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Zawya
8 hours ago
- Zawya
'Arab clean energy shift is creating major opportunities for agile players'
The Arab world is undergoing a transition toward clean energy, driven by rising demand, climate commitments, and global decarbonisation trends, according to Heba Korra, Vice President of Egypt-headquartered Korra for Energy & Investment Projects. 'Countries like Saudi Arabia, the UAE, and Egypt are spearheading this transformation with ambitious clean energy targets, supported by a wave of strategic projects in solar, wind, and green hydrogen,' Korra said in an interview with Zawya Projects. She noted that high solar irradiance, consistent wind patterns, and abundant land combined with an increasingly skilled workforce and technological maturity support the region's clean energy ambitions. But success, she continued, depends on public-private collaboration, stable policy frameworks, investor-friendly incentives, streamlined permitting processes, and investment in local skills and capacity. 'If these challenges are addressed holistically, the region can emerge as a global clean energy hub,' said Korra. She said the Arab world will see two major shifts by 2030: first, the reconfiguration of economic and energy alliances between East and West amid shifting geopolitical dynamics will see the region becoming a strategic node in global energy flows not only due to fossil resources but also clean energy investments and geography. Second, Arab countries themselves are modernising their power plants and grids, investing in cross-border interconnections, creating smart logistics corridors linking ports and industrial zones, and restructuring industries for greater water and energy efficiency. 'These developments create strong opportunities for agile, technically capable firms,' Korra said, noting that the company's track record in Egypt has positioned it to scale from a national to a regional leader through smart expansion, specialised services, and strategic project execution. Excerpts from the interview: What role does Korra for Energy & Investment Projects play in this energy transition? We are deeply committed to advancing the shift toward clean energy through an integrated strategy that places sustainability at the heart of everything we do — seamlessly linking economic efficiency with environmental responsibility. Our contribution has expanded to cover key areas that are now the backbone of the energy transformation in Egypt and the wider region: High-efficiency energy projects: We deploy hybrid energy systems and smart technologies that reduce emissions in industrial and commercial sectors. Our projects have helped cut over 600,000 tonnes of CO2 annually- equivalent to removing 375,000 cars from the road. Facility energy optimisation: We provide end-to-end energy performance upgrades across industrial, commercial, and hospitality sectors. By analysing loads and optimising consumption, we help clients improve productivity and reduce waste. Technology partnerships: As exclusive partners to global leaders in energy efficiency, we bring advanced solutions to the Egyptian market with high added value. Digital energy management: We are developing advanced digital systems to monitor and analyse energy consumption in real time. These platforms enable organisations to make informed, data-driven decisions, achieve significant cost savings, and minimise energy losses. Investment in renewables: We are actively expanding our footprint in solar energy, developing projects with regional and international partners to build long-term sustainable infrastructure. How is digitalisation shaping the energy sector, and how is Korra embracing it? Digitalisation has become central to energy transformation. Real-time data analytics allow for continuous monitoring and precise adjustments that boost efficiency and minimise waste. With artificial intelligence (AI) and the Internet of Things (IoT), companies can now detect and diagnose potential faults before they occur, intervene proactively to prevent losses, and optimise asset maintenance. Additionally, the integration with smart grids has created an interactive operational environment where power plants, consumers, and distribution networks work together in a seamless, intelligent system. At Korra, we are fully embracing this shift by implementing smart energy management platforms within industrial and commercial facilities to control loads and optimise performance through precise analytics and flexible operating scenarios. We have already begun integrating AI into our project design and execution processes, enabling us to deliver predictive solutions that respond dynamically to environmental and climatic shifts. What are Korra's strategies for regional and international expansion? Our expansion strategy is both geographic and qualitative. We take a targeted, research-driven approach to entering new markets, analysing regulatory landscapes, local needs, and partnership opportunities. Our focus is on providing tailored, integrated solutions in renewable and conventional energy, sustainability, and infrastructure development. The company's growth roadmap revolves around two main pillars. The first is smart geographic expansion - currently, we are prioritising entry into Saudi Arabia, Oman, Iraq, and select North and East African countries. The second pillar is the deployment of state-of-the-art technologies across our product and service offerings, from energy efficiency systems to advanced power technologies that enhance operational reliability, environmental performance, and long-term value creation. In parallel, we are restructuring from a traditional family-owned business into an institutional enterprise to support this growth. This includes strengthening governance, attracting strategic investors, and developing scalable operating models that allow for effective localisation across markets. How do your projects support sustainable development goals and the green economy? Sustainability is embedded in everything we do. Across all our projects — from conventional systems to energy efficiency solutions and renewable energy — we strive to minimise carbon footprints, optimise resource efficiency, and implement comprehensive clean energy solutions. We align our efforts with the United Nations Sustainable Development Goals, particularly SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 13 (Climate Action). Whether through energy efficiency upgrades, solar deployment, or digital integration, our aim is to support a resilient, low-emission future. Are there any new products or services under development? Yes. On the product side, we are completing a comprehensive portfolio of integrated energy solutions, including advanced central cooling systems, next-generation power generation technologies, and products that complement the energy efficiency solutions and system performance provided. On the service side, we have already begun developing advanced facility management (FM) solutions - a natural extension of our engineering and technical services - which offer real added value to clients across industries by boosting operational efficiency, cutting costs, and supporting sustainability goals. We are also entering new markets with a phased approach, ensuring tailored entry strategies in high-potential countries. Strategic partnerships with regional and local players are key to this effort, helping us build resilient, impactful operations wherever we go. (Reporting by Marwa Abo Almajd; Editing by Anoop Menon) (
Khaleej Times
8 hours ago
- Khaleej Times
Dubai Islamic Bank surpasses $100b in assets on strong H1 growth
Dubai Islamic Bank (DIB) delivered another strong performance in the first half of 2025, achieving a 16 per cent year‑on‑year rise in pre‑tax profit to Dh4.3 billion as operating revenue climbed to Dh6.4 billion. The solid results, supported by double‑digit growth in financing and deposits and improved asset quality, helped the bank surpass the $100 billion mark in total assets for the first time in its history. Recommended For You Net profit for the six months ended June stood at Dh3.7 billion, a 10 per cent increase from a year earlier, as the bank benefited from improved cost of risk and declining impairment charges. Provisions fell sharply by 61 per cent year‑on‑year to Dh256 million, reflecting prudent underwriting and effective risk management practices. The balance sheet expanded by 8 per cent year‑to‑date to Dh373 billion. Net financing assets rose 12 per cent to Dh237 billion, driven by healthy demand from both wholesale and retail segments. Growth in wholesale financing was broad‑based, with strong contributions from local and cross‑border business in key sectors such as sovereigns, utilities and aviation. On the retail side, consumer financing assets climbed 13 per cent to Dh71 billion, supported by robust demand across all product lines. DIB's sukuk portfolio increased by 9 per cent to Dh89 billion, comprising high‑quality and well‑rated sovereign and financial institution issuances. Customer deposits reached Dh284 billion, up 14 per cent since the start of the year, underpinned by strong customer acquisition and retention. Current and savings account (CASA) balances rose 8 per cent to Dh102 billion, making up 36 per cent of total deposits. Asset quality improved notably, with the non‑performing financing ratio declining by 64 basis points to 3.36 per cent — the lowest in five years. The cash coverage ratio rose by 600 basis points to 103 per cent, while total coverage reached 145 per cent. Capitalisation remained strong, with a Common Equity Tier 1 ratio of 13.0 per cent and a capital adequacy ratio of 16.7 per cent, both comfortably above regulatory requirements. Liquidity was also healthy, with a liquidity coverage ratio of 128 per cent and a net stable funding ratio of 107 per cent. The bank continued to leverage artificial intelligence to enhance efficiency, accuracy and inclusion across operations. AI initiatives have reduced model‑building time by 80 per cent, cut false positives in risk alerts by 30 per cent, and automated 10 per cent of back‑office processes. Retail acquisitions supported by AI‑driven targeting accounted for 35 per cent of total new retail business, while AI‑based credit scoring enabled outreach to over 100,000 previously underserved customers. DIB also recorded Dh60 billion in new gross underwriting and sukuk investments in H1 2025, up 47 per cent year‑on‑year. Consumer banking contributed nearly Dh18 billion of this, a 46 per cent jump, while local and cross‑border corporate banking accounted for Dh31 billion, 78 per cent higher than a year earlier. The UAE customer base grew to more than 1.6 million, with 80 per cent of new clients onboarded digitally. In line with the UAE's goal to mobilise Dh1 trillion in sustainable finance by 2030, DIB financed Dh2.7 billion in new green and sustainable projects during the first half and facilitated nearly Dh14 billion in Islamic capital market issuances in the sustainability segment. The year marks DIB's 50th anniversary, underscoring its role as a pioneer in Shariah‑compliant banking since 1975. The bank also unveiled a refreshed corporate identity to reflect its vision centred on innovation, sustainability and purpose‑driven growth. Mohammed Ibrahim Al Shaibani, chairman of DIB, said the results demonstrate the strength of the bank's governance and long‑term commitment to value‑based banking. 'Surpassing $100 billion in total assets is not only a measure of scale but a marker of adaptability and resilience.' Group CEO Dr. Adnan Chilwan noted that the strong profitability, with a return on equity of 21 per cent, was achieved despite the introduction of corporate tax this year. issacjohn@ Issac John is Managing Editor at Khaleej Times and has over 45 years of experience in top-tier newspapers across UAE. A seasoned business writer and economic analyst, he brings unmatched insight into the geopolitics and geoeconomics shaping the Gulf and India.
Zawya
9 hours ago
- Zawya
United Arab Bank successfully raises $280.7mln through Rights Issue
United Arab Bank (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced the successful completion of its capital increase, which ended on July 29, 2025. The Rights Issue raised AED1,031 billion increasing the Bank's issued capital from AED2,062 billion to AED3,093 billion. The newly issued shares were priced at AED 1 per share. All necessary regulatory approvals have been obtained for this transaction. The Rights Issue was oversubscribed, underscoring UAB's robust fundamentals and strong performance as a result of the diligent execution of its turnaround strategy. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of the Bank. Commenting on the Rights Issue success, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said, 'We are deeply grateful for the trust and support of our shareholders in this Rights Issue. The strong response we have received will further strengthen our balance sheet, mark a new chapter in UAB's progress, and reaffirm our commitment to delivering value to our shareholders. In addition, it will enhance our financial resilience, and position us to continue contributing to the UAE economy and its sustainable development agenda.' He added, 'We also extend our sincere appreciation to the Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Abu Dhabi Securities Exchange (ADX) and all our transaction partners whose support and collaboration were instrumental in ensuring the success of this Rights Issue.' Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said, 'The success of the Rights Issue reflects the confidence that our shareholders have in the Bank and our future endeavours. This step represents an important milestone in strengthening UAB's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the next phase of our strategy, ensuring we are well-positioned to meet evolving regulatory requirements, support our clients' needs, and deliver sustainable returns to our shareholders.' UAB posted a net profit of AED208 million for the first half of 2025, compared to AED139 million for the same period last year, representing a 50% year-on-year increase. Total income rose by 24% year-on-year to AED374 million.
