Latest news with #AED3.1
Hi Dubai
29-05-2025
- Business
- Hi Dubai
Dubai Chamber of Commerce Leads 180 Business Meetings in Philippines to Boost Trade Ties
The Dubai Chamber of Commerce has successfully organised 180 bilateral business meetings in Manila as part of a strategic trade mission aimed at strengthening economic ties between Dubai and the Philippines. Marking the first leg of its Southeast Asia outreach under the 'New Horizons' initiative, the chamber brought together representatives from 17 Dubai-based companies across key sectors, including food and beverages, construction, electronics, and investment, to explore expansion and collaboration opportunities in the Philippines. The initiative is designed to support the global growth of Dubai's private sector and deepen trade relations with high-potential markets. Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, emphasised the mission's role in positioning Dubai as a global trade hub and promoting its non-oil exports. As part of the visit, the chamber hosted a business forum titled Doing Business with the Philippines , held in collaboration with the UAE Embassy in Manila and major Philippine trade bodies. The event attracted 314 participants and featured keynote speeches from trade and investment leaders from both countries. A Memorandum of Understanding was signed between Dubai Chambers and the Philippine Chamber of Commerce and Industry to enhance cooperation and explore new areas of partnership. Dubai Chambers also presented Dubai's strategic advantages to Filipino businesses, showcasing sectors such as leather, car parts, and organic chemicals as key export opportunities. It also identified investment potential in the Philippines' tourism, logistics, and healthcare sectors. Non-oil trade between the two markets reached AED3.1 billion in 2024, while the number of Filipino companies registered with Dubai Chamber rose by 37% year-over-year to 2,154 by the end of the same year. News Source: Emirates News Agency
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.
Trade Arabia
08-04-2025
- Business
- Trade Arabia
Dewa set to distribute $843m in dividends for H2 2024
Dubai Electricity and Water Authority (Dewa) has announced that its board of directors has secured the shareholders' go-ahead for payment of a total dividend of AED3.1 billion ($843 million) for H2 of 2024, with a record date of March 31, 2025. In 2024, Dewa had delivered another year of strong performance, reporting consolidated full-year revenue of AED30.98 billion ($843 million). The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of Dewa, was attended by Saeed Mohammed Al Tayer, MD and CEO of Dewa and members of the Board of Directors of Dewa as well as 92.2% of the shareholders. During the meeting, a new board of directors was elected for the next three years. Speaking on the occasion, Al Tayer said: "Dubai continues to consolidate its position as a global leader in economic growth, sustainability and innovation. At Dewa, we take great pride in being a key pillar of this success, ensuring that the energy and water infrastructure keeps pace with the rapid growth Dubai is witnessing." Its ebitda for last year stood at AED15.73 billion, while its consolidated annual revenue grew by 6.2%, primarily driven by rising demand for electricity, water, and cooling services, he stated. Dewa recorded a net profit after tax of AED7.23 billion for the 12-month period. Al Tayer said the Dewa's network now covered over 1.27 million customer accounts with the world's lowest electricity line losses standing at 2%. Also it had recorded the world's lowest water network losses at 4.5%; the world's lowest Customer Minutes Lost (CML) of less than one minute per year, thus setting a global benchmark for reliability, he noted.
Hi Dubai
24-03-2025
- Business
- Hi Dubai
DEWA Approves AED3.1 Billion Dividend Amid Strong Financial Performance
Dubai Electricity and Water Authority (DEWA) has announced shareholder approval for a total dividend payout of AED3.1 billion for the second half of 2024, with a record date set for March 31, 2025. The decision was made during the general assembly meeting held today, which saw a 92.2% shareholder attendance and the election of a new Board of Directors for the next three years. Chaired by Matar Humaid Al Tayer, Chairman of DEWA's Board of Directors, the meeting underscored Dubai's continued economic growth and sustainability efforts. "Dubai continues to consolidate its position as a global leader in economic growth, sustainability, and innovation. DEWA remains a key pillar of this success, ensuring that energy and water infrastructure meets the emirate's rapid expansion," Al Tayer stated. Saeed Mohammed Al Tayer, MD & CEO of DEWA, highlighted the company's robust financial performance in 2024, reporting a consolidated annual revenue of AED30.98 billion, EBITDA of AED15.73 billion, and a net profit of AED7.23 billion. Revenue growth of 6.17% was primarily driven by increased demand for electricity, water, and cooling services. DEWA continues to set global benchmarks in operational efficiency, maintaining the world's lowest electricity line losses at 2%, water network losses at 4.5%, and Customer Minutes Lost (CML) of less than one minute per year. Looking ahead, Saeed Al Tayer expressed confidence in 2025, citing Dubai's expanding tourism sector, growing residential and commercial demand, and increasing infrastructure investments as key drivers of growth. News Source: Emirates News Agency
Zawya
21-03-2025
- Business
- Zawya
DEWA's general assembly approves dividend payment of $844mln to shareholders for H2 of 2024
Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly held today, approved the payment of total dividend of AED3.1 billion for H2 of 2024, with a record date of 31st March 2025. The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by Saeed Mohammed Al Tayer, MD&CEO of DEWA and Members of the Board of Directors of DEWA as well as 92.2% of the shareholders. During the meeting, a Board of Directors was elected for the next three years. Matar Humaid Al Tayer, Chairman of DEWA, said, "Dubai continues to consolidate its position as a global leader in economic growth, sustainability and innovation. At DEWA, we take great pride in being a key pillar of this success, ensuring that the energy and water infrastructure keeps pace with the rapid growth Dubai is witnessing.' Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, 'In 2024, DEWA Group delivered another year of strong performance, reporting consolidated full-year revenue of AED30.98 billion, EBITDA of AED15.73 billion and net profit after tax of AED7.23 billion Our consolidated annual revenue grew by 6.17%, primarily driven by rising demand for electricity, water, and cooling services.' 'DEWA's network now serves over 1.27 million customer accounts, and we take pride in achieving the world's lowest electricity line losses at 2%; the world's lowest water network losses at 4.5%; the world's lowest Customer Minutes Lost (CML) of less than one minute per year—setting a global benchmark for reliability,' noted Al Tayer. 'I am optimistic about our outlook for 2025, driven by the continued growth in tourism, residential, commercial and industrial demand; the expanding active daytime population in Dubai; and opportunities for business expansion and infrastructure development,' added Al Tayer.
