Latest news with #AED
Sharjah 24
39 minutes ago
- General
- Sharjah 24
TBHF launches annual 'Back to School' campaign
This supportive initiative focuses on ensuring resident students from low-income families attending 'The Big Heart Educational Centre' in Sharjah; are fully equipped and empowered to embrace the new academic year brimming with potential. For a hands-on community experience, the public are also invited to the 'Back-to-School' packing event at City Centre Al Zahia on August 21 running till August 31. Visitors can purchase a box and personally fill it with essential school supplies, directly connecting with the cause. The Big Heart Educational Centre At the core of the campaign lies a commitment to offer a nurturing and empowering learning environment at 'The Big Heart Educational Centre'; established in unique institution serves as a haven for underprivileged children and youth, primarily addressing illiteracy and lack of educational access stemming from poverty and displacement within the region and beyond. This includes students from diverse backgrounds such as Syria, Comoros Islands, Pakistan, and other nationalities who face barriers to formal education and future employment. An opportunity to make a difference Individuals are invited to show their support and generosity with a donation of AED 200, which provides a complete set of essential school supplies for one student. This includes a school backpack, pencil case, pack of pencils, pens, erasers, sharpeners, lined-paper notebooks, and a water bottle. For those seeking deeper impact, sponsorship options include supporting a student's educational journey for a month (AED 500) or an entire year (AED 7,000) or sponsoring a full classroom of 15 students for a year (AED 105,000). Every contribution directly fuels a student's enthusiasm and ability to pursue their education. Recognising the significant role of corporate social responsibility, TBHF also extends a special invitation to the corporate sector, and companies can integrate support into their CSR initiatives through flexible and engaging packages. Options range from AED 10,000, providing 15 supply kits plus full-year tuition for one student; to AED 50,000, with 75 supply kits plus tuition for five students; with custom packages also available. Empowering bright young minds Commenting on the announcement, Her Excellency Alya Obaid Al Musaiebi, Director of TBHF, said: 'The Big Heart Foundation firmly believes in the power of collective action, and with the community's generous support for our 'Back to School' campaign, we can make a sustainable difference. Together, we empower these bright young minds at our Educational Centre, removing barriers and providing the tools they need; from resources to nurturing environments; so they can confidently pursue their dreams and achieve their utmost potential.' Driven by the foundational belief that every young mind deserves the opportunity to learn and thrive, TBHF is dedicated to removing obstacles to education, and the 'Back to School' campaign directly addresses the practical needs that can hinder a child's educational journey. The Foundation invites the community and businesses to join hands in providing essential support, ensuring these students step into their classrooms prepared and confident. Contributions can be conveniently made through multiple channels, including: The Big Heart Foundation's official website, through YallaGive, by bank transfer; 0011-430430-034, or by contacting the Foundation directly at +971 50 535 0152. Every donation pathway is designed for ease and accessibility, ensuring the community can readily participate in this vital mission.
Dubai Eye
2 hours ago
- Business
- Dubai Eye
UAE Central Bank gold reserves rise 26% in five months
The Central Bank of the United Arab Emirates (CBUAE) increased its gold reserves by 25.899 per cent during the first five months of the year to AED 28.933 billion at the end of May, up from AED 22.981 billion at the end of December 2024. According to the Central Bank's statistical bulletin issued on Wednesday, the CBUAE's gold holdings rose by 0.49 per month, month-on-month in May, to AED 28.791 billion at the end of April. Statistics showed that demand deposits also grew, exceeding AED 1.166 trillion by the end of May, compared to AED 1.109 trillion at the end of December 2024. Of this total, AED 892.577 billion were in local currency and AED 74.329 billion in foreign currencies. Savings deposits rose to AED 359.57 billion at the end of May, up from AED 317.48 billion at the end of December 2024. This included AED 305.508 billion in local currency and AED 54.062 billion in foreign currencies. Time deposits exceeded AED1billion for the first time by the end of May, including AED614.854 billion in local currency and AED 398.348 billion in foreign currencies.
ARN News Center
3 hours ago
- Business
- ARN News Center
UAE Central Bank gold reserves rise 26% in five months
The Central Bank of the United Arab Emirates (CBUAE) increased its gold reserves by 25.899 per cent during the first five months of the year to AED 28.933 billion at the end of May, up from AED 22.981 billion at the end of December 2024. According to the Central Bank's statistical bulletin issued on Wednesday, the CBUAE's gold holdings rose by 0.49 per month, month-on-month in May, to AED 28.791 billion at the end of April. Statistics showed that demand deposits also grew, exceeding AED 1.166 trillion by the end of May, compared to AED 1.109 trillion at the end of December 2024. Of this total, AED 892.577 billion were in local currency and AED 74.329 billion in foreign currencies. Savings deposits rose to AED 359.57 billion at the end of May, up from AED 317.48 billion at the end of December 2024. This included AED 305.508 billion in local currency and AED 54.062 billion in foreign currencies. Time deposits exceeded AED1billion for the first time by the end of May, including AED614.854 billion in local currency and AED 398.348 billion in foreign currencies.
Business Wire
4 hours ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Emirates Insurance Company P.J.S.C.
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of Emirates Insurance Company P.J.S.C. (EIC) (United Arab Emirates) [UAE]. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect EIC's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. EIC's balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), which was comfortably above the threshold for the strongest assessment as at year-end 2024. AM Best expects the company's risk-adjusted capitalisation to remain comfortably at the strongest level after the AED 141 million share buyback that took place in early 2025, and over the medium term, underpinned by sufficient organic capital generation to support growth. The company's balance sheet strength assessment benefits from its strong liquidity and prudent reserving practices. AM Best views EIC as having a moderately high reliance on reinsurance; however, the associated credit risk is mitigated in part by the use of a diversified reinsurance panel of sound financial strength. EIC has a track record of strong operating performance, with profits reported in each of the last five years (2020-2024). Results over that period were underpinned by strong underwriting performance and good investment returns, resulting in a return on equity that fluctuated between 5% and 10%. Despite the significant UAE flood event in 2024, EIC reported good results for the year, evidenced by a net-net combined ratio (as calculated by AM Best) of 92.7% (2023: 89.7%). Technical results have improved over the first six months of 2025, supported by robust rate increases, as well as the absence of any large loss events. EIC maintains a well-established brand and position in the UAE insurance market, ranking as the seventh-largest listed insurer in the UAE in 2024 by insurance revenue. The company reported insurance revenue of AED 1.35 billion in 2024 (USD 367 million), a 19% increase on 2023. EIC writes a diversified portfolio, which consists of non-life insurance, as well as reinsurance businesses. EIC's business profile is enhanced by geographic diversification from its specialist international reinsurance arm, which contributed approximately 15% of insurance revenue in 2024. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
CairoScene
4 hours ago
- Business
- CairoScene
Sharjah Government to Hire 700 Emiratis by End of 2025
1,523 government employees will also receive promotions, which include job advancements and special financial awards totalling AED 22 million annually. Aug 13, 2025 Sharjah ruler Sheikh Sultan Al Qasimi has announced plans to hire 700 Emirati citizens into newly created government positions before the end of 2025. In addition, 1,523 government employees will receive promotions, which include job advancements and special financial awards totalling AED 22 million annually. Status adjustments will also be applied to 254 employees who have earned new academic qualifications, with pay rises backdated to the dates their degrees were obtained. These adjustments will cost AED 8.42 million annually. The total annual cost of the promotions and qualification-based increases will exceed AED 30.4 million.
