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New subscribers send du profit doubling to Dh115m

Dubai: Du, the second telecom operator to enter the UAE market, on Sunday said that it made Dh115 million in net profits before royalties during the second quarter, over double the figure from the previous quarter.

The operator's total active mobile customers jumped to 2.9 million, up from 1.8 million a year ago. The quarter saw an additional 156,000 mobile subscribers despite the econ-omic conditions casting a shadow over the industry.

Revenue generated from mobile customers, its main source, grew by 11 per cent to Dh882 million from the first quarter.

UAE jumps to fourth place in retail development index

Dubai: The UAE has made the biggest move, rising 16 places to fourth position, in the 2009 Global Retail Development Index (GRDI) as its oil-driven economy proved more resistant to the global downturn than other countries, according to global management consulting firm A.T. Kearney's eighth annual GRDI, a study of retail investment attractiveness among 30 emerging markets.

Airport passenger numbers in Dubai keep rising

Dubai International recorded traffic of nearly 16 million passengers in the past five months. The world's sixth busiest airport has announced that it saw a growth of seven per cent in passenger traffic in May.

The airport recorded a throughput of 3,217,089 people last month, compared to 3,003,642 in the same period last year, taking the total number of passengers using the airport in the past five months to 15,978,083.

Dubai Duty Free No. 1 airport retailer in the world

United Arab Emirates: Dubai Duty Free, which recorded sales of $1.1bn last year, is now the biggest single airport retail operation in the world based on sales analysis released by independent industry experts, Generation Research.

NBAD jumps 7.47% amid strong second quarter

United Arab Emirates: The Abu Dhabi Securities Exchange (ADX) General Index declined 0.12%, closing at 2,759.63 points. Shares of National Bank of Abu Dhabi (NBAD) surged 7.47% higher to Dhs12.95. The emirates largest lender reported a net income of Dhs911m for the last quarter ending on June 30(19% higher on a quarter-on-quarter basis). NBAD is awaiting green light from regulators for its 10% share buyback scheme.

Dubai hotel revenue rises in Q1

United Arab Emirates: 3 hours, 48 minutes ago

Marketing has revealed in a statement that Dubai's hotels accommodated 1.89 million tourists and generated Dhs4.26bn in revenues in Q1 2009, a 5% increase over the corresponding period in 2008. DTCM has also noted a rise in the number of operating hotels and hotel apartments to 519 in Q1 2009, from 475 during the corresponding period in 2008, in addition an increase of 17% in accommodation capacity to 40,864 rooms from the same period in 2008.

(Weekly United Arab Emirates Newsletter)

Bank of Sharjah Q1 profit up 24%

United Arab Emirates: Thursday, April 30 - 2009 at 09:16

The Bank of Sharjah has said that its Q1 net profit rose by 24% to Dhs109 million, from Dhs88m for the same period last year, while net operating income grew 56% to Dhs179m against Dhs114m in 2008. Loans and advances reached Dhs10.94bn, an increase of 74% over the Dhs6.3bn reported for the same period in 2008, while deposits rose more than 40% to Dhs10.1bn in Q1 2009.

Aabar to raise capital

United Arab Emirates: Wednesday, April 08 - 2009 at 10:39

Abu Dhabi-based Aabar Investment has said that it has obtained government approval to increase its paid up capital by Dhs2.228bn to Dhs3.128bn. Up to 2.228 billion shares will be listed on the Abu Dhabi Securities Exchange following an agreement with the Securities and Commodities Authority.

du posts Q1 profit of $12.8m

By Andy Sambidge on Wednesday, April 29, 2009

UAE telecom company du on Wednesday announced a net profit of AED47 million ($12.8 million) in the first quarter of 2009.

The figures compared to a AED62 million loss in the same period of the previous year, the firm said in a statement.
The company also reported total revenues for the quarter of 1.166 billion dirhams, up 54 percent in the same period of 2008.

Commenting on the results, Ahmed Bin Byat, chairman of du, said: “With significant year-on-year revenue growth translating into uplift in gross margin, these results are testament to du’s strong performance.

"In the first quarter of 2009 we have continued to build upon our considerable success in 2008 and I firmly believe that the company is well positioned to prosper throughout out 2009 and into 2010."

on Monday, 27 April 2009

PROFIT RISE: The bank will continue to invest in technology and other delivery channels, Rakbank says.

National Bank of Ras Al Khaimah, or Rakbank has reported a net profit of AED160.37m ($44m) for the first quarter of 2009, a 12.7% increase over the same period last year.

"The bank's performance during the quarter, which ended 31st Mar 2009, remains positive despite adverse market conditions, with the personal banking portfolio continuing to grow in line with the bank's targeted expansion," the retail bank said in a media release.

The bank's net interest income increased by 34% from the same period last year to reach AED248m. Gross loans and advances stood at AED11.9bn, a five percent increase over end of year 2008 and a 30% increase over the first quarter last year. Fee, commission and other income at AED 118 million was marginally up compared to the same period last year.

"Rakbank has continued to actively seek new lending opportunities and has seen growth in a number of segments, including those of small businesses, personal loans, mortgages and credit cards," said Graham Honeybill, General Manager.