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Australia’s Westpac announces to return $4.3bn to shareholders

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Westpac Banking Corp, an Australian bank and financial services provider, said on Monday it would return A$4.2 billion ($3.16 billion) to shareholders.

However, the banking corporation’s shares fell over 6 percent in early trading despite more than double profit with the release of funds.

Westpac, whose home lending volumes dropped in 2020, said the rebound in the Australian economy and hiking house prices had helped drive a 4 percent rise in its mortgage book, but at a cost of lower margins.

Net interest margin (NIM), a key measure of banking profitability, also slid 10 basis points during the second half, to 1.99 percent. For the full year, the NIM was 4 basis points lower to 2.04 percent.

Driven by the turnaround in impairment charges, the bank’s cash earnings missed Refinitiv’s forecast of A$5.5 billion as A$5.35 billion were recorded for the year ended September compared with the A$2.61 billion reported last year.

Cash earnings fell in the second half for all units at the country’s No.3 lender. Core profit, excluding a pre-announced A$1.3 billion hit from Westpac’s institutional bank and remediation costs, was 13 percent lower for the year.

Westpac’s Chief Executive Peter King said that the corporation’s underlying results were not registered as expected and there’s needed to do more to become a high-performing company. However, Westpac is making progress, he added.

Westpac said it is targeting a A$8 billion cost base by fiscal 2024, down from the A$11 billion it reported on Monday that excluded an A$2.3 billion one-off “notable” charge.

The Australian bank intends to buy back A$3.5 billion off-market shares and fixed a 60 Australian cents final dividend, worth A$2.2 billion.

Business

New UAE initiative targets 5,000 locally made essential goods

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The UAE has announced a new Dh1 billion National Industrial Resilience Fund as part of a broader push to strengthen local manufacturing and reduce reliance on imports.

The initiative, revealed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aims to boost domestic production across key sectors, enhance supply chain resilience, and accelerate the adoption of artificial intelligence in industrial operations.

The move forms part of a wider strategy to reinforce the country’s industrial base while supporting long-term economic diversification.

Everyday consumer staples

A central goal of the plan is to localise the production of more than 5,000 essential goods. The first phase will focus on everyday consumer staples that can be scaled locally, including bottled water, dairy products, eggs, poultry, bread, flour, vegetable oils, and seasonal produce.

Authorities say implementation will involve close coordination between government entities, private sector partners, retailers, and digital platforms. Dedicated retail space will also be allocated to UAE-made products to improve visibility and consumer access.

Encouraging investment

In parallel, the government has approved an expansion of the National In-Country Value Programme, making it mandatory across federal entities and national companies. The policy is designed to increase demand for locally produced goods and services, while encouraging businesses to invest within the country.

Retailers and e-commerce platforms will also be encouraged to prioritise Emirati products, further supporting domestic manufacturers.

The UAE continues to position itself as a global hub for industry and innovation, with a growing focus on advanced manufacturing, food security, and technology-driven production.


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AI Is taking over half of UAE government services: What you need to know

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The UAE will transition 50 per cent of its government services, operations and sectors to autonomous artificial intelligence systems within the next two years, under directives issued by President Sheikh Mohamed bin Zayed Al Nahyan.

The major shift was announced on Thursday by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who said the country would move half of its government services to AI-driven systems as part of a new governance model.

Describing the initiative as a next-generation government system, Sheikh Mohammed said the UAE aims to become the first country in the world to adopt ‘agentic AI’ models capable of independently executing tasks, managing processes and supporting decision-making without direct human intervention.

He noted that advanced AI technologies are now able to monitor changes, analyse data, provide recommendations and carry out sequences of actions autonomously, adding that such systems would function as an executive partner to government entities. The move is expected to enhance efficiency, improve service delivery and enable real-time evaluation and optimisation across public sector operations.

Sheikh Mohammed also said that ministers, directors-general and federal entities would be assessed over the next two years based on how effectively they keep pace with the transformation, including the speed at which they adopt AI tools and implement new operational standards.

As part of the initiative, all federal government employees will undergo specialised training in artificial intelligence to build the capabilities required to support what has been described as one of the largest government transformation projects globally.

How AI shift could affect daily life

  • Applications, approvals, and renewals could be processed much quicker.
  • Expect fewer in-person visits and more services handled online.
  • AI systems don’t sleep, some services may become available 24/7.
  • Real-time tracking and instant status updates on requests.
  • Policies and services may improve based on data-driven insights.
  • Basic processes (like renewals or payments) could be fully automated.
  • Problems or delays in services may be identified and fixed sooner.
  • Increased reliance on digital systems may bring stronger data controls, but also higher awareness around privacy.

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Dubai’s surprise lifeline for SMEs: Rent cuts, fee waivers and big relief announced

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In a major boost for small businesses, Dubai South has rolled out a powerful new support package, offering financial relief and flexibility to help SMEs stay resilient in a shifting market.

The initiative, targeting companies based in the Business Park, introduces rent-free incentives tied to contract renewals, along with more flexible payment deferrals and even the waiver of minor administrative penalties. In a move likely to be welcomed by business owners, current rental rates will also be locked in for eligible renewals.

Real relief for growing businesses

The package is designed to ease operational pressure on SMEs, widely seen as the backbone of Dubai’s economy, while giving them room to grow and adapt.

Officials say the measures won’t be static either. Instead, they’ll be continuously reviewed and adjusted to keep pace with changing market conditions. 

In a major move last week, Dubai approved economic facilitation measures worth Dh1 billion, set to support businesses for the next three to six months starting April 1. The goal? Immediate relief in a fast-changing market.

Big players step in

Support isn’t just coming from the government.

  • du is focusing on keeping SMEs connected, ensuring uninterrupted digital access, which has become a lifeline for many businesses.
  • Retail giant Majid Al Futtaim, in collaboration with Dubai SME, has launched the Ma’an” programme to strengthen the wider business ecosystem.
  • Dubai’s Alserkal Avenue has introduced “Blank Space”, offering selected UAE-based collectives free warehouse space for four weeks, along with utilities and marketing support, a rare opportunity for creatives to experiment and grow without financial pressure.

From billion-dirham stimulus packages to free workspaces and digital support, Dubai is building a safety net, and a launchpad, for its SME sector.

The move aligns with Dubai’s broader push to maintain economic stability and strengthen its position as a global business hub. Supporting SMEs is a key part of that vision, as these businesses drive innovation, job creation, and long-term growth.

Timely support matters

Commenting on the initiative, Nabil Al Kindi said the goal is to provide “practical and timely support” while ensuring a stable environment for businesses to thrive.

With rising costs and global uncertainty impacting businesses everywhere, this package could be a game-changer for many SMEs, offering not just relief but a chance to plan with confidence.

For businesses in Dubai South, support is here, and it’s designed to keep you growing.

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