Announcements
ADCB reports 23% growth YoY
Published
3 years agoon
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
Announcements
Students Flock to Sharjah Book Fair for a Day of Reading and Learning
Published
7 hours agoon
November 10, 2026
The 45th Sharjah International Book Fair (SIBF 2026) is underway at Expo Centre Sharjah from November 4 to 15, bringing together book lovers, authors, publishers, and literary enthusiasts from around the globe. Held under the theme “Made of Stories,” this year’s edition celebrates the enduring power of literature, storytelling, and cultural exchange.
On Monday, November 9, thousands of students from across the UAE visited the fair, exploring vast collections of books and participating in hands-on educational activities. Their energetic presence highlighted SIBF’s vital role in nurturing reading habits and creative thinking among younger generations.
Interactive Learning & Educational Zones
Organised by the Sharjah Book Authority (SBA), the 12-day event features 3,212 publishers and exhibitors from 126 countries, displaying approximately 1.7 million titles. To enrich the student experience, SIBF introduced the Future Hands District, an interactive space where youth can explore different career paths through practical simulations.
Visitors can also enjoy more than 1,500 cultural and creative activities, including:
- Interactive Workshops: Drama, STEM, puppet shows, and digital animation masterclasses.
- Poets’ Corner: A creative pavilion where students’ personal stories are transformed into customized poems by resident writers.
- Author Sessions: Panel discussions with global writers such as sci-fi author Nnedi Okorafor, novelist Zoulfa Katouh, and local Emirati literary figures.
Oman as Guest of Honour & Genre Highlights
A major draw for visiting school groups is the pavilion of the Sultanate of Oman, the Guest of Honour for 2026. Featuring a 50-member delegation of writers, poets, and performers, the pavilion offers live poetry recitals, traditional crafts, and dedicated youth workshops.
Additionally, older students and literary fans enjoyed the fifth edition of the Thriller Festival (November 7–10), featuring masterclasses with international mystery and crime authors.
Beyond serving readers, the fair hosts industry gatherings like the Sharjah International Library Conference, reinforcing Sharjah’s position as a global capital for literature, education, and cultural development.
Announcements
Arabian Estates Rebrands as BARNES Dubai, Strengthening Its Regional Presence
Published
7 hours agoon
November 10, 2026
Arabian Estates, the Dubai-based real estate brokerage established in 2021, has officially transitioned to BARNES Dubai, joining the prestigious international network of BARNES one of the world’s most recognised names in luxury real estate and the art de vivre.
The transition marks a significant milestone in the brokerage’s continued evolution, building on its growth into an established presence within Dubai’s competitive property market, with a team of approximately 100 professionals.
Specialising in residential leasing, secondary market sales and off-plan property transactions, the company will continue its existing operations under the BARNES Dubai identity, combining its extensive local market expertise with the international reach, established relationships and reputation of the BARNES network.
BARNES Dubai remains under the leadership of its five-member executive team, comprising Danial Mokhtari, Ricky Wolf, Maziar Rezainejad, Vikram Biant and Ben Greenwood, whose collective expertise and strategic direction have been instrumental in shaping Arabian Estates into the business it is today.
For existing clients, the transition offers continuity alongside an enhanced range of opportunities. The brokerage will retain its established team, market knowledge and longstanding client relationships, while gaining access to an international network of more than 150 offices across prominent global property destinations, including Paris, London, Geneva, Monaco and New York.
Building on its established transaction-led business, BARNES Dubai aims to progressively strengthen its position within the emirate’s luxury and ultra-luxury property segments, while maintaining the service standards and client-focused approach that have underpinned its growth.
An Established Dubai Brokerage Joins a Global Network
Since its establishment in 2021, Arabian Estates has experienced considerable growth, evolving into a well-established brokerage supported by a diverse team of real estate professionals serving clients across Dubai.
The company’s operations span three core business areas: residential leasing, secondary market sales and off-plan property sales, providing advisory and brokerage services to homeowners, tenants, investors and developers.
Its transition to BARNES Dubai represents the next phase in the evolution of its existing business, rather than the creation of an entirely new brokerage.
While maintaining its established operations and client relationships, the company will benefit from increased international visibility, cross-border referrals, expanded marketing opportunities and access to specialist expertise throughout the BARNES network.
Founded in Paris in 1995, BARNES has cultivated a distinguished international presence, combining expertise in prestigious real estate with an extensive portfolio of luxury lifestyle services encompassing art, design, yachting, vineyards and other specialist sectors.
The integration enables BARNES Dubai to connect its established local operations with this broader international platform, creating new opportunities for clients and real estate professionals alike.
A Separate GCC Master Licence Lays the Foundation for Regional Expansion
Alongside the transition of Arabian Estates into BARNES Dubai, a separate strategic development is establishing the foundation for the brand’s wider expansion throughout the Gulf Cooperation Council (GCC).
BARNES Brand Management, led by Danial Mokhtari and Maziar Rezainejad, has secured the regional master licence for BARNES across the GCC, marking an important step in the brand’s long-term development within the region.
Operating independently of BARNES Dubai, the master licensing company has a distinct strategic mandate centred on developing the BARNES brand and establishing its presence across additional Gulf markets.
While BARNES Dubai will continue operating as an established real estate brokerage under its five-member leadership team, BARNES Brand Management will oversee the strategic direction and regional expansion of the BARNES brand across the GCC.
Plans for this next phase of growth are already progressing, with the company actively exploring opportunities to introduce BARNES into additional markets throughout the Gulf.
At the heart of its expansion strategy is a commitment to identifying accomplished real estate professionals, established industry leaders and ambitious entrepreneurs who share the brand’s values of excellence, discretion and personalised client service.
Rather than measuring expansion solely by the number of new offices established, BARNES Brand Management intends to prioritise strategic partnerships with highly capable local professionals who possess in-depth market knowledge, established industry relationships and the ambition to develop leading luxury real estate businesses.
“Securing the BARNES master licence for the GCC represents an important opportunity to build something significant across the region,” said Danial Mokhtari, Chief Executive Officer of BARNES Dubai and Partner at BARNES Brand Management.
“We have already established a substantial brokerage operation in Dubai, and our transition to BARNES provides an exceptional international platform for its next phase of development. Simultaneously, through BARNES Brand Management, we are pursuing a dedicated regional strategy focused on bringing together outstanding professionals and establishing a strong, enduring presence for the BARNES brand across the Gulf.”
Elaborating on BARNES Brand Management’s regional ambitions, Mokhtari added:
“Our expansion strategy is fundamentally centred on people. We are seeking exceptional individuals who have demonstrated success in their respective markets and recognise the opportunities that come with partnering with an internationally established luxury brand. Our ambition is to collaborate with the region’s most accomplished talent, cultivate long-term partnerships and establish BARNES as a leading name in luxury real estate throughout the GCC.”
Building on Strong Foundations
For BARNES Dubai, the immediate priority remains strengthening its established brokerage operations while progressively expanding its presence within the luxury and ultra-luxury property segments.
The company will continue providing services across residential leasing, secondary market sales and off-plan property transactions, ensuring continuity for its clients, employees and developer partners throughout the transition.
Its leadership team will oversee the company’s next phase of development, with a particular focus on attracting high-performing real estate professionals, enhancing service standards and deepening relationships with property owners, investors and international buyers.
Meanwhile, BARNES Brand Management will concentrate on identifying strategic growth opportunities throughout the GCC and establishing a network of accomplished local partners capable of representing and developing the BARNES brand within their respective markets.
Together, these developments represent two distinct yet complementary ambitions: the continued evolution of an established Dubai brokerage through its integration into a prestigious international network, and the creation of a dedicated regional platform to support the long-term expansion of one of the world’s leading luxury real estate brands.
Announcements
Total Chess Announces All-Star Broadcast Team for Budapest
Published
5 days agoon
November 5, 2026
Total Chess has unveiled an accomplished broadcast team and a new dedicated highlight show for its upcoming pilot event in Budapest, bringing together some of the most recognised voices in chess to deliver comprehensive coverage of the competition.
Renowned chess creator and International Master Levy Rozman, popularly known as GothamChess, will lead the newly developed Total Chess Highlight Show, serving as its principal presenter. The show will feature player interviews, conversations with special guests, analysis and coverage of the tournament’s defining moments and emerging storylines.
The tournament’s main broadcast will feature an experienced presenting and commentary team comprising Anna Rudolf, Fiona Steil-Antoni, David Howell and Jovanka Houska. In addition to her broadcast role, Rudolf will report directly from the venue in Budapest, offering viewers behind-the-scenes access, exclusive on-site content and a closer look at the players and personalities shaping the competition.
The Total Chess World Championship Tour pilot, taking place from November 10–20, 2026, at the Anantara New York Palace Budapest Hotel, will bring together 24 of the world’s leading chess players for a unique competition across Blitz, Rapid and Fast Classic formats. With reigning world No. 1 Magnus Carlsen among the leading contenders, the event will showcase an innovative format that brings together the world’s best players to compete across three time controls, laying the groundwork for the Tour’s inaugural season in 2027.
Speaking about his involvement, Rozman said: “Chess is entering an incredibly exciting new era, and I’m thrilled to be part of the very first Total Chess Pilot event in Budapest. We’re bringing together the world’s best players, intense competition, and a completely new way of telling the stories behind the games. With our daily highlights show, we want to go beyond traditional chess coverage — bringing fans closer to the players, the rivalries, the drama, and the personalities that make this game so special. It’s going to be entertaining, unpredictable, and a lot of fun. I can’t wait!”
The introduction of the Total Chess Highlight Show marks a new dimension in the Tour’s content strategy. Led by Rozman, the show will complement the main tournament broadcast with a personality-driven format featuring interviews with competing players, guest appearances, discussion of the tournament’s biggest stories and analysis of the moments that matter most. The aim is to offer fans a deeper connection with the players and the narratives unfolding throughout the event.
Anna Rudolf, who will combine her broadcast responsibilities with on-site coverage from Budapest, said:
“I’m so excited to be the on-site host of the upcoming Total Chess event in Budapest — Magnus Carlsen will be challenged by the world’s very best, to prove who is the strongest at all three different time controls in chess!”
She added, “A Tour that brings Magnus Carlsen back to compete in a new format that tests the very best across three time controls? What else can we ask for! The Total Chess Tour, and the pilot event starting this November, is an absolute must to follow. I’m so honoured to bring the viewers all the action from Budapest together with my buddy Levy Rozman (aka GothamChess).”
Kjell Madland, CEO of Norway Chess and Founder of Total Chess, said:
“Total Chess is about more than determining who is the strongest player across three time controls. We want to create a global chess property that brings the game closer to audiences everywhere, combining world-class competition with compelling storytelling and fresh perspectives. Our main broadcast will bring together an outstanding team of experienced presenters and commentators, while the Total Chess Highlight Show, led by Levy Rozman, will give fans a fresh and engaging way to follow the tournament’s biggest stories and personalities. The Budapest pilot is an exciting milestone as we build towards the inaugural Total Chess World Championship Tour season in 2027.”
Together, the main broadcast and the Total Chess Highlight Show reflect the Tour’s ambition to develop a comprehensive viewing experience that appeals to established chess fans while engaging a broader global audience. By combining live tournament coverage and expert commentary with dedicated storytelling, player access and post-match insights, Total Chess aims to bring the intensity and personalities of elite chess to viewers around the world.
Conceptualised by Norway Chess and sanctioned by the International Chess Federation (FIDE), the Total Chess World Championship Tour is a new global chess property designed to identify the world’s most complete chess player across three time controls — Fast Classic, Rapid and Blitz. The Budapest pilot will serve as a test event for the format and broadcast offering ahead of the Tour’s inaugural global season, planned for March 2027.
With an elite international field, an innovative competitive format and two complementary video products, the Budapest pilot marks an important step in Total Chess’s ambition to redefine how the world’s best chess players compete — and how audiences experience the game.
About the format
The Total Chess World Championship Tour Pilot introduces a ground-breaking competition format designed to identify the world’s most complete chess player by combining Fast Classic, Rapid and Blitz into a single championship. The pilot event will bring together 24 elite players, who will begin the tournament in a group stage comprising four groups of six players each. Every group follows a double round-robin format over five days, with players contesting ten Fast Classical games (45 minutes plus a 30-second increment). Victories earn three points, while draws are worth one point. A nine-round Blitz Swiss tournament held before the competition determines tie-break rankings.
Following the group stage, players progress into knockout brackets based on their finishing positions. Each knockout match is played over two days and tests competitors across all three disciplines—four Blitz games (3+2), two Rapid games (15+10) and one Fast Classical game (45+30)—with weighted scoring rewarding success in longer formats.
The four highest-ranked players across the Tour qualify for the Grand Final, where semifinals and the championship match determine the inaugural FIDE World Combined Champion. Should a knockout match remain tied, an Armageddon game is used to decide the winner, ensuring every contest produces a definitive result. The format rewards consistency, versatility and excellence across every major discipline of elite chess.
Magnus Carlsen, Praggnanandhaa lead 24 chess stars at $650,000 Total Chess Tournament in Budapest
Sharjah Book Fair 2026: Thousands of UAE students explore books, creativity and interactive learning
