RAS AL KHAIMAH / WAM The National Bank of Ras Al Khaimah (RAKBANK) on Wednesday reported its financial results for the first quarter of 2023 (Q1 2023) ending on March 31. RAKBANK delivered a Net Profit increase of 105 percent for Q1 2023 driven by a robust and diversified growth on both sides of the balance sheet. This was underpinned ...

BLOOMBERG UBS Group AG warned that wealthy clients are turning increasingly risk-averse, adding to challenges for Switzerland’s largest bank as it embarks on the complex task of integrating Credit Suisse Group AG. Shares of UBS fell as much as 5.4% in Zurich trading after the lender reported the weakest quarterly profit in more than three years, along with an outlook ...

Abu Dhabi / WAM Abu Dhabi Islamic Bank (Adib) reported a growth in net profit of 54% for the first quarter of 2023 to AED1.1 billion from AED715 million in Q1 2022, underpinned by healthy business growth and higher margins. Revenue for Q1 2023 improved by 45% to AED2.0 billion compared to AED 1.4 billion in the corresponding period of ...

DUBAI / GULF TIME Airline pilots connect people with places and help create treasured memories —whether it’s an unforgettable holiday, a rock concert, a friend’s wedding or a mother’s warm hug. So on World Pilots’ Day, Emirates salutes its highly skilled aviators for their contributions to global travel and the airline’s business, while continuing to recruit First Officers and seasoned ...

DUBAI / GULF TIME Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance & Coexistence, inaugurated the 35th edition of the Global Education and Training Exhibition (Getex), the Middle East’s leading education exhibition, on Wednesday. Held at the Dubai International Convention and Exhibition Center, the opening ceremony was attended by dignitaries and heads of various universities and schools. Getex Spring ...

DUBAI / GULF TIME Lootah Biofuels has signed an agreement with Fenaka Corporation Limited, a state-owned utility company providing electricity, water, and sewerage to the island communities of the Maldives, to establish its first biofuel production plant from waste cooking oil outside the UAE. The signing of the agreement underscores Lootah Biofuels’ commitment to expanding its reach beyond the UAE ...

SHARJAH / WAM His Highness Sheikh Dr Sultan bin Muhammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has directed to appoint 297 citizens in the Sharjah Civil Defence Authority (SCDA). This statement was announced by Colonel Sami Al Naqbi, Director General of the Sharjah Civil Defence Authority through the “Direct Line” programme of Sharjah Broadcasting Authority.

ABU DHABI / WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President-Designate, said on Wednesday that urgent reform of IFI’s is needed before COP28 begins in November, “to lay the foundation for a successful climate summit.” Dr Al Jaber was speaking at the event — “Creating an International Financial Architecture for the Future: ...

ABU DHABI / WAM The UAE, represented by the Ministry of Finance (MoF) as the issuer and in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced launching a dirham- denominated Islamic Treasury Sukuk (T-Sukuk), with a benchmark auction size of AED1.1 billion. Mohamed bin Hadi Al Hussaini, Minister of State for ...

DUBAI / WAM Integrate Middle East, a significant new learning and networking event for the entire Pro AV and System Integration value chain, is set to highlight the rapid development of the education and training technology (EdTech) market, for the first time at the Dubai World Trade Centre, from May 16-18. As more schools and corporates across the region are ...