The Finance World Magazine| Edition: March 2023
The March edition of The Finance World Magazine (TFW) delves into the Zayed Ambition 2 project, which strives to investigate the feasibility of leveraging the UAE's burgeoning space economy for sustainable development. This initiative showcases the country's commitment to diversifying its economy and reducing its reliance on oil. In a featured interview, CEO Shaaista Khan Osman and Managing Director Osman Osman of Blu Blood share their insights about the event management industry in the UAE. This issue also includes insights from Sridhar Vembu, CEO of Zoho Corporation, on emerging AI tools, along with some advice for SMEs and startups. Through this edition, we also bring you insights on topics like the UAE's steadfast dedication to sustainable growth and development, Dubai surpassing global and regional tourism recovery levels, the sports industry emerging as a promising sector magnetizing international investors, and many more key informational articles in the finance sector. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
The March edition of The Finance World Magazine (TFW) delves into the Zayed Ambition 2 project, which strives to investigate the feasibility of leveraging the UAE's burgeoning space economy for sustainable development. This initiative showcases the country's commitment to diversifying its economy and reducing its reliance on oil.
In a featured interview, CEO Shaaista Khan Osman and Managing Director Osman Osman of Blu Blood share their insights about the event management industry in the UAE. This issue also includes insights from Sridhar Vembu, CEO of Zoho Corporation, on emerging AI tools, along with some advice for SMEs and startups.
Through this edition, we also bring you insights on topics like the UAE's steadfast dedication to sustainable growth and development, Dubai surpassing global and regional tourism recovery levels, the sports industry emerging as a promising sector magnetizing international investors, and many more key informational articles in the finance sector.
Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
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Corporate Results<br />
RAKBANK<br />
Q4’22 Net Profit: AED<br />
205.3M<br />
RAKBANK, one of the leading banks<br />
in the UAE, has reported a strong<br />
performance in Q4 2022 with record<br />
profits and a significant increase in<br />
customer deposits. <strong>The</strong> bank’s net<br />
profit for the quarter was AED 205.3M<br />
($55.8M), up by 12.9% compared to<br />
the same period last year. Customer<br />
deposits grew by 27% to AED 42.7B<br />
($11.6B), driven by increased demand<br />
for the bank’s digital products and<br />
services. RAKBANK’s CEO, Peter<br />
England, attributed the bank’s success<br />
to its continued focus on customercentricity,<br />
digital transformation,<br />
and prudent risk management. <strong>The</strong><br />
bank remains optimistic about its<br />
growth prospects and is committed to<br />
enhancing its offerings to meet evolving<br />
customer needs.<br />
Aldar Properties<br />
Q4’22 Net Profit: AED 1B<br />
Aldar Properties, a UAE developer,<br />
has reported a net profit of AED 1B<br />
($272M) for Q4-2022, which is 28%<br />
higher than the previous year and<br />
has surpassed the expectations by<br />
a significant margin. <strong>The</strong> full-year<br />
net profit for 2022 increased by 35%<br />
to AED3.1 billion, according to the<br />
developer’s statement at the Abu Dhabi<br />
Securities Exchange. <strong>The</strong> company’s Q4<br />
profit estimates of AED 699M and AED<br />
2.70B for the fiscal year, as compiled<br />
by Refinitiv, were exceeded. Aldar<br />
Development’s sales doubled year-onyear<br />
to AED 14.3B for the fiscal year,<br />
driven by high demand for new property<br />
launches and existing inventory in the<br />
UAE. <strong>The</strong> company has recommended<br />
a cash dividend of AED0.16 per share<br />
for the fiscal year.<br />
Shuaa<br />
Q4’22 Net Profit: AED<br />
59.3M<br />
Dubai-based investment bank Shuaa<br />
Capital reported impressive financial<br />
results for the fourth quarter of 2022. <strong>The</strong><br />
company’s net profit more than doubled<br />
from AED 24.5M in Q4 2021 to AED<br />
59.3M in Q4 2022, a remarkable increase<br />
of 142%. <strong>The</strong> company attributed<br />
this strong performance to higher<br />
revenues from its core businesses,<br />
including investment banking, asset<br />
management, and capital markets.<br />
Shuaa Capital’s total assets under<br />
management increased by 13% yearon-year<br />
to AED 15.4B. <strong>The</strong> company’s<br />
robust financial results are a testament<br />
to its strong business model and the<br />
resilience of the Dubai financial sector<br />
amidst challenging global economic<br />
conditions.<br />
AD Ports Group<br />
2022 Net Profit: AED 1.3B<br />
AD Ports Group, globally renowned<br />
logistics, industry, and trade enabler, has<br />
released its financial outcomes for the<br />
12 months concluded on December 31,<br />
2022, declaring a robust operational and<br />
financial performance. <strong>The</strong> company’s<br />
revenue expanded by 41% YoY to AED<br />
5.5B, an organic growth of 23% YoY<br />
to AED 4.8B. <strong>The</strong> group’s impressive<br />
outcome was mainly powered by<br />
its successful Maritime and Ports<br />
Clusters, in addition to acquisitions<br />
and new partnerships. <strong>The</strong> company<br />
also reported a 37% YoY increase in<br />
EBITDA to AED 2.2B in 2022, and its<br />
net profit surged to AED 1.3B, up by<br />
53% YoY.<br />
Emirates Steel Arkan<br />
2022 Net Profit: AED<br />
506.8M<br />
Emirates Steel Arkan, one of the leading<br />
steel manufacturers in the Middle East,<br />
has reported a net profit of $138M for<br />
the year 2022, marking a significant<br />
turnaround from the previous year’s<br />
losses. <strong>The</strong> company’s success can be<br />
attributed to several factors, including<br />
a recovery in global steel demand,<br />
the successful implementation of<br />
cost-saving measures, and the<br />
introduction of new products and<br />
services. Emirates Steel Arkan’s<br />
impressive financial performance<br />
is a testament to its commitment<br />
to innovation, sustainability, and<br />
operational excellence. <strong>The</strong> company<br />
has invested heavily in technology and<br />
research and development to enhance<br />
its product offerings and reduce its<br />
environmental footprint. With a strong<br />
balance sheet and a focus on customer<br />
satisfaction, Emirates Steel Arkan is<br />
well-positioned for continued success<br />
in the highly competitive global steel<br />
industry.<br />
ADNOC Distribution<br />
2022 Net Profit: AED 2.7B<br />
ADNOC Distribution, the UAE’s largest<br />
fuel and convenience store retailer, has<br />
reported a 22% increase in its net profit<br />
for 2022, reaching AED 2.75B ($748M).<br />
<strong>The</strong> rise in profits can be attributed to<br />
the company’s ability to adapt to the<br />
challenges presented by the COVID-19<br />
pandemic, as well as its ongoing<br />
expansion efforts both domestically and<br />
internationally. ADNOC Distribution’s<br />
total fuel volumes also increased by 1%<br />
to 9.9B litres, while its non-fuel retail<br />
revenues increased by 10% to AED<br />
2.7B. <strong>The</strong> company has attributed its<br />
success to its robust business model and<br />
continued investment in infrastructure<br />
and digital technologies.<br />
86 www.thefinanceworld.com <strong>March</strong> <strong>2023</strong>