Mashreq has been beefing up its product offerings this year. Philip Cheung / The National
Mashreq has been beefing up its product offerings this year. Philip Cheung / The National

Mashreq first-quarter profit rises as UAE economy weathers oil price drop



Mashreq said profit rose 13 per cent in the first quarter as the economy showed resilience in the face of a steep drop in oil.

The Dubai-based bank’s net income from January to March rose to Dh651 million from Dh575m in the same period the previous year, boosted by gains in net interest income. Total assets increased 14 per cent to Dh107 billion at the end of March from the same month last year.

“Our results reflect the continued stability of the UAE economy in the face of the disruption in the oil market,” said AbdulAziz Al Ghurair, the chief executive.

“The banking industry and Mashreq in particular has displayed a remarkable immunity to the resultant economic turmoil in the region.”

As banks in the UAE scramble to lure individual customers – clients that give them higher margins than less risky corporations and businesses – Mashreq has been beefing up its product offerings this year.

During the fist quarter, the lender rolled out the UAE’s first “selfie” credit card, which allows customers to include a photo of themselves on the card.

Credit cards are one of the most profitable products for banks with interest rates usually exceeding 2 per cent a month.

The bank also updated its mobile phone application, App Snapp, with new functions. Lenders are increasingly focused on such technological capabilities as they look to serve affluent customers that prefer to do financial transactions outside of bank branches.

Last year, the UAE economy is estimated to have grown more than 4 per cent, even after the price of oil fell more than 50 per cent during the second half. As a result of the drop, many economists, including those at HSBC and Standard Chartered, have lowered their growth forecasts for Arabian Gulf countries this year.

Over the weekend, the IMF also cut its projections for the UAE’s growth this year to 3.2 per cent – a decrease of 0.3 percentage points against its January forecast.

mkassem@thenational.ae

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Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

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Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Results

2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)

2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash

3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly

3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson

4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer

4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson

Mercedes V250 Avantgarde specs

Engine: 2.0-litre in-line four-cylinder turbo

Gearbox: 7-speed automatic

Power: 211hp at 5,500rpm

Torque: 350Nm

Fuel economy, combined: 6.0 l/100 km

Price: Dh235,000

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.

UAE currency: the story behind the money in your pockets