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DUBAI: The Sharjah Chamber of Commerce and Industry (SCCI) took part in the first edition of ACRES Real Estate Exhibition Dubai, held from May 16 to May 19, 2024.

The event featured over 40 leading real estate companies, developers, and investors from Dubai, the region, and globally. Throughout the exhibition, the Sharjah Chamber effectively enhanced its relationships with several participating companies, fostering new business opportunities and collaborations.

On the sidelines of the well-attended exhibition, which drew thousands of visitors, theChamber engaged in a series of meetings with top-tier officials and property investors and developers. The SCCI highlighted its crucial role in bolstering the real estate sector in Sharjah, highlighting its efforts in creating a favorable investment environment and streamlining processes for investors and property firms.

During the event, the Sharjah Chamber showcased a range of investment opportunities available in the emirate’s real estate sector.

It emphasised
the importance of enhancing cooperation and exchanging expertise among key industry players. The Chamber’s efforts are directed towards promoting real estate development, establishing foundations for the sustained growth of this sector.

Mohammed Ahmed Amin Al-Awadi, Director-General of SCCI, affirmed that the Chamber’s engagement in ACRES Dubai 2024 aligns with its strategy to support and foster the growth of Sharjah’s ever-growing real estate sector, which is a key pillar of the UAE’s economy.

He noted that the exhibition provided an opportunity to showcase and promote major real estate projects, thereby boosting investor confidence and attracting more foreign and local investments. The event served as a robust platform to facilitate communication and interaction between property developers and investors.

It also served as an excellent venue to showcase the abundant investment advantages and incentives offered by Sharjah, including streamlined legal processes, supportive regulations, advanced infrastructu
re, and other facilitations catering to investors’ needs in the real estate sector and beyond.

Al-Awadi pointed out that the SCCI’s engagement in ACRES Exhibition and other important property events enhances Sharjah’s stature as a leading investment destination in the region, offering valuable opportunities for real estate investors and developers to exchange expertise and knowledge.

These events also provide valuable insights into the global real estate market, equipping participants with knowledge about the latest trends and advancements driving the industry forward.

Concluding his statements, Al-Awadi assured that the Sharjah Chamber will continue its efforts to support the real estate sector, whether through organising specialised exhibitions and shows or participating in similar events.

He added that the Chamber seeks to provide all necessary facilitation and services to promote sustainable growth and development in the UAE’s real estate market and other economic sectors.

Source: Emirates News Agen
cy

DUBAI: In a move to enhance efforts to combat fraud and continue digital transformation plans in the banking sector, aligning with the digital goals of the United Arab Emirates, Sharjah Islamic Bank (SIB) announced its joining of the “haifin” platform alliance, becoming the fourteenth member, demonstrating its commitment to accelerating the collective banking sector efforts to improve risk management procedures and reinforce trust in lending practices.

By joining the “haifin” platform alliance, SIB emphasises the importance of mutual cooperation in combating challenges through the “haifin” digital trade platform, supported by blockchain technology and artificial intelligence from “eand Enterprise Fintech,” a subsidiary of eand, and is steadfastly expanding in adopting innovative practices and working to increase the level of security, transparency, and efficiency in its financial operations by verifying commercial financing deals in real-time and preventing potential fraud through duplicative transactions.

Hakam Abu Zarour, COO of Sharjah Islamic Bank, said: “Joining the haifin platform alliance aligns with our commitment to leverage technology to enhance risk management, as we strive to adopt the best technologies to deliver an unparalleled customer experience, considering it the optimal way to succeed in the bank’s growth plans and ensure their continuity.”

Abu Zarour, also noted that as part of our long and medium-term strategy, the SIB invests significantly in acquiring new technologies in banking services for its corporate clients, aiming to provide neutral and safe services, recognizing the escalating pace of fraud threats facing the banking industry. Therefore, the haifin platform offers innovative collaborative solutions that bridge the gap in commercial financing and enhance trust in lending for our customers.”

On his part, Zulqarnain Javaid, the CEO of “haifin,” said: “We are thrilled to welcome Sharjah Islamic Bank to the haifin Consortium. Together, we are poised to drive meaningful change and pro
pel digital innovation across the banking sector. They will make a meaningful contribution to the Consortium’s expansion while strengthening the security and transparency of the banking ecosystem by de-risking trade finance and driving digital solutions.

He added that through collaboration and technology, haifin continues to pave the way for a digital future, setting global standards for secure and transparent financial transactions.”

Source: Emirates News Agency

The Governor of the Central Bank, Ali Mohsen Al-Alaq, announced today, Sunday, the start of the second phase of the banking sector restructuring plan.

The bank’s media office said in a statement: ‘Al-Alaq received a delegation from the World Bank headed by the Regional Director for Equitable Growth, Finance and Institutions for the Middle East and North Africa region, Nader Muhammad,’ noting that ‘during the meeting, strengthening bilateral relations between the Central Bank of Iraq and the World Bank was discussed, especially restoring the restructuring of government banks, the launch of the Riyada Bank project and its economic and social importance. The two parties also discussed the experiences of neighboring countries in confronting climate change and its impact on the national and regional economy.

He added, “The meeting discussed small and medium enterprises and their support by the Central Bank, the development of the financial and banking sectors, non-banking financial institutions, financial market
s and the insurance sector, as well as benefiting from the World Bank’s experiences in digital transformation, financial inclusion, and digital banks,” noting that “the governor reviewed during the meeting , The Central Bank of Iraq’s plan to restructure the banking sector,’ noting that ‘this bank has completed the first phase of the plan, and has begun the second phase.’

Al-Alaq stated – according to the statement – that ‘the Board of Directors of the Central Bank licensed the Green Bank, which will be the nucleus of renewable energy and sustainable financing initiatives,’ revealing ‘the Central Bank of Iraq’s intention to license a number of digital banks.

Source: National Iraqi News Agency

HONG KONG: Hong Kong’s economy recorded moderate growth in the first quarter of 2024, with real gross domestic product growing by 2.7 percent year-on-year, with the special administrative region government expecting the local economy to record further growth in the rest of the year.

As reported by China Daily, Government Economist Adolph Leung Wing Sing announced at a press conference on Friday that the real GDP growth forecast for 2024 remains between 2.5 percent and 3.5 percent. This announcement was made during the presentation of the First Quarter Economic Report for 2024.

Exports of services continued to grow notably by 8.4 percent year-on-year in real terms in the first quarter, he said.

Exports of travel services jumped further thanks to the continued revival of visitor arrivals, he pointed out. Exports of transport services continued to rise, while exports of business and other services showed modest growth, Leung added.

Source: Emirates News Agency

ROME: Artificial Intelligence and the ongoing digital revolution will inevitably transform the world and its agrifood systems, making it all the more urgent that the transformations they drive benefit everyone and contribute to solving global challenges, the Director-General of the Food and Agriculture Organization (FAO), QU Dongyu, said Friday at the Business Federations of the G7 (B7) meeting in Rome.

Artificial Intelligence is not just a technological shift but is driving a fundamental economic and social transformation at the broadest level, Qu said, noting that FAO recognises its power to bring potential benefits to a wide range of populations and to contribute to improved efficiency and sustainability.

He noted that ‘Digital agriculture can revolutionise how we produce, distribute and consume food,’ he said, highlighting that potential benefits for farmers and stakeholders across agrifood systems include improved pricing data, minimizing food loss and waste, enhancing food safety and stimulating adopt
ion of better seeds, fertilizer and sustainable practices.

The event took place at the Rome headquarters of Italy’s main business association, Confindustria. The B7 comprises the main business and industrial federations of the G7 members and the European Union. Once a year, the B7 presents its recommendations on selected priority topics to the G7 presidency, which this year is held by Italy. The event was also attended by Italy’s deputy Prime Minister, Antonio Tajani, and a wide array of chief executive officers from international private companies.

The FAO Director-General spoke at a session focused on charting new courses for cross-border global cooperation, joined by Mathias Cormann, Secretary-General of the Organization for Economic Cooperation and Development (OECD).

To broaden the positive impact of such enabling innovations, FAO is working closely with all partners, including governments, academia, the private sector, civil society and international organizations, advocating for a robust approach wi
th targeted, coherent and comprehensive strategies and actions implemented in synergy and in compliance with ethical principles.

Another absolutely critical area for collaboration and harmonisation of approaches is in the energy sector. Decarbonisation by 2050 is ‘simply not possible’ without addressing energy consumption across agrifood systems, the Director-General said.

Qu also urged private-sector actors to increase their ambition for climate action and to show more accountability towards their supply chains and the communities in the countries from which they source, buy and sell their products.

Source: Emirates News Agency

MANILA: The Asian Development Bank (ADB)’s partners committed $16.4 billion in cofinancing in 2023, up by 44% from the previous year. This bolstered ADB’s efforts to tackle the complex challenges faced by developing member countries, as reported in ADB’s Partnership Report 2023: Climate Action, Sustainable Development.

‘Working hand in hand with partners, ADB is accelerating climate action and sustainable development in the Asia and Pacific region,’ said ADB Managing Director General Woochong Um. ‘We are boosting renewable energy with Southeast Asia’s biggest wind power plant, the Monsoon wind power project, in the Lao PDR. We are integrating climate adaptation and mitigation measures into major transportation projects, for example, with Vanuatu’s inter-island shipping project.’

New partners include the Global Energy Alliance for People and Planet and the International Finance Facility for Education. ADB also established new financing partnerships in 2023, including the Innovative Finance Facility for Clima
te in Asia and the Pacific and the Ocean Resilience and Coastal Adaptation Financing Partnership Facility.

ADB mobilised resources from diverse sources, including 15 bilateral and 7 multilateral organisations, 5 global funds, 29 trust funds, as well as from the private sector. Cofinancing for sovereign projects reached $9.5 billion in 2023, while cofinancing for nonsovereign operations reached $6.9 billion in 2023.

Source: Emirates News Agency