Day: February 22, 2024

DUBAI: Emirates NBD (DFM: EmiratesNBD), a leading banking group in the MENAT (Middle East, North Africa and Turkiye) region, held its 17th General Assembly Meeting on 21 February 2024.

At the General Assembly Meeting, a review of the Group’s performance during 2023 was presented.

Commenting on the Group’s performance, H.Hi. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, said: ‘As we celebrate the 60th anniversary of Emirates NBD, we take enormous pride in everything that has been achieved. Turning all challenges of this year and decades past into opportunities for growth, Emirates NBD has continued to serve as a financial bedrock, trusted partner and beacon of innovation for Dubai, the UAE and beyond. Through effective execution of its strategy, Emirates NBD will continue to fulfil its purpose to create opportunities to prosper for all its stakeholders.’

H.H. added: ‘Emirates NBD’s transformation from a local ambitious bank into a respected international financial institution mirrors the rise
of Dubai and exemplifies its constant drive to be a champion of the UAE banking sector. In 2023, Emirates NBD set new financial benchmarks, demonstrating the Group’s unique proposition in the market and reputation as the most reliable partner to its customers, who are at the heart of its sustainable success.’

Key financial highlights for 2023 included:

Net profit of AED21.5 billion up by an outstanding 65% y-o-y

Total income substantially up 32% to AED43 billion on excellent deposit mix, solid loan growth and strong fee and commission growth across all business segments

Healthy asset growth of 16% to AED863 billion at end 2023

Solid loan growth, up 5% on record Retail financing momentum with AED70 billion of new Corporate lending benefiting from our effective regional presence

Deposit mix is a key strength growing a remarkable AED82 billion in 2023 including AED30 billion of low-cost Current and Savings Accounts

Net interest margin rose 52 basis points in 2023 to 3.95% on favourable loan and depo
sit mix and higher interest rates

Impairment allowances substantially down 33% y-o-y due to exceptionally strong recoveries achieved through the year with impaired loan ratio improving to 4.6%

Earnings per share up significantly by 68% to 332 fils

Sheikh Ahmed added: ‘I would like to thank His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for their ambitious vision and wise leadership, which have played a crucial role in the development of Emirates NBD as well as the broader banking sector in the country. Emirates NBD has led by example in promoting sustainable practices across its operations and communities, as exemplified in its role as Principal Banking Partner for COP28. The Group also introduced carbon trading this year, making it the first UAE bank to empower customers in offsetting carbon emissions, in alignment with the UAE’s Net Zero action plan. Emirates
NBD also pioneered innovative green financing solutions to support customers throughout the UAE and around the world. We are proud to be a champion in gender equality with women now making up 40% of the Group’s total employee base and we are the first UAE bank to commit to a female leadership target, aiming for women to fill 25% of Senior Management positions by 2027. In the years ahead, Emirates NBD Group will continue to serve as it has for the past 60 years, with dedication to our leaders, belief in our goals and confidence in our actions.’

H.H. concluded: ‘I would also like to thank the Group’s Board of Directors, Senior Leadership team and all the Group’s employees for their unwavering dedication to the success of Emirates NBD during this year and for many years to come.’

The following resolutions were passed at the General Assembly Meeting:

1. To approve the report of the board of directors (‘the Board’) on the Bank’s activities and the financial statements for the year ended 31 December 2023.

2. To
approve the report of the external auditor of the Bank for the year ended 31 December 2023.

3. To approve the report of the Internal Shari’ah Supervision Committee in respect of the Bank’s Islamic banking window for the year ended 31 December 2023.

4. To approve the audited balance sheet and the profit and loss account of the Bank for the year ended 31 December 2023.

5. To approve the Board’s proposal to distribute cash dividends for the year ended 31 December 2023 of AED1.2 per ordinary share, being AED7,579,917,903.6 in total, to shareholders on the register of the Bank’s shareholders at the close of the trading on 4 March 2024.

6. To approve the remuneration of the Board for the year ended 31 December 2023.

7. To absolve members of the Board from liability for their work during the year ended 31 December 2023.

8. To absolve the external auditor from liability for work conducted during the year ended 31 December 2023, or to dismiss and pursue the auditor, as the case may be.

9. To approve the appoint
ment of the external auditor for the year 2024 and to determine the fees for the same year.

Special resolutions:

10. To approve the Board’s proposals with respect to non-convertible securities to be issued by the Bank subject to obtaining the necessary approvals from the relevant regulatory authorities, as detailed below, and to authorise the Bank to:

a) undertake any updates of the following existing programmes (which were approved at the GAMs held on 15 February 2016, 12 February 2017, 27 March 2018, 20 February 2019, 10 March 2020, 24 February 2021, 23 February 2022 and 22 February 2023) pursuant to which the Bank issues securities from time to time:

i. the Emirates NBD Bank P.J.S.C US$20,000,000,000 euro medium term note programme (the “EMTN Programme”);

ii. the Emirates NBD Bank P.J.S.C AUD4,000,000,000 debt issuance programme (the “AUD Programme”, and together with the EMTN Programme, the “Existing Programmes”);

b) establish any debt funding programme, up to a maximum amount of US$10,000,000,000,
in addition to the Existing Programmes (the “New Programmes”, and together with the Existing Programmes, the “Programmes”) and undertake any subsequent update of the New Programmes and to authorise the Board to carry out the resolutions relating to the issuance of bonds and Programmes;

c) issue debt instruments, up to an amount of US$10,000,000,000, or its equivalent in other currencies, under any of the Programmes from time to time, with the terms of any such issuance decided by the relevant committee to which the Board has delegated such decisions;

d) issue debt on a standalone basis, up to a maximum amount of US$10,000,000,000, or its equivalent in other currencies, (including, without limitation, through the issuance of conventional notes/bonds, structured notes/bonds, covered notes/bonds, trust certificates or other similar debt instruments (including for regulatory capital purposes up to an amount of US$1,000,000,000 for the purposes of strengthening the Group’s capital adequacy ratio (the capital ins
truments shall include the terms and conditions required by the Central Bank of the UAE, including, as applicable, in relation to additional tier 1 capital instruments and tier 2 capital instruments, the following features: subordination; coupon non-payment events; and non-viability and write-down provisions) or, as the case may be, through collateralised arrangements whether in loan or note/bond format, as the same may be listed and/or admitted to trading on a stock exchange or any other trading platform and/or unlisted)) (“Debt Funding Arrangements”), with the terms of any such issuance decided by the relevant committee to which the Board of Directors has delegated such decisions;

e) in respect of:

i. instruments issued or to be issued under any of the Programmes; and/or

ii. debt issued or to be issued under Debt Funding Arrangements, undertake any liability management exercise with respect thereto (including, without limitation, by way of consent solicitation, exchange offer, tender offer, buyback or an
y combination thereof);

f) prepare and enter into such finance agreements and related documents as may be necessary (including, without limitation, any offering documents/prospectus, relevant programme/dealer agreements, subscription agreements, dealer manager agreements, guarantees, hedging arrangements, listing declarations and all related and ancillary documents) in respect of the foregoing;

g) establish one or more special purpose vehicles incorporated in suitable jurisdictions anywhere in the world, with the specific purpose of acting as the issuers of any debt instruments issued under any of the Programmes or, as the case may be, any Debt Funding; and

h) enter into any document(s) and to take any further steps as may be necessary in connection with the actions set out in this Special Resolution.

11. to authorise the Board of Directors of the Bank, and/or any person so authorised by the Board of Directors, to adopt any resolution or take any action as may be necessary to implement the ordinary and Sp
ecial Resolutions to be adopted by the general assembly in this meeting.

Source: Emirates News Agency

DUBAI: Despite simmering geopolitical tensions, executives in the Gulf region, particularly the UAE and Saudi Arabia, are brimming with optimism, predicting “double-digit exports growth” in 2024. To achieve this ambitious target, they are leveraging innovation and technology to navigate the complexities of global supply chains.

This forward-looking perspective emerges from a research programme led by Economist Impact and supported by DP World. Titled “Trade in Transition,” the study delves into the insights of trade experts and senior executives across the globe, providing a valuable snapshot of the current and future state of international commerce.

The study finds that as the UAE and Saudi Arabia undergo radical transformations to move away from fossil fuels, companies are focussed on diversifying networks and growing exports in new markets in 2024. They want to make their networks more varied, selling more products in new markets. 33% of business leaders believe that expanding operations in new markets w
ill be the primary growth driver of exports for both economies.

This, indicates the study, helps companies deal with problems, lower risks and make it faster to start selling in a new place. About 57% of companies believe they will sell 10% more or even higher in 2024. Also, 40% of companies think they will buy 10% more or even higher.

Abdulla bin Damithan, CEO and Managing Director at DP World GCC, said: ‘As we navigate the evolving geopolitical and economic landscape in 2024, companies are aligning their strategies with initiatives like Dubai’s D33 and Saudi Arabia’s Vision 2030 to tap into new markets and boost opportunities in trade. Our research underscores the critical role of technology in strengthening supply chains and anticipating disruptions. Embracing emerging technologies is not only about overcoming challenges; it’s about resilience, adaptability and a firm commitment to a future where innovation drives success.”

Source: Emirates News Agency

DUBAI: Dubai Chambers and the three chambers operating under its umbrella – Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy – have continued to make significant progress towards achieving their strategic priorities and unveiled an impressive set of results from 2023 that align closely with the objectives of the Dubai Economic Agenda (D33).

The chambers’ strategic priorities focus on enhancing Dubai’s favourable business environment, attracting foreign investments and international companies to the emirate, assisting member companies to expand abroad, and accelerating the growth of Dubai’s digital economy.

During the annual media briefing organised today at Dubai Chambers’ headquarters, it was revealed that 67,222 new companies joined as members of Dubai Chamber of Commerce in 2023. This impressive figure is the highest number of new members during any year in the chamber’s history and represents year-over-year (YoY) growth of 20 percent. The number of active membe
rs of Dubai Chamber of Commerce also grew by 26.8 percent compared to 2022 to reach a total of 217,788, while the value of members’ exports and re-exports increased to over AED 284 billion, with YoY growth of 4.3 percent.

Dubai International Chamber successfully attracted 138 overseas businesses to the emirate. These included 34 multinational companies (MNCs) – an increase of 580 percent compared to 2022 – and 104 small and medium-sized enterprises (SMEs), representing YoY growth of 550 percent. The chamber also supported the international expansion of 77 local companies, achieving a record annual growth rate of 756 percent, and increased its network of international representative offices to 31 with the launch of 16 new offices around the world in 2023.

Meanwhile, Dubai Chamber of Digital Economy continued to strengthen the emirate’s digital leadership by attracting nine MNCs operating in the digital industries to Dubai, together with 549 high-tech startups to achieve an annual growth rate of 916 percent.
The chamber also successfully hosted Expand North Star, established a new platform to support and attract businesses to Dubai, oversaw the launch of the ‘Create Apps in Dubai’ initiative, and published six insightful reports on the emirate’s digital economy.

The annual media briefing event featured an interactive media Q and A session with the participation of Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers; Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of Dubai Chamber of Digital Economy; Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber; and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.

Dubai Chamber of Commerce issued 735,155 certificates of origin in 2023, while the number of member exporters achieved YoY growth of 9.1 percent to rise to 13,688. In addition, 5,492 ATA Carnets were issued and received for commodities with a combined value of AED 5 billion, representing a remarkab
le YoY growth in value of 47 percent.

The chamber announced the establishment of 76 new sector-specific Business Groups in 2023, bringing the total number to 105. A combined total of 145 meetings were also held with Business Groups and Councils. The chamber’s Business Advocacy sector reviewed a total of 111 laws and draft laws in cooperation with Business Groups, with the resulting recommendations achieving an adoption rate of 53 percent. Dubai Chamber of Commerce also received 141 mediation cases with a combined value of around AED 49.6 million, with 75 percent of the cases successfully settled.

Commenting on the achievements, Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said, ‘2023 has been another year of landmark achievements for Dubai Chambers in which we furthered our commitment to serving our members’ interests. The record growth in the number of new member companies is a testament to our success in enhancing the competitiveness of the business community. Supporting the private sector r
emains a key priority for Dubai Chambers as part of our drive to achieve the wise leadership’s vision to advance sustainable development and achieve the objectives of the Dubai Economic Agenda (D33).’

Dubai Chamber of Digital Economy organised 10 workshops on various topics impacting the digital industries to identify the challenges facing the sector, while two additional workshops brought together key government entities to explore effective solutions. The chamber also organised 24 roadshows encompassing the Middle East, Africa, Asia, and Europe to help attract international digital companies of types and sizes.

In October, the chamber hosted Expand North Star, a four-day mega event billed as the world’s largest gathering of startups and investors. The event attracted 33,060 participants from across the globe, together with 855 investors managing assets worth over US$ 1 trillion. The exhibition featured 1,604 startups from 91 countries, including more than 400 companies specialising in artificial intellige
nce and 52 unicorn companies with a combined value of US$ 663 billion.

Last year also witnessed the launch of ‘Create Apps in Dubai’ initiative by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai. Led by Dubai Chamber of Digital Economy, the initiative aims to equip 1,000 Emiratis with the knowledge and skills to build a successful career in mobile application development. ‘Create Apps in Dubai’ seeks to triple the number of app developers by 2025, as well as support 100 new national projects for the development of cutting-edge applications that will be made available in digital app stores. As part of the initiative, Dubai Chamber of Digital Economy launched the Emirati Training Academy and the ‘App Olympics’ competition.

The chamber also launched the ‘Business in Dubai’ platform in October to provide practical support to businesses looking to launch or expand their activities in the emirate. The platform offers a package of institut
ional services in partnership with several partners, in addition to a business matchmaking service designed to connect companies with potential partners, investors, and customers. The chamber signed 14 MoUs with partners to deliver services through the platform, which attracted 365 applications from companies wishing to benefit from the services available.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of Dubai Chamber of Digital Economy, emphasised the important role of digital technology in providing opportunities and building prospects to drive growth. The chamber is working to achieve its strategic objectives by designing programmes and initiatives that develop the emirate’s digital infrastructure and building Dubai’s digital future by enhancing entrepreneurship and innovation to enable Dubai to reach the ranks of the world’s leading future economic models.

He stated that the visions of the UAE government are based on envis
ioning the future of the technology sector, adopting proactiveness, building readiness, and enhancing resilience in facing its challenges by empowering national talents and youth with the digital skills necessary to enhance innovation and create the next generation of technology leaders.

Dubai International Chamber launched a total of 16 new international representative offices in 2023 to expand its global network to 31 offices across five continents. The new openings place the chamber firmly on track to achieve the target of establishing 50 offices by 2030 outlined in the ‘Dubai Global’ initiative launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai. Working with its new and established international offices, the chamber facilitated a total of 3,762 meetings with overseas investors seeking to expand into Dubai.

The chamber led a total of 116 foreign trade missions to promote Dubai and attract investments, representing a YoY
increase of 190 percent. The missions visited 68 cities in 44 countries, an increase of 113 percent in the number of cities visited compared to 2022. Dubai International Chamber also hosted 237 visiting delegations with a total of 600 participants.

In addition to attracting foreign companies and investments, the chamber successfully launched several initiatives to support the overseas expansion of Dubai-based businesses including the ‘New Horizons’ and ‘Global Expansion Series’ initiatives.

Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, commented, ‘The chamber plays a vital role in supporting the Dubai Economic Agenda (D33) through its integrated network of overseas offices, which are dedicated to attracting investments, supporting the international expansion of Dubai companies, and introducing the emirate’s competitive advantages to global investors. Our achievements over the past year serve to further cement Dubai’s position as a globally renowned incubator for foreign direct investmen
t.’

Launched under the umbrella of Dubai Chambers in May last year, the Dubai Centre for Family Businesses conducted 40 family visits and developed three educational certification programmes for family members and advisors. These included the Dubai Family Business Management Programme and the Family Business Advisory Certification Programme, which attracted the participation of 22 advisors.

The centre also successfully concluded six sessions in its ‘Governance Series’ programme with the participation of 234 family business representatives and facilitated training and education programmes for 86 family business leaders as part of the Dubai Family Business Management Programme.

In addition, the Dubai Centre for Family Businesses developed six guidance toolkits for family enterprises and hosted the inaugural edition of the Campden Global Owners and Family Office Congress, the world’s largest gathering for family businesses, with the participation of over 300 companies and family offices. The centre also signe
d an agreement with the Family Firm Institute to facilitate access to educational material for family businesses in Dubai.

Serving the needs of Dubai’s business community

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, added, ‘Dubai Chambers has successfully achieved many of its strategic objectives, despite the global climate of economic uncertainty. We are committed to strengthening partnerships between the public and private sectors and driving economic growth while focusing on the interests of our members and businesses in Dubai. This year, we will continue to work closely with our partners to support the emirate’s dynamic business community through impactful initiatives, programmes, and services.’

Source: Emirates News Agency