Day: March 5, 2024

ABU DHABI: Al Yah Satellite Communications Company PJSC (Yahsat) announced today its consolidated financial results for the full year ended 31 December 2023.

Revenue grew 6 percent for the year versus the prior year to a record AED 1.7 billion (US$457 million). EBITDA grew 3 percent to AED 977 million ($266 million) and net income grew 68 percent to AED 405 million ($110 million). On a normalised basis, adjusting for material, one-off items to allow like-for-like comparison, EBITDA grew 5 percent to reach a record of AED 996 million ($271 million) and net income grew 9 percent to a record AED 424 million ($116 million).

Underpinning this impressive performance was revenue growth across all operating segments of the Group for the first time since its initial public offering in July 2021. Infrastructure, the Group’s largest segment providing communications capacity to the UAE Government by means of an index-linked long-term contract, continued to grow its year-on-year revenues by 1 percent. The Mobility Solut
ions segment, which provides mobile satellite services using L-band spectrum, recorded its highest ever revenues since Yahsat’s acquisition of Thuraya in August 2018. Revenue grew 23 percent versus the prior year, driven by a surge in equipment sales and higher service revenues. Managed Solutions, the Group’s third-largest segment by revenue providing complete value-added satellite communications solutions primarily to the UAE Government and related entities, reported 2 percent revenue growth, building on an exceptionally strong prior year performance. Data Solutions, offering satellite-based broadband data solutions, grew revenues by 6 percent.

Musabbeh Al Kaabi, Chairman of the Dhabi Securities Exchange-listed Yahsat, commented, ‘The Group’s impressive achievements in 2023 have set the stage for further important developments this upcoming year. Yahsat is entering a new phase of its journey following the award of its largest-ever government mandate, covering the procurement of two new satellites, Al Yah 4
and Al Yah 5, and the upcoming launch of Thuraya 4 in the second half of 2024. These new satellites represent a substantial upgrade to the Group’s current fleet and will provide completely new capabilities and applications to support future growth.

‘In addition, the proposed merger between Yahsat and Bayanat will create an AI-powered space technology champion with global reach. To be rebranded Space42 upon completion of the merger, the merged entity will provide vertically integrated, AI-powered geospatial and mobility solutions, satellite communications, and business intelligence. At the time of writing, the merger is subject to shareholder and regulatory approvals, and is expected to close in the second half of 2024. This is an exciting opportunity to create one of the most valuable publicly listed space companies in the world by market capitalisation, with additional potential for significant global growth and synergies. Until the merger is approved, and the necessary regulatory approvals obtained, the tw
o companies will continue to be run independently and administer their own dividend policies.’

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented, ‘2023 was a year of major achievement for Yahsat. Not only did it record a historic financial performance whilst continuing to meet the highest standards of operational excellence, it was also awarded its largest-ever mandate by the UAE Government. The Board also proposed a merger with Bayanat.

‘Yahsat recorded its strongest-ever financial results, surpassing management guidance and analyst consensus figures across key financial metrics including revenue, EBITDA, net income and cash flow. The renewal of our fleet with three new, advanced, data-centric satellites, together with our valuable L-band spectrum rights and best-in-class ground infrastructure, position us well for significant growth opportunities across a range of different segments. These include serving the UAE Government’s requirements for all satellite-enabled solutions, further comme
rcialising our narrowband spectrum to become a critical player in Direct-to-Device (D2D) and developing IoT technologies that allow remote asset tracking and monitoring.

‘The future is promising and we are excited to play our role in shaping it.’

Source: Emirates News Agency

AJMAN: The 7th International Environment Conference (AIEC) witnessed the signing of a Memorandum of Understanding (MoU) between the World Green Economy Organisation (WGEO) and the Municipality and Planning Department in Ajman to foster strategic partnership and mutual collaboration to support in advancing global efforts towards a green development model depending on low-carbon emissions and resilient to climate change.

In the presence of Sheikh Rashid bin Humaid Al Nuaimi, Chairman of Municipality and Planning Department in Ajman, and Saeed Mohammed Al Tayer, Chairman of the WGEO, the MoU was signed by Abdulrahman Mohammed Abdullah Al Nuaimi, Director General of Ajman Municipality and Planning Department, and Waleed bin Salman, Vice Chairman of WGEO.

This MoU establishes a comprehensive framework for collaboration in several areas of mutual interest. This includes facilitating the Department’s membership in WGEO’s ‘Public Sector’ Platform, as well as supporting the development and implementation of environm
entally friendly policies and regulations. Additionally, the agreement entails collaborating on joint initiatives and projects within the Emirate of Ajman aimed at promoting green economy principles.

Furthermore, it involves the provision of capacity-building training programs to enhance the skills and knowledge of local government officials and stakeholders. Moreover, the agreement encompasses the sharing of success stories and best practices in implementing green economy strategies. Lastly, it involves organising joint workshops, seminars, conferences, and events to promote the exchange of ideas on sustainable development.

The collaboration marks a significant step towards achieving environmental sustainability goals in the Emirate of Ajman. Both parties are committed to working closely together to implement the provisions of the MoU and achieve a more sustainable and prosperous future for all.

Source: Emirates News Agency

DUBAI: MRO Middle East and Aircraft Interiors Middle East (AIME) 2024 opened its doors today, officially inaugurated by Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South. Co-located at the Dubai World Trade Centre, the event runs until March 6th and brings together key players from across the global aviation supply chain at a time of significant growth in the Middle East aviation sector.

Airbus, a leading aircraft manufacturer, predicts that the Middle East’s commercial aircraft services market will more than double in value by 2042, reaching $28 billion.

Reflecting this optimistic outlook, MRO Middle East and AIME 2024 has witnessed a remarkable 20% increase in attendance compared to previous years. Over 240 exhibitors and 120 airlines are participating, demonstrating the event’s significance in facilitating collaboration and fostering innovation within the industry.

Key announcements and signings during the first day of MRO Middle East and AIME included Joramco anno
uncing a new maintenance agreement with TUI, and HAECO announcing the induction of Emirates’ first Airbus A380 aircraft at its airframe facility in Xiamen, marking a new base maintenance contract between the two entities.

The Go Live! Theater welcomed a host of global experts for sessions on key industry themes. The ‘Capacity Issues on the Horizon?’ panel discussed fleet expansion plans, collaboration and what MROs, OEMs and other suppliers must do to ensure they have enough bandwidth to sustain the new fleet size in the region.

During the session, Justin ODonnell, Director Technical Operations at Riyadh Air, said, “The transient nature of seasonal passenger traffic influences airlines to behave in ways that create a surge in MROs, especially during the winter period, where we aim to utilise 100% of the available capacity, and I acknowledge the challenges this presents for MROs… Competition, particularly in the Middle East, is on the rise, as observed recently. The Middle East MROs are gaining global appeal
, making it more challenging for Middle Eastern airlines to secure the same capacity. Our long-term strategy involves planning well in advance, looking at the full cycle ahead.’

‘The Future of Cabin Design – Anticipating and Adapting to Emerging Trends’ panel discussed the key focuses for the industry, including sustainability, connectivity of aircraft and passenger comfort. During the session, a live audience poll found that ‘integration of technology and connectivity’ is the aspect of cabin design which is expected to see the most significant change in the next decade.

Speaking on this, Jo Rowan, Associate Director – Strategy at PriestmanGoode, highlighted one of the challenges, stating, ‘We are thinking about the needs of Generation Alpha as the hyperconnected digital generation, alongside our aging population who may not even have smartphones and will have anxieties around things such as data sharing. This means it’s a challenging time where the spectrum is very broad.’

Meanwhile, Daniel Kerrison, Seni
or Vice President of Inflight Operations at flydubai, thinks that sustainability within aircraft will see the biggest change. ‘It’s a critical issue that will see really big change in the next ten years. There’s a shift coming in terms of the aircraft design process, the in-service life and post-service life, with sustainability being a key decision criteria.’

The co-located events will continue tomorrow at Dubai World Trade Centre, with further insightful content sessions and showcases of industry collaboration.

Source: Emirates News Agency

ABU DHABI: First Abu Dhabi Bank (FAB) concluded its Annual General Meeting (AGM) today at FAB’s headquarters in Abu Dhabi. All items on the agenda were discussed and approved, including the distribution of 50% cash dividends (AED 0.71 per share, implying total cash dividends of AED7.8 billion) for the financial year ended 31 December 2023. Owners of FAB shares registered on 15/03/2024 (i.e. buyers on 13/03/2024) are entitled to cash dividends.

In addition to approving the highest shareholder payout since 2020, the AGM highlighted FAB’s three consecutive years of accelerated business momentum, its outstanding performance in 2023, and its strong platform for future growth.

H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said: ‘The UAE once again proved itself to be a haven of economic and financial stability, recording sound growth and an acceleration of the country’s strategy for strategic diversification. Within this framework, the banking sector remains well capitalised with ample reserves of liq
uidity to back its ambitious expansion plans. Against the backdrop of a more challenging global financial and economic environment in 2023, First Abu Dhabi Bank came through the year with a resilient and robust performance, a testimony to the strength of its fundamentals and the depth of its management skills.

‘Our strategic direction is clear and unambiguous: to advance FAB’s position as the driver of economic and financial progress in the UAE, driving medium- and long-term value for all our stakeholders, while supporting the UAE’s position as a nexus of international trade and diplomacy… Our task in 2024 is to consolidate and extend the bank’s position as the UAE market leader, build on its strong credit rating and depth of capital resources, and enhance our strong international network to accelerate growth and become a global financial powerhouse with the strongest franchise in the region.’

Hana Al Rostamani, Group Chief Executive Officer at FAB, said: ‘Over the years, First Abu Dhabi Bank has been at th
e centre of shaping the region’s banking industry, powering economic growth and supporting global cross-border trade and investment flows. During the past three years, we continued our growth and delivered consistently outstanding returns and value to our shareholders, customers and partners. This strong performance was underpinned by our solid balance sheet and our position as one of the best capitalised, most profitable and safest banks in the world.

‘In 2023, we achieved a record net profit of AED 16.4 billion, AED 27.8 billion in revenue fueled by growth across all our core businesses, and a 17.6% Return on Tangible Equity, among other highlights. Our RoTE shows the Group’s ability to not only create shareholder value – it also highlights our capacity to accrete capital and provide a platform for future growth.

‘We have worked to diversify our franchise across geographies and across business lines, products, funding sources and income streams. We have remained strategically driven, value-driven, and for
ward-focused in everything we do, and we are well positioned to build on our momentum and will continue to focus on delivering against our strategic priorities.’

In addition to approving the Board of Directors report, the external auditors report and Internal Shari’ah Supervision Committee annual reports for FY 2023, the AGM agenda included notifications on payable Zakat for 2023, approval of the bank’s balance sheet and profit and loss statement for 2023 and appointments for auditors and Internal Shari’ah Supervision Committee members for 2024.

Source: Emirates News Agency

ABU DHABI: The UAE Cyber Security Council and the United Nations (UN) International Telecommunications Union (ITU) agreed to enhance their cooperation and information sharing to quickly counter cyberthreats.

Their agreement will aim to develop the skills of national cybersecurity experts, share knowledge, and promote the UAE’s best practices in cybersecurity to other countries. It will also involve joint international exercises that mimic cyberattacks and test ways of preventing and handling them effectively.

Dr. Mohammed Hamad Al Kuwaiti, Head of the Council, said the agreement with the ITU was signed amid rising cyberattacks on vital infrastructure and digital assets worldwide and aims to boost the UAE’s global partnerships in cybersecurity.

Dr Cosmas Zavazava, Chief of Department, Partnerships for Digital Development at the ITU, said the agreement with the UAE Cybersecurity Council continues their long-standing collaboration, lauding the UAE’s leadership and accomplishments in the areas of communication
s and cybersecurity, which serve as a model for many other countries.

The UAE Cyber Security Council is a valuable partner of the ITU and will keep working together to enhance the security of global infrastructure and digital assets, he added, noting that nearly 3 billion people worldwide lack internet and ICT access.

The ITU works with governments to offer affordable and secure internet and communication services to everyone, especially in key sectors such as finance and e-commerce, which requires a legal and digital framework that will improve global living standards, he said in conclusion.

Source: Emirates News Agency

DUBAI: Held under the patronage of H.H. Sheikh Ahmed Saeed Al Maktoum, Honorary patron of National Association of Freight and Logistics (NAFL), the International Federation of Freight Forwarders Associations (FIATA) RAME (Region Africa Middle East) field meeting and the conference opened today at Atlantis Hotel Dubai, in the presence Humaid bin Salem, Chairman of International Chamber of Commerce UAE, discussing the strategies for seamless logistics ecosystem in the face of geo-political disruptions.

The two-day conference organised by NAFL, under the theme ‘Connectivity, Resilience, and Sustainability in Global Supply Chains and Trade’, delves into the trade disruption due to geopolitical issues and strategies for a burgeoning MEA logistics market, currently valued at US$ 163.57 billion and forecasted to reach US$ 222.63 billion in 2029. The event also hosted the FIATA RAME Official Meeting featuring FIATA RAME Chair Dr. Juanita Maree; Dr. Stéphane Graber, FIATA Director General and FIATA global President T
urgut Erkeskin.

In his opening remarks, Humaid bin Salem, emphasised the UAE’s commitment to facilitating and promoting global trade through seamless multimodal connectivity. “In line with the UAE’s goals to diversify the economy, the ICC shares FIATA’s vision to facilitate global trade. In the face of global supply chain disruptions, whether due to natural disasters or geo-political events, it is imperative that we think globally and work as one cohesive team. The connectivity offered by the UAE, whether by air, land or sea, plays a crucial role. Beyond the UAE, the GCC region, particularly Qatar and Saudi Arabia, is very active, promoting trade and offering investment opportunities. We are keen to learn from our peers and work together to improve the private sector. I would therefore encourage everyone to actively participate in the discussions and take advantage of the opportunities offered by the Federal Chambers or the ICC. We are here to support the needs of the private sector,” he said.

The opening c
eremony was preceded by a welcome keynote by Turgut Erkeskin, President of FIATA, who delivered a comprehensive overview of the global challenges and evolving trends in the logistics sector. Highlighting the RAME region’s strategic position as a hub connecting continents, he said: “In today’s dynamic global landscape, the FIATA-RAME meeting stands as a strategic platform, offering pragmatic insights as we gather against the backdrop of unprecedented disruptions in the Red Sea, geo-political tensions and environmental concerns. As globalisation dynamics are shifting, global trade is impacted by geo-political developments anywhere. Yet, amidst these challenges lie opportunities for resilience and adaptation. Our mission transcends problem-solving; it advocates for an approach rooted in agility, creativity, and strategic planning.”

“Our priority at this year’s meeting is to explore collective solutions to regional challenges because nothing is local in today’s world, especially logistics. We are hopeful as the
RAME region holds tremendous potential with some of the most sophisticated ports and airports and a dynamic young workforce ready to strengthen and enhance business processes. We had over 400 FIATA specialised diploma graduates in 2023 from the Middle East region; there is no challenge that we cannot overcome when such qualified workforce and expertise exist in the region,” added.

Turgut Erkisken concluded by saying that world trade and logistics flourish when there is peace, predictability and sustainability. “We hope that current uncertainties, end soon as we move into the future, strengthening existing trade routes will function while building regional corridors offering seamless global connectivity. With a focus on practical solutions and actionable insights, we strive not only to address challenges but also to forge a path towards a more resilient, sustainable, and interconnected future for all stakeholders in the global logistics arena.”

Nadia Abdul Aziz, President of NAFL, welcomed over 600 delegates
, representing 16 FIATA member associations, with 11 from the Arica and Middle East region from more than 29 countries. Emphasising the significance of UAE hosting the meeting, she said: “The UAE remains a global gateway for logistics and trade with investor-friendly policies and synchronisation with international markets. In the UAE, initiatives like the 10-year visa, pro-investment policies, and a robust sustainability plan to reduce carbon emissions by 2050 foster an environment ripe for growth. Our commitment to excellence is reflected in our ranking as the top destination for foreign direct investment (FDI) and the 7th place ranking on the global logistics index.”

The event highlighted the latest initiatives, including advancements in digitalisation and implementing the Authorized Economic Operator (AEO) programme undertaken by Dubai Customs. In the following presentations, Dubai Chamber highlighted its international services tailored for corporates and investors, with a particular focus on fostering
business research and sustainability efforts. Meanwhile, Dubai South showcased its offerings encompassing e-commerce, logistics growth, and the Sea-Air Free Zone.

The panel discussions on day one highlighted the evolving logistics sector across the region under the theme “GCC Market Overview, Opportunities, and Growth Areas.”

Running until tomorrow the event acts as a platform for bringing together key stakeholders -industry leaders, innovators, and thought leaders – to shape the future of logistics in the MEA region.

Source: Emirates News Agency

ABU DHABI: The 6th edition of Culture Summit Abu Dhabi concluded today, with the participation of a wide range of global thought leaders from 90 countries. On its third and final day, the summit discussed how time can be a space to bring people together and reconcile humans with nature, under the theme of the summit ‘A Matter of Time.’

Addressing the summit, Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, said: ‘This annual summit has continued to attract prominent speakers, artists, performers, and guests from around the world. It is also significant that the summit is supported by important international cultural entities. I am delighted to welcome you all. I am confident that the summit will help to enhance your relationships with one another; that it will establish connections between your varied cultures and traditions; and that you will work together to promote the values of tolerance, dialogue, fraternity, openness, perseverance, and curiosity, so critically needed for the
well-being of our world.’

He added, ‘It is quite appropriate that the summit is hosted by the Abu Dhabi Department of Culture and Tourism. We are very proud of Abu Dhabi as a city of culture and the arts. Under the leadership of His Highness the President, Sheikh Mohammed bin Zayed Al-Nahyan, Abu Dhabi and the United Arab Emirates are keen to share their cultural achievements with the world. With His Highness’s leadership and guidance, arts and culture, as well as our history and heritage, are at the centre of our comprehensive plans for development and progress. Our country and our capital city support culture and the arts as important means for strengthening the common bonds that unite peoples around the globe.’

The minister affirmed his strong belief that ‘culture and the arts promote respect, understanding, dialogue, and appreciation for other cultures. They help to build and fortify important bridges between countries and peoples. Culture and the arts allow us to celebrate the principles and values tha
t unite us across national and cultural boundaries and highlight our common aspirations and pursuits. Therefore, I am pleased to anticipate, indeed, to celebrate, the outcomes of your discussions and deliberations at this summit.’

Source: Emirates News Agency

ABU DHABI: The 6th edition of Culture Summit Abu Dhabi concluded today, with the participation of a wide range of global thought leaders from 90 countries. On its third and final day, the summit discussed how time can be a space to bring people together and reconcile humans with nature, under the theme of the summit ‘A Matter of Time.’

Addressing the summit, Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, said: ‘This annual summit has continued to attract prominent speakers, artists, performers, and guests from around the world. It is also significant that the summit is supported by important international cultural entities. I am delighted to welcome you all. I am confident that the summit will help to enhance your relationships with one another; that it will establish connections between your varied cultures and traditions; and that you will work together to promote the values of tolerance, dialogue, fraternity, openness, perseverance, and curiosity, so critically needed for the
well-being of our world.’

He added, ‘It is quite appropriate that the summit is hosted by the Abu Dhabi Department of Culture and Tourism. We are very proud of Abu Dhabi as a city of culture and the arts. Under the leadership of His Highness the President, Sheikh Mohammed bin Zayed Al-Nahyan, Abu Dhabi and the United Arab Emirates are keen to share their cultural achievements with the world. With His Highness’s leadership and guidance, arts and culture, as well as our history and heritage, are at the centre of our comprehensive plans for development and progress. Our country and our capital city support culture and the arts as important means for strengthening the common bonds that unite peoples around the globe.’

The minister affirmed his strong belief that ‘culture and the arts promote respect, understanding, dialogue, and appreciation for other cultures. They help to build and fortify important bridges between countries and peoples. Culture and the arts allow us to celebrate the principles and values tha
t unite us across national and cultural boundaries and highlight our common aspirations and pursuits. Therefore, I am pleased to anticipate, indeed, to celebrate, the outcomes of your discussions and deliberations at this summit.’

Source: Emirates News Agency