As part of its social responsibility program “Together”, and in collaboration with Tkiyet Um Ali (TUA), Arab Bank participated in several volunteering programs during Ramadan with the aim of supporting underprivileged families.

Through this collaboration, a group of Arab Bank employees participated across four initiatives within the food parcels packaging volunteering program, helping with distributing food parcels to families in need across Al-Mafraq.

The bank also sponsored an iftar event as part of the “Mawae’d al-Rahman” program organized by TUA at its premises in Amman. Arab Bank employees volunteered to prepare and serve iftar meals to more the 4,500 fasting people. The bank’s employees also took part in preparing the meals at TUA’s kitchens, where meals were distributed to beneficiary families at their homes in Amman.

Commenting on Arab Bank’s long-term support, Mr. Samer Balkar, Director General of Tkiyet Um Ali, said: “We thank Arab Bank for its role in social responsibility and value its continuous support for Tkiyet Um Ali’s programs." He added: "Tkiyet Um Ali places great importance on enhancing its cooperation with private sector institutions and working together towards its goal of securing sustainable food aid for families in need.”

Tkiyet Um Ali provides monthly sustainable food support to underprivileged families living in extreme poverty in all provinces and governorates across the Kingdom. The families receive monthly food parcels, which fulfill the needs of a family for the entire month.

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve sustainable economic, social, and environmental development. “Together”, Arab Bank’s corporate social responsibility program is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, orphan support, and women empowerment.

In collaboration with the Charity Clothing Bank; one of Jordan Hashemite Charity Organizations (JHCO), Arab Bank recently sponsored the Eid Program, through which clothes were provided to 270 children on the occasion of Eid Al-Fitr in Amman and Irbid with the participation of Arab Bank volunteers who helped the children while choosing their clothes.

The program included distributing Eid clothing items and toys for children in a joyful atmosphere, in addition to holding several interactive activities at the Clothing Bank’s showroom in Amman before serving Iftar. This sponsorship comes in line with the Orphan Day program, which Arab Bank has exclusively sponsored for 10 years, catering for more than 11,000 children from different governorates around the Kingdom.

The Charity Clothing Bank was established in 2013 to collect in-kind donations and provide them to local underprivileged families supported by the National Aid Fund and other NGOs, through different initiatives held at the Clothing Bank’s showrooms in Amman and Al-Karak targeting orphans, elderlies, low-income individuals, and those getting married. Since its establishment, the Charity Clothing Bank has served over 1,300,000 beneficiaries and distributed more than 7,000,000 clothing pieces.

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve sustainable economic, social, and environmental development. “Together”, Arab Bank’s corporate social responsibility program is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, orphan support, and women empowerment.

 Arab Bank continued its support to the Ramadan initiative organized by the Children’s Museum Jordan as part of its “Community Connections” program, sponsored mainly by Arab Bank since 2014. 

The Ramadan initiative at the Children’s Museum Jordan returns this year under the theme and spirit of the holy month, featuring a variety of activities. These include the old souq, the souq café with a children’s Hakawati who tells stories blending both the past and present, in addition to well-known Islamic figures from the golden era such as the explorer Ibn Battuta, the mathematician Khawarizmi, and many more Ramadan-related activities.

Arab Bank has also sponsored two charity iftars for orphaned children as part of the Ramadan iftar events hosted annually by the museum. Arab Bank employees accompanied the children on a tour around the museum, which included interactive learning activities aimed at teaching them more about Ramadan symbols, as well as a scientific show featuring lab experiments, all within a joyful atmosphere. At the end of the tour, the bank’s employees distributed gifts to the children.

Arab Bank’s support comes as part of its social responsibility program “Together”, which focuses on a variety of areas including education. The bank is the main sponsor of the Museum’s “Community Connections” program, which includes a variety of interactive initiatives and activities that focus on vital topics and special occasions that interest children and the family alike, such as the water month, the Arabic language month and the Arab child month. 

Arab Bank has recently provided its support to the campaign launched by the Crown Prince Foundation (CPF) during the Holy Month of Ramadan. The initiative comes as part of CPF’s humanitarian response program, which falls under its sustainable community development efforts.

The initiative aims to provide financial aid to hundreds of underprivileged families in various governorates across the Kingdom, particularly those in remote and less fortunate areas. It was launched during Ramadan to provide families with their basic food needs and alleviate their financial burdens.

This year, Arab Bank’s support entailed JOD 40 vouchers issued by the Military Consumer Establishment and distributed to a number of beneficiary families, offering them the flexibility to purchase their own food needs. Eligible families were selected in advance based on criteria points set in collaboration with the National Aid Fund, with priority given to those on waiting lists and to families who have not yet received support.

Since its inception, Arab Bank’s social responsibility program “Together” aims to serve the community in areas related to education, health, environmental protection poverty alleviation, orphan support, and women empowerment to contribute to achieving sustainable social, economic, and environmental development.

 Arab Bank held its general assembly meeting online on March 28th, 2024. The meeting was headed by Mr. Sabih Masri, Arab Bank’s Chairman in the presence of the board of directors, the Chief Executive Officer, and shareholders (in attendance and by proxy), which make up 78.17% of the bank’s capital. Dr. Wael Armouti, the Companies’ Controller had also attended the meeting along with representatives from the Central Bank of Jordan.

During the meeting, the recommendation by the Board of Directors to distribute a cash dividend of 30% for the year 2023 and all articles on the agenda were endorsed.

Mr. Masri, Chairman of the Board of Directors, highlighted that the global economy faced further challenges and pressures in 2023, leading to a slowdown in growth rates in most regions of the world. The tight monetary policy approach that began in 2022 to combat the highest inflationary wave in four decades persisted this year, deepening its negative impact across most economic sectors. However, this impact was relatively mitigated by strong consumption spending, especially in the United States. Additionally, the global economy experienced declines in trade, investment, and credit demand. Conversely, global inflation rates declined due to falling fuel and food prices, improved supply chains, and rising interest rates. Meanwhile, geopolitical tensions deepened in 2023, further pressuring the economies of the world and the region.

Mr. Masri noted that the non-oil sector across oil-exporting Arab countries continued its strong growth momentum, supported by economic reform programs and high government spending. As for oil-importing Arab countries, he highlighted that there was a tangible improvement in their current account deficit, supported by a decrease in the trade deficit, strong flows of tourism revenues and remittances from expatriate workers.

Mr. Masri further added that during 2023, many banks in the region continued their flexible policies towards their customers, especially those related to the rise in interest rates, in order to support individuals and corporates in facing the unfavorable circumstances resulting from economic developments. Banks did not fully pass on the sharp increase in interest rates to customers, thus also contributing to maintaining the quality of their credit portfolios. The Arab banking sector, generally, was able to maintain high levels of capital adequacy, liquidity, profitability, and rely on a broad and stable funding base, alongside adopting wise credit policies that enabled them to mitigate the negative repercussions of economic challenges and prepare to capitalize on available growth opportunities. Additionally, the banking sector witnessed an increase in the adoption of digital and Fintech solutions throughout the year, which are continuously gaining significance among various customer bases, especially the youth.

Mr. Masri also reaffirmed that despite the challenges that the world and the region witnessed in 2023, Arab Bank continued to achieve positive results and strong performance driven by its presence across the different markets, especially in the GCC region, as net profit improved by 34% to reach $1.81 billion. The Bank's strong underlying performance reflects the successful execution of its strategy which focuses on delivering sustainable growth and building a resilient business model capable of dealing with the regional and international challenges. This reinforces the Group’s leading position and its ability to move forward in line with its shareholders’ expectations and the needs of its customers.

He also noted that Arab Bank continued to leverage its extensive expertise in regional markets and its globally and regionally extended network, supported by an advanced system of services and digital channels, to provide integrated banking and financing solutions to its customers, including corporates, institutions, and individuals across various sectors and segments. Additionally, the Bank took part in financing infrastructure projects, vital initiatives, and intra-regional trade in a manner that reflects its active contribution to driving sustainable economic development locally and regionally.

Mr. Masri added that throughout the year, Arab Bank continued to enhance its community investments through its responsibility towards the communities in which it operates, by providing support in various forms to purposeful community initiatives and activities as part of its CSR and sustainability program, "Together". The Bank's contributions in this regard included areas such as health, poverty alleviation, education, environmental protection, orphan support, and women empowerment. This is in addition to the vital role played by the Abdul Hameed Shoman Foundation, Arab Bank’s social and cultural responsibility arm, in the fields of scientific research, cultural enlightenment, innovation, and encouraging reading. Furthermore, the year witnessed Arab Bank’s adoption of its Environmental, Social, and Governance (“ESG”) strategy, which outlines a detailed approach for managing these issues and integrating them into the Bank's business model.

He also noted that as part of Arab Bank’s expansion strategy, and in line with its continuous efforts to expand its footprint in promising markets, the Bank is in the process of launching its operations in the Iraqi market during the year 2024, providing comprehensive banking solutions and services to its current and future customers. And in line with the group’s focus on expanding its wealth management and private banking business, during 2023, Arab Bank Switzerland acquired the majority stake in Swiss bank "Gonet & Cie SA". The new banking group will be a major actor in the Swiss wealth management industry.

In the period ahead, Mr. Masri confirmed that the Bank will continue to build upon the achievements of the past nine decades, grounded in its strong institutional approach, prudent banking policies, and an extensive interconnected banking network, prioritizing the interests of its customer, shareholders, and the communities in which it operates.

Mr. Masri concluded by thanking the Central Bank of Jordan for its pivotal role in sustaining the resilience and stability of the Jordanian banking system under all circumstances.

Ms. Randa Sadik, CEO of Arab Bank, stated that Arab Bank Group closed 2023 reporting a net income after tax of US$829.6 million as compared to US$544.3 million in 2022 with an increase of 52%. The Group also maintained its solid financial position with Group equity of $11.4 billion, and an increased net profit of 34% to reach US$1.81 billion.

By the end of 2023, the Group’s total assets grew by 6% to reach US$68.3 billion, and loans increased by 5% to reach US$37.1 billion, compared to US$ 35.4 billion last year. The Group’s deposits also witnessed 6% growth, reaching $50.6 billion compared to US$ 47.7 billion last year.

She highlighted that Arab Bank delivered robust results during 2023 where the Bank’s net operating profit grew, driven by increase in core banking income across various sectors and markets in the region with a clear focus on enhancing non-interest income contribution and revenue diversification. The Group’s liquidity and asset quality remain solid where the loan-to-deposit ratio stood at 73.2% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.5%, which is higher than the minimum required by the Central Bank of Jordan according to Basel III regulations.

Ms. Sadik also noted that Arab Bank remained committed to sustainability and its Environmental, Social and Governance (“ESG”) priorities, successfully issuing $250 million in sustainable Additional Tier 1 (AT1) Capital Securities. The issuance marks the first and largest sustainable perpetual AT1 issue in Jordan and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange.

With regard to Arab Bank's digital transformation efforts, Ms. Sadik concluded by reaffirming the bank’s commitment to providing value for its customers through the establishment of "Acabes International Pvt Ltd", Arab Bank’s technology arm, as a global capability center, supporting the bank’s businesses worldwide and providing a seamless digital experience to customers.

In collaboration with the Jordan River Foundation (JRF), Arab Bank has recently hosted a Ramadan Iftar for 100 children at the JRF’s Queen Rania Family and Child Center. This comes as part of the JRF’s initiatives directed at family and child protection, which aim to reach the largest number of beneficiaries.

A group of 30 Arab Bank employees volunteered in this initiative, which entailed several interactive arts and sports activities to increase children’s awareness around key concepts related to child protection. This included the “Small House” program, the “Salhouf” puppet show, and many other activities. Iftar meals were also provided for the children and the bank’s employees catered by the women of Al-Karma Kitchen, owned by the JRF.

The Jordan River Foundation established the Queen Rania Center for Family and Child in 2005 with the aim of enhancing social, economic, educational, and environmental areas related to child wellbeing. The center adopts a holistic model of services that aims to integrate cultural, societal and familial aspects to secure financial support for children and their protection in partnership with the local communities and JRF partners.

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve sustainable economic, social, and environmental development. “Together”, Arab Bank’s corporate social responsibility program is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, orphan support, and women empowerment.

With the support of Arab Bank, the Children’s Museum Jordan has implemented its "Water Month" program, which aims to educate children on the importance of water preservation through creative thinking workshops, science experiments, storytelling and agricultural activities.

The "Water Month" activities were held under the slogan "Save Water", shedding light on water scarcity and the dangers of poor water consumption. The program entailed diverse awareness activities including “I Pledge” and the “Water the Fuel of Life Show”, which enabled children to learn more about water conservation, in addition to other several awareness activities Over 6,000 visitors benefited from the program’s activities and gained insights into the issue of water scarcity in Jordan.

During the program, Arab Bank participated through its “Arabi Junior” booth to promote and instill sound environmental values and practices among children, especially focusing on topics related to sustainable water management and preservation, given the importance of creating a water-secure future in Jordan and reinforcing such positive thinking at an early age.

Arab Bank’s support of this initiative comes in line with its CSR program, which addresses different aspects that align with the values of citizenship and social responsibility. This includes initiatives and activities that cater to the children’s interests, resonating with the bank’s commitment to this age group by supporting educational and awareness-raising programs. The bank continuously seeks to collaborate with the Children’s Museum through supporting multiple programs such as the “Community Connections” program that was launched in 2012, which encompasses the “Water Month” initiative hosted annually by the museum to coincide with World Water Day on March 22^nd  of each year.

Arab Bank employees have recently participated in a career day activity at “Amneh Bint Wahab" mixed secondary school in Al-Salt. The activity is part of "Masahati" program organized by the "Madrasati" initiative with support from Arab Bank. Serving as a gateway for youth into the job market, the activity aimed to expand students' knowledge about the most common and in-demand future specialties in the job market, including cybersecurity, digital marketing, data science and analytics, human resource management, as well as motion graphics and animation design.

The career day activity comes as an extension of Arab Bank's support of the "Madrasati" initiative programs since 2010, launched by Her Majesty Queen Rania Al Abdullah in 2008 with the aim of improving the environment of public schools in the Kingdom and enhancing students' life skills through the implementation of various educational programs.

The activity comprised several interactive sessions involving 135 female students. These sessions included panel discussions, practical activities, and training events designed to guide and enhance their skills while expanding their understanding of practical concepts. This initiative contributed to raising awareness among the students about the influence of their academic concentration on their career paths.

It is worth mentioning that Arab Bank has previously supported the "Madrasati" initiative by adopting two schools for renovation and remodeling. With the aim of providing a better educational environment, the bank's support of the "Masahati" program within the "Madrasati" initiative was directed towards creating an interactive creative space for students and teachers through extracurricular activities. Additionally, the bank provided support to the "Proud to be a teacher" program, which offered personal and practical training for teachers to enhance their sense of pride and competence.

Arab Bank was recently named “Most Innovative Bank in The Middle East” by EMEA Finance at the magazine’s 16th edition financial services awards ceremony in the Middle East for 2023. The ceremony recognized the best commercial, investment, and Islamic banks in the region, in addition to asset management and brokerage institutions.

Arab Bank was selected for this award based on a set of criteria including performance and structural factors such as market share, product innovation, growth in key service areas, and corporate strategy.

This recognition comes as a result of Arab Bank’s constant efforts to deploy the latest and most innovative digital banking services and solutions that meet the needs of its customers across the different sectors. It also reflects the bank’s commitment in staying abreast with the latest developments in the digital banking industry.

It is worth mentioning that Arab Bank was named “Bank of the Year 2023 in the Middle East” by The Banker Magazine, owned by the Financial Times and based in London. The bank was also named “Best Bank in the Middle East 2023” for the eighth consecutive year by New York-based Global Finance publication. Additionally, the bank received 18 awards in recognition of its corporate and consumer digital banking services in Jordan and the MENA region.

In line with its social responsibility program “Together”, a group of Arab Bank employees and their families recently volunteered to plant 400 forest trees at Mount Nebo in Madaba. The initiative is part of the Madaba forest tree planting project, which was launched by “Himmeh w Lammeh” in collaboration with the Directorate of Agriculture to increase the green space in Madaba with the support of civil society organizations and the private sector.

“Himmeh w Lammeh” initiative, launched in 2019 by a group of women, operates under the umbrella of Jordan Inbound Tour Operators Association (JITOA) - a voluntary non-profit organization that links all the various players in the tourism value chain, with the goal of supporting the growth, sustainability, and adaptability of the Kingdom’s inbound tourism sector.“Himmeh w Lammeh” initiatives focus on raising community awareness on the importance of maintaining cleanliness in Jordan’s tourist and archeological sites, as well as parks, street sides and roads leading to governorates.

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve sustainable economic, social and environmental development. “Together”, Arab Bank’s corporate social responsibility program is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, and orphan support.

Arab Bank, in collaboration with INJAZ, has launched a specialized training program aimed at enhancing and raising financial awareness among university students in several governorates across the Kingdom. This initiative comes as part of Arab Bank’s sustainability and social responsibility strategy, as well as its efforts in financial inclusion and spreading financial literacy among various segments of the local community. 

The program, which will be implemented across six universities in Jordan, aims to raise financial awareness among the students and introduce them to main concepts and skills such as sound financial planning which enables them to make wise financial decisions, the concept of saving, and the latest financial products and services, including digital services, types of accounts, credit and debit cards, and various banking solutions. The training also entails training material on the role of financial technology in restructuring banks’ operating model, cybersecurity and ways to deal with threats, as well as essential financial advice for post-graduation. 

Arab Bank’s launch of this program in collaboration with INJAZ comes as part of the bank's ongoing commitment to supporting and enabling the youth, building their capabilities and equipping them with the necessary knowledge and skills that will benefit them personally and professionally in the future, thus contributing to sustainable development.

Arab Bank launched a special auto loan offer in collaboration with the Unity Trading Est. – Hyundai Jordan on a selection of Hyundai car models. The offer comes as part of the bank’s constant efforts to provide its customers with value-added banking services and promotions in line with their expectations and diverse needs.

The offer, which will run until 10 April 2024, allows customers who desire to purchase any of the Hyundai car models listed within the campaign to benefit from many exclusive privileges including; 100% financing for up to 96 months, preferential fixed interest rate of 4% (or its equivalent of 7.25% decreasing), free insurance for the first year, exemption from loan origination fees, and cashback of JOD 500 with each car loan. This is in addition to a free charger for electric cars, and the ability to repurchase the car within the first year through a simple and easy process. 

Commenting on this offer, Mr. Yacoub Matouk, Head of Consumer Banking at Arab Bank – Jordan, said: “We continuously seek to provide our customers with competitive financing solutions through value-added offers and campaigns that are in line with their expectations and financial needs.” He added: “The new campaign offers a unique opportunity for our customers to own a brand-new Hyundai car while benefiting from an array of exclusive privileges and flexible features.”

For his part, Mr. Zaid Al Abdallat, CEO of Unity Trading Est. – Hyundai Jordan, said: “We are proud to collaborate with Arab Bank on this campaign, which comes in line with our constant efforts to provide the best financing solutions for our customers to own their Hyundai car of choice, which has proudly earned the ‘Car of the Year’ awards for 2022 and 2023, and are considered the most popular hybrid and electric cars in our market. The new offer facilitates the purchasing process and provides flexible payment options tailored to our customers’ needs and purchasing power, allowing them the opportunity to own their favorite car with benefits.”

 It is worth mentioning that Arab Bank’s auto loans offer a wide range of benefits in addition to a dedicated customer service team around the clock, the ability to finance multiple cars, including new and used cars according to the bank’s terms and conditions. The bank also offers customers the ability to easily apply for a loan online through the bank’s digital banking channels that include Arab Bank’s website, the “Arabi Mobile” app and its internet banking service “Arabi Online”.

Global Finance, a New York-based international publication, has recently named Arab Bank the "Best Bank for Sustaining Communities in the Middle East 2024” as part of the fourth annual Sustainable Finance Awards for 2024. Arab Bank was chosen by a world-class panel of judges, which included experts in consulting and outsourcing, in addition to the magazine’s team of editors, recognizing the bank’s outstanding sustainability achievements as part of its comprehensive strategy on this front. 

Arab Bank's recognition underscores its robust track record in adhering to environmental, social, and governance ("ESG") standards, alongside its innovative strides in sustainability. These initiatives showcase the bank's influential role in supporting sustainable projects, and highlight its integration of sustainability principles into its operations. This aligns seamlessly with the bank's overarching vision of realizing sustainable development.

Arab Bank was selected for this award based on a specific set of criteria, which included the bank's commitment to sustaining communities as well as its constant efforts in sustainability financing, its excellence in bond issues, community support, resource management, transparency and reporting, infrastructure, and emerging-markets sustainability funding. This is in addition to its ESG governance policies, objectives, and achievements in financing environmental and social initiatives during the past year.

Furthermore, Arab Bank was named the “Best Bank for Sustainable Finance in Jordan 2024” by Global Finance magazine. The bank also received the "Best ESG Integration in Jordan 2022" award by the Arab Federation of Capital Markets in cooperation with The Global Economics magazine.

It is worth mentioning that Arab Bank was the first bank in Jordan to establish a Sustainable Finance Framework, which aims to support the bank’s sustainability commitments and environmental, social and governance (“ESG”) priorities. The bank also successfully issued USD 250 million Additional Tier 1 (AT1) Capital Securities last year. The issuance marks the first and largest sustainable perpetual AT1 issue in Jordan and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange. The proceeds of the issuance will be used to finance a portfolio of qualified sustainable projects, in line with Arab Bank’s strategy to integrate environmental, social and governance (“ESG”) principles across the organization.

Arab Bank employees have recently volunteered in implementing an activity for the "My Little Home" initiative at the Queen Rania Family and Child Center (QRFCC), which is run by Jordan River Foundation (JRF). The “My Little Home” initiative is part of the child protection program by QRFCC, which aims to raise awareness and increase knowledge of key topics related to child abuse prevention. This comes as part of the center’s efforts in protecting children and their families through implementing key initiatives that reach a wide number of beneficiaries.

A group of Arab Bank employees volunteered to implement several activities for children within the "My Little Home" initiative, aiming to increase their self-awareness levels and enhance their abilities and skills. The initiative, which targets children between the ages of six and twelve, is implemented through a simulated home environment, designed in a modern and simple manner to include five rooms that are linked to the concepts of family life.

Run by the Jordan River Foundation, the Queen Rania Family and Child Center (QRFCC) was established in 2005 to enhance areas related to social, economic, educational, and environmental wellbeing for children. The community-based center adopts a holistic model that integrates cultural, societal, and familial aspects for change, in a way that ensures financial support and safety for children, in collaboration with the local community and QRFCC partners.

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve sustainable economic, social, and environmental development. “Together”, Arab Bank’s corporate social responsibility program is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, orphan support, and women empowerment.

Arab Bank has recently provided financial support for the reconstruction and renovation of “Ghor Al Mazra’a” comprehensive health center, located in the southern Jordan Valley. The project, led by "Himmetna" Charitable Association, aims to develop 25 healthcare centers across the Kingdom, elevating health services in underprivileged areas. Arab Bank’s support of this initiative comes as part of its social responsibility toward the local community and its commitment to instilling the values of citizenship by consolidating the efforts directed towards supporting vital sectors, such as healthcare, in line with its sustainability strategy.

The upcoming Ghor Al Mazra’a comprehensive health center is planned to span two floors, covering approximately 1,916 square meters, with sub-buildings to serve the medical caliber. The new center will serve around 25,000 people and will undergo a reconstruction process, which involves demolishing and rebuilding, expanding the first floor to accommodate new clinics and amenities for overnight on-site physicians. Anticipated to serve about 25,000 people, the expansion aims to enhance the overall treatment journey for patients, including an enlarged emergency department, physiotherapy department, and the maternal and child health department, and allocating space for a mammogram room, a medical waste area, a shaded outdoor area for children, facilities for people with special needs and disabilities, and parking spaces. Additionally, the project considers the region's characteristics, employing thermal isolation and an air conditioning system suitable for high temperatures and water salinity in the Jordan Valley area.

The bank's support will contribute to covering the project’s costs, encompassing demolition, excavation, rebuilding, civil works, infrastructure, finishing, electrical, mechanical, interior design, and branding. The bank's commitment extends to ensuring adherence to the highest standards throughout the design, execution, and continuous follow-up on the sustainability of services. This includes training and capacity building for the center's staff.

Dr. Fadia Samara, Chief Executive Officer and Founder of "Himmetna" organization, said: “We are proud to collaborate with Arab Bank and commend its vital support, emphasizing the tangible impact on beneficiaries through equitable healthcare. We believe in the pivotal role undertaken by the private sector in achieving sustainable development, which aligns with our vision of achieving justice and quality in healthcare services, promoting patient rights, and elevating the level of healthcare services provided to all segments of society within a secure environment.” She added: “Ghor Al Mazra’a comprehensive healthcare center is a vital facility, serving approximately 25,000 residents, and it is part of a broader initiative by 'Himmetna', which includes around 25 health centers in the most underprivileged areas across the Kingdom."

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve sustainable economic, social, and environmental development. “Together”, Arab Bank’s corporate social responsibility program is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, orphan support, and women empowerment.

Arab Bank has recently renewed its collaboration agreement with the Charity Clothing Bank; one of Jordan Hashemite Charity Organizations (JHCO), for the ninth consecutive year. The agreement aims to provide clothing for 1,200 orphans from across the Kingdom throughout the year.

This comes as part of Arab Bank's sustainability strategy for community development. The bank's social responsibility program "Together" provides support to vital community initiatives aimed at enhancing social solidarity and helping those in need across the Kingdom. Through its support, the bank seeks to provide new clothing, shoes, and toys to 1,200 orphaned children from different governorates with the help of volunteering employees from the bank. In addition to its financial support, the bank’s volunteering team will also help the children shop for their needs at the Charity Clothing Bank’s showrooms in Amman and its temporary showrooms across the Kingdom.

Secretary General of the Jordan Hashemite Charity Organization, Dr. Hussein Al-Shibli, expressed his pride in the agreement renewal and praised the role of Arab Bank in developing the local community and its effective contribution to achieving the organization’s goals by alleviating the economic burden on mothers and spreading joy among the children through the Orphans Day program. Since its inception, the program has been able to serve more than 9,000 children in various governorates.

The Charity Clothing Bank collects donations and distributes them to families in need who benefit from the National Aid Fund and charitable organizations through various programs targeting all groups in need. These include elderly orphans, individuals with limited income, and those preparing for marriage, who are served through the Clothing Bank’s showrooms in Amman and Karak.

It is worth mentioning that Arab Bank has taken an active role in the community by adopting a comprehensive strategic approach and collaborating with several NGOs to achieve sustainable economic, social, and environmental development. “Together”, Arab Bank’s corporate social responsibility program is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, orphan support, and women empowerment.

Arab Bank Group achieved solid results for the year ending December 31, 2023, reporting a growth of 52% in net income after tax of $829.6 million as compared to $544.3 million in 2022.

The Group’s performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and tax improved by 34% to reach $1.81 billion. Total Assets grew by 6% to reach $68.3 billion, loans grew by 5% to reach $37.1 billion, and deposits grew by 6% to reach $50.6 billion. While total Group equity stood at $11.4 billion.

In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2023.

Mr. Sabih Masri, Chairman of Arab Bank, commented that the bank's strong underlying performance reflects the successful execution of its strategy which focuses on delivering sustainable growth and building a resilient business model capable of generating positive results, while dealing with the regional and international challenges. He also noted that the bank’s record net operating profit is a clear testament to its strong growth momentum across several markets, specially in the GCC region and international markets.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during 2023, where the Bank’s net operating profit grew by 34% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification. This was achieved while the Bank continued to invest in transformation and maintaining a resilient balance sheet, which will position us for further growth in the future.

Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 73.2% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.5%.

Ms. Sadik also highlighted that as part of Arab Bank’s commitment towards Sustainability and its Environmental, Social and Governance (“ESG”) priorities, the bank successfully issued $250 million in sustainable Additional Tier 1 (AT1) Capital Securities. The issuance marks the first and largest sustainable perpetual AT1 issue in Jordan and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange.

With regard to the bank's ongoing commitment towards digital transformation and providing value for its customers, Ms. Sadik noted the establishment of "Acabes International Pvt Ltd", Arab Bank’s technology arm, as a global capability center, supporting the bank’s businesses worldwide. Arab Bank, in collaboration with "Acabes", has recently launched an updated version of “Reflect” offering more features and services to its users. This is in addition to launching "Arabi Shopix", a first of its kind service in the Kingdom which offers Arab Bank customers, including merchants, the ability to build and design an e-commerce website as part of the host of integrated digital banking solutions designed to meet the needs of SMEs through the “Arabi SMEs” program.

As part of the bank's expansion strategy, and in line with the bank's continuous efforts to expand its footprint in promising markets, Mr. Masri commented that the Bank is in the process of starting its operations in the Iraqi market during the year 2024, providing comprehensive banking solutions and services to its current and future customers. And in line with the group’s focus on expanding its wealth management & private banking business, Mr. Masri noted that during 2023, Arab Bank Switzerland acquired the majority stake in the family holding company which owns a deep-rooted Swiss bank "Gonet & Cie SA". The new banking group will be a major actor in the Swiss wealth management industry, with assets under management in excess of CHF 10 billion.

Arab Bank was named “Bank of the Year 2023 in the Middle East” by the London-based “The Banker” Magazine, owned by the Financial Times. The bank was also named “Best Bank in the Middle East 2023” for the eighth consecutive year by New York-based international publication “Global Finance”. Additionally, the bank received 18 awards in recognition of its corporate and consumer digital banking services in Jordan and the MENA region.

The bank’s 2023 financial statements are subject to the approval of the Central Bank of Jordan.

Arab Bank and Mastercard announced the launch of cross- border payment services “RemitEx.  The new collaboration leverages Mastercard's Cross-Border Services platform to provide a remittance product that will enable Arab Bank’s customers to make faster, safer and full-value transfers without fees for the recipient.

The launch of this new service comes as part of Arab Bank’s strategy to reinforce its digital payment offering and provide its customers with flexible and advanced banking solutions that meet their evolving needs and expectations.

This service will enable remittance to 28 countries, opening new corridors and expanding the bank’s global reach, with plans for further expansion in the future.

Commenting on the launch of this service, Mr. Yacoub Matouk, Head of Consumer Banking at Arab Bank – Jordan, said: “At Arab Bank, we continue to deploy the latest advancements in the digital banking industry, offering a more optimized customer-centric banking experience. Our strategic collaboration with MasterCard is a manifestation to the bank’s agility in responding to consumers’ growing demands for secure and innovative payment solutions across borders.” He added: “The new cross-border payment services are a remarkable addition to the bank’s portfolio of payment solutions offered to customers, providing them with semi-instant, seamless and secure money transfer experience processed through MasterCard’s cross-border services platform, and supported by a paradigm of digital payment solutions.”

Cynthia El Khoury, Country Manager, Levant & Iraq at Mastercard, said: “Mastercard Cross-Border Services is designed to modernize cross-border payments in an age where convenience and security are paramount. Through our collaboration with Arab Bank, we are empowering consumers to send money to their loved ones with increased ease and peace of mind. We look forward to seeing the positive impact Arab Bank’s new remittance product will have on their customers and the wider community in Jordan and the region.

About Mastercard (NYSE: MA)  www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Arab Bank has recently concluded its “AI Startup Bootcamp”, an initiative launched by the bank's startup accelerator "AB Xelerate". This program provided entrepreneurs and startups with an ideal opportunity to cultivate their expertise in AI and machine learning technology, enabling them to apply innovative solutions that contribute significantly to expanding their business reach and accelerating their development. The launch of this bootcamp comes as part of the bank’s constant efforts to staying at the forefront of the latest technological and digital advancements, particularly the vital opportunities in the field of AI applications.

Through this initiative, around 100 entrepreneurs had the opportunity to present their ideas and emerging projects for evaluation by the bank’s team of experts. The top 10 ideas were selected based on their efficiency and eligibility for participation. The selected entrepreneurs engaged in interactive workshops and practical training sessions led by experts and professionals in the field of AI and machine learning. This is in addition to showcasing success models for prominent startups that received adequate funding for business expansion. The workshops also featured inspirational speaker sessions presented by leaders in the AI field, with technical support from including Cloud, a prominent contributor to the initiative.

Additionally, participants gained access to valuable market data, understanding the effectiveness of AI across diverse sectors such as, health, finance, and e-commerce, and around their projects in specific. They also received necessary guidance to enhance their product development and improve market readiness. This equipped them with the necessary insights on integrating and activating machine learning and artificial intelligence solutions to effectively address market needs.

The bootcamp concluded with the selection of the top three AI solutions demonstrating the most potential. Participants pitched these solutions through demo presentations to a judging panel comprising experts, including Arab Bank’s senior management and several renowned investors. Each of the three winners, “GamerG” securing the first place, “Musajjel” earning second place, and “Smartserve” claiming third, received cash rewards from Arab Bank to continue developing their ideas and projects.

Commenting on the bootcamp, Ms. Hala Zahran, Head of “AB Xelerate” at Arab Bank, said: "Integrating AI mechanisms into traditional services provided by the banking sector is crucial amid the continuous evolution of modern technology. Today, technology presents great opportunities to elevate the banking industry’s offerings by improving customer experience, streamlining operations, and fortifying risk management." Zahran added: “Through this initiative, Arab Bank strives to cultivate a stimulating ecosystem for entrepreneurs, fostering the development of their products and yielding tangible results in the business market. The initiative also aims to create networking opportunities with key stakeholders from the bank, facilitating potential collaborations in the future.”

It is worth mentioning that Arab Bank is considered one of the leading financial institutions in the region, committed to adopting the latest technologies. It consistently provides advanced banking services and solutions to customers across various sectors. The bank also places significant emphasis on FinTech to evolve its banking services in line with the transformations brought about by the the Fourth Industrial Revolution and the changes in the needs and expectations of customers. Arab Bank has taken the initiative to establish a comprehensive system in this field, encompassing an innovation center and a business accelerator. This strategic direction underscores bank’s commitment to supporting entrepreneurs and startups, fostering innovation and creativity among the youth, as well as encouraging investments that contribute to sustainable economic development.

Arab Bank has recently renewed its support for the “Sunbulah” initiative, implemented by “Al Jude Foundation for Scientific Care” at public schools in collaboration with the Ministry of Education. The initiative aims to instill a culture of creativity among teachers and students, enhance the school environment and address its challenges using innovative solutions, thus achieving a culture of partnership among teachers, students, the school and society.

Managing Partner of Al Jude Foundation, a non-profit organization, Maher Kaddoura, affirmed that the NGO’s collaboration with Arab Bank aims to promote sustainable development and instill social entrepreneurship skills among teachers and young students to elevate their way of thinking. Last year, the initiative achieved remarkable success, reaching nearly 1,100 public schools across different governorates of the Kingdom, and training no less than 7,000 male and female teachers to acquire new skills and tools in the field of entrepreneurship, creativity, and problem-solving through simple creative methods, as well as acquiring life and scientific skills through the initiative.

More than 800 projects have been implemented, utilizing unused spaces in schools to establish service projects that benefit both the schools students, and reflecting positively on improving the school environment. Additionally, the initiative has achieved community engagement, strengthened teamwork, and promoted cooperation.  

Kaddoura also expressed his pride in collaborating with Arab Bank as a strategic supporter of this initiative and emphasized the importance of this collaboration, which has had a positive impact on the educational environment.

Kaddoura highlighted that the launch of the fourth stage in more than 1,000 public schools across the Kingdom comes in collaboration with the Ministry of Education and with the support of Arab Bank. He also noted that by 2024, there will be competition at the directorate level, increasing the chances of winning awards for schools. The registration is still open for all schools through the website: www.sonbola.org

For his part, Dr. Nawaf Al Ajarmeh, the Secretary-General of Educational and Technical Affairs, said: “The Ministry of Education strongly believes in the importance of partnership and interaction with the local community, as well as between the private and public sectors. The “Sunbulah” initiative has proven this through its positive impact on the school environment, as well as in enabling our schools to acquire knowledge and increase their experience in implementing and designing community initiatives.”

Arab Bank’s support of this initiative is part of its social responsibility program “Together”, a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in areas related to health, poverty alleviation, environmental protection, education, orphan support, and women empowerment.

The Banker’s judging panel’s decision to honor Arab Bank with this highly coveted regional award was based on criteria assessing a number of different indicators, including the Bank’s financials, strategy and performance, in addition to other specific indicators, a process that takes over 5 months to conduct.  

The Banker Magazine, for more than 90 years, has been the world's longest-running international banking title and the leading monthly journal of record for the global banking industry.

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, said: Such global recognition is a testament to the leading position Arab Bank enjoys both locally and regionally. It reflects the bank’s consistent ability to deliver solid performance despite the challenging circumstances across the region and the world.”  She added, “The bank continues to provide a wide range of  banking solutions to its customers in line with its comprehensive strategy and its well-established institutional approach, with an ambitious, forward looking vision that keeps pace with the latest technological developments in the banking industry."

Arab Bank received significant recognition and awards from various reputed international and regional institutions during last year, including Best Bank in the Middle East for 2023 from New York-based Global Finance publication, for the eighth consecutive year.

Arab Bank, headquartered in Amman Jordan, was established in 1930 and currently has one of the largest global Arab banking networks with over 600 branches spanning five continents and covering key financial markets and centres.