SABIC, a global leader in the chemical industry, today introduced BLUEHERO™, an expanding ecosystem of materials, solutions, expertise and programs aimed to help accelerate the world’s energy transition to electric power and support meeting global goals on climate change. The company’s starting point with BLUEHERO is support of the automotive industry’s mission to create better, safer and more efficient electric vehicles (EVs), with an emphasis on improving structural battery components with unique flame retardant materials and solution development expertise.
The automotive industry is leading the charge in moving toward new, more sustainable mobility systems. This includes a major shift towards battery powered EVs, which can convert over 77 percent of electricity into movement compared to only 12 to 30% for vehicles with internal combustion engines. In addition to this high performance, EVs also emit no tailpipe pollutants and are typically responsible for significantly fewer greenhouse gas emissions during operation – enabling important contributions to meeting global goals on climate change.
“With our strategic BLUEHERO initiative, we have vigorously committed to invest in, develop and deliver material solutions that can support the transition to electric power, drive down emissions and help address climate change,” said Abdulrahman Al-Fageeh, SABIC’s executive vice president for Petrochemicals. “Our decision to initially focus on automotive reflects the urgency of making progress in that space and the strengths we already have with established materials and capabilities that can allow us to support the shift to electric vehicles and contribute to a low carbon future. With BLUEHERO, aligned with our purpose of delivering ‘Chemistry that Matters™’ and shaping a more sustainable future, we are bolstering our position to develop and deliver impactful solutions that the industry requires to collectively and heroically move us ever closer to a clean air economy.”
SABIC provides cost-effective and technologically advanced thermoplastics – which can offer significant advantages over conventional materials (metals) – to help the automotive industry further enhance the performance of EVs. For example, using plastics in EV battery, electrical and charging components can deliver multiple benefits: reduced weight and system complexity, extended driving range, expanded design freedom, streamlined manufacturability, recyclability, and enhanced thermal management and occupant safety.
SABIC’s new BLUEHERO electrification initiative also leverages specific knowledge and expertise around large part molding, compression molding, advanced injection molding and polymer flame interaction to help support customers with solutions that can meet critical requirements and enable efficient production.
The company expects to strengthen and expand its thermoplastic offering to help enable electrification with the elevated focus and new investments that will become available under BLUEHERO.
“Transitioning from vehicles based on internal combustion engines to electric propulsion is not a simple, linear process,” said Abdullah S. Al-Otaibi, general manager, ETP & Market Solutions, SABIC. “In fact, a successful shift will require a willingness to forgo many traditional materials and deep-rooted design, engineering and manufacturing methods. Through the BLUEHERO initiative, our team is following a holistic systems engineering approach in their work with the industry – enabling customers to optimize EV battery systems more efficiently using thermoplastics.”
An integral element of SABIC’s BLUEHERO ecosystem is its global team of engineers, research fellows and scientists. This team is harnessing its established and growing expertise in design, testing and data generation for EV batteries and related applications to problem solve and overcome current limitations. As part of its work, the team collaborates with customers, development partners and others across the value chain, from OEMs and tiers to tooling suppliers and testing agencies.
With promising opportunities for the world to employ electric technologies, SABIC anticipates expanding the focus and scope of its BLUEHERO initiative to help support efforts in additional sectors. Those could potentially include energy storage, charging infrastructure, other modes of transport and industrial and consumer equipment.
Aramco and Cognite, a global leader in industrial software, have launched CNTXT, a joint venture based in the Kingdom of Saudi Arabia. Headquartered in Riyadh, CNTXT aims to support the Kingdom’s industrial digitalization, and the wider MENA region.
CNTXT will provide digital transformation services enabled by advanced cloud solutions and leading industrial software. These solutions and services aim to help public and private sector companies to future-proof their data infrastructure, increase revenue, cut costs and reduce risks while enhancing operational sustainability and security. CNTXT is Google Cloud’s reseller for cloud solutions in the Kingdom and the exclusive reseller of Cognite Data Fusion in MENA region. Additionally, Google Cloud is expected to launch a “Center of Excellence” later this year to provide training to developers and business leaders in how to use cloud technologies.
Led by Abdullah Jarwan, appointed CEO of CNTXT, and a management team of local and international talent, CNTXT plans to significantly grow the team this year in hopes to become the top tech employer in the Kingdom.
The launch of CNTXT is a major milestone in the collaboration between Aramco and Aker ASA, the majority owner of Cognite. The partnership began in 2019, with the signing of a Memorandum of Understanding (MoU) to develop synergies and share knowledge on industrial digitalization and sustainability initiatives.
Ahmad A. Al-Sa’adi, Aramco Senior Vice President, Technical Services, said: ‘’CNTXT brings together industrial legacy, advanced technology, and a truly talented team that will aid in the digitalization of public and private sectors in the Kingdom. CNTXT aims to be an important catalyst of digitalization of the Kingdom.”
Øyvind Eriksen, President of Aker ASA and Chair of the Cognite Board of Directors, said: “CNTXT will be an important vehicle for driving profitability and sustainability of the Kingdom’s industries through innovative use of technology. I look forward to seeing the company accelerate the digital transformation of the most important sectors in the region.”
“The untapped potential in the digital transformation of the Kingdom of Saudi Arabia and the greater Middle East is enormous. With Google Cloud and Cognite offerings in our portfolio, we can help the public and private sectors innovate faster, scale AI-driven solutions, and turn data into value.” Said Abdullah Jarwan, CEO of CNTXT.
“Businesses all around the world turn to Google Cloud to enable growth and help them solve their most business-critical challenges. With CNTXT as Google Cloud’s reseller in the Kingdom, we will be leveraging the latest technologies and decades of expertise to help businesses grow and develop safely and securely,” said AbdulRahman Al Thehaiban, Managing Director, Middle East, Turkey and Africa, Google Cloud.
Media contact information
All media enquiries are handled by Saudi Aramco’s Corporate Communications Department, Dhahran, Saudi Arabia.
Agreements on AED21 Billion of these manufacturing opportunities signed with UAE and international companies at the Make it in the Emirates Forum
Products identified that could be manufactured locally will be purchased by ADNOC between 2022-2030 as it expands its operations
ADNOC is creating long-term opportunities in the UAE’s manufacturing sector and reinforcing its role as a critical engine for the country’s industrial growth
Abu Dhabi – June 21, 2022: Abu Dhabi National Oil Company (ADNOC) announced today, it has identified AED70 billion ($19 billion) worth of products in its procurement pipeline that could be manufactured locally. Out of this value, ADNOC signed agreements for local manufacturing opportunities worth AED21 billion ($5.7 billion) with UAE and international companies at the Make it in the Emirates Forum taking place in Abu Dhabi.
The agreements will see the companies set up and expand manufacturing facilities in the UAE as well as jointly explore with ADNOC the potential for new investments in local manufacturing.
The local manufacturing opportunities comprise of over 100 products which will be utilized across ADNOC’s full value chain as it expands its operations to cater for growing global energy demand. ADNOC aims to purchase these products between 2022 and 2030 and is inviting the private sector to take advantage of this pipeline and invest in the UAE’s manufacturing sector to produce the products locally.
His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: “ADNOC is reinforcing its role as a critical engine for the UAE’s industrial growth as we expand our operations to responsibly cater for the world’s growing energy demand. In line with the UAE Leadership’s wise directives and our national industrial strategy, ADNOC is creating multiple long-term domestic manufacturing opportunities for the private sector, through our robust procurement pipeline. We invite local and international manufacturers to take advantage of these opportunities and join the UAE in our industrial growth journey as we strengthen the resilience of our supply chains, enhance economic self-sufficiency and deliver lasting value.”
The products identified with local manufacturing potential are spread over drilling; mechanical and heating ventilation and airconditioning (HVAC); technology; piping, fittings and valves; electric submersible; instruments, control and telecom; maintenance, repair and operations; chemicals; electrical; and offshore architecture. Companies interested in finding out more details can visit www.adnoc.ae/suppliers or contact icv@adnoc.ae.
The signed agreements include a strategic collaboration agreement with India’s Intech Organics to explore manufacturing calcium and sodium bromide in the UAE for the first time; framework agreements with Schlumberger and Independent Technical Services (ITS) on local manufacturing and assembly of electric subemersible pumps and its components; a strategic collaboration agreement with MaxTube Saje for local manufacturing of glass reinforced epoxy (GRE) lining of various metallic tubular products including production tubing; a strategic collaboration agreement with NOV-Tuboscope on evaluating the localization of GRE-lined production tubing; and a strategic collaboration agreement with Soluforce on setting up local manufacturing facility for reinforced thermoplastic pipes and non-metallic solutions, amongst others.
ADNOC is also driving the UAE’s industrial growth through the expansion of its downstream business. The TA’ZIZ Industrial Chemicals Zone, ADNOC’s joint venture with ADQ, will produce new industrial chemicals in the UAE for the first time, replacing chemicals currently imported, while also exporting to meet growing demand for these chemicals globally. ADNOC has already welcomed major local and international partners and investors into the TA’ZIZ Industrial Chemicals Zone.
Building on this success, ADNOC signed expressions of interest with over 20 investors in the TA’ZIZ Light Industrial and Services Zones at the Make it in the Emirates Forum. The TA’ZIZ Light Industrial and Services Zones will house an ecosystem that will convert the chemicals produced in the TA’ZIZ Industrial Chemicals Zone into consumable products and host companies providing industrial services to TA’ZIZ and the Ruwais Industrial Complex.
The Make it in the Emirates Forum is hosted by the Ministry of Industry and Advanced Technology (MoIAT) in conjunction with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC. The forum is bringing together the largest industrial companies from across the UAE to share their procurement plans and detail how these translate into local manufacturing and investment opportunities.
If you are looking to save on fuel and more, Yes Rewards Programme has got you covered! The fuel rewards programme brought to you by ENOC Group enables customers to earn points and rewards when paying for fuel, automotive services or for purchasing convenience store products and groceries; across ENOC’s and EPPCO service station network.
All you need to know about the Yes Rewards Programme:
The ‘Yes’ rewards programme offers customers instant rewards via the ‘Yes’ rewards app.
Customers can earn and redeem points instantly on every purchase by downloading the ‘Yes’ app to earn points across all ENOC outlets; including ENOC/EPPCO service stations, ZOOM, AutoPro, Quick Oil Change, Car Wash, Tasjeel, and more.
Customers can also benefit from discounts across Dining, Beauty, Health & Wellness and Getaways.
Customers can collect as well as redeem points at any ENOC retail outlet.
Offering convenience and full flexibility, fuel transactions can be linked by sharing a one-time pin with the attendant.
Exclusive offers only available on the Yes Rewards app
‘Yes’ members receive e-coupons, e-vouchers, discounts and point-based offers directly on the app which can be used across any ENOC/EPPCO service station.
The ‘Yes’ app is available in AppStore for iOS or Google Play for Android devices and Huawei app gallery Enjoy rewards every day at ENOC’s 174 service stations, 247 Zoom stores, 28 Tasjeel sites and 47 AutoPro outlets.
Shareholders have been able to elect to receive their dividends in US dollars, euros or pounds sterling. Holders of ordinary shares who have validly submitted US dollars, euros or pounds sterling currency elections by June 7, 2022 will be entitled to a dividend of US$0.25, €0.2346 or 20.01p per ordinary share, respectively.
Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros at the euro rate per ordinary share shown above. Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling, at the pound sterling rate per ordinary share shown above.
Euro and pounds sterling dividends payable in cash have been converted from US dollars based on an average of market exchange rates over the three dealing days from June 8 to June 10, 2022.
This dividend will be payable on June 27, 2022 to those members whose names were on the Register of Members on May 20, 2022.
Taxation – cash dividend
With Shell’s tax residence moved to the UK, dividends paid to shareholders on their ordinary shares will not attract Dutch dividend withholding tax. This means that holders of the former A shares receive their dividends in full as Dutch dividend withholding tax is no longer withheld on these dividends. Holders of the former B shares receive their dividends directly from Shell as these dividends will no longer be paid through the Dividend Access Mechanism.
If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor.
Note
A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.
Cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
Forward-Looking Statements
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2021 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, June 13, 2022. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.
Shell’s net carbon footprint
Also, in this announcement we may refer to Shell’s “Net Carbon Footprint” or “Net Carbon Intensity”, which include Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Footprint” or “Net Carbon Intensity” are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s net-Zero Emissions Target
Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Footprint (NCF) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCF target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Forward Looking Non-GAAP measures
This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The contents of websites referred to in this announcement do not form part of this announcement.
We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of a Member State
PRESS RELEASE. Bratislava, Slovakia/June 21, 2022 — Mangata, the community-driven DEX looking to solve some of the biggest problems facing the global crypto market, has raised a $4.2 million equity round, valuing the company at $60 million, shortly after the launch of its first blockchain on the Kusama network.
Returning investors Altonomy, Polychain, and TRGC took part in the strategic round, and were joined by new investors including FMFW.io, Signum Capital, Headline, Figment, ZMT Capital, AngelDAO, and Paribu Ventures.
FMFW.io’s mission to empower people all over the world to trade cryptocurrency with ease and confidence, and even its slogan, “Free the Money, Free the World,” puts the crypto exchange’s ambitions firmly in line with Mangata’s. Recently rebranded FMFW.io enjoys widespread name recognition in the cryptosphere.
“The mission of FMFW.io is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals,” said Danish Chaudhry, FMFW.io CEO
“Altonomy believes in Mangata’s efforts around connecting major blockchains, improving security for traders, and helping reduce fees by eliminating gas from the equation, which is why we returned for a second round of funding,” says Altonomy Director Ricky Li.
Mangata offers easy and secure decentralized trading for Polkadot and Ethereum and is the first production-ready Layer-1 DEX blockchain that prevents dominant forms of price manipulation and maximal extractable value (MEV). Other blockchains are vulnerable to front-running bots that steal from traders right under their noses, but Mangata DEX stops them on the consensus layer with a new block production method, Themis architecture, which makes front-running next to impossible.
The network is secured through its unique Proof of Liquidity mechanism, which reuses liquidity to ensure chain security. This helps create deeper liquidity pools, increases capital efficiency, and allows stakers to be rewarded twice. Mangata deliberately does not support smart contracts, which further shields it from malicious actors or bots.
Other blockchains are notorious for high gas fees. One of Mangata’s greatest value propositions is eliminating gas from the swaps equation entirely, allowing for new strategies like Dollar-cost averaging and resulting in faster settlement at no additional cost. With their novel algorithmic buy & burn the token price will connect with the success of the protocol. The way the blockchain is designed ensures fixed fees while providing greater control over trading costs and increased opportunities for arbitrage.
“Mangata’s unique Proof-of-Liquidity mechanism raises the bar on chain security and staking rewards, and our no-gas economy does away with slow, expensive settlements rampant on other blockchains. This latest round of funding will enable us to continue our mission to create a better crypto market for everybody, within the Polkadot ecosystem and beyond” says Mangata CEO Peter Kris.
About Mangata Finance
Mangata is a next-generation DEX that makes tokens from all ecosystems tradable on a single exchange. It features gasless swaps, prevents front-running and MEV without additional fees, and secures the network with the revolutionary proof-of-liquidity consensus. As a Layer 1 app-chain, it is not bound by legacy restrictions and can optimize from the ground up for capital efficiency and fairness. Mangata X is THE upcoming Kusama DEX that broke records when closing its crowdloan within 50 minutes.
Follows successful roll out of Daman’s ‘Thiqa’ Early Payment Scheme, now extended to ‘Abu Dhabi Basic’ and ‘Enhanced’ health insurance plans’ claims
Option for early payments through Emirates NBD’s digital Supply Chain Finance solution (smartSCF) to support Daman’s entire medical network
Abu Dhabi, 15 June 2022: Designed to support businesses operating in the United Arab Emirate’s vital healthcare sector, the National Health Insurance Company – Daman, and Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region have announced the launch of a new financing initiative providing an ‘Early Payment Scheme’ to Daman’s extensive UAE medical network.
Daman’s ‘Early Payment Scheme’ leverages Emirates NBD smartSCF, a fully automated intuitive supply chain financing solution benefiting around 2,000 medical facilities with an option for early payment of their invoices at an attractive financing rate. SmartSCF’s digital solution will facilitate Daman to quickly onboard its extensive medical network and will integrate with Daman’s systems to support mass claim processing in a seamless manner.
The initiative follows the successful roll out of the ‘Thiqa’ Early Payment Scheme and has been extended to include claims on ‘Abu Dhabi Basic’ and ‘Enhanced’ health insurance plans, thus making all claims from medical facilities on the UAE’s largest health insurer’s entire network eligible for early payment.
The initiative is of significant benefit to the UAE’s overall healthcare sector as the scheme covers up to AED 4 billion worth of claims eligible for early payment. Medical facilities enrolled in the scheme will benefit from enhanced cash flows, improved operational capabilities and real-time granular visibility of their payment status through interactive dashboards on smartSCF. SME medical facilities, in particular, will benefit from the easy access to liquidity via the scheme and be able to contribute towards the sustainable long-term growth of the economy.
Medical facilities opting for the scheme will benefit from a faster turnaround time for claim payment compared to the industry norm of 30 to 45 days.
Commenting on the announcement, Hamad Al Mehyas, Chief Executive Officer of the National Health Insurance Company – Daman, said: “We are pleased to be partnering with Emirates NBD as one of the MENAT region’s leading banking groups for the launch of this scheme which is set to enhance the investments and operational capabilities of partner medical facilities. The initiative is a testament to Daman’s commitment to its partners who serve as a vital backbone of support to the community. In this period of the healthcare industry’s global evolution, owed to logistical challenges of the pandemic, it is imperative that we facilitate options for businesses to power the future of their operations.”
Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Bankingat Emirates NBD, said: “We are proud to collaborate with Daman to offer a digital supply chain finance solution that benefits businesses operating in the vital healthcare sector and the wider UAE community. Our smartSCF solution streamlines and simplifies supply chain collaborations by infusing liquidity in the supply chain and unlocking working capital. As the corporate bank of choice for the UAE’s leading businesses, we are delighted to contribute to initiatives that ensure the success of sectors that are vital contributors to the future economy.”
Strong growth in net operating revenues of 11% YoY to reach to AED 2.5 billion.
Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE and the second largest Islamic bank in the world, today announced its results for the period ending March 31, 2022.
First Quarter 2022 Highlights:
Significant growth in Group Net Profit of 58% YoY to AED 1,345 million vs AED 853 million last year. The strong growth was driven by lower impairments as well as a stronger top line growth.
Net financing and sukuk investments grew by 3% to AED 235.1 billion compared to AED 228.5 billion in 2021.
Gross new financing of nearly AED 16 billion YTD driven by strong growth of wholesale bookings on the back of improved economic outlook.
Net Operating Revenues showed a robust growth of 11% YoY to AED 2,467 million vs AED 2,226 million in same period of last year.
Steady growth of 6% YoY led to total income of AED 3,016 million compared to AED 2,847 million in Q1 2021.
Net Operating Profit reached AED 1,770 million, a strong increase of 10% compared to AED 1,614 million in same period of last year.
Strong balance sheet growth of 3% YTD to reach AED 287.2 billion supported by significant volume growth and new underwriting against improved operating conditions and recovering economic environment.
Customer deposits remained steady at AED 204.5 billion with CASA increasing by 3.2% to AED 92 billion. CASA now forms 45% of the customer deposit base.
Significantly lower impairment losses of 44% YoY to AED 417 million against AED 751 million in previous year demonstrate the improving asset quality.
NPF ratio on a downward trend at 6.7% (-10bps YTD) compared to 6.8% in 2021, with absolute NPFs decreasing as well.
Cost income ratio at 28.3% a rise of 150bps YTD. Operating Expenses increased by of 14% YTD now reaching to AED 698 million.
Liquidity remains healthy with finance to deposit ratio of 93% and LCR of 123%.
Continued healthy improvements on ROA now at 1.9% (+35bps YTD) and ROTE at 16.2% (+320bps YTD).
Capitalization levels remain robust with CET1 at 12.8% (+40bps YTD) and CAR at 17.5% (+40bps YTD), both well above the minimum regulatory requirement. Total equity now stands at AED 40.8 billion.
Management’s comments for the period ending 31st March 2022:
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank
Living in a rapidly evolving world and amidst ongoing international headwinds with a slower growth outlook, the UAE remains resilient growing from strength to strength with a forecast of over 4% for the year as per IMF. The continuous growth is a reflection of the UAE’s economic diversity and competitiveness which remains steadfast and on track to double the size of the country’s economy by 2030. The banking sector continues to demonstrate steady growth YoY as DIB’s Q1 earnings return back to pre-pandemic levels.
Despite on-going unpredictable economic and international market conditions that are impeding progress, the bank’s total income of more than AED 3 billion reflects a 6% YoY growth and the balance sheet rising by 3% YTD reflecting its alignment towards the expansionary agenda of the UAE’s economy. DIB continues to transform into a more digital-focused and sustainable financial institution to future proof its business and unlock further growth opportunities in the market that will deliver stronger shareholder value in the years to come.
Dr. Adnan Chilwan, Group Chief Executive Officer
DIB’s strong set of first quarter results with net profit growing by 58% YoY to reach to AED 1.3 billion is a demonstration of the bank’s ability to navigate through economic headwinds. I am pleased to state that we have successfully redefined our priorities in the post covid world with the launch of our new 5-year strategy at the beginning of the year. Supported by stronger operating revenue growth of 11% YoY and significant decline in impairments of -44% YoY, the bank’s financial position clearly denotes the resilience of the franchise and its inherent capability of withstanding market challenges.
Our net financing and sukuk investments reflect a robust growth of 3% YTD to reach to AED 235 billion. This increase was supported by strong new underwriting and bookings during the quarter as part of the bank’s strategy to deliver balance sheet growth and target previously untapped customer segments. Our excess liquidity continues be utilized in building a high quality sukuk book earning a strong average return of around 4%.
Persistent efforts on proactively managing credit underwriting and asset quality trends have led to NPF improving by 10bps YTD to reach 6.7%. We will continue to grow coverage over the period in the coming quarters to align with our guidance for the year.
With a strong balance sheet and P&L growth during the period, our profitability ratios demonstrated healthy improvements with ROA now at 1.9% (+35bps YTD) and ROTE at 16.2% (+320bps YTD). The improving macro environment with higher oil prices coupled with rising rates will continue to benefit DIB where the majority of earning assets are in a floating rate book, aiding the bank in reaching its targeted margin guidance for the year.
Financial Review:
Income statement summary
Balance Sheet Summary
Operating Performance
The bank’s total income reached to AED 3,016 million demonstrating a growth of 6% YoY compared to AED 2,847 million in same period of last year following a more positive operating environment and improved business confidence. The improved sentiments were largely driven by recovering economic activities as a result of the successful hosting of the World EXPO 2020 and high vaccination rates. Net Operating Revenue had a solid growth of 11% YoY to reach to AED 2,467 million compared to AED 2,226 million last year.
Pre-impairment profit during the year increased by 10% YoY reaching to AED 1,770 million compared to AED 1,614 million. With prudent risk management and quality underwriting, the bank was able to achieve significantly lower impairment charges amounting to AED 417 million vs AED 751 million last year, an improvement of 44% YoY.
Operating expenses reached AED 698 million vs AED 612 million, with cost to income ratio now at 28.3%, still aligned to guidelines.
As a result, the bank’s Group Net Profit significantly grew strongly by 58% YoY to reach to AED 1,345 million vs AED 853 million.
Net profit margin increased to 2.7% (+10bps YTD) on the back of a rising rate environment with ROA and ROTE at a healthy 1.88% and 16.2% respectively.
Balance Sheet Trends
Net financing & Sukuk investments stood at AED 235.1 billion, a rise of 3% YTD from AED 228.5 billion in 2021. The bank witnessed a strong growth of gross new financing of nearly 16 billion YTD driven by robust growth in new corporate financing of nearly AED 12 billion and new consumer financing of AED 4 billion during the first quarter of the year. Sukuk investments saw an increase of 6% YTD to reach to AED 44 billion.
Customer deposits stood at AED 204.5 billion at the end of the first quarter with CASA increasing by 3.2% to AED 92.9 billion now representing 45% of deposits. Liquidity coverage ratio (LCR) at 123% remains well above regulatory requirement with finance to deposit ratio of 93.3% depicting a healthy and comfortable liquidity position.
Non-performing financing (NPF) ratio saw an improvement of 10bps YTD to 6.7% during the quarter indicating an improving asset quality position following strong risk management controls and improving economic conditions. The above has led to a Cash coverage ratio of 73% and overall coverage including collateral at 103% both rising by 100bps YTD. Cost of risk on gross financing assets continue to be on a downward trend and now stands at 69 bps compared to 99 bps in year-end 2021, an improvement of 30 bps during the quarter.
Capital ratios continue to remain strong with CAR now at 17.5% and CET 1 ratio at 12.8%, both well above the regulatory requirement.
Key Business Highlights
DIB successfully issued a landmark USD 750 million 5-year Sukuk with a profit rate of 2.74% per annum. The deal represents the first Sukuk from the United Arab Emirates in 2022, paving the way for other issuers to access the international Sukuk market. DIB continues to be the leader in Islamic finance, with an established and strong investor following from Europe, Asia and the Middle East. Despite investor concerns around the global interest rate environment, DIB successfully priced its Sukuk with no new issue premium which is testament to the bank’s strong credit profile and sound business strategy.
In line with the organization’s overall strategy, the Consumer Banking business launched the 5-year Customer Experience (CX) Strategy for 2022-2026. The strategy is based on 4 primary pillars namely (1) culture/mindset Shift (2) Inter-connected experiences (3) customer education and awareness and (4) measurement, insight and governance.
DIB became an official member bank of UAE Trade Connect (UTC), a ‘cloud native’ solution running on Etisalat’s E1 Cloud, built around artificial intelligence capabilities. The technology provides DIB and other UAE banks with a decentralised, immutable, and completely transparent way of organising data that reduces the risk of fraudulent transactions. The benefits that UTC deliver will not only serve to protect DIB’s customers and the wider banking system but also enhance global trade. It is a milestone in the digitisation space that has the capacity to make trade financing more accessible, affordable and equitable. DIB is focused on providing value-added transaction banking solutions and look forward to supporting clients in the safest way possible.
As part of DIB’s commitment to ESG, the bank has partnered with KFI Global, a leading provider of financial education for younger generations, to launch an intensive camping to own the financial education space in the UAE, especially for Gen Z. The aim of this strategic partnership is to allow teens and young adults (Gen-Z & Gen-Alpha) to insights and knowledge towards financial knowledge, behaviour and attitude which play a more important role in getting them to handle money smartly and responsibly. The partnership was established in line with the bank’s purpose to instil simplicity and convenience in its offerings. The successful campaign empowered over 2000 students, across 23 educational institutions with financial knowledge delivered over 205 hours of sessions, during the first quarter of 2022. The bank is dedicated to its commitment of inculcating financial literacy in the UAE youth and further generations to come.
On Friday, June 17, at 5 a.m. PDT, the updated 13-inch MacBook Pro with M2 will be available to customers to order on apple.com, the Apple Store app, and through Apple Authorized Resellers, and will start arriving to customers worldwide on Friday, June 24. The 13-inch MacBook Pro is supercharged by the new M2 chip, which begins the next generation of Apple silicon and takes the breakthrough capabilities of M1 even further. It features incredible performance, up to 24GB of unified memory, ProRes acceleration, and up to 20 hours of battery life,1 all in a compact design. The 13-inch MacBook Pro with M2 joins the even more powerful 14- and 16-inch MacBook Pro with M1 Pro and M1 Max to round out the strongest MacBook Pro lineup ever. With even more performance and capabilities than before, the 13-inch MacBook Pro starts at $1,299 and $1,199 for education.
Apple’s Most Portable Pro Notebook Gets Even Better with M2
Users love the compact design of the 13-inch MacBook Pro, and now with M2, it gets even more performance and capabilities. It features a next-generation 8-core CPU with advancements in both performance and efficiency cores, along with Apple’s next-generation GPU, which now has up to 10 cores — two more than M1. And with its active cooling system, MacBook Pro is designed to sustain pro performance for those with more demanding workflows.
For users working with RAW images in apps like Affinity Photo, the 13-inch MacBook Pro is nearly 40 percent faster than the previous generation,2 and up to 3.4x faster for users who are upgrading from a model without Apple silicon.3 Playing graphics-intensive games like Baldur’s Gate 3 is also nearly 40 percent faster than the previous generation,2 and up to 3.3x faster for customers upgrading from a model without Apple silicon.3
The 13-inch MacBook Pro with M2 also supports up to 24GB of fast unified memory — along with 50 percent more memory bandwidth — making multitasking and working with large assets super fluid. Designed to dramatically speed up video workflows, MacBook Pro includes support for ProRes encode and decode, so users can play back up to 11 streams of 4K and up to two streams of 8K ProRes video.4 Additionally, users can convert their video projects to ProRes nearly 3x faster than before.2 The 13-inch MacBook Pro with M2 also delivers phenomenal battery life with up to 20 hours of video playback. With the incredible performance of M2, up to 24GB of memory, ProRes acceleration, and great battery life, Apple’s most portable pro notebook is better than ever.
Featuring macOS Monterey
With macOS Monterey, the 13-inch MacBook Pro includes Continuity tools like Universal Control that make it easy for users to work effortlessly across Mac and iPad. FaceTime includes Portrait mode and Spatial Audio to make calls feel more natural and lifelike, and SharePlay enables Mac users to have shared experiences through FaceTime.5 Live Text and Visual Look Up use intelligence to surface useful information, Safari includes powerful tab organization with Tab Groups, and Shortcuts brings the ease of automation to the Mac.
Coming this fall, macOS Ventura will take full advantage of M2, delivering new features including Stage Manager, powerful new capabilities with Continuity Camera, and Handoff coming to FaceTime. macOS Ventura also includes big updates to Safari, Mail, Messages, Spotlight, and more.
Better for the Environment
The updated 13-inch MacBook Pro is minimizing its impact on the environment, now using 100 percent recycled rare earth elements in the enclosure magnets, and 100 percent recycled tin in the solder of the main logic board. The 13-inch MacBook Pro remains free of numerous harmful substances, meets Apple’s high standards for energy efficiency, and uses wood fiber in the packaging that comes from recycled sources or responsibly managed forests. Today, Apple is carbon neutral for global corporate operations, and by 2030, plans to have net-zero climate impact across the entire business, which includes manufacturing supply chains and all product life cycles. This means that every Mac Apple creates, from design to manufacturing, will be 100 percent carbon neutral.
Pricing and Availability
The 13-inch MacBook Pro will be available to order worldwide on Friday, June 17, on apple.com/store, in the Apple Store app, and Apple Authorized Resellers. It will begin arriving to customers, and will be in select Apple Store locations and Apple Authorized Resellers, on Friday, June 24.
The 13-inch MacBook Pro with M2, available in silver and space gray, starts at $1,299 (US) and $1,199 (US) for education. Additional technical specifications are available at apple.com/macbook-pro-13.
Every customer who buys a Mac from Apple can enjoy a free Online Personal Session with an Apple Specialist, get their product set up in select stores including help with data transfer, and receive guidance on how to make their new Mac work the way they want.
Customers in the US get 3 percent Daily Cash back when they buy directly from Apple with Apple Card. And when they choose Apple Card Monthly Installments, they can pay over time, interest-free.
With Apple Trade In, customers can trade in their current computer and get credit toward a new Mac. Customers can visit apple.com/shop/trade-in to see what their device is worth.
AppleCare+ for Mac provides expert technical support and additional hardware coverage from Apple, including up to two incidents of accidental damage protection every 12 months, each subject to a fee.
Users can personalize their Lock Screen, keep family photos in iCloud Shared Photo Library, recall sent messages, schedule mail, and discover more with Live Text and Visual Look Upn
CUPERTINO, CALIFORNIA Apple today previewed iOS 16, delivering the biggest update ever to the Lock Screen, and new sharing, communication, and intelligence features that together change the way users experience iPhone. iOS 16 introduces iCloud Shared Photo Library to seamlessly share a collection of photos with family, updates to Messages and Mail that help users stay in touch with ease, and powerful enhancements to Live Text and Visual Look Up.
“iOS 16 is a big release with updates that will change the way you experience iPhone,” said Craig Federighi, Apple’s senior vice president of Software Engineering. “We have reimagined how the Lock Screen looks and works with exciting new features that make it more personal and helpful, introduced iCloud Shared Photo Library for families, streamlined communication through new capabilities in Messages and Mail, and harnessed enhanced intelligence with updates to Live Text and Visual Look Up.”
A Personalized Lock Screen Experience
The Lock Screen gets more personal, beautiful, and helpful with iOS 16. With a new multilayered effect, the subjects of photos are artfully set in front of the time on the Lock Screen, creating a sense of depth. Users can also change the look of the date and time with expressive type styles and color choices.
The Lock Screen features widgets that take inspiration from Apple Watch complications, making it easy to get information at a glance, such as upcoming calendar events, the weather, battery levels, alarms, time zones, Activity ring progress, and more.
A new Lock Screen gallery features a range of options for inspiration, such as Apple collections, which include Pride and Unity to celebrate special cultural moments; a Weather wallpaper to see live weather conditions as they change throughout the day; and an Astronomy wallpaper for views of the Earth, moon, and solar system. Users can also create Lock Screens using their favorite emoji or color combinations. With multiple Lock Screens, users can switch between their favorites with just a swipe.
Live Activities is a new feature that helps users stay on top of things that are happening in real time, such as a sports game, workout, ride-share, or food delivery order, right from the Lock Screen.1
Notifications have been redesigned to roll up from the bottom, ensuring that users have a clear view of their personalized Lock Screen.
Find Balance with Focus
Focus is more powerful, easier to set up, and now connects to the Lock Screen, offering users a way to tie a Lock Screen wallpaper and widgets to a particular Focus. To activate a Focus, users can simply swipe to the corresponding Lock Screen. With Focus filters, apps like Calendar, Mail, Messages, and Safari can display only the content that is relevant to a user’s Focus, helping them to find better balance.
One Place for Family Photos with iCloud Shared Photo Library
iCloud Shared Photo Library gives families a new way to share photos seamlessly with a separate iCloud library that up to six users can collaborate on, contribute to, and enjoy. Users can choose to share existing photos from their personal libraries, or share based on a start date or people in the photos. A user can also choose to send photos to the Shared Library automatically using a new toggle in the Camera app. Additionally, users will receive intelligent suggestions to share a photo that includes participants in the Shared Photo Library. Every user in the Shared Photo Library has access to add, delete, edit, or favorite the shared photos or videos, which will appear in each user’s Memories and Featured Photos so that everyone can relive more complete family moments.
Users can edit or recall recently sent messages, recover recently deleted messages, and mark conversations as unread so they can come back to them later.2 In addition, SharePlay is coming to Messages, making it possible to enjoy synced content like movies or songs and shared playback controls all while chatting in Messages.
Pause playback of video: Messages Updates Video
In Messages, users can now edit or recall recently sent messages.
New Tools for Mail
Now users can schedule emails ahead of time and are even given a moment to cancel delivery of a message before it reaches a recipient’s inbox. Mail detects if the user forgot to include an important part of their message, such as an attachment. Users also have the option to resurface a message at any date and time with Remind Later, and Follow Up suggestions automatically remind users to follow up on an email if they have not received a response. Mail also includes the biggest overhaul to search, and uses state-of-the-art techniques to deliver more relevant, accurate, and complete results. Users see recent emails, contacts, documents, and links the moment they begin to search for emails.
Live Text and Visual Look Up Enhancements
Live Text uses on-device intelligence to recognize text in images across iOS, and it is now expanding to include video. Users can pause a video on any frame and interact with text. Live Text also adds the ability for users to quickly convert currency, translate text, and more.
Visual Look Up takes photos further by introducing a new feature that allows users to tap and hold on the subject of an image to lift it from the background and place it in apps like Messages. Visual Look Up also expands to recognize birds, insects, and statues.
Pause playback of video: Visual Look Up
Visual Look Up introduces a new feature that allows users to tap and hold on the subject of an image to lift it from the background and place it in apps like Messages.
Wallet Adds Apple Pay Later, Order Tracking, and Other Features
Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind.3 Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet. Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet. Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.4 Additionally, with Apple Pay Order Tracking, users can receive detailed receipts and order tracking information in Wallet for Apple Pay purchases with participating merchants.
Keys and IDs in Wallet get expanded support. Users can use their ID in Wallet for apps requiring identity and age verification. To ensure a private and secure experience, only the necessary information required for the transaction will be provided to the app, and the user can review and consent to share it using Face ID or Touch ID. Additionally, users can securely share their home, hotel, office, and car keys in Wallet through messaging apps, including Messages, Mail, and more.
CarPlay has fundamentally changed the way people interact with their vehicles, and the next generation of CarPlay goes even further by deeply integrating with a car’s hardware. CarPlay will be able to provide content for multiple screens within the vehicle, creating an experience that is unified and consistent. Deeper integration with the vehicle will allow users to do things like control the radio or change the climate directly through CarPlay, and using the vehicle data, CarPlay will seamlessly render the speed, fuel level, temperature, and more on the instrument cluster. Users will be able to personalize their driving experience by choosing different gauge cluster designs, and with added support for widgets, users will have at-a-glance information from Weather and Music right on their car’s dashboard. More information about the next generation of CarPlay will be shared in the future, and vehicles will start to be announced late next year.
Additional Features
Safari adds shared Tab Groups to share a collection of websites with friends and family, making it seamless to add tabs and see what others are viewing. Browsing in Safari is even safer with passkeys, unique digital keys that are easy to use, more secure, never stored on a web server, and stay on device so hackers can’t steal them in a data breach or trick users into sharing them. Designed to replace passwords, passkeys use Touch ID or Face ID for biometric verification, and iCloud Keychain to sync across iPhone, iPad, Mac, and Apple TV with end-to-end encryption. They will also work across apps and the web, and users can sign in to websites or an app on non-Apple devices using just their iPhone.
Apple Maps is introducing multistop routing, so users can plan up to 15 stops in advance and automatically sync routes from Mac to iPhone when they’re ready to go. Maps is also bringing transit updates to users, making it easy for riders to view how much their journey will cost, add transit cards to Wallet, see low balances, and replenish transit cards, all without leaving Maps.
Family Sharing offers an easier way to set up an account for a child with the right parental controls in place from the start. It includes suggestions for age-appropriate restrictions for apps, movies, books, music, and more, and a simpler process for setting up a new device that applies existing parental controls automatically. When a child asks for more screen time, guardians can approve or decline right in Messages.
Dictation offers a new on-device experience that allows users to fluidly move between voice and touch. Users can type with the keyboard, tap in the text field, move the cursor, and insert QuickType suggestions, all without needing to stop Dictation. In addition, Dictation features automatic punctuation and emoji dictation.
Siri adds the ability to run shortcuts as soon as an app is downloaded without requiring upfront setup. Users can add emoji when sending a message, choose to send messages automatically — skipping the confirmation step — and hang up phone and FaceTime calls completely hands-free by simply saying “Hey Siri, hang up.”
The Home app makes it easier for users to navigate, organize, and view their accessories, and enhancements to the underlying architecture offer users more efficient and reliable control of their smart home. A software update to iOS 16 will bring support for the Matter smart home connectivity standard once it becomes available later this fall, enabling a wide variety of accessories to work together seamlessly across platforms, helping fulfill the true vision of a smart home.
The Fitness app is available to all iPhone users to help track and meet fitness goals, even if they don’t have an Apple Watch. iPhone users can set up a daily Move goal in the Fitness app and see how their active calories will help close their Move ring. iPhone motion sensors can track steps, distance, flights climbed, and workouts from third-party apps, which can be converted into an estimation of active calories to contribute to users’ daily Move goal. Users can also share their Move ring with friends for additional motivation.
The Health app adds Medications, allowing users to conveniently build and manage a medications list, create schedules and reminders, and track their medications, vitamins, or supplements. In the US, users can simply point their iPhone camera at a label to add a medication, read about the medications they’re taking, and receive an alert if there are potential critical interactions for their medications.5 In addition, users can share their Health data with loved ones, and easily create a PDF of available health records from connected health institutions, right from the Health app.6
AppleNews introduces a new My Sports section to easily follow favorite teams and leagues; receive stories from hundreds of top publishers; access scores, schedules, and standings for the top professional and college leagues; and watch highlights right in the News app.
Game Center features a redesigned dashboard that shows friends’ activity and accomplishments from games in one place, making it easy for players to jump in to play with or compete against their friends.
Personalized Spatial Audio enables an even more precise and immersive listening experience. Listeners can use the TrueDepth camera on iPhone to create a personal profile for Spatial Audio that delivers a listening experience tuned just for them.
A new privacy toolcalledSafety Check can be helpful to users whose personal safety is at risk from domestic or intimate partner violence by quickly removing all access they’ve granted to others. It includes an emergency reset that helps users easily sign out of iCloud on all their other devices, reset privacy permissions, and limit messaging to just the device in their hand. It also helps users understand and manage which people and apps they’ve given access to.
Accessibility updates include Door Detection, which helps users who are blind or low vision to use their iPhone to navigate the last few feet to their destination, and Apple Watch Mirroring for users with physical and motor disabilities who may rely on assistive features like Voice Control and Switch Control to fully control Apple Watch from their iPhone.7 Additionally, Live Captions make it easier for the Deaf and hard of hearing community to follow along while on a phone or FaceTime call, using a videoconference or social media app, streaming media content, or having a conversation with someone next to them.8
Pause playback of video: Messages Updates Video
Pause playback of video: Visual Look Up
