UAE Cabinet Allocates Financial Support for Weather-Impacted Homes
The UAE government has taken action to mitigate the impact of recent severe weather conditions on its citizens.
3 min
During their recent meeting, the UAE cabinet expressed gratitude towards the government agencies, emergency response teams, volunteers, and the public for their combined efforts in tackling the adversities caused by harsh weather conditions.
Chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the UAE Cabinet has sanctioned an AED 2 billion financial package aimed at repairing the homes of citizens affected by the recent severe weather events.
The decision, made during a Wednesday cabinet meeting, was intended to provide swift relief and support to those impacted. A ministerial committee has been formed to assess the damage and oversee the distribution of compensations. This committee is tasked with working alongside both federal and local authorities to ensure a quick and effective response in providing the necessary support to the affected individuals.
Sheikh Mohammed reflected on the heavy rains, describing them as a blessing in disguise.
Continued National Solidarity
The sense of unity and resilience demonstrated by the nation in the face of this challenge was recognized and commended.
Sheikh Mohammed commented, “We approved an allocation of AED2 billion to address the damage suffered by citizens’ homes. A ministerial committee has been tasked with overseeing this file. With the follow-up and support of my brother, President His Highness Sheikh Mohamed bin Zayed Al Nahyan, life returned to normal quickly.”
Additionally, Sheikh Mohammed announced the establishment of another committee tasked with evaluating the impact of the floods and rains on infrastructure. Led by the Ministry of Energy and Infrastructure, this committee includes representatives from various federal agencies such as the Ministry of Defence, the Ministry of Interior, and the National Emergency Crisis and Disaster Management Authority, as well as delegates from all seven emirates. Its role is to devise national-level strategies and solutions to minimize future risks.
The effectiveness of the response to this severe weather event was evident, with central operation rooms handling over 200,000 reports and more than 17,000 security, emergency, and interior personnel, supported by 15,000 local authority staff and numerous volunteers, managing the aftermath of this unprecedented weather incident.
This extraordinary weather event proved to be beneficial. The dams are full, valleys are flowing with rainwater, and the underground water reserves are replenished. The government has enhanced its readiness and preparedness for the future, stated Sheikh Mohammed.
Updates on Tourism Progress
Beyond the weather-related discussions, the Cabinet also reviewed the progress of the UAE Tourism Strategy, celebrating significant achievements in the sector.
In 2023, the total number of hotel guests reached 28 million, marking an 11% increase from the previous year, with the tourism sector anticipated to contribute approximately AED 180 billion to the GDP, as reported by the UAE Government Media Office.
The meeting, held at Qasr Al Watan, saw attendance from notable figures such as Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of the Interior.
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Highlighting a significant recovery and robust growth across all key performance metrics.
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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