This week, Dubai Labour Court ruled in favour of Shuaa Capital in a Dh22 million ($6 million) labour dispute filed by a former executive, marking a key legal victory amid the company’s ongoing debt restructuring. First Abu Dhabi Bank (FAB) reported a Dh19.9 billion profit before tax for 2024, driven by 15% revenue growth, and announced a proposed cash dividend of Dh8.3 billion. The UAE’s Ministry of Energy and Infrastructure partnered with Shiba Inu to implement web3 technologies through ShibOS, enhancing digital public services and green infrastructure. Saudi Arabia removed cabotage restrictions on foreign on-demand charter flights, opening its domestic private aviation market to global operators as part of its plan to create a $2 billion general aviation industry by 2030. Meanwhile, HSBC appointed Karim Tannir as Head of Banking for the MENAT region, reinforcing its expansion into investment banking and wealth management in high-growth markets.
These were the top stories this week as selected by Finance Middle East editors.
Dubai Labour Court rules in favour of Shuaa Capital in Dh22 million dispute
The Dubai Labour Court has ruled in favour of Shuaa Capital in a case involving Dh22 million ($6 million) in alleged unpaid labour dues filed by a former executive, Zawya reported.
In a statement, Shuaa Capital emphasised its commitment to protecting shareholder interests and is evaluating further legal options.
This legal victory comes as Shuaa Capital continues its debt restructuring efforts.
FAB posts Dh19.9 billion profit, driven by 15% revenue growth
First Abu Dhabi Bank (FAB) posted a profit before tax of Dh19.9 billion for 2024, up 13% year-on-year, driven by a 15% increase in revenue to Dh31.6 billion. Net profit after tax rose 4% to Dh17.1 billion, reflecting strong client activity, diversified income streams, and operational efficiencies.
FAB’s Board recommended a cash dividend of 75 fils per share, totalling Dh8.3 billion, or 51% of the distributable group net profit. Shareholder approval is expected at the bank’s Annual General Meeting on March 11, 2025.
UAE Ministry partners with Shiba Inu to implement web3 solutions
The UAE’s Ministry of Energy and Infrastructure (MoEI) has partnered with Shiba Inu to develop web3 technologies to enhance public service efficiency and green infrastructure. Shiba Inu’s Operating System (ShibOS) will be integrated into MoEI operations.
Eng Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI, stated, “We’re delighted to deepen our commitment to cutting-edge digital services. This partnership represents a pivotal moment in our journey toward redefining government services.”
Saudi Arabia opens domestic private aviation market to foreign charter operators
The General Authority of Civil Aviation (GACA) announced removing cabotage restrictions on foreign on-demand charter flights within Saudi Arabia, effective May 1, 2025. The policy allows international charter operators to apply for permission to operate domestic routes, subject to GACA’s regulatory requirements.
The decision supports GACA’s strategy to position Saudi Arabia as a general aviation hub. This move is part of a broader transformation plan outlined in the General Aviation Roadmap, unveiled at the Future Aviation Forum in May 2024. The roadmap aims to develop the general aviation sector into a $2 billion industry by 2030, creating 35,000 jobs.
HSBC appoints Karim Tannir as MENAT banking head amid regional expansion
HSBC Holdings has appointed Karim Tannir as Head of Banking for the Middle East, North Africa, and Türkiye (MENAT), as the bank accelerates its strategic focus on investment banking and wealth management in key growth regions. The appointment was confirmed in an internal memo seen by Zawya.
Tannir, who joined HSBC in 2023 as Vice Chairman for Global Banking MENAT, brings over three decades of experience, including 25 years at JPMorgan in the Middle East. He will report to Selim Kervanci, CEO of HSBC’s MENAT operations, and functionally to Jo Miyake, the bank’s Head of Banking for Asia and the Middle East.
