2024-03-30 17:22:24
Amman: “The Gulf”
During its meeting, the General Assembly approved the recommendation of the Arab Bank’s Board of Directors to distribute cash dividends to shareholders at a rate of 30% for the year 2023, in addition to approving the items on its agenda.
This came on the sidelines of the ordinary general assembly meeting of Arab Bank shareholders, which was held under the chairmanship of Sobeih Al-Masry – Chairman of the Board of Directors, and in the presence of members of the Board of Directors, the Executive General Manager, and shareholders holding shares “in principal, proxy, and proxy,” constituting about 78.17% of the capital. The meeting was also attended by the General Controller of Companies. Dr. Wael Al-Armouti and representatives of the Central Bank of Jordan.
International Economy
On this occasion, Sobeih Al-Masry pointed out that the global economy witnessed in 2023 more pressures and challenges that led to a decline in growth rates in most regions of the world, as the strict approach to monetary policy that began in 2022 continued during the year to confront the highest inflationary wave in four decades, and moved. Its negative impact has deepened on most economic sectors, but this impact has been relatively limited by strong consumer spending, especially in the United States of America. The global economy also witnessed a decline in the growth rates of trade, investment, and demand for credit. On the other hand, global inflation rates decreased as a result of the decline in fuel and food prices, the improvement of supply chains, and the rise in interest rates. While geopolitical tensions deepened in 2023, resulting in more pressure on the economies of the world and the region.
Non-oil sector
Al-Masry stated that the non-oil sector in most Arab oil-producing countries continued its strong growth, supported by economic reform programs and public spending. As for some Arab oil-importing countries, continuing to implement structural reforms has contributed to achieving moderate growth rates. The current account deficit in oil-importing Arab countries also witnessed an improvement amid a decline in the trade deficit and a strong inflow of tourism revenues and workers’ remittances.
Al-Masry explained that many banks in the Arab region continued during 2023 their flexible policy towards their customers, especially those related to rising interest rates, in order to help individuals and companies face the unfavorable conditions resulting from economic developments, as they did not fully pass on the sharp rise in interest rates. To customers, thus also contributing to maintaining the quality of its credit portfolio. Arab banks in general were also able to maintain high levels of capital adequacy, liquidity and profitability, relying on a broad and stable financing base, in addition to adopting wise credit policies that enabled them to confront the negative repercussions of economic challenges, as well as preparing them to take advantage of the available opportunities for growth. The year 2023 also witnessed an increase in banks’ use of digital solutions and financial technology in the banking industry, the importance of which is constantly increasing among various customer sectors, especially the youth group.
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