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ADFD Hosts Mauritian Envoy, Explores Prospects for Expansion of Partnership in Diverse Areas

Projects funded by Abu Dhabi Fund greatly improved the quality of life in Mauritius, says Ambassador Shaukat Ali Soudhan   Abu Dhabi, May 23, 2022 – H.E Khalifa Al Qabisi, Deputy Director General of ADFD, hosted Shaukat Ali Soudhan, Ambassador of Mauritius, at the Fund’s headquarters in Abu Dhabi. They explored expansion of cooperation that would bolster crucial sectors in Mauritius.    Al Qabisi said that the meeting was part of periodic interactions that are held to discuss cooperation over mutual interests and priorities. “The visit was also an important opportunity to follow up on infrastructure projects financed by ADFD in Mauritius,” he said, noting that such strategic projects have stimulated the Mauritian economy.    He expressed hope that more opportunities would come up in ......read more

BCC Group International Announces Diversification into Property Development

BCC Group International, one of the largest manpower services companies in the UAE, has embarked on a major expansion into Real Estate development and Facility Management after successfully diversifying its activities into construction, interior fit-out, transport services etc. BCC, operating in the UAE, Qatar, Saudi Arabia, and India, is also looking at expanding operations to other parts of the Middle East and Northern Africa (MENA) region. “The real estate industry is in for another boom after the Covid-19 pandemic-induced slowdown and we want to take advantage of the conducive situation with a forward integration strategy,” said Amjad Sithara, Founder Chairman of BCC Group International, on the sideline of an event to inaugurate BCC’s Abu Dhabi office located at Al Fahim Building, Musaffah M-4, Abu ......read more

Alpha Dhabi to Invest AED 9.2 billion in Landmark ‘Alpha Wave Ventures II' Fund

Abu Dhabi, UAE: 19 May 2022: Alpha Dhabi Holding PJSC, one of the fastest-growing investment holding companies in the UAE, listed on the Abu Dhabi Securities Exchange (ADX: Alphadhabi), has made a AED 9.2 billion commitment to invest in Chimera Capital and Alpha Wave’s landmark ‘Alpha Wave Ventures II’ venture fund which was announced and launched at the beginning of the year.  The total commitment comprises a capital contribution of AED 2.6 billion and undrawn capital commitment of AED 6.6 billion which will be drawn down over the investment period of the fund. The venture capital  fund – which has already begun making investments – has a global remit, and will focus on multi-stage private firms, with a concentration on growth stage companies across a wide range of sectors including ......read more

Abu Dhabi Securities Exchange Announces the Secondary Listing of Sweihan PV Power Company's Green Bond

Abu Dhabi, UAE – 12 May 2022: Abu Dhabi Securities Exchange (ADX) has announced the secondary bond listing of US$700 million of fixed-rate amortising senior secured green bonds, marking the first green bond to be listed on the exchange. The bonds were issued by Sweihan PV Power Company (SPPC), the project company that built, owns and operates Noor Abu Dhabi, one of the world’s largest single site solar projects.  The secondary listing represents the first green bond listed on ADX and takes the total number of debt instruments listed on ADX to 28 as the exchange continues to execute on its ‘ADX One’ strategy of attracting new listings and innovative product offerings to its growing and dynamic platform.  Commanding the listing, HE Eng. Ahmed Al Rumaithi, Undersecretary of Abu Dhabi Department of ......read more

Alpha Dhabi Reports AED 2.84 Billion in Q1 2022 Net Profit amid Ramp up of Investment Activity

Strong Q1 2022 performance with record revenue of AED 8.17 billion, representing a year-on-year increase of 700%  Continued growth in assets with total assets reaching AED 52.56 billion as at the end of Q1 2022   Abu Dhabi, UAE - 11 May 2022: Alpha Dhabi Holding PJSC (“Alpha Dhabi” or “the Company”), one of the fastest-growing investment holding companies in the UAE, listed on the Abu Dhabi Securities Exchange (ADX: ADH), has announced its financial results for the first quarter of 2022.   This announcement marks the first set of Q1 results for Alpha Dhabi since its successful direct listing on ADX in June 2021 and transformation into one of the largest investment holding companies in the UAE. As a result of this, the comparable figures for Q1 2021 relate to the last reported ......read more

ADC Acquisition Corporation, UAE's first SPAC, to open IPO Subscription on 12 May

• ADC Acquisition Corporation (ADC) aims to raise AED 367 million through its listing on Abu Dhabi Securities Exchange (ADX)  • ADC sponsors offer unique operational and management expertise to target companies • SPAC will look at scalable businesses across the MENA region with strong management and high-growth trajectory looking for faster execution      Abu Dhabi, UAE – 10 May 2022: ADC Acquisition Corporation PJSC (ADC), the UAE’s first Special Purpose Acquisition Company (SPAC), today announced its Initial Public Offering (IPO) subscription period will start on 12 May and run until 19 May 2022.   Shares will be available for purchase to retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX). ......read more

Ogilvy EMEA Chairman Paul O'Donnell Announces Retirement, Ending Distinguished Four-Decade Career at Ogilvy

NEW YORK- MAY 5, 2022:  Ogilvy today announced that Paul O’Donnell, Chairman of Ogilvy EMEA, will be retiring after 37 years with the agency. Throughout his tenure, O’Donnell has held a range of leadership positions spanning clients, geographies, and businesses. “It has been an honour to have worked with thousands of Ogilvy colleagues and clients across the globe during my career. It has been a rich and fulfilling experience in which I have travelled the world and helped grow brands and businesses in just about every market you can imagine,” O’Donnell said. “The longevity of my career was due to two things: working with great people and managing to bring enough variety to my roles. Now, I’m proud to leave behind a highly skilled and experienced team that is driving the business ......read more

AD Ports Group Signs Term Sheet and Head of Terms Agreements for Port Projects in Egypt

Agreements focus on joint development and operation of a Multipurpose Terminal in Safaga Port and management of cruise ship berths at Sharm El Sheikh, Hurghada and Safaga ports   Abu Dhabi, UAE – 5 May, 2022: AD Ports Group and the Red Sea Ports Authority have signed a Term Sheet and a Head of Terms agreement for major port projects along Egypt’s coastline. The first agreement will see AD Ports Group develop, operate, and manage a multi-purpose terminal in Safaga Port in a consortium with the Red Sea Ports Authority and the Egyptian Group for Multipurpose Terminals Company, the commercial arm of the Egyptian Ministry of Transportation. The multi-purpose terminal project in Safaga Port is an important national project due to its strategic location on the Red Sea. Upon completion in 2024, the terminal will offer ......read more

Hotpack Global to invest AED 350m to build 10 Biodegradable Packaging Plants in Malaysia

• The Dubai-based food packaging manufacturer aims to produce 70 million units of sustainable, consumer packaging products annually, since completion of the first plant.    • Facilitated by Malaysian Bioeconomy Development Corporation, this project is dubbed a major result of bilateral trade enhancement programs initiated at Expo 2020 Dubai.    Dubai, April 23 2022: Hotpack Global, UAE-based leading food packaging manufacturer, has announced its plan to invest AED 350 million in Malaysia over the next 10 years to construct 10 biodegradable packaging plants in partnership with Free The Seed Sdn Bhd, a Malaysian manufacturer of biodegradable products from rice straw, facilitated by Malaysian Bioeconomy Development Corporation.    Construction of the first plant, the first-ever ......read more

Strong Performance by UAE's Hotel Market in Q1 2022, Supported by Expo 2020 Dubai and International Visitors

JLL releases its Q1 2022 UAE Market Overview Year Report Dubai, UAE – 20 April 2022: Supported by the Expo event and returning international visitors, the UAE’s hotel market performed strongly in the first quarter of this year, according to JLL’s Q1 2022 UAE market overview report.  The uplift in overall performance was primarily driven by beachfront and luxury developments, which have been benefitting from strong leisure demand. Also, both upper-upscale and midscale hotels saw higher average daily rates (ADR).  Khawar Khan, Head of Research for the Middle East, Africa & Turkey region at JLL said, “Post-pandemic, operators may look towards adopting a more robust revenue management strategy to help owners achieve a higher bottom line. The resultant short-term impact may be a small dip ......read more

The Growing Business of Returns

NIRANJAN GIDWANI CONSULTANT DIRECTOR | MEMBER UAE SUPERBRANDS COUNCIL | CHARTER MEMBER TIE DUBAI Welcome to the world of a progressively growing “unboxed” or “refurbed” market. This now spans across product categories ranging from electronics to wearables, home appliances, furniture, apparel, and even footwear. This article aims to focus mainly on the electronics, mobility, and appliances segment. Apart from a host of specialized sellers who sell via their own platforms, or through offline stores, this seconds market, also called the “Reverse ecommerce market” has generated a good amount of interest from ecommerce giants like Amazon, Back Market, ReBoot, and from product brands like Apple and Samsung. In India, Amazon has branded this as the “Amazon Renewed” ......read more

LG Technology and the Dubai Cares Pavilion at Expo 2020

Interview with Dubai Cares Spokesperson: Dr. Tariq Al Gurg, Commissioner General for the Dubai Cares Pavilion at Expo 2020 Dubai and Chief Executive Officer and Vice-Chairman of Dubai Cares Question 1:  Why is Expo an important platform for Dubai Cares?  Answer 1:  The Dubai Cares Pavilion at Expo 2020 Dubai represents much more than a dedicated space for an organization that is participating in this much-awaited global event. It embodies the deep-rooted values of generosity and far-sightedness that are so entrenched in the UAE culture and is a showcase of the tireless efforts of our country’s leadership and people in contributing towards an equitable and inclusive future for all children globally. In addition to highlighting how far we have come in our journey to enabling equal access to quality education, ......read more

Intel Commits to Net-Zero Greenhouse Gas Emissions in its Global Operations by 2040

Intel’s plan sets goals for reducing value chain footprint and catalyzing industrywide action to address climate change.   What’s New: Today, Intel Corporation announced plans to further reduce its direct and indirect greenhouse gas emissions and develop more sustainable technology solutions. The company pledged to achieve net-zero greenhouse gas emissions in its global operations by 2040, to increase the energy efficiency and lower the carbon footprint of Intel products and platforms with specific goals, and to work with customers and industry partners to create solutions that lower the greenhouse gas footprint of the entire technology ecosystem.   “The impact of climate change is an urgent global threat. Protecting our planet demands immediate action and fresh thinking about how the world ......read more

Safeguarding the Financial System Against Cyber Breaches is a Priority, Experts Say

Dubai, UAE - 13 April 2022 – Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, hosted a free-of-charge webinar to assess the current cybersecurity challenges that might face the financial institutions and services in the UAE and the importance of having proactive steps to safeguard businesses from cyberattacks.   The virtual session titled ‘The Cybersecurity Challenges and the Protection of the Digital Revolution’ is part of the EIBFS conversational learning initiative, which aims to host periodic talks to cover timely banking and finance-related subjects as part of its community outreach goals.   The webinar drew over 100 participants and a panel of expert speakers including Praveen Vackayil, Senior Manager Digital Trust at PwC ......read more

ADQ and Chimera Investments Partner to Launch UAE's first SPAC on ADX

• ADC Acquisition Corporation PJSC (ADC) plans to raise AED 367 million through IPO • New Special Purpose Acquisition Company will aim to identify and acquire one or more high-growth, high potential businesses in the MENA region • Listing comes to ADX amid the exchange’s record-setting performance in the first quarter of 2022   Abu Dhabi, UAE – 13,  April 2022:  ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investments, a leading Abu Dhabi-based private investment firm managing a diversified portfolio of listed and unlisted equities on both local and international markets, announced today they have established ADC Acquisition Corporation PJSC (ADC), the UAE’s first Special Purpose Acquisition Company (SPAC).    ADC plans to raise AED ......read more

CS Event's 3rd Digital Health MENA taking Place on June 7 to focus on US$252 bn Digital Healthcare Market

The remote healthcare market in the MENA region that is undergoing digital transformation, is growing at 12.8% to $1.8 billion in 2024     Date: Dubai, UAE, April 11, 2022   News Highlights: 1. Digital health market is growing at a rate of 24 percent year-on-year from US$252.47 billion in 2022 to US$596.56 billion in 2026;   2. Digital health start-ups worldwide attracted US$21.3 billion investment through 541 deals, dwarfing the $14.6 billion record of 2020;   3. In 2022, 320 million consumer health and wearable wellness devices are expected to ship worldwide. By 2024, that figure will reach 440 million units;   4. The global market for connected medical devices is expected to reach US$94.2 billion by 2026, up from US$26.5 billion in 2021.   More than 150 ......read more

Sultan Al Jaber Visits Gulf Extrusions, One of the Largest National Aluminum Extrusion Factories in the Middle East

Dubai, UAE -  10 April 2022:  His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology headed a delegation in a visit to the Jebel Ali headquarters of Gulf Extrusions, the world’s leading manufacturer of aluminum extrusion products and the most automated aluminum extrusion company in the GCC, where factory operations are 100% process controlled and highly automated. This visit is part of the Ministry’s strategy of direct communication with companies the industrial sector as it seeks to support all local partners in the priority national industrial sectors, such as heavy industries, which include aluminum and other important sectors. This outreach includes discussions on ways to provide additional facilities for projects that support their strategic plans and enhance the ......read more

Yotta Partners with Virsec to offer True Runtime Protection Cybersecurity Service

Enterprises can now secure their workloads in real time with Virsec’s patented and award-winning runtime protection solution Dubai, UAE April 11, 2022: Yotta has announced its partnership with Virsec, through which enterprises across India that are either hosted at Yotta data center or their captive on-premises data center or any public cloud can now get access to Virsec’s patented Deterministic Protection Platform (DPP). It is the only security solution that ensures precise protection against zero-day, ransomware and evolving cyber-attacks to workloads deployed in production. DPP precisely maps what an application or software is intended to do and stops them instantly when they behave abnormally within milliseconds.  “Virsec is backed by a solid team, and we are very impressed with their award-winning true ......read more

Ykone Continues Its Expansion in the Middle East with the Opening of Two New Offices in Riyad and Abu Dhabi

Founder's Memorial YKONE, the leading international influencer marketing agency in the fields of luxury and beauty, continues to expand in the Middle East. Present in Dubai since 2016, the agency announces the opening of two new offices in the region’s most dynamic cities, Riyad and Abu Dhabi. Already established in Dubai for the past six years, YKONE has developed a regional hub through which to work alongside brands on influence campaigns and content creation. In the Middle East, YKONE already counts among its clients Procter & Gamble, L’Oréal, Coty, Canon and Marriott. At the heart of Dubai Design District, its local office will continue to collaborate with fashion, beauty and lifestyle brands.   Qasr Al Hosn This expansion is strategic as the Middle East is a true social media powerhouse supported by ......read more

Hotpack Group MD receives CEOforLIFE award

Dubai, April 08, 2022:  The Group Managing Director of Hotpack Global, the world’s leading manufacturer of disposable food packaging products, was honoured with CEOforLIFE Award for creating new benchmarks of excellence in meeting the UN Sustainable Development Goals (SDGs). Mr. Abdul Jebbar PB received the award at a function - CEOforLIFE - ECI United Arab Emirates & Global Awards 2022 - held at the Terra Auditorium at the Sustainability Pavilion of Expo 2020 Dubai.  The CEOforLife Awards honour CEOs who have carried out the best life projects and set new standards of service in their SDGs projects to achieve a better and more sustainable future in the marketplace.   “It is an honour for me personally, and for Hotpack Global, to be recognized for our endeavors in the sustainability space. ......read more

Ericsson and Oman Ministry of Higher Education, Research and Innovation launch Center of Excellence Technical Mentorship Programs

• Ericsson and Oman Ministry of Higher Education, Research and Innovation launch technical mentorship programs for selected students at Innovation Park Muscat • The program will mentor students in developing IoT use cases using the latest 5G and IoT technology as part of CoE. • A total of 15 students ranging from various undergraduate and postgraduate programs will be involved in the mentoring program.  • The students will be working on three main IoT use cases related to the nation’s agriculture and water sector.    Ericsson (NASDAQ: ERIC) and Oman Ministry of Higher Education, Research and Innovation (MoHERI) launch an extensive technical mentorship program for a selected group of talented students from Sultan Qaboos University (SQU) to be held at the Center of Excellence for ......read more

The Future is Hybrid: Herman Miller Officially Introduces the OE1 Workspace Collection in the Region

Leading interior designers discussed the future of work and tested the latest furniture collection during the “Designing for the Future with OE1” event, hosted by Herman Miller  UAE - 5th April 2022: Leading workspace designers reimagined the future of the office during the design workshop hosted by Herman Miller’s regional office. The OE1 Workspace Collection is now on display and in use at Herman Miller's showroom in Dubai’s Marina Plaza. “Designing for the Future with OE1” event first saw dealers, top interior designers, and clients across the Middle East connect virtually with designers Sam Hecht and Kim Colin of London-based Industrial Facility who shared the design story behind the new collection. Industrial Facility—is in central London’s Clerkenwell neighborhood. ......read more

Al Rajhi Bank Jordan opts for ICS BANKS Business Suite from ICS Financial Systems

UAE: Al Rajhi Bank – Jordan, one of Al Rajhi Bank’s international branches, has selected  ICS BANKS Islamic and ICS BANKS Digital Banking software solutions from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.  Founded in 1957, Al Rajhi Bank is the largest Islamic bank in the world.  Al Rajhi Bank has overseas branches in Kuwait, Jordan, and Malaysia. The bank has been operating in Jordan since 2011, with a network of 10 branches, and over 46 ATMs.  A signing ceremony took place in Jordan, on March 9, 2022, at the bank’s head office. The ceremony was headed by Mr. Eyad Jarrar, CEO at Al Rajhi Bank – Jordan, and Mr. Robert Hazboun, Managing Director at ICSFS.  Al Rajhi Bank – Jordan initiated its Universal ......read more

Emirates Development Bank Announces AED1.91 Billion Contribution to GDP at First Board Meeting of 2022

 First year of new EDB strategy has helped add AED1.91 billion to the national economy and supported the growth of more than 1,350 SMEs  EDB onboards more than 1,000 new business banking accounts in six months of its digital banking app launch   EDB Successfully launched its large corporate banking division in less than a year from new strategy launch  Bank’s strategy aims at supporting UAE Industrial development across key critical sectors of manufacturing, advanced technology, infrastructure, healthcare and food   Abu Dhabi, 3 April 2022: Emirates Development Bank (EDB), a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has announced record growth over the past 12 months. The results, which were presented at the first EDB Board ......read more

Dubai: The Opus Turns off Its Lights in a Memorial Gesture to the Late Zaha Hadid

Dubai, UAE, 4 April 2022: In commemoration of the late Iraqi architect Zaha Hadid, Omniyat Real Estate Group turned off the lights of its urban icon 'The Opus' in the heart of Business Bay, in appreciation and honor of its designer, who passed away on March 31, 2016. The first and only building designed by the late Zaha Hadid in Dubai and the United Arab Emirates, 'The Opus' has become one of the most famous architectural icons internationally, and the only project in the world that Hadid has creatively implemented its internal and external engineering designs. Unfortunately, Hadid passed away at the age of 65 due to a heart attack that prevented her from seeing the opening of her architectural masterpiece, 'The Opus'. The Iraqi-British architect, Zaha Hadid, has always been the focus of international ......read more

QNET Drives Sustainability Message on World Water Day 2022

Social awareness campaign during March 21 - 25, 2022 across radios in three languages wrapped in competition H2O  Dubai, March 29, 2022:  The global e-commerce based direct selling company, QNET, held a campaign on water sustainability and plastic alternatives awareness campaign kick starting the activity across radios on the World Water Day on March 21, 2022. In a statement, QNET said the five-day campaign that ended on March 25, 2022, was part of the company’s many CSR initiatives it has been doing over the years across global geographies to drive community awareness on crucial issues of social and economic importance. “Enhancing awareness on sustainability and help foster the culture of using recyclable alternatives to plastic is a significant movement across the world which QNET has always been keen ......read more

BCG and SAP Join Forces to Transform Companies into Sustainable Enterprises

• BCG and SAP will provide transparency on sustainability ‘at the push of a button’ and deliver impact based on a combination of strategy, technology, and business model change, with BCG and SAP solutions that can be ready to use within weeks • BCG and SAP want to help accelerate companies in their journey to zero waste and zero emissions. BCG and SAP can enable companies to achieve emissions reductions of up to 40%  • Early-adopter companies can realize more than a 10% market premium in many industries    March 28, 2022: Boston Consulting Group (BCG), a leading strategy consultancy, announces a partnership with SAP, a market leader in enterprise application software. The joint transformation offering will allow companies to identify the business value in sustainability, setting the ......read more

Abu Dhabi Fund for Development Finances AED692 Million Projects in Bangladesh

UAE-Bangladesh Investment Company provides crucial support to many of government’s objectives    ABU DHABI, March 25, 2022:  Abu Dhabi Fund for Development (ADFD) and the Government of Bangladesh have enjoyed close relations for more than 40 years. The ties enabled ADFD to drive development in Bangladesh through financing major developmental projects amounting to AED692 million. These initiatives covered sectors such as agriculture, energy, industry, transport and water.  Moreover, ADFD also holds a 60% stake in the UAE-Bangladesh Investment Company Limited (UBICO). The company aims to support the people of Bangladesh by providing loans at concessionary interest rates for small and medium-sized projects, thus contributing to the economy and creating jobs.  Greeting the government and people of ......read more

Khazna Data Centers Achieves Tier-III Certification from Uptime Institute for its Apollo 5 and Apollo 6 Data Centers

Abu Dhabi, UAE – 24, March 2022 – Khazna Data Centers, the United Arab Emirates (UAE) largest data center provider achieved the Uptime Institute’s Tier III certification of Constructed Facility for its Apollo 5 and Apollo 6 data centers. Earlier this year, Khazna was awarded the same accreditation for its Apollo 3 and 4 facilities.  Data centers are both drivers and enablers for all digital business matters. From adopting new and innovative technologies and establishing unified IT frameworks for better collaboration and productivity, the data flows created and used by organizations are more robust than ever. In the current landscape and the unmatched pace of technology, data centers are becoming increasingly complex to manage, design and build. As data centers have evolved and become more interconnected ......read more

Wayout International to Revolutionize the City's Water Supply

• Award-winning Swedish sustain-tech company, the official host of water week will discuss the importance of technological solitons to combat water scarcity    • Wayout will showcase its revolutionary smart water systems, hold expert discussions, and screen mini documentaries   • Activities will take place across Expo’s Swedish pavilion at the event’s sustainability district   March 22, 2022, United Arab Emirates –  Wayout International – is bringing the latest in digitized eco-friendly water systems will be showcased at Expo’s Swedish Pavilion to demonstrate how clean technology is being applied to support communities.    A single Wayout system can supply 3,000 people with clean and safe daily drinking and cooking water with zero ......read more

The UAE has Best Data Infrastructure in the World, says Industry Expert

Dubai; March 17, 2022: Effective data management is a critical piece of deploying the IT systems that run business applications and provide analytical intelligence to help drive operational decision-making and strategic planning by corporate executives, company managers and other end users. Industry experts, Naren Vijay, Executive VP Growth, Lumenore – a unified business intelligence and analytics platform and Donald Farmer, strategic advisor of Lumenore and an internationally acclaimed speaker in data management and analytics, discussed the best practices for managing data, challenges that organizations face and the business benefits of a successful data management strategy at a recently held media event in Dubai. During the event, Naren commented, “We are expecting 20% growth in intelligence platform adoption by UAE ......read more

Ibtikar Enables Open Access to Digital Library during UAE Month of Reading

Al Diwan’s 1,000+ Arabic stories are now available without log-in throughout March Ibtikar, a UAE-based Educational Technology company, in cooperation with United Educational Publishing (UEP), a UAE-based Educational Press, has announced that 1,000+ Arabic stories on their reading platform, Al Diwan powered by Akadimi, is now available for access without log-in during the UAE Month of Reading this month.  By enabling open access to their Al Diwan digital reading platform for the first time, Ibtikar aims to encourage Arabic reading and re-ignite the passion for lifelong learning among public and private school students and UAE readers as a whole.  As a subsidiary of Yas Holding’s education division, Nebras Education Holding, Ibtikar’s initiative is aligned with its Group’s mission to invest in ......read more

Amlak Finance Announces 2021 Full-Year Financial Results

• Amlak FY21 net group profit stands at AED 1.06 billion and total assets stand at AED 4 billion • The Company successfully concluded the settlement of the arbitration with a net value of approximately AED 875 million  • Debt settlement arrangements yielded AED 465 million gain and contributed in total debt reduction of AED 1,139 million (including Mudaraba Instrument of AED 235 million).   Dubai, UAE: 12 March 2022: Amlak Finance PJSC today announced its full-year financial results for the year ended December 31, 2021. The company focused on prudently managing its UAE operations and balance sheet.    Amlak reported a net profit of AED 1.06 billion for the year ended 31 December 2021 as compared to net loss of AED 438 million for the year ended 31 December ......read more

The Turkish Business Council organizes the “Turkish Social Festival” in the UAE

UAE - Dubai 10, March 2022- The Turkish Business Council in the Dubai and Northern Emirates (TBC), in partnership with the “@emirateslovesturkiye” page, organizes the “Turkish Social Festival” the next Sunday (13 March 2022) at the Habtoor Grand Hotel, JBR, Dubai. The event will be addressed to the Turkish community, including a number of Turkish businessmen and entrepreneurs in the country.   The gathering-socialising event, organized annually as a good start of the Spring, will witness the participation of families, businessmen, Turkish entrepreneurs, in the presence of Emirati public figures. The event aims at strengthening the historical, human and social relations and consolidating brotherhood between the people of the UAE and Türkiye.   Fatma Nilgün Emrem, President of Turkish Business Council ......read more

Al Rawabi to Set Up AED 650 million Dairy Production Facility in KIZAD

• Two sqkm facility will provide end-to-end dairy production amenities • The project will support the agricultural sector in Abu Dhabi, and expand Al Rawabi’s export potential to the GCC region and beyond     Abu Dhabi, UAE – March 09th, 2022: KIZAD, part of AD Ports Group’s Economic Cities & Free Zones (EC&FZ) cluster, today announced the signing of a lease agreement with Al Rawabi, one of the leading dairy and juice companies in the UAE, for the establishment of a dairy production facility in Abu Dhabi designed to meet growing consumer demand.   Under this agreement, Al Rawabi will initially develop two square kilometres in KIZAD with an additional three square kilometres slated for the future. The dairy farm, with an investment of AED 650 million will be home to ......read more

Anticipation Heightens for Start of the International Defence Industry, Technology and Security Conference in Abu Dhabi, March 02

• His Excellency Major General Al Jabri: “The UAE is growing in stature and maturity with regards to defence technology security” • IDITSC provides a multi-track agenda showcasing the latest research and advances in the areas of Defence Technology Security; Robotics & Autonomous Systems; Space; Quantum Technologies, Artificial Intelligence; and other Emerging Technologies.    Abu Dhabi, United Arab Emirates - March 01, 2022:  The International Defence Industry, Technology and Security Conference (IDITSC) commences on March 02 at the Abu Dhabi National Exhibition Centre (ADNEC) under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President, Prime Minister and Ruler of Dubai. The two-day conference is particularly timely given the state of the defence ......read more

ADX's Market Liquidity Jumps Five-Fold in 2021 Amid IPO Boom

ABU DHABI - 21, February 2022: Abu Dhabi Securities Exchange (ADX) recorded a more than fivefold increase in traded values in 2021 amid a stream of new listings and a surge in demand from international investors.  Traded values (buy + sell) on the exchange increased 407% from AED 145 billion in 2020 to AED 739 billion in 2021, driven by higher levels of domestic and international investment. Local investors accounted for 70% of the exchange’s traded value, while foreign institutional investors accounted for 30%.  Meanwhile, net foreign investment on the exchange reached AED 15 billion in 2021, the highest level recorded in the exchange’s history.  The market value of shares owned by foreign investors in 2021 increased by 100% from AED 78 billion to AED 156 billion, while those held by UAE nationals ......read more

GFH Launches GCC $100m Sukuk Fund

• Diversified fund comprises basket of fixed income instruments from various GCC countries   20, February 2022: GFH Financial Group (GFH) has announced that is has launched and seeded a $100 million sukuk fund which holds a diversified portfolio of sukuk following signing  agreement with Credit Suisse to provide attractive financing and fund administration services. The fund holds a portfolio of sovereign, quasi sovereign and corporate sukuk and sukuk-related securities from various countries and issuers, primarily in the GCC and will be managed in accordance to Sharia principles.   GFH aims to generate returns to the fund through active asset allocation, credit selection, optimal leverage and duration management to achieve an above average long-term investment return on a risk adjusted ......read more

Sahab Showcases Next-Generation IoT Solutions to Improve Safety and Efficiency at UAE Innovates in Sharjah

Gold Sponsor Sahab unveils Connected Worker and Smart Factory solutions to help make worksites safer, more efficient, and productive  Sharjah, February 16, 2022:  Sahab Smart Solutions (Sahab), part of Sharjah Asset Management Holding portfolio, is showcasing two future-forward and agile smart solutions at UAE Innovates in Sharjah, celebrated from February 14 – 18, 2022. At the emirate’s largest gathering of innovators across a spectrum of disciplines, Sahab unveiled the Sahab Connected Worker and Smart Factory products that use integrated IoT technologies to improve worker safety and optimise both labour productivity and company operations.   Sahab Connected Worker increases safety and security in the workplace Targeting labour intensive sectors, Sahab’s Connected Worker IoT solution helps ......read more

Al Wahtba National Insurance (AWNIC) Awarded as ‘Insurance Technology Leader of the Year' by InsureTek

Abu Dhabi, United Arab Emirates, 16 February 2022 – Al Wathba National Insurance (AWNIC) has been named as the ‘Insurance Technology Leader of the Year’ by Insuretek’s 5th edition of the Golden Shield Excellence Awards during its annual conference. The summit, which focuses on advancements in the  insurance sector in the Middle East, was hosted on the 9-10th of February at The Address Dubai Marina Hotel. The ‘Insurance Technology of the Year’ category is created to recognize industry leaders who implement the latest innovation to deliver products and customer service of the highest quality. Over the years, AWNIC has built a strong portfolio of unique digital solutions, which makes the company stand-out from its competitors.  “We are honored to be receiving an award that emphasizes ......read more

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Under the patronage of H.H. Sheikh Ahmed bin Humaid Al Nuaimi Ajman Free Zone honours the winners ...…

Winners were chosen by a judging committee consisting of leaders and industry experts March 17, 2022: Under the patronage of H.H. Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Board of Directors of the Ajman Free Zones, Ajman Free Zone (AFZ) honoured the winners of the first edition of its Sustainability Awards. The ceremony was held on Thursday, March 17, at the AFZ’s AI Robotic ......read more

ADEX participates in TXF Middle East & Africa: Export & Project Finance 2022…

Abu Dhabi’s leading export credit agency discusses role of local ECAs in expanding economic activities in both regions DUBAI, March 16, 2022 – The Abu Dhabi Exports Office (ADEX) took part in a two-day TXF Middle East and Africa conference, which sought to enhance export and finance collaboration between the two regions. The participation is part of ADEX’s effort to ......read more

Jubail Island Visitors can now Enjoy Unmatched Views of the Project as JIIC Announces the New ...…

•        Jubail 360 will give guests the chance to get a 360-degree view of the island   Abu Dhabi, 15 February 2022: Jubail Island Investment Company (JIIC) has announced the completion of the project’s “Jubail 360” deck. Standing 9 meters on the hill of Marfa Al Jubail.   The deck will provide visitors with a 360-degree view of the island ......read more

ADQ, Alpha Dhabi, Etisalat and FAB to launch ‘Wio,' a Next Generation Banking Platform…

• Wio set to unleash the power of UAE's digital economy • The Central Bank of the UAE has granted in-principle approval • Plans for Beta launch are on track for Q1 2022 in the UAE   Abu Dhabi, 11 February 2022: ADQ, an Abu Dhabi-based investment and holding company, today announced the Central Bank of the UAE has granted an in-principle approval to launch a new ......read more

UAE Banks Federation (UBF) enters into a Memorandum of Understanding with The Participation Banks ...…

Abu Dhabi, 11 February 2022: UAE Banks Federation (UBF), the unified voice and representative of UAE Banks, has entered into a Memorandum of Understanding (MOU) with The Participation Banks Association of Turkey (TKBB), a leading representative association of Turkish banks, with the aim of exchanging expertise to support the banking sector and financial industry.  The MOU, which is ......read more

GCC Insurance Industry to Witness a Pickup in Growth, Forecasts Alpen Capital…

Dubai – Feb 8, 2022: UAE-based investment banking advisory firm, Alpen Capital, launched its latest GCC Insurance Industry report on Tuesday, 8th February. The report provides a comprehensive overview of the GCC insurance sector and outlines the outlook, recent trends, growth drivers and challenges in the sector. It also profiles some of the renowned insurance companies in the ......read more

100,000 Registered Attendees see LEAP22 Leapfrog into First Place in International Technology Events…

• 7 start-ups share US$1 million prize at the Rocket Fuel Start-up Competition • Regional start-ups and funds attract US$266 million in new investment   Friday 5 February 2022 – Riyadh, Saudi Arabia: The inaugural edition of LEAP has set new records for a debut technology event, attracting over 100,000 registered attendees from more than 80 countries. Over 700 ......read more

Researcher Showcases Fundamentals for more Efficient Cryptography Implementations…

Abu Dhabi-UAE: 31 January 2021 – Researchers who are interested in pushing the limits of public-key cryptography should expand their understanding of the basics. "People often question the utility of pairing-based cryptography and complain it is too slow, so any speedups we can achieve are useful,” said Michael Scott, a senior cryptographic researcher at the Technology Innovation ......read more

Abu Dhabi Fund for Development Ongoing Support by Funding Educational Projects Totaling AED2 ...…

Abu Dhabi, UAE – 24 January 2022: During its pioneering 50-year journey, Abu Dhabi Fund for Development has worked to support international efforts aimed at achieving sustainable development in the education sector around the world. To date, it has funded 64 educational development projects that serves the educational sector, with a total of AED2 billion invested across 15 developing ......read more

Ajman Bank Partners with Arada to Provide AED 152 Million in Financing for Sharjah Megaproject ...…

Arrangement will fund construction at villa complex and major school at the 24 million sqft mixed-use community in Muwaileh   Ajman Bank has signed a financing agreement with local developer Arada that will provide AED 152 million to finance the construction of two key projects within the fast-growing Aljada mixed-use community, Sharjah’s largest ever megaproject. The arrangement ......read more

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