Ajman Bank expands Dubai corporate banking presence

Ajman Bank has opened a corporate office on Sheikh Zayed Road in Dubai, strengthening its capacity to serve companies, institutions, business owners and wealth-management clients across the UAE’s largest commercial centre.

The 7,565-square-foot office has been designed as a specialised hub for corporate, business and wealth banking. It combines private meeting areas with digital screens, advanced audiovisual systems and smart technology intended to support faster consultations, financing discussions and relationship management.

The expansion places Ajman Bank closer to a broad concentration of multinational companies, family-owned groups, small and medium-sized enterprises, investors and professional services firms operating in Dubai. Sheikh Zayed Road links major commercial districts and provides access to financial, property, hospitality, trade and logistics businesses.

The office is expected to support the bank’s wholesale banking activities, including corporate and commercial financing, structured finance, investment banking, syndication and services for financial institutions. It will also provide a dedicated setting for wealth clients seeking Sharia-compliant banking and investment solutions.

Ajman Bank described the facility as part of its plan to combine personalised services with digital banking tools. The premium meeting spaces are intended to allow corporate teams and clients to work on complex transactions in a secure environment, while technology systems will facilitate presentations, remote discussions and document review.

The opening comes as the bank expands its balance sheet and diversifies its funding base. Ajman Bank recorded a net profit after tax of AED130 million for the first quarter of 2026, while profit before tax reached AED134 million. Total revenue rose 22 per cent year on year to AED443 million, supported by growth in financing, treasury operations and fee-generating businesses.

Net operating revenue increased 12 per cent to AED222 million. Non-funded income reached AED63 million and accounted for 28 per cent of net revenue, indicating a wider contribution from fees and other activities beyond financing income.

Customer financing stood at AED23.2 billion at the end of the quarter, an increase of 9 per cent from the end of 2025. Deposits rose 10 per cent to AED27.3 billion, while total assets increased 9 per cent to AED35.5 billion. Return on equity improved to 15.5 per cent.

The stronger financial position has allowed the lender to pursue physical expansion alongside investments in digital infrastructure. Ajman Bank has been upgrading its trade finance, treasury and payments capabilities as competition intensifies among UAE banks for corporate mandates and transaction-banking relationships.

The bank this month priced its first Additional Tier 1 perpetual sukuk, raising $300 million at a profit rate of 6.5 per cent. The transaction, structured with a non-call period of five-and-a-half years, was intended to strengthen its capital base and provide greater capacity to finance customers and businesses.

It followed the bank’s debut $500 million senior sukuk, listed on Nasdaq Dubai in 2025. The two transactions broadened its access to regional and international investors while supporting future lending and liquidity requirements.

Ajman Bank has also signed a memorandum of understanding with Arab Financial Services to explore collaboration in merchant acquiring, payment processing, card issuance and corporate banking solutions. The arrangement could help the lender offer businesses a broader package of payment and cash-management services.

A separate agreement with Fenixys Middle East covers validation of the bank’s Islamic treasury management system based on the MX.3 platform. The project forms part of efforts to improve treasury controls, operational resilience and compliance as transaction volumes and product complexity increase.

The Dubai office complements the lender’s existing branch and service network across the country rather than replacing conventional banking channels. Ajman Bank, established in 2007 and operational since 2009, was the first Islamic bank incorporated in Ajman. The Ajman government holds a 25 per cent stake, and the bank’s shares are traded on the Dubai Financial Market.