Salik Achieves ISO 37001 Certification for Anti-Bribery Management System
This global recognition underscores Salik's unwavering commitment to integrity, transparency, and ethical excellence across all its operations.
The certification was awarded following a comprehensive evaluation of Salik's Anti-Bribery and Anti-Fraud framework, which is aligned with leading regulatory standards including those of the Securities and Commodities Authority (SCA), Dubai Financial Market (DFM), and UAE Companies Law (CCL). Salik's Compliance Section, owner of Anti Bribery management system within Salik, led the certification process, reinforcing the company's proactive approach to fostering a strong culture of accountability and corporate governance.
Mr. Ibrahim Sultan Al Haddad, CEO of Salik, said: "Achieving ISO 37001 certification marks an important milestone in Salik's journey towards becoming a global benchmark in corporate governance and ethical business conduct. It reflects our deep commitment to operating with the highest standards of transparency and accountability, while creating sustainable value for our shareholders, stakeholders, and the broader community."
ISO 37001 is the international standard for Anti-Bribery Management Systems, specifying a series of measures organisations can implement to prevent, detect, and address bribery. By meeting this standard, Salik demonstrates it has instituted best-in-class internal controls and proactive measures to mitigate corruption risks. This achievement strengthens Salik's position as a well-governed listed entity and enhances investor confidence in its ethical and transparent business practices.
News Source: Salik
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Middle East Eye
21 hours ago
- Middle East Eye
Israel is the last vestige of European colonialism - so Trump defends it at all costs
At a July rally in Des Moines, Iowa, Donald Trump used a telling turn of phrase. While touting the benefits of his recently passed tax-and-spend bill, the American president remarked: 'No death tax, no estate tax, no going to the banks and borrowing from, in some cases, a fine banker - and in some cases, Shylocks and bad people.' 'Shylock' is, of course, a reference to the Jewish moneylender in Shakespeare's The Merchant of Venice and is widely recognised as an antisemitic trope. The Anti-Defamation League, for example, called the president out for his comment, while Trump, for his part, later claimed ignorance of the term's anti-Jewish connotations. It might be possible to write this off as an isolated comment, but Trump's gaffe is part of a larger pattern of antisemitism linked to his Make America Great Again (Maga) movement. In May, NPR identified three administration officials with close ties to antisemitic extremists, including a man described by federal prosecutors as a 'Nazi sympathiser' and a prominent Holocaust denier. More recently, Trump's erstwhile ally Elon Musk has come under fire for antisemitism once again when his Grok AI bot launched into antisemitic tirades praising Adolf Hitler. All of this contrasts sharply with the Trump administration's stated goal of combating antisemitism and its unapologetically pro-Israel posture. On 29 January 2025, Trump signed an executive order titled 'Additional Measures to Combat Anti-Semitism', providing a pretext for his administration to pursue deportations of pro-Palestine student activists like Mahmoud Khalil. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters One month before his gaffe in Des Moines, Trump followed the Israeli military's lead by bombing Iran and pulling out of negotiations over their nuclear programme. Even Musk felt obliged to make pro-Israel gestures when he toured the sites of the 7 October Hamas attack in a highly publicised visit in November 2023. Odd alliance How do we explain this alliance between the seemingly antisemitic Maga movement and Israel? Analysts usually point to two major factors. First is the power and influence of pro-Israel lobbying groups, donors, media figures and political operatives, famously analysed by political scientists John Mearsheimer and Stephen Walt. Second is the role of Christian Zionists in the Maga movement, including prominent figures like the current American ambassador to Israel, Mike Huckabee. Huckabee has explicitly stated that his pro-Israel approach is rooted in his belief that the rapture is imminent and that Israel will be the site of unfolding Biblical prophecy during the end of days. While these factors both play an important role in shaping the Maga-Israel alliance, neither explains the deep intensity of the Trump-era American right's attachment to Israel. The core of the Maga-Israel alliance is not about votes, theology or even security: it is a project of historical amnesia. It seeks to erase the moral and political lessons of decolonisation I believe a more foundational impulse is at work, one tied not only to theology or lobbying power, but to historical memory. This impulse lies at the intersection of multiple programmes currently underway - all intent on rehabilitating colonialism's reputation. These include suppression of teaching and speaking about the colonial past, active justification of colonialism's historical crimes, efforts to undermine recognised international humanitarian law and struggles against active decolonial movements. The Maga-Israel alliance should be understood as part of a broader effort to suppress the memory of colonialism's atrocities and to create a sanitised narrative of colonial history in order to resuscitate colonialism in the present. In the Maga version of modern global history, Israel has come to represent the symbolic last vestige of European colonialism still allowed to flourish, and Palestine stands in for the last unresolved case of anti-colonial resistance. Supporting Israel, then, is not just a normal matter of American foreign policy; it is a proxy battle in culture wars over history, identity and the legitimacy of settler colonialism. The Maga movement has mobilised around a common sense of nostalgia for a past in which white, western, Christian civilisation exercised global dominance. Commentators reflecting on Trump's first term often associated this notion with a desire to re-establish the belief systems of the United States in the 1950s, the dawn of the so-called 'American century'. In his second term, it seems more appropriate to interpret Maga nostalgia as invoking, not the era beginning in the 1950s, but rather the one that began a century earlier at the peak of Euro-American colonialism. Colonial land grab As a recent article in the Monthly Review pointed out, it was no accident that - after opining about the possibility of adding Canada, Greenland and the Panama Canal as new American territories - Trump hung a portrait of James K Polk in the Oval Office. Polk served as president from 1845-49 and oversaw the largest territorial expropriation of land in US history after the Mexican War. In the Maga worldview, the era of Anglo-American power ushered in by colonial land grabs at this time brought order, democracy and prosperity in its wake. The post-World War Two era marked a decided turn in the other direction, and the massive movement for decolonisation in the 1950s and 60s upended the worldview of Polk and others like him. The United Nations (UN) Charter was drawn up at this time and was based on the principle of sovereign equality among all nations. This implied that unequal relationships of domination and extraction between nations, such as the relationship between coloniser and colonised, should be undone. Israel has distilled western colonial war techniques, but fails to quell resistance Read More » Article 2 prohibited member states from using force to acquire territory and foresaw the resolution of disputes undertaken in a manner that ensures international peace as well as justice. By the 1970s, the number of UN member states had more than quadrupled. The British, French, Russian, German, Dutch and Portuguese empires were dismantled, and their territories returned to governments representing the indigenous inhabitants from the pre-war era. Because of the United States' unique role in creating and sustaining the post-World War Two order, Maga supporters imagine their country can sidestep critiques of the decolonisation movement. I have written elsewhere about how the circumstances of the battle between colonial powers on the one hand and the Nazi regime on the other have allowed for a kind of global amnesia to take place with regard to the legacy of racism in creating the world we inhabit today. The Maga narrative is just one particularly virulent example of this broader western cultural tendency. Middle America is obsessed with World War Two, as we can see in popular culture like the History Channel. A survey conducted in 2016 found that fully 70 percent of military history programming on the network dealt with the single conflict of World War Two. The Maga movement plays on this popular fixation on "the good war" to whitewash American history and deny any link between nationalistic pride in their own country and the kind of antisemitism associated with the Nazi movement it fought against. Israel's role The importance of Israel's role in this story is in inverse proportion to its small territorial size. The creation of a state for the Jewish people in the wake of the Holocaust has allowed Maga republicans - along with the broader western world - to imagine that history's most uniquely horrific crime has been answered for in the American-led postwar order. This narrative element produces a double effect for those who retell it. On one hand, the creation of a Jewish state in the wake of the Holocaust allows western powers to imagine themselves as just and righteous, even as many of those same powers had collaborated in or turned a blind eye to its unfolding. The foundation of the state of Israel is a form of symbolic restitution, allowing western culture to wash its hands of the stain of antisemitism and to imagine that they have made amends to the aggrieved Jewish people. On the other hand, excessive focus on the Holocaust as a singular crime in need of restitution deflects attention from the many other atrocities committed on a similar scale by western colonial empires. Palestine is not just a contested land; it is the last mirror in which the West might see the truth of its colonial past For example, scholars estimate that upwards of 10 million people were killed due to King Leopold's forced labour regime in the Congo Free State, while the Bengal famine caused by official policy led to the deaths of 3 million people in British India. In the US, scholars have called the loss of life associated with American colonisation an 'Indigenous Holocaust', estimating the number of Native American deaths from 1492 onwards at 4.5 million. Making amends for these crimes and others like them would require political and social reorganisation on a world scale. Instead of coming face-to-face with this global reckoning, western culture has chosen to hyperfixate on one specific case in a small bit of territory on the Levantine coast. Israel as we know it today took shape in the context of the Mandate for Palestine, founded in the wake of the First World War (1914-18), when Britain and France split up the Arab provinces of the Ottoman Empire among themselves. But while the rest of the Mandates were eventually returned to governments representing the indigenous inhabitants of the territory from the pre-war era, in Palestine, Jewish settlers from Europe - who had created a new political identity of their own based on historical-religious claims - were recognised as sovereign. Today, Palestine is the only colony founded in the late imperial period that has never undergone a decolonisation process. Algeria, Kenya, Zimbabwe and South Africa were all sites of European settlement and indigenous dispossession from 1850 to 1950, and all eventually experienced some version of decolonisation. This is why efforts to acknowledge Israel as a settler-colonial state have stirred such controversy; to do so would be to say that Israel is out of step with the moral arc of the modern world in which colonialism is understood as a crime rather than a civilising mission. For Maga ideologues and their global counterparts, it is precisely Israel's status as the last bastion of 19th-century-style colonialism today that makes flocking to its defence attractive. In their eyes, the revisionist Zionism of Netanyahu and his ilk is a shining example of what the West 'should have' done: established a firm grip, refused to apologise and dealt harshly with native resistance. The Maga movement celebrates Israel, not in spite of its colonial character, but because of it. In their eyes, Israel is the living rebuttal to decolonisation, multiculturalism and the whole post-1945 liberal international order they are in the process of dismantling. In this sense, the Maga-Israel alliance should be understood alongside efforts to suppress teaching critical race theory and suppress what Trump calls the 'woke agenda'. It is an effort to turn back the clock to an earlier era and put the genie of progressive decolonisation back in its bottle. Maga nostalgia Maga nostalgia for the 19th-century heyday of colonialism is not an isolated phenomenon. One need only look to Vladimir Putin's Russia, which has launched a war of territorial conquest in Ukraine in an effort to undo Soviet efforts acknowledging Ukrainian nationality a century ago. Similarly, Trump's ally Jair Bolsonaro in Brazil has praised the American colonial cavalry and denied the existence of an ongoing genocide against indigenous groups in the Amazon. When US Secretary of State Marco Rubio opined in a January 2025 interview that 'eventually [the world is] going to reach back to a point where you had a multipolar world, multi-great powers in different parts of the planet', he was talking about returning to an era of imperial competition not unlike the one that culminated in two world wars in the first half of the twentieth century. Israel and Trump: From euphoria to anxiety Read More » It is no accident that Rubio's comment echoes similar statements made by the anti-liberal Russian philosopher Alexander Dugin, whose book Multipolarity: The Era of Great Transition has influenced radical circles on the right and the left. The core of the Maga-Israel alliance is not about votes, theology or even security: it is a project of historical amnesia. It seeks to erase the moral and political lessons of decolonisation and to re-legitimise the colonial worldview. It allows the Holocaust to be remembered in isolation, while any acknowledgement of the millions killed in colonial atrocities around the world is suppressed. Palestine is not just a contested land; it is the last mirror in which the West might see the truth of its colonial past. And so, the mirror must be shattered. Palestinians and those who sympathise with them must be silenced, not because they are wrong, but because they remember. And in remembering, they threaten to unmake the myths upon which the American empire depends. The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Eye.
Khaleej Times
2 days ago
- Khaleej Times
Dubai: How some residents beat peak-hour Salik charges, traffic
For many Dubai residents, the daily drive is more than just getting from one place to another, it's about dodging traffic jams and avoiding paying extra at Salik toll gates during peak hours. Dubai's peak-hour Salik rates can add up fast, especially for those crossing multiple gates. It now costs Dh6 per crossing during peak times (6am to 10am and 4pm to 8pm from Monday to Saturday). Three peak crossings a day can cost Dh18, about Dh360 a month, not counting fuel and parking. Commuters are thus finding creative ways to save money and time. Off-peak hours are cheaper at Dh4, and between 1am and 6am, there's no charge at all. By shifting their schedules, some residents are saving money, avoiding long waits in traffic, and making better use of their time. Detour for gym When the clock hits 5pm, most office workers in Al Quoz brace for the slow crawl home. Not Emaad Hassan, a 32-year-old interior designer. 'I leave my office at 5pm, take Al Khail Road and the Infinity Bridge towards Al Mamzar. Traffic builds only after 5.30pm, so by 5.45 I am there without paying extra Salik,' he said. He stops for a light snack, prays Asr, and starts his gym session at 6.30pm. 'By avoiding Salik and traffic, I finish my workout at 8pm, get home by around 8.20 in Al Nahda, Sharjah, shower, spend time with my family, have dinner, and relax before bed,' he said. Changing work timings Mohammed Shareef, who works at an automobile firm on Sheikh Zayed Road, changed his routine after calculating that peak-hour Salik was costing him over Dh250 a month. 'I asked to start at 7am and finish at 4pm, and my manager agreed,' he said. Now, he leaves just as the evening peak begins but takes a route that avoids the worst of it. 'I am home early, I spend time with my wife and kids, and I still have time to go out. Before, I would get home exhausted after 7.30pm.' Waiting it out Faiz (name changed), who lives in Latifa Tower, Al Nahda, has a Salik gate right outside his building. 'I can skip the Al Mamzar gate, but I still pay Dh6 for Al Garhoud Bridge,' said the finance executive in Business Bay. However, on his way back, he avoids both peak traffic and tolls by meeting friends at a coffee shop near Dubai Airport around 6.30pm. 'We are starting a small business, so we talk for a couple of hours. By the time I leave, it's after 8pm, and the roads are clear.' Escape to beach For Ahmed Al Dwari, a marketing executive, the beach is his escape. He leaves his office on Sheikh Zayed Road at 6.15pm and heads straight to Al Mamzar Beach. 'I jog for an hour or walk along the shore. By the time I leave, it's well past 8pm, so there's no Salik,' said Ahmed, who lives in Al Nuf, Sharjah. 'I have lost weight, I feel healthier, and I am not wasting my evening sitting in traffic.' Early start Ahmed's brother, Husam Al Dwari, prefers a morning fitness routine. He leaves home at 5.30am, crosses the Salik gate for free, and jogs at Kite Beach before reaching his Al Quoz office by 7.30am. By starting early, he finishes work at 3.30pm, gets home for a short rest, and then takes his and his brother's children to the mosque for Islamic studies. 'It's a balanced day, work, fitness, and family,' said Husam.
Emirates 24/7
3 days ago
- Emirates 24/7
Salik Reports AED 1.53 billion Revenue in H1 2025
Salik Company PJSC ('Salik' or the 'Company'), Dubai's exclusive toll gate operator, today announced its financial results for the three-month and six-month periods ended June 30, 2025 ('Q2 2025' and 'H1 2025'). Total revenue for H1 2025 increased 39.5% YoY to AED 1,527.3 million, supported by a 45.6% YoY increase in Q2 2025. EBITDA grew 44.2% in H1 2025 to AED 1,065.0 million with an EBITDA margin of 69.7%. The solid results were driven by the two new gates introduced in November 2024 amidst an overall positive macro environment and the implementation of variable pricing which came into effect at the end of January 2025, with Q2 marking the first full quarter of the new variable pricing system. In Salik's core tolling business, total chargeable trips reached 318.4 million in H1 2025, with total chargeable trips of 160.4 million in Q2 2025, a 1.6% increase versus 158.0 million in Q1 2025. This was despite Q1 being a seasonally stronger period for Salik compared to Q2, alongside the redistribution of traffic during the Ramadan period in Q1. In view of the strong first half results, the Board of Directors have recommended a cash dividend of AED 770.9 million, equivalent to 10.278 fils per share, representing 100% of H1 2025 profit. His Excellency Mattar Al Tayer, Chairman of the Board of Directors of Salik, said: 'Salik's strong performance in the first half of 2025 underscores the strength of its resilient business model and high operational efficiency. During this period, the Company achieved a 39.5% year-on-year increase in total revenue, further solidifying its robust financial position. This performance reaffirms our continued commitment to delivering long-term value for shareholders while supporting Dubai's vision of becoming a global leader in smart and sustainable mobility. In view of the strong first half results and our dedication to our shareholders, the Board of Directors have recommended a cash dividend of AED 770.9 million, equivalent to 10.278 fils per share, representing 100% of H1 2025 profit. His Excellency added: We continue to benefit from the Emirate's economic momentum, bolstered by sustained growth in tourism, real estate, and infrastructure spending. Building on this, and with continued progress across both our core tolling operations and ongoing success in expanding our ancillary revenue streams, we are pleased to be upgrading our full year 2025 guidance, with revenue expected to increase 34-36% compared to 2024, up from 28-29% previously, and with EBITDA margins expectations in the range of 68.5-69.5%. Our new guidance underscores our confidence in Salik's outlook and future growth potential, particularly given our commitment to strengthening our non-core offering and exploring new opportunities within ancillary revenues.' Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, commented: 'We are pleased to report another solid quarter of performance, with a strong c.40% YoY growth across all key financial metrics including revenue, EBITDA and net profit growth. Our results reflect the ongoing strength of our tolling business and the growing contribution of our non-tolling initiatives, including our digital partnerships in providing mobility payment solutions which continue to gain traction amongst users. Total trip volumes remained resilient in the period, increasing 39.6% compared to H1 2024, supported by the addition of the two new gates, the ongoing population growth and record levels of tourism inflow, which increased 7% between January and May compared to last year with hotel occupancy also increasing to 83%, up from 81% in the prior year. Against this backdrop and with the visibility we now have into the second half of the year, we are highly confident in Salik's future growth, as seen in our revised revenue guidance for 2025, and we remain well-positioned to generate sustained value as we continue to scale, diversify, and innovate across the mobility ecosystem.' Continued strong performance drives total revenue to AED 1,527.3 million in H1 2025, up 39.5% year-on-year The total number of trips, including discounted trips, made through Salik's toll gates grew 39.6% YoY in H1 2025 to record 424.2 million trips, driven by a strong 44.3% growth in trips in Q2 2025 reaching 213.4 million, supported by the addition of the two new gates and Dubai's robust macroeconomic conditions, tourism inflow and continued attraction of new residents. • Total chargeable trips reached 160.4 million in Q2 2025, a 1.6% improvement compared to 158.0 million in Q1 2025, driven by strong growth in the use of Salik toll roads during the peak period (AED 6), which yielded 57.7 million trips, up 46.7% vs. Q1 2025, mainly due to the introduction of the two new gates, with trips in the past midnight period (AED 0), totaling 16.4 million, up 46.8% compared to Q1. The Q2 2025 period represented the first full quarter since implementing the new variable pricing system. It is noteworthy that all revenue-generating trips conducted between January 1 and January 30, 2025 during Q1 2025 were categorized under off-peak trips; hence the decline of 19.7% in off-peak chargeable trips between Q2 2025 and Q1 2025. • Toll usage fees: performance was strong during the first half, increasing 42.3% YoY to AED 1,356.9 million, with toll usage fees growing 49.4% YoY to AED 691.3 million in Q2 2025. The increase in toll fees was primarily due to the first full quarter impact of the new variable pricing structure introduced at the end of January 2025, alongside the introduction of the two new gates. • Fines: revenue from fines increased 15.7% YoY to AED 134.3 million in the first half, with fines growing 15.2% YoY to AED 65.9 million in Q2 2025. The number of net violations (accepted minus dismissed violations) grew by 20.3% YoY in Q2 2025, reaching 808,500 and representing 0.4% of net toll traffic, with revenue from fines contributing 8.5% to total revenue in Q2 2025. • Tag activation fees: grew strongly in the first half, up 16.2% YoY to AED 22.9 million, with revenue growing 15.0% YoY to AED 11.5 million in Q2 2025. Tag activation fees contributed 1.5% of total revenue in Q2 2025. Ancillary Revenue Streams • Total ancillary revenue for Salik reached AED 8.7 million during H1 2025 driven by revenues from Parking Payment Solutions partnerships with Emaar Malls and Parkonic. The strong performance was driven by increased transaction volumes at Dubai Mall in addition to increasing traction in its cooperation with Parkonic since the launch of the cooperation in mid-February, with rollout across several locations progressing well, as operations are now live in 73 out of 154 locations. Furthermore, the company's partnership with Liva Group has continued to gain good traction with consumers during H1 2025. • Salik reaffirms its confidence in expanding its ancillary revenue streams over the medium to long-term. This follows the good progress made in 2024 and the first half of 2025, including the successful collaboration with Emaar Malls, its collaboration with Parkonic to integrate Salik accounts across all locations in the UAE and the continued collaboration with Liva Group to streamline the vehicle insurance renewal process. These collaborations reflect Salik's commitment to delivering innovative solutions that enhance user experience and enable Salik to grow and diversify its revenue streams, contributing to the long-term sustainability of the business. Financial Performance Strong profitability in H1 2025, with EBITDA increasing 44.2% year-on-year, and a robust balance sheet position Salik generated EBITDA of AED 1,065.0 million in H1 2025, up 44.2% YoY, with Q2 2025 EBITDA increasing by 50.9% YoY to reach AED 545.3 million, Salik's strongest quarterly EBITDA recorded since inception. EBITDA margin reached 69.7% in H1 2025, a 230 bps YoY increase compared to 67.4% in H1 2024. EBITDA margin reached 70.3% in Q2 2025, compared to 67.8% in Q2 2024, representing a 250 bps expansion YoY, supported by strong revenue growth. Salik's net profit before taxes totaled AED 847.1 million in H1 2025, up 41.5% YoY. Net profit before taxes reached AED 439.8 million in Q2 2025, marking a strong 49.7% YoY increase despite higher finance costs in the period. Net profit before tax increased by 8.0% compared to Q1 2025. Salik generated net profit after taxes of AED 770.9 million in H1 2025, up 41.5% YoY. Net profit after taxes reached AED 400.2 million in Q2 2025, a 49.6% YoY increase. Net profit after taxes increased 8.0% compared to Q1 2025. Net profit margin expanded by 70 bps to 50.5% in H1 2025, with margin expanding 140 bps to 51.6% in Q2 2025 compared to Q2 2024. Summary of balance sheet: net debt of AED 4,853.0 million, with T12M leverage improving to 2.55x compared to 2.7x in Q1 2025 Salik recorded a net working capital balance of AED -665.0 million as of June 30, 2025, equating to 21.8% as a percentage of annualized revenue, broadly in line with the level recorded in Q1 2025. The increase in net working capital in 2025 compared to prior quarters is driven by the semi-annual installments for the toll rights fees relating to the new toll gates, in addition to higher provisions for the corporate tax. As at June 30, 2025, net debt stood at AED 4,853.0 million, a 4.4% increase from AED 4,648.8 million at the end of Q1 2025. This translates to a trailing twelve-month net debt/EBITDA ratio of 2.55x in Q2 2025, an improvement versus the 2.7x at the end of Q1 2025 and well below the Company's debt covenant of 5.0x. flow: free cash flow of AED 1,111.6 million, with a margin of 72.8% in H1 2025 Salik generated free cash flow of AED 1,111.6 million in H1 2025, up 62.4% YoY and a free cash flow margin of 72.8%, a 10.3 percentage points increase compared to 62.5% in H1 2024. Free cash flow reached AED 485.0 million in Q2 2025, up 46.1% YoY, with a free cash flow margin of 62.5%, a 20-bps improvement from 62.3% in Q2 2024. Becoming a global leader in smart and sustainable mobility solutions Core Tolling Business Implementation of variable pricing: As instructed by the RTA, based on the traffic studies and analysis, Salik introduced variable pricing on January 31, 2025. The variable pricing aims to enhance traffic flow across Dubai's road networks and improve transportation efficiency across the city. Q2 2025 represents the first full quarter of implementation of the new variable pricing system. Ancillary Revenue Streams – recap on key partnerships and initiatives • Introduction of seamless parking operations at Dubai Mall: this milestone marked Salik's first barrier-free parking payment solution, in partnership with Emaar Malls, across the Fashion, Grand and Cinema parking zones of Dubai Mall, where operations commenced on July 1, 2024. Revenues from the partnership reached AED 5.6 million in H1 2025, with Q2 revenue reaching AED 2.9 million. • Collaboration with Parkonic, one of the largest private parking operators in the UAE: the collaboration aims to enhance parking payment experiences across the UAE by integrating Salik's advanced e-Wallet system. The partnership is based on a five-year contract, during which Parkonic will integrate Salik's Account into all the current locations it operates in as well as any future locations it may operate in the UAE. The agreement also marks the first time Salik has expanded its service offering outside of the Emirate of Dubai. The partnership is progressing well with the solution now available across 73 locations out of 154 locations. • New LIVA motor insurance partnership: Salik partnered with LIVA (formerly RSA), a leading multi-line insurer in the GCC, to offer its customers access to market-leading insurance solutions. The partnership offers one-of-a-kind bespoke insurance solutions to drivers in the UAE, streamlining the renewal process for greater convenience and efficiency. Salik leverages its comprehensive database to provide value-added services to customers by sending timely renewal reminders to mitigate insurance coverage lapses. These notifications include a link directing customers to a LIVA landing page, where the motor insurance policy can be renewed in a few simple steps at a competitive price. • Signed Memorandum of Understanding (MoU) with ENOC to introduce smart payment solutions that enhance customer experience at ENOC petrol stations: Under the agreement, Salik and ENOC customers will enjoy a seamless experience when paying for fuel and other services including Autopro, Tasjeel and Zoom, with the option for deducting the transaction value from the customer's balance in their Salik account. This is enabled through use of cameras with technology for Automatic Number Plate Recognition (ANPR), and is the same proven technology now employed at parking locations including Dubai Mall and those operated by Parkonic. Other Achievements • Continued investment in human resources: in Q2 2025 Salik expanded its full-time workforce by 26.2% YoY to 53 personnel, representing 10.4% growth as compared to year-end of 2024, with the number of nationalities represented at 12. Salik continues to progress on Emiratization, attaining a level of 30.2% in Q2 2025, with the female-to-workforce ratio at 20.8% at the end of the second quarter. Business Outlook - FY 2025 guidance revised upwards FY25 total YoY revenue growth upgraded from 28-29% to 34-36% • Revenue growth: total revenue growth in FY25 is now expected to be in the range of 34-36% year-on-year, including the impact of the two new gates introduced in November 2024 and the implementation of variable pricing on January 31, 2025. This compares to the previous expectations of 28-29% year-on-year, with a normalized growth rate of 4-5% YoY. • EBITDA margin: guidance updated and is expected to be in the range of 68.5-69.5% compared to the previous range of 68-69%
