Latest news with #MashreqBank
Zawya
4 days ago
- Business
- Zawya
11 new financial institutions licensed in Oman last year
MUSCAT - A total of 11 new financial institutions were licensed by the Central Bank of Oman (CBO) to operate in the Sultanate of Oman in 2024 – a significant uptick that underscores the rapid growth and evolution of the country's banking and financial sector, the apex bank said. As many as 1,020 applications were received during the course of the year, seeking licenses and approvals for new financial institutions, establishments and branches, new products and services, and other licensing-related matters. The 81 per cent jump in requests can be attributed to the growth of financial institutions established, as well as the expansion of existing institutions, the Central Bank noted in a report on licensing statistics for 2024. 'This positive trend reflects the strengthening of Oman's financial sector, driven by favorable economic conditions, regulatory enhancements, and an overall increase in investor confidence. Additionally, the introduction of new financial products and services has further fueled the demand for licenses/approvals, contributing to the overall rise in requests/applications,' the Central Bank stated. Of the 11 financial institutions that received licenses were three foreign banks looking to establish branches in Oman. They are Gulf International Bank, HSBC Middle East, and Mashreq Bank. Additionally, one local investment bank was also established. 'Oman Investment Bank holds a prominent position as the first investment bank to be established in the country, offering a wide range of services such as corporate banking, asset management, and financial advisory. This establishment helps further diversify the banking sector, contributing to Oman's economic growth and financial stability,' the Central Bank noted. It add that two other applications are on hold, pending the completion of regulatory and procedural steps by the applicants. Of the remaining 7 successful applications, one – First Exchange LCC – received a license to operate as a Money Exchange Entity (MEE). Six others – Amwal Al Raqamia, Ooredoo Fintech, ONEIC Pay, Global Pay, OIFC (Khidmah) and FriendiPay – received licenses to operate as Payment Service Providers. In addition, Ahli Bank was given approval to open an overseas branch in the United Kingdom, while Bank Nizwa received the green light to open an overseas branch in Dubai International Financial Center. Hundreds of official requests were also received from commercial banks, as well as Money Exchange Entities, Finance & Leasing Companies, and Payment Service Providers, according to the report. 'The increase in requests across all categories — especially from banks and MEEs — reflects the growing demand for licensing and regulatory support as the financial sector in Oman continues to evolve. Compared to 2023, this upward trend can be attributed to several factors, including the expansion of financial services, the introduction of new regulatory frameworks, and the increasing complexity of the sector. This distribution highlights the varied needs of our stakeholders and underscores the CBO's ongoing efforts to manage and address the increasing volume and complexity of requests efficiently,' the Central Bank stated in its report. Affirming its commitment to transparency in application processing and approvals, the apex bank also announced the launch of a system to automate the branch licensing process for all financial institutions, including the issuance of certificates. 'The system is designed to replace the current manual process. It is currently in its final stages (testing phase) and is projected to go live by 2025,' it added. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
What's On
23-05-2025
- Entertainment
- What's On
12 indoor attractions in Dubai that will pop on your Instagram
The summer season in Dubai is still in full swing, but thankfully there are plenty of indoor activities to enjoy in Dubai, and some are so pretty, you just have to get your phone out for a photo for the 'Gram. Here are 12 indoor attractions in Dubai that will pop on your Instagram 3D World Selfie Museum Dubai Get snap-happy at Dubai's largest 3D trick art museum. There are tons of different artworks that, when you pose for a picture with them, create a cool optical illusion. Go with phone batteries fully charged as these snaps will be a star on your 'Gram. Purchase tickets here. 3D World Selfie Museum Dubai, Behind Mashreq Bank, Sheikh Zayed Road, Al Quoz 4, Dubai, open daily 10am to 8pm, Dhs65 per child and Dhs89 per adult, Tel: (0)50 987 6511. @3dworlddxb Arte Museum This magical multi-sensory experience here in Dubai features 13 immersive spaces and one tea bar which also comes with a pretty floral immersive experience. You are sure to go snap-happy, and will be sure to get a lot of messages asking where the photo was snapped. Ticket prices are Dhs129 per adult (over 18s) and Dhs69 per child (ages four to 17) when purchased online here. Arte Museum Dubai, Dubai Mall, Level 2, Dubai, 10am to 11pm, tickets priced at Dhs109 per person, @artemuseum_dubai At The Top Burj Khalifa outdoor observation deck is one of the highest in the world. That can only mean one thing: gorgeous views with a fully immersive experience. You can go at sunset to see the city illuminated in an orange hue, or if you're a sunrise chaser, you can book a spot over the weekend. However, the views are just as stunning at any other time of the day – we just have to have our fingers and toes crossed and hope it's not dusty. At The Top, Burj Khalifa, Sheikh Mohammed bin Rashid Blvd, Downtown Dubai, Dubai, Tel: (0) 4 888 8888. AYA Hitting up an immersive entertainment park sure sounds like a neat way to pass a few cool and sun-free hours – and if you're a social media whizz, you already know about Aya Universe. If not, now's a great time to get acquainted. From the moment you enter this sprawling 40,000 square-foot space in Wafi City Mall, you're surrounded by high-tech sound, lights and graphics with 12 zones that comprise the Aya universe, each telling a different story. It's a visual, kaleidoscopic, fully airconditioned spectacle. Aya Universe, Wafi City Mall, Sun to Thur 10am to 10pm, Fri and Sat 10am to midnight, Dhs99 (online), Dhs125 (walk-in), under-threes free. Tel: (0)4 542 0300. @ayauniverse__ Chinatown Dubai Mall Chinatowns across the world – from New York to London – have served as hubs of community, love and culture. And when walking these streets, one thing is abundantly clear: the area's restaurants are a key part of what keeps the heartbeat of Chinatown pulsing. Can Dubai's very own fully indoor Chinatown – which opened quietly in Dubai Mall in March – recreate that same magic? It's certainly giving it a shot with a wave of new restaurants opening up, including Haidilao Hot Pot, Singaporean import Hawker Chan, and Ri Hua Xuan, the restaurant said to have invented the inimitable xiao long bao soup dumpling. Chinatown Dubai Mall, opposite Dubai Ice Rink, daily 10am to midnight. *52 great indoor activities in Dubai to try this summer* Deep Dive Dubai Not exactly an indoor activity that will leave you dry but Deep Dive Dubai is a cool record-breaking indoor attraction in Dubai you have to try. It's the world's deepest pool measuring 60.02 metres deep. That's the equivalent of 11 giraffes. What do you do inside? Well, you can explore a whole sunken city with graffitied alleyways, an apartment, a library, board games, an arcade zone and even a fancy car all available for aquatic perusal. It is open to those 10 years and above, and there's no maximum age limit. Have more questions? You may find your answers here. Prices start from Dhs400. Discover the programs here. Deep Dive Dubai, Nad Al Sheba 1, Dubai, daily 9am to 6pm, Tel: (0)4 501 9444. Museum of Candy This sweet attraction is a colourful, immersive and interactive experience spread over 15 rooms. The first-of-its kind museum fuses facts and fun, inviting visitors to unleash their inner child as they go from room to room. A cotton candy bath, a gummy bear pool, and a thrill-and-chill ice cream room are just a handful of the Instagrammable highlights. And what would a candy museum be without being able to sample some sweet treats? Museum of Candy, Umm Hurair Street, daily 10am to 10pm. @museumofcandy Ski Dubai Think icy indoor activities in Dubai don't exist. Think again. Ski Dubai is arguably the coolest attraction in the city spanning 22,500 square meters in the Mall of the Emirates. Home to loads of activities, including a ski slope for skiers and snowboarders, a Snow Park', Zorb balls, penguin encounters and more. Ski school is available to help you learn the basics. Afterwards, warm up with a hot chocolate at the Avalanche Café. Costs vary on your choice of activity. Check out the prices here. Ski Dubai, Mall of the Emirates, Sheikh Zayed Road, Dubai, Tel: (600) 599 905, Souk Madinat Jumeirah If you want to get a cool snap showcasing the look and vibes of Old Dubai, head to Souk Madinat Jumeirah. You will get a feel of an old Arabian town but with a contemporary twist, that will really look cool on the 'Gram. If you can brave a minute or two outside in the heat, you'll find a neat spot to snap up a photo with the Burj Al Arab in the background. Souk Madinat Jumeirah, Al Sufouh 1, Dubai, Tel: (0)4 366 8888, The Green Planet It's hard not to be impressed by nature in this indoor tropical rainforest that's home to over 3,000 plants and animals. Experiences include encounters with a sloth, an anteater, an armadillo, birds and more. The whole family will love it. Over summer, you can even camp overnight under the tropical bio-dome. The Green Planet, City Walk, Dubai, daily 10am to 6pm, online prices start from Dhs155. Tel: (0)4 317 3999. The Lost Chambers At The Lost Chambers at Atlantis the Palm, you will explore a number of amazing marine life in 14 chambers that form the shape of an octagon. The biggest is a stunning 11 million-litre aquarium which is home to over 65,000 fascinating marine animals. You can even include a behind-the-scenes tour to complete your experience. If you are a UAE resident, you can avail of a discount so ensure you keep your Emirates ID handy. Book here. Atlantis, The Palm, Palm Jumeirah, Dubai, Tel: (0)4 426 1040. Theatre of Digital Art The Theatre of Digital Art offers a sit-down experience as artworks come to life in front of your eyes and surround you. ToDA, as it is most commonly known, is located at Souk Madinat Jumeirah and is a must-visit whether you love art or not. There are shows featuring the greats such as Vincent Van Gogh, Claude Monet and more, and for the first time, there is a show focusing on the one and only Frida Kahlo. The theatre also hosts jazz nights, meditation programs and more. Check the website for the latest show offerings and timings. Theatre of Digital Art, Souk Madinat, Dubai, prices vary, Tel: (0)4 277 4044, Images: Supplied and Getty Images
Time Magazine
20-05-2025
- Business
- Time Magazine
Abdul Aziz Al Ghurair
For Abdul Aziz Al Ghurair, chairman of Mashreq Bank—the oldest privately-owned bank in the United Arab Emirates—philanthropy is a family tradition. It helps that the family happens to be one of the wealthiest in the Arab world, with a business empire built over three generations with interests in construction, property, food production, and finance in over 50 countries. A decade ago, Abdul Aziz's father Abdulla, who founded the bank with family in 1967, set aside one-third of his assets (then worth $1.1 billion) to launch the Abdulla Al Ghurair Foundation. The focus: providing educational opportunities for Arab and Emirati youth—a cause that Abdulla, who never finished secondary school, was passionate about. He named his son chair and Abdul Aziz has been expanding on his father's mandate for giving ever since, launching a variety of programs in partnership with universities, corporations, and other nonprofits that have so far helped more than 230,000 young people access education and job opportunities. One signature initiative: the $32.6 million Abdul Aziz Al Ghurair Refugee Education Fund, launched in 2018, which helps refugees—more than 100,000 so far, many from Syria and Palestine, and over half, female—access secondary, vocational, and tertiary education in the UAE, Jordan, and Lebanon. Abdul Aziz is also an anchor donor to the Global Muslim Philanthropy Fund for Children, launched in 2019 by UNICEF and the Islamic Development Bank.'Strategic philanthropy transforms lives by building ecosystems where people thrive,' he said at the foundation's recent summit.
Arabian Post
13-05-2025
- Business
- Arabian Post
Sobha Central Emerges as Dubai's Newest Vertical Luxury Enclave
Sobha Realty has unveiled its latest masterplan development, Sobha Central, strategically located on Sheikh Zayed Road. The project introduces 1,225 upscale residences across six residential towers, aiming to redefine urban living in Dubai's central corridor. Designed as a self-contained vertical community, Sobha Central integrates residential, commercial, and recreational spaces. The development features a curated mix of one- and two-bedroom apartments, targeting professionals and investors seeking modern amenities and strategic connectivity. The project is positioned to serve as a comprehensive lifestyle hub, blending luxury living with business and leisure facilities. Sobha Realty's commitment to sustainability is evident in Sobha Central's design. The development incorporates green building technologies, including energy-efficient systems and water conservation measures. These features align with Dubai's broader goals for sustainable urban development and reflect Sobha Realty's dedication to environmentally responsible construction practices. The launch of Sobha Central follows a period of significant growth for Sobha Realty. In 2024, the company reported record-breaking sales of AED 23 billion, marking a 50% increase year-on-year. This growth was driven by the success of projects like Sobha Siniya Island and the launch of four new masterplans. Sobha Realty now holds approximately 10% of Dubai's real estate market share, with 11 masterplans across the UAE. Looking ahead, Sobha Realty has set an ambitious target of achieving AED 30 billion in total sales for 2025. This includes AED 20 billion from Dubai developments and AED 10 billion from Sobha Siniya Island. The company plans to launch eight to ten new projects in the UAE, focusing on luxurious residential complexes and mixed-use developments that cater to evolving investor preferences. See also Mashreq Bank's Q1 2025 Net Profit Declines Amid Rate Cuts Sobha Realty's vertically integrated business model allows for complete control over every aspect of development, from initial concept and architectural design to engineering, construction, and interior detailing. This approach ensures high-quality delivery and consistency across projects, contributing to the company's reputation for excellence in the luxury real estate sector. The company's expansion plans extend beyond the UAE, with strategic moves into international markets, including the United States and Australia. These efforts aim to diversify Sobha Realty's portfolio and bring its expertise in luxury real estate to a global clientele. Sobha Central's introduction aligns with Dubai's 2040 Urban Master Plan, which emphasizes sustainable and integrated urban development. By offering a blend of residential, commercial, and recreational spaces within a single development, Sobha Central contributes to the city's vision of creating vibrant, self-sufficient communities.
Arabian Post
01-05-2025
- Business
- Arabian Post
Mashreq Bank's Q1 2025 Net Profit Declines Amid Rate Cuts
Mashreq Bank reported a 12% year-on-year decline in net profit for the first quarter of 2025, attributing the decrease to a contraction in net interest income following recent rate cuts by the UAE Central Bank. The Dubai-listed lender's net profit after tax for the quarter stood at AED 1.8 billion , down from AED 2.041 billion in the same period last year. Net interest income fell by 8% year-on-year, primarily due to a 62 basis points contraction in the net interest margin , which decreased to 3.3%. This decline was driven by a 100 basis points rate cut implemented by the UAE Central Bank. Despite the reduction in net interest income, Mashreq Bank maintained a strong balance sheet. Total assets increased by 11% year-on-year to AED 267 billion, supported by an 18% growth in loans and advances. Customer deposits rose to AED 161 billion, with current and savings accounts now representing 66% of total deposits. Non-interest income saw a significant increase, surging by 63% to AED 5 billion. This growth was driven by enhanced fee-generating activities and strong client engagement in foreign exchange, derivatives, and commodities. The bank also recognised a one-off net gain of AED 1.2 billion from the strategic partial sale of a subsidiary, demonstrating its ability to identify and capitalise on value-accretive market opportunities.
