Mashreq posts 22 per cent profit rise



Easing problems with defaulting debtors helped Mashreq to post improved results for the first half of the year, but a stronger bottom line masked falling underlying income from its lending book.

Mashreq, Dubai's second biggest bank by assets, reported profits of 551.6 million for the first half of the year, an increase of 22 per cent on the same period a year earlier.

The bank did not provide quarterly earnings figures, but the figure reflects quarterly profits of Dh286.3m, or a 41.3 per cent increase on last year.

Abdul Aziz Al Ghurair, the bank's chief executive, said Mashreq had delivered a "robust" performance during the first six months of the year during a "slow but steady recovery".

In a sign of confidence that it could deal with bad debts on its books, money set aside for loan losses at Mashreq decreased by 29 per cent to Dh637m compared with the same time last year year, allowing it to post stronger net profits.

Mashreq, alongside other Dubai-based banks, have been forced to set aside large amounts of money to deal with bad debts as conglomerates such as Dubai World and Dubai Holding have sought to restructure their loans.

A recent report by Moody's Investors Service, the credit rating agency, indicated that levels of non-performing loans at Dubai's lenders were likely to peak this year at up to 14 per cent of loan books, compared with around 8 per cent at the end of last year.

The effect of higher provisioning has been to hobble banks' lending abilities and constrain their ability to grow.

Despite putting aside less money for bad debts, Mashreq reported double digit declines from its income from lending.

The bank did not disclose its total operating income, but net interest income and income from Islamic products decreased by 11.6 per cent to Dh1.03 billion.

The bank's assets of Dh85bn, which includes net lending, have barely budged since the end of 2010. The bank did not disclose the size of its loan book during the period, though it reported its advances to deposit ratio had fallen to 73 per cent.

Net fees, commissions and other income also decreased by 12 per cent to Dh556 million.

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Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
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Important questions to consider

1. Where on the plane does my pet travel?

There are different types of travel available for pets:

  • Manifest cargo
  • Excess luggage in the hold
  • Excess luggage in the cabin

Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.

 

2. What is the difference between my pet traveling as manifest cargo or as excess luggage?

If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.

If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.

 

3. What happens when my pet arrives in the country they are traveling to?

As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.

If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty. 

If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport. 

 

4. How long does the travel paperwork and other travel preparations take?

This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.

In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.

 

5. What vaccinations does my pet need to travel?

Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.

Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.

Source: Pawsome Pets UAE

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Company name: CarbonSifr
Started: 2022
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Sector: Climate tech
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EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

NEW UTILITY POLICY: WHAT DOES IT REGULATE?

• Agreements on energy and water supply

• Applied service fees

• Customer data and information privacy

• Prohibition of service disconnections

• Customer complaint process

• Management of debts and customers in default

• Services provided to people of determination and home care customers

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Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Indika

Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5


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