Total capital and reserves of banks operating in the country increased by about 48 billion dirhams or 11.8% year-on-year to reach 454.9 billion dirhams at the end of last July, compared to about 406.9 billion dirhams at the end of July 2022. .

The central bank said in its monthly report that banks’ total capital and reserves increased by about 6.14%, or the equivalent of 26.3 billion dirhams, in the first seven months of the year, compared to 428.6 billion dirhams at the end of December. Last year, it grew by 1.6% on a monthly basis, compared to 447.8 billion dirhams. One billion dirhams last June.

The central bank explained that banks’ capital and reserves do not include loans and secondary deposits, but they also include profits for the current year.

According to the central bank, national banks account for about 86.4% of the total capital and reserves of banks operating in the country, and their value reached 392.9 billion dirhams at the end of last July, an increase of 12% on a year-on-year basis. About 350.8 billion dirhams in July 2022.

The share of foreign banks reached 13.6% of the total capital and reserves of banks operating in the country, and their value reached 62 billion dirhams at the end of last June, an increase of about 10.5% compared to 56.1 billion on a year-on-year basis. Dirhams in July 2022.

The central bank pointed out that the capital and reserves of banks in the Emirate of Dubai reached 219.8 billion dirhams at the end of last July, a year-on-year growth of 12.9%. 200.2 billion dirhams, an annual increase of 10.8%, and capital and reserves of banks in other emirates reached about 34.9 billion dirhams, an increase of 10.4% year-on-year. The capital and reserves of conventional banks in the country stood at about 380.8 billion dirhams at the end of last July, an increase of 12% year-on-year, while the capital and reserves of Islamic banks stood at about 74.1 billion dirhams. About 10.8% on annual basis.

Arab countries account for 60% of global Islamic finance

Dr. Abdul Rahman bin Abdullah Al-Humaidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, said, “Arab countries make up 60% of the global Islamic finance sector, which is three. trillion dollars by the end of 2021.

Al-Humaidi added that he launched a distance learning course on “Accounting Standards for Islamic Financial Institutions” in collaboration with the Islamic Development Bank. Element in keeping pace with this industry and its growth and development.

Setting accounting standards for Islamic financial institutions helps to support the development of the industry, achieve calibration and harmonization between Islamic financial practices among Arab countries or practices in Arab countries and international practices, and leads to transparency of accounting disclosure. , reliability and validity of financial statements, and simplify the work of companies. In view of the challenges faced by Islamic finance in the application of international accounting standards due to the uniqueness of its work.

Western reports on Monday expected Russia to achieve higher revenues from oil exports this year despite higher price ceilings imposed on it by the Group of Seven and the European Union in response to its invasion of Ukraine.

An analysis of shipping data cited by the Financial Times today shows that Russia now ships three-quarters of its oil abroad without Western insurance, one of the tools used by the G7 and the EU to impose a cap above $60 a barrel. .

Prices are rising, the report says, and Russian crude oil is no exception. Urals crude is currently trading at approximately $79 per barrel, while Aspo crude, a Far East blend, is trading at more than $88 per barrel.

This spring, the Financial Times cited data from the US firm Kpler which noted that Russia transports half of its oil exports without Western insurance, indicating that “Moscow has become more adept at avoiding price ceiling sanctions imposed by the G7”. on energy.

These high prices for Russian raw materials come amid repeated assurances from the US Treasury that the maximum price ceiling “worked as intended”.

US Treasury Undersecretary Wally Adeyemo said last June: “In just six months, the maximum price ceiling for Russian raw materials has contributed to a significant decline in Russian revenues, and contributed to a major turning point in the war.”

Last August, US Assistant Secretary for Economic Policy Eric Van Nostrand said he was “confident that the price ceiling achieves the dual goals of curbing Russian revenues and helping to stabilize energy markets.”

The Financial Times newspaper cited the Kiev School of Economics as estimating that this year, Russia’s revenue from oil exports will rise by $15 billion due to the breach of price ceilings set by the Group of Seven and the European Union.

Critics of the price ceiling have argued from the outset that implementing it would be challenging for Western countries and relatively easy for Russian companies to avoid.

In fact, Russian, Chinese, and Indian insurance companies intervened in the transport of Russian oil instead of large Western insurance companies, and what the media called the “dark fleet” tankers were built to ship Russian crude around the world without the participation of Western companies.

But despite all this, the sanctions regime has had a significant impact since the Russian invasion of Ukraine, which Western reports estimate will cost Russia $100 billion in oil exports from February 2022, but the problems facing the oil industry in Russia are simply beyond that. Challenges Exports Domestic shortages of diesel fuel have forced the Kremlin to restrict fuel exports from the country.

This strategic investment by two major energy companies in Abu Dhabi aims to build and operate sustainable seawater desalination facilities and supply ADNOC’s onshore operations at the Bab and Bu Hassa fields in Abu Dhabi. Reducing emissions, improving its operations and ensuring it is future-proof.

The consortium, which includes Orascom Construction and Medito, will also build a world-class central seawater treatment facility and a network to transport and distribute treated water.

ADNOC and TAQA hold a majority stake of 51 percent (25.5 percent each) in the project company, while the construction consortium holds the remaining stake (49 percent). , then Transfer of Ownership (BOOT), the entire ownership of the project will be transferred to ADNOC after 30 years of operation.

The project will be financed by nine local and international banks. First Abu Dhabi Bank, Gulf International Bank, Natixis Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Commercial Bank, Emirates NPT, Emirates Development Bank and Warba Bank by providing commercial and Islamic finance facilities. The rest of the project cost will be paid by the shareholders according to the ownership stake.

On this occasion, Abdul Monim Saif Al Kindi, Chief Executive Officer of ADNOC’s Exploration, Development and Production Division, said: “This sustainable strategic investment is another example of ADNOC’s efforts and efforts to improve and ensure the reduction of emissions from its operations. They are future-proof in an effort to contribute to enabling transformation in the energy sector and accelerate a paradigm shift in ADNOC’s ongoing efforts to improve and modernize its business to contribute to creating a low-emission future. I am pleased to collaborate with TAQA in the implementation of this new innovative project, which will provide energy-efficient water supplies to ADNOC’s onshore operations and contribute to reducing its environmental impact.

More than 60 percent of the project’s value is expected to be redirected to the UAE economy through the ADNOC project.

For his part, Jassim Hussain Thabet, Group CEO and Managing Director of Abu Dhabi National Energy Company (TAQA), said: “This collaboration between TAQA and ADNOC, two leading companies in the sector, will enable us to complete the world class. Sustainable project to reduce electricity consumption.” This enhances our efforts to ensure energy security. Based on TAQA’s position as a leader in fully integrated low-carbon applications, it is considered the partner of choice for companies in other sectors looking to decarbonize. “Climate.” By providing sustainable solutions for operations, water and electricity, and investing in key infrastructure needed to achieve neutrality.

By replacing the deep, high-salinity groundwater system currently used in fields, the project is expected to contribute to a 30 percent reduction in electricity consumption required for water injection operations. The project is expected to get all its electricity needs from clean sources.

The project is notable for:

• It includes a water transportation network spanning over 75 km, distribution pipelines spanning over 230 km and two pumping stations.
• It will provide more than 110 million gallons of filtered seawater per day based on nanofilter technology.
• The total cost of the project is $2.2 billion (as per market conditions at the time of funding), compared to $2.4 billion when announced on May 24, 2023.