GCC Leads as Highest Export Market for Dubai Companies | Kanebridge News
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GCC Leads as Highest Export Market for Dubai Companies

The members of the Dubai Chamber of Commerce achieved a cumulative total in exports and re-exports valued at $77.46 billion.

Tue, Mar 5, 2024 8:29pmGrey Clock < 1 min

The Dubai Chamber of Commerce, operating under Dubai Chambers, reported that its member companies achieved a substantial combined total in exports and re-exports, amounting to AED284.5 billion ($77.46 billion) during 2023. This performance showcases the important trade activities facilitated by the Chamber.

Dominance of the GCC Market
The Gulf Cooperation Council (GCC) emerged as the primary export and re-export destination for the Chamber’s members, capturing a significant 55.6% share of the total, equivalent to AED158.1 billion ($43.05 billion). This prominence affirms the critical role of the GCC in the trade strategies of the Chamber’s members.

Global Reach and Market Diversification
Beyond the GCC, the Chamber’s trade network extended across various regions. The Middle East (excluding the GCC) contributed 21.8% to the total exports and re-exports, valued at AED62 billion. Following closely, the Asia-Pacific region accounted for 9.5% with AED27 billion, while African markets represented 7.9% with AED22.4 billion.
European and North American markets contributed 3.5% and 1.4% with values of AED10.1 billion and AED3.9 billion, respectively. Lastly, Latin American markets made up 0.3% of the total, reaching approximately AED1 billion.

Strategic Initiatives and Leadership Vision
Mohammad Ali Rashed Lootah, the President and CEO of Dubai Chambers, emphasized the organization’s commitment to enhancing Dubai’s foreign trade and achieving the Dubai Economic Agenda (D33) objectives.
In 2023, the Chamber’s strategic expansion included opening 16 new representative offices worldwide, aiming to diversify its members’ export markets and support the robust business community in Dubai.
Lootah highlighted the adaptability and competitive edge of Dubai traders, facing global trade challenges with agility. The variety in export and re-export destinations reflects the dynamic and resilient nature of Dubai’s trade sector.



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Bank of Sharjah Reports AED 171 Million Profit for H1 2024, Marking a 233% Year-Over-Year Increase

Highlighting a significant recovery and robust growth across all key performance metrics.

Fri, Jul 26, 2024 3 min

Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.

This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.

The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.

Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.

Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”

He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”

The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”

He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”

 

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