UAE's Majid Al Futtaim invests $1.36 billion to expand Dubai's Mall of the Emirates
($1 = 3.6728 UAE dirham)
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Saba Yemen
3 days ago
- Saba Yemen
Foreign Affairs: Decision to announce termination of UN envoy to Yemen possible if agenda of aggressor countries continues to be implemented
Sana'a - Saba: The Ministry of Foreign Affairs and Expatriates expressed on Tuesday regret over the contents of the briefing of Special Envoy of the Secretary-General of the United Nations Hans Grundberg before the Security Council session held Tuesday. In a statement received by the Yemeni News Agency (Saba), the Ministry of Foreign Affairs and Expatriates affirmed that it followed, as usual, the briefing of the UN envoy to Yemen before the Security Council on August 12, 2025 AD. Unfortunately, his briefing continues to revolve around a vicious circle and steers clear of the root causes of the crisis in Yemen. The Ministry indicated that talk of peace and stability remains incomplete without a clear reference to the ongoing Saudi-Emirati military aggression, the American, British, and Israeli aggression, as well as the comprehensive and unjust blockade imposed on the Yemeni people for years. The statement noted that the briefing did not provide an accurate and impartial description of the reality on the ground, which undermines its credibility and makes it appear as if it is settling the victim and the perpetrator. Regarding the UN envoy's reference to escalation on the front lines, the Ministry of Foreign Affairs affirmed that any military actions by the Yemeni armed forces are part of a legitimate response to the ongoing violations by the mercenary side, which has not committed to a genuine and comprehensive ceasefire. The Ministry also emphasized that strengthening defensive positions in areas in Hodeida is a natural measure and a sovereign right to protect Yemeni territory and vital infrastructure, especially with the ongoing threats of aggression. It expressed surprise that Sana'a was held responsible for the fragmentation of the Yemeni economy, when the real cause lies in the unilateral decisions taken by the "Central Bank in Aden," affiliated with the coalition's mercenary government. The statement emphasized that these decisions, which led to the collapse of the currency, were made under the direction and direct support of the aggressor states. The statement explained that the measures taken by the Government of Change and Construction, including the issuance of currency, are necessary measures aimed at protecting the national economy and maintaining currency stability in areas controlled by the Supreme Political Council, ensuring the continued provision of services to citizens. The Ministry of Foreign Affairs called on the UN envoy to assume his responsibility impartially and speak frankly about the unilateral measures taken by mercenaries that threaten the unity, sovereignty, and territorial integrity of the Republic of Yemen. These measures include the issuance of new identity cards, a move aimed at perpetuating political separation and undermining the Yemeni social fabric. These measures also include unilateral measures aimed at restricting citizens by obstructing the process of authenticating educational documents, criminal records, and medical professional licenses, among other things. The statement reiterated that the support and backup operations for the Yemeni armed forces in the Red Sea and Bab al-Mandab are in solidarity with the oppressed Palestinian people in Gaza, and are not part of the internal conflict, as the UN envoy is promoting. The statement pointed out that these operations will not cease until the aggression stops and the blockade on the Gaza Strip is lifted. It noted the UN envoy's attempts to link the operations to the aggression and blockade on Yemen and to discuss the damage to ports, while deliberately ignoring the direct attacks carried out by the aggression on Yemeni ports and airports since the beginning of the war. The statement also ignores its responsibility to alleviate the suffering of special humanitarian cases requiring travel for medical treatment, which has resulted in the deaths of some of them. The Ministry of Foreign Affairs and Expatriates also renewed its call for the UN envoy and the Security Council to adopt a more neutral and objective position, based on serious efforts to halt the aggression and fully lift the blockade, and to stop using humanitarian and economic issues as a tool of political pressure. The Ministry's statement emphasized that the decision to announce the termination of the UN envoy's mandate is possible if he continues to represent one party and implement the agenda of the countries aggressing against the Yemeni people. Whatsapp Telegram Email Print
Yemen Online
23-07-2025
- Yemen Online
FAB's Record H1 2025 Earnings: A Strategic Case for Undervalued Growth in the UAE Banking Sector
First Abu Dhabi Bank (FAB) has shattered expectations with its record-breaking first-half 2025 financial performance, posting a net profit of AED 10.63 billion—a 26% year-on-year increase—and a Return on Tangible Equity (RoTE) of 20.5%. These figures not only outpace industry benchmarks but also underscore FAB's emergence as a leader in AI-driven innovation and diversified revenue generation. For investors, this represents a compelling opportunity to capitalize on a bank that is redefining the UAE banking sector's growth trajectory while trading at a discount to its intrinsic value. FAB's strategic embrace of artificial intelligence (AI) has positioned it as a pioneer in digital banking. The deployment of a foundational Agentic AI platform, coupled with the rollout of Microsoft MSFT -0.28% 365 Copilot for all employees, has streamlined operations and enhanced decision-making. Innovations such as the Board AI Observer—a tool that analyzes boardroom discussions to optimize governance—and Voice Concierge, which personalizes customer service, have significantly improved operational efficiency. These advancements have reduced the cost-to-income ratio to 22.3% in Q1 2025 (down from 24% a year earlier), while boosting customer satisfaction and retention. The integration of AI into credit analytics and onboarding processes has further strengthened FAB's risk management framework. By automating underwriting and fraud detection, the bank has reduced loan impairments and accelerated customer acquisition. This technological edge is not just a cost-saving measure—it's a revenue driver. For instance, FAB's AI-powered investment banking division secured a landmark deal to finance one of the region's largest data center projects, contributing to a 17% year-on-year revenue increase in its global markets segment. FAB's revenue model is increasingly resilient, with non-interest income surging 41% to AED 8.35 billion in H1 2025. This growth was fueled by a 25% rise in fees and commissions and a 30% increase in foreign exchange and investment income. The bank's non-interest income now accounts for 46% of total revenue—a stark contrast to the UAE banking sector's average of 38%. This diversification insulates FAB from interest rate fluctuations and positions it to thrive in a low-rate environment. Geographic diversification further amplifies this resilience. FAB's international operations, spanning 16 countries, contributed 30% year-on-year revenue growth in H1 2024. Its recent membership in the Cross-Border Interbank Payment System (CIPS) as the first bank FRBA -- in the MENA region has unlocked new cross-border transaction opportunities, particularly in China and Asia. Domestically, FAB's expansion into wealth management, personal banking, and corporate finance has driven 12% revenue growth in these segments.
Yemen Online
16-07-2025
- Yemen Online
UAE president visits Turkey to deepen strategic ties with Erdogan
UAE President Mohammed bin Zayed traveled to Turkey on Wednesday, according to reports in Emirati media. He is expected to meet with Recep Tayyip Erdogan, and there are many issues on the agenda. Burhanettin Duran, communications director for the Turkish presidency, said the two leaders 'are expected to discuss steps to deepen the strategic partnership between the two countries.' This is a significant visit. Al-Ain media in the UAE said that it 'marks a qualitative shift in relations between the two countries.' It's worth recalling that five years ago, relations were much colder between Ankara and Abu Dhabi. During the Abraham Accords era in 2020, Turkey had even threatened to cut ties with the UAE if it went ahead with normalization with Israel. However, things have changed. Turkey has rekindled its ties with the Gulf, beyond Qatar, which was always a close ally of Ankara. Additionally, Turkey is still hostile to Israel. The UAE has also seen that the accords have not brought it as much as it may have wanted. 'During the visit, Sheikh Mohammed bin Zayed Al Nahyan will discuss with Turkish President Recep Tayyip Erdogan various aspects of cooperation and joint action to serve the development priorities of both countries, in addition to a range of regional and international issues of mutual interest,' al-Ain said on Wednesday. The report goes on to note that 'the two leaders affirmed their countries' keenness to support all efforts and endeavors made to achieve regional peace and stability, which would benefit all peoples of the region.' A historic milestone This is the third visit by the Emirati president to Turkey in four years, following two visits on June 10, 2023, and one on November 24, 2021, which marked a historic milestone and a significant turning point in the course of relations between the two countries, Al-Ain noted. 'During the same period, the Turkish president made five visits to the UAE, the most recent of which was in February 2024, during which he attended the World Government Summit 2024, in which Turkey participated as the guest of honor, crowning the growing relations between the two countries.' There are many important issues ahead to discuss. The countries have economic ties and a partnership agreement. There are numerous memorandums that the countries have signed that are estimated to be worth some $50 billion in trade. 'Erdogan also presented Sheikh Mohammed bin Zayed Al Nahyan with a Turkish-made Togg electric car, expressing his pride in the strong relations between the two countries,' Al-Ain shared. Regional countries will be watching closely. Will the visit touch on issues in Syria and the Caucasus? What other issues may be on the agenda? Will they discuss Gaza and what comes next regarding the conflict there? Turkey backs Hamas, and the UAE has generally backed the PA or other ideas for what might come next. Could Ankara and Abu Dhabi have ideas that could help solve the conflict that has dragged on for 648 days?
