Latest news with #Dh4.1
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.
Al Etihad
06-05-2025
- Business
- Al Etihad
IHC reports Dh27.2b revenue, Dh4.1b profit after tax in Q1 2025
6 May 2025 23:00 ABU DHABI (ALETIHAD)International Holding Company (IHC) has reported robust first-quarter results for 2025, with revenue reaching Dh27.2 billion, up 41.1% from the same period last year, and profit after tax standing at Dh4.1 billion, a statement from the company said. The company's net profit margin came in at 15.2%, underscoring the strength of its diverse investment strong quarterly performance was led by IHC's Real Estate segment, which recorded a 53.3% year-on-year (YoY) revenue increase, contributing over 42% of total revenue. The Marine & Dredging segment posted an 18% rise in revenue, while Hospitality & Leisure saw a 96.6% jump, supported by higher occupancy rates and sustained assets climbed to Dh416.6 billion by March 31, 2025, compared to Dh401.8 billion at the end of 2024. Real Estate & Construction assets alone increased to Dh170.7 billion, a 4.9% YoY of IHC, Syed Basar Shueb, said, 'Our Q1 2025 performance reinforces the strength of IHC's diversified model and the growing impact of our strategic investments across global markets. As we expanded our portfolio, we continued to drive improved operational performance and enhance recurring revenue streams, ensuring resilience and stability across our business segments.'He added that IHC is 'shaping the industries of tomorrow through dynamic value networks' and remains committed to delivering long-term value for shareholders and in 1999 and headquartered in Abu Dhabi, IHC has grown to become the Middle East's most valuable holding company, with a market capitalisation of Dh879.6 billion. Its portfolio includes more than 1,300 subsidiaries across asset management, real estate, healthcare, financial services, and technology.
Al Etihad
01-04-2025
- Business
- Al Etihad
PureHealth focused on acquisitions to drive its growth in 2024
1 Apr 2025 19:18 A. SREENIVASA REDDY (ABU DHABI)Pure Health Holding, the Middle East's largest healthcare group, has placed acquisitions at the forefront of its growth strategy in 2024, according to its Integrated Report submitted to the Abu Dhabi Securities Exchange (ADX).PureHealth uniquely integrates all aspects of the healthcare value chain, including hospitals, primary care centers, pharmacies, group purchasing organisations, diagnostics, research, health tech and insurance. This integration allows PureHealth to enhance patient outcomes, and create synergies across its diverse has demonstrated strong financial performance in 2024, with consolidated revenue increasing by 58% year-on-year (YoY) to Dh25.8 billion, according to the report. The company's EBITDA grew by 69% to Dh4.1 billion, and net profit increased by 78% to Dh1.7 billion. This growth is attributed to strong performance across its core segments, including hospitals, insurance, diagnostics, and procurement, and also from key acquisitions, the report said. In 2024, PureHealth's growth strategy has been significantly fuelled by key acquisitions, including the acquisition of Circle Health, the UK's largest independent hospital operator, for £1.2 billion, which has expanded Pure Health's international footprint and provided access to the UK healthcare market, and the acquisition of Sheikh Shakhbout Medical City (SSMC) in Abu Dhabi for Dh600 million, which is the region's largest healthcare complex, providing advanced tertiary care. Circle Health contributed Dh6 billion to the top line, demonstrating a 7% YoY revenue growth, while SSMC added Dh2 billion to revenue, reinforcing domestic operations and enhancing specialised tertiary care boasts more than 100 clinics, over 300 hospitals, and a workforce exceeding 56,000 and Managing Director, Farhan Malik, stated: 'Our strong financial performance underscores the effectiveness of our strategy. The acquisition of Circle Health Group has strengthened our international reach, enabling us to leverage best practices and bring world-class healthcare closer to those who need it. Simultaneously, our expansion within the UAE, acquiring the largest healthcare complex in the region, which focuses on specialty care, reaffirms our commitment to elevating healthcare standards at home while positioning the UAE as a global hub for medical excellence'.Group Chief Executive Officer Shaista Asif noted: 'PureHealth's 2024 journey was marked by strategic expansion, innovative patient-centred care, and robust financial growth, solidifying our position as a global healthcare leader whilst enhancing value for all stakeholders.'Manzoor Ahmad, Group Chief Financial Officer (CFO), said: 'Despite significant investments and acquisitions, PureHealth has maintained a strong financial position. The Company's net leverage, including leases, stands at 0.9 times EBITDA, well below the upper limit of 3.0x required to maintain an investment-grade credit profile. This prudent approach to financial management ensures flexibility to pursue further growth opportunities while maintaining financial stability.'PureHealth's share price and market capitalisation demonstrated robust performance throughout 2024, building on the momentum from its successful IPO. The Company's market value continued to grow as investors recognised its strong financial results and strategic expansion, the CFO added. PureHealth is committed to fostering a diverse, equitable, and inclusive workplace. The company has over 56,000 employees, representing more than 100 nationalities, with women comprising 60% of the workforce. In the UAE, 21% of the workforce are UAE Nationals, and 16% are females. The company's focus remains on sustaining digital transformation, enhancing talent development, deepening culture transformation, and strategic workforce is committed to maintaining high standards of transparency, communication, and corporate governance. The company has established an Investor Relations Department to ensure timely and accurate communication with the market, stakeholders, and investors, in full compliance with applicable capital market main shareholders of PureHealth include Q Health LLC, which holds the largest stake at 40.51%, followed by Alpha Dhabi Health Holding LLC with 24.93%. IHC Healthcare LLC and AH Capital (FZE) are also key players. Collectively, these top four shareholders control a substantial 77.65% of Pure Health. Shareholder base is primarily institutional, with companies holding a significant 97.29% of the shares, while individual shareholders constitute a small 2.71%. Pure Health Holding has been listed on the Abu Dhabi Securities Exchange (ADX) since 2023. The integrated report also dealt with various sustainability initiatives of the healthcare group. It said PureHealth's 2024 Sustainability Report, which will be launched in H1 2025, will communicate full and detailed sustainability performance.
Khaleej Times
24-03-2025
- Business
- Khaleej Times
UAE authority helps investors recover Dh4.1 million by resolving disputes in 2024
The Securities and Commodities Authority (SCA) recovered Dh4.1 million for investors during 2024 through amicable settlements. 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.
