Latest news with #FahadAlQassim
The National
19-05-2025
- Health
- The National
Abu Dhabi launches campaign to cover costs of chronic disease care
Abu Dhabi has launched an endowment campaign to support patients with chronic diseases who are unable to cover the cost of treatment. Under the slogan With you for Life, the campaign has been launched during the Year of Community and will help to cover treatment costs for people while supporting the research and development of pharmaceutical drugs. It is hoped the campaign can raise Dh1 billion ($272,294). 'We are creating this endowment to cater for different and important societal priorities,' Fahad Al Qassim, director general of the Abu Dhabi Endowments and Minors Funds Authority, told The National. 'It's an endowment fund with a proper governance structure, which means we will have a board of trustees, an investment committee and a spending committee.' The fund will be continuous and have no end date, Mr Al Qassim said. Its finances will be invested and then spent to help patients. 'Assets will be invested and the returns will be spent on treatment, which means that we have a sustainable financial instrument and product that gives returns every single year,' he added. 'This endowment caters for the weakest point in the community and a lot of those people are actually non-UAE nationals. UAE nationals today, at the end of the day, they do get the treatment from the government by the leadership. Expats today are more vulnerable in terms of the weaker point of the community. 'Endowments are here to stay for generations. It's not for the next two years, and then it will be mothballed or to a different initiative. No, it will continue to be there, hopefully for generations to come.' The initiative also focuses on sustainability and community development, while highlighting the UAE's role in championing charitable and humanitarian campaigns. Dr Noura Al Ghaithi, Undersecretary of the Department of Health in Abu Dhabi, said the campaign reflected the UAE's commitment to empowering people and improving public health. 'This initiative supports our ongoing efforts to enhance quality of life and ensure access to specialised, integrated and effective health care that places patients at the heart of the system,' she said. Abu Dhabi's Department of Health will oversee the health-related aspects of the endowment, ensuring contributions are directed effectively to support specialised care and reach those who need the funds most. The campaign has two fundraising arms – the Emirates Red Crescent Authority, which has been a leading humanitarian entity since 1983, and the Authority of Social Contribution - Ma'an, Abu Dhabi's official channel to receive social contributions.
Mid East Info
15-05-2025
- Business
- Mid East Info
Salama Reaffirms its Growth Strategy as the Company Reports AED 256 Million in Revenue for Q1 2025, and a Stronger Balance Sheet
Total assets reach AED 3.164 billion as equity rises in Q1 2025 S&P Global affirms improved developing 'BBB-' rating, supporting Salama's disciplined path towards long-term sustainable growth Dubai, May, 2025 – Regional insurer Salama (DFM: 'SALAMA'), a leading regional Takaful provider, today announced its financial results for the first quarter ended March 31, 2025. The company reported AED 256.36 million in Takaful revenue, reflecting robust topline performance in a challenging environment. While Q1 2025 net profit stood at AED 0.39 million compared to AED 17.6 million in Q1 2024, the prior year reflected a gain of AED 19.4 million which was an exceptional one-off item. Excluding this one-off gain, core performance remains resilient. Total comprehensive income improved to AED 4.07 million, compared to a loss of AED 23.1 million during the same period last year. This was driven by favourable foreign currency adjustments at each subsidiary level. Salama's total assets reached AED 3.164 billion, and the company's equity position benefitted from the appreciation of both the Algerian Dinar as well as the Egyptian Pound, reflecting improving macroeconomic conditions in key markets. H.E. Fahad AlQassim, Chairman of Salama, stated: 'Salama remains firmly committed to driving sustainable growth and delivering world-class, Shariah-compliant insurance solutions. Having resolved key legacy matters and strengthening our balance sheet, the first quarter of 2025 marks a period of strategic renewal. As we advance our transformation agenda, we remain focused on maximising long-term shareholder value, delighting our customers, empowering our people, and delivering meaningful societal impact.' The positive momentum follows the Company's reinvigorated strategic focus under the leadership of Group CEO Mohamed Ali Boubane, who brings renewed direction to Salama and its subsidiaries across Egypt, Algeria, and Bahrain. Mohamed Ali Boubane, Group Chief Executive Officer at Salama, added: 'We are laying the groundwork for the next phase of Salama's evolution—centred on disciplined underwriting, operational excellence, and digital innovation. All our efforts remain customer centric first and foremost as we look to deepen our market leadership. We are confident that with our talented team and strong regional footprint, we will create enduring value, unlock future growth opportunities, and further reinforce Salama's position as a Takaful industry leader.' Salama's improving outlook was recently affirmed by S&P Global Ratings, which maintained the Company's long-term issuer credit and insurer financial strength rating at 'BBB-' with a Developing outlook—reflecting Salama's potential for sustainable progress as it strengthens its operating fundamentals. About Salama Islamic Arab Insurance Company: Salama Islamic Arab Insurance Company (Salama) is one of the world's largest and longest-established Shariah-compliant Takaful solutions providers listed on the Dubai Financial Market, with paid-up capital of AED 939 million. Since its incorporation in 1979, Salama has been a pioneer in the Takaful industry, having won many industry awards and accolades. Salama's stability and success can be attributed to its customer-centric approach that keeps its customers and partners at the heart of the business, while staying committed to its Takaful principles. The company is recognised for providing the most competitive and diverse range of family, motor, general and health Takaful solutions that meet the ever-changing demand of its individual and corporate customers in the UAE and, through its extensive network of subsidiaries and associates, in Egypt and Algeria. As the preferred Takaful provider for its partners and customers, Salama remains committed to shaping tomorrows, together.
Zawya
15-05-2025
- Business
- Zawya
Salama reaffirms its growth strategy as the company reports AED 256mln in revenue for Q1 2025
S&P Global affirms improved developing 'BBB-' rating, supporting Salama's disciplined path towards long-term sustainable growth Dubai – Regional insurer Salama (DFM: "SALAMA"), a leading regional Takaful provider, today announced its financial results for the first quarter ended March 31, 2025. The company reported AED 256.36 million in Takaful revenue, reflecting robust topline performance in a challenging environment. While Q1 2025 net profit stood at AED 0.39 million compared to AED 17.6 million in Q1 2024, the prior year reflected a gain of AED 19.4 million which was an exceptional one-off item. Excluding this one-off gain, core performance remains resilient. Total comprehensive income improved to AED 4.07 million, compared to a loss of AED 23.1 million during the same period last year. This was driven by favourable foreign currency adjustments at each subsidiary level. Salama's total assets reached AED 3.164 billion, and the company's equity position benefitted from the appreciation of both the Algerian Dinar as well as the Egyptian Pound, reflecting improving macroeconomic conditions in key markets. H.E. Fahad AlQassim, Chairman of Salama, stated: 'Salama remains firmly committed to driving sustainable growth and delivering world-class, Shariah-compliant insurance solutions. Having resolved key legacy matters and strengthening our balance sheet, the first quarter of 2025 marks a period of strategic renewal. As we advance our transformation agenda, we remain focused on maximising long-term shareholder value, delighting our customers, empowering our people, and delivering meaningful societal impact.' The positive momentum follows the Company's reinvigorated strategic focus under the leadership of Group CEO Mohamed Ali Boubane, who brings renewed direction to Salama and its subsidiaries across Egypt, Algeria, and Bahrain. Mohamed Ali Boubane, Group Chief Executive Officer at Salama, added: 'We are laying the groundwork for the next phase of Salama's evolution—centred on disciplined underwriting, operational excellence, and digital innovation. All our efforts remain customer centric first and foremost as we look to deepen our market leadership. We are confident that with our talented team and strong regional footprint, we will create enduring value, unlock future growth opportunities, and further reinforce Salama's position as a Takaful industry leader.' Salama's improving outlook was recently affirmed by S&P Global Ratings, which maintained the Company's long-term issuer credit and insurer financial strength rating at 'BBB-' with a Developing outlook reflecting Salama's potential for sustainable progress as it strengthens its operating fundamentals. Press Contact Salama Karen Randhawa, Head of Marketing Tel: +9714 407 9940
Zawya
12-05-2025
- Business
- Zawya
Eshraq appoints former Dubai Department of Finance official as chairman
Abu Dhabi-listed investor Eshraq has appointed a finance veteran and former Dubai Government official as its new chairman following the resignation of Fahad Al Qassim. Nasser Hassan Al Shaikh has been elected chairman following his board appointment last week. He currently serves as chairman of Al Shaikh Holdings, but was previously head of finance and administration for the Executive Office of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Other roles include director general of the Department of Finance, Government of Dubai, and a member of emirate's Executive Council and Supreme Fiscal Committee. He has also chaired Dubai-listed Amlak Finance, Deyaar Development PJSC, Taaleem PJSC. Eshraq announced a change in investment strategy, moving away from public equities, last year. Al Qassim, who was appointed in November 2023, resigned at the start of last week. (Writing by Imogen Lillywhite; editing by Daniel Luiz)
Zawya
05-05-2025
- Business
- Zawya
Abu Dhabi-listed Eshraq chairman steps down
The chairman of Abu Dhabi-listed Eshraq Investments has stepped down to focus on other professional commitments, including his roles as a board member of Dubai-listed logistics firm Aramex and chairman of Islamic insurer Salama. Fahad Al Qassim, who was appointed in November 2023, played a critical role in the investor's new strategic direction, the company said. He is also director general of the Endowments and Minors Funds Authority, Abu Dhabi and a board member of Etihad Water and Electricity. Al Qassim was previously CEO, healthcare and life sciences, at Abu Dhabi sovereign wealth fund ADQ, which secured a majority stake in Aramex earlier this year. At its general assembly last week, shareholders voted not to discharge its auditors for the fiscal year ending 31st December. Abu Dhabi Securities Exchange (ADX) records show the company has been audited by Deloitte since the first quarter of 2019. Eshraq is also attempting to end the management agreement of Goldilocks Fund with its largest shareholder, Dubai-listed Shuaa Capital, following falling valuation. (Writing by Imogen Lillywhite; editing by Seban Scaria)
