Latest news with #Dh13.5
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE banks' gross assets up by 1.6% to Dh4,636.8 billion at end of February 2025: Central Bank
The Central Bank of the UAE (CBUAE) announced the increase in money supply aggregate M1 by 1.8%, from Dh965.3 billion at the end of January 2025 to AED982.9 billion at the end of February 2025. The increase was due to Dh4.1 billion growth in currency in circulation outside banks and Dh13.5 billion rise in monetary deposits. According to the apex bank's Monetary & Banking Developments – February 2025, the money supply aggregate M2 increased by 1.8%, increasing from Dh2,319.3 billion at the end of January 2025 to Dh2,361.9 billion at the end of February 2025. M2 increased because of an elevated M1, and Dh25.0 billion rise in Quasi-Monetary Deposits. The money supply aggregate M3 also increased by 0.8%, from Dh2,789.8 billion at the end of January 2025 to Dh2,813.4 billion at the end of February 2025. M3 increased mainly due to the growth in M2, overriding the Dh19.0 billion decrease in government deposits. The monetary base increased by 3.1%, from Dh791.9 billion at the end of January 2025 to Dh816.6 billion at the end of February 2025. The growth in the monetary base was driven by increases of; 3.4% in currency issued, 11.4% in banks & OFCs' current accounts & overnight deposits of banks at CBUAE and 6.2% in monetary bills & Islamic certificates of deposit, overshadowing the 6.1% decrease in reserve account. Gross banks' assets, including bankers' acceptances, increased by 1.6% from Dh4,562.3 billion at the end of January 2025 to Dh,636.8 billion at the end of February 2025. Gross credit increased by 0.9% from Dh2,186.3 billion at the end of January 2025 to Dh2,205.1 billion at the end of February 2025. Gross credit increased due the combined increases in domestic credit by Dh1.7 billion and foreign credit by Dh17.1 billion. The growth in domestic credit was due to increases in credit to the; private sector by 0.7% and non-banking financial institutions by 5.2%. Credit to the public sector (government-related entities) decreased by 2.0%, and credit to the government sector decreased by 1.4%. Banks' deposits increased by 1.2%, from Dh2,840.7 billion at the end of January 2025 to Dh2,874.6 billion at the end of February 2025. The increase in bank deposits was due to the growth in resident deposits by 0.8%, settling at Dh2,625.5 billion and in non-resident deposits by 5.1%, reaching Dh249.1 billion. Within the resident deposits; government-related entities deposits increased by 3.8%, private sector deposits increased by 1.4% and non-banking financial institutions deposits increased by 5.6%, while deposits to the government sector decreased by 4.0% by the end of February 2025.
Al Etihad
07-05-2025
- Business
- Al Etihad
Gross banks' assets up by 1.6% to Dh4,636.8 billion at end of February 2025: CBUAE
7 May 2025 19:23 ABU DHABI (WAM)The Central Bank of the UAE (CBUAE) announced the increase in money supply aggregate M1 by 1.8%, from Dh 965.3 billion at the end of January 2025 to Dh982.9 billion at the end of February 2025. The increase was due to Dh4.1 billion growth in currency in circulation outside banks and Dh13.5 billion rise in monetary to the apex bank's Monetary & Banking Developments – February 2025, the money supply aggregate M2 increased by 1.8%, increasing from Dh2,319.3 billion at the end of January 2025 to Dh2,361.9 billion at the end of February 2025. M2 increased because of an elevated M1, and Dh25.0 billion rise in Quasi-Monetary money supply aggregate M3 also increased by 0.8%, from Dh2,789.8 billion at the end of January 2025 to Dh2,813.4 billion at the end of February 2025. M3 increased mainly due to the growth in M2, overriding the Dh 19.0 billion decrease in government monetary base increased by 3.1%, from Dh791.9 billion at the end of January 2025 to Dh816.6 billion at the end of February 2025. The growth in the monetary base was driven by increases of; 3.4% in currency issued, 11.4% in banks & OFCs' current accounts & overnight deposits of banks at CBUAE and 6.2% in monetary bills & Islamic certificates of deposit, overshadowing the 6.1% decrease in reserve banks' assets, including bankers' acceptances, increased by 1.6% from Dh4,562.3 billion at the end of January 2025 to Dh4,636.8 billion at the end of February credit increased by 0.9% from Dh2,186.3 billion at the end of January 2025 to Dh2,205.1 billion at the end of February 2025. Gross credit increased due the combined increases in domestic credit by Dh1.7 billion and foreign credit by Dh17.1 billion. The growth in domestic credit was due to increases in credit to the; private sector by 0.7% and non-banking financial institutions by 5.2%. Credit to the public sector (government-related entities) decreased by 2.0%, and credit to the government sector decreased by 1.4%.Banks' deposits increased by 1.2%, from Dh2,840.7 billion at the end of January 2025 to Dh2,874.6 billion at the end of February 2025. The increase in bank deposits was due to the growth in resident deposits by 0.8%, settling at Dh2,625.5 billion and in non-resident deposits by 5.1%, reaching Dh249.1 the resident deposits; government-related entities deposits increased by 3.8%, private sector deposits increased by 1.4% and non-banking financial institutions deposits increased by 5.6%, while deposits to the government sector decreased by 4.0% by the end of February 2025.
Khaleej Times
10-04-2025
- Business
- Khaleej Times
UAE: Gold surges by over Dh10 per gram amid Trump's 90-day pause on tariffs
As markets are in a period of global fluctuation due to Trump's tariff decisions, the yellow metal is one of those greatly impacted. In Dubai, the gold rate has shot up by over Dh10 in just the span of one market day. The Dubai Jewellery Group data showed 24K opening at Dh376.5 per gram for Dh24k; this is an increase of Dh13.5, compared to Dh363 on Wednesday opening. The 22k was selling at Dh348.75 per gram, compared to Dh336 on Wednesday morning; the 21k was at Dh334.5 per gram and the 18k at Dh286.5 per gram, an increase of Dh12.25 and Dh10.25, respectively, from Wednesday opening rates. In an unprecedented turn-around, Trump announced a 90-day pause on the earlier stated 'reciprocal' tariffs, but hiked the duties on China to 125 per cent. Other economies are currently only subject to a 10 per cent baseline. The halt on higher duties shook markets, with Wall Street stocks rocketing higher after the announcement. On Wednesday, after Trump's pause was announced, the S&P 500 surged six per cent higher to 5,281.44, snapping a brutal run of losses since Trump's 'Liberation Day' tariff announcement a week ago. The Nasdaq Composite surged 7.6 per cent, while the Dow Jones Industrial Average gained 5.51 per cent in early afternoon trading.
The National
13-02-2025
- Business
- The National
Emaar Properties 2024 profit jumps 16% amid UAE's real estate boom
Dubai's largest listed developer Emaar Properties' 2024 net income surged 16 per cent on an annual basis as the company's revenue last year surged to record levels on a sharp rise in the property sales across its portfolio. Net profit attributable to owners of the company for the 12 months to the end of December rose to Dh13.5 billion ($3.67 billion), the company said on Thursday to the Dubai Financial Market, where its shares are traded. Revenue during the period increased 33 per cent annually to Dh35.5 billion, its highest ever, as property sales surged to a record Dh70 billion, up 72 per cent compared with the same period in 2023. The group's revenue backlog from property sales surpassed Dh110 billion as of December 31, marking a 55 per cent increase from 2023, indicating robust revenue growth for the coming years, according to Emaar. 'The company's progress also reflects the emirate's proactive economic strategies and its dedication to positioning Dubai as a global hub for innovation and investment,' Mohamed Alabbar, founder of Emaar, said. Property companies in the emirate have maintained a strong growth momentum since bouncing back from the Covid-driven slowdown amid continued economic momentum in the emirate. Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared with the same period in 2023, reaching Dh339.4 billion, with growth largely driven by strides in several sectors including the real estate sector. Last year, Dubai recorded real estate deals worth Dh761 billion, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to reach 226,000, according to the latest data provided by Dubai Media Office. The UAE government initiatives such as residency permits for retired and remote workers and expansion of the 10-year golden visa programme as part of efforts to boost its appeal to international investors continued to support the property market. Emaar Development, a majority-owned subsidiary specialising in the build-to-sell property development business, recorded property sales worth Dh65.4 billion during the one-year period, up 75 per cent compared with 2023. Its revenue grew 61 per cent to reach Dh19.1 billion. It also launched 62 new projects across all master plans in the UAE. Emaar's shopping malls, retail, and commercial leasing operations recorded revenue of Dh5.6 billion, driven by robust growth in tenant sales, which saw an increase of more than 7 per cent compared with 2023 and increased occupancy. Its mall assets achieved an average occupancy of 98.5 per cent as of December 31, with Dubai Mall recording a footfall of 111 million during the year, up 6 per cent over 2023. Emaar's international real estate operations recorded property sales of Dh4.1 billion, an increase of 40 per cent compared with 2023, primarily driven by Egypt and India operations, with the revenue at Dh2.7 billion.
