Latest news with #Dhs440m
Gulf Business
14-03-2025
- Business
- Gulf Business
ADFD launches Dhs440m Sofitel Legend Pyramids Giza project in Egypt
Image: ADFD The Valued at Dhs440m ($120m), the project underscores the UAE's commitment to strengthening global economic partnerships and supporting sustainable development. The hotel will feature 302 rooms equipped with state-of-the-art amenities, alongside a selection of international restaurants and entertainment facilities, positioning it as a premier destination for luxury hospitality in Egypt and the broader Middle East. Strategic investment and funding structure The project is financed through a strategic partnership between the private sectors of the UAE and Egypt. ADFD is contributing 84.28 per cent of the project's capital through Abu Dhabi Tourism Investment Company (ADTIC). Other stakeholders include Abu Dhabi National Hotels (10.22 per cent), Overseas Tourism Investment Company (0.4 per cent), Misr Hotels Company (2.73 per cent), and the Egyptian General Company for Tourism & Hotels (2.37 per cent). The foundation was jointly laid by Mohamed Saif Al Suwaidi, director general of ADFD, and engineer Adel Al-Najjar, governor of Giza, in the presence of officials from both sides. The project promises an exceptional hospitality experience that meets the highest international standards. Abu Dhabi Tourism Investment Company is partnering with Accor Group, a globally renowned hospitality brand, to manage the hotel and ensure excellence in service and guest experience. ADFD project to support Egypt's tourism sector Mohamed Saif Al Suwaidi stated: 'The 'Sofitel Legend Pyramids Giza' project is a significant step in strengthening Egypt's tourism sector, offering a world-class hotel experience that underscores our commitment to sustainable investments in promising markets. Through our partnership with Accor Group, we aim to elevate the tourism industry while supporting economic and social development in Egypt.' He emphasised that the investment reflects ADFD's commitment to advancing sustainable development projects and fostering investment partnerships that drive economic growth in partner countries. Engineer Adel Al-Najjar expressed gratitude for ADFD's continued support: 'The 'Sofitel Legend Pyramids Giza' project represents a transformative step in strengthening our tourism infrastructure, enabling us to attract visitors from around the world thanks to its strategic location near Egypt's most iconic archaeological sites.' He highlighted the project as a model for successful investment collaboration between Egypt and the UAE, adding: 'We look forward to expanding such partnerships to further our sustainable development goals.' The project's strategic location near iconic landmarks is expected to attract visitors from around the world, creating new investment opportunities and driving sustainable growth in Egypt's tourism sector. Through investments in transformative infrastructure projects like this, the UAE reaffirms its commitment to supporting Egypt's national development agenda while advancing the United Nations Sustainable Development Goals (SDGs), particularly Goal 8 (Decent Work and Economic Growth) and Goal 9 (Industry, Innovation, and Infrastructure). Read:
Gulf Business
31-01-2025
- Business
- Gulf Business
Ajman Bank achieves record-breaking profits in 2024
Image: Supplied Ajman Bank has achieved its highest annual profits in history, reporting an impressive Dhs440m in profit before tax for 2024, marking a remarkable growth of 213 per cent compared to the previous year's net loss of Dhs390m. This landmark achievement reflects the strength of the bank's strategic vision and successful transformation initiatives, positioning it as a leading player in the UAE's banking sector. The announcement was made during a board meeting held at Robust financial performance Ajman Bank's strong performance in 2024 is highlighted by its total operating income of Dhs1.5bn and net operating income of Dhs736m. Additionally, the bank reported a remarkable increase in return on equity (ROE), rising by 2745 basis points to 12.9 per cent, and return on assets (ROA), which increased by 332 basis points to 1.8 per cent. The financial results also reflect a solid balance sheet, with total assets reaching Dhs23bn and customer deposits of Dhs19bn. In line with its commitment to rewarding shareholders, Ajman Bank's board has proposed a cash dividend of 7.25 per cent, subject to approval at the upcoming General Assembly meeting. Capital strength and asset quality Ajman Bank's capital position and asset quality have shown significant improvement from the previous year. The bank's equity increased to Dhs3.1bn, and the non-performing loan (NPL) ratio decreased from 13.8 per cent to 9.9 per cent, largely due to the successful resolution of 31 per cent of nonperforming exposures. This initiative also resulted in the recovery of 19.6 per cent of specific provisions. The bank's expected credit loss (ECL) coverage ratio doubled from 1 per cent to 2.1 per cent, further strengthening its financial position well above the industry average. The bank has continued to diversify its portfolio, reducing its real estate exposure by 7.3 per cent and increasing investments in high-quality assets across various sectors, ensuring that it remains resilient in an evolving market. Ajman Bank: Strategic vision for long-term growth Sheikh Ammar commented on the bank's outstanding performance, saying: 'These record-breaking financial results are a testament to the strength of Ajman Bank's strategic vision and its commitment to delivering sustainable value for its shareholders. 'Ajman Bank continues to play a pivotal role in supporting the growth of the UAE's economy, and its remarkable turnaround underscores our resilience and ability to adapt in an ever-changing financial landscape.' CEO's focus on transformation and customer-centric solutions Mustafa Al Khalfawi, CEO of Ajman Bank, attributed the bank's success to its transformation strategy, which focuses on speed, service, and specialisation. He emphasised the role of innovation and customer-centric solutions in achieving efficiency, with general and administrative expenses reduced by 5 per cent despite investments in technology. 'Our robust performance in 2024 reflects the success of our transformation strategy, driven by speed, service, and specialisation. By focusing on remediating distressed assets, we have achieved strong recoveries, further strengthening our financial position,' said Al Khalfawi. 'This success would not have been possible without the dedication and hard work of our entire team, whose efforts continue to drive our achievements.' Ajman Bank's capital adequacy ratio increased to 19.1 per cent, up by 348 basis points, and the Tier 1 Capital Ratio reached 18 per cent, also up by 348 basis points. These ratios remain well above regulatory requirements, highlighting the bank's solid liquidity and capital strength for future growth. Looking ahead With a strong financial standing and a clear focus on sustainable growth, Ajman Bank is well-positioned to continue its success in the coming years. The bank's commitment to innovation, strategic diversification, and operational efficiency provides a solid foundation for consistent profitability and long-term value creation for shareholders. 'Looking ahead, we remain committed to building long-term value for our shareholders while reinforcing our position as a key player in the UAE's Islamic banking sector. Our strategic initiatives will continue to prioritise sustainable growth and advanced financial services that meet the evolving needs of our customers,' added Al Khalfawi. As Ajman Bank continues to navigate both regional and global banking challenges, its remarkable
