News from the Arab World
Ambassador Hamdi Sanad Loza, Deputy Minister of Foreign Affairs for African Affairs, received the Deputy Minister of Foreign Affairs of South Sudan, Ramadan Muhammad Abdullah Thursday 22/2/2024.
The meeting dealt with the relationship between the two countries, the bilateral cooperation projects and programs, and regional issues of common interest and ways to enhance joint efforts to achieve security and stability in Sudan.
Source: State Information Service Egypt
Foreign Minister Sameh Shoukry stressed on Thursday 22/2/2024 that Egypt pins great hopes on Britain to exercise pressure on Israel to go back on its plans to launch a military offensive on Rafah, south the Gaza Strip, and to seriously get involved in regional and international efforts aiming at reaching an immediate ceasefire in the war-ravaged enclave.
Shoukry made the remarks during his meeting with his British counterpart David Cameron on the sidelines of the foreign ministers meeting of G20 in Rio de Janeiro.
Foreign Ministry spokesman Ahmed Abu Zeid said Middle East developments figured high during the talks between the two top diplomats as both sides exchanged viewpoints about the current security and humanitarian developments in the Gaza Strip.
Shoukry expressed regret over western countries’ disregard of the enormity of the humanitarian catastrophe in the Gaza Strip during G20 discussions at a time they focused on crises and wars in other areas.
The meeting underlined the need to reach a ceasefir
e in the coastal enclave and ensure unrestricted entry of humanitarian assistance to ease the tragic humanitarian disaster the Gazans are experiencing.
Shoukry underlined the importance of the role played by the UNRWA to provide life-saving assistance to the Palestinians.
As for Egyptian-UK relations, the spokesman said talks tackled the distinguished relations between the two nations.
Shoukry lauded the growing bilateral economic relations and the fact that the UK investments are on the top of the list of foreign investments in Egypt, hoping of diversifying British investments in the Egyptian market to cover new economic spheres.
The minister also reviewed the economic reform process in Egypt and economic measures taken lately to overcome the negative repercussions of consecutive regional and international crises.
Source: State Information Service Egypt
Foreign Minister Sameh Shoukry denounced the double standards adopted by some Western countries toward the crisis in the war-ravaged Gaza Strip and the great suffering of Gazans.
He warned of the impact of the war on the civilian population, including schools students and reporters and the severe damage it has caused to the civilian infrastructure, including Islamic and Christian places of worship.
Shoukry’s remarks came at a meeting he had on Thursday 22/2/2024 with Director-General of UNESCO Audrey Azoulay on the sidelines of his participation in the G20 Foreign Ministers’ Meeting, which is hosted by Brazil in Rio de Janeiro city.
Spokesman for the Foreign Ministry Ahmed Abu Zeid said that talks between the two sides took up ways of fostering cooperation between Egypt and the UN organization.
The foreign minister commended the existing bilateral cooperation and underscored the importance of the organization’s role in preserving world heritage.
He stressed the great interest of the Egyptian side in main
taining constant coordination with UNESCO in culture-related issues.
Azoulay thanked Egypt for its painstaking efforts to support the organization’s executive council and appreciated the country’s positive role in UNESCO.
She said UNESCO will outline an action plan to back Gaza, adding she is looking forward to obtaining Egypt’s support for implementing it.
The spokesman said both sides exchanged viewpoints regarding the consequences of the ongoing war in the Gaza Strip.
Shoukry confirmed Egypt will spare no effort to alleviate the suffering of the Palestinian people.
The two sides agreed on the need of continuing coordination and consultation concerning issues of mutual interest.
Source: State Information Service Egypt
The Chargé d’Affaires of the United States Embassy in Libya, “Jeremy Brent,” expressed his happiness at meeting with the First Deputy Speaker of the House of Representatives, “Fawzi Al-Nuwairi,” and the Chairman of the Foreign Affairs and International Cooperation Committee of the House, “Youssef Al-Aqouri,” describing the dialogue he conducted with the two sides. With fruitful dialogue.
‘Brent’ said in a tweet published by the US Embassy in Libya on its page on the X platform: ‘We had a fruitful dialogue about the best ways to support the mediation efforts undertaken by the Special Representative of the Secretary-General of the United Nations, Batili, to lay the foundation for successful elections and how to strengthen bilateral relations between the United States and Libya”.
Source: Libyan News Agency
Foreign Minister Sameh Shoukry asserted the importance of reforming the international governance to address geopolitics crises and priorities of sustainable development.
The foreign minister’s remarks were made while participating in a session themed, “Reforming Global Governance” on the sidelines of G20 Foreign Ministers’ Meeting in Rio de Janeiro city in Brazil on Thursday 22/2/2024.
Spokesman for the Foreign Ministry Ahmed Abu Zeid said that Shoukry pointed out to challenges facing developing countries that would require reform of global governance to deal with geopolitics crises and priorities of sustainable development, topped by poverty.
Shoukry said the world financial system must be reformed in a perspective that is addressing climate change issues as being a complementary part and not replacing the achievement of sustainable development.
The reform should aim to scale up finance and easily get it and rely on grants and soft funding tools, he mentioned.
Developing countries should deal with debt
burden through the establishment of comprehensive and active mechanisms, he said.
He pointed out to the possibility of boosting international cooperation in debt-for-nature swaps.
Shoukry highlighted a number of worrying indexes at the level of climate change and pointed out to a growing gap in climate financing for adaptation and expansion in exploration and fossil fuel production, especially coal.
Source: State Information Service Egypt
Emigration Minister Soha Gendy said Wednesday that relations between Egypt and Kuwait are a model to follow in terms of partnership for development.
Speaking during a ceremony at the Embassy of Kuwait in Cairo to mark National Day, Gendy also praised deep ties between the Egyptian and Kuwaiti peoples.
The Egyptian community in Kuwait is one of the biggest in the Gulf region, the minister noted.
She added that many Kuwaiti students are enrolled in Egyptian universities and institutes.
Source: State Information Service Egypt
Muscat Stock Exchange (MSX) general index (30) today dropped (8.5) points, comprising a decline by (0.19%) to close at (4570.98) points, compared to the last session, which stood at (4579.49) points.
The trading value today stood at (RO 3,482,821), comprising a rise by (30.8%), compared to the last session, which stood at (RO 2,661,785).
The report released by MSX pointed out that the market value went down by (0.219%) to reach about (RO 23.75) billion.
The report added that the value of shares bought by non-Omani investors reached (RO 564,000), comprising (16.20%). The value of shares sold by non-Omani investors reached (RO 512,000), comprising (14.69%). The net non-Omani investment rose by (1.51%) to (RO 53,000).
Source:Oman News Agency
Muscat Stock Exchange (MSX) general index (30) today dropped (8.5) points, comprising a decline by (0.19%) to close at (4570.98) points, compared to the last session, which stood at (4579.49) points.
The trading value today stood at (RO 3,482,821), comprising a rise by (30.8%), compared to the last session, which stood at (RO 2,661,785).
The report released by MSX pointed out that the market value went down by (0.219%) to reach about (RO 23.75) billion.
The report added that the value of shares bought by non-Omani investors reached (RO 564,000), comprising (16.20%). The value of shares sold by non-Omani investors reached (RO 512,000), comprising (14.69%). The net non-Omani investment rose by (1.51%) to (RO 53,000).
Source:Oman News Agency
Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion today met with Kholoud Saqqaf Minister of Investment of the Hashemite Kingdom of Jordan in the capital city, Amman.
The meeting reviewed areas of investment and trade cooperation between Oman and Jordan and means of boosting them.
During a three-day visit, Omani and Jordanian representatives from the public and private sectors will meet. During the meetings, several memoranda of understanding will be signed with the aim of enhancing investment and trade cooperation.
A field visit will be organized to view investment opportunities in Jordan, especially in sectors of mining, information and communications technology and pharmaceuticals.
The meeting was attended by Yousef Al Shamali Jordanian Minister of Industry, Trade and Supply, Sheikh Fahd Abdulrahman Al Ojaili, Ambassador of the Sultanate of Oman to the Hashemite Kingdom of Jordan and several officials.
Source:Oman News Agency
Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion today met with Kholoud Saqqaf Minister of Investment of the Hashemite Kingdom of Jordan in the capital city, Amman.
The meeting reviewed areas of investment and trade cooperation between Oman and Jordan and means of boosting them.
During a three-day visit, Omani and Jordanian representatives from the public and private sectors will meet. During the meetings, several memoranda of understanding will be signed with the aim of enhancing investment and trade cooperation.
A field visit will be organized to view investment opportunities in Jordan, especially in sectors of mining, information and communications technology and pharmaceuticals.
The meeting was attended by Yousef Al Shamali Jordanian Minister of Industry, Trade and Supply, Sheikh Fahd Abdulrahman Al Ojaili, Ambassador of the Sultanate of Oman to the Hashemite Kingdom of Jordan and several officials.
Source:Oman News Agency
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
Oman oil price (April delivery 2024) today reached 82.66 US Dollars, comprising a rise by 1.20 US Dollars compared to the price of yesterday (Wednesday), which stood at 81.46 US Dollars.
The average price of Oman oil (February delivery 2024) has stabilized at 77.21 US Dollars per barrel, thus 5.96 US Dollars per barrel lower than January delivery 2024.
Source:Oman News Agency
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
Oman oil price (April delivery 2024) today reached 82.66 US Dollars, comprising a rise by 1.20 US Dollars compared to the price of yesterday (Wednesday), which stood at 81.46 US Dollars.
The average price of Oman oil (February delivery 2024) has stabilized at 77.21 US Dollars per barrel, thus 5.96 US Dollars per barrel lower than January delivery 2024.
Source:Oman News Agency
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
Oman oil price (April delivery 2024) today reached 82.66 US Dollars, comprising a rise by 1.20 US Dollars compared to the price of yesterday (Wednesday), which stood at 81.46 US Dollars.
The average price of Oman oil (February delivery 2024) has stabilized at 77.21 US Dollars per barrel, thus 5.96 US Dollars per barrel lower than January delivery 2024.
Source:Oman News Agency