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Dubai's Emirates NBD Profit Rises in Second Quarter

A man rides a bicycle past Emirates NBD head office in Dubai, UAE. Reuters file photo
A man rides a bicycle past Emirates NBD head office in Dubai, UAE. Reuters file photo
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Dubai's Emirates NBD Profit Rises in Second Quarter

A man rides a bicycle past Emirates NBD head office in Dubai, UAE. Reuters file photo
A man rides a bicycle past Emirates NBD head office in Dubai, UAE. Reuters file photo

Dubai's biggest lender, Emirates NBD, posted on Thursday a jump of 42% in second-quarter net profit, boosted by higher income and lower impairments.

Emirates NBD's net profit of 3.5 billion dirhams ($952.98 million) for the three months to June 30 was up from 2.46 billion in the year-earlier period.

Net interest income rose 27% on the year in the quarter as higher interest rates fed through to margins.

The bank said it was raising the group's guidance for net interest margins this year to between 3.2% and 3.3% from 2.7% to 2.8% previously, citing an improved loan and deposit mix with higher interest rates.

"We are extremely well-positioned for rising interest rates and will continue to invest in our international and digital capabilities to support further growth," it said in a statement.

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Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Riyadh is set to host the third edition of the Saudi Tourism Forum from January 7 to 9 at Roshn Front.

Organized in partnership with the Ministry of Tourism, the Saudi Tourism Authority, and the Tourism Development Fund, the event will run under the theme "To Discover."

This year’s forum serves as a dynamic platform to highlight new and unique tourist destinations across the Kingdom, offering visitors innovative experiences while showcasing Saudi Arabia’s diverse tourism potential. With over 100 exhibitors, the forum provides an expansive space to explore the latest developments in the tourism sector, spotlight major investment projects, and foster skill development and partnerships to drive tourism growth.

Chief Executive Officer of 4M Event and Chairman of the Forum’s Organizing Committee Eng. Hamza Nasser emphasized the forum’s role in advancing collaboration within the tourism sector. "Through the forum, we aim to promote the beauty of Saudi tourist destinations, enhance cooperation among stakeholders, and raise awareness about investment and development opportunities. This aligns with the goals of the Kingdom’s Vision 2030,” he said.
Since its inception, the Saudi Tourism Forum has significantly advanced efforts to promote the Kingdom's rich cultural heritage and distinctive tourist sites. Supported by prominent partners and sponsors, the event underscores a shared commitment to developing this vital sector.
The program will feature a variety of seminars and workshops, offering insights into the latest trends and developments in tourism. Attendees will have the opportunity to engage with keynote speakers, decision-makers, and industry professionals, enhancing their skills and knowledge.
The forum is expected to attract a diverse audience, including business leaders, investors, officials, and dignitaries, creating fertile ground for collaboration and partnerships.