ADIB on Sunday said its group chief executive Mazin Manna has stepped down. Dana Smillie / The National
ADIB on Sunday said its group chief executive Mazin Manna has stepped down. Dana Smillie / The National
ADIB on Sunday said its group chief executive Mazin Manna has stepped down. Dana Smillie / The National
ADIB on Sunday said its group chief executive Mazin Manna has stepped down. Dana Smillie / The National

Abu Dhabi Islamic Bank shareholders approve lifting foreign ownership cap


Mary Sophia
  • English
  • Arabic

Abu Dhabi Islamic Bank secured shareholders’ approval to raise its foreign ownership limit to 40 per cent, up from the current 25 per cent, as the lender looks to expand its investor base.

Shareholders also approved a dividend of 27.38 fils per share for 2019 at its annual general meeting, the bank said in a statement on Sunday.

“2019 marked another successful year for ADIB with a healthy increase of profit and revenues across key businesses,” Mazin Manna, ADIB group chief executive, said.

“This has been complemented by our discipline in managing costs across the bank by implementing a number of optimisation initiatives, resulting in a flat expense base. In addition, our investment into digital transformation has proven successful, enabling us to maintain a seamless service to customers at a time when we are all trying to limit our movement.”

ADIB saw a 4 per cent rise in the full-year net profit in 2019, as revenue climbed and income from investments rose.

Net profit for the 12-month period ending December 31 reached Dh2.6 billion. Operating profit increased 4.4 per cent to Dh3.26bn, boosted by a 30.7 per cent increase in investment income. A 23.6 per cent rise in foreign exchange income also contributed to a rise in annual operating profit.

ADIB’s move to increase its foreign ownership limit is in line with other financial institutions that are raising ownership caps on their stocks to attract more global investors, after the UAE eased restrictions last year.

In March, Dubai Islamic Bank secured shareholders’ approval to raise its foreign ownership limit to 40 per cent

First Abu Dhabi Bank and Emirates NBD have also sought shareholder approval to lift their ownership limits.

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar

COMPANY%20PROFILE
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Fatherland

Kele Okereke

(BMG)

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 

T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings 
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10

Six large-scale objects on show
  • Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
  • The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
  • A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
  • Frank Lloyd Wright’s 1930s Kaufmann Office
  • A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
  • Torrijos Palace dome
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

UAE currency: the story behind the money in your pockets
Company%20Profile
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