Latest news with #AED21
Sharjah 24
18-04-2025
- Business
- Sharjah 24
Ammar bin Humaid chairs board meeting of Ajman Bank
Review of financial and administrative matters The board discussed several financial and administrative matters, reviewed routine business activities, and issued its decisions accordingly. Strong Q1 2025 financial performance Ajman Bank achieved a Profit Before Tax of AED145 million in Q1 2025, reflecting a 24% year-on-year increase. The Bank also reported Net Operating Income of AED199 million, a 2% rise compared to the same period in 2024. These results reflect the bank's focus on recoveries, cost rationalisation, and efficiency through digitisation and automation. Robust balance sheet growth The bank's solid results were supported by strong balance sheet metrics: Total assets: AED25 billion (up 7%) Customer deposits: AED21 billion (up 8%) Total shareholder Equity: AED3.1 billion Enhanced capital position and asset quality Ajman Bank's capital strength and asset quality continue to improve: Capital Adequacy Ratio (CAR): 18.2% Tier 1 Capital: 17.0% Return on Equity (ROE): 17.4% (up 161 bps) Return on Assets (ROA): 2.3% (up 49 bps) Non-Performing Loan (NPL) Ratio: 9.7% (down from 9.9%) Sheikh Ammar highlights bank's role in vision for Ajman Sheikh Ammar praised Ajman Bank's progress, highlighting its role in shaping resilient and inclusive economies. He commended the board, management, and team for their contributions and professionalism, stating the bank's performance is not only a result of strong governance but also reflects its greater purpose and vision for the UAE's economic success. CEO Mustafa Al Khalfawi on transformation and future growth Ajman Bank CEO Mustafa Al Khalfawi noted that the Q1 2025 results underline the strength of the bank's transformation journey. He reaffirmed Ajman Bank's focus on innovation, customer-centric services, and long-term value for shareholders. Al Khalfawi thanked the board, staff, and customers for their ongoing trust and support. Outlook for sustainable growth Backed by a resilient UAE economy and a strong financial foundation, Ajman Bank is well-positioned to sustain its growth trajectory and deliver long-term profitability through 2025 and beyond.
Zawya
10-03-2025
- Business
- Zawya
Ajman-based GJ Properties set for major UAE expansion
Ajman-based G J Properties is set to launch eight new developments across Dubai and Ajman over the next 24 months, CEO Ali Jaber told Zawya Projects. 'These projects will predominantly target the medium-to-high-end luxury segment, offering residents a blend of affordability and premium living,' he said. The upcoming projects will add about 3,000 units to the market. 'Each project is being meticulously planned to provide a mix of unit sizes and layouts to cater to the diverse needs of homebuyers and investors,' Jaber stated. Last month, the private developer announced plans to invest 4 billion UAE dirhams ($1.1 billion) in projects across the UAE in 2025 and 2026. 'The investment value in the next year will be double the current level,' the CEO said without disclosing details on the spending breakdown. 'Currently, our primary focus is on Ajman, which is our home ground,' he said, pointing to the emirate's immense growth potential. The number of real estate transactions in Ajman reached 15,125 valued at nearly AED21 billion, an increase of 21 percent year on year, state-owned WAM news agency reported, quoting Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Ajman Department of Land and Real Estate Regulation. Transactions hit AED2.3 billion in December 2024, doubling compared to the same period in 2023. (Reporting by P Deol; Editing by Anoop Menon)
Zawya
11-02-2025
- General
- Zawya
SEWA completes water networks in Al Qutainah areas 1, 2, 4
The Sharjah Electricity, Water and Gas Authority (SEWA) has successfully completed water network projects in Al Qutainah areas 1, 2, and 4, with a total network length of approximately 42 km and a total cost of AED21 million. Work is currently underway to extend water lines in Al Qutainah areas 5 and 6, which are expected to be completed by mid-year. Faisal Al-Sarkal, Director of the Water Department, stated that the authority continues its efforts to extend water networks in new areas and enhance the transmission and distribution networks across the Emirate of Sharjah. This initiative is in line with the directives of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and under the supervision of His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of the Executive Council. Al-Sarkal emphasised that the new water network projects are part of the authority's plans to ensure water supply in the Emirate of Sharjah and achieve comprehensive development across all sectors. He confirmed that the authority adheres to the latest technical specifications in using pipes for water networks, which are made from GRE (Glass Reinforced Epoxy), a material reinforced with fiberglass.
