Latest news with #AED4.56
Zawya
17-04-2025
- Business
- Zawya
UBF discusses plans to develop banking, financial industry
The CEOs Advisory Council of the UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, held its meeting chaired by Abdulaziz Al-Ghurair, Chairman of UBF, to review the banking and financial sector's performance during 2024, and discuss developments, initiatives and plans in 2025. The CEOs Advisory Council praised the strong performance and achievements of the banking sector during 2024, guided by the Central Bank of the UAE (CBUAE), which is leading the sector's efforts to support the national economy's growth by establishing the necessary frameworks to ensure financial stability, strengthen monetary and regulatory legislation, and upgrade the financial, banking and insurance sectors. Al Ghurair said that the banking and financial sector continues to develop and consolidate its leading position as the largest sector in the Middle East in terms of total assets, which increased by 12 percent over the past year to AED4.56 trillion. This reflects the CBUAE's effectiveness in supporting the growth of the banking and financial sector to drive economic and social development and cement the UAE's position as a global financial and banking centre. He added, "We are proud of the ability of UAE banks to register remarkable growth in promoting Emiratisation, as financial and banking institutions exceeded the set targets by achieving growth of 152.9 percent, employing 2,866 Emiratis during 2024, reaffirming that Emiratisation is a top priority for us." Al Ghurair emphasised the banking sector's commitment to achieving the strategic objectives of the UAE. He praised the efforts of the CEOs Advisory Council, which includes banking leaders with extensive experience and knowledge, to support decision-making in UBF, which focuses on ensuring a seamless and secure banking experience for customers. During the meeting, the CEOs Advisory Council discussed UBF's plans in 2025 to develop the banking and financial sector and maintain its leading position, stressing the importance of continuing efforts and initiatives to support Emiratisation, sustainability, governance, financial inclusion and support of small and medium-sized enterprises (SMEs), in line with the directives of the CBUAE. The meeting also discussed the latest developments and initiatives to keep pace with the accelerated developments in the global economy, digital transformation, digital infrastructure development plans, enhancing cybersecurity, raising awareness about financial crimes and advanced fraud methods and ways to combat them. It also emphasised the importance of doubling efforts to ensure compliance with laws, regulations, supervisory and supervisory guidelines and following the highest governance standards, transparency, and risk management. Jamal Saleh, Director-General of UBF, said, "The continued strong performance of the banking and financial sector confirms the distinguished position of the UAE as an economic power and a financial and banking centre, under the direct supervision of the CBUAE's, which sets the appropriate frameworks for the banking sector to play its role in economic and social development and provide a seamless and secure banking experience that meets the requirements and aspirations of customers." He added that the UBF remains committed to ensure continuous development and highest standards of compliance with regulations and policies to maintain an advanced banking system characterised by strength, resilience, and ability to keep pace with changes and developments in the global economy.
Zawya
10-04-2025
- Business
- Zawya
Regional F&B growth, portfolio diversification boost Agthia's prospects
Agthia Group PJSC, headquartered in Abu Dhabi, is a prominent food and beverage company operating across the Middle East, North Africa and beyond. The company's diverse portfolio includes products such as water, flour, animal feed, dairy and processed foods, catering to both regional and international markets. Launched in 2004, the company was listed on the Abu Dhabi Securities Exchange (ADX) in 2005. It is majority owned by General Holding Corporation, or Senaat, which is part of the Abu Dhabi Development Holding Company (ADQ). The company's operations are divided into two main divisions. The Agri Business Division focuses on the production and distribution of essential staples like flour and animal feed, supporting both local and regional agricultural sectors. The Consumer Business Division spans multiple industries, including the manufacture and distribution of bottled drinking water, water-based drinks and juices. In the food segment, the company produces a diverse range of products, from tomato and chili paste to fruit concentrates, frozen vegetables, fresh dairy products and frozen baked goods. Click here to download infographic With assets spread across the UAE, Oman, Egypt and Turkey, Agthia's reach extends far beyond its home market, supplying products to customers throughout the GCC, Turkey, the wider Middle East and international markets. Its international portfolio of integrated businesses provides high-quality and trusted food and beverage products, including water (Al Ain, Al Bayan, Alpin Natural Spring Water, Bambini); flour (Grand Mills); animal feed (Agrivita); juices (Al Ain Fresh, Capri Sun); dairy (Yoplait); processed food (Al Ain Tomato Paste, Al Ain Frozen Vegetables) and fresh and frozen baked goods (Grand Mills). Strategic growth drivers Investment analysis Agthia reported revenues of AED4.91 billion in its fiscal year 2024, marking a 7.75% increase from the previous year's AED4.56 billion. Net profit for the same period rose to AED322 million, compared to AED300 million. The consistent growth underscores Agthia's robust market position and effective operational strategies. Growth prospects The UAE and the wider region's rising population growth, consumer preference for high-quality and healthy foods, and a strong government focus on food security are fuelling Agthia's growth. The company benefits from strong government support and is looking to expand its business in the key markets of Saudi Arabia and Egypt, among others. In addition, it enjoys strong growth potential in its home market of the UAE. In 2024, it expanded its regional footprint with the launch of a state-of-the-art protein manufacturing facility built at an investment of AED90 million in Jeddah Industrial City 1. It also raised its stake in Abu Auf Group, an Egyptian healthy snacks and coffee brand, to 80% to take advantage of the country's strong economic and population growth. This forms part of a strategy to diversify its revenue portfolio, extend its footprint in the MENA region and beyond, and develop value-added food and beverage brands. The company has set external guidance to raise revenues to AED 6 billion by the end of 2025, compared to AED 4.9 billion in 2024, and improve its net profit margin to between 8.5% and 10% in 2025. The company aims to accomplish this by bolstering its core base, including strengthening the water business, building up flour and feed, expanding geographical reach, and shifting the portfolio mix towards higher-margin categories. Relative valuation Agthia Group currently has a Relative Valuation Rating of 9, significantly above the FTSE ADX General index average rating of 5.9. The company's current price-to-sales ratio, trailing price-to-earning (P/E) ratio and forward PE multiples are all currently at or near their five-year lows. Based on price-to-sales, Agthia currently trades at a 6% discount to its Food & Tobacco industry group peers. On average, the company has traded at a 42% discount over the past five years. Based on trailing P/E, Agthia currently trades at a 0.6% premium to its Food & Tobacco industry group peers. On average, the company has traded at a 0.3% premium over the past five years. Based on forward P/E, Agthia currently trades at a 9% discount to its Food & Tobacco industry group peers. On average, the company has traded at a 38% discount over the past five years. Fiscal position Agthia maintains a solid fiscal position, with total assets amounting to AED6.6 billion as of December 31, 2024. The company's equity attributable to shareholders stands at AED2.9 billion, indicating a strong equity base. This financial stability positions Agthia well for future investments and expansion initiatives. Return on equity For the year ending December 31, 2024, Agthia's return on equity was approximately 10.2%, reflecting the company's efficient utilisation of shareholder funds to generate profits. According to analysts, Agthia demonstrates strong financial performance, promising share growth potential, a solid fiscal foundation and a respectable return on equity.
Hi Dubai
07-04-2025
- Business
- Hi Dubai
UAE Central Bank's 2024 Report Marks Milestone Year of Growth, Innovation, and Stability
The Central Bank of the UAE (CBUAE) has released its 2024 Annual Report, highlighting a landmark year of economic resilience, financial innovation, and regulatory transformation. The report outlines major achievements reinforcing the CBUAE's role in safeguarding financial stability, enhancing legislative frameworks, and driving national economic growth. The UAE's real GDP grew by 3.9% in 2024, underpinned by strong performances in both oil and non-oil sectors. Looking ahead, the CBUAE projects a further acceleration to 4.7% in 2025. Non-oil foreign trade surged by 13.8%, surpassing AED2.8 trillion—boosted by key economic partnership agreements. The banking sector reported robust growth, with total assets reaching AED4.56 trillion, placing the UAE at the forefront regionally. Capitalisation, liquidity, and profitability remained strong, reflecting a stable financial ecosystem. The insurance sector also saw total gross written premiums climb to AED64.8 billion. Key initiatives in 2024 included strengthening stress tests, climate risk assessments, and capital buffers to bolster systemic resilience. The UAE's exit from the Financial Action Task Force's 'enhanced monitoring' list underscored its success in combatting financial crime. The CBUAE launched several pioneering platforms, including the domestic card scheme 'Jaywan', the instant payment system 'Aani', and the world's first Open Finance regulation. It also advanced the "Sustainable Monetary Sukuk" programme and expanded Emiratisation efforts, with national employment in the sector growing by over 150%. Crowning a transformative year, the CBUAE earned the Leading Federal Entity Award and propelled the UAE to third globally in Islamic finance rankings. Governor Khaled Mohamed Balama reaffirmed the Bank's commitment to innovation and sustainable development, emphasizing its role in shaping the UAE as a global financial hub. News Source: Emirates News Agency
Zawya
07-04-2025
- Business
- Zawya
CBUAE 2024 Annual Report highlights UAE's leadership in strengthening financial sector
The Central Bank of the UAE (CBUAE) today released its 2024 Annual Report, embodying achievements and initiatives that have marked a transformative shift in its journey and strengthened its vital role in supporting the growth of the national economy, safeguarding financial stability, enhancing monetary and supervisory legislation, and contributing to the advancement of the financial, banking, and insurance sectors. The report provides a comprehensive overview and in-depth analysis of financial, monetary, and economic developments at the local, regional, and global levels, highlighting the progress made in implementing initiatives aimed at reinforcing the UAE's leading position in driving global economic development and shaping a sustainable financial future. The UAE's economic performance witnessed significant growth during 2024, with the nation's real GDP achieving a growth rate of 3.9%, driven by the strong performance of the oil sector and other non-oil sectors. The CBUAE forecasts an acceleration of growth to 4.7% in 2025, reflecting the resilience of the national economy and its ability to achieve targeted diversification. Non-oil foreign trade of goods also increased by 13.8%, exceeding AED2.8 trillion, supported by the prominent role of the Comprehensive Economic Partnership Agreements. The banking system also continued to achieve exceptional strides in the UAE's financial indicators, with total banking sector assets reaching AED4.56 trillion - a growth of 12.0%. This places the UAE at the forefront in the Middle East in terms of banking assets, reinforcing its well-established foundations with strong fundamentals, reflected in high capitalisation levels, strong profitability, sufficient liquidity, and stable financial reserves. The insurance sector, for its part, recorded a notable increase in total gross written premiums, reaching a value of AED64.8 billion. During 2024, the CBUAE supported capital buffers in the banking sector by increasing capital reserves, as a proactive step to address cyclical fluctuations, thereby enhancing long-term financial stability and contributing to building a strong and resilient banking system capable of adapting to global economic changes. As part of its prudential supervisory responsibilities to assess banks' ability to withstand various scenarios, the CBUAE strengthened stress tests and conducted assessments of potential risks to the banking sector due to climate change. As a result of a diligent endeavour to establish an effective framework for combating money laundering and terrorist financing, the CBUAE's efforts, in cooperation and coordination with federal and local authorities, contributed to the UAE exit from the Financial Action Task Force's (FATF) jurisdictions under 'enhanced monitoring process.' In its ongoing efforts to achieve its vision to be among the top central banks globally in promoting monetary and financial stability, the CBUAE made progress in implementing its innovative plans and initiatives, culminating in winning the Leading Federal Entity Award (500+ employees' category) at the Mohammed bin Rashid Government Excellence Award and the UAE's advancement in global Islamic finance rankings from sixth to third place. The country also earned the "Pioneering Model" title according to the Global Cybersecurity Index. As part of its leading initiatives to support the Financial Infrastructure Transformation (FIT) programme, the CBUAE launched the UAE's domestic card scheme "Jaywan" and the instant payment platform "Aani". It also launched the world's first Open Finance regulation, as well as the licensing and supervision system for virtual stablecoins to enhance financial stability and keep pace with emerging changes in global markets, in addition to the electronic "Know Your Customer" platform to provide a secure financial infrastructure for verifying customer identities. Reflecting commitment to enhancing consumer protection and ensuring fair market conduct, the CBUAE also launched "Sanadak', the MENA region's first independent ombudsman unit, aimed at resolving banking and insurance disputes efficiently and quickly, and enhancing consumer confidence. Emiratisation topped the CBUAE's strategic priorities in 2024, embodying the vision and directives of the wise leadership. Licensed financial institutions exceeded their targets, achieving a growth of 152.9% by employing 2,866 UAE nationals. The number of UAE nationals in vital positions also increased to 7,886, representing a growth of 20.22% compared to the previous year. In support of the national agenda aimed at promoting sustainable finance and solidifying the UAE's position as a leading hub for Islamic finance regionally and globally, the CBUAE launched the development phase of the "Sustainable Monetary Sukuk" programme, with the first phase focusing on studying economic feasibility and market size. Khaled Mohamed Balama, Governor of the CBUAE, said, "The CBUAE, driven by the vision of the wise leadership and the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the CBUAE, continues its efforts to enhance financial and monetary stability, develop regulatory and supervisory frameworks, and lead innovation in the financial services sector. Our transformative initiatives and projects, launched during 2024, have contributed to enhancing the efficiency and competitiveness of the financial sector, building a more resilient and sustainable financial system. These efforts culminated in winning the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award.' He added, 'We will continue our diligent work to strengthen the UAE's position as a global financial hub, and build a prosperous future for the financial sector, reflecting the world's confidence in our economy and our ability to innovate and excel, and affirming our commitment to achieving sustainable development for future generations.'
