Latest news with #Dh5
Gulf Insider
3 days ago
- Business
- Gulf Insider
UAE Central Bank Orders Halt To Minimum Balance Hike
In a major new development, the Central Bank of the UAE on Tuesday instructed all banks operating in the country to suspend planned increases to the minimum balance requirement for personal accounts, pending a formal review of the policy's impact on consumers. In a circular obtained by Emarat Al Youm, the Central Bank explicitly addressed recent reports indicating that several major banks were preparing to raise the minimum required balance from Dh3,000 to Dh5,000, starting June 1. The move, which would have subjected non-compliant customers to monthly fees of up to Dh105, had already been implemented by at least one leading institution. 'With reference to what has been circulated in the media and social platforms about some banks' intention to raise the minimum balance to Dh5,000, the Central Bank has decided to study the impact of this increase on customers,' the circular read. 'Accordingly, banks are instructed to suspend the increase and refrain from applying it until further notice.' The decision follows Emarat Al Youm's earlier report that several major banks had planned to implement the new Dh5,000 threshold starting June 1, in line with updates to Central Bank regulations. One leading bank had already enacted the change, with others expected to follow suit in the coming weeks. The announcement of the potential increase triggered widespread public criticism, with account holders voicing concern over the financial burden on lower-income residents and small businesses. Under the now-paused policy, customers who failed to maintain a Dh5,000 balance in their current accounts would have been charged a monthly fee of Dh25, unless they met certain exemption criteria. These included transferring a salary of at least Dh15,000 per month, maintaining an aggregate account balance of Dh20,000 or more, or having an active credit card, overdraft, or loan with the bank. Customers with monthly salaries below Dh5,000 and no qualifying banking products would have been automatically charged the fee, with some banks reportedly planning to increase the penalty to Dh 100 or more, depending on the account type.
Al Etihad
5 days ago
- Business
- Al Etihad
IHC extends share buyback programme until the year-end
27 May 2025 18:06 REDDY (ABU DHABI)International Holding Company (IHC) has received approval to extend its Dh5 billion share buyback programme until December 31, 2025, according to a stock market filing issued on announced on November 14, 2024, the programme was designed to be executed in phases over one year. The first tranche, valued at Dh1.8 billion, began on November 18 last year. The second tranche, worth Dh1.5 billion, was launched on March 18. With the second phase still underway, the buyback period has now been extended until the end of this to queries from Aletihad, an IHC spokesperson confirmed that a third tranche of the share buyback programme would be initiated upon completion of the ongoing second phase. So far, 6,955,602 shares have been repurchased, though the company has not disclosed their exact value. However, based on an average price of Dh401 per share, the total value of shares bought back so far is estimated at Dh2.789 billion, leaving approximately Dh2.221 billion in buybacks remaining under the buyback initiative is aimed at enhancing shareholder value and maintaining an efficient capital structure. At the time of launch, IHC's Managing Director, Syed Basar Shueb, described the move as part of the company's long-term commitment to generating value for its per previous disclosures, all repurchased shares are to be held as treasury shares without voting rights. If these shares are not resold within two years, they will be cancelled, and the board will pass a resolution to reduce IHC's share capital to the latest stock market data mentioned in the filing, IHC's market capitalisation stands at Dh881.8 billion. The company's free float of shares, as per the August 7 disclosure, is 38.48 Holding Company (IHC) has received approval to extend its share buyback programme until December 31, 2025, the company said in stock market filing on Monday. IHC, established in 1998 to develop Abu Dhabi's non-oil sectors, announced on November 14, 2024 that it had launched a Dh5 billion share buyback programme, set to take place in phases over a year. A first tranche of Dh1.8 billion buyback commenced on November 18 of the previous year. A second tranche buyback, worth Dh1.5 billion, began on March as the second phase of the buyback is in progress, the deadline for the progamme is extended until the year-end. In specific replies to Aletihad inquires, an IHC spokesperson said the third tranche of the share buyback programme will be launched as soon as the second tranche buyback is wrapped. He said a total of 6,955,602 shares were bought back so far without specifying their value. But going by the average price of Dh401 per share, the value of shares bought back amounts Dh2.789 billion, leaving approximately Dh2.221 billion worth shares to be bought back in the remaining period. According to an August 7 stock market filing, the free float of shares stands at 38.48%. The purpose of the buyback programme is to enhance shareholder value and maintain an efficient capital structure. Syed Basar Shueb, Managing Director of IHC, stated that the programme reflects the company's commitment to generating long-term value for shareholders at the time of the launch of the programme. According to a previous filing, all repurchased shares will be held as treasury shares without voting rights. If these treasury shares are not sold back within two years, they will be cancelled, and the board will pass a resolution to reduce the company's share capital accordingly. As per the latest data mentioned in the text, IHC's market capitalisation was Dh881.8 billion.
Al Etihad
24-05-2025
- Health
- Al Etihad
Al Nasser Holdings contributes Dh5 million to Life Endowment campaign to support patients with chronic diseases
24 May 2025 17:07 ABU DHABI (ALETIHAD)Al Nasser Holdings has announced a contribution of Dh5 million to the Life Endowment campaign in support of chronic disease patients, launched by the Endowments and Minors Funds Authority (Awqaf Abu Dhabi) under slogan With You For remarkable response to the Life Endowment campaign from individuals, institutions, and business leaders demonstrates the UAE community's awareness and understanding of its importance. This endowment represents a long-term investment in public health, particularly for patients with chronic diseases, strengthening the healthcare system's capacity to address future challenges while also fostering a culture of giving and Nasser Hawaileel Al Mansoori, Chairman of Al Nasser Holdings said: 'The Life Endowment campaign is a generous initiative reflecting the UAE's deep commitment to providing sustainable healthcare for all, supporting patients who cannot afford treatment and ensure those with chronic diseases have access to essential medication and ongoing care. This campaign marks a significant milestone in the UAE's enduring tradition of philanthropy.'Al Mansoori added: 'It is an honour to join contributors to this blessed campaign, demonstrating our commitment to social responsibility and our support for all efforts to aid those affected by chronic diseases. We are confident this endowment will be a beacon of hope, providing essential support on their journey toward recovery. Its success is assured thanks to the organisers' clear vision and approach, and our community's unwavering generosity.'The Life Endowment campaign aims to enhance the sustainability of healthcare services, and provide long term funding to treat vulnerable patients with chronic diseases, while supporting the healthcare system as a campaign further aims to maximise the returns of the endowment and direct them toward healthcare programmes that improve quality of life and help build a healthy, sustainable society. The initiative also seeks to promote the concept of endowment as a development tool that supports social solidarity.
Al Etihad
22-05-2025
- Business
- Al Etihad
FAB supports UAE industry with Dh10 billion total commitment in partnership with MoIAT
22 May 2025 18:00 ABU DHABI (WAM) First Abu Dhabi Bank (FAB), the UAE's global bank, announced the renewal of its strategic partnership with the Ministry of Industry and Advanced Technology (MoIAT), signing a Memorandum of Understanding (MoU) that reinforces FAB's pivotal role in advancing the UAE's industrial agreement formalised this week on the sidelines of the Make it in the Emirates Forum, which wraps up on Thursday at Abu Dhabi National Exhibition Centre, brings FAB's total commitment to industrial sector financing to Dh10 billion since June renewed MoU follows the early fulfilment of FAB's initial Dh5 billion financing pledge under the 2023 agreement. Building on this momentum, FAB will now extend an additional Dh5 billion in competitive, flexible financing solutions to empower industrial enterprises at every stage of growth, from new startups and SMEs to larger industrial manufacturers, placing a strong emphasis on innovation, sustainability, and the adoption of advanced MoU was signed by the Undersecretary of MoIAT, Omar Al Suwaidi, and the CEO of First Abu Dhabi Islamic Finance, Fahad Al Shaer, along with representatives from Emirates NBD Group, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank Group, and Wio milestone reflects FAB's commitment to enabling the National Strategy for Industry and Advanced Technology and supporting the objectives of the Made in the UAE initiative. The bank's expanded pledge is designed to help attract further significant investment into the industrial sector and foster the development of a robust, future-ready industrial ecosystem. The new pledge also supports the joint promotion of industrial investments in the Undersecretary, Industrial Accelerator Sector, Ministry of Industry and Advanced Technology (MoIAT), Osama Amir Fadhel, said, 'MoIAT and its strategic partners remain committed to driving the growth and competitiveness of the industrial sector and enhancing its investment appeal. This is achieved through the enablers, incentives, and opportunities provided to support the business environment, as evidenced by strong growth indicators, including the sector's contribution to GDP reaching Dh210 billion by the end of added, 'The financial enablers are the key pillars of this growth. The new agreements with financial institutions come as part of MoIAT's commitment to strengthening the financial empowerment of the industrial sector and offering innovative financing solutions to promote industrial entrepreneurship. These partnerships with national financial institutions mark a significant milestone in SMEs, enhancing their capacity to expand, adopt advanced technology, and actively contribute to achieving the goals of the National Strategy for Industry and Advanced Technology.''The First Abu Dhabi Bank is one of the leading financial institutions supporting the business environment and empowering industrial companies, especially through collaboration with various MoIAT initiatives, including the Make it in the Emirates platform, by providing innovative financing solutions that drive sustainable industrial growth. This demonstrates the synergy between the government and financial sectors, helping accelerate progress and diversify the national economy,' Fadhel Head of Personal, Wealth, Business Banking and Privileged Client Group at First Abu Dhabi Bank (FAB), Futoon Hamdan AlMazrouei, said, 'This expanded commitment reflects FAB's long-standing dedication to supporting the UAE's economic agenda and ambitious industrial vision. We've seen tremendous demand from entrepreneurs to established manufacturers, and the early delivery of our initial pledge highlights both the vitality of the sector and the strength of our partnership with MoIAT. We remain committed to delivering smart, accessible, and sustainable financing that enables businesses to scale, innovate, and contribute meaningfully to the UAE's industrial future. Supporting the vision of Made in the UAE, we are proud to help unlock real economic progress and opportunity at every level of enterprise.'FAB's financing framework encompasses structured lending, capital investment, business expansion support, and green financing, with dedicated solutions tailored to SMEs and high-growth industrial ventures. In addition to funding, FAB will continue to work closely with MoIAT to share financial expertise, foster innovation, and support knowledge-sharing initiatives that enhance industrial renewed partnership forms a key pillar of FAB's wider mission to drive national development by mobilising financial solutions that create lasting value for businesses, communities, and the broader economy. Driven by a visionary government agenda and strong public-private collaboration, the UAE's industrial sector is still on track to double its contribution to GDP within the next decade. As the UAE's largest bank and a trusted partner to national progress, FAB remains at the forefront of powering the country's industrial growth and economic diversification.
Hi Dubai
21-05-2025
- Business
- Hi Dubai
UAE Banks Raise Minimum Balance Requirement as Fee Exemptions Tighten
Several UAE banks will raise their minimum balance requirement to Dh5,000 starting June 1, tightening fee exemptions for customers who do not hold a credit card or personal financing. The move, up from the longstanding Dh3,000 threshold, means many account holders may now face a monthly fee of Dh25. According to a report by Emarat Al Youm , one bank has already rolled out the updated policy. The change is aimed at encouraging customers to either maintain higher balances or sign up for banking products such as credit cards or loans. Customers who do not meet the new balance requirement and lack qualifying financial products will incur the Dh25 monthly fee. Banks justify the shift as necessary for liquidity and operational cost management. Vijay Valecha, chief investment officer at Century Financial, said higher minimums help banks increase deposits, enhance loan offerings, and offset rising service costs. However, finance expert Dr Ben Lebig raised concerns over the burden this places on low-income residents, particularly those in the service sector. 'For workers whose salaries barely cover expenses and remittances, this rule may be impossible to fulfill,' he said. He urged banks to introduce tiered requirements based on income levels. Fee waivers will apply to customers with a total balance of Dh20,000 or more, or those transferring a salary of Dh15,000 or higher. Partial exemptions are also available for those earning between Dh5,000 and Dh14,999, provided they hold additional financial products. To ease the impact, experts suggest alternatives such as payroll cards, corporate accounts for low-wage employees, and zero-balance digital accounts. These options, commonly used in the Wage Protection System, can help workers stay compliant without added financial strain. News Source: Khaleej Times
