Latest news with #AED9
Dubai Eye
5 days ago
- Business
- Dubai Eye
UAE, Kuwait sign multiple agreements to boost cooperation
The UAE and Kuwait have signed a comprehensive set of agreements aimed at deepening bilateral cooperation across sectors including AI, health, energy, education, defence and diplomacy. The agreements were formalised at Kuwait's Bayan Palace during the official visit of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court of the UAE. In the defence sector, UAE's EDGE Group signed a AED9 billion (US$2.45 billion) contract with Kuwait's Ministry of Defence for the acquisition of 'Falaj 3' class missile boats. It represents the largest naval shipbuilding export in the region and ranks among the most valuable naval exports globally. Additionally, Kuwait Real Estate Company, through its subsidiary IFA Hotels and Resorts, signed a AED198 million contract with UAE-based Darwish Engineering to execute infrastructure works for the Al Tay Hills residential project in Sharjah. Another agreement saw Kuwait Investment Authority joining the Artificial Intelligence Infrastructure Partnership along with MGX, BlackRock, Global Infrastructure Partners, and Microsoft, to boost AI infrastructure investment. The newly signed Memoranda of Understanding (MoUs) also cover health, diplomacy, road and land transport infrastructure, social development, advanced technology, education, oil and gas, energy and investment. Several MoUs also address cooperation in combating human trafficking, legal cooperation, data protection and information exchange in joint security initiatives. These agreements reflect a shared commitment to expanding bilateral relations and fostering sustainable economic and technological development in both countries.
Zawya
20-02-2025
- Business
- Zawya
Amwaj, Octa launch Dubai's first low-rise lagoon-facing property
Amwaj Development, a key real estate developer in the UAE, has announced an official collaboration with Octa Properties for a luxurious new project in Meydan's District 11, which will be Dubai's first-ever low-rise, lagoon-facing development. The new five-floor project offers its residents a choice of one- and two-bedroom apartments along with other key amenities such as top retail spots, chic cafés and much more. This is the third project to be developed by Amwaj Development in Meydan after the successful launches of Starlight Park and The Cube Residences. It will also feature a luxurious roof terrace and swimming pool with spectacular views facing the lagoon, stated senior company officials at the official signing ceremony. The exclusive park-facing community redefines luxury living in Dubai, offering an ultra-rare low-rise experience with unparalleled privacy and sophistication, they stated. At its heart lies a vast, crystal-clear swimmable lagoon, encircled by lush green spaces featuring scenic walking trails and tranquil spots for outdoor relaxation. On the collaboration, Amwaj Development CEO Murad Saleh said: "We are thrilled to partner with Octa Properties on this new project in Meydan. Building on our successful track record with Starlight Park and The Cube Residences, we remain deeply committed to delivering residences of the highest quality." A leading UAE real estate group, Octa Properties currently has 4,600 pipeline units and now aims to add 14 new branded projects under management in Dubai by June with a total value of more than AED9 billion ($2.45 billion). "We are delighted to formalise this collaboration with Amwaj Development and embark on this exciting new project in District 11 of Meydan," remarked its CEO Fawaz Sous. "This partnership brings together our shared vision for creating exceptional living spaces and delivering unparalleled value to our residents and investors," he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
19-02-2025
- Business
- Trade Arabia
Amwaj, Octa launch Dubai's first low-rise lagoon-facing property
Amwaj Development, a key real estate developer in the UAE, has announced an official collaboration with Octa Properties for a luxurious new project in Meydan's District 11, which will be Dubai's first-ever low-rise, lagoon-facing development. The new five-floor project offers its residents a choice of one- and two-bedroom apartments along with other key amenities such as top retail spots, chic cafés and much more. This is the third project to be developed by Amwaj Development in Meydan after the successful launches of Starlight Park and The Cube Residences. It will also feature a luxurious roof terrace and swimming pool with spectacular views facing the lagoon, stated senior company officials at the official signing ceremony. The exclusive park-facing community redefines luxury living in Dubai, offering an ultra-rare low-rise experience with unparalleled privacy and sophistication, they stated. At its heart lies a vast, crystal-clear swimmable lagoon, encircled by lush green spaces featuring scenic walking trails and tranquil spots for outdoor relaxation. On the collaboration, Amwaj Development CEO Murad Saleh said: "We are thrilled to partner with Octa Properties on this new project in Meydan. Building on our successful track record with Starlight Park and The Cube Residences, we remain deeply committed to delivering residences of the highest quality." A leading UAE real estate group, Octa Properties currently has 4,600 pipeline units and now aims to add 14 new branded projects under management in Dubai by June with a total value of more than AED9 billion ($2.45 billion). "We are delighted to formalise this collaboration with Amwaj Development and embark on this exciting new project in District 11 of Meydan," remarked its CEO Fawaz Sous.
Zawya
31-01-2025
- Business
- Zawya
Mashreq delivers $2.45bln net profit after tax in 2024
DUBAI: Mashreq Bank's net profit rose to AED9 billion in 2024, an increase of about 4 percent compared to 2023, after paying taxes worth AED869 million. Net Profit Before Tax reached AED9.9 billion, representing a 12 percent increase in 2024. Mashreq achieved AED 13.4 billion in revenue, representing a 24 percent increase year-on-year (YoY) and maintaining an impressive three-year compound annual growth rate (CAGR) of 32 percent. Net Interest Income grew by 9 percent YoY despite interest rate cuts in 2024, reflecting healthy margins on the back of strong high-quality balance sheet growth. Non-Interest Income surged by 63 percent to AED5 billion highlighting the continued emphasis on diversifying revenue streams through robust fee-generating activities and strong client engagement in FX, derivatives, and commodities. Mashreq recognised a one-off net gain of AED1.2 billion from the strategic partial sale of a subsidiary. 2024 witnessed an impressive loan growth of 18 percent, largely funded by an increase in customer deposits, while customer deposits increased to AED161 billion in both wholesale and retail segments, with CASA now representing 66 percent of total customer deposits. Total assets increased by 11 percent YoY to AED267 billion, driven by loan growth across wholesale and retail financings. Abdul Aziz Al Ghurair, Chairman of Mashreq, said, 'As we reflect on 2024, Mashreq's journey stands as a testament to resilience, innovation, and excellence amidst a dynamic global and regional environment. The UAE's remarkable progress, marked by its embrace of innovation and steadfast focus on economic diversification, reinforces its position as a global hub for trade, finance, and technology. 'This year, Mashreq achieved record-breaking financial results, including a net profit before tax of AED 9.9 billion, alongside exceptional growth in our digital and international operations. These milestones reflect our unwavering commitment to delivering value to our stakeholders while aligning with the UAE's vision for sustainable growth and global leadership.'
Trade Arabia
30-01-2025
- Business
- Trade Arabia
Mashreq delivers record $2.7bn net profit before tax
Mashreq, one of the leading financial institutions in the MENA region, has reported a double digit growth in net profit before tax for 2024, reflecting both operational efficiency and revenue momentum. Thi is a clear indication of the ability to generate industry-leading shareholder value, it said. Net profit before tax reached AED9.9 billion ($2.7 billion), a 12% increase and underlining Mashreq's solid financial foundation and efficient cost management. Even after an AED869 million tax payment, net profit after tax grew to AED9 billion and increased 78% quarter on quarter and 4% year-on-year. Revenues Mashreq achieved AED13.4 billion in revenue, representing a 24% increase year-on-year and maintaining an impressive three-year CAGR of 32%. This remarkable growth demonstrates Mashreq's ability to harness market opportunities effectively and build diversified income streams. Other highlights * Net interest income grew by 9% year-on-year despite interest rate cuts in 2024, reflecting healthy margins on the back of strong high-quality balance sheet growth. • Non-Interest Income surged by 63% to AED 5 billion highlighting the continued emphasis on diversifying revenue streams through robust fee-generating activities and strong client engagement in FX, derivatives, and commodities. • Growth in Non-Interest Income reflects the resilience and scalability of Mashreq's business model, which continues to perform strongly amidst evolving interest rate environments. • Mashreq recognised a one-off net gain of AED1.2 billion from the strategic partial sale of a subsidiary, demonstrating its ability to identify and capitalise on value-accretive market opportunities. Expenses Efficiency gains reflect the ongoing success in optimizing operational efficiency and advancing digital transformation initiatives, while allowing for strategic investments. • Cost-to-Income Ratio improved by 339 bps to 28%(1) in 2024. • This improvement was registered despite an increase in operating expense by 11% year-on-year in 2024. Balance Sheet 2024 witnessed an impressive loan growth of 18%, largely funded by an increase in customer deposits. • Total assets increased by 11% year-on-year to AED267 billion, driven by loan growth across wholesale and retail financings. • Customer deposits increased to AED 161 billion in both wholesale and retail segments, with CASA now representing 66% of total customer deposits. Liquidity and Capital Mashreq maintained a robust liquidity and capital position, reinforcing its ability to support growth while safeguarding against potential market disruptions. • Liquid Assets Ratio was 34% and Liquidity Coverage Ratio stood at 150%, reflecting a prudent approach to liquidity management and the ability to exceed regulatory requirements. • Capitalisation metrics further strengthened compared to FY 2023, with Capital Adequacy Ratio increasing to 17.5%(2), Tier 1 Capital Ratio rising to 16%, and CET1 Ratio reaching 14.5%. • These levels highlight Mashreq's sound capital management strategy, which ensures a solid foundation for further growth. Asset Quality Mashreq has continued to set industry benchmarks in credit quality, showcasing its strategic focus on prudent lending and robust asset monitoring practices. • Net release of AED166 million in allowances for impairments was achieved through high recoveries from Non-Performing Loans and disciplined credit risk management and marks the second year of net releases. • The non-performing loans to gross Loans ratio of 1.35% (1.30% in FY 2023) at the close of 2024 reflects one of the lowest levels in the industry, highlighting Mashreq's disciplined and effective risk mitigation measures. • Coverage Ratio of 209% in 2024 (247% in FY2023) is amongst the strongest in the sector and demonstrates the prudent approach to safeguarding against potential credit losses while ensuring sufficient provisions to withstand market volatility. Abdul Aziz Al Ghurair, Chairman of Mashreq said: 'As we reflect on 2024, Mashreq's journey stands as a testament to resilience, innovation, and excellence amidst a dynamic global and regional environment. The UAE's remarkable progress, marked by its embrace of innovation and steadfast focus on economic diversification, reinforces its position as a global hub for trade, finance, and technology. "This year, Mashreq achieved record-breaking financial results, including a net profit before tax of AED 9.9 billion, alongside exceptional growth in our digital and international operations. These milestones reflect our unwavering commitment to delivering value to our stakeholders while aligning with the UAE's vision for sustainable growth and global leadership. "Looking ahead, we will continue to leverage our agility, adaptability, and innovation to shape the region's financial ecosystem. Mashreq remains committed to driving sustainable growth, empowering communities, and supporting the UAE's broader aspirations as we navigate an ever- evolving economic landscape.' Ahmed Abdelaal, Group Chief Executive Officer of Mashreq said: '2024 has been another transformative year for Mashreq, marked by record-breaking achievements and a steadfast commitment to delivering value for our customers, stakeholders, and communities. Our 24% year-on-year revenue growth and an impressive Return on Equity of 29% reflect the success of our strategy and our ability to adapt and thrive in dynamic market conditions. "This year, we achieved phenomenal growth across several markets, including India, Hong Kong, and the GCC. Our entry into Pakistan, where we became the first bank to secure a restricted pilot license for digital retail banking, represents a significant milestone in our journey to foster financial inclusion. Additionally, the launch of Mashreq NEO in Egypt and our ranking as the fastest-growing banking brand in the region by Brand Finance further solidify our leadership in innovation and customer-centric solutions. "At the core of our success is a relentless focus on digital transformation. The expansion of the NEO CORP platform across the GCC and the introduction of groundbreaking initiatives like Egypt's first-ever banking-as-a-service partnership with e& demonstrate how we are redefining financial services. "Sustainability has also been a critical focus for Mashreq in 2024. Through our award-winning Climb2Change initiatives and several landmark sustainability-linked loan deals, we continue to integrate ESG principles into our operations and deliver transformative impact for our clients and the communities we serve.
