Latest Threads

The National Bank of Fujairah (NBF) reported a 39.3% increase in net profit before tax, reaching AED 715 million in the first nine months of 2024, with a net profit after tax of AED 650.4 million. This growth was supported by a 13.2% increase in the balance sheet. The bank's strong performance in the third quarter of 2024, with a 27.1% rise in net profit before tax compared to the same period in 2023, reflects its momentum in selective business growth and the ability to maintain margins despite a declining interest rate environment. Positive market conditions, UAE government initiatives, improved impairment provisions, and cost management contributed to this robust position. NBF's operating profit for the nine-month period was AED 1.3 billion, a 7.6% increase from the same period in 2023, while operating income rose by 8.4% to AED 1.8 billion. Net interest income and income from Islamic financing and investment activities grew by 5.6% to AED 1.33 billion.

Modon Holding has announced a partnership with LuLu Retail to develop and operate hypermarkets and other retail facilities in the UAE and Egypt. This collaboration will utilize Modon Holding's expertise in large-scale project development and LuLu's retail operations to create community retail spaces, including hypermarkets and supermarkets. The partnership will also explore potential locations for retail development, implement smart retail solutions, and enhance customer experiences with innovative technologies. A memorandum of understanding formalizes this partnership, which is part of Modon Holding's growth strategy targeting high-potential sectors. A working committee with representatives from both companies will ensure effective collaboration and decision-making. LuLu Retail, headquartered in Abu Dhabi, is a leading retail chain with a presence in 23 countries and operates 240 stores across the GCC.

Aldar Properties PJSC has released its review report and interim financial information for the nine-month period ending on September 30, 2024.

Aldar Properties PJSC held a Board of Directors meeting on Tuesday, October 29, 2024, from 9:00 am to 9:35 am, with six members present, achieving a quorum of 85.7%. The meeting resulted in the approval of the financial statements for the third quarter of 2024 and the consideration of general business, operational, and strategic matters. The authorized signatory for the meeting was Mohammad Hatim Abedalrahman, the company secretary.