Latest news with #AED56.2
Zawya
28-04-2025
- Business
- Zawya
Oman-UAE non-oil trade jumps 9.8% to $15.3bln in 2024
Oman continues to maintain its position as the UAE's second largest trading partner in the GCC, and non-oil trade between the two countries grew in 2024 to AED56.2 billion ($15.3 billion), an increase of 9.8% compared to 2023, Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, has said. His comments came during his official visit to Muscat, where he participated in the 'Advantage Oman Forum, 2025', which aims to highlight future investment opportunities in emerging sectors. The increase in non-oil trade between the UAE and Oman reflects strong relations between the two nations. He said these ties help ensure both countries meet their development goals and that this trajectory contributes to economic growth, ensuring both business communities build long-lasting partnerships. Dr Al Zeyoudi stressed that UAE-Oman relations are an example of what a strategic partnership between neighbouring countries aimed at achieving prosperity and sustainable development should be. Their partnership contributes to the hopes of both their peoples and boosts development on both sides. During the visit, Dr Al Zeyoudi also met with Qais bin Mohammed Al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, and a number of other senior officials, where the two sides exchanged ideas on upgrading ties between their countries. Dr Al Zeyoudi also held meetings with other ministers and senior officials, to discuss ways to enhance bilateral cooperation in mutually beneficial areas. Organised by the Ministry of Commerce, Industry and Investment Promotion, the 'Advantage Oman Forum, 2025' discussed the potential of the global investment environment, the trends shaping the future of promising sectors, and the discovery of opportunities. - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
28-04-2025
- Business
- Trade Arabia
Oman-UAE non-oil trade jumps 9.8% to $15.3bn in 2024
Oman continues to maintain its position as the UAE's second largest trading partner in the GCC, and non-oil trade between the two countries grew in 2024 to AED56.2 billion ($15.3 billion), an increase of 9.8% compared to 2023, Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, has said. His comments came during his official visit to Muscat, where he participated in the 'Advantage Oman Forum, 2025', which aims to highlight future investment opportunities in emerging sectors. The increase in non-oil trade between the UAE and Oman reflects strong relations between the two nations. He said these ties help ensure both countries meet their development goals and that this trajectory contributes to economic growth, ensuring both business communities build long-lasting partnerships. Dr Al Zeyoudi stressed that UAE-Oman relations are an example of what a strategic partnership between neighbouring countries aimed at achieving prosperity and sustainable development should be. Their partnership contributes to the hopes of both their peoples and boosts development on both sides. During the visit, Dr Al Zeyoudi also met with Qais bin Mohammed Al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, and a number of other senior officials, where the two sides exchanged ideas on upgrading ties between their countries. Dr Al Zeyoudi also held meetings with other ministers and senior officials, to discuss ways to enhance bilateral cooperation in mutually beneficial areas. Organised by the Ministry of Commerce, Industry and Investment Promotion, the 'Advantage Oman Forum, 2025' discussed the potential of the global investment environment, the trends shaping the future of promising sectors, and the discovery of opportunities. - TradeArabia News Service
Zawya
28-04-2025
- Business
- Zawya
Oman, UAE boost bilateral trade, investment ties at Advantage Oman Forum
MUSCAT: Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the increase in non-oil trade between the UAE and Oman reflects strong relations between the two nations. He said these ties help ensure both countries meet their development goals and that this trajectory contributes to economic growth, ensuring both business communities build long-lasting partnerships. His comments came during his official visit to Muscat, where he participated in the 'Advantage Oman Forum 2025', which aims to highlight future investment opportunities in emerging sectors. Dr Thani Al Zeyoudi noted Oman continues to maintain its position as the UAE's second largest trading partner in the GCC, and non-oil trade between the two countries grew in 2024, to AED56.2 billion (US$15.3 billion), an increase of 9.8% compared to 2023, and an increase of 32.4% compared to 2020. He stressed that UAE-Oman relations are an example of what a strategic partnership between neighbouring countries aimed at achieving prosperity and sustainable development should be. Their partnership contributes to the hopes of both their peoples and boosts development on both sides. During the visit, Dr Al Zeyoudi also met with Qais bin Mohammed Al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, and a number of other senior officials, where the two sides exchanged ideas on upgrading ties between their countries. Al Zeyoudi also held meetings with other ministers and senior officials, to discuss ways to enhance bilateral cooperation in mutually beneficial areas. Organised by the Ministry of Commerce, Industry and Investment Promotion, the 'Advantage Oman Forum 2025' discussed the potential of the global investment environment, the trends shaping the future of promising sectors, and the discovery of opportunities.
Mid East Info
27-04-2025
- Business
- Mid East Info
Oman and UAE boost bilateral trade and investment ties at ‘Advantage Oman Forum, 2025' - Middle East Business News and Information
Non-oil trade between the UAE and Oman rose 9.8% to more than AED56.2 billion in 2024, continuing record growth. HE Al Zeyoudi: 'The upward trajectory of UAE-Oman trade reflects the value both our nations place on boosting relations between neighbors.' Muscat, Oman,April 2025: His Excellency Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said that the increase in non-oil trade between the UAE and Oman reflects strong relations between the two nations. He said these ties help ensure both countries meet their development goals and that this trajectory contributes to economic growth, ensuring both business communities build long-lasting partnerships. His comments came during his official visit to Muscat, where he participated in the 'Advantage Oman Forum, 2025', which aims to highlight future investment opportunities in emerging sectors. HE Dr Thani Al Zeyoudi noted Oman continues to maintain its position as the UAE's second largest trading partner in the GCC, and non-oil trade between the two countries grew in 2024, to AED56.2 billion (USD15.3 billion), an increase of 9.8% compared to 2023, and an increase of 32.4% compared to 2020. HE Dr Thani Al Zeyoudi stressed that UAE-Oman relations are an example of what a strategic partnership between neighboring countries aimed at achieving prosperity and sustainable development should be. Their partnership contributes to the hopes of both their peoples and boosts development on both sides. During the visit, HE Dr Thani Al Zeyoudi also met with His Excellency Qais bin Mohammed Al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, and a number of other senior officials, where the two sides exchanged ideas on upgrading ties between their countries. HE Dr Thani Al Zeyoudi also held meetings with other ministers and senior officials, to discuss ways to enhance bilateral cooperation in mutually beneficial areas. Organized by the Ministry of Commerce, Industry and Investment Promotion, the 'Advantage Oman Forum, 2025' discussed the potential of the global investment environment, the trends shaping the future of promising sectors, and the discovery of opportunities.
Zawya
18-04-2025
- Business
- Zawya
Sharjah Islamic Bank reports net profit for Q1 2025
SHARJAH: Sharjah Islamic Bank (SIB) commenced the year 2025 with strong financial performance during the first quarter, achieving a net profit after tax of AED318.9 million, an increase of 24.6 percent compared to AED255.9 million in the first quarter of 2024. Income from investments in Islamic financing and Sukuk grew by AED56.2 million, or 6.6 percent, reaching AED914.3 million in the first quarter of 2025, compared to AED858.1 million in the first quarter of 2024. Meanwhile, total distributions to depositors and Sukuk holders amounted to AED546.9 million, compared to AED490.0 million, reflecting SIB's stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles. It also demonstrates the Bank's resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market. Sharjah Islamic Bank continues to emphasise the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 38.3 percent to AED107.6 million in the first quarter of 2025, up from AED77.8 million in the first quarter of 2024. As a result, the Bank recorded a total operating income of AED531.7 million, an increase of AED27.0 million, or 5.3 percent, compared to AED504.7 million in the same period last year. This upward trend reflects the Bank's ability to maintain stable operating income in a changing economic environment while effectively capitalising on opportunities across various economic sectors. Total general and administrative expenses for the first quarter of 2025 amounted to AED198.3 million, an increase of 11.3 percent compared to AED178.1 million in the same period of 2024. This rise is mainly attributed to the Bank's continued investment in human capital, technology, and operational infrastructure to support business expansion and improve customer service. Despite the increase in expenses, the Bank's net operating income before impairment provisions reached AED333.4 million, compared to AED326.7 million in the first quarter of 2024, reflecting a 2 percent increase, which shows the Bank's ability to absorb cost pressures while maintaining stable profitability, reinforcing its operational efficiency and sound financial management. Reflecting prudent credit risk management and successful recovery efforts, the Bank recorded a net recovery of impairment provisions of AED17.2 million during the first quarter of 2025, compared to an impairment provision of AED45.0 million in the first quarter of 2024, indicating a significant improvement in the quality of the financing portfolio. This positive development contributed significantly to the 24.5 percent increase in profit before tax, which reached AED350.6 million, compared to AED281.7 million in the same period last year. These results confirm the effectiveness of the Bank's risk mitigation strategies and its commitment to preserving asset quality amid a changing global economic environment. On the balance sheet side, total assets increased by AED3.6 billion, or 4.5 percent, to reach AED82.8 billion as of March 31, 2025, compared to AED79.2 billion at the end of the previous year. The Bank continued to maintain a strong liquidity ratio of 21.8 percent of total assets, amounting to AED18.1 billion, compared to 21.6 percent at the end of the previous year. Meanwhile, total customer financing increased to AED40.3 billion, compared to AED37.7 billion at the end of 2024, marking a 4.5 percent increase. Customer deposits amounted to AED52.1 billion, compared to AED51.8 billion at the end of the previous year. As a result, the financing to deposit ratio stood at 77.4 percent, compared to 72.8 percent at the end of the previous year. Sharjah Islamic Bank enjoys a strong capital base, with total shareholders' equity reaching AED8.2 billion as of the end of March 2025, representing 9.9 percent of the Bank's total assets. This led to a noticeable increase in the return on assets (ROA) and return on equity (ROE) ratios, which stood at 1.58 percent and 15.5 percent, respectively, after tax, compared to 1.44 percent and 12.76 percent at the end of the previous year.
