Tag: Business & Finance

In the presence of Mohammed bin Rashid and under the directives of Saud bin Rashid Al Mualla -Umm Al Quwain launches its Sustainable Blue Economy Strategy at WGS2022

• Sustainable Blue Economy is expected to contribute 40% of emirate’s GDP by 2031

• Emirate to establish a Centre for Entrepreneurship and the Blue Economy

• 20% of Umm Al Quwain set to be nature reserves by 2031

In the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, and under the directives of His Highness Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain and Member of the Supreme Council, Umm Al Quwain today launched its Sustainable Blue Economy Strategy during the World Government Summit 2022, held at Expo 2020 Dubai.

The Strategy lays the foundations for the future growth of Umm Al Quwain and its transformation into the “capital of the blue economy”. The strategy aims to enhance the emirate’s investment attractiveness while developing its natural, cultural and human wealth.

His Highness Sheikh Saud bin Rashid Al Mualla said that the strategy is aligned with the UAE’s efforts to enhance sustainable development and ensure optimal use of resources.

His Highness added: “The UAE places the highest priority on the wellbeing of its citizens by launching development plans, policies and strategies aimed at achieving a decent life for them and enabling them to actively participate in all development paths.”

His Highness Sheikh Saud bin Rashid Al Mualla affirmed that the Sustainable Blue Economy Strategy 2031, provides opportunities for youth, entrepreneurs and investors in vital and promising sectors. His Highness expressed Umm Al Quwain’s keenness to provide all the support necessary for promoting the growth and sustainability of investments, and achieving the goals of

all partners in the economic system.

The launch of the strategy was attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council; His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance; His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group; His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum; His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, and a number of ministers, senior officials and guests participating in the World Government Summit.

During a session held at the World Government Summit (WGS) 2022 in Dubai, His Highness Sheikh Majid bin Saud bin Rashid Al Mualla, Chairman of the Umm Al Quwain Department of Tourism and Archaeology, explained that the Strategy adopts a sustainable framework for the economy of Umm Al Quwain, in which man and nature thrive together, and aims to triple the growth of its GDP by 2031.

His Highness said: “Through this Strategy, we are keen to keep pace with the best global models for the development of national economic strategies. The Sustainable Blue Economy Strategy sets clear economic development goals based on the strengths of the emirate.”

His Highness Sheikh Majid bin Saud also highlighted the emirate’s unique situation of having the most diverse

environmental resources in the coastal Arabian Gulf, which makes it an ideal place to create a global example of a successful blue economy.

He said: “Our goal is to double the GDP by 2031 and for the blue economy to contribute 40% of that total. We aim to meet a net-zero emissions target by 2031, by which time a total of 20% of Umm Al Quwain will be dedicated to nature reserves. We have also created three carbon-neutral areas.”

HH Sheikh Majid bin Saud bin Rashid Al Mualla explained that the strategy also includes establishing the Umm Al Quwain Centre for Entrepreneurship and the Blue Economy that will deliver eight transformative projects across diverse industry and research areas. In addition, it focuses heavily on creating new environmental, cultural, and heritage tourism areas to

boost the popularity of one of the UAE’s most diverse but relatively undiscovered regions.

As part of the Sustainable Blue Economy Strategy, the emirate also plans to expand its already strong mangrove cover threefold by 2031 to make a major contribution towards its net-zero target.

Source: His Highness Sheikh Mohammed bin Rashid Al Maktoum

ABU DHABI, AD Ports Group today announced the signing of a Memorandum of Understand (MoU) with the Kuwait General Administration of Customs to establish a new virtual trade corridor between the UAE and Kuwait, under the supervision of Department of Economic Development – Abu Dhabi (ADDED).

The signing took place in Kuwait following a visit by DED’s Logistics Committee, under the patronage of Abdulwahab Al Rushaid, Minister of Finance and Minister of State for Economic Affairs and Investments – Kuwait and in presence of Dr. Matar Hamed Al Neyadi, UAE Ambassador to Kuwait. The MoU was signed by Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, and Suleiman Abdul Aziz Al Fahd, Director of the General Administration of Customs – Kuwait.

Under the MoU, Maqta Gateway, AD Ports Group’s digital arm, will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform (ATLP), under the supervision of ADDED, establishing new policies, procedures and systems integrations to support a virtual trade corridor that will further simplify and facilitate cross-border trade.

With the establishment of the new virtual trade corridor and implementation of integrated solutions, customs authorities in both countries will be able to access pre-arrival information for international cargo movements, making cross-validation of information significantly faster and promoting pre-clearance of goods.

The MoU will also provide for accelerated procedures for expediting shipments of perishable goods, reducing dwell time at borders.

The digital integration also has significant safety and security benefits, improving visibility for authorities over any possible risks associated with goods that move between the two nations, as well as reducing the inspection rate and simplifying procedures for authorisation holders.

Dr. Al Neyadi said, “The UAE and Kuwait have a vast cooperation opportunity as they both have exceptionally promising markets. We are confident that the cooperation between AD Ports Group and Kuwait General Administration of Customs to establish the first virtual trade corridor between the UAE and Kuwait, will enhance trade exchange between the two countries, and will support their efforts in achieving digital transformation goals, streamlining shipping procedures to reduce transportation and shipping costs, as well as expanding economic cooperation, facilitating the development of the supply chains, and encouraging business investment, by building on the best digital solutions and logistics services provided by the virtual trade corridor.”

Rashid Abdul Karim Al Balooshi, ADDED Under-Secretary and Chairman of the Higher Committee of Logistics Development, said, “This MoU sets the stage for deeper cooperation with our trade partners. By establishing this virtual trade corridor, we will generate positive impact on the UAE and Kuwaiti economies and support the wider efforts of our wise leadership to promote trade and fraternal bonds between our nations, establishing Abu Dhabi as a leading trade and logistics hub in the region.”

For his part, Al Fahd said, “We are pleased to sign the MoU with AD Ports Group, which comes within the framework of our strategic plan to develop the capabilities of the customs ecosystem in Kuwait with the aim of facilitating business, reducing manual reviews for completion of administrative and customs procedures, and facilitating the trade community in both countries through an agreement that benefits from the advantages of Global Logistics Passport.”

Dr. Noura Al Dhaheri, CEO of Maqta Gateway, Head of the Digital Cluster, AD Ports Group, said, “The newly announced virtual trade corridor aims to realise a host of enhanced policies, procedures, and system integrations that will accelerate cross-border movements of goods traded between the two countries.

“Since its founding, Maqta Gateway has committed its efforts towards advancing the digitalisation of the region’s trade, logistics, and industrial landscape through the implementation of novel solutions that are transforming industry.

“By digitalising clearance and shipment delivery through this virtual trade corridor, we will be able to deliver real benefits for importers and exporters in Kuwait and the UAE, while simultaneously enhancing security and realising new levels of efficiency.”

The long-standing bilateral trade ties enjoyed between the two GCC countries in recent years has seen the rapid growth of several key commodity markets. In 2021, the UAE imported more than two million tonnes of petroleum oil products valued at an estimated AED3.79 billion from Kuwait, as well as 143,408 tonnes of petroleum coke and tar valued at AED213 million.

During the same period, the State of Kuwait imported over 18.94 million tonnes of pebbles and stones for use in construction from Abu Dhabi, valued at AED650 million. It also imported 16 and 18 tonnes of gold and jewellery that were valued at AED3.16 billion and AED2.8 billion, respectively.

Source: Emirates News Agency

DUBAI, In a bid to widen the trade corridor and strengthen economic ties between the UAE and Turkey, and build new bilateral collaborations, a high-profile council will convene in Dubai next week.

Hosted by the UAE-Turkish Business Council in association with the Foreign Economic Relations Board of Türkiye (DEIK), the UAE-Türkiye Real Estate Development Construction Roundtable will be held on Wednesday, March 30, bringing together leading contractors from Turkey and key stakeholders from the UAE real estate and construction sector.

Hussain Sajwani, Chairman of the UAE side of the Turkey-UAE Business Council, said: “The visit by Turkish President Recep Tayyip Erdogan earlier this year, accelerated efforts by Turkey and UAE to continue building upon strategic and economic ties. Our nations have traditionally enjoyed shared values and brotherhood, set deep in our heritage and cultures. I am confident that we will continue to hail this mutually respectful symbiosis through dialogue as well support each other, our businesses and our nations.”

DEIK/Türkiye-UAE Business Council, under the umbrella of DEIK, was established by signing MoUs with the Abu Dhabi Chamber of Commerce and Industry, the Dubai Chamber of Commerce and Industry, the UAE Federation of Chambers of Commerce and Industry and the Sharjah Chamber of Commerce and Industry acting as Counterpart Organisations in 2000.

The UAE is Turkey’s first trade partner and it ranks second in direct investments among the GCC countries, with bilateral trade between the two countries in 2020 recorded at $8 billion.

“Our mutual interests and economic cooperation opportunities have been the dynamo of relations between us. The Business Council aims to improve Turkey’s commercial and investment relations with UAE and partnerships in the countries to contribute in improving and developing political, economic, commercial, and cultural interaction between the two countries,” said Nail Olpak, President of DEIK.

Turkish contractors have undertaken close to 150 projects worth $13 billion in the UAE as of January 2022, with Turkish companies investing in and being a part of the UAE market for over 10 years. Turkish investments in the UAE amount to $720 million, according to official figures.

During recent talks to enhance cooperation between both nations, the two sides have discussed plans to diversify economic opportunities of common interest, collaborate on practical steps to develop trade and investment exchange and cooperation, as well as address and tackle challenges through cooperation.

The UAE government has expressed intent on trying to ‘double or triple’ its trade volume with Turkey, while Turkey has voiced their hopes to ‘increase their investment share in the UAE in various fields including renewable energy and infrastructure.

The Roundtable is expected to host 25 delegates from Turkey as well as 25 representatives from the UAE construction and development sectors.

Source: Emirates News Agency

DUBAI, Amanat Holdings shareholders have approved all the resolutions, including the consolidated financial statements for the Fiscal Year (FY) ended 31st December 2021, and the Board of Directors’ recommendation to distribute a cash dividend of 6 fils per share.

During the company’s virtual General Assembly Meeting, the shareholders announced that the dividend distribution represents a total payout of AED150 million, representing the highest dividend payout by Amanat, equating to 53 percent of profit attributable to equity holders or 6 percent of the company’s share capital.

Amanat recorded a net profit of AED280.8 million, a twenty-eight-fold increase year-on-year in FY-2021, the highest net profit figure to date supported by solid progress on the company’s long-term strategic objectives from education and healthcare platforms.

Hamad Abdullah Alshamsi, Amanat’s Chairman, commented, “Having concluded a transformative year in Amanat’s history, we have also marked the year with record returns to our shareholders. Our focus continues to be on value creation to derive growth in total shareholder returns, whether through deploying capital in new investments or growing our existing investments into scalable businesses ripe for attractive liquidity events in the future.

“Amanat is well-positioned to capture growing demand led by our strong portfolio of market-leading assets across post-acute care, higher education amongst other opportunities in specialized care verticals and K-12.”

Source: Emirates News Agency

Multiply Group, a technology-enabled holding company based in Abu Dhabi, today announced that it will be investing AED367 million into the Dubai Electricity and Water Authority’s (DEWA’s) landmark initial public offering as a cornerstone investor.

The Group’s latest investment follows a series of strategic acquisitions, creating a unique technology-enabled ecosystem to pursue growth across five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy.

The past year saw Multiply Group acquire stakes in UAE-based assets with substantial earning potential and international high growth firms, including U.S. vehicle-focused digital media platform Firefly, global visual content firm Getty Images, Rihanna’s direct-to-consumer e-commerce fashion firm Savage X Fenty, PAL Cooling Holding, Emirates Driving Company, and Viola Communications.

Samia Bouazza, CEO and Managing Director at Multiply Group, said, “Our interest in DEWA’s public offering is driven by our confidence in the UAE’s economy. DEWA has successfully cemented its position as one of the region’s leading fully integrated utility companies by capitalising on its strong market fundamentals and state-of-the-art infrastructure.

“The company’s unique positioning, attractive financial profile and clear strategic objectives make it an attractive investment for Multiply Group. Furthermore, as regional capital markets continue to perform favourably, we believe that our investment into DEWA will generate substantial value for our shareholders.”

Multiply Group benefits from a solid leverage-free liquidity position, having raised AED3.1 billion in a pre-listing private placement 16 times oversubscribed. The company’s strategy is to pursue profitable growth through a diversified portfolio, striking a balance between steady companies that generate recurring income and high-growth businesses.

Source: WAM – Emirates News Agency

DUBAI, SHUAA Capital, a leading asset management and investment banking platform, today announced the launch of SHUAA Venture Partners, a US$250 million Shari’ah fund, focused on venture debt investments.

The fund is the largest venture debt fund in the GCC and has been established to support the growth of regional technology and technology-enabled leaders that are seeking alternative sources of funding without significantly diluting their shareholding. The strategy was developed sharing the vision of the GCC’s regional goals of economic diversification and growth of the new economy.

Commenting on the launch of the fund, Natasha Hannoun, Head of Debt at SHUAA Capital, said, “SHUAA Venture Partners will provide alternative capital solutions to high growth companies across the GCC. We aim to support the growth of businesses, create jobs, lead further developments in innovation and technology, support economic diversification and guide founders towards realizing their vision.

“Our investors have the opportunity to diversify into a new asset class in technology, with a shorter investment horizon, frequent distributions and attractive financial returns”

Investments in growth companies throughout the GCC have been dominated by early-stage transactions and investors, with few able to support businesses throughout their growth cycle. As a result, several growth-stage companies have limited access to larger pools of capital and non-equity financial solutions; a gap which needs to be filled for new ventures to succeed.

The GCC has seen a staggering year on year increase of 112 percent in venture capital transactions, with total investments of over $1.7 billion across 281 deals, the majority of which have been early-stage investments; Angel, Seed, and Series A (80 percent of deal count and 45 percent of deal value).

Venture debt regionally has increased 4.2x from 2020, with a total of $257 million deployed into 14 investments, indicating a clear demand for alternative funding sources.

SHUAA is the leading debt franchise in the region, with $545 million deployed in private debt transactions and $3 billion structured across multiple sectors over the last 11 years including technology.

Source: Emirates News Agency