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National Bank of Umm al Qaiwain Achieves Record-breaking AED 502.61 Million Net Profit in 2023

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National Bank of Umm Al Qaiwain (NBQ) announces its exceptional financial performance for the fiscal year 2023, marked by a record net profit of AED 502.61 million, reflecting a remarkable 38% year-on-year increase. This milestone not only highlights NBQ’s financial strength but also underscores its unwavering commitment to delivering value and excellence to its stakeholders.

Financial Overview:

In 2023, NBQ witnessed significant growth across key financial metrics. Net interest income and operating income soared by 52% and 63%, reaching AED 606 million and AED 618 million, respectively. Total assets expanded to AED 14.8 billion, with gross loans and advances at AED 7.2 billion and customer deposits at AED 8.7 billion.

Adnan Al Awadhi, Chief Executive Officer, National Bank of Umm al Qaiwain, remarked on the financial success, “The year 2023 has been truly exceptional for NBQ, as reflected in our record-breaking net profit. Our strategic focus on prudent risk management, innovation, and operational excellence has not only driven substantial growth but has solidified our position as a leading player in the banking sector.”

Factors Driving Profit Growth:

NBQ attributed its annual profit growth to strategic loan expansion, innovative revenue streams, improved profit margins, and effective cost optimization. Al Awadhi provided further insights, stating, “Our commitment to diversification, technological advancements, and customer-centric solutions played pivotal roles in achieving these outstanding results. We navigated challenges with resilience and embraced opportunities, positioning NBQ for sustained success.”

Key Financial Indicators:

NBQ reported a net interest margin improvement to 4.8%, resulting in a return on average assets of 3.5% and a return on average equity of 9.2%, showcasing the bank’s efficient management of costs and favorable interest rate environment.

Customer-Centric Initiatives:

Throughout 2023, NBQ focused on enhancing customer experience through digital initiatives, strategic partnerships, and specialized services. Al Awadhi emphasized, “Customer satisfaction remains at the core of our strategy. Our commitment to innovation and customer-centric solutions positions us as a preferred banking partner in the UAE. As we continue to invest in technology, NBQ aims to set new benchmarks in customer service excellence.”

Future Strategies and Vision:

Looking ahead, NBQ outlined plans to sustain and enhance profitability by financing non-real estate businesses, expanding retail loan distribution networks, and prioritizing digitalization and automation. Al Awadhi shared his vision for the future, stating, “Our core strategy centers around strategic growth, diversification, and staying ahead of market dynamics. We are confident that our focus on conservative risk policies, technological innovation, and customer satisfaction will propel NBQ to even greater heights in the coming years. Our goal is not just to meet expectations but to exceed them, becoming the bank of choice for individuals and businesses across the UAE.”

The bank’s stellar financial performance is attributed to strategic loan expansion, diversified revenue streams, and robust risk management practices. NBQ’s commitment to customer-centric initiatives, technological advancements, and regulatory compliance positions it as a leading force in the UAE banking sector. Looking ahead, the bank aims to sustain and enhance profitability through strategic growth, diversification, and a continued focus on innovation, cementing its role as a trusted financial partner and propelling NBQ towards new heights in the years to come.

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MultiBank Group and Khabib Nurmagomedov Launch an Exclusive Worldwide Multi-Billion-Dollar Joint Venture to Build the World’s First Regulated Tokenized Sports Ecosystem

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Multibank Group, the financial derivatives institution, has entered into an exclusive worldwide multi-billion-dollar joint venture with global sports icon and undefeated UFC champion Khabib Nurmagomedov (29-0) to create a first-of-its-kind regulated ecosystem connecting global finance, sports and technology.

The partnership will culminate in the creation of a multi-billion-dollar joint venture, MultiBank Khabib LLC, uniting two global powerhouses: MultiBank Group, a leader in regulated financial excellence, and Khabib Nurmagomedov, undefeated in the octagon and whose influence extends far beyond sport. The company will operate from MultiBank Group’s headquarters in Dubai, building a worldwide network of high-end sports ventures and real-world digital assets. This structure fulfills the vision of MultiBank Group Founder and Chairman, Naser Taher, for an exclusive global joint venture, granting MultiBank exclusive rights to develop and promote projects under the Khabib Nurmagomedov brand name, including the development of 30 state of the art Khabib gyms, Gameplan and Eagle FC brands.

The entire venture is backed by MultiBank Group’s regulated digital ecosystem and powered by its cornerstone $MBG Token being the driving force behind its expanding portfolio of real-world-asset (RWA) technologies and initiatives.

 Naser Taher, Founder and Chairman of MultiBank Group, stated: “From the UAE, we are shaping a new blueprint for the business of sport through the regulated tokenization of real-world sports assets (RWSA). Together with Khabib Nurmagomedov, and powered by our ecosystem token, $MBG, we are uniting finance and athletics into a single transparent, technology-driven ecosystem — one built on trust, innovation, and the strength of the MultiBank framework. This initiative proudly aligns with the UAE’s vision of becoming a global hub for digital asset innovation and world-class sports.

Khabib Nurmagomedov added: “This partnership with MultiBank Group is built on shared values of strength, respect, and discipline. Together with Multibank, we are building real global opportunities that go beyond sport, empowering athletes, and fans through a regulated and innovative digital ecosystem. This is only the beginning.”

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Edenred UAE strengthens market leadership with financially inclusive payroll solutions, C3Pay serving 2.5 million users

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Edenred, a leading digital platform for services and specific purpose payments and the undisputed market leader in salary processing and financial inclusion for the underbanked in the UAE, continues to reinforce its leading position in payroll card solutions, value-added financial services, and compliance-first innovation under the leadership of newly appointed Managing Director Claudio Di Zanni.

As the first company authorised by the Central Bank of the UAE to process WPS salaries, Edenred UAE has long positioned financial inclusion as the foundation of its offer in UAE — ensuring that access to financial services isn’t an added benefit, but a guaranteed outcome of getting paid. 

Trusted by both large enterprises and a growing base of SMEs, the backbone of the UAE economy, Edenred UAE now serves more than 15,000 corporate clients, 2.5 million cardholders, and partners with over 10 banks and 20 financial institutions. Demand has been strong in sectors such as manufacturing, construction, and facility management—where reliability and seamless execution are critical.

Edenred UAE salary cards, C3Pay, powered by RAKBANK and part of the Mastercard network, can be used globally. A key driver of Edenred’s adoption success is its unmatched expertise in on-site training at worker accommodations, which helps large enterprises efficiently onboard thousands of employees. This ensures that workers understand how to activate their cards, utilise app features, and engage with key financial tools.

Claudio Di Zanni, Managing Director, Edenred Middle East, said: “Edenred UAE has set the benchmark for payroll and financial access in the region with digital innovative solutions, great ambitions and internationally committed teams. Our ambition now is to extend that lead by deepening trust with our clients, scaling services that matter to end users, and ensuring full compliance in a fast-evolving regulatory landscape. With unmatched reach, an expanding client base, and a proven model for financial inclusion, we are ready to shape the next phase of the region’s salary card ecosystem — developing its full potential and contributing to giving workers who were previously excluded from the financial system a secure, transparent, and dignified way to manage their money.

Edenred UAE remains the reference in payroll solutions, as it continues to scale high-impact services, deepen banking partnerships, and reinforce its role as the benchmark for secure, compliant, and ethical financial access in the UAE and beyond. With a sharpened focus on innovation and strengthened leadership, it is entering a new chapter of platform excellence as the backbone of financial access for the UAE’s workforce.

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Dhruva urges UAE firms to focus on data sovereignty in e-Invoicing transition

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The 2026 mandate is an opportunity for businesses to align compliance with stronger data governance standards

With the UAE’s mandatory eInvoicing framework set to launch in 2026, Dhruva urges taxpayers to move beyond data residency considerations and focus on the critical issue of data sovereignty when selecting accredited service providers (ASPs). When adopting any cloud solution, it’s crucial to take the UAE National Cloud Security Policy into consideration, which provides a comprehensive checklist for cloud customers. This policy details necessary arrangements with cloud service providers, outlines contract requirements and sets cloud security requirements and enforcement measures.Dhruva is a leading tax advisory firm specializing in VAT, corporate tax, transfer pricing, and international taxation in the Middle East.

The eInvoicing rollout, based on the OpenPeppol five-corner model, will route all business-to-business (B2B) and business-to-government (B2G) invoices through ASPs that validate, exchange, and report tax-relevant data directly to the Federal Tax Authority (FTA). This shift makes the question of where data lives and who ultimately controls it – a matter of legal, operational, and financial consequence.

Commenting on the development, Nimish Goel, Partner and Head of GCC, Dhruva Consultants, said: “Businesses cannot afford to mix data residency with sovereignty. Hosting tax data within UAE data centres is necessary, but it does not, by itself, guarantee compliance or protection. True sovereignty means that encryption keys, administrative controls, and audit logs remain fully under UAE jurisdiction and cannot be accessed by foreign authorities. For taxpayers, this distinction is not technical—it is a fundamental risk-management decision.”

Dhruva highlights that this distinction is becoming urgent for three reasons. First, the UAE has enacted a robust Federal Data Protection Law (PDPL) and sector-specific rules that demand explicit safeguards on cross-border data flows. Second, with eInvoicing deadlines approaching, taxpayers must evaluate how each provider’s hosting model aligns with UAE data hosting requirements, sovereignty and National Cloud Security Policy laws. Finally, the operational reality is that migrating data and applications between clouds is not seamless. Factors such as data gravity, proprietary platforms, and audit trail integrity make switching providers slow, risky, and expensive.

“E-invoicing will not only redefine how businesses transact with government authorities, but also how they safeguard their most sensitive tax and financial records,” Goel added. “Companies need to recognise that the choice of ASP is a long-term strategic decision. The location of the cloud operator, the jurisdiction under which they fall, and the location of their control plane and encryption keys all impact compliance and data security far more than the physical location of the server rack.”

Dhruva advises taxpayers to approach ASP selection with a structured due-diligence process aligned with the policy for cloud customers in the UAE. This policy covers key domains such as governance, data location and sovereignty, interoperability, security incident and access management, data confidentiality, architecture and infrastructure companies should ensure that all storage, backups, and logs are held within UAE borders, that operational control and key management remain in UAE jurisdiction, and that providers comply with the UAE’s Peppol interoperability standard. Audit logs should be immutable, recovery sites must be located in the country, and exit strategies need to be documented and tested, with transparency on egress costs.

“Taxpayers cannot treat this as a simple IT procurement,” Goel emphasized. “It is a compliance and sovereignty choice that will determine their risk exposure for years to come. The time to ask these questions is now—before companies find themselves locked into providers that may not meet their future regulatory and operational needs.”

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