Digital Talent Learning, Culture of Innovation & Excellence, Adaptability & Integrity, and Collaboration & Engagement, Future X ensures that talented graduates are versatile, ethically grounded, and collaborative – well-equipped for the current market and proactive pioneers of tomorrow’s digital landscape. The program has a comprehensive curriculum with training paths organized to offer participants a spectrum of tools, knowledge, and practical training required to thrive in selected specializations. Through instructive workshops, personalized mentorship, collaborative projects, and exposure to industry dynamics, graduates will acquire a robust skill set for their professional journey. Embark on a journey of innovation and growth—apply to Future X at www.du.ae/FutureX and start shaping your digital future today.
e& UAE accelerates 50G PON technology adoption through live network deployment
e& UAE has successfully deployed 50G PON (50-Gigabit-capable passive optical networks) technology in live network.
50G PON technology represents a significant leap from the previous GPON and XGS-PON technologies, which have been fundamental in delivering broadband services globally. It aims to increase internet speeds up to 50 Gigabits per second (Gbps) substantially, enabling faster streaming of high-definition videos, quicker downloads and uploads, and a more responsive online experience. Furthermore, it supports the growing number of smart devices at homes, from smart TVs to connected appliances, ensuring everything runs smoothly without interruptions.
Marwan Bin Shakar, Senior Vice President Access Network Development, e& UAE, said, “At e&, we are committed to evolving and meeting the ever-growing demands for faster, more reliable, and widespread connectivity. With the deployment of 50G PON technology, we are leading the charge in transforming our network infrastructure and being future ready.”
e& UAE’s deployment of 50G PON is among the pioneering initiatives globally, reflecting the UAE’s leading position in telecommunications and connectivity. While most markets are still in the process of rolling out 10G PON technology or are in the early stages of adopting 50G PON, this live network deployment positions the country with a significant lead.
“As we transition into an era of hyper-connectivity and digital transformation, 50G PON technology is beyond an upgrade—it’s a revolution. It redefines the possibilities of fibre optic communication, paving the way for ultra-high-speed internet access across all sectors and industries. This advancement positions us at the forefront of global innovation, ready to unlock the future of connectivity,” added Bin Shakar.
50G PON technology brings a wide array of benefits. For consumers, it means seamless streaming of high-resolution content, faster downloads and uploads, and a more responsive online experience. Additionally, businesses will benefit from quicker data transfers, enhanced cloud-based applications, and robust support for bandwidth-intensive operations like video conferencing, remote collaboration, and data backups.
UAE banks’ investments up 0.3% to AED 666.2 billion by end of April
ABU DHABI, 12th July, 2024 (WAM) – The total investments by banks operating in the country continued to rise steadily, reaching AED 666.2 billion at the end of April 2024, registering growth of 0.3% on a monthly basis, and 5% since the beginning of the year, according to banks indicators
Issued by the Central Bank of the UAE (CBUAE) today.
The figures showed a 21% increase in investments at th end of April 2024 compared to the same month last year.
At te end of last April, the investments included debt securities at AED 270.5 billion, equities at AED 16.6 billion, held to maturity securities at AED 328.5 billion, and other investments at AED 50.6 billion.
Thani Al Zeyoudi, Côte d’Ivoire Prime Minister inaugurate UAE-backed cashew processing factory in West African nation
ABU DHABI, 13th July, 2024 (WAM) — Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and the Prime Minister of the Republic of Côte d’Ivoire, Robert Beugré Mambé, have inaugurated a new UAE-backed cashew processing factory in the West African country, signaling an important milestone in the two nations’ economic relations.
The state-of-the-art facility, which is located in the northern city of Boundiali, is owned and operated by Pan African Agro Commodities Holding Limited (PAACH), an entity incorporated in the Abu Dhabi Global Market (ADGM) that seeks to promote West Africa’s domestic agriculture sector and support the development of its key exports.
Côte d’Ivoire is one of the top five exporters of cashews globally, with around 80 percent of its annual production sold to overseas markets. Cashews are also Côte d’Ivoire’s second-most important export product, contributing 9 percent to the nation’s GDP. With a daily processing capacity of 100 metric tonnes, the facility is expected to create 500 direct and 3,500 indirect jobs and enhance the country’s role in global supply chains.
In remarks delivered at the launch ceremony, Al Zeyoudi said the facility is an embodiment of the UAE’s commitment to West Africa and expressed his optimism for the future of relations between the UAE and Côte d’Ivoire. “The opening of this impressive cashew-processing factory underlines the UAE’s belief in the economic potential of Côte d’Ivoire, and offers a compelling model for further investments into the region as a whole. This is one of the most dynamic economies on the continent, one that is adopting bold economic policies and ambitious reforms designed to deliver sustained, diversified growth. We envision huge potential for private-sector collaboration between our nations as we support the development of Côte d’Ivoire’s industrial, agricultural and supply chain capabilities. My visit this week marks an important step in strengthening the economic partnership between our two countries, which I look forward to building on in the years ahead.”
In his remarks at the inauguration, Abdul Jabbar Al Sayegh, Chairman of the Board of Directors of Pan African Agro Commodities Holding Limited, stressed that Côte d’Ivoire is a country rich in potential. “This factory not only represents a major investment in the Côte d’Ivoire market, it is also testament to the strength of the bilateral relations between the UAE and Côte d’Ivoire. We are committed to contributing positively to the local economy, and are confident that our company and its investments in the Ivorian economy will enhance growth and contribute to economic and social progress. It will be a new gateway to opportunities for both sides.”
While in Côte d’Ivoire, Al Zeyoudi also held in-depth talks with Prime Minister Robert Beugré Mambé on a wide range of economic issues, including the acceleration of private-sector cooperation, which both nations have identified as central to growth, diversification and job creation.
The meeting reflected the potential for greater collaboration between the two nations, and the potential for further investment in key sectors such as food production, agriculture, manufacturing and logistics.
Al Zeyoudi then held discussions with Dr. Souleymane Diarrassouba, Minister of Trade and Industry, and Mamadou Sangafowa-Coulibaly, Minister of Mines, Energy and Petroleum, in which they all agreed to find new avenues for increased collaboration.
In recent years, bilateral trade between the UAE and Côte d’Ivoire has flourished, with non-oil trade growing to US$468 million in 2023, an 95 percent increase compared to 2020. The growing economic partnership has also seen increased investment flows, with both nations committed to further enhancing their economic ties across a range of sectors including agriculture, tourism, infrastructure and telecoms.