Latest news with #SHARJAH
Zawya
24-07-2025
- Business
- Zawya
UAB, Lune partner to deliver AI-powered, personalised banking experiences
SHARJAH: United Arab Bank (UAB) has announced a strategic partnership with Lune, a leading UAE-based fintech company specialising in AI-driven transaction enrichment and financial data analytics solutions. This collaboration is set to enhance UAB's upcoming mobile banking experience by delivering smarter, data-driven, and hyper-personalised customer journeys—further positioning the bank as innovation-led and customer-centric. The signing ceremony was attended by Emre Yalcin, Head of Retail Banking at UAB, Helal Tariq Lootah, and Alexandre Soued Co-Founders and Co-CEOs of Lune, along with senior executives from both organisations. Leveraging Lune's technology, UAB will enrich and transform raw transaction data into meaningful financial insights through a user-friendly interface—empowering customers with enhanced transparency and informed financial decision-making. The solution will also drive intelligent digital engagement, including personalised recommendations, contextual offers, and advanced financial planning features—all delivered through conversational digital interfaces. Emre Yalcin, Head of Retail Banking at United Arab Bank, commented, "While the underlying technologies have existed for some time, we at UAB were not entirely convinced about the maturity of the outcomes—until now. Partnering with Lune, a homegrown fintech with deep expertise in the UAE's payment ecosystem and cutting-edge technologies, gives us confidence in delivering the enriched digital experience our customers expect. This partnership enables us to offer context-rich financial insights, unlocking new opportunities for customer engagement, operational efficiency, and long-term growth.' Helal Tariq Lootah, Co-CEO and Co-Founder of Lune, said, 'We're delighted to be working with United Arab Bank. This collaboration reflects our shared commitment to innovation, customer empowerment, and building a stronger, data-driven financial future. Together, we look forward to delivering meaningful impact and value to the market.'
Zawya
23-07-2025
- Business
- Zawya
Bank of Sharjah posts net profit of $73mln in H1 2025
SHARJAH: Bank of Sharjah has announced its financial results for the period ended 30th June 2025. The Bank posted a net profit of AED268 million for the first half of 2025, compared to AED171 million for the same period last year, representing a 57 percent year-on-year increase. On a quarterly basis, net profit rose to AED152 million in Q2 2025, a 31 percent increase over the AED116 million posted in Q1 2025. The exceptional results for H1 2025 underscore the Bank's strategic focus on sustainable growth. All key performance indicators showed significant improvement, with strong contributions from both funded and non-funded income. This led to a 55 percent rise in net interest income and 51 percent increase in operating income. At the same time, the cost-to-income ratio improved to 31 percent, supported by the Bank's continued commitment to strict cost controls. These results reflect the Bank's core strength, operational efficiency, prudent risk management, and its ongoing efforts to enhance shareholder value. The balance sheet remains robust, with a loan-to-deposits ratio of 93 percent, and liquidity maintained at highly comfortable levels. These results also highlight the Bank's strong capital position, with capital adequacy ratio of 14 percent, and Tier1/CET1 capital ratios standing at around 13 percent. Commenting on the Bank's results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, said, "Bank of Sharjah has maintained strong momentum in the first half of 2025, building on the solid results achieved in the first quarter. Our record net profit reflects enhanced business performance, operational efficiency, and financial resilience. These results are driven by steady balance sheet growth, a well-diversified business mix, improved operational capabilities, and a prudent approach to risk." Reaffirming the Board's confidence in the Bank's strategic direction, Sheikh Mohammed bin Saud Al Qasimi added, "We remain confident in our ability to deliver sustainable, long-term returns, while maintaining conservative risk management and corporate governance." Mohamed Khadiri, CEO of Bank of Sharjah, commented, "Our strategic transformation is well underway, and our first-half performance reflects the tangible progress we are making across all business lines. We have successfully expanded and diversified our balance sheet, strengthened customer relationships, and improved cross-selling capabilities, delivering solid results." Looking ahead, Khadiri further added, "Bank of Sharjah remains firmly focused on sustainable, profitable growth, through prudent capital deployment and sound risk governance. With a strong foundation and improving fundamentals, we are well positioned to deliver consistent returns for our shareholders while contributing to the ongoing growth and diversification of the UAE economy."
Zawya
16-07-2025
- Business
- Zawya
Kalba's Souq Al Jubail attracts 400,000 visitors in H1 2025
SHARJAH - Souq Al Jubail in Kalba achieved a remarkable milestone by welcoming approximately 400,000 visitors during the first half of 2025. This reflects the market's growing status as a major shopping destination, meeting the needs of residents and visitors of the Eastern Province for high-quality fresh produce. Hilal Al Naqbi, Director of Eastern Province Markets, said that Souq Al Jubail in Kalba has played a prominent role since its opening in stimulating market activity and strengthening the local economy in the Eastern Province, while providing an integrated shopping environment.
Zawya
28-03-2025
- Business
- Zawya
Sharjah's SEWA completes Houshi 33/11 kV power transmission station
SHARJAH - Sharjah Electricity, Water and Gas Authority (SEWA) announced the commencement of operation of Houshi power transmission station of 33/11 kV, at a total cost of AED 23 million. The station will contribute to strengthening and developing the power transmission and distribution networks in the Emirate of Sharjah and providing high-quality services to the residents of Houshi and neighbouring areas. Engineer Hamad Al Tunaiji, Director of the Power Transmission Department, explained that the station was completed, connected to the grid, and operated according to the highest safety and security standards. It is equipped with advanced systems to ensure quality and efficiency. This is in implementation of the directives of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to continuously develop services and within the framework of SEWA commitment to implementing projects according to the best specifications and within the fastest timeframe to provide the best services to the residents of the Emirate of Sharjah. Al Tunaiji added that the station operation comes as part of the Authority's strategic plan to develop energy transmission and distribution projects, which includes the implementation of power transmission stations in several areas. This aims to achieve stability and consistency in power networks and meet the needs of new development projects. Engineer Abdullah Al Kous, Deputy Director of the Power Transmission Department at SEWA, confirmed that the station consists of three transformers, each with a capacity of 20 megavolt-amperes, in addition to eight 33-kilovolt breakers, 25 11-kilovolt breakers, and capacitors.
Zawya
18-03-2025
- Business
- Zawya
Air Arabia shareholders approve 25% dividend distribution
SHARJAH - Air Arabia shareholders approved the distribution of 25 percent cash dividend for the financial year ending December 31, 2024 at the company's Annual General Meeting (AGM). The dividend, which is equivalent to 25 fils per share, marks another year of strong financial performance for the award-winning low-cost carrier. The Board of Directors' recommendation follows the airline's robust financial performance in the year ending December 31, 2024, where Air Arabia reported a record net profit before tax of AED1.6 billion, marking a 4 percent increase compared to 2023. During the AGM, the report of Air Arabia's auditors, balance sheet, as well as profit and loss accounts were approved by the assembly for the year ending December 31, 2024. Furthermore, the Board of Directors and auditors of the company were discharged from liability for the financial year ending December 31, 2024, while auditors for the next fiscal year were appointed and their remuneration fixed. Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said, 'Despite geopolitical tensions and economic challenges, Air Arabia Group sustained exponential growth in 2024, driven by increased operating capacity, new route launches, and continued network expansion. This exceptional year underscores our commitment to delivering a value-driven travel experience, strengthening our global footprint, and maintaining operational excellence. Our financial and operational performance reaffirms the strength of our business model, strategic vision, and the dedication of our team.' In 2024, Air Arabia added 31 new routes to its global network from its six operating hubs in the UAE, Morocco, Egypt, and Pakistan. The carrier took delivery of 10 new aircraft and ended the year with a fleet of 81 Airbus A320 and A321 aircraft operating to over 220 routes across the Middle East, Africa, Asia, and Europe. MA
