First Abu Dhabi Bank, the UAE’s largest lender by assets, is optimistic about growth this year, supported by an increase in the country's gross domestic product and higher oil prices, although the Ukraine conflict remains a concern, a top executive said.
The bank was expecting mid to high single-digit growth in 2022 before the escalation of the Ukraine-Russia conflict, James Burdett, group chief financial officer of FAB, said during an online media briefing on Monday.
“We are optimistic about growth, but clearly the recent events could change all that. It is too soon to tell what the impact will be from the Russian-Ukraine tension,” Mr Burdett said.
The lender reported a 19 per cent jump in its 2021 profit to Dh12.5 billion ($3.4bn) on the back of higher net fee and commission income and gains on investments amid the UAE’s economic recovery.
Net gain on investments and derivatives surged more than six-fold to Dh6.48bn, while net fee and commission income rose 4 per cent to Dh3bn.
On Monday, the lender approved the dividend distribution of 70 per cent of paid-up capital for 2021 for a total of Dh7.64bn, split between Dh5.35bn in cash and Dh2.29bn equivalent in new shares.
“Our dividend structure for the year reflects our focus on preserving capital to drive future growth and is the highest dividend distribution amongst UAE banks, in addition to the 46 per cent return generated by FAB’s share price in 2021,” said Sheikh Tahnoon bin Zayed, chairman of FAB.
The bank is also open to new opportunities to boost its expansion, said Karim Karoui, group head of mergers and acquisitions at FAB.
This month, FAB made a non-binding offer to buy a majority stake in Egypt's largest investment bank EFG Hermes. It also agreed to buy Bank Audi Egypt in January 2021 and received regulatory approval in April for the deal.
“We always remain open for opportunities as and when they come with an opportunistic mindset,” Mr Karoui said.
The UAE's economy continues to recover from the coronavirus pandemic and is expected to grow 4.6 per cent this year, Emirates NBD said.
Oil prices crossed the $100 per barrel mark last week for the first time in seven years after Russia attacked Ukraine. The global benchmark Brent was trading at $100.80 per barrel at 8.42pm UAE time, while US crude West Texas Intermediate was at $95.12 per barrel.
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
