Emirates Press

DUBAI, Emirates NBD’s (ENBD) profits jumped 25 percent in the first nine months of 2022, close to the yearlong level reported for 2021.

Q3 profit was exceptionally strong at AED3.8 billion, up 51 percent year-on-year (YoY), exceeding US$1 billion equivalent. Another record quarter for retail lending and customer transactions, together with improving margins, drove income 31 percent higher YoY to AED22.7 billion. New corporate lending grew by AED24 billion in the first nine months of 2022 reflecting increased business optimism and the deposit mix further improved on strong sector liquidity. Credit quality remained healthy reflecting the region’s strong economy with impairment down 12 percent. The bank is extremely well positioned to accelerate investment in our international and digital capabilities to support further growth. Emirates NBD’s fully digital platform successfully provided an integrated ‘one-stop’ solution for recent IPO subscriptions.

Hesham Abdulla Al Qassim, ENBD Vice Chairman and Managing Director, said, “Emirates NBD’s profits jumped 25 percent YoY to AED9.1 billion for the first nine months of 2022, reflecting strong regional economic growth and the success of the Group’s diversified business model. Emirates NBD played a leading role in the country’s recent IPOs, enabling new and existing customers to access and trade shares on the Dubai Financial Markets.”

Shayne Nelson, ENBD’s Group Chief Executive Officer, said, “Emirates NBD delivered strong results with income rising 25 percent to AED22.7 billion on increased transaction volumes and higher margins from an efficient funding base and higher interest rates. Net profit of AED9.1 billion increased substantially by 25 percent YoY, almost reaching the Group’s profit level for the whole of 2021. International operations provide diversification and growth opportunities, contributing 40 percent of total income. New lending increased substantially in both retail and renewed demand for corporate lending. Emirates NBD processes over 1 million credit and debit card transactions per day, equivalent to 11 every second. Emirates NBD Egypt recorded 50 percent growth in e-transactions in 2022 as it successfully harnesses the Group’s IT infrastructure. These strong results, healthy profitability and positive economic outlook for the region enable us to accelerate our investment for future growth.”

Source: Emirates News Agency

DUBAI, Dubai Fitness Challenge (DFC), the flagship fitness initiative launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, today announced partnerships with world-leading health and fitness platforms Fitbit, Fitze, STEPPI, Count’d, Core Direction, Les Mills, McGregor FAST, Runkeeper, Technogym, ENHAPP, and Hygear for the sixth edition of the annual fitness movement running from 29th October to 27 November 2022.

This year DFC is offering an array of apps for both individuals and business, which offers a unique mix of fun and fitness, and motivates participants through a series of challenges to complete their 30 minutes of daily activity for 30 days, and exchange their daily steps for exclusive offers, unbeatable prizes and unforgettable experiences from some of Dubai’s biggest brands.

Commenting on the announcement, Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment (DFRE), said, “Technology plays an important role in helping people stay motivated and track progress as we collectively focus on 30 minutes of physical activity for 30 days during DFC. Smart digital platforms such as Fitze, STEPPI, Fitbit Premium, McGregor FAST, Core Direction, Technogym and ENHAPP are the ideal partners to help us all commit to a fitter future. The platforms are easy to use and compatible with most major wearable brands. They offer great services, including daily workout sessions, personalised training plans, individual and group challenges, and many more, all with fun twists and exclusive rewards. We are looking forward to working with these innovative digital platforms to help everyone embrace a more active lifestyle and grow the reputation of Dubai as one of the most active cities in the world and a great place to live, work and visit.”

Commenting on the long partnership Des Power, VP and Managing Director of Fitbit International at Google, said, “We are pleased to partner with Dubai Fitness Challenge for yet another year to encourage residents to get moving regularly. Just 30 minutes of physical activity a day can help to lower stress and risk of cardiovascular disease, improve your mood, boost your immune system, and a whole host of other wellness benefits – both physical and mental. In this spirit, we look forward to hosting visitors at Kite Beach Fitness Village for a series of workouts designed to empower visitors on their health and wellness journey.”

Source: Emirates News Agency

DUBAI, Dubai Financial Market (DFM) Company PJSC today announced its financial results for the first nine months of the year ended 30th September 2022, registering an increase of 133 percent in net profit to AED89 million compared to AED38.1 million in the same period of 2021.

The Company’s total revenue reached AED237.8 million during the first nine months of this year compared to AED183.1 million during the corresponding period of the previous year. The revenue comprises AED173.3 million of operating income and AED64.5 million of investment returns and other income. The Company’s expenses increased by 2.6 percent to AED148.8 million by the end of September 2022 compared to AED145 million in the same period of 2021, despite the significant increase in operating revenue, operating expenses only increased by 0.4 percent as a result of operational efficiencies and cost optimisation initiatives.

Helal Al Marri, Chairman of the DFM Company, said, “We have posted a strong set of results in the third quarter. Increasing investor interest and activity is testament to the dynamism and growth of Dubai’s capital markets. This is illustrated by the DFM being one of the most active listing venues globally right now.”

It is noteworthy that the total Market Capitalisation of listed securities increased 40 percent to AED575.5 billion compared to AED411 billion at the end of 2021, as a result of both organic and non-organic growth driven by the wave of successful IPOs as well as the improvement in listed securities’ performance. The DFM General Index advanced 4.5 percent this year.

During the first nine months of 2022, the total trade value jumped 79.5 percent to AED69.5 billion compared to AED38.7 billion during the same period of 2021. The DFM also maintained its attractiveness to foreign investors, who accounted for 47.3 percent of trading value at the end of September with net purchases of AED3.2 billion, a 146 percent increase compared to the corresponding period. Their ownership reached to 19.1 percent of the total Market Capitalisation. Similarly, institutional investors accounted for the 46.7 percent of the total trade value with a net purchase of AED1.3 billion.

Regarding investors’ appetite, Helal Al Marri said, “As DFM’s successful digital transformation strategy comes into fruition, the number of new investors who joined the market during the first nine months has increased 41 times to 155,060 investors compared to 3799 investors during the corresponding period in 2021. Investors have rushed into the market to participate in the continuous IPOs from leading enterprises that reinforced the depth and diversity of our market.”

The DFM investor base has climbed 9 percent to 1,004,486 to surpass the one million level for the first time. Foreign investors accounted for 71.8 percent of the new investors, meanwhile 647 new institutional investors have also joined the market.

Source: Emirates News Agency

DUBAI, Businesses in the UAE and abroad are reaping big benefits of embedding sustainability into their supply chains, industry experts said during the Dubai Dialogue 2022 conference, which was organised by Dubai Chamber of Commerce’ Centre for Responsible Business.

The annual conference held under the theme “Embedding Sustainability across the Supply Chain”, was joined by over 150 participants representing various economic sectors in the UAE. Presentations and discussions highlighted best international practices and the role of advanced technologies designed to make supply chain processes more efficient and environment friendly.

Panels explored different strategies that businesses can integrate into their supply chain operations that can create long-term value for stakeholders and a positive social impact, as well as enhance their environmental, social and governance (ESG) values and reputation.

Speakers and panellists included Hassan Al Hashemi, Vice President- International Relations, Dubai Chambers, Dr. John E. Katsos, Associate Professor of Business Law, Ethics, and Social Responsibility, American University of Sharjah, Albert Kraak, Chief Operating Officer, DP World Logistics; Ayman Kabbara, Managing Director, Scan Global Logistics UAE; Sherif Hafez, Supply Director, Middle East and Africa, MARS; Kenneth Nymann-Buus, supply chain and procurement expert.

In his welcome remarks, Al Hashemi noted that businesses could maximise their positive impact by making significant changes and adopting the right solutions that can enhance their operations and competitiveness across their supply chains.

“Recent studies are making a strong business case for embedding sustainability into supply chains and the benefits of doing this are far reaching. By following this approach, companies were able to reduce costs, boost efficiency, foster innovation and generate a stronger return on investment,” said Al Hashemi.

He noted that businesses that commit to this journey should adopt a holistic approach that requires careful planning and effective processes in place to identify the risks and opportunities and evaluate their impact and progress.

“The Dubai Dialogue conference once again proved to be an ideal platform to host thought-provoking conversations that addressed key sustainability-related issues impacting businesses in the UAE and abroad and outlined practical and actionable steps companies can take to reduce their environmental impact and create a positive example that will inspire others to follow in their footsteps,” he noted.

He concluded by elaborating on the importance role played by Dubai Chamber of Commerce and its Centre for Responsible Business in mobilising businesses within various economic sectors to adopt responsible practices and support Dubai’s mission of becoming a global leader in sustainability.

Moderated by Kamel Mellahi, Senior Manager, Centre for Responsible Business, Dubai Chamber of Commerce, panel discussions highlighted the need for business leaders to go beyond compliance and aim for best global practices and standards. They stressed the importance of focusing on stakeholder engagement, collaboration, transparency, data analysis and reporting in shaping sustainable supply chain systems.

Panelists also stressed the importance of fostering public-private sector partnerships and cooperation that can align the efforts of industry stakeholders and maximise the impact of sustainability-focused initiatives, strategies and practices.

Source: Emirates News Agency