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Al Etihad
a day ago
- Business
- Al Etihad
Gross banks' assets up by 1.9% to Dh 4,719.4 billion at end of March: CBUAE
20 June 2025 18:15 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) announced the increase in money supply aggregate M1 by 0.4%, from Dh982.4 billion at the end of February 2025 to Dh986.2 billion at the end of March increase was due to the Dh5.1 billion growth in currency in circulation outside banks, overriding the Dh1.4 billion decrease in monetary money supply aggregate M2 increased by 3.3%, increasing from Dh 2,360.3 billion at the end of February 2025 to Dh 2,437.7 billion at the end of March 2025. M2 increased because of an elevated M1, and Dh73.8 billion increase in Quasi-Monetary money supply aggregate M3 also increased by 2.9%, from Dh 2,811.7 billion at the end of February 2025 to Dh 2,893.7 billion at the end of March 2025. M3 increased due to the growth in M2, and Dh 4.5 billion increase in government monetary base increased by 2.0%, from Dh 816.6 billion at the end of February 2025 to Dh 833.1 billion at the end of March 2025. The growth in the monetary base was driven by increases in currency issued by 4.1% and in reserve account by 62.0%, overriding the decrease in banks & OFCs' current accounts & overnight deposits of banks at CBUAE by 64.2% and in monetary bills & Islamic certificates of deposit by 6.3%.Gross banks' assets, including bankers' acceptances, increased by 1.9% from Dh 4,632.2 billion at the end of February 2025 to Dh 4,719.4 billion at the end of March credit increased by 1.6% from Dh 2,204.3 billion at the end of February 2025 to Dh 2,240.0 billion at the end of March 2025. Gross credit increased due to the combined growth in domestic credit by Dh 19.5 billion and foreign credit by Dh 16.2 billion. The growth in domestic credit was due to increases in credit to the; public sector (government-related entities) by 0.2%, private sector by 1.4% and non-banking financial institutions by 1.9%, while credit to the government sector decreased by 0.3%.Banks' deposits increased by 2.3%, from Dh 2,871.5 billion at the end of February 2025 to Dh 2,936.4 billion at the end of March 2025. The increase in bank deposits was driven by the shared growth in resident deposits by 2.4%, settling at Dh 2,687.8 billion and in non-resident deposits by 0.4%, reaching Dh 248.6 billion. Within the resident deposits; government-related entities deposits increased by 4.3%, private sector deposits increased by 3.1% and non-banking financial institutions deposits increased by 5.1%, while deposits to the government sector decreased by 2.3%, by the end of March 2025.
The National
19-02-2025
- Business
- The National
Aldar launches new luxury Dubai project featuring wildlife and bee-keeping zones
Abu Dhabi developer Aldar Properties has launched a project in Dubai featuring what it claims will be the "largest and most diverse collection of wildlife within a residential community in the emirate', amid surging property demand. The Wilds, Aldar's third development in Dubai, is part of a joint venture with state-owned Dubai Holding and will feature about 1,700 homes, including five-and six-bedroom units designed by Lebanese architect Nabil Gholam, the company said. The project will also offer three to five-bedroom villas and one to three-bedroom apartments Prices will start at Dh5.1 million ($1.39 million), Aldar confirmed to The National. The project is expected to be delivered in 2029, with work expected to begin as soon as contracts are awarded. Aldar will begin the sale of villas and apartments on February 27. "A first of its kind in Dubai … [the project] will stand out for its safe integration and retention of a large variety of species, alongside an incredible selection of native plants within a woodland sanctuary,' Aldar said. Located along Sheikh Mohammed bin Zayed Road, opposite Global Village, the project will also feature a pond, lawn, dry stream habitats, duck houses, man-made bird nests and bee-keeping zones. There will be no wild animals, the company confirmed. The Nest, a community pavilion, will be a gathering space for residents and will feature a "curiosity area' for kids with wildlife observation and environmental learning. Amenities will include a premium international branded school, a retail hub at the community entrance, clubhouses, a nursery, play areas, splash pads, a clinic, and two mosques. The Wilds will also have fitness zones, meditation spaces, resort-style swimming pools, and walking and cycling trails. The Wilds comes after Aldar launched its Haven and Athlon developments in Dubai, both in partnership with Dubai Holding, "which saw unprecedented demand with all units sold within hours of release', it said. Dubai's property market, which bounced back strongly from the Covid-driven slowdown, has boomed ever since, supported by government initiatives such as residency permits for retired and remote workers, an expanded golden visa programme, as well as robust economic growth in the UAE. Last year, the emirate recorded real estate deals worth Dh761 billion, up 20 per cent compared to 2023, with the total number of transactions for the year surging by 36 per cent to 226,000, according to the latest data provided by Dubai Media Office. Aldar Properties, Abu Dhabi's biggest listed developer, in recent years has expanded beyond its home base to other emirates in the UAE, as well as to foreign markets, including Egypt. The company reported a 43 per cent rise in its 2024 profit, as a sharp increase in UAE sales drove revenue. Net profit attributable to equity holders of the company for the 12 months to the end of December rose to Dh5.6 billion, with revenue and rental income during the period up by more than 62 per cent annually to Dh23 billion, it said. Aldar's full-year sales reached a record high of Dh33.6 billion, up 20 per cent from the previous year. UAE sales hit Dh22.2 billion at the end of last year, accounting for about 78 per cent of total sales, a sharp increase from a 66 per cent contribution in 2023. The company said it plans to launch a number of projects this year in Abu Dhabi, including Al Fahid Island development, as well as projects in Yas and Saadiyat Islands. It unveiled 12 projects last year.
