The United Arab Bank (UAB) has announced a significant capital increase during its recent annual general assembly meeting. The assembly approved the issuance of rights shares, raising a total of AED 1.03 billion. This capital hike aims to enhance the bank’s financial stability and support its future growth requirements.

The rights for subscription will be made available once the necessary approvals from relevant regulatory authorities are secured. The bank’s Chairman, Mohammed bin Faisal bin Sultan Al Qasimi, emphasized that UAB’s strong performance reflects the effectiveness of its growth strategy and commitment to providing long-term value to shareholders.

In its recent financial disclosure for 2024, UAB reported an 18% increase in net profits after tax, reaching AED 301 million, compared to AED 255 million in 2023. This growth underscores the bank’s focus on digitization and innovation, which are key to enhancing its operational efficiency and customer value.