Announcements
ADCB reports 23% growth YoY
Abu Dhabi Commercial Bank PJSC (ADCB) today published its financial results for the second quarter of 2023 (Q2’23), reporting a net profit of AED 1.932 bn, an increase of 23 percent year-on-year (YoY). This strong performance is driven by broad-based income growth and improved efficiency metrics.
ADCB logged a net interest income of AED 2.930 bn, an increase of 14 percent YoY, and a non-interest income of AED 1.129 bn, a 22 percent YoY increase.
Meanwhile, the bank’s operating income stood at AED 4.059 bn, climbing 16 percent YoY, with its cost to income ratio improving 260 basis points YoY to 32.5 percent.
Looking at ADCB’s performance in H1’23 as compared to H1’22, net profit reached AED 3.811 bn, a 25 percent increase, net interest income stood AED 5.782 bn, a 23 percent increase, while non-interest income settled at AED 2.190 bn, rising by 28 percent. The operating income reached AED 7.971 bn, increasing by 24 percent, while the bank’s cost to income ratio improved 450 basis points YoY to 32.0 percent.
Commenting on the bank’s quarterly financial results, Ala’a Eraiqat, ADCB’s Group Chief Executive Officer, said, “ADCB is experiencing solid growth momentum and continues to set new records, with first half net profit up 25 percent year on year at AED 3.811 billion, which translates into a return on average tangible equity of 14.8 percent.
“The Bank’s strong market position and digital innovation are driving growth against a backdrop of the UAE’s robust economic fundamentals. In the first half, ADCB extended AED 38 billion in new credit across diverse economic sectors and to the retail segment, resulting in net loan growth of 5 percent during the period. In tandem, deposits have also increased by AED 7 billion, reflecting the trust that customers place in our franchise.”
“The Bank’s focus on service excellence is translating into strong growth in our customer base. In the first half, ADCB attracted a record of over 260,000 new retail customers through its UAE operations, and over 3,500 new corporate clients,” he added.
For his part, Deepak Khullar, Group Chief Financial Officer at ADCB, commented, “ADCB is delivering high quality earnings growth, reporting a 23 percent year on year rise in Q2 net profit, characterised by a broad-based increase in revenues and disciplined cost management in the face of an inflationary environment.
“Healthy loan growth, coupled with rising benchmark rates, have driven a 14 percent year on year increase in Q2 net interest income. It is also pleasing to see continued diversification in revenue streams. Quarterly fee and trading income were up 43 percent and 48 percent year on year, respectively. This contributed to a 22 percent rise in non-interest income, which represented 27.8 percent of total operating income in Q2, up from 26.4 percent a year earlier.”
- WAM
Businesses across the UAE that play music for commercial purposes will face a new licensing system from December 2026, under rules announced by the Ministry of Economy and Tourism.
The new framework introduces licensing fees for a wide range of businesses and organisations that use music commercially, including restaurants, cafes, hotels, shopping malls, gyms and airlines.
Radio and television broadcasters, as well as concert organisers, will also fall under the new system.
The changes are outlined in the ministry’s new Collective Management in Music Guide, which sets out how music copyright and related rights will be managed across the UAE.
Which businesses will have to pay?
The new licensing requirements will apply to venues and businesses that commercially use music.
This includes:
Restaurants
Cafes
Hotels
Shopping malls
Gyms
Airlines
Radio stations
Television channels
Concerts and other commercial music events
The amount businesses pay will not be the same across the board. Instead, fees will be calculated using a sliding-scale system, taking into account factors such as the type of music use and the size or nature of the business.
When do the new UAE music fees start?
The new licensing fees are scheduled to come into effect in December 2026.
Businesses that require a licence will receive a renewable one-year licence. The fees will be collected through the organisations responsible for managing music rights, including the Emirates Music Rights Association and Music Nation.
These organisations represent rights holders across the music industry, including composers, songwriters, singers, instrumentalists, record producers and music publishers.
Why is the UAE introducing the new system?
The government says the new framework is designed to create a more structured system for managing copyright and related rights in the UAE.
According to the Ministry of Economy and Tourism, standardising licensing requirements and fees should help reduce copyright violations while bringing the UAE’s approach more closely in line with international practices.
For businesses, that means music used as part of the customer experience, whether in a restaurant, hotel, gym or another commercial setting, will be subject to clearer licensing requirements.
Who is exempt from the music licensing fees?
Not every organisation or event will be covered by the new commercial licensing requirements.
The guide identifies exemptions that include:
Schools and academic institutions
Non-commercial celebrations
National events
This means the new fees are primarily focused on the commercial use of music rather than private or educational settings.
New fund will support UAE music talent
The new framework also includes a support mechanism for the country’s music industry.
A Cultural Support Fund in the Field of Music will be established to provide financial assistance and technical support to artists, performers and producers.
Under the new system, 10 per cent of the fees collected will be directed towards the fund.
The money will be used to support emerging musical talent and help promote Emirati music internationally.
What does this mean for UAE businesses?
For businesses that regularly play music for customers, the biggest change will be the introduction of a formal licensing requirement and associated annual fees.
The exact amount will depend on how the music is being used and the characteristics of the business, rather than being a single flat charge for every venue.
Businesses that rely on music as part of their atmosphere or entertainment offering will therefore need to factor the new licensing requirements into their operations from December 2026.
At the same time, the government says the system is intended to ensure creators and other rights holders receive appropriate recognition and compensation when their work is used commercially.
Music licensing rules:
Start date: December 2026
Licence period: One year, renewable
Applies to: Commercial users of music
Examples: Restaurants, cafes, hotels, malls, gyms and airlines
Also covered: Radio, television and concerts
Fee structure: Sliding scale based on use and business characteristics
Exemptions: Schools, academic institutions, non-commercial celebrations and national events
Music support fund: 10% of collected fees
For UAE businesses, the new rules mark a significant change in how commercial music use will be licensed, while the accompanying support fund is designed to put part of those revenues back into the country’s developing music sector.
Indian travellers planning a holiday in Abu Dhabi can now have the cost of their UAE entry visa covered under a new tourism initiative.
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has launched a limited-time programme for eligible Indian passport holders who book qualifying Abu Dhabi holiday packages through participating travel companies and online travel agencies.
The offer is available until October 31, 2026, during an initial pilot that will support up to 20,000 visas.
However, the offer comes with specific booking requirements. Travellers must book a package that includes both a return flight from India and at least three consecutive nights at an Abu Dhabi hotel.
Who is eligible for the free UAE visa offer?
The programme is aimed at Indian passport holders travelling from India to Abu Dhabi.
To qualify, travellers must book through a participating travel partner or online travel agency. The holiday package must include:
- A minimum three-night stay at an Abu Dhabi hotel
- A return flight from India
- Booking through an eligible participating travel partner or OTA
The visa benefit cannot be claimed through an independent application. It is tied to qualifying holiday bookings made through the programme’s participating partners.
When is the Abu Dhabi free visa offer available?
The initiative runs from:
August 1 to October 31, 2026
DCT Abu Dhabi says the pilot programme will initially support up to 20,000 visas.
For eligible bookings, the tourism authority will cover the full cost of the UAE entry visa, potentially reducing the upfront expense for Indian visitors planning a trip to the emirate.
How does the visa fee waiver work?
Travel partners participating in the scheme have two ways to process the visa arrangements.
One option is to work with a DCT-appointed destination management company (DMC). In this case, DCT Abu Dhabi will pay the visa costs directly.
Travel companies can also use their existing DMC partners. Under this arrangement, DCT Abu Dhabi will reimburse Dh285 for each visa issued under the programme.
For travellers, the key point is that the benefit is handled through the participating travel partner rather than by applying for reimbursement independently.
Why is Abu Dhabi targeting Indian travellers?
India continues to be an important international source market for Abu Dhabi’s tourism sector.
According to DCT Abu Dhabi, the new programme is part of wider efforts to make the destination more accessible to Indian visitors while strengthening relationships with travel companies and improving connectivity between India and Abu Dhabi.
The initiative also aims to encourage visitors to spend more time in the emirate exploring its hotels, cultural attractions, entertainment options and natural landscapes.
Is the UAE visa completely free for all Indian tourists?
No.
The offer does not mean that every Indian passport holder automatically receives a free UAE tourist visa.
The visa fee is covered only when travellers meet the programme’s conditions and book through a participating travel partner or online travel agency.
The booking must include at least three consecutive hotel nights in Abu Dhabi and a return flight from India.
Travellers should therefore check with their chosen travel provider before booking to confirm that the package and visa arrangement qualify for the offer.
Abu Dhabi holiday offer:
Who: Eligible Indian passport holders travelling from India
Destination: Abu Dhabi, UAE
Offer period: August 1–October 31, 2026
Hotel requirement: Minimum three consecutive nights
Flight requirement: Return flight from India
Booking requirement: Participating travel partner or OTA
Visa cost: Covered by DCT Abu Dhabi for eligible bookings
Pilot capacity: Up to 20,000 visas
Independent applications: Not eligible for the programme
For Indian travellers already considering an Abu Dhabi getaway, the initiative could make an eligible holiday package more affordable, but checking the participating travel provider and meeting all the booking conditions will be essential.
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