Latest news with #MASQ
Tahya Masr
01-05-2025
- Business
- Tahya Masr
Mashreq generated over AED 3.1 billion in operating income, supported by double-digit growth of balance sheet
Mashreq Bank PSC (MASQ) reported its financial results for Q1 2025. Mashreq continues to deliver market-leading returns, supported by best-in-class asset quality and a robust capital structure. The bank's first quarter of 2025 results underscores the strength and resilience of Mashreq's diversified business model, even in a softer interest rate environment. Revenues Mashreq delivered AED 3.1 billion in operating income, reflecting its resilience and strategic focus, as the Bank continued to seize market opportunities and drive performance. • Mashreq's client asset growth combined with healthy client margins helped cushion the impact of the 100bps reduction in the UAE Central Bank's benchmark interest rate, limiting year-on-year Net Interest Margin (NIM) compression to just 62bps and remaining a strong NIM at 3.3%. • Non-interest income increased by 16% year-on-year, underscoring the effectiveness of the bank's strategy to diversify revenue streams beyond traditional interest-based income, reducing total revenue exposure to interest rate fluctuations. Net Profit Mashreq delivered a solid quarterly Profit Before Tax of AED 2.1 billion, driven by strong balance sheet growth, including a 14% year-on-year increase in loans and advances and a 10% year-on-year rise in customer deposits, double digit growth in non-interest income, controlled expense growth and relative low risk costs. Return on Equity (ROE) of 21% reflects strong profitability and effective capital deployment, underscoring the banks disciplined execution of its growth and digital strategies and underlying its financial strength. Expenses Ongoing strategic investments in digital transformation and international expansion led to marginal increase in operating expenses. Operating expenses increased by 9.5% year-on-year while Cost-to-Income Ratio stood at 29% compared to 27% in Q1 2024 and 30%(1) in full-year 2024. H.E. Abdul Aziz Al Ghurair. Chairman, Mashreq said: 'The beginning of 2025 marks another strong chapter in Mashreq's journey of innovation, resilience and regional leadership. As the UAE and the broader GCC region continue to accelerate their digital and economic transformation, Mashreq remains deeply aligned with these national priorities. We are expanding our reach, advancing our capabilities and enabling inclusive growth across markets'. Ahmed Abdelaal, Group Chief Executive Officer, Mashreq said, 'Mashreq entered 2025 with strong momentum, delivering over AED 3 billion of operating income in the first quarter and achieving 14 percent year-on-year growth in loans and advances. These results reflect the continued strength of our diversified business model and our disciplined execution, even amid a more measured interest rate environment. We advanced several strategic priorities during the quarter, including the launch of Mashreq Oman and the successful pilot of digital retail banking in Pakistan. We also continued to strengthen our presence across key markets in MENA and Egypt, aligning our expansion strategy with client demand for more connected, innovative banking solutions'. Mashreq delivered a solid and stable performance in Q1 2025, reflecting the strength of its diversified business model and disciplined execution. The Bank remains focused on driving forward its strategic priorities for 2025 — with innovation, regional growth, and an enhanced client experience at the core. With a strong foundation and a forward-looking approach, Mashreq is accelerating its ambition to be a digital banking leader in the region. The continued rollout of its Banking-as-a-Service strategy is reshaping how financial services are delivered — creating scalable, seamless solutions that meet the evolving needs of clients across markets .
Al-Ahram Weekly
27-03-2025
- Entertainment
- Al-Ahram Weekly
Against the odds! Egyptian women troupe dance Mawlawiyya
The Maq'ad of Sultan Qaitbey, a cultural centre located within this Mamluk site, hosted three women who stand out in dancing the Mawlawiyya, a Sufi dance traditionally reserved for men. The Multicultural and Artistic Space at Qaitbey's (MASQ) has been working since the beginning of this year to develop the cross-disciplinary activities it offers. It organized a series of cultural events for Ramadan at the foot of its beautiful building. You first cross a bazaar where some ceramics, glassware, and other tempting desserts are exhibited, then reach a musical stage and seating. Towards the street corner, you can find an art gallery open only in the evening. When you pass the stage, you will find a dance hall. The central piece of the evening was the Mawlawiyya dance performed by three women, Radwa Saad Eldin and her troupe, accompanied by the clear sound of a ney played by Moamen Mustafa. Men traditionally perform this dance. However, the Mawlawiyya is so important in the customs accompanying Ramadan in Egypt that these young women dedicated themselves to it. By choosing to dance the Mawlawiyya despite the gender barrier, these women are committed to preserving this heritage and becoming guardians of this valuable cultural asset. Radwa's troupe seeks to perform the Mawlawiyya in a traditional manner while bringing about a feminine evolution. Their performance began with a slow procession through the audience. All three of them had their respective places on stage, and there was also the prayer that preceded the dance. However, they decided to evolve some figures to better reflect the lightness and liveliness of their steps. While respecting the Sufi tradition, these women's will brings a fresh and feminine air to the Mawlawiyya. Historically, the Mawlawiyya is halfway between prayer and dance. It is a ritual developed in Turkey by the poet Jalal Al-Din Al-Rumi in the 13th century in an attempt to develop his Sufi religious school of thought. With the Ottoman conquests, the dance settled and developed in Egypt around the 17th century. By performing rotations, the dancers, called dervishes, attempt to abandon their earthly existence and enter into prayer. Therefore, it is a new way of dedicating themselves to the time of concentration and prayer that Ramadan represents for these women. Pivoting on her axis The Mawlawiyya has a strong heritage of symbols. The ritual dance with the rotations that the dervishes perform on themselves can take on several symbolic and religious meanings. The universe and its periodicity can be recognized, symbolizing the perpetual return of seasons, days, and nights. The counter-clockwise rotation also recalls the pilgrims' walk around the Kaaba and follows the same direction as the Earth's rotation around the Sun. Thus, the dance joins the dervish's concentration in their prayer. Beyond its historical and symbolic aspects, the dance is deeply rooted in Egyptian folklore. Since they arrived in Egypt, Sufi brotherhoods have welcomed audiences who come specifically to watch their dances. The Takiyyat Al-Mawlawiyya theatre allowed Sufis to host crowds in a place specifically dedicated to performing mystical dances, fitting into the city's natural decor. Watching the dervish dances has even become part of Ramadan traditions over the years. A merchant from the small bazaar, who accompanies the event everywhere, nostalgically and emotionally recounts her memories of other evenings from her childhood. She has always admired the dervishes' silhouettes fading in their whirlwinds. However, she is not alone, as the Mawlawiyya also enjoys a genuine international attraction. Among the audience are English or German tourists and young students from the French Institute of Egypt. A compact crowd gathers on the steps of the dance hall, which can only accommodate about 60 people. The dancers perform five times to allow the most significant number of people to witness the ritual dance. This is no easy task, as the traditional Mawlawiyya costume, the tanoura, weighs nearly 18 kg. Add to that the constant spinning for almost an hour and a half, which requires great skill from the dancers. Dancing with grace Saad Eldin performs the dance easily because she has known the steps for many years. She began dancing the tanoura in 2007 and, under the guidance of Amer El-Touni, the Mawlawiyya in 2009. El-Touni's troupe has existed since 1994. He has always tried to inspire a love of dance and spirituality. The troupe initially performed in Egypt and then gained popularity around the globe, demonstrating the excellence of its training and the quality of its performances. Saad Eldin's elegance, style, and delicate mastery of her steps stem from the richness of her journey and her determination. The challenges of practicing the Mawlawiyya were abundant when she began learning. The Mawlawiyya was traditionally performed only by men. Therefore, the young woman overcame this gender barrier through a love of dance and respect for its symbolism. Moreover, she struggled against the audience during her first performances, sometimes offended by seeing a woman dance the Mawlawiyya, but she managed to win over the audience through her grace and liveliness. Through her artistic approach, the dancer fervently promotes an Egyptian spiritual heritage. She chose to dance within her own troupe and shared her knowledge with three other young women who are still training in her troupe. Saad Eldin continues to dance as she learned but also allows herself to be immersed in the pleasure of prayer and contemplation. 'How much light increases within me with every word of praise spoken in love for the prophet,' she said, admitting that whenever she dances, the same thought always comes to her. Radwa and her troupe members dance with a sincerity that cannot be separated from their grace. ----- *This article was originally published in Al-Ahram Hebdo (French) on 26 March. Translation: Ati Metwaly. Additional edit: Ahram Online. Follow us on: Facebook Instagram Whatsapp Short link:
CairoScene
14-02-2025
- Entertainment
- CairoScene
‘Cairo, My Love' Literary Book Fair Features Leading Publishers
The event showcases books on Cairo's history, monuments, modern heritage, intangible culture and urban landscape. Feb 14, 2025 As part of the 'Cairo, My Love' book fair, MASQ – Multicultural and Artistic Spaces at Qaitbey will bring together three major publishing houses and bookstores for a literary showcase on February 15th, 2025. The event will feature a curated selection of books covering Cairo's history, monuments, modern heritage, intangible culture and urban landscape. Amongst the highlighted works is 'Islamic Monuments in Cairo: The Practical Guide' by historian Caroline Williams, who will be there to deliver a talk on the city's enduring legacy. The participating publishers and bookstores include The American University in Cairo Press, Al-Balad Bookstore, and Dar al-Maraya for Arts and Culture. The event will run from 1:00 PM to 7:00 PM.
