Islamic Banks in UAE Show Growth in Gross Assets and Credit
According to the latest data from the Central Bank of the UAE, Islamic banks operating in the UAE have shown a 7.31% increase in gross assets, reaching 650 billion dirhams ($177 billion) by the end of Q1 2023 compared to 605.7 billion dirhams in the same period last year. The data also showed an annual growth of 2.51% in credit to 400.2 billion dirhams at the end of March 2023 compared to nearly 390.4 billion dirhams in the year-ago period. Meanwhile, deposits increased to 453.4 billion dirhams in March 2023, a year-over-year increase of 6.2% from nearly 427 billion dirhams in March 2022. The remaining 17.3% of the total assets of the UAE’s banking sector are held by Islamic lenders, while conventional banks account for 82.7%.
Dubai International Financial Centre to Build AI and Web3.0 Campus
The Dubai International Financial Centre (DIFC) is set to build a campus dedicated to harnessing artificial intelligence (AI) and Web3.0 technologies. The Dubai AI & Web 3.0 Campus will be the largest cluster of AI and tech companies in the Middle East and North Africa region, with plans to attract more than 500 startups by 2028. The initiative is expected to attract $300 million in collective funds, more than 500 global AI and Web 3.0 startups, and create over 3,000 jobs by 2028. The campus will span over 100,000 square feet on DIFC premises and will be open to entrepreneurs, disruptors, and engineers with a deep passion for emerging technologies.
Flydubai Expects Over 4.5 Million Passengers This Summer
Flydubai is preparing for another record-breaking summer, with over 4.5 million passengers expected to travel across its network between June 1 and Sept. 30, 2023. The carrier, which allows passengers to travel to 117 destinations across 52 countries, will start operating to nine summer destinations from June 21. Ghaith Al-Ghaith, CEO of flydubai, said that the increasing demand for travel, passengers’ confidence in their services, and the attractiveness of Dubai’s offering are the reasons behind the expected increase in passengers. Hamad Obaidalla, chief commercial officer at flydubai, added that the carrier has added 33% more capacity across its markets and looks forward to welcoming passengers on board for the Eid holiday and busy summer period.
Heading 1: Islamic Banks in UAE Show Growth in Gross Assets and Credit
Islamic banks operating in the UAE have shown a 7.31% increase in gross assets, reaching 650 billion dirhams ($177 billion) by the end of Q1 2023 compared to 605.7 billion dirhams in the same period last year. The data also showed an annual growth of 2.51% in credit to 400.2 billion dirhams at the end of March 2023 compared to nearly 390.4 billion dirhams in the year-ago period. Meanwhile, deposits increased to 453.4 billion dirhams in March 2023, a year-over-year increase of 6.2% from nearly 427 billion dirhams in March 2022.
Heading 2: Dubai International Financial Centre to Build AI and Web3.0 Campus
The Dubai International Financial Centre (DIFC) is set to build a campus dedicated to harnessing artificial intelligence (AI) and Web3.0 technologies. The Dubai AI & Web 3.0 Campus will be the largest cluster of AI and tech companies in the Middle East and North Africa region, with plans to attract more than 500 startups by 2028. The initiative is expected to attract $300 million in collective funds, more than 500 global AI and Web 3.0 startups, and create over 3,000 jobs by 2028. The campus will span over 100,000 square feet on DIFC premises and will be open to entrepreneurs, disruptors, and engineers with a deep passion for emerging technologies.
Heading 3: Flydubai Expects Over 4.5 Million Passengers This Summer
Flydubai is preparing for another record-breaking summer, with over 4.5 million passengers expected to travel across its network between June 1 and Sept. 30, 2023. The carrier, which allows passengers to travel to 117 destinations across 52 countries, will start operating to nine summer destinations from June 21. Ghaith Al-Ghaith, CEO of flydubai, said that the increasing demand for travel, passengers’ confidence in their services, and the attractiveness of Dubai’s offering are the reasons behind the expected increase in passengers. Hamad Obaidalla, chief commercial officer at flydubai, added that the carrier has added 33% more capacity across its markets and looks forward to welcoming passengers on board for the Eid holiday and busy summer period.