Latest news with #AED4.1
Hi Dubai
08-05-2025
- Business
- Hi Dubai
UAE Central Bank Reports 1.8% Rise in M1 and M2, 0.9% Growth in Credit for February
The Central Bank of the UAE reported broad growth across key monetary indicators in February 2025, highlighting continued strength in liquidity, deposits, and credit activity within the banking sector. In its latest Monetary and Banking Developments report, the bank said M1 money supply rose by 1.8% to AED982.9 billion, driven by an increase of AED4.1 billion in currency in circulation and AED13.5 billion in monetary deposits. M2, which includes M1 and quasi-monetary deposits, also rose by 1.8%, reaching AED2,361.9 billion. The growth was supported by a AED25 billion surge in quasi-monetary deposits. Meanwhile, M3 increased by 0.8% to AED2,813.4 billion, despite a AED19 billion decline in government deposits. The monetary base expanded by 3.1% to AED816.6 billion. Key contributors included a 3.4% rise in currency issued, an 11.4% jump in current and overnight bank deposits at the Central Bank, and a 6.2% increase in monetary bills and Islamic certificates of deposit. These gains offset a 6.1% drop in reserve account balances. Gross bank assets, including bankers' acceptances, rose by 1.6% to AED4,636.8 billion. Gross credit increased by 0.9%, reaching AED2,205.1 billion. This was driven by AED1.7 billion growth in domestic credit and AED17.1 billion in foreign credit. Credit to the private sector rose by 0.7%, while lending to non-banking financial institutions jumped 5.2%. Credit to the government and related entities declined by 1.4% and 2.0%, respectively. Total bank deposits rose 1.2% to AED2,874.6 billion. Resident deposits grew by 0.8%, while non-resident deposits surged 5.1%. Within resident deposits, the private sector, non-banking institutions, and government-related entities all recorded increases. Government sector deposits fell by 4.0%. News Source: Emirates News Agency
Zawya
24-03-2025
- Business
- Zawya
UAE: SCA recovers $1.11mln for investors through amicable settlements in 2024
ABU DHABI - The Securities and Commodities Authority (SCA), through amicable settlements, has successfully recovered AED4.1 million in favour of investors during 2024. This achievement is the result of the SCA's relentless efforts in facilitating amicable settlements and effectively utilising the service of complaints related to capital market transactions via its official website. Walid Al Awadhi, Chief Executive of the SCA, stated, "The SCA's success in recovering such substantial amounts, reaffirms our unwavering commitment to protecting investors and strengthening confidence in the financial markets through our effective mechanisms for dispute resolution, ensuring the rights of all parties and participants." Al Awadhi added that the service for submitting complaints related to financial market transactions is a crucial tool in ensuring justice and responding swiftly to investor concerns. This service forms a significant pillar in the authority's role to protect investors and enhance market stability. This achievement highlights the efficiency and agility of the SCA's regulatory framework and its ability to respond to various challenges in the financial markets. The SCA remains committed to continuously enhancing its services and mechanisms to ensure a safe and transparent investment environment. It also encourages all investors to utilise its capital market transactions complaint service, where needed, through its website.
Hi Dubai
24-02-2025
- Business
- Hi Dubai
flydubai Reports Record-Breaking Financial Performance for 2024
Dubai-based carrier flydubai has announced its strongest-ever financial performance for the year ending 31st December 2024, marking a significant milestone in its 15-year history. The airline reported a pre-tax profit of AED2.5 billion (US$674 million), reflecting a 16% growth from the previous year, alongside total revenue of AED12.8 billion (US$3.5 billion), up 15% from 2023. H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, highlighted the airline's crucial role in expanding Dubai's aviation connectivity, stating, 'flydubai continues to push boundaries and reach new milestones year-on-year. Its business model is built on solid foundations and an unwavering commitment to supporting Dubai's economic and tourism vision.' The airline carried 15.4 million passengers in 2024, marking an 11% increase from the previous year. Passenger Load Factor rose by 1.2 percentage points, while Passenger Yield also improved. Business Class demand surged, with an 18% rise in premium travelers. EBITDA grew by 15% to AED4.1 billion (US$1.1 billion), reflecting strong operational efficiency and digital innovation. Fuel costs accounted for 28% of operating expenses, down from 32% in 2023, contributing to overall profitability. Despite aircraft delivery challenges, flydubai expanded its network to 131 destinations across 55 countries, including new routes to Switzerland, Pakistan, Iran, Malaysia, Kenya, and Saudi Arabia. Its fleet stood at 88 aircraft by year-end, with an average age of 5.3 years. The airline also secured an order for 127 Boeing 737 aircraft and 30 Boeing 787 Dreamliners for future expansion. CEO Ghaith Al Ghaith attributed the success to flydubai's strategic adaptability, operational agility, and dedicated workforce, reinforcing its position as a key player in Dubai's aviation sector. News Source: Emirates News Agency
