The United Arab Emirates’ (UAE) 522-billion-dirham Islamic banking assets will help fuel the growth of the country’s halal sector, according to research conducted by Orange Fairs and Events, organisers of the Halal Expo Dubai 2017.
Seven Islamic banks out of the 23 registered commercial banks in the UAE represent nearly a fifth of the country’s banking assets. Islamic banks’ assets grew more than three times of the conventional banks’ assets during the first quarter of 2017, according to the UAE Central Bank’s latest quarterly report.
“In the first quarter of 2017, Islamic banks’ assets had a higher growth (3.2 percent) than the conventional ones (1 percent), while on an annual basis Islamic banks grew by 8 percent and continued to dominate the conventional banks growth that showed an increase of 5.9 percent,” the report, issued by the UAE Central Bank, said.
“The share of conventional banks’ assets at the end of 2017 Q1 is 80.3 percent of the total, while the share of the Islamic banks assets is 19.7 percent. Islamic banks’ financing growth has been dominating the conventional banks’ loans increase in the first quarter of 2017 in almost all subcategories, with exception of financing to government and GREs.”
Gross credit of the Islamic banks in the UAE recorded a 8.4 per cent growth to 343 billion dirhams — or nearly double the rate of 4.4 percent growth rate of gross credit of the conventional banks in the first quarter of 2017.
Similarly, domestic credit growth of the Islamic banks also rose 7.4 percent to 325 dirhams billion in the first quarter of 2017. The growth rate is nearly double than the 4.1 percent growth in domestic credit growth of the conventional banks.
Higher assets and gross credit growth rates empower the Islamic banks to fund the halal industries and help fuel the growth of halal or Islamic economic activities. By nature, Islamic banks engage in ethical finance and asset-based lending — that eliminates speculation-based high-risk financial activities and insulate the sector from economic crises — witnessed during the 2008-09 global financial crisis — when the asset-based ethical finance emerged stronger and helped Islamic banks to overcome the stress tests by a wider margin compared to the conventional lenders — many of whom collapsed and had to be bailed out by governments.
Islamic banking assets to boost UAE’s halal sector
Islamic banking assets to boost UAE’s halal sector
Ajdan cements role in major projects by signing MoU with King Salman International Airport in Riyadh
Ajdan cements role in major projects by signing MoU with King Salman International Airport in Riyadh
Ajdan Real Estate Development Company signed an MoU with King Salman International Airport during the Public Investment Fund & Private Sector Forum 2026.
The MoU aims to explore areas of cooperation and identify opportunities for mixed-use real estate and commercial development that will enhance project quality and meet the highest standards of efficiency and excellence. Representing Ajdan at the signing ceremony was its CEO, Eng. Mohammed bin Abdulmohsen Al-Otaibi, while Dr. Mohammed Al-Jarallah, deputy chief executive for real estate development, signed on behalf of King Salman International Airport. The MoU establishes a strategic framework for future cooperation and paves the way for a long-term partnership on a number of flagship projects.
Under this memorandum, Ajdan collaborates with King Salman International Airport on the development of mixed-use spaces and commercial facilities within the airport’s premises, building on its role as a national real estate developer delivering innovative projects that advance sustainable development. The company will leverage its expertise in the planning, design, and management of integrated commercial destinations to ensure project execution meets the highest standards of quality and sustainability.
King Salman International Airport is one of the Kingdom’s largest strategic development projects in terms of area and operational ambition. The airport spans approximately 57 sq. km, of which about 12 sq. km are allocated for mixed-use real estate development, in addition to fully integrated economic and logistics zones covering more than 3 million square meters.
These developments will enhance the integration of real estate, commercial, and service activities. The airport targets handling 100 million passengers annually by 2030, supported by comprehensive upgrades to facilities, infrastructure, and logistics services, positioning it as an advanced multi-sector investment platform and a driver of economic growth.
Eng. Mohammed bin Abdulmohsen Al-Otaibi, CEO of Ajdan, stated: “We take pride in our collaboration with King Salman International Airport, which reflects Ajdan’s commitment to developing integrated destinations in line with global standards. Through this partnership, we aim to leverage our expertise to deliver innovative solutions that create sustainable value for the airport and enhance the visitor experience.”
KSIA Acting CEO Marco Mejia said: “These seven partnerships reflect our ambitious vision to transform KSIA into a fully integrated urban and economic ecosystem that goes beyond the traditional concept of airports. We are proud to collaborate with a distinguished group of leading national real estate developers whose deep expertise and strong track records will help deliver high-quality projects, create sustainable economic value, and further position the airport as a leading investment hub.”
This step is part of Ajdan’s strategy to expand its strategic partnerships and develop sustainable urban and commercial destinations that help improve the quality of life and support economic growth across the Kingdom.
