KUWAIT CITY, Aug 16: Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) achieved outstanding financial results for the first ‎half of the year 2025 with net profit recording EGP 2.6 billion by the end of June 2025, ‎reflecting an increase of ‎‏35‏‎% compared to EGP 1.9 billion for the same period last year, after ‎excluding foreign exchange revaluation impact. Net interest income grew by 28% to reach EGP ‎‎3.8 billion compared to EGP 3 billion in the first half of 2024.‎

Meanwhile, total assets grew by 15% to reach EGP 163.4 billion compared to EGP 141.6 billion ‎at the end of 2024. Total customer deposits increased by 16%, reaching EGP 139.1 billion ‎compared to EGP 119.9 billion in December 2024, and total gross loans portfolio increased by ‎‎20% to reach EGP ‎‏8‏‎3.4 billion compared to EGP 69.3 billion at the end of 2024. Moreover, the ‎non-performing loans (NPL) ratio recorded 1.59% at the end of June 2025 compared to 1.74% at ‎the end of 2024.‎

Commenting on these results, Mr. Ali Marafi, Chairman of ABK-Egypt, said, “The Bank’s strong ‎performance, particularly the significant growth in total assets, demonstrates the strength of ‎our financial position and our solid operational model across key business lines. These results ‎underscore our ability to continue on our successful journey despite global and regional ‎economic turbulence.” He also expressed his gratitude for the efforts of the Executive ‎Management and their unwavering commitment to realizing the Bank’s ambitious growth ‎strategy, which emphasizes agility and innovation to ensure adapting to the evolving economic ‎landscape.‎

Marafi stated that during the first half of 2025, ABK-Egypt continued to expand its footprint ‎with the opening of a new branch in 6th of October City. This move aligns with the Bank’s ‎ambitious strategy for carefully planned geographic expansion and establishing a presence in ‎prime locations to grow its customer base. He emphasized the Bank’s unwavering commitment ‎to excellence and innovation as key drivers in strengthening its competitive position and ‎increasing its market share in Egypt.‎

Strategic Vision

Marafi added, “Our ambitious vision focuses on boosting our geographical presence across ‎Egyptian governorates as well as diversifying our range of products and services that meet the ‎rising needs of various customers to best attract new segments and expand our customer base.” ‎He further stated that this expansion‏ ‏agenda is a fundamental pillar for supporting national ‎directions and the Central Bank of Egypt’s (CBE) efforts in promoting financial inclusion, which ‎is considered a cornerstone in Egypt Vision 2030 and a catalyst for achieving sustainable ‎development goals and fostering a competitive and diversified economy.‎

Marafi stated that ABK-Egypt is continuing its digital transformation journey by introducing ‎advanced technologies within its branches and enhancing its banking solutions to serve ‎customers with the highest technical standards. These efforts, he noted, contribute significantly ‎to boosting customer satisfaction and strengthening their trust in the Bank.‎

He concluded by affirming that ABK-Egypt is fully committed to supporting and financing ‎development projects, as well as assisting national initiatives aimed at achieving sustainable ‎growth across various sectors. This commitment reflects the Bank’s role as a responsible ‎financial institution in the Egyptian market. Marafi also expressed his appreciation for the ‎strong support the Bank receives from CBE and all regulatory authorities in Egypt, which play a ‎key role in enhancing its performance and expanding its presence among diverse customer ‎segments.‎

Added Value

In the same context, Mr. Khaled El Salawy, CEO and Managing Director of ABK-Egypt stated: ‎‎“The Bank managed to achieve EGP 3.4 billion profit before tax, representing a growth rate of ‎‎32% compared to EGP 2.6 billion for the same period last year, after excluding foreign ‎exchange revaluation impact. This affirms the Bank’s efficiency in adapting to changing market ‎conditions, seizing business opportunities for growth as well as its ongoing commitment to ‎delivering added value to both customers and shareholders.”‎

Khaled El Salawy added, “Over a period of ten years marking our presence in the Egyptian ‎market, we have managed to build a strong track record of achievements in terms of revenues ‎and market position.” He primarily attributed this success to the collective efforts of the entire ‎team and the support of the Executive Management, who were keen on orchestrating efforts to ‎maximize performance efficiency and deliver innovative products and outstanding services to a ‎diverse customer base. ‎

He continued, “We will continue on our digital transformation path to enhance operational ‎efficiency and ultimately improve customer experience. This can be attained through ‎leveraging data and advanced technologies to personalize banking services, while upholding the ‎highest standards of transparency and security in all financial transactions.”‎

A New Chapter

El Salawy affirmed that ABK-Egypt is embarking on a new chapter in its journey in the Egyptian ‎market aimed at achieving more ambitious milestones for growth and development. The Bank ‎looks to the future with a clear strategy and strong vision, supported by a solid track record of ‎success. ABK-Egypt also confirms its innate understanding of the crucial impact of corporate ‎social responsibility in the development of local communities, through launching an array of ‎social initiatives across Egyptian governorates that promote economic empowerment for ‎various segments. The Bank also takes pride in supporting the development of key sectors as ‎part of its active role in driving Egypt’s economic and social progress.‎

El Salawy noted that in the first half of this year, the Bank continued forging strategic ‎partnerships to deliver exclusive offers to its customers. He highlighted the launch of several ‎promotional campaigns and special discounts designed to reward customers for using the ‎Bank’s diverse range of cards and solutions in completing their financial and banking ‎transactions.‎

He further emphasized the Bank’s strong commitment to supporting young entrepreneurs and ‎owners of small and medium-sized enterprises by providing the essential funding and resources ‎needed to bring their projects to life successfully. El Salawy also underscored the Bank’s ‎dedication to developing the skills of its employees across all departments, considered a ‎cornerstone of its success and growth plans, through comprehensive training programs. These ‎initiatives aim to enhance staff performance, increase productivity and innovation, improve the ‎quality of customer service, and attract more clients to the Bank’s continuously expanding ‎family.‎

New Awards

On another successful note, the Bank has recently received two prestigious awards from ‎International Business Magazine. ABK-Egypt was named ‘Best Corporate Banking Services Bank ‎‎– Egypt,’ in recognition of its outstanding efforts in delivering innovative and integrated ‎financial solutions to its corporate customers. In addition, El Salawy was honored as ‘Best CEO – ‎Egypt 2025,’ in recognition of his distinguished professional career and exceptional leadership ‎capabilities that were reflected through a solid track record. This recognition reinforces the ‎pivotal role he has played since assuming the position of CEO and Managing Director of ABK-‎Egypt.‎

These accolades join a growing list of awards the Bank has earned in recent years from leading ‎performance evaluation institutions, underscoring its excellence and distinction across a wide ‎range of assessments at the local, regional, and global levels.‎

Hamad Malallah

KUWAIT CITY, Aug 14: United Projects for Aviation Services Company (UPAC), a commercial ‎real estate and facilities management company, today announced its financial results for the second ‎quarter of 2025. For the six months ended June 2025, the company reported net profits of KD 497 ‎thousand, down 62% from 2024, or 0.94 fils per share, with revenues of KD 3.29 million down 25.6% ‎from 2024. ‎

Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: “The second quarter presented a ‎transitional period as we successfully concluded the project to manage and operate Terminal 1 at ‎Kuwait International Airport, officially handing it over to the Directorate General of Civil Aviation ‎‎(DGCA) in May 2025. While this shift has naturally impacted the company’s revenues, it also paves ‎the way for new avenues of growth and development as we focus on future projects and strategic ‎partnerships. It is important to note that UPAC built the entire project and operated it throughout the ‎contract term before transferring it to the DGCA under the Build, Operate, and Transfer (BOT) system. ‎We take great pride in the success of this national project over 26-year and in delivering it to the ‎State.”‎

Malallah continued: “I’m pleased to share that in July, we welcomed our first operator at Messilah ‎Beach: Villa Shams, Kuwait’s first ladies-only beach club. Officially opened on 10 July 2025, Villa ‎Shams offers a premium, private experience designed exclusively for women, in a secure and refined ‎setting. This milestone reflects UPAC’s vision to create inclusive recreational environments that cater ‎to all segments of society.”‎

‎“Planning for other areas on the Messilah Beach site has also been progressing steadily. Our teams ‎are actively working alongside confirmed operators, both global and local brands, to support their ‎on-ground preparations for upcoming openings with a list of exciting tenants. We are looking forward ‎to be bringing an exceptional, family-friendly beach destination experience to Kuwait through ‎Messilah Beach, which is set to become a vibrant, year-round destination,” added Malallah. ‎

Malallah concluded: “We remain committed to identifying and pursuing strategic business ‎opportunities within our industry that drive growth and create value for the company and its ‎shareholders.”‎

Al Messilah Beach, one of Kuwait’s prime family entertainment destinations, was developed by ‎Touristic Enterprises Company as part of its role in spearheading growth of Kuwait’s tourism sector. ‎UPAC is managing all aspects of the site including leasing, entertainment activities, facility ‎management, and overall project operations.‎

UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. Reem Mall is Abu ‎Dhabi’s latest signature shopping, dining, and entertainment family destination spanning an ‎impressive 183.4K sqm GLA. Anchored by a hyper-market and various notable entertainment and ‎home furnishing concepts, the mall will be home to around 400 international and local brands. Snow ‎Abu Dhabi, one of the mall’s entertainment anchors, is the city’s only snow park. The mall also has ‎one of the largest home furnishing offerings in Abu Dhabi as well as one of the largest Carrefour ‎outlets in the city. One of the prominent new openings was Sharaf DG, an expansive 3,334sqm ‎electronics retail space with 34 brand experience zones making it the largest store of its kind in Abu ‎Dhabi.‎

The mall is one of the region’s first fully integrated omnichannel retail ecosystems with digital, e-‎commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a ‎seamless customer experience. ‎

As of June 2025, around 66% of GLA is open and trading, with an additional 14% under fit-‎out, bringing the effective leased GLA to 80%. As of date, Reem Mall has also secured signed ‎proposals covering a further 4% of GLA. Key performance metrics continue to show strong ‎momentum, with footfall and tenant sales increasing by 30% to 40% year-on-year. Notably, the mall ‎achieved two consecutive record-breaking months in May and June 2025, setting new highs for both ‎visitor numbers and sales.‎

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, on Aug 14. (AP)

MANILA, Philippines, Aug 14, (AP): Asian shares were mixed on Thursday after days of gains driven by hopes for lower US interest rates, while US futures slipped. Bitcoin rose more than 3% to a new record of over $123,000, according to CoinDesk. In Tokyo, the Nikkei 225 fell 1.3% to 42,705.36 as investors sold to lock in recent gains that have taken the benchmark to all-time records.

The Japanese yen rose against the dollar after US Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was “behind the curve” in monetary tightening. He was referring to the slow pace of increases in Japan’s near-zero interest rates. Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales.

The dollar fell to 146.31 Japanese yen early Thursday, down from 147.39 yen. The euro fell to $1.1703 from $1.1705. In Chinese markets, Hong Kong’s Hang Seng index shed less than 0.2% to 25,655.26, while the Shanghai composite index added 0.1% to 3,686.07. South Korea’s Kospi fell less than 0.1% to 3,222.99, while Australia’s S&P ASX 200 index added 0.5% to 8,866.70. Taiwan’s TAIEX fell 0.5%, while India’s Sensex edged 0.1% higher.

“Asian markets opened today like a party that ran out of champagne before midnight – the music still playing, but the dance floor thinning out,” Stephen Innes of SPI Asset Management said in a commentary. The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%. On Wednesday, US stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut USinterest rates.

The S&P 500 rose 0.3% to 6,466.58, coming off its latest all-time high. The Dow climbed 1% to 44,922.27, while the Nasdaq composite added 0.1% to its own record set the day before, closing at 21,713.14. Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September.