Qatar National Bank (QNB Group), the biggest GCC lender by assets, said on Monday that its full-year net profit soared by 8 per cent to reach $4.58bn (QAR16.7bn) in 2024, citing its robust and consistent performance amid a surge in operating income and total assets.

Net profit attributable to the Qatari lender’s equity holders in the fourth quarter was QAR4bn, up from QAR3.6bn for the same period a year ago.

QNB’s operating income rose by 6 per cent to reach QAR41.3bn in the 12 months to December 31, supported by steady “growth across a range of revenue sources”.

The banking group said its loans and advances reached QAR911bn, up 7 per cent from the previous year. The growth in QNB’s loan portfolio helped the bank increase its total assets to almost QAR1.29tn, up 5 per cent from December 2023.

QNB’s full-year deposit base jumped 3 per cent to QAR887bn, up 3 per cent from December 2023, driven by the bank’s diversified customer base, while the loan deposit ratio stood at 96.8 per cent.

Its capital adequacy ratio amounted to 19.2 per cent as at December 31, 2024, while its liquidity coverage ratio and net stable funding ratio expanded by 179 per cent and 101 per cent, respectively. The ratio of non-performing loans (NPL) to gross loans stood at 2.8 per cent, reflecting the high quality of QNB’s loan book and the effective management of credit risk.

QNB’s board proposed a cash dividend of 37 per cent of the nominal share value (QAR0.37 per share).

Meanwhile, QNB’s board approved its QAR2.9bn share buyback plan in September and commenced the share repurchase in October.

The bank said the stock repurchase is a confidence-building measure that is expected to improve market liquidity and enhance returns. QNB has completed a share repurchase of 38.33 million ordinary shares, amounting to QAR661 million, as of December 2024. The bank will initiate a new share repurchase program beginning January 14, 2025.

Read: QNB board approves QAR2.9bn share buyback program

GEMS Education is preparing to open the UAE’s most expensive school in August 2025.

Dubbed the GEMS School of Research and Innovation, the school — located in Dubai Sports City — is being positioned as the education group’s “most advanced offering to date.”

It will also come at a hefty price tag. The $100m campus will charge fees starting at Dhs116,000 for FS1, rising to Dhs152,000 for Year 6, and eventually reaching Dhs206,000 in Year 13: a record high for schools in the country. Fees are subject to KHDA approval, and founding families will receive a 20 per cent discount on FS1 to Year 6 fees in the first year.

Premium pricing for ‘hand-picked’ global educators

GEMS says the high fees will allow it to “hand-pick” specialist teachers “from some of the world’s most prestigious institutions,” ensuring students receive an education that blends artificial intelligence, advanced technology, and innovation-driven learning.

“By combining the very best hand-picked educators recruited from the UK and around the world with cutting-edge technology and unmatched facilities, we are creating a unique school where every student has the opportunity to thrive and innovate, leveraging their own innate curiosity,” said Sunny Varkey, chairman and founder of GEMS Education.

The school aims to provide a values-led education, with wellbeing and happiness at its core, while integrating AI, robotics, esports, game design, engineering, business, and specialist language courses into its curriculum.

A $100m school with next-level facilities

GEMS Education said the school represents a 30 per cent premium investment over previous ultra-premium schools in the UAE. The facilities include:

• Olympic-size swimming pool – FINA-certified, with configurations for multiple uses.
• Premier League-standard football field – A professional-grade facility.
• 400m Olympic running track – Built to international athletic standards.
• NBA-spec basketball court with auditorium – Designed for professional-level training and events.
• 600-seat auditorium – A venue for large-scale performances.
• Advanced Robotics Laboratory – Featuring AR and VR-enabled learning centres.
• Disruption Lab and Research Centre – Focused on entrepreneurship and in-house solutions to global challenges.

Beyond academics, students will be encouraged to “follow their own interests,” whether in gymnastics, swimming, musical theatre, classical dance, or street performance.

Lisa Crausby OBE, CEO of GEMS Education, said: “It is a transformative space where education meets innovation [where] students will benefit from personalised learning experiences, driven by exceptional teachers and enhanced by world-class facilities.”

“[This is a school that will] prepare its students not just for the challenges of today, but for the opportunities of tomorrow,” she added.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has completed the acquisition of a 23.08 per cent stake in Saudi Reinsurance Company (Saudi Re), a deal that is set to enable the company to scale up domestic capacity to meet rapid local growth and strengthen the kingdom’s insurance sector.

PIF’s investment is poised to bolster the Saudi insurance sector. It will empower Saudi Re to offer superior reinsurance solutions, equip insurance companies with enhanced risk management capabilities, and enable them to provide comprehensive coverage to policyholders while mitigating earnings fluctuations.

“A better capitalised Saudi Re will be more able to meet rapid growth in demand and devise new products while having increased capacity to expand in domestic and global markets,” the fund said in a statement.

The investment is expected to increase reinsurance premiums staying within Saudi Arabia, grow the local reinsurance sector, and improve coverage for commercial activities for insurance firms and companies in general.

Founded in 2008, Saudi Re holds investment-grade ratings of A- from S&P Global and A3 from Moody’s. The reinsurance firm’s performance has been robust, with total written premiums reaching $520m (SAR1.94bn) in the first nine months of 2024. It achieved a compound annual growth rate of 17 per cent over the five years up to the end of the 2023 financial year.

“By investing in Saudi Re, PIF is reinforcing a leading regional reinsurer and strengthening Saudi Arabia’s insurance sector, which is an essential component of sustainable economic growth. This enhances access to quality financial services for insurers and their policyholders and strengthens the sector,” said Sultan Alsheikh, head of Financial Institutions in MENA Investments at PIF.

Meanwhile, PIF is central to Crown Prince and Prime Minister Mohammad bin Salman’s plans to diversify the economy away from reliance on oil revenues by building new industries and investing in infrastructure development projects.

Since 2017, the $925bn sovereign fund has created 95 new companies and over 644,000 direct and indirect jobs. Last October, PIF Governor Yasir Al Rumayyan said that the fund’s focus was shifting to the domestic economy as it looked to develop new industries and promote economic diversification.

The fund owns stakes in tech companies such as ride-hailing firm Uber Technologies, soccer teams including English Premier League’s Newcastle United, and electric carmakers Lucid and Ceer. It is also funding a host of new cities in the desert such as the $500bn futuristic NEOM City and the Red Sea Development Company’s mega tourism project.

Read: Mubadala overtakes Saudi Arabia’s PIF as world’s top wealth fund spender

Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, chairperson of the Dubai Culture and Arts Authority, presented the ‘One Billion Award’ to British content creator Simon Squibb at the third edition of the 1 Billion Followers Summit, the world’s largest gathering focused on the content creator economy.

The award, valued at $1m, recognises exceptional content creators who drive social change and contribute to shaping a better future through their platforms.

The 1 Billion Award, the largest recognition of its kind globally, aims to inspire content creators to foster positive societal impact by encouraging compassion, empathy, and meaningful engagement.

Squibb was honoured for his inspiring content, which empowers individuals to achieve their dreams and highlights how resilience and determination can address global challenges.

With over nine million followers, Squibb’s journey from a teenage entrepreneur to a digital influencer reflects his commitment to social initiatives and his mission to help others through platforms like ‘HelpBnk’, a free online business advice service.

Award presented as part of the 1 Billion Followers Summit

The ceremony, held at Dubai’s Emirates Towers, DIFC, and the Museum of the Future, was part of the 1 Billion Followers Summit, which took place from January 11-13.

Under the theme ‘Content for Good,’ the summit attracted over 15,000 content creators and influencers, with more than 420 speakers, including 125 CEOs and global experts.

In her address, Sheikha Latifa emphasised the UAE’s dedication to empowering content creators and fostering a creative environment.

“Meaningful and positive content holds transformative power,” Sheikha Latifa said, praising the summit’s success in advancing excellence in the digital landscape.

The One Billion Award drew more than 16,000 submissions from content creators in 190 countries.

To qualify, entries had to demonstrate originality, meet high design standards, foster meaningful engagement, and deliver a positive social impact.

The award aims to recognise the global community of content creators who inspire change and contribute to societal progress.

Read: Creators HQ launches, partners with Meta for initiative

A high-level UAE delegation is in Lebanon’s capital, Beirut, to oversee the reopening of the UAE embassy, in response to the directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan.

This move follows a phone call between Sheikh Mohamed and Joseph Aoun, President of Lebanon, during which both leaders agreed to take the necessary steps to restore diplomatic presence in Beirut, the state news agency, WAM reported.

The leaders expressed their shared commitment to enhancing bilateral relations for the mutual benefit and prosperity of both nations and their peoples, with a focus on regional security and stability.

In a statement, the UAE Ministry of Foreign Affairs (MoFA) emphasised that reopening the embassy reflects the deep and enduring fraternal ties between the two countries.

It underscored the UAE’s unwavering support for Lebanon’s unity, national sovereignty, and territorial integrity, as well as its commitment to supporting the Lebanese people.

Embassy reopening is a key step

The ministry also highlighted that the embassy’s reopening is a key step in further strengthening bilateral relations, demonstrating the UAE’s dedication to Lebanon’s stability and development and ensuring continued support across various sectors.

Both leaders also discussed ways to deepen cooperation and exchange views on issues of mutual interest, reaffirming the UAE’s steadfast commitment to supporting Lebanon’s security and stability.