Middle Eastern Banks Set for AI-Driven Transformation, Finastra Report Reveals
The adoption of artificial intelligence (AI) in the Middle Eastern banking sector could significantly contribute to regional economic growth, potentially adding as much as 13.6% to GDP by 2030, according to industry analysts. Finastra’s Financial Services State of the Nation 2024 survey reveals that banks in the UAE and Saudi Arabia are already accelerating their deployment of AI, putting the region on the cusp of potentially substantial economic and operational advancements.
The report highlights that the UAE ranks among the top global adopters of AI in financial services, with 71% of its institutions having deployed or improved AI capabilities in the past year, supported by strong public and private sector investments. Saudi Arabian institutions also show momentum in adoption, alongside prioritizing operational modernization and strategic partnerships. In both regions, institutions have deprioritised marketing use cases for generative AI (Gen AI). Instead, firms are utilizing it within core processes, such as for Know Your Customer (KYC) or Anti-Money Laundering (AML) checks, improving risk management and decision-making, and enhancing IT operations.
Adam Lieberman, Chief AI Officer at Finastra, noted, “The Middle East’s forward-thinking regulators, solid digital infrastructure, and receptive customer base create an ideal environment for banks to leverage AI. Banks utilizing cloud-native platforms and unified data environments will not only maximize the benefits of AI for workforce productivity, but also significantly boost their capacity for innovation, risk management, and geographic expansion.”
The report further highlights that personalized customer experiences enabled by AI are becoming standard expectations in financial services. UAE banks particularly excel in this area, deploying advanced AI-driven chatbots for seamless, contextually aware customer interactions available around the clock.
With Saudi Arabia (93%) and the UAE (90%) among the global leaders in enthusiasm towards AI, the region could harness substantial value. PwC projects AI will contribute $320 billion to the Middle East economy by 2030, while McKinsey estimates the global banking sector could see an additional $1 trillion annually from AI-driven efficiencies. As AI systems become more advanced, agentic AI is also proving to be a game changer for enhancing user experiences and driving further efficiency gains.
Finastra remains dedicated to supporting Middle Eastern banks through strategic collaboration and advanced technology solutions, enabling institutions to fully realize the immense potential of AI.
Africa - First AI Hackathon on Islamic Finance: Strengthening the Adoption of Standards in Islamic Finance with Artificial Intelligence
The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) is pleased to announce the launch of its First AI Hackathon on Islamic Finance, scheduled to take place from 8–10 May 2025. This pioneering event brings together students and young professionals in computer science, artificial intelligence, and finance to work on AI-powered solutions that support the adoption and implementation of selected AAOIFI Financial Accounting Standards (FAS). The hackathon aims to encourage creative and practical solutions that bring Islamic finance standards to life in a more accessible, efficient, and globally harmonized way.
With cash prizes and recognition, participants will compete in teams to design impactful AI tools that improve standardization, compliance, and decision-making within the Islamic finance ecosystem. The teams will gain hands-on experience, engage with leading experts, and help shape the future of Islamic finance through innovation and purpose-driven technology. Are you ready for the AI revolution?
Join us for an exciting AI Hackathon where students and professionals from the fields of computer science, AI and Finance and Accounting collaborate to develop AI-powered solutions centered around selected AAOIFI Financial Accounting Standards (FAS).
This first-of-its-kind hackathon will explore how AI can be tailored to make these standards easier to implement and adopt, more comprehensive, user-friendly and globally compatible, leading to higher compliance rates and better financial decision-making in the Islamic Finance sector (financial engineering, compliance, product structuring and standardization). Why Participate?
Participating in this AI Hackathon is more than just a competition—it’s an opportunity to make a real impact in the evolving landscape of Islamic finance. Exciting Rewards and Recognition – Compete for prizes, gain recognition from industry leaders, and boost your career with an achievement that sets you apart. Make an Impact in Islamic Finance – Contribute to the future of financial standardization and compliance in the Islamic finance sector, helping institutions make better decisions and enhance regulatory adherence. Innovate with Purpose – Leverage AI to enhance the implementation and adoption of Islamic Financial Accounting Standards, making them more accessible, efficient, and globally compatible. Learn, Network and Showcase – Gain hands-on AI experience in Islamic finance, collaborate with industry experts, and showcase your skills to stand out in the field. Awards:
First Place: 10,000 USD
Second Place: 7,000 USD
Third Place: 4,000 USD
Who Can Participate? Students and Professionals in teams of 3-5 with required specialties in Computer Science, AI and Finance and Accounting. Evaluation Criteria and Judging Panel
Your submission will be assessed based on: Accuracy and Compliance – Alignment with AAOIFI standards. Innovation and Creativity – Novel approaches to solving your own proposed challenges. AI Performance Improvement – Effectiveness in refining AI-generated outputs. User Friendliness – intuitive user experience.
The Judging Panel will include experts in Islamic Finance, AAOIFI Accounting Standards and Artificial Intelligence. Frequently Asked Questions (FAQ) Can I join as an individual?
You have to form a team containing at least 3 members with the required expertise in computer science, AI and finance (maximum of 5 team members). Will the hackathon be virtual or on-site?
It is a hybrid format where the pre-event workshops will take place online, but the actual hackathon will be on-site, the venue will be communicated in due course. Stay Tuned for More Details!
We’re gearing up for an exciting AI Hackathon on Islamic Finance, and we can’t wait to share more details with you! Follow us and keep an eye on our official channels, exciting announcements are coming your way! Details about registration, workshops, venue, and much more will be revealed soon! Get ready to shape the future of AI in Islamic finance! Start building your dream team for this groundbreaking hackathon!
Retail Investors Buy the Dip Following Trump’s ‘Liberation Day’ Tariff Announcement
Retail investors demonstrated strong conviction on April 3, the first full trading day following President Trump’s so-called ‘Liberation Day’ and the announcement of new U.S. tariffs. Instead of panic-selling, many chose to buy the dip, seeing the sharp sell-off as an overreaction to macroeconomic developments, according to Lale Akoner, Market Analyst at eToro.
“Many saw it as a buying opportunity in quality names like Nvidia, Amazon, and Nike, which have strong fundamentals but were dragged down in the broad risk-off move,” said Akoner. “Nike, for example, plunged due to tariff concerns on imports from Southeast Asia, but long-term bulls likely saw its brand strength and market dominance as worth holding through short-term supply chain pressures.”
eToro data reveals that on April 3:
More long positions were opened than closed, indicating a buy-the-dip mentality among retail investors.
The number of global long positions opened surged 51% above the daily average for March.
Nike emerged as a top buy-the-dip stock, with its share price tumbling 14% due to heavy tariffs on Southeast Asian imports, where the brand manufactures much of its footwear.
Investor Confidence Extends to AI and Crypto
The dip-buying trend extended beyond retail stocks. Despite recent volatility driven by tariffs and inflation concerns, AI and crypto assets also saw increased interest:
Nvidia saw a 21% rise in global holders on eToro in Q1 2025 compared to Q4 2024.
TSMC followed with a 17% increase in holders.
In crypto, Solana saw a 17% rise in holders, while Bitcoin and XRP each rose by 5%.
“In crypto, SOL, BTC, and XRP saw strong Q1 flows on eToro as investors anticipated greater adoption and regulatory clarity—especially for XRP following recent SEC developments. Many also viewed these assets as hedges against dollar weakness and ongoing geopolitical risks,” added Akoner.
Conviction in Chaos
The data underscores a larger narrative: retail investors are becoming increasingly sophisticated, using macro-driven sell-offs as entry points into fundamentally strong assets.
“In short, retail investors bought in because they believed the assets were fundamentally strong, the drop was temporary, and opportunity often lies in chaos,” Akoner concluded.
Key Takeaways from the 19th Annual One-On-One Conference Opening Session Exploring MENA’s Investment Playbook - Part One
EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), inaugurated the 19th Annual EFG Hermes One-on-One Conference on April 7th, 2024. The signature event, which is this year hosting 220 companies from 12 countries and welcoming 675 institutional investors and fund managers representing 252 global institutions, stands as the world’s largest investment forum dedicated to MENA. The conference will run until April 10th, 2024, at the JW Marriott Hotel Marina.
Highlights from the opening session included:
A keynote speech by EFG Holding’sGroup Chief Executive Officer, Mr. Karim Awad
A panel discussion titled Egypt’s Economic Reset? An Inside View with Mr. Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt, moderated by Mr. Ziad Daoud, Chief Emerging Markets Economist at Bloomberg
A panel discussion in partnership with DFM titled The Role of Capital Markets in Advancing the UAE’s Long-Term Vision: Opportunities and Challenges with Mr. Hamed Ali, CEO of Dubai Financial Market (DFM) and Nasdaq Dubai; Mr. Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC) at the Dubai Department of Economy and Tourism (DET) moderated by Ms. Ramia Farrage, Senior Presenter and Producer at Forbes Middle East
Key takeaways from Mr. Karim Awad, EFG Holding’sGroup Chief Executive Officer:
Awad welcomed attendees to the 19th One-on-One Conference, noting that global events in the past few days have dampened investor sentiment and significantly impacted markets both globally and regionally.
The current environment of uncertainty doesn’t help companies or investors and necessitates transparent dialogue in order to quantify impact and support falling market capitalizations.
We’re gathering here today at a pivotal time, and the strength of this conference lies in its scale and timing. As the first forum of its kind to be held since the newly imposed US tariff regime, with 220 companies from 12 countries presenting and participation from 675 institutional investors and fund managers representing 252 global institutions, I believe this is the ideal forum to identify new opportunities in the wake of this latest storm.
There’s one company I want to spotlight today that’s especially close to my heart — Valu. Valu has transformed the BNPL space in Egypt and built itself into one of the country’s most recognizable and respected brands. Today, Valu boasts 750,000 active users, posted over USD 8 million in profits for 2024, and continues to grow at impressive rates.
We’ve decided to distribute a minority stake in Valu as a dividend to our shareholders in a first of its kind transaction in the Egyptian market, creating an opportunity for investors to gain direct exposure to the company’s growth story, while also benefiting indirectly through their holdings in EFG Holding.
According to an independent advisor, the company’s valuation currently stands at USD 300 million.
One of the key reasons EFG Holding, and many other Egyptian companies, continue to trade below their true intrinsic value is the sustained absence of foreign institutional equity investors amidst ongoing concerns about the macro picture. However, recent positive changes warrant a fresh look and a deeper analysis from the global investor base. Our markets have not experienced the bull run that others in the region or the US have enjoyed, and many of our strongest companies — operationally sound and growth-oriented — are still trading at unjustifiably low multiples that don’t reflect the growth prospects of these blue chips that have operationally done well despite all the challenges.
Key takeaways from Mr. Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt on Egypt’s Economic Reset, moderated by Mr.Ziad Daoud, Chief Emerging Markets Economist at Bloomberg:
Egypt has prioritized building economic buffers to shield itself from external shocks—recognizing that while crises can’t always be avoided, their impact can be minimized with the right tools and preparation.
At the crossroads of regional instability, Egypt remains in a constant state of vigilance. Policymakers are leaning toward resilience-driven policies to stay ahead of geopolitical fallouts.
The impact of tariffs on Egypt is still being diligently assessed however, there is no doubt that this is a transformational global moment, echoing the volatility of the pandemic. The depth and complexity of the current crisis were impossible to forecast, but Egypt’s focus is on domestic readiness.
Egypt has allowed the foreign exchange market to self-correct, using it as a shock absorber rather than resisting adjustment. This move prevents structural imbalances and helps the market reflect real-time economic dynamics.
There’s a clear conviction that structural reform is the only way to immunize the economy against external volatility.
Egypt is committed to remaining ‘investable’, avoiding knee-jerk policy shifts and instead focusing on maintaining consistent, market-friendly signals.
The Central Bank isn’t reacting to headlines, it’s following a natural FX policy grounded in fundamentals. Capital outflows, which happened overnight are justifiable. However, the shocks have been absorbed without artificial controls, letting the market operate independently.
While tariff exposure is limited (7% of Egypt’s total foreign trade is with the US), Egypt continues to pursue diversification across regional and global economic blocs to reduce dependency on any single trade partner. From a macro perspective what is needed is to continue to press with integration with more trading blocs.
Global ambiguity is not within Egypt’s control. The focus is on what can be controlled: maintaining buffers, enacting sustainable reforms, and pressing forward—unshaken by noise.
Egypt’s 2024 FX turnaround tells a compelling story: from -29bn to +10bn USD in NFAs, with a USD 12bn rise in reserves,which currently stand at USD 47bn, and external debt reduction. This validates the power of letting the currency float and tackling vulnerabilities head-on.
Policy sustainability means removing volatility in decision-making. The goal is to institutionalize discipline, protecting reforms from political or market noise.
The success story isn’t just about numbers—it’s about the confidence Egypt has built among investors, underpinned by hard choices and credible reform paths.
Egypt’s asset sale strategy is not just a financing tool—it’s a governance strategy, designed to unlock private-sector value and shift the economy away from debt-dependence.
The USD 35bnRas El Hekma transaction signaled a new investment mindset, one that integrates capital inflows with structural upgrades and governance improvements.
The government is actively working to unlock underutilized assets across multiple sectors—not just real estate—to draw in strategic investors and energize the reform program.
There’s a clear pivot away from debt markets toward FDI, concessional loans, and development finance. Egypt wants to blend financing sources in a way that keeps its macro path credible.
Curbing persistent inflation (previously near 40%) remains central to monetary policy. Egypt is using both conventional and unorthodox tools, with February’s downside surprise as early validation of the strategy.
Inflation will continue to trend lower. +-7% continues to be our target through last quarter of 2026.
Al Baraka Group Sponsors the 45th Edition of AlBaraka Islamic Economics Symposium in Madinah
Al Baraka Group has announced its sponsorship as a “Global Partner” for the 45th edition of AlBaraka Islamic Economics Symposium, which will take place on April 16–17, 2025, under the theme: “Islamic Banking in Fifty Years: Past Achievements and Future Aspirations.” The event will be hosted at the University of Prince Muqrin in Madinah, Saudi Arabia.
This prestigious global symposium will bring together a distinguished group of scholars, jurists, bankers, and academics. It will feature numerous key sessions and workshops focusing on the evolution of Islamic banking over the past 50 years, including legislative and jurisprudential developments, global market expansion, and innovative pathways such as Islamic windows and acquisitions while maintaining its Islamic identity. The symposium will also address Shariah governance, Sharia supervisory boards, and international Sharia standards as a solid foundation for Islamic banking.
Moreover, the discussions will cover critical topics related to the role of Islamic banks in socio-economic development and the future of Islamic banking amidst challenges and promising opportunities.
The symposium’s agenda will include a panel discussion on the role of banking groups in leading the Islamic finance sector and promoting Islamic economic principles. Additionally, there will be two specialized workshops focusing on new governance standards by AAOIFI and mechanisms for developing Islamic financial products through financial engineering tools, in addition to various accompanying activities, such as distributing AlBaraka Forum awards, showcasing new projects, and signing memorandums of understanding.
Al Baraka Group is committed to sponsoring AlBaraka Islamic Economics Symposium annually and providing all necessary support to ensure its success. Over the past decades, the symposium has played a crucial role in establishing and developing the jurisprudential foundations of Islamic banking and economics. It has also served as a scholarly reference for academic research, Shariah committees, and fatwa bodies, thus safeguarding the integrity of Islamic banking in serving societies and contributing to sustainable development.
Launched in 1981, AlBaraka Islamic Economics Symposium has served as a leading platform for Shariah and economic discussions. It has significantly contributed to the advancement of Islamic economic practices from both jurisprudential and technical perspectives. The symposium presents emerging economic issues for deliberation by renowned Islamic scholars and jurists, alongside extensive participation from international financial and economic experts. The goal is to enrich Islamic economic practices by offering fatwas, recommendations, and effective practical solutions.
UAE`s Ministry of Finance Announces the issuance of Cabinet Decision on Determining a Non-Resident Person’s Nexus in the UAE for the purposes of the Corporate Tax Law
The Ministry of Finance has announced the issuance of Cabinet Decision No. 35 of 2025 on the Determination of a Non-Resident Person’s Nexus in the State for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses which replaces the provisions of Cabinet Decision No. 56 of 2023.
The new decision specifies the cases in which a non-resident juridical investor in a Qualifying Investment Fund (QIF) or Real Estate Investment Trust (REIT) is considered to have a nexus in the UAE and is therefore subject to taxation. This follows the issuance of Cabinet Decision No. 34 of 2025 on Qualifying Investment Funds and Qualifying Limited Partnerships for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses.
Under the new decision, a nexus for a non-resident juridical investor in a QIF that breaches the real estate threshold will arise either on the date of the dividend distribution if the QIF distributes 80% or more of its income within nine months from its financial year-end, or the date the ownership interest is acquired, in the case where the QIF fails to distribute at least 80% of its income within nine months from its financial year-end. A nexus will also be created for a non-resident juridical investor in a QIF that fails to meet the diversity of ownership conditions in the tax period in which the failure occurs.
A nexus for a non-resident juridical investor in a REIT will arise either on the date of the dividend distribution if the REIT distributes 80% or more of its income within nine months from its financial year-end, or the date the ownership interest is acquired, in the case where the REIT fails to distribute at least 80% of its income within nine months from its financial year-end.
Other than the above cases, non-resident juridical investors investing exclusively in a QIF and/or REIT will not be considered to have a taxable presence in the UAE. This decision reduces foreign investors’ compliance burdens and reflects the UAE government’s commitment to providing an attractive investment environment for such investors.
Bank NXT Achieves Record Net Profit of EGP 1.77 Billion, Reflecting Robust Performance in 2024
Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt, and a subsidiary of EFG Holding, announced today its financial results for 2024, achieving a record net profit of EGP 1.77 billion, marking an impressive 54% year-on-year growth. Bank NXT’s strong performance in 2024 was fueled by its innovative product offerings and strategic partnerships, aligning with its long-term growth plan to better serve its expanding customer base.
Net interest income surged 54% year-on-year to EGP 3.91 billion, up from EGP 2.54 billion in 2023, while operating profit climbed 37% to EGP 4.9 billion in 2024. This growth was fueled by an expansion in the lending portfolio and rising interest rates throughout the year. The bank’s total lending portfolio grew 43% year-on-year to EGP 32.5 billion, compared to EGP 22.8 billion in the previous year. This was driven by a rise in corporate and institutional loans to EGP 22.2 billion, marking an increase of 45%, and a 37% increase in retail loans to EGP 10.3 billion. Despite challenging economic conditions, the bank maintained a solid capital adequacy ratio of 16.11%, reinforcing its long-term expansion strategy.
Customer deposits grew 34% to EGP 68 billion by December 2024, up from EGP 50.9 billion the previous year, reflecting strong customer confidence in the bank. Total assets increased by 29% year-on-year to EGP 79.4 billion, compared to EGP 61.4 billion in 2023, while total shareholders’ equity grew by 27% to EGP 8.2 billion.
Tamer Seif El-Din, CEO and Managing Director of Bank NXT
Tamer Seif El-Din, CEO and Managing Director of Bank NXT, said: “Our strong financial results in 2024 are a testament to our strategic expansion and our unwavering commitment to meeting customer needs. By broadening our product and service portfolio, we have successfully reached a wider customer base across Egypt, reinforcing our position as a leading financial institution. This achievement would not have been possible without our dedicated team, whose expertise and dedication continue to drive our success. We remain focused on delivering competitive banking solutions that create meaningful value for our clients, shareholders, and the communities we serve.”
“The rebrand to Bank NXT, effective September 30, 2024, marks a transformative step in our journey toward greater innovation and customer-centricity. This evolution is about more than just a new name—it’s a bold statement of our vision for a faster, more efficient, and digitally driven banking experience. With this renewed identity, we are strengthening our market position, integrating cutting-edge banking standards, and leveraging digital advancements to redefine financial services. This is the beginning of an exciting new chapter, built on a foundation of continuous success and sustainable growth,” added Seif El-Din.
To further its product offering, Bank NXT introduced several new products tailored to evolving customer needs. These include the saving account “Super Daily Plus”, offering an exclusive daily Compounding interest rate of up to 20%, free life insurance coverage of up to EGP 1 million, and a complimentary issuance fees for secured credit card against the super daily saving account balance. The Bank also launched a time deposit product with interest in advance with a tenor up to six months, offering a competitive rate 20% paid upfront. Additionally, it introduced a redesigned suite of seven new debit and credit cards, including a co-branded prepaid card in partnership with Valu. The bank’s credit card portfolio saw significant growth, with outstanding balances rising 390% year-on-year to EGP 392 million, compared to EGP 80 million in 2023, while the number of issued credit cards increased by 250%.
As for Digital Services, Bank NXT launched the Internet banking platform and NXT mobile application to enhance the customer’s experience. additionally, the bank expanded cash deposit and withdrawal services for credit cards via Fawry outlets. The bank also introduced the governmental payment services “CPS” for its corporate customers in collaboration with eFinance.
Moreover, the Bank partnered with MindGate Solutions to develop a digital banking platform for corporate clients, set to launch in 2025. The bank also made significant progress in expanding and upgrading its ATM network, increasing the number of ATMs to 115 in 2024, a 27% rise from 2023. The Bank plans to expand this network further, aiming for 190 to 200 ATMs by 2027 as part of its growth strategy, coupled with introducing new services such as Credit card deposit services and card pin management. As part of its strategic expansion, Bank NXT inaugurated three new branches in 2024, located in Madinaty, 6th of October, and Assiut. Additionally, a Digital Transformation Hub (Digital Factory) was launched. Demonstrating its commitment to inclusivity, the 6th of October and Assiut branches are designed to serve customers with special needs. This expansion increases the bank’s branch count to 36, including three Islamic banking branches, with a projected growth of 50 branches by 2027.
In support of SMEs, the bank surpassed the 25% regulatory requirement set by the Central Bank of Egypt. This highlights the bank’s commitment to providing comprehensive financing solutions for businesses at various growth stages.
In line with the financial inclusion strategy and the presidential initiative “A New Beginning for Human Building”, supported by the Central Bank of Egypt, Bank NXT has expanded customer access to banking products and services. The bank has also enhanced financial accessibility for micro-enterprises and self-employed professionals by offering economic accounts and conducting financial literacy sessions.
To ensure inclusive access to banking services, the bank has taken steps to accommodate people with disabilities and the elderly by equipping branches and ATMs accordingly. Additionally, to further promote financial inclusion, the bank introduced a free youth banking package, including a 15+ savings account with no fees or minimum balance, along with free prepaid and debit cards. The Bank also has actively participated in major events such as Qaderoon Beach in Damietta, Al Horreya Club in Port Said, and October University for Modern Sciences and Arts (MSA). Furthermore, in support of visually impaired customers, the bank has printed account opening forms and the CBE brochure in Braille.
Bank NXT places a high priority on actively contributing to achieving the goals of Egypt’s Vision 2030 and the United Nations Sustainable Development Goals (SDGs), with a focus on achieving inclusive economic development by integrating environmental, social sustainability practices, and governance (ESG) principles into all its activities and operational processes, including those of its suppliers. These efforts include promoting digital transformation, as well as designing and developing a comprehensive Environmental and Social Risk Management System (ESMS) to identify, assess, and manage risks associated with these aspects, and working to reduce carbon emissions. These efforts have been reflected in the bank’s carbon footprint report. The bank also places great importance on training employees at all levels on sustainability concepts and enhancing environmental awareness. Additionally, the bank issued its first GRI report this year, which reflects all sustainability activities within the bank to ensure a positive and sustainable impact in the future.
As part of its corporate social responsibility (CSR) initiatives, the Bank continued its contributions to healthcare, education, and social welfare. Through the Bank NXT Foundation for Community Development, it partnered with organizations such as Tahya Misr Fund and Al Orman Association to distribute food supplies to underprivileged families during Ramadan, donating electric wheelchairs to disabled individuals in New Damietta City, and funding the digitization of the Cairo University Faculty of Law Library.
In recognition of its outstanding performance, Bank NXT won several prestigious awards in 2024, including “Transformational Leadership Excellence in Egypt” from the World Union of Arab Bankers (WUAB). Additionally, the bank was named “Best Local Bank” in Egypt by EMEA Finance African Banking Awards 2024.
For the full financial report for the year ended December 31, 2024, and management commentary, please visit the bank’s website. https://www.banknxteg.com
ADNOC Distribution Shareholders Approve H2 2024 Dividend
ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s leading fuel and convenience retailer, today announced shareholder approval of all agenda items at its Annual General Assembly Meeting (AGM), including the shareholder approval of a final cash dividend of $350 million (AED1.285 billion) for the second half of 2024 to be distributed in April 2025. This brings the total annual dividend for 2024 to $700 million (AED2.57 billion), yielding 6.1%, based on the March 25, 2025 closing share price of AED 3.39, in line with the Company’s 2024-28 dividend policy of maintaining annual payouts of $700 million or a minimum of 75% of net profit, whichever is higher.
Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Distribution, said: “Financially, 2024 was another record-breaking year. We delivered against our five-year strategy, achieving significant milestones that strengthened our market position and set the stage for long-term success. For the second consecutive year, our EBITDA surpassed $1 billion, driven by record fuel volumes—which increased by nearly 9%—and sustained non-fuel retail growth, which have allowed us to deliver strong shareholder returns.”
In 2024, ADNOC Distribution unveiled a five-year growth strategy underpinned by commitments to domestic growth, building international platforms, and future-proofing its business. By successfully executing this strategy, the Company achieved a record EBITDA of $1.05 billion (AED3.86 billion) in 2024, a 5% year-on-year increase driven by record fuel volumes, strong non-fuel retail growth, and higher contributions from its operations in Saudi Arabia and Egypt. The 2024 dividend reflects the Company’s ability to generate strong free cash flow, which totaled $756 million (AED2.78 billion) in 2024.
Since its IPO in 2017, the Company has distributed a total of $4.8 billion (AED17.4 billion) in dividends and delivered 92% in total shareholder returns. This year’s dividend distribution of $700 million marks a 3.5x increase from the $200 million distributed in ADNOC Distribution’s first year as a listed company.
Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “ADNOC Distribution is committed to leading the way for the future of mobility and convenience retail, as evidenced by our commitment to expanding our international operations and prioritizing high-growth areas. Throughout 2025, we will continue to drive towards our five-year strategic objectives, including 1,000 service stations across our network, increasing non-fuel transactions by 50%, and expanding our E2GO network to 500 EV charging points across the UAE by 2028. Diversification and innovation are key drivers of our growth.”
BUILDING THE FUTURE OF MOBILITY AND CONVENIENCE RETAIL
In 2025, ADNOC Distribution is targeting installation of approximately 100 additional fast and super-fast EV charging points across the UAE as part of its commitment to future-proofing and building the future of mobility. In the Year of Community, ADNOC Distribution is also exploring new ways to position its service stations as more than just functional stops, redefining them as welcoming spaces at the heart of the communities they serve. The Company aims double the number of properties occupied by top international and regional food and beverage brands by the end of the year, compared to the end of 2023.
By 2028, ADNOC Distribution seeks to grow the number of ADNOC Oasis convenience stores by 25%, increase non-fuel transactions by 50% and scale directly-operated franchise stores to 50 or more locations – a strategy is expected to allow for a 2.5-fold increase in property yield compared to traditional rental agreements. The Company is targeting 1,000 service stations across its network by 2028, and aims to add 40-50 in 2025, with 30-40 of these to be located in Saudi Arabia. In 2024, ADNOC Distribution reached a milestone of 100 service stations in the Kingdom by deploying a smart Dealer-Owned, Company-Operated (DOCO) model. This CAPEX-light, scalable approach involves partnering with local dealers who own service stations, while ADNOC Distribution manages operations. By 2029, ADNOC Distribution targets at least 300 stations across the Kingdom, positioning the Company among the top five fuel and convenience retailers in the Saudi market.
ADNOC Distribution sees strong growth momentum in 2025, with planned CAPEX of $250-300 million. Through AI-driven data analytics and personalized engagement, the Company is is reinforcing its commitment to digital transformation, strengthening its position as the UAE’s leading multi-energy mobility retailer while expanding internationally in a disciplined manner.
EID DEALS TAKE OFF! WIZZ AIR ABU DHABI LAUNCHES FLASH PROMOTION SERIES WITH LIMITED-TIME EID SEASON OFFERS
Wizz Air Abu Dhabi, the ultra-low-fare national airline of the UAE, is rolling out a three-day flash promotion series this week to celebrate the Eid travel season. The exclusive series of promotions will be live each night between 22:00 and 04:00 UAE time, offering incredible savings on selected fares and baggage for a limited time only.
The first offer launches on 25 March, with ten percent off on selected inbound flights to Abu Dhabi. This offer is valid for bookings made during the overnight promotional window and for travel between 26 March and 30 June 2025, available on both the website and the Wizz Air mobile app.
On 26 March, a five percent discount will apply to selected flights to and from Abu Dhabi. Valid for travel between 1 April and 30 June 2025, this deal is available exclusively on the Wizz Air mobile app.
The final night, 27 March, brings up to 15 percent off baggage fees on selected flights to and from Abu Dhabi, for travel between 1 April and 30 June 2025. This offer will also be available on both the website and the Wizz Air mobile app.
These time-limited deals come as Wizz Air Abu Dhabi continues to expand its network and encourage spontaneous, affordable travel across the region. The flash promotion series reflects the airline’s ongoing commitment to providing exceptional value to travellers flying through the UAE capital during the busy spring and Eid holiday period.
For bookings and more information, visit www.wizzair.com or download the Wizz Air mobile app, also available in Arabic.
As a key contributor to Abu Dhabi’s sustainable tourism growth, Wizz Air Abu Dhabi offers ultra-low-fare travel to an expanding network of destinations, including Alexandria (Egypt), Almaty (Kazakhstan), Amman (Jordan), Baku (Azerbaijan), Beirut (Lebanon), Belgrade (Serbia), Bishkek (Kyrgyzstan), Cairo (Egypt), Cluj (Romania), Dammam (Saudi Arabia), Gabala (Azerbaijan), Kutaisi (Georgia), Larnaca (Cyprus), Male (Maldives), Madinah (Saudi Arabia), Astana (Kazakhstan), Samarkand (Uzbekistan), Sarajevo (Bosnia), Sohag (Egypt), Tashkent (Uzbekistan), Turkistan (Kazakhstan), Tirana (Albania), Varna (Bulgaria), and Yerevan (Armenia) among others.
Seviora Group expands international footprint with the opening of its first office in the Middle East
Seviora Group, a leading Asia-based asset management group with US$54 billion of assets under management1 and headquartered in Singapore, has announced the establishment of its Middle East office in the ADGM. The new office, coupled with Seviora’s existing offices in Singapore, India, China and Indonesia, will contribute to the expansion of the company in Asia and beyond, allowing it to better develop and offer bespoke investment solutions, co-investment opportunities and strategic partnerships to sovereign wealth funds, pension funds, global banks and family offices.
Seviora Group offers a gateway to Asia’s most compelling investment opportunities, deepening access to the world’s most dynamic markets whilst delivering differentiated investment and financing solutions across public and private markets. With investment capabilities spanning private credit, private equity, liquid and semi-liquid strategies, traditional active and liquidity
management solutions, Seviora has over 210 multi-disciplinary investment professionals across its five asset management companies (AMCs).
To lead its Middle East operations, Seviora has appointed Sadiq Hussain as its Senior Executive Officer for its Abu Dhabi Office. With a distinguished career spanning global asset management and investment banking, Sadiq brings deep expertise in capital markets, institutional partnerships, and regional investment strategies. His experience at leading financial institutions and strong network within the Middle East position Sadiq very well to drive Seviora’s growth and engagement in the region. Under his leadership, Seviora aims to deepen its partnerships with key investors and
stakeholders, and contribute to the region’s financial ecosystem.
Jimmy Phoon, CEO of Seviora Group, commented: “As we continue to scale up Seviora’s presence, we’re embarking on several partnerships to drive interest into Asia and beyond. The opening of our new office in Abu Dhabi marks a major step in our international expansion and highlights the strategic importance of the Middle East in our growth plans. This move paves the way For further successful partnerships with local investors to meet their rapidly evolving needs. By investing its own capital alongside its clients, Seviora is fully aligned with clients on investment outcomes.
Sadiq Hussain, Senior Executive Officer at Seviora Middle East, commented:
“Seviora’s expansion into Abu Dhabi is a critical component in its growth trajectory and engagement with the region. ADGM offers a world-class environment that fosters innovation, investment and financial services pedigree, and long-term value creation. I look forward to driving our regional strategy and deepening our engagement with institutional investors.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, remarked: “We are delighted to welcome Seviora Group to ADGM, further cementing Abu Dhabi’s reputation as a trusted global financial centre. Seviora’s establishment of its regional headquarters in ADGM reflects our growing international appeal and the continued expansion of our global network. Our recent engagements in key global markets, including Singapore, have strengthened our position as a leading destination for businesses seeking growth and innovation. We look forward to supporting Seviora in unlocking growth opportunities across the region and fostering strategic partnerships that will drive long-term value.
