Category: Trading

ABU DHABI: E7 Group PJSC, a provider of commercial printing, security printing and solutions, sustainable packaging and distribution services, listed on the Abu Dhabi Securities Exchange (ADX), today held its first Annual General Meeting (AGM) as a publicly listed company, chaired by Ahmed Al Shamsi, Chairman of E7’s Board of Directors.

In addition to the consideration and approval of several ordinary items, E7 Group’s shareholders approved a share split of E7 shares, whereby each issued share of AED 2.5 in the capital of the Company shall be converted into ten issued shares of AED 0.25 each in the capital of the Company.

The share capital of the Company has been set at AED 524,812,500 divided into AED 2,099,250,000 shares, having a nominal value of AED 0.25 each, fully paid as cash shares.

Ahmed Al Shamsi, Chairman of E7 Group, said, ‘I’m proud to reach another important milestone in E7’s journey as a listed company, welcoming our shareholders to our first AGM since our listing on ADX in 2023. Through the
share split approved today by E7’s shareholders, we’re enhancing the ability of investors to participate in E7’s robust growth story by reducing the price of each E7 share. The share split also indirectly encourages improved liquidity by increasing the number of E7 shares on issue, which will allow trading in smaller value increments – something we know is of value to our growing retail investor base. The Board and Management believe E7’s multi-segment, cross-market growth strategy presents significant long-term opportunity, and we’ll continue to take decisions that are beneficial for our shareholders and E7.’

E7 expects the share split to be completed in the second quarter of 2024, subject to regulatory processes.

At today’s AGM, E7’s shareholders also approved the Group’s 2023 financial statements. In the twelve months to 31st December 2023, E7 Group delivered robust revenue growth of 10 percent year-on-year to AED 631.9 million. EBITDA for the period improved by 45 percent year-on-year to AED 171.1 milli
on due to solid revenue expansion and targeted efficiency improvements, while net profit before non-cash listing expense improved by 106.6 percent year-on-year to AED 140.3 million.

As of 31st December 2023, E7 Group’s cash stood at AED1.29 billion , providing the group with ample capacity to invest in growth projects, including investment in technological capability, talent and organic and inorganic growth opportunities.

E7 expects to deliver continued top and bottom-line growth in 2024, led by its security solutions and sustainable packaging segments. The Group has recently announced several new security solutions and commercial printing contracts and expects to announce additional commercial contract wins in Q2.

Source: Emirates News Agency

The UAE and Oman signed Tuesday several multi-field agreements, memorandums of understanding and investment partnerships worth AED 129 billion ($35.12 billion).

The signing was done during the UAE-Oman Business Forum, on the sidelines of Sultan Haitham bin Tariq’s visit to the UAE.

The agreements and MoUs aim to enhance cooperation between the two countries in the fields of renewable energy, green minerals, railway connectivity, investments in digital infrastructure, technology, transportation and food security, in addition to forming an UAE-Omani alliance to enhance bilateral trade and economic relations.

Source: Qatar News Agency

ABU DHABI: Telecommunications and Digital Government Regulatory Authority (TDRA) has unveiled an extensive strategy to spearhead research and studies concerning the advancement of ‘International Mobile Telecommunications’ technology’ (IMT2030), also called the sixth generation of mobile networks (6G).

This initiative is a proactive response to the dynamic landscape of International Mobile Telecommunications (IMT), focusing on detailed technical specifications for the functionality and performance of mobile systems. Furthermore, it aims to address the evolving needs of society and the economic sector, bridging the gap between current communication services and future requirements. The ultimate goal is to foster a comprehensive, digitally integrated, and interconnected way of life in the years ahead.

The release of this roadmap aligns with the decisions made during the Radiocommunication Assembly 2023 (RA-23), hosted by the UAE from 13th to17th November 2023. During the Assembly, a resolution was passed, urgi
ng stakeholders in the communications sector to focus on developing radio technical standards and specifications for the sixth generation of the International Mobile Service (IMT). It is worth noting that the RA-23 endorsed Recommendation (ITU-R M. 2160) pertaining to 6G framework, referred to as (IMT-2030), laying the foundation for the forthcoming development of network standards.

Commenting on revealing the roadmap, Majed Sultan Al Mesmar, Director-General, TDRA, said, ‘The 6G Roadmap aligns seamlessly with the futuristic directives of the UAE. It particularly resonates with the UAE Centennial 2071 and the ‘We the UAE 2031′ vision. These visionary frameworks, characterised by their pillars, aim to enhance the UAE’s global position as a hub for the new economy and the establishment of a Forward Ecosystem. At TDRA, in collaboration with the telecom service providers and other entities, is committed to ensuring that 6G becomes a testament to the UAE’s continued leadership. It aims for 6G to echo the successe
s of the previous generations of telecommunications, because of which, our country consistently was in a leading position and inspired numerous others.’

Al Mesmar emphasised, ‘This initiative aligns with the UAE’s unwavering dedication to environmental sustainability, digital inclusion, and enhancing security and privacy measures. Additionally, it supports the UN SDGs, which urge countries to strive earnestly to bridge the digital divide and ensure widespread access to the Internet for the maximum number of individuals.’

In turn, Mohammed Al Ramsi, Deputy Director-General, TDRA, confirmed that the announcement of a comprehensive plan to introduce the sixth generation of telecommunications networks reflects TDRA’s dedication and vision to keep up with rapid technological advancements. He stated, ‘This plan signifies a turning point in the evolution of telecommunications sector, as the support for 6G networks will unlock new and unprecedented use cases. It will enhance user experiences and facilitate innovati
ve communication between individuals and devices.”

Al Ramsi emphasised TDRA’s commitment in collaborating with its partners, to consolidate further the UAE’s leading position in the information and communication technology sector. He stressed the importance of ensuring that the UAE remains a global leader in this vital field and outlined TDRA’s determination to achieve this goal by implementing this ambitious and innovative plan.

The Roadmap aligns seamlessly with TDRA’s strategic direction towards advancing infrastructure through state-of-the-art technological methodologies. Paramount emphasis is placed on enhancing digital infrastructure with a particular focus on harnessing the capabilities of 6G. Capabilities encompass integrated sensing, extensive coverage, and the integration of artificial intelligence, thereby fostering comprehensive intelligence. The Roadmap is meticulously designed, taking into account the intricacies associated with promoting environmental sustainability practices, bridging the di
gital divide, connecting the unconnected, and fortifying privacy and security measures.

According to the plan, 6G is poised to introduce a suite of new capabilities, encompassing applications in artificial intelligence, network virtualisation, sensing, and comprehensive coverage. Simultaneously, the existing capabilities of 5G will undergo enhancements, targeting improved efficiency in frequency spectrum utilisation, connection density and traffic management. These advancements aim to optimise performance within specific regions and reduce the response time significantly.

Anticipated advancements in 6G foresee the support of innovative use cases, ranging from the digital transmission of human senses (sight, sound, taste, touch, and smell) worldwide, characterised by low latency and high accuracy. This breakthrough technology is expected to enhance the capabilities of robotics and elevate artificial intelligence. It holds the potential to revolutionise various domains, including autonomous intelligent transp
ortation systems and transformative developments in healthcare, such as remote surgery and diagnostics. The realisation of these groundbreaking technologies necessitates a global availability of additional radio frequencies.

The roadmap disclosed by TDRA establishes a schedule kicking off in 2024 with the establishment of a committee. This committee’s mandate encompasses conducting scientific studies, research, and the development of technical standards and specifications for 6G. Furthermore, it will disseminate these studies on global platforms like the International Telecommunication Union (ITU), alongside collaboration with renowned International Standards and Standardization Institutes (IEEE and 3GPP). Notably, Khalifa University will take the helm of this committee within the UAE, with its membership extending to encompass manufacturers, operators and TDRA.

The roadmap encompasses the potential for conducting 6G experiments to advance the technology within a comprehensive ecosystem through strategic co
llaborations with industrial, academic, and governmental sectors. TDRA will play a pivotal role in facilitating these experiments by providing the necessary frequencies and regulatory frameworks. This support, coupled with advanced spectrum management practices enabled by the ‘ICT Regulatory Sandbox,’ will pave the way for the launch and widespread adoption of 6G services in the UAE before 2030.

In 2018, the UAE emerged as the fourth country globally to deploy 5G, marking a pioneering stride in technology. As 5G continues to evolve and enhance its capabilities, the current strategic plans include the ongoing development of the advanced 5G network (5.5G), with a targeted transition to 6G by 2030.

The UAE’s 6G Roadmap aligns seamlessly with global sustainability goals, actively working towards the reduction of carbon dioxide emissions and energy consumption across diverse industries. This ambitious undertaking reflects the UAE’s dedication to upholding its leading position in telecommunications innovation, ai
ming to deliver high-quality, smart, and secure connectivity to benefit both, its society and economy.

Source: Emirates News Agency

Kuwait crude oil went up by $1.95 during Tuesday’s trading to reach $89.12 per barrel compared with $87.17 pb the day before, Kuwait Petroleum Corporation (KPC) said Wednesday.

Benchmark Brent futures increased by $1.42 to $88.42 pb, and West Texas Intermediate climbed by $1.46 to $83.36 pb.

Source: Qatar News Agency

ABU DHABI: Abu Dhabi Islamic Bank (ADIB) reported a growth in Net Profit after tax of 32 percent for Q1 2024 to AED1.45 billion from AED1.1 billion in Q1 2023, reflecting a consistent trend of strong growth.

The net profit before tax was AED1.64 billion, up 41 percent versus Q1 2023.

The revenue for Q1 2024 improved by 24 percent to AED2.5 billion compared to AED 2.0 billion last year due to supported by growth across all business segments and products.

The bank’s funded income grew by 19 percent to AED1.7 billion compared to AED1.4 billion last year, driven by higher volumes and better margins. The non-funded income grew by 35 percent to reach AED827 million in Q1 2024 versus AED 611 million last year driven by 40 percent growth in fees and commissions. Non-funded Income contributes 33 percent to Operating Income versus 30 percent In Q1 2023.

The cost to income ratio was Improved by 5.3 percentage points to 30.4 percent versus 35.7 percent in prior year. This was predominantly driven by growth in Income
and enhanced productivity.

The impairments decreased 25 percent to AED 109 million for Q1 2024. Non-Performing asset ratio improved to 5.5 percent lowest since Q4 2019 due to active management of our legacy portfolio coupled with strong underwriting standards whilst the Provision Coverage ratio including collaterals improved by 16.0 percentage points to 144.7 percent.

The bank’s total assets increased 13 percent to reach AED 195 billion, driven by 8 percent growth YoY in financing and 25 percent growth in investments.

The customer deposits rose 13 percent to reach AED 160 billion versus AED 142 billion in Q1 2023 driven mainly by 9 percent growth in Current and Savings Accounts (CASA) with CASA comprising 66 percent of total deposits.

ADIB maintained a robust capital position with a Common Equity Tier 1 ratio of 12.6 percent and a total Capital Adequacy Ratio of 17.2 percent. The bank’s liquidity position was healthy and within regulatory requirements, with the advances to stable funding ratio at 76.6 per
cent and the eligible liquid asset ratio at 20.3 percent.

Jawaan Awaidah Al Khaili, Chairman of ADIB, said, ‘Building on a record year in 2023, we started 2024 on a strong note with net profit after tax growing 32 percent to AED1.45 billion and a return on equity of 27 percent reflecting the healthy and resilient local economy coupled with our focus on sustaining business momentum and delivering transformational initiatives.

‘By leveraging our technology and continuous investment in digital and putting customers at the center of everything we do, we have successfully deepened our relationships with our customers and expanded our customer base across all our businesses adding 46,000 new customers in the first quarter of 2024 bringing the total number of customers to 1.311 million.”

Mohamed Abdelbary, Acting Group Chief Executive Officer of ADIB, added, ‘We had a very successful start into 2024 as we continued to see healthy underlying growth across all our businesses. Our progress was remarkable across all
indicators and was driven by positive business growth, cost and risk discipline, and our ability to maintain a sound balance sheet foundation, including a solid capital position and a very strong liquidity profile.’

Source: Emirates News Agency