How Sheikh Mohamed bin Zayed’s majlis empowers the UAE
President His Highness Sheikh Mohamed bin Zayed Al Nahyan has always been keen to empower the youth of UAE with various skills to shape the country’s future. It was against this backdrop that he initiated the Mohamed bin Zayed Majlis for Future Generations (MBZMFG), a celebration of a collective power to shape the future of […]
Amlak Finance sees higher profits in Q1-22; accumulated losses hit 86% of capital
Amlak Finance has achieved net profits worth AED 13.08 million in the first quarter (Q1) of 2022, higher than AED 6.38 million in Q1-21. In the first three months (3M) of 2022, the income from Islamic financing and investing assets declined to AED 34.49 million from AED 40.84 million in the same period a […]
Sheikh Mohamed bin Zayed Al Nahyan: The man who piloted nation’s diversification from oil
In the 1930s, Abu Dhabi was a fishing village off the Arabian Gulf coast. The emirate owes its rags-to-riches story to oil. It is one of the largest oil producers and holds the vast majority of the young nation’s oil reserves. However, the country’s future will depend on diversifying its economy and reducing dependence […]
Emirates Investment Bank turns to losses in Q1-22
Emirates Investment Bank has logged net losses attributable to the equity holders of AED 43.63 million in the first quarter (Q1) of 2022, versus net profits of AED 7 million in the same quarter of 2021, according to the bank’s unaudited consolidated financials. The bank’s net income amounted to AED 11.04 million in […]
Emaar Development’s profits up 34% in Q1-22
Emaar Development has recorded net profits attributable to the owners worth AED 1.05 billion during the first quarter (Q1) of 2022, an annual leap of 34% from AED 780.89 million. During the January-March 2022 period, revenues dropped by 7% to AED 3.56 billion from AED 3.84 billion during the same period a year earlier, […]
Sheikh Khalifa and his eternal love for nature and wildlife
When the UAE lost President Sheikh Khalifa bin Zayed Al Nahyan on Friday, it lost a leader with a vision, a modern and fair Ruler who kept his country and people at the forefront of his policies. Sheikh Khalifa not only cared about his people, but also the habitat in which he lived and […]
Emaar Properties’ profits surge 241% in Q1-22
The unaudited interim consolidated financials of Emaar Properties reported a 241% surge in net profits attributable to the owners to AED 2.23 billion in the first quarter (Q1) of 2022, compared to AED 656.86 million in Q1-21. The company generated revenues of AED 6.63 billion in the first three months (3M) of 2022, […]
Salama’s profits exceed $2.58mln in Q1-22; dividends, accumulated losses announced
The Islamic Arab Insurance Company (Salama) has achieved net profits attributable to the shareholders worth AED 9.92 million during the first quarter (Q1) of 2022, compared to AED 22.22 million in Q1-21. The company’s net underwriting income reached AED 32.01 million in the January-March 2022 period, lower than AED 41.07 million in the year-ago […]
UAE: It’s illegal for individuals to lend money on interest; stringent fines, imprisonment apply
I have saved up some money over the years. Is it legal for me to loan some of this cash to acquaintances for interest? If yes, what should I do if the person fails to make the repayments? Response: Pursuant to your queries, the provisions of Federal Law No. 31 of 2021 on Penal Code […]
Mohamed bin Zayed accepts condolences of Prince Charles, US Secretary of defence
President His Highness Sheikh Mohamed bin Zayed Al Nahyan received condolences of HRH Prince Charles of Wales and Lloyd Austin, US Secretary of Defence. During two separate phone calls, Prince Charles and Austin offered their heartfelt condolences and solace to President His Highness Sheikh Mohamed bin Zayed and the Emirati people on the passing of […]