RAKBANK has announced a record quarterly post-tax net profit of AED 574.2M ($156.3M), marking a 27.5 percent increase (39.7 percent increase on a pre-tax basis) driven by sustained momentum on both sides of the balance sheet in the first quarter.

Ahead of a shareholder vote to confirm the establishment of Space42, an AI-powered space technology company, its managing director expressed optimism that it would elevate the UAE’s position in the global space sector.

After a relatively calm beginning to the week, marked by achievable gains, the conclusion of this trading week has seen turmoil sweep through equity markets across the globe. It has been a tumultuous period for traders, whether on Wall Street or Dalal Street.