Zayed Sustainability Prize Opens Global Call for Transformative Solutions

 

• The US $5.9 million fund empowers small and medium sized enterprises, nonprofits, and high schools to develop sustainable solutions and transform their communities
• Across 6 key categories – Health, Food, Energy, Water, Climate Action and Global High Schools –winners will be recognised for their groundbreaking impact and receive the prestigious award

 

The UAE’s Zayed Sustainability Prize, a portfolio entity of Erth Zayed Philanthropies which has impacted 400 million lives worldwide by advancing innovative solutions to pressing global challenges, has officially announced its call for submissions for 2026. Marking 17 years of continued support and empowerment for the next generation of sustainability champions, the Prize invites small to medium enterprises (SMEs), nonprofit organisations, and high schools to submit their projects in six distinct categories: Health, Food, Energy, Water, Climate Action, and Global High Schools.

In 2024, the Prize received 5,980 submissions from 156 countries, reflecting a growing international commitment to sustainable development. As the 2026 submission cycle begins, the Prize aims to build on this momentum and seize the unique opportunity at the Nexus of Next, a dynamic convergence of technological innovation, human ingenuity, and strategic vision to accelerate progress worldwide.

Commenting on the launch, H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Director General of the Zayed Sustainability Prize said: “The Zayed Sustainability Prize honours Sheikh Zayed’s vision of advancing inclusive sustainable and humanitarian development. By supporting projects that harness new technologies to improve lives and drive prosperity in local communities, the Prize places people at the heart of progress, and demonstrates the role of the Nexus of Next in accelerating socio-economic growth worldwide.”

The Prize will reward US $1 million to the winners of each organisational category, while those in the Global High Schools category - split into six world regions – can claim up to US $150,000 to deploy or further expand their project. This funding has already enabled tangible progress and improved living conditions in vulnerable areas around the world, from expanding healthcare access in Southeast Asia to reducing food poverty in Sub-Saharan Africa.

The most recent Zayed Sustainability Prize winners were recognised at an Awards Ceremony in Abu Dhabi in the presence of H.H. Sheikh Mohamed bin Zayed, President of the United Arab Emirates, alongside 11 Heads of State and several Ministers and business leaders. These distinguished guests witnessed the promise and impact of each winner, as well as the UAE’s firm commitment to providing a platform for such solutions to grow.

For the 2026 cycle, applicants in the Health, Food, Energy, Water and Climate Action categories must prove that their solution is improving access to essential services in their communities, and that they can implement a long-term vision for better living and working conditions. For the Global High Schools category, projects should be led by students and must demonstrate innovative approaches to address sustainability challenges.

To encourage a broader range of organisations and high schools to participate, the Prize accepts submissions in multiple languages, including Arabic, Chinese, English, French, Russian, Spanish, and Portuguese.

The evaluation of each submission to the Prize consists of a rigorous, three-stage process. First, due diligence is conducted on all submissions to ensure that they meet the Prize’s evaluation criteria of Impact, Innovation, and Inspiration. This identifies the qualified entries and results in the selection of eligible candidates. Following this, evaluations are undertaken by a Selection Committee consisting of category-specific panels of independent international experts. From this shortlist of candidates, the finalists are chosen and then sent to the Prize Jury who unanimously elect the winners across all six categories.

Winners of the Zayed Sustainability Prize will be announced at an Awards Ceremony in 2026.

For more details and to submit your application, please click here.

About the Zayed Sustainability Prize

The Zayed Sustainability Prize, a portfolio entity of Erth Zayed Philanthropies, is the UAE’s pioneering award for innovative solutions to global challenges.

A tribute to the legacy and vision of the UAE’s founding father, Sheikh Zayed bin Sultan Al Nahyan, the Prize aims to drive sustainable development worldwide.

Each year, across the Health, Food, Energy, Water, Climate Action and Global High Schools categories, the Prize rewards organisations and high schools for their groundbreaking solutions to our planet’s most pressing needs.

Through its 128 winners, in 17 years, the Prize has positively impacted over 400 million lives across the globe, inspiring innovators to amplify their impact, and chart a sustainable future for all.

Permalink

https://www.aetoswire.com/en/news/zsp01020252025

Contacts

Tatiana Audi

+44 7901 789 913

Veridas Takes the Lead in the Race Against Gen AI Fraud with New Advanced Injection Attack Capability

 PAMPLONA, Spain

(BUSINESS WIRE) -- Generative AI is fueling a new wave of identity fraud, making digital security more critical than ever. In response, Veridas, a global leader in AI-driven identity verification, has introduced an advanced injection attack detection capability to combat the growing threat of synthetic identities. This new feature strengthens fraud prevention by combining injection detection with liveness verification across face, voice, and document authentication.

Injection Attacks: The Hidden Threat in Digital Fraud

According to the Veridas Identity Fraud Report 2024, 85% of financial fraud cases now involve synthetic identities. The UK government recently declared deepfakes as the ‘greatest challenge of the online age’, highlighting these growing risks. Fraudsters inject deepfakes and synthetic data directly into identity systems—bypassing device sensors entirely. Traditional fraud detection only analyzes what’s presented (images, videos, or voices), not whether the device is compromised. Veridas has focused on Presentation Attack Detection (PAD), which detects fake images, videos, and voices. Now, we go further by ensuring the integrity of the device itself. Our new injection attack detection prevents fraud at its source, securing both the biometric input and the device it comes from.

Injection attacks pose a significant risk to millions of users and businesses. Traditional fraud prevention is no longer enough, and innovative solutions are needed to address these advanced threats.

Veridas’ Breakthrough: Advanced Injection Fraud Detection

For years, Veridas has been at the forefront of secure onboarding solutions, excelling in document verification, selfie authentication, and liveness detection. Now, with the introduction of its advanced injection attack detection feature, Veridas is taking fraud prevention to the next level.

This new security feature verifies device authenticity during onboarding to combat AI-driven injection attacks. Leading financial institutions in Italy, Spain, the US, and Mexico are already using it to uncover previously undetected fraud attempts.

“Our technology is a game-changer for businesses facing the challenges of Gen AI fraud. By adopting Veridas’ injection fraud detection, companies can protect their operations, maintain customer trust, and confidently meet compliance requirements,” said Javier San Agustín, CTO at Veridas.

About Veridas

Veridas is a global provider of advanced identity verification, biometrics, and anti-fraud solutions. Its end-to-end services enable organizations across sectors to build secure, user-friendly digital experiences.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250210557330/en/

Permalink

https://www.aetoswire.com/en/news/1002202544522

Contacts

Juan Campos

PR Manager Veridas

+34 667 245 257

jfcampos@veridas.com

PHC and CCRM Collaborate to Develop Primary T-Cell Expansion Culture Processes to Enhance Efficiency and Improve Cell Quality

TOKYO & TORONTO - Monday, 10. February 2025

(BUSINESS WIRE)--PHC Corporation has signed a Master Collaboration Agreement with CCRM to work together on the development of primary T-cell(*1) expansion culture processes that will seek to accelerate the manufacturing of cell and gene therapy (CGT) products. This joint initiative will integrate “LiCellGrowTM(*2), PHC’s cell expansion system under development, with CCRM’s deep knowledge of regenerative medicine and biomanufacturing to establish new culture processes to improve cell culture efficiency and quality for CGTs.

Primary T-cells are used in process development and manufacturing for CGTs, such as in CAR-T cell therapy.(*3) However, primary T-cells derived directly from patients often exhibit significant variability in growth rates and quality, making it challenging for researchers to ensure stable cell counts and maintain quality throughout the culture process. To address these challenges and improve the quality of cell-based therapeutics, better cell culture processes are needed.

Chikara Takauo, Director of PHC and Head of the Biomedical Division that leads the company’s Life Science business, commented: "We are delighted to begin this joint research and development initiative with CCRM, a leader with 14 years of experience in the commercialization of regenerative medicine and CGT. By combining the technologies and expertise of both of our organizations, we aim to advance the manufacturing processes for cell-based therapeutics and cell culture technologies, contributing to the early practical application of CGT."

PHC has developed proprietary In-Line monitoring technology to track key indicators of cell metabolism in real-time, which can help researchers address issues like cell quality and reproducibility, and establish optimal cell culture methods. This technology enables precise, continuous measurement of glucose uptake and lactate production during cell culture, providing a more precise understanding of changes in cell metabolism over time than is possible to observe using traditional sampling methods. In 2024, PHC launched the live-cell metabolic analyzer "LiCellMoTM(*4)" incorporating this technology in the United States, Canada, Europe and some Asian markets including Japan, China, Singapore and Taiwan.

Building on this technology, the company is also developing "LiCellGrow," a cell expansion system designed to exchange media automatically based on the metabolic state of the cells and to maintain the culture environment in an optimal state. PHC aims to further expand its product lineup to seamlessly support research, process development, and commercial manufacturing of cell-based therapeutics.

"We are excited to collaborate with PHC to unlock new possibilities in cell culture,” explained Michael May, President and CEO of CCRM. “Technology development partnerships, like this one, are key to advancing the industry and making CGT more cost effective, and therefore more accessible to patients around the world.”

The joint research with CCRM will allow PHC to analyze culture conditions using "LiCellGrow" to establish optimal culture processes for primary T-cells. The collaboration will seek to accelerate LiCellGrow’s development, contributing to improved cell quality, enhanced manufacturing efficiency, and cost reduction in the production of cell-based therapeutics.

(*1) Primary T cells, or autologous T cells, refer to T cells that are directly isolated from the body. T cells are part of the immune system and develop from stem cells in the bone marrow. They help protect the body from infection and may help fight cancer.

https://www.cancer.gov/publications/dictionaries/cancer-terms/def/t-cell

https://www.cancer.gov/search/results?swKeyword=autologous

(*2) URL: http://www.phchd.com/us/biomedical/licellgrow

(*3) CAR T-cell therapy is a type of treatment in which a patient's T cells (a type of immune system cell) are changed in the laboratory so they will attack cancer cells.

https://www.cancer.gov/publications/dictionaries/cancer-terms/def/car-t-cell-therapy

(*4) URL: https://www.phchd.com/us/biomedical/live-cell-metabolic-analyzer

About the Biomedical Division of PHC Corporation

Established in 1969, PHC Corporation is a Japanese subsidiary of PHC Holdings Corporation (TOKYO: 6523), a global healthcare company that develops, manufactures, sells, and services solutions across diabetes management, healthcare solutions, diagnostics and life sciences. The Biomedical Division supports the life sciences industry helping researchers and healthcare providers in around 110 countries and regions through its PHCbi-branded laboratory and equipment and services including CO2 incubators and ultra-low temperature freezers.

www.phchd.com/global/phc

About PHC Holdings Corporation (PHC Group)

PHC Holdings Corporation (TOKYO: 6523) is a global healthcare company with a mission of contributing to the health of society through healthcare solutions that have a positive impact and improve the lives of people. Its subsidiaries (referred to collectively as PHC Group) include PHC Corporation, Ascensia Diabetes Care, Epredia, LSI Medience Corporation, Wemex and Mediford. Together, these companies develop, manufacture, sell and service solutions across diabetes management, healthcare solutions, diagnostics and life sciences. PHC Group’s consolidated net sales in FY2023 were JPY 353.9 billion with global distribution of products and services in more than 125 countries.

www.phchd.com/global

About CCRM and OmniaBio

CCRM is a global, public-private partnership headquartered in Canada. It has received funding from the Government of Canada, the Province of Ontario, and leading academic and industry partners. CCRM supports the development of regenerative medicines and associated enabling technologies, with a specific focus on cell and gene therapy. A network of researchers, leading companies, investors, and entrepreneurs, CCRM accelerates the translation of scientific discovery into new companies and marketable products for patients with specialized teams, dedicated funding, and unique infrastructure. In 2022, CCRM established OmniaBio Inc., a commercial-stage CDMO for manufacturing cell and gene therapies. CCRM is hosted by the University of Toronto. Visit us at ccrm.ca.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250209611769/en/

Permalink

https://www.aetoswire.com/en/news/54201449

Contacts

 

Contact for media inquiries:

Investor Relations & Corporate Communications Department

PHC Holdings Corporation

TEL: +81-3-6778-5311

E-mail: phc-pr@gg.phchd.com

Contact for product and service:

Marketing Department, Biomedical Division PHC Corporation

E-mail: masayo.okada@phchd.com

Contact for CCRM:

Stacey Johnson

1-647-309-1830

stacey.johnson@ccrm.ca

NTT DATA Unveils Global Insights on GenAI Adoption in Banking: Divergent Strategies for Boosting Productivity vs. Cutting Costs

 TOKYO - 

Research from NTT DATA finds that as GenAI adoption rises, new pressures on return of investment are at the forefront of the challenges facing the banking industry.

 

(BUSINESS WIRE)--NTT DATA, a global digital business and IT services leader, has today launched a new global research report uncovering the use of generative AI (GenAI) in the banking sector worldwide. The report, titled “Intelligent banking in the Age of AI,” has found that despite the growing adoption of GenAI technology in the banking industry, banks and financial institutions are split when it comes to outcome-based strategies – only half of banks (50%) see it as a tool for improving productivity and efficiency. Similarly, half (49%) believe it can be used for reducing operational IT spend.

Transforming Banking Through GenAI

GenAI is more disruptive than any previous advance in banking technology. It is less a question of if, but when banks embrace this technology, due to its transformative ability to embed intelligence at every layer of the banking ecosystem, from core banking to front-end systems. GenAI is already making waves in the banking industry, with 6 in 10 organizations (58%) already fully embracing its transformative potential, an increase from 2023, when only 45% of organizations had fully embraced GenAI, according to NTT DATA’s research.

“Generative AI represents a pivotal moment for the banking industry,” said Robb Rasmussen, Head of Global Marketing & Communications, NTT DATA. “While the potential benefits are enormous, the challenges of implementing GenAI are complex and varied, requiring careful navigation and a structured approach. Given the anticipated high spending on GenAI, achieving a return on investment is crucial. Many banks will be expecting GenAI to drive long-term savings by automating IT tasks, improving operational efficiency, and creating competitive advantages, but it’s important to note that achieving meaningful ROI requires a clear strategy, tailored implementation, and robust governance at the same time.”

Financial constraints increasing pressure on ROI

ROI has become a top priority for GenAI implementations, yet banking organizations are split in their opinions of which strategies are most important to them. Banks have long struggled with boosting productivity, and GenAI is poised to present a solution to this problem, but only half of banking leaders (50%) see it as a solution to current productivity woes. Cost optimization is another area where banks are split, with just under half (49%) looking to reduce IT budgets accordingly.

This disparity is highlighted on a global scale too – for example, almost 6 in 10 US banks (59%) are keen to reduce IT budgets and almost half (47%) want to cut operations budgets, while only 4 in 10 banks in Europe (43%) have IT budgets front of mind and just over a third (36%) are concerned with operations costs. Meanwhile productivity is the most important factor for European banks (46%), yet the US and APAC are placing even more emphasis on productivity themselves in comparison.

Key performance indicators (KPIs) that financial institutions are using or planning to use to evaluate the success of Generative AI initiatives:

 

Europe

 

US

 

APAC

 

LATAM

 

Japan

Improved productivity/efficiency

 

46%

 

52%

 

58%

 

43%

 

35%

Competitive advantage

 

42%

 

48%

 

57%

 

48%

 

40%

Cutting costs/Reducing IT budget

 

43%

 

59%

 

51%

 

44%

 

48%

Cutting costs/ Reducing operations budget

 

36%

 

47%

 

49%

 

36%

 

28%

Accelerate speed to innovate

 

37%

 

34%

 

50%

 

41%

 

35%

Increased net promoter score

 

29%

 

25%

 

31%

 

26%

 

40%

Differing strategies across differing regions

Strategies for realizing these benefits of GenAI differ vastly among organizations too. While around half of organizations are focusing on collaboration between humans and AI (51%) or a hybrid approach with existing systems (47%), over a quarter (28%) of banks are hoping to fully automate tasks and remove the need for manual input entirely. Fully automating tasks is an area which divides opinions worldwide as well, with a quarter of banks in the UK (25%) and Europe (24%) looking to fully automate the process, while almost a third of banks (32%) in the Americas and 35% of Japanese banks are looking to do the same.

Robb Rasmussen, Head of Global Marketing & Communications, NTT DATA added: “It is clear that the ability to balance innovation with fiscal responsibility will define success for banks. However, many banks are lacking in maturity when it comes to this technology and are unsure where to start. Partnering with systems integrators can be a good starting point, allowing them to access the latest knowledge while ensuring compliance with industry regulations. By working with specialized providers, banks can ensure that GenAI implementations can deliver the desired ROI, while maintaining robust data protection measures and meeting both internal security standards and regulatory requirements.”

NTT DATA’s research dives into specific areas of the banking industry, including Payments and Wealth Management, as well as Fraud Prevention. To read the full report, please go to “Intelligent banking in the Age of AI”

About the Research

NTT DATA's survey was carried out on 810 banking leaders, from all global banking markets, and provides a 360-degree perspective on the sector's journey towards innovation and GenAI adoption. This survey was led by NTT DATA Group's Global Industry Office, part of the Global Marketing & Communications Headquarters.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250209166436/en/

Permalink

https://www.aetoswire.com/en/news/1002202544508

Contacts

Global Marketing & Communications Headquarters

NTT DATA Group Corporation

global-marketing@kits.nttdata.co.jp

Rochon Genova LLP: Did You Purchase Shares of Aphria Inc. (“Aphria”) After January 29, 2018 and Hold Them Until March 23, 2018 and/or December 3, 2018

 TORONTO - Monday, 10. February 2025 AETOSWire 

(BUSINESS WIRE) -- A Settlement has been reached in the global class action (the “Class Action”) against Aphria and certain of its former officers and directors (“Individual Defendants”) announces Rochon Genova LLP. The Settlement requires Court approval at an upcoming hearing.

The Class Action alleges that, between January 29, 2018 and December 3, 2018, Aphria and the Individual Defendants made public misrepresentations to the capital markets, including in an Aphria Prospectus Offering in June 2018, in connection with two significant international business acquisitions made by Aphria during 2018, namely: (i) Aphria’s acquisition of a company called Nuuvera Inc. which was publicly announced on January 29, 2018; and (ii) Aphria’s acquisition of a company called LATAM Holdings Inc. which was publicly announced on July 17, 2018. The Class Action alleges that the substantial drop in Aphria’s share price following certain public disclosures about Aphria’s business on March 22 and on December 3, 2018, amounted to a public correction of misrepresentations about Aphria’s business.

Aphria and the Individual Defendants deny all allegations pleaded against them in the Class Action.

The Settlement, if approved by the Court, provides for the payment by the Defendants of the total amount of CAD $30,000,000 to resolve the Class Action. The Settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by Aphria or the Individual Defendants.

The Settlement will be considered for approval by the Ontario Superior Court of Justice at a Settlement Approval Hearing which has been set for March 26, 2025 in Toronto at 11:30 am. At the Hearing, the Court will also address a motion to approve Class Counsel’s fees, which will not exceed 30% of the settlement amount plus reimbursement for expenses incurred in the Class Action.

Persons who purchased Aphria shares on or after January 29, 2018 and held them on March 23 and/or December 3, 2018 (“Class Members”) may object to or support the Settlement, by making a submission in writing prior to March 14, 2025. Class Members may also attend the Settlement Approval Hearing in person or remotely via Zoom. For more information about your rights and how to speak to the Settlement, please see the Long-Form Notice available online at www.AphriaSettlement.com or call toll-free: 1-888-700-9930.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250210825594/en/

Permalink

https://www.aetoswire.com/en/news/1002202544519

Contacts

Media contact (press only): Jon Sloan, jsloan@rochongenova.com, 866-881-2292

Mary Kay Inc. Names Dr. Lucy Gildea Chief Brand and Scientific Officer

 DALLAS 

(BUSINESS WIRE)--To empower future growth, iconic beauty and entrepreneurship company Mary Kay Inc. announced today the appointment of Dr. Lucy Gildea as Chief Brand and Scientific Officer.

Gildea and her freshly designed cross-functional team will pioneer a new operating model to power up Mary Kay’s global brand and science aiming for growth and customer loyalty in over 40 markets. In her expanded role, Gildea will shape a powerful brand identity, image, and strategy consistent across all platforms and geographies supported by an impactful product portfolio embracing the ever-evolving needs of consumers. She and her team will activate the brand through engagement strategies harnessing the power of next-gen entrepreneurs and resonant brand storytelling to win the hearts and minds of consumers.

"With her expertise in science and beauty innovation and customer-centric approach, Lucy will lead a strategic chapter of our transformation into the future. The new Global Brand and Science organization will contribute to our mutual business success by enabling our Independent Beauty Consultants to share a transformative brand experience with their customers and thrive as personal beauty advisors, thus reinforcing the unique value proposition of direct selling," said Ryan Rogers, Chief Executive Officer of Mary Kay and grandson of Mary Kay Ash.

Since joining Mary Kay in 2017, Gildea has focused on modernizing and enhancing the company's competitiveness through product innovation and by improving organizational efficiencies. Gildea spent 15 years at Procter & Gamble working primarily in beauty technology and beauty/skin product development. She also held a variety of senior roles including leading development teams for upstream technology and measurement sciences across healthcare, beauty and personal care industries. During her tenure at P&G, Gildea lived in Singapore, advancing her experience with international markets.

"Mary Kay was founded on a dream to enrich women’s lives with a product portfolio rooted in science. I am confident that integrating brand and science is the winning formula to meet global consumer needs and work toward our continued success. I look forward to maximizing synergies across our teams to captivate our Independent Beauty Consultants and invite a new generation of consumers to fall in love with our brand," said Dr. Lucy Gildea, Mary Kay’s Chief Brand and Scientific Officer.

Gildea earned a Ph.D. in Cell and Molecular Biology, Immunology, and Infectious Diseases at the University of Cincinnati College of Medicine and a Postdoctoral Research Fellowship in Immunology in a joint appointment with Cincinnati Children’s Hospital and the University of Cincinnati Department of Immunology. She also holds a Bachelor of Science in Biology from Georgetown College in Georgetown, Kentucky.

Gildea is a passionate STEM advocate for women and girls. She serves as a Board Member at Baylor Scott & White Dallas Foundation and a Board Advisor at Baylor Scott & White Charles A. Sammons Cancer Center.

This leadership appointment by Ryan Rogers honors Mary Kay Ash’s legacy of empowering women. At Mary Kay, women make up 63% of the R&D team, 54% of the executive team, and 63% of the global workforce1.

Did you know:

In 2023 and again in 2024, Mary Kay was named the #1 Direct Selling brand of skin care & color cosmetics in the world by Euromonitor International2.

Mary Kay holds more than 1,600 patents for products, technologies, and packaging designs in its global portfolio3.

About Mary Kay

One of the original glass ceiling breakers, Mary Kay Ash founded her dream beauty brand in Texas in 1963 with one goal: to enrich women’s lives. That dream has blossomed into a global company with millions of Independent Beauty Consultants in more than 40 markets. For over 60 years, the Mary Kay opportunity has empowered women to define their own futures through education, mentorship, advocacy, and innovation. Mary Kay is dedicated to investing in the science behind beauty and manufacturing cutting-edge skincare, color cosmetics, nutritional supplements, and fragrances. Mary Kay believes in preserving our planet for future generations, protecting women impacted by cancer and domestic abuse, and encouraging youth to follow their dreams. Learn more at marykayglobal.com, find us on Facebook, Instagram, and LinkedIn, or follow us on X.

_______________________

1 Source: Women Representation and Leadership at Mary Kay (May 2024).

2 “Source Euromonitor International Limited; Beauty and Personal Care 2024 Edition, value sales at RSP, 2023 data”

3 As of 2023.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250206167665/en/

Permalink

https://aetoswire.com/en/news/7022025444711

Contacts

Mary Kay Inc. Corporate Communications

marykay.com/newsroom

972.687.5332 or media@mkcorp.com

 

Al Salam Bank Net Profit Grows by 40% to Record Levels

 Al Salam Bank (Bahrain Bourse trading code “SALAM”, Dubai Financial Market trading code “SALAM_BAH”) achieved record profitability with net profit attributable to shareholders increasing by 39.8% to US$ 156.5 million for the fiscal year ended 31 December 2024, up

from US$ 112.0 million in 2023. The substantial growth in profitability was predominantly driven by the strong performance of the Group’s core banking operations, subsidiaries, and associates as well as the successful acquisition of Kuwait Finance House – Bahrain (“KFH-Bahrain”), the Group’s fifth banking M&A transaction.

 

Maintaining its position as the largest Islamic bank in Bahrain, the Group’s balance sheet expanded significantly with total assets growing by 37.2% to US$ 18.73 billion in 2024, from US$ 13.65 billion in 2023, driven by the successful implementation of key growth initiatives in banking. The Group’s financing portfolio increased by 36.8% to US$ 9.71 billion while customer deposits increased by 41.7% to US$ 13.12 billion. While total equity attributable to shareholders expanded by 6.8%, return on average equity increased significantly to 15.7% in 2024, up from 13.2% in 2023.

 

The Group set a new benchmark in the M&A space, having completed the fastest and most seamless banking transition in the region following the acquisition of KFH-Bahrain from Kuwait Finance House Group in H1 2024. Completed in record time, the integration ensured uninterrupted services for clients while creating new avenues for growth and innovation. During the year, the Group also launched ASB Capital, its asset management arm headquartered in the Dubai International Financial Centre (DIFC), with a starting AUM of US$ 4.5 billion in assets under management (AUM).

 

In light of the strong financial performance, the Board of Directors recommended a dividend distribution of 14% of issued and paid-up share capital (6% cash dividends and 8% stock dividends), aggregating US$ 99.6 million and reflecting an increase of 20% from 2023. This recommendation is subject to AGM and regulatory approvals.

 

His Excellency Shaikh Khalid bin Mustahail Al Mashani, Chairman of Al Salam Bank, commented: “Our exceptional performance in 2024 demonstrates the effectiveness of our long-term strategy and the hard work, dedication, and collective efforts of our team. Our focus for the coming period will be on exploring new opportunities, especially in banking, takaful, and asset management, to solidify our position as a leading and diversified regional financial group. Our commitment to create long-term, sustainable value for our shareholders and our wider stakeholder base remains at the core of our strategy as we navigate an increasingly dynamic and competitive industry.”

 

Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, added: “We are proud of our achievements in 2024 having completed several key strategic initiatives which have cemented our position as a leading diversified financial group. Over the course of the year, we successfully completed the acquisition and seamless integration of Kuwait Finance House - Bahrain in record time, launched the Group’s asset management arm (ASB Capital), strengthened capitalization, expanded our balance sheet, and significantly increased profitability to record levels. Looking ahead, our strategic plan includes initiatives to drive efficiencies through AI and digital adoption, significant market share acquisition across Group companies, and the launch of new verticals to further diversify, optimize, and increase profitability.”

 

The full set of consolidated financial statements, which were audited by external auditor KPMG, with unmodified opinion, are available on the websites of Dubai Financial Market and Bahrain Bourse.

 

LinkedIn

Permalink

https://www.aetoswire.com/en/news/0702202544463

Contacts

Yusuf Janahi

Corporate Communications and Media Manager – Al Salam Bank

y.janahi@alsalambank.com