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Zawya
7 minutes ago
- Zawya
Al Salam Bank announces record profits for H1 2025
Manama-Bahrain – Al Salam Bank (Bahrain Bourse Trading Code 'SALAM', Dubai Financial Market Trading Code 'SALAM_BAH') announced net profits attributable to shareholders of USD 98.2 million for the six-month period ended 30 June 2025 ('H1 2025'), reflecting an increase of 30.9% from USD 75.0 million in H1 2024, and a return on equity of 16.9%, up from 15.6% in the previous year. This increase in profitability was predominantly driven by the strong performance of the Group's core banking operations. Correspondingly, earnings per share increased by 29.0% to USD 31.8 cents in H1 2025, compared to USD 24.7 cents in H1 2024. During the first half of 2025, the Group successfully executed a wide range of optimization initiatives to enhance its operational efficiency which was evident in the reduction noted in the cost-to-income ratio during the period from 49.9% in H1 2024 to 45.3% in H1 2025. The Group's balance sheet sustained its upward momentum, with total assets rising by 10.8% to USD 20.76 billion in H1 2025, up from USD 18.73 billion in 2024. Financing assets increased by 8.3% to USD 10.52 billion, while customer deposits grew to USD 14.07 billion, recording a growth of 7.1% from USD 13.14 billion as at 31 December 2024. Total shareholders' equity increased by 11.7% to USD 1.07 billion in H1 2025 compared to USD 956.2 million as at 31 December 2024, supported by the net profit recorded during H1 2025 as well as the successful closing of several key capital building initiatives including the Bank's USD 450 million Additional Tier 1 (AT1) capital issuance. Consequently, the Group achieved a strong capital adequacy ratio of 25.2% as of 30 June 2025, up from 24.8% achieved in 2024. Commenting on the results, His Excellency Shaikh Khalid bin Mustahail Al Mashani, Chairman of Al Salam Bank, said: 'Building on the strong momentum set in the first quarter of 2025, Al Salam Bank sustained consistent growth across its core operations despite the turbulent geopolitical and economic landscape. As global markets remain volatile and opportunities emerge in the region, our ability to adapt and perform with resilience has been a defining strength. We remain focused on long-term value creation, underpinned by strong fundamentals, disciplined risk management, and a forward-looking strategy for sustainable growth in the second half of the year.' Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, added: 'Our H1 2025 results demonstrate the resilience and adaptability of our business model. We have advanced our strategic priorities by improving our operational efficiency, investing in digital innovation and reinforcing our regional capabilities with ASB Capital. Looking ahead, we will continue to deepen client relationships and pursue opportunities across banking and asset management to fuel long-term, diversified growth.' The full set of financial statements, reviewed by external auditors KPMG, is available on the Bahrain Bourse and Dubai Financial Market websites.
Khaleej Times
7 minutes ago
- Khaleej Times
Dubai: Mosques, Eid prayer grounds to get upgrades under new agreement
Mosques and prayer grounds in Dubai are set to undergo upgrades, as a new strategic agreement has been signed in the emirate's government. The Dubai Municipality and the Islamic Affairs and Charitable Activities Department in Dubai (IACAD) signed the agreement in order to: Overhaul the infrastructure of religious facilities Preserve heritage mosques Enhance the design of Eid prayer grounds Improve the management of funeral and cemetery services Stay up to date with the latest news. Follow KT on WhatsApp Channels. Heritage mosques Under the agreement, a unified vision for the design and construction of mosques will be established. The authorities aim to also preserve cultural, religious, and architectural heritage. Dubai Municipality will restore and maintain heritage mosques and IACAD will manage their operations, including providing imams, muezzins, preachers, religious programmes, and daily cleaning services. Dubai Municipality will review and simplify relevant procedures, expedite permit approvals, and incorporate IACAD's approved engineering, planning, and construction standards into the Dubai Building Code. Temporary prayer facilities will be established for on-site workers, and donors will be encouraged to support mosque construction using advanced 3D printing technology. Funeral and cemetery services Dubai Municipality will also develop and upgrade mortuary washing facilities. IACAD will oversee all Shariah-related aspects, including appointing staff for washing, shrouding, and burial, training personnel, licensing mortuary washers, issuing permits for volunteers, and ensuring full compliance with religious procedures. Marwan Ahmad Bin Ghalita, Director General of Dubai Municipality, said that the partnership strengthens the entities' efforts to provide high-quality services and enhance quality of life while "preserving the authentic character of historic mosques and prayer sites." Ahmed Darwish Al Muhairi, Director General of IACAD, said, "Our goal is to create spaces that embody Islamic values, preserve heritage, and serve all segments of society.' Eid prayer grounds The agreement also includes improvements to Eid prayer grounds. Dubai Municipality will undertake beautification works, issue permits and develop the grounds according to an upgraded model that includes facilities for commercial outlets and required construction features. IACAD will operate the grounds, provide administrative support, and monitor operations. This agreement is set to deliver high-quality, sustainable religious facilities and support social activities that uphold Islamic values.
Arabian Business
30 minutes ago
- Arabian Business
UAE property market soars to $87bn as luxury sales set records
The UAE's real estate sector is maintaining its strong upward momentum, recording more than 96,000 property transactions in the first half of 2025 worth a total of AED322bn ($87bn), fuelled by robust demand from both domestic and international buyers. From luxury waterfront villas to landmark high-rises, the market's breadth reflects continued confidence in the country's property sector. Josh Gilbert, Market Analyst at eToro, said: 'This trend is supported by robust policy initiatives, including foreign ownership reforms, which have attracted more ultra-high-net-worth individuals to the UAE than ever before. 'Tax incentives, golden visas, and the UAE's unmatched lifestyle continue to make the country a top destination for investors. UAE real estate luxury sales records The premium end of the market continues to deliver standout results. Aldar Properties recently closed a record AED400m ($109m) sale for a mansion at Faya Al Saadiyat in Abu Dhabi. Developer earnings have also surged: Emaar Properties posted a 34 per cent rise in net profit to AED10.4bn ($2.83bn), driven by a 46 per cent jump in property sales and a development backlog of AED146.3bn ($39.85bn) Aldar Properties reported a 24 per cent year-on-year net profit increase to AED4.1bn ($1.12bn), with revenues up 42 per cent to AED15.5bn ($4.22bn) and a record development backlog of AED 62.3bn ($16.96bn) Both companies have seen strong share price performance in 2025, with Aldar up 29 per cent and Emaar up 15 per cent, alongside attractive dividend payouts. Investor sentiment is shifting decisively toward property. eToro's latest Retail Investor Beat survey found 52 per cent of UAE retail investors now view real estate and construction as the most promising sectors for the next 12 months — surpassing technology. Developers are riding a wave of booming off-plan sales, strong rental demand, and sustained infrastructure investment. Supported by favourable macroeconomic policies, rising tourism, and deep investor appetite, UAE real estate stocks are offering a rare mix of growth, stability, and yield.
