Announcements

ADCB reports 23% growth YoY

Published

2 years ago

July 22, 2023

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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

Staff Reporter

Announcements

Royaloak launches in UAE bringing Indian design excellence to gulf

Published

6 days ago

June 29, 2025

Staff Reporter

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Royaloak Furniture, one of India’s largest organised furniture retail chains, has announced its entry into the UAE market as part of a broader international expansion strategy. With an operational history spanning over 15 years and a customer base exceeding 5 million, the brand has opened three stores in the UAE—located in RAK Mall (Ras Al Khaimah), Lulu Mall (Fujairah), and Silicon Central Mall (Dubai)—each spanning nearly 20,000 square feet.

The move comes at a time when the UAE’s furniture and home décor industry is witnessing steady growth, driven by a combination of increased real estate development, rising urbanisation, and a growing population of design-conscious consumers. According to industry estimates, the UAE furniture market was valued at approximately USD 5.1 billion in 2024 and is projected to reach USD 5.4 billion by 2033, growing at a CAGR of 4.18%.

Royaloak’s entry adds momentum to the region’s expanding mid-to-premium furniture segment. The brand is known for its “Country Collection” that showcases curated pieces inspired by American, Italian, and Malaysian designs. The company sources products from manufacturing hubs across Asia and Europe, aiming to balance aesthetic appeal with functional quality.

“Our UAE expansion is aligned with market demand and retail opportunity,” said Mathan Subramaniam, Co-Founder and Managing Director of Royaloak. “What sets us apart is a vertically integrated model—from sourcing to distribution—which ensures both product consistency and affordability. With our dedicated warehouse in the UAE, we are equipped to provide fast, reliable delivery and a localised shopping experience.”

The stores are designed to cater to a wide demographic—offering furniture for living rooms, bedrooms, offices, dining areas, and outdoor spaces, in addition to home décor and mattresses. Each outlet is supported by Arabic-speaking staff to ensure culturally attuned customer service.

In tandem with its retail footprint, Royaloak has launched a dedicated UAE e-commerce platform, while also partnering with Amazon UAE and Noon to strengthen its omnichannel presence. The brand’s UAE entry is not just an expansion strategy but also a commitment to job creation and customer-centric innovation in one of the Middle East’s most competitive retail landscapes. The company plans further expansion across the Emirates in the coming year

Announcements

Dubai travel: Emirates minimises disruptions, reassures travellers ahead of summer holidays

Published

2 weeks ago

June 24, 2025

Michael Gomes

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Despite heightened regional tensions on June 23, Emirates Airline resumed regular operations within hours, with only minimal disruptions reported across its global network.

The Dubai-based carrier activated its contingency and disruption plans following the latest regional developments, swiftly stabilising operations without any flight diversions and only a few route cancellations. Most affected flights were rerouted slightly to avoid restricted airspace, resulting in limited delays due to congestion.

In a statement, Emirates confirmed that its scheduled services resumed quickly and that the airline had maintained operations to the majority of destinations. Flights to Amman and Beirut, which were briefly suspended, resumed shortly after, demonstrating Emirates’ agility in responding to dynamic situations while ensuring traveller safety.

“The safety of our passengers and crew is always our top priority,” the airline said, noting it would never operate any flight unless it meets the strictest safety regulations. Emirates continues to coordinate closely with global aviation authorities and regularly evaluates the security landscape to reroute aircraft if needed.

Keeping Passengers Informed

The airline kept its customers up to date throughout the disruptions via its website, social media channels, and through dedicated reservation teams, who assisted travellers in adjusting itineraries as needed.

Looking Ahead to Summer Travel

As Emirates prepares for a surge in summer travel, the airline said it remains ready to adapt to any changing conditions. “With the UAE’s strong infrastructure and support systems, we are fully prepared to continue safe and smooth operations,” the airline added.

Travellers are advised to check their flight status before heading to the airport and stay informed through official Emirates communication channels.

Announcements

Latest UAE travel update: What travellers, especially to India, need to know amid flight disruptions

Published

2 weeks ago

June 24, 2025

Michael Gomes

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Several UAE-based airlines have issued disruptions in their service and route changes as a precautionary response following heightened regional tensions after Iran attacks Al Udeid Air Base in Qatar

UAE residents planning to travel this week are advised to double-check their flight status before heading to the airport, as ongoing regional tensions have led to disruptions across several major carriers.

Following Iran’s attack on the Al Udeid Air Base in Qatar, airlines including Etihad, Emirates, flydubai, and Air Arabia have rerouted or cancelled select flights to ensure passenger safety amid restricted airspace and rising geopolitical risk.

What UAE Airlines Are Saying

Etihad Airways

Cancelled flights on Tuesday (June 24) to/from Kuwait, Doha, and Dammam:
- EY651/652 (Abu Dhabi – Kuwait)
- EY663/664 (Abu Dhabi – Doha)
- EY575/576 (Abu Dhabi – Dammam)
Flights to Israel remain suspended until July 15.
The airline confirmed it is using only approved airspace and warned that the situation is highly dynamic.
Passengers transiting through Abu Dhabi to connect to cancelled destinations will not be accepted for travel.

Emirates Airline

Has rerouted flights away from conflict zones.
Temporary suspension of all flights to Iran and Iraq (Tehran, Baghdad, Basra) until June 30.
Warns of potential delays due to longer routes and airspace congestion.

flydubai

Flights on June 24 resumed, but delays remain possible.
Temporary suspension of services to Iran, Iraq, Israel, Syria, and St. Petersburg (Russia) until June 30.
Passengers heading to these destinations via Dubai will not be accepted from their point of origin.

Air Arabia

Advises passengers of possible disruptions due to airspace closures.
Suspended services to Jordan (until June 25) and Iran, Iraq, Russia, Armenia, Georgia, and Azerbaijan (until June 30).

Dubai/Abu Dhabi Airport Updates

Dubai Airports said operations across DXB and DWC have resumed, but some delays or cancellations may still occur.
Travellers heading to India are especially advised to confirm flight status in advance. “Due to regional airspace closures, flights from DXB and DWC – Al Maktoum International may be impacted. Please check with your airline for the latest updates before heading to the airport, especially for guests travelling to India,” Dubai Airports wrote on X.
“
Zayed International Airport in Abu Dhabi echoed similar advice: check with your airline before traveling.

Impact on International Flights

flydubai, Etihad, Emirates, and Air Arabia have adjusted or halted flights across the region.
IndiGo Airlines suspended flights to several Gulf cities including Dubai, Doha, Bahrain, Dammam, and Abu Dhabi until at least 10am Tuesday.
Pakistan International Airlines has halted services to Doha, Kuwait, Bahrain, and Dubai.
EgyptAir also cancelled Gulf-bound flights from Cairo.
Air Canada extended its Toronto–Dubai flight suspension until August 4.

Additional Restrictions

Pakistan has extended its airspace ban for Indian-operated aircraft, including military flights—until July 23, 2025.

Travel Tips for UAE Passengers

Check flight status online or via airline apps before leaving home.
Expect delays even if your flight is not cancelled—reroutings may extend travel time.
If you are transiting through the UAE to a suspended destination, contact your airline immediately to explore alternative arrangements.