News Middle East
Gulf Air Delivers 400,000 Vaccines from China and Russia
ARAB BANK GROUP REPORTS FIRST QUARTER 2021 NET PROFIT OF $128.3 MILLION
Gulf Air, the national carrier of the Kingdom of Bahrain, has operated two cargo-only flights, delivering 300,000 doses of Sinopharm COVID-19 vaccine from the People’s Republic of China and 100,000 doses of Sputnik V COVID-19 vaccine from the Russian Federation. Gulf Air continues to support vaccine shipments to Bahrain, alongside supporting wider viral mitigation efforts, and delivering vital food and medical supplies. Gulf Air continues to works closely with government authorities across its network to resume operations as demand for travel grows, adapting to evolving precautionary guidelines, which are made available at gulfair.com/covid19
RAK Properties, reports 433% profit increase
A bdulaziz Abdullah Al Zaabi, Chairman of RAK Properties
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MEABUSINESS
RAK Properties, has seen its profits increase by 433% during the first quarter of 2021. The company has recorded a profit total of AED 64.14 million, compared to AED 12.04 million for the same period in 2020. The company has also recorded a rise in the value of assets by 2.9% to reach AED 5.97 billion, compared to AED 5.8 billion dirhams in the first quarter of 2020, which is a result of increased investments in the development of hotel and residential projects in various locations across Ras Al Khaimah and Abu Dhabi. Additionally, the company’s revenues grew by 244% to reach AED 124.3 million in the first quarter of 2021, in comparison toAED 36.14 million in the first quarter of 2020.
Business News for the MEA region
Arab Bank Group has consolidated the financial statements of Oman Arab Bank under Group accounts in the first quarter of 2021. Oman Arab Bank has also recently finalized the acquisition of Al Izz Islamic Bank, a full-fledged Islamic bank, accordingly strengthening its presence in the Sultanate of Oman, in line with Arab Bank’s strategy to reinforce its business in the Gulf region. The consolidation of Oman Arab Bank under the Group accounts has materially increased the size of Group balance sheet during this period, with total assets increasing by $8.1 Billion and loans and deposits each increasing by $7.1 Billion. Arab Bank Group reported net income after tax of $128.3 million as compared to $147.6 million for the same period last year, recording a drop of 13%. Customer deposits grew by 30% to reach $45.8 billion as compared to $35.2 billion, while loans grew by 28% to reach $33.5 billion as compared $ 26.2 billion.
