RIYADH: Gross assets of Islamic banks operating in the UAE grew 7.31 percent to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023 compared to 605.7 billion dirhams in the same period last year, according to the latest figures of the apex bank.
The Central Bank of the UAE’s data also reflected an increase in Islamic banks’ credit to 400.2 billion dirhams at the end of March 2023, an annual growth of 2.51 percent compared to nearly 390.4 billion dirhams in the year-ago period.
The banks registered a 0.91 percent month-over-month rise in credit from 396.6 billion dirhams in February.
The Islamic banks’ deposits increased to 453.4 billion dirhams in March 2023, a year-over-year increase of 6.2 percent, from nearly 427 billion dirhams in March 2022.
Meanwhile, the total assets of UAE-based conventional banks reached 3.11 trillion dirhams, up 14.1 percent from 2.73 trillion dirhams in March 2022.
These banks account for 82.7 percent of the total assets of the UAE’s banking sector by the end of March 2023, or 3.76 trillion dirhams, while Islamic lenders held the remaining 17.3 percent.
DIFC’s AI and Web3.0 campus to attract 500 startups
In a bid to attract more than 500 startups by 2028, the Dubai International Financial Centre will build a campus to harness artificial intelligence and Web 3.0 technologies.
Dubai AI & Web 3.0 Campus will be the largest cluster of AI and tech companies in the Middle East and North Africa region.
According to DIFC Gov. Essa Kazim, the new initiative will 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 dedicated campus spanning over 100,000 sq. feet will be set up in the DIFC premises for entrepreneurs, disruptors and engineers with a deep passion for emerging technologies.
Arif Amiri, CEO of DIFC Authority, said: “Dubai AI & Web 3.0 Campus will act as a catalyst for growth by attracting global innovators, startups, venture capitalists, and industry leaders as we establish MENA’s largest ecosystem for the AI and Web 3.0 sectors.”
flydubai network to fly 4.5m passengers this summer
Preparing for another record-breaking summer, flydubai expects over 4.5 million passengers to travel across its network between June 1 and Sept. 30, 2023.
Ghaith Al-Ghaith, CEO of flydubai, said: “More than 4.5 million passengers are expected to travel across the flydubai network over the next few months, which reflects the increasing demand for travel, passengers’ confidence in our services and the attractiveness of Dubai’s offering as well as our growing network.”
Hamad Obaidalla, chief commercial officer at flydubai, added: “flydubai’s seasonal summer routes, alongside its growing network, will enable more people to travel whether for a holiday, business or visiting friends and family. We have added 33 percent more capacity across our markets and look forward to welcoming passengers on board for the Eid holiday and busy summer period.”
The carrier, which allows passengers to travel to 117 destinations across 52 countries, will start operating to nine summer destinations from June 21.
