Swatch official partner of Drone Racing League

Swiss watchmaker Swatch is one of the partners of the Drone Racing League.
Updated 13 September 2018

Swatch official partner of Drone Racing League

From zero to 120 km/h in under a second, sharp three-dimensional curves, spectacular crashes without any injuries and always surprising finishes, the sport of drone racing combines a number of aspects that no other racing sport has managed to achieve to date. Already in its second year as official partner of the global, professional drone racing circuit, “The Drone Racing League” (DRL), Swatch is fully committed to this futuristic sport. 

“Swatch has always supported niche sports and paved the way to popularity for disciplines like freestyle skiing, BMX and skateboarding,” said Gonzalo de Cevallos, vice president of Swatch. “Drone racing combines the real and the virtual world like no other sport. Like all the disciplines we support, this e-sport is a way to develop one’s potential, and inspires fans all over the world to make their dreams come true.” 

“We’re proud to be partnered with Swatch, an innovation powerhouse, who shares our vision for the sport of the future,” said DRL CEO/Founder Nicholas Horbaczewski. “From transforming gamers to pro Swatch pilots in our annual, DRL Simulator-based Tryouts, the only e-sport that translates into real sports, to igniting high-speed competition through the watch-shaped Swatch Gate in DRL events, Swatch has helped push the boundaries of drone racing.”

In what is undoubtedly the safest form of high-speed racing, pilots fly with remote controls and FPV (first-person view) goggles, navigating complex three-dimensional race courses at speeds above 140 km/h. 

Thanks to growing interest in digitalization and innovative technologies, drone racing is on a fast track to becoming a global racing sport: 55 million people watched the most recent DRL Allianz World Championship Seasons on TV. This trend has been picked up by the Swiss watchmaker as well — its new TV ad campaign is dedicated to drone racing.


Arab National Bank reports net profit before zakat and income tax of $947mn for 2019

Updated 29 February 2020

Arab National Bank reports net profit before zakat and income tax of $947mn for 2019

Arab National Bank (ANB or the Bank) reported a net profit before zakat and income tax of USD 947 million for 2019 compared to USD 883 million in 2018, an increase of 7.3%.

ANB total operating income reached USD 1,795 million compared to USD 1,743 million for the same period last year, an increase of 3%, whereas net special commission income reached USD 1,481  million against USD 1,374 million for the same period last year, an increase of 7.8%.

Net profit after zakat and income tax reached USD 806 million compared to USD 1,058 million last year.

It is worth mentioning that the decrease in net profit after zakat and income tax in 2019 resulted from the change in the accounting standards relating to zakat and income tax and not reflecting a real decrease in profits. Due to the settlement reached with the General Authority of Zakat and Tax (GAZT) in 2018 for the period 2006 – 2017, a saving of USD 297 million was achieved, which in turn resulted in an increase of the same amount in 2018 equity.

With the change in the accounting standards for reclassifying zakat and income tax to the statement of income instead of shareholders' equity in 2018, the amount of USD 297 million was recognized in the statement of income, accordingly, the 2018 net income was amplified by the same amount to reach USD 762 million before the settlement and USD 1,058 million after the settlement.

By the end of 2019, assets reached USD 48.9 billion compared to USD 47.6 billion for the same period last year, and investments reached USD 10.1 billion compared to USD 7.4 billion last year an increase of 36.5%, while the loans portfolio reached USD 31.7 billion against USD 32.3 billion for the same period last year, a decrease of 1.8%  and customers’ deposits reached USD 37.9 billion maintaining the same level of last year.