CBUAE balance sheet soars to touch Dhs734.61 billion by end of January

The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to touch Dhs734.61 billion at the end of January 2024, marking a significant surge in its financial strength. This impressive growth is revealed in the bank’s latest balance sheet report.

The report highlights a robust increase in the CBUAE’s balance sheet, reaching a total of Dhs734.61 billion by January 2024. Compared to Dhs559.88 billion in January 2023, this translates to a substantial growth of Dhs174.73 billion.

The Central Bank’s balance sheet increased on a monthly basis to about Dhs720.94 billion in December 2023. According to the statistics, the Central Bank’s balance sheet was distributed on the asset side as follows: Dhs331.41 billion for cash and bank balances in January 2024, in addition to investments of about Dhs213.17 billion, Dhs161.51 billion for deposits, Dhs1.93 billion for loans and advances, and Dhs26.59 billion for other assets.

The other side of the equation, liabilities and capital were as follows: Dhs325.1 billion for current accounts and deposit accounts, about Dhs240.9 billion for cash bonds and Islamic deposit certificates,Dhs135.23 billion for issued banknotes and coins, Dhs18.31 billion for capital and reserves, and Dhs18.31 billion for other liabilities.

Etihad Cargo:  Etihad Cargo, the cargo and logistics arm of Etihad Airways, has expanded its US network and will offer increased capacity to the region with the introduction of a new service to Boston, Massachusetts. The carrier’s inaugural flight arrived on 31 March, commencing the regular service that will see the airline operate four flights per week to Boston, which is Etihad Cargo’s fourth US destination, and the new route reinforces Etihad Cargo’s commitment to providing tailored cargo solutions to the North American region.

The new service will be operated on a state-of-the-art Boeing 787-9 Dreamliner, which will provide an additional cargo capacity of 50 tonnes per week, catering to the robust demand for freight between Boston and Abu Dhabi. Etihad Cargo will offer tailor-made solutions for the diverse range of commodities prevalent in the Boston region, with a focus on perishables, medical instruments, pharmaceuticals, and aircraft parts.

Boston is recognised globally as a critical hub for food, pharmaceuticals, and cutting-edge research and development. Etihad Cargo’s expansion into this market is poised to significantly enhance the flow of perishables such as lobsters and seafood, as well as critical pharmaceuticals, including medical devices and oncology treatments, from Boston to Abu Dhabi and the rest of the world.

WAM