Gulf News’ Post

Thanks to a self serving, self sabotagingly harmful lot in FBR, NAB, FIA et al. like Govt institutions, the same Pakistanis who'd be scared of holding liquid assets like a bank balance, mutual fund of PKR 10 million+ in Pakistan happily hold cumulative assets, bank balances easily in excess of 2 million Dirhams in Dubai 😢 For any serious gross capital formation, real wealth creation to absorb aspirations, needs of 450 million Pakistanis by 2050, at a Govt level from the top, they need to give confidence to local Pakistanis to comfortably hold liquid assets like a large balance in Pakistani banks before thinking of bending over backwards for pricey $ denominated foreign loans.

𝗢𝘃𝗲𝗿𝗮𝗹𝗹, 𝗮 𝗨𝗔𝗘 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗯𝗮𝗻𝗸 𝗮𝗰𝗰𝗼𝘂𝗻𝘁 𝘀𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝘀 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀, 𝗲𝗻𝗵𝗮𝗻𝗰𝗲𝘀 𝗰𝗿𝗲𝗱𝗶𝗯𝗶𝗹𝗶𝘁𝘆, 𝗮𝗻𝗱 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝘀 𝗮𝗰𝗰𝗲𝘀𝘀 𝘁𝗼 𝗲𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀. Al Burooj Management Consultants can 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂𝗻𝗴 𝗼𝗻𝗹𝘆 𝘁𝗼 𝗼𝗽𝗲𝗻 𝘁𝗵𝗲 𝗕𝗮𝗻𝗸 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 𝗯𝘂𝘁 𝗮𝗹𝘀𝗼 𝗮𝗿𝗿𝗮𝗻𝗴𝗶𝗻𝗴 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗟𝗼𝗮𝗻𝘀 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 1. Financial Stability and Credibility UAE banks are stable and enhance your business’s reputation. 2. Ease of Operations Local transactions and payments become faster and cost-effective. 3. Tax Benefits Enjoy favorable tax policies, especially in free zones. 4. Multi-Currency Accounts Simplifies international transactions and forex management. 5. Access to Banking Services Loans, credit facilities, and corporate financial products are more accessible. 6. Regulatory Compliance Simplifies payroll and legal requirements. 7. Support for Foreign Investors Streamlines local payments and operations. 8. International Trade Support Access to trade finance and global banking solutions. 9. Cash Flow Management Faster clearing and real-time banking features. 10. Trust and Relationships Builds confidence with local clients and partners. +𝟵𝟳𝟭 𝟱𝟬 𝟰𝟬𝟳 𝟰𝟵𝟮𝟬 | +𝟵𝟳𝟭 𝟱𝟲 𝟵𝟬𝟳𝟰 𝟵𝟮𝟬 📧 𝐢𝐧𝐟𝐨@𝐚𝐥𝐛𝐮𝐫𝐨𝐨𝐣𝐦𝐠𝐦𝐭𝐜𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐧𝐭𝐬.𝐜𝐨𝐦 💻 𝐰𝐰𝐰.𝐚𝐥𝐛𝐮𝐫𝐨𝐨𝐣𝐦𝐠𝐦𝐭𝐜𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐧𝐭𝐬.𝐜𝐨𝐦 #CorporateTax #TaxPlanning #TaxServices #BusinessTaxes #FinancialPlanning #TaxConsultants #AlBuroojManagement #BusinessSavings #Consulting #ExpertAdvice #bankaccount

𝐌𝐚𝐬𝐡𝐫𝐞𝐪'𝐬 𝐐𝟏 𝐧𝐞𝐭 𝐩𝐫𝐨𝐟𝐢𝐭 𝐜𝐥𝐢𝐦𝐛𝐬 𝟐𝟓% 𝐭𝐨 𝐃𝐡𝟐𝐛 𝐢𝐧 𝟐𝟎𝟐𝟒 Dubai: Mashreq's net profit soared to Dh2 billion in the first quarter of 2024, marking a 25 per cent increase from last year, evidenced by a 7 per cent rise in loans and advances and a 6 per cent increase in customer deposits year-to-date. The lender said in a statement that it was able to continue the "trends established last year", despite the new 9 per cent corporate tax imposed from January 1, 2024. On pre-tax basis, net profit stood at Dh2.3 billion, up 36 per cent year-on-year. "This growth in operating income and net profit is primarily attributed to a 23 per cent year-on-year surge in net interest income. The main drivers include exceptional business growth, healthy client margins, the current interest rate environment, and low-risk costs. Additionally, non-interest income reached nearly Dh1 billion, representing an impressive 29 per cent growth year-on-year," Mashreq noted. "The cost-to-income ratio improved by 3.5 per cent year-on-year, reflecting the bank's robust performance. This improvement is characterised by stringent control over operating expenses alongside continuous investments in client experience enhancements, risk management, and business expansion." Additionally, operating profit rose from Dh1.8 billion to Dh2.3 billion in Q1 2024, a 31 per cent increase compared to the same period in 2023. Meanwhile, risk costs decreased by 61 per cent to Dh38 million, attributed to last year's accounting change concerning general provisions and prudent risk management. The Return on Equity (ROE) reached 28 per cent in Q1 2024, "highlighting management's continued focus on driving efficiencies, accretive capital deployment, and creating optimal value for its shareholders," the company added. https://lnkd.in/dFD4APjN

ADCB 2024 9-month net profit at Dh6.8b Dubai: The Abu Dhabi Commercial Bank rang in a strong 30% growth in profit before tax for the first nine months of 2024, to Dh7.7 billion. The net profit turned in at Dh6.8 billion, up 19%, as another leading UAE bank came up with upbeat numbers to show for the period. Demand for loans spurred some of the growth, helped by solid net interest margin. “Credit conditions for both corporate and retail banking have been positive,” said ADCB in a statement. “The Bank has recorded Dh60 billion in net loan growth over the prior year. Total income for the nine months came to Dh9.72 billion, up 8%.  “ADCB’s strong franchise continues to attract significant customer deposits, which have increased over the last 12 months to Dh407 billion at the end of September.” Total assets as of end September were at Dh639 billion. And when it comes to digital, ADCB tallied more than 2 million customers using its web and mobile platforms. This is more than 90% of the bank's overall retail customer tally. In fact, the retail banking operations pulled in a ‘record’ 210,000 new customers through digital channels during a quarter. ADCB’s full year guidance on the net interest margin has been revised to 2.55% from the previous 2.77%, in line with the trajectory US rate cuts will be going in for. https://lnkd.in/dZ_Q_cvV

A rising tide raises all ships, but is the tide turning? Our quarterly UAE banking pulse report is out. It's not news that banks continue to perform very well in this current environment. Progress across the sector continues, but the signs of a slowdown are evident. As the probability of Fed rate cuts in the next couple months increase along with greater nervousness about the extend positive credit cycle, a number of our clients are taking preemptive action. So what's on their agenda? - Strategic cost reduction - Plugging revenue leakage - Value realization from capital investments. If you are a UAE Bank leader and want to see how you compare click on the link to download the report, or drop me a DM. Fernando Plaza Fernando Morillo Suhail Bin Tarraf Vikram Sandhu Ali Khan Shehzad Hameed Dhiraj Kunwar Jayesh Patel Arjun Vir Singh Gaurav Dhar Ronit Ghose Renjit Philip Luke Eley #UAE_Banks #UBF #CBUAE #Cost_reduction #Revenue_Leakage #VRO

Opening a bank account in the UAE comes with several benefits, especially for businesses and individuals looking to establish a presence in a global financial hub. Here are the top five advantages: Access to a Stable and Secure Banking System The UAE has a well-regulated and stable banking system. The Central Bank of the UAE ensures compliance with international standards, providing customers with a safe and secure environment for their funds. Multi-Currency Account Options Many UAE banks offer multi-currency accounts, allowing individuals and businesses to hold and manage funds in different currencies. This is especially useful for businesses with international clients or individuals who frequently deal in foreign currencies. Tax Benefits The UAE offers a tax-friendly environment, with no income tax on personal earnings and limited corporate tax in certain sectors. This makes it an attractive location for those looking to optimize their tax obligations. Access to Financial and Investment Opportunities UAE banks offer a variety of investment opportunities, such as savings plans, fixed deposits, and wealth management services, making it easier for clients to grow their wealth. Ease of Global Transactions The UAE’s strong banking infrastructure supports quick and reliable international transactions. With connections to major financial networks, banks in the UAE facilitate global trade, making it convenient for businesses with international dealings. Flying Colour can assist with setting up and navigating the UAE banking system to help you choose the right bank and services based on your needs. Connect with us to know more about it 📞 971 528249583 #BankingInUAE #UAEFinance #OpenBankAccountUAE #UAEExpats #BusinessBankingUAE #UAEPersonalFinance #BankingSolutions #UAEEntrepreneurs #FinancialFreedomUAE #ChooseTheRightBank

The UAE's banking sector is flush with cash! Their war chest is overflowing with a whopping Dh786.6 billion, a staggering 28.2% increase year-on-year. That's not all, this mountain of cash keeps growing, with a cool 5.7% jump from just the last quarter. This begs the question: are UAE banks stockpiling for a rainy day, or are they taking a cautious approach to lending? This cash build-up could be a sign of banks playing it safe in uncertain global economic times. But hold on, there's another side to the story. The UAE banking system boasts a rock-solid capital adequacy ratio of 18%, well above the minimum requirement. This suggests that the system is healthy, secure, and well-capitalized. So, what does this mean for you? Will it be harder to get a loan, or will interest rates be affected? Now, this is where it gets interesting! The impact of this cash surplus depends on how banks choose to navigate the situation. Here are two possibilities: • Scenario 1: More Lending Opportunities: With ample cash reserves, banks might become more comfortable extending loans to businesses and individuals. This could lead to increased competition among lenders, potentially resulting in more favorable interest rates and loan terms for borrowers. • Scenario 2: Conservative Lending Environment: Banks might prioritize maintaining their strong capital positions, opting for a more cautious approach to lending. This could make it slightly more challenging to secure a loan, but it would also ensure the long-term stability of the banking system. So, what scenario do you think is more likely: increased lending or a conservative approach? How can the UAE leverage this situation to further strengthen its financial system? #cashflow #uae

<ACI Worldwide in the News - Arabian Business> The Middle East region saw a remarkable annual growth of 33.6 percent in 2023 with 855 million real-time payment transactions, which is projected to grow to 3 billion by 2028, according to the 2024 #PrimeTimeForRealTime report by ACI #realtimepayments are swiftly emerging as the bedrock of modern economies, with governments in the region implementing real-time payment schemes and businesses and consumers experiencing tangible benefits.

#UAECT Should Taxable Income under UAE Corporate Tax be Calculated Only in AED? Yes, the Taxable income in the UAE must be calculated in AED. If your accounts are in another currency, they need to be converted to dirhams. The FTA Decision No. 13 addresses the process of conversion.  - The ideal approach is to use the spot rate published by the Central Bank of the UAE for each transaction. - If that is not practical, you can use the average monthly rate, - If that too is impractical, go for the average annual rate provided by the Central Bank of the UAE. Consistency: Taxable entities must use the chosen currency conversion method consistently throughout the Tax Period. Record Keeping: Detailed records must be maintained, documenting the reason for selecting a particular conversion method, the exchange rates used, rationale, explanation of change in method, if any, and mechanisms applied for all currency conversion accounts. Manan Kalra R.K. Kalra

The UAE’s banking sector marked a significant milestone this year with total capital and reserves exceeding AED500 billion for the first time. As of July 2024, the sector’s capital and reserves witnessed a substantial year-on-year growth of 10.5%, rising from AED454.9 billion in July 2023 to AED502.6 billion ($136.84 billion) in July 2024. According to the latest data from the Central Bank of The UAE, the banking sector’s capital and reserves experienced a notable increase of approximately AED13.3 billion during the first seven months of 2024, excluding subordinated borrowings and deposits and including current-year profits. Read more: https://lnkd.in/d_btH6FM #UAE #Banking #Reserves #Finance