| | OCTOBER 20238IN FOCUSUAE BANK'S INVESTMENTS INCREASED BY 18.8 PERCENT IN JULY TO DH 580 BILLION SAP LABS INDIA'S SINDHU GANGADHARAN HIRED AS NASSCOM VICE-CHAIRPERSONBank investments in the UAE hit Dh580 billion by the end of July 2023, the highest level in history. According to the report, investments climbed by 18.8 percent year on year, from Dh487.7 billion in July 2022. Monthly investments increased by 0.91 percent from Dh574.3 billion in June 2023.Bonds held to maturity accounted for the lion's share of bank investments, totaling Dh266.8 billion at the end of July 2023, up 1.3 percent from the previous month's total of Dh263.3 billion. Debt securities, which indicate obligations due to others, accounted for around 43 percent of total assets, totaling Dh249.9 billion at the end of July 2023, a 0.6 percent rise from Dh248.5 billion in June 2023.Bank stock investments totaled Dh12.5 billion at the end of July 2023, up 3.3 percent from the previous month's figure of Dh12.1 billion. Bank investments in stocks climbed by 5.9 percent in the first seven months of 2023, from Dh11.8 billion in December 2022.Other bank investments were Dh50.3 billion at the end of July 2023, up 12.5 percent from Dh44.7 billion in July 2022, according to Central Bank statistics.It is worth noting that bank investments do not include the bank's deposits with the Central Bank in the form of CDs and cash bills. The National Association of Software and Service Companies (Nasscom) has selected Sindhu Gangadharan, SVP and MD of SAP Labs India and Head of SAP User Enablement, as vice chair. She will use her years of business leadership and technological knowledge from Germany and India to assist shape India's TechAde in her new position. Gangadharan, the first female to head SAP Labs India, the company's largest R&D facility worldwide, is in charge of all five of these locations: Bangalore, Gurgaon, Pune, Hyderabad, and Mumbai. She also controls product development and innovation there. She also oversees SAP User Enablement, which provides support for all of SAP's product lines.Gangadharan said, "Nasscom has played a pivotal role in helping accelerate India's transition into the innovation hub for the world. I am honoured to assume the office of the Vice-Chairperson at Nasscom and shape the future of India's Techade in collaboration with some of the finest minds in the industry. India, powered by its engineering R&D prowess, growing scientific capabilities, and large talent base, holds immense potential to drive large-scale digital transformation that is sustainable and accessible to all. I am excited to contribute to this journey."Gangadharan was chosen earlier this year to lead the Nasscom GCC Council from 2023 to 2025. She also sits on the boards of companies including Titan Company Limited and Siemens India. She also serves on the steering committee of the Indo-German Chamber of Commerce, a business organization that coordinates discussions and bilateral trade between Germany and India.
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