‘Blue Residency’ further cements UAE’s role as a global leader in sustainability: Sultan Al Jaber


ABU DHABI: Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change and COP28 President, said that the UAE’s visionary leadership in sustainability is rooted in the legacy of the late Sheikh Zayed bin Sultan Al Nahyan and continues today with the groundbreaking announcement of the launch of the ‘Blue Residency Visa.’

The visa will be granted to individuals who have made significant contributions to environmental protection and sustainability, offering them a ten-year residency in the UAE, and is part of the UAE’s Year of Sustainability.

‘Building on the momentum of COP28, which concluded last December with the landmark UAE Consensus, this initiative further cements the UAE’s role as a global leader in sustainability, environmental stewardship, and nature conservation.,’ said Dr Al Jaber in a statement marking the adoption of the Blue Residency Visa System today.

“This initiative aligns perfectly with the UAE’s extended Year of Sustainability, reflect
ing the nation’s remarkable success in hosting COP28,” said Dr. Sultan Al Jaber.

‘The conference was a paradigm shift, showcasing the UAE’s unwavering commitment to multilateralism, international cooperation, and developing a united global approach to the challenges of climate change. This visa will build on that good work and will help further establish the UAE as a frontrunner in the development of technologies, such as artificial intelligence, that can help address climate change.’

The minister added: ‘The ‘Blue Residency Visa’ aims to attract global environmental leaders to contribute to the UAE’s sustainable economic and social development. It underscores the nation’s dedication to leveraging advanced technologies and artificial intelligence to create impactful solutions. With a forward-thinking approach, these solutions will address climate challenges and transform them into opportunities for a brighter future for humanity and our planet.’

Source: Emirates News Agency

Mansour bin Zayed chairs Mubadala Investment’s Board of Directors meeting, approves company’s financial statements for 2023

ABU DHABI: His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of the Mubadala Investment Company (Mubadala), has chaired Mubadala’s Board of Directors meeting at Qasr Al Watan in Abu Dhabi.

During the meeting, the Board approved its report and the company’s financial statements for the year 2023.

The meeting also covered several agenda items and made corresponding decisions.

The meeting was attended by H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority, Member of the Executive Council, and Managing Director and CEO of Mubadala Investment; Abdul Hameed Mohammed Saeed, and Saif Saeed Ghobash, Se
cretary-General of the Abu Dhabi Executive Council.

Source: Emirates News Agency

‘Watania International Holding’ announces net profit of AED5.9 million in Q1-24

DUBAI: Watania International Holding (WIH) reported today a net profit of AED5.9 million in its preliminary consolidated results for the first quarter ended 31st March 2024.

In a statement issued by the company on Wednesday, it said that combined operating ratio improved to 97% compared to 110% during the corresponding period last year thanks to the significant improvements in the results of both Medical and Motor Takaful lines of business.

Dr. Ali Saeed bin Harmal Aldhaheri, Chairman of WIH, said, ‘The company is increasingly well positioned with a flexible and scalable business model and solid infrastructure to capitalise on the substantial growth in the regional insurance and Takaful sector, which is expected to expand at a compound growth annual rate of 11.6% during 2023-2030.’

Source: Emirates News Agency

GCC Banks’ profitability to remain strong in 2024: S&P

ABU DHABI: Standard and Poor’s Credit Ratings Agency (S and P Global) said the profitability of GCC Banks will remain strong in 2024, and their asset quality will stay robust despite higher-for-longer rates, due to supportive economies, contained leverage, and a high level of precautionary reserves.

In its related report, S and P stated that the US Federal Reserve Board (FRB) could begin cutting interest rates in December 2024, anticipating that most Gulf central banks will follow suit to maintain their currency pegs.

The FRB is likely to accelerate the pace of monetary easing in 2025, as economic growth slows below its potential, S and P said, predicting that the FRB will cut interest rates by 100 basis points throughout 2025, bringing them down to between 4 and 4.25 percent at year-end.

The central banks of most Gulf countries typically mirror the FRB’s interest rate movements to maintain their currency pegs, the agency added, noting that delaying interest rate cuts would boost their profitability.

Gu
lf banks have benefited from rising interest rates over the past two years and are expected to continue reaping these benefits in 2024, it further added.

By the end of 2023, the average return on assets for the largest 45 banks in the region reached 1.7 percent, up from 1.2 percent at year-end 2021, S and P said in conclusion.

Source: Emirates News Agency

Dubai Corporation for Consumer Protection and Fair Trade carries out extensive field tours to ensure market stability


DUBAI: Dubai Corporation for Consumer Protection and Fair Trade (DCCPFT), a part of Dubai Department of Economy and Tourism (DET), carried out an extensive series of field and monitoring tours to Dubai markets and commercial establishments in Q1 2024.

The initiative bolstered DCCPFT’s ongoing awareness campaign to highlight the rights and responsibilities of traders and consumers, ensuring a fair experience for all, and ultimately promoting competitiveness within the business sector in Dubai.

Officials from the Consumer Protection Department of DCCPFT met traders and consumers during 232 tours, focusing on high-footfall destinations, especially during Ramadan. These destinations included food markets, retail outlets, beauty stores and tailoring shops. Officials urged traders to prominently display the consumer protection number and contact phone numbers for customer complaints, ensuring a convenient and seamless customer feedback process. During these tours, the Consumer Protection Department held meetings
with several suppliers and outlet officials, emphasising the importance of transparently managing consumer complaints and handling them efficiently and responsibly.

Meanwhile, the Intellectual Property Protection Department (IPP) of DCCPFT continued its monitoring tours to ensure the protection of local and international intellectual property rights , partly in response to requests from brand owners and commercial agencies. Such visits fall under the Department’s regular monitoring campaigns to address the concerns of traders and consumers alike. During Q1 2024, the IPP Department received 199 requests related to registered trademarks, eight of which were from commercial agencies and required cooperation with the Ministry of Economy in order to be dealt with effectively.

Furthermore, the Department regularly coordinated with other government entities to carry out campaigns to ensure IP rights are not being violated by all traders in the emirate and take the necessary action if needed. During Q1 of this year
, 63 campaigns were carried out in collaboration with the Department of Anti-Economic Crime at Dubai Police. Looking ahead, the Department intends to intensify such campaigns in cooperation with Dubai Police to monitor apartments that could be used to sell counterfeit goods. Such practices violate the law and expose consumers to danger when visiting these places.

Commenting on these efforts, Mohammed Shael Al Saadi, CEO of Dubai Corporation for Fair Trade and Consumer Protection, said, ‘DCCPFT is committed to conducting field tours to protect the rights of traders and consumers, as well as responding to consumer complaints and raising their awareness of their rights and obligations. In addition to regulating local markets to ensure a level playing field, fairness, equality, healthy competition and consumer protection, we are also committed to protecting intellectual property rights, while educating the business sector on the importance of registering and protecting these rights. Our efforts underline Dubai’s
reputation as a safe market for international brands to operate and grow in, and one where consumers can confidently enjoy their retail experience.’

Al Saadi also emphasised DCCPFT’s focus on maintaining market stability, aligned with the vision of the wise leadership, and the goals of the D33 Agenda. ‘We call on consumers to report any commercial violations promptly and encourage business owners to protect and register their intellectual rights to avoid any future violations or legal liabilities,’ Al Saaadi explained.

The IPP Department regularly organises programmes and initiatives to educate traders about their rights and obligations under relevant intellectual property laws. Continuous emphasis is also placed on avoiding malpractices, such as selling counterfeit products of certain international brands. Such initiatives are intended to optimise commercial control operations and facilitate market oversight across all economic sectors and fields.

The IPP Department also successfully carried out many moni
toring tours during Q1 2024, covering over 10,000 commercial establishments, protecting the rights of local and international brands with ongoing workshops with their representatives, to ensure their IP files with DCCPFT are always up to date and their rights are protected.

Source: Emirates News Agency

Egypt receives USD 14 bln from UAE for Ras Al-Hikma City


Egypt has received USD 14 billion from the UAE as the second payment for the development of Ras al-Hikma City, Egyptian Prime Minister Mostafa Madbouli said Wednesday.

During the weekly cabinet meeting, Madbouli said in a statement, “we have started cooperating with the Emirati side in the procedures for relinquishing the value of a USD six billion Emirati deposit.” “The amount to be converted into its equivalent in Egyptian pounds, as agreed upon in the Investment Partnership Agreement for the development and growth of the Ras al-Hikma city between Egypt and the UAE,” he added.

Egypt had obtained USD five billion in late February and another USD five billion in early March from a deal to develop the city of Ras Al-Hikma as part of a deal worth USD 35 billion with Abu Dhabi Holding Company.

Source: Kuwait News Agency

‘Watania International Holding’ announces net profit of AED5.9 million in Q1-24

DUBAI: Watania International Holding (WIH) reported today a net profit of AED5.9 million in its preliminary consolidated results for the first quarter ended 31st March 2024.

In a statement issued by the company on Wednesday, it said that combined operating ratio improved to 97% compared to 110% during the corresponding period last year thanks to the significant improvements in the results of both Medical and Motor Takaful lines of business.

Dr. Ali Saeed bin Harmal Aldhaheri, Chairman of WIH, said, ‘The company is increasingly well positioned with a flexible and scalable business model and solid infrastructure to capitalise on the substantial growth in the regional insurance and Takaful sector, which is expected to expand at a compound growth annual rate of 11.6% during 2023-2030.’

Source: Emirates News Agency

GCC Banks’ profitability to remain strong in 2024: S&P

ABU DHABI: Standard and Poor’s Credit Ratings Agency (S and P Global) said the profitability of GCC Banks will remain strong in 2024, and their asset quality will stay robust despite higher-for-longer rates, due to supportive economies, contained leverage, and a high level of precautionary reserves.

In its related report, S and P stated that the US Federal Reserve Board (FRB) could begin cutting interest rates in December 2024, anticipating that most Gulf central banks will follow suit to maintain their currency pegs.

The FRB is likely to accelerate the pace of monetary easing in 2025, as economic growth slows below its potential, S and P said, predicting that the FRB will cut interest rates by 100 basis points throughout 2025, bringing them down to between 4 and 4.25 percent at year-end.

The central banks of most Gulf countries typically mirror the FRB’s interest rate movements to maintain their currency pegs, the agency added, noting that delaying interest rate cuts would boost their profitability.

Gu
lf banks have benefited from rising interest rates over the past two years and are expected to continue reaping these benefits in 2024, it further added.

By the end of 2023, the average return on assets for the largest 45 banks in the region reached 1.7 percent, up from 1.2 percent at year-end 2021, S and P said in conclusion.

Source: Emirates News Agency

Approval of Blue Residency enhances climate action, community’s contribution to preserving environment: Amna Al Dahak


ABU DHABI: Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, stated that today’s Cabinet approval of the ‘Blue Residency’ reflects the UAE’s aim to enhance climate action and redouble environment conservation efforts in the country.

Al Dahak said: ‘The approval of the Blue Residency comes in line with the Year of Sustainability, as it recognises the efforts of individuals who contribute to enriching climate and environmental work in the country. It also strengthens the UAE’s position as a global hub for sustainability and spotlights its role in creating climate-smart and environmentally friendly solutions. The approval of the residency will go a long way in supporting the country’s efforts to achieve Net Zero by 2050.’

The minister added: ‘We are working in cooperation with all relevant authorities in the UAE to implement its climate and environmental plans and support its national goals by engaging the private sector and community members in the country’s sustainable development.
The Blue Residency will have a major role in attracting talents in the field including innovators, and climate champions from all over the world, who will contribute to the advancement of the UAE’s work in fostering a sustainable future for all.’

Source: Emirates News Agency

Ahmed bin Saeed opens Airport Show 2024 in Dubai

DUBAI: H.H. 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, inaugurated the 23rd edition of Airport Show at the Dubai World Trade Centre (DWTC) on Tuesday, 14th May 2024.

The leading annual exhibition dedicated to the Middle East, Africa and South Asia (MEASA) was opened amidst the brightest outlook for the global aviation industry, the Middle East in particular, after complete recovery, prospects for all-time record in passenger numbers, grand airport expansions – all consolidating Dubai’s pre-eminence as the global hub of civil aviation.

Opening the Show, Sheikh Ahmed said, ‘Airport Show has evolved into a prominent B2B platform and a driving force for the airport industry to source their requirements, learn about fast-changing business dynamics and emerging trends and disruptive technologies. Every major airport is aiming to go big – in terms of growth targets, investments and innovat
ions. This event will provide airport leaders a unique opportunity to delve into the latest advancements in airport sustainability, digitalisation, and urban air mobility.’

This year’s Airport Show is organised in the wake of the grand announcement by Dubai the plans for the construction of the world’s largest airport terminal.

The US$35 billion Al Maktoum International Airport is envisaged to have a capacity for 260 million passengers upon completion, five times the size of the current DXB. All operations at Dubai International (DXB) will be transferred to Al Maktoum International Airport (DWC) over the next few years. A new AED128 billion passenger terminal at the Dubai World Central will scale up passenger capacity to 260 million annually and fully absorb DXB’s operations in 10 years. It will have five parallel runways and 400 aircraft gates.

The future growth of the aviation industry is exemplified by the results of Emirates, the world’s largest long-haul airline, which is in a strong position for futu
re growth after it posted a record annual profit US$4.7 billion in its financial year that ended on 31st March, up 63 percent from US$2.72 billion profit in the previous year.

Commenting on the future of Dubai’s aviation sector, Paul Griffiths, CEO of Dubai Airports, said, ‘The expansion of Al Maktoum International Airport (DWC) signifies a monumental leap for Dubai’s aviation landscape. With a significant investment of AED128 billion, we’re not just building another airport; we’re shaping the very future of air travel and reimagining the airport of tomorrow. This project underscores Dubai’s unwavering commitment to providing our diverse and rapidly growing number of guests, world-class infrastructure and experiences.’

Griffiths, who addressed the Global Aviation Leaders’ Forum (GALF) collocated at the Airport Show on the opening day, added, ‘As DXB continues to thrive, DWC’s expansion will unlock new opportunities for travel, tourism, logistics, and trade globally. We’re excited to collaborate with our par
tners and stakeholders on this transformative and ambitious journey, ensuring that Dubai remains at the forefront of the aviation industry for years to come.’

The optimistic outlook is also derived from the Airports Council International (ACI)’s view that 2024 will be a milestone for global passenger traffic recovery as it reaches 9.4 billion passengers, surpassing the all-time high 9.2 billion passengers handled in 2019.

Aircraft movements are forecast to grow to 111.6 million by 2026. Airports worldwide will see 153.8 million aircraft movements by 2041.

Organised by RX, the London-based company that hosts over 400 events in 22 countries across 42 industry sectors, the Airport Show will see over 6,000 trade visitors and professionals in three days.

The annual B2B platform is bringing to the Middle East’s vibrant aviation market four co-located events – Air Traffic Control Forum, Airport Security Middle East, the Global Airport Leaders’ Forum (GALF) and the Women in Aviation (WIA) Middle East Chapter Conf
erence.

The three-day trade-only exhibition is providing opportunities to explore, experience and source several advanced airport technologies, innovations and solutions along with networking with business leaders and market movers.

More than 150 exhibitors from over 20 countries are participating in the exhibition which features four country pavilions and over 120 buyers from more than 35 countries. The trade gathering will host 3,500-plus meetings under its popular Business Connect Programme. Global companies like Smiths Detection, emaratech, Siemens, Honeywell, TLD, Aviramp GSE, ITW GSE, ADB Safegate and Airport Labs are among the exhibitors.

Among the key airport project leaders participating include Air India SATS Airport Services, Airports of Thailand, Angkasa Pura Airports of Indonesia, Armenia International Airports, Singapore’s BOC Aviation, CAAB of Botswana, Egyptian Airports Company (EAC), Erbil International Airport, Hong Kong International Airport, Mactan-Cebu International Airport Authority,
New Delhi Airport, Ntech Aviation of South Africa, Pakistan Civil Aviation Authority, Uganda Civil Aviation Authority, and Yerevan Zvartnots International Airport of Armenia.

Being held under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, the Airport Show is being supported by the Dubai Civil Aviation Authority (DCAA), Dubai Airports, Dubai Aviation Engineering Projects (DAEP), Emirates Airline and Group, Dubai Air Navigation Services (dans) and dnata, one of the world’s largest air services providers with services across five continents.

Source: Emirates News Agency

Sharjah Chamber hosts business and investment forum, showcasing opportunities to Mauritian investors

SHARJAH: The Sharjah Chamber of Commerce and Industry (SCCI), in collaboration with the Economic Development Board of the Republic of Mauritius, hosted the Sharjah-Mauritius Business and Investment Forum on Wednesday to foster investment cooperation and explore opportunities between the two nations.

Representatives from UAE companies and over 60 Mauritian companies specialising in key sectors such as industry, tourism, agriculture, logistics, renewable energy, and the blue economy participated in the event.

The forum was attended by Abdullah Sultan Al Owais, Chairman of SCCI; Shaukat Ali Soudhan, Ambassador of Mauritius to the UAE; and Hemraj Ramial CSK, Chairman of the Board of Directors of the Economic Development Board of Mauritius, as well as several department directors, officials from the Chamber, SAIF Zone, and various economic entities in Sharjah.

During the forum, the Sharjah Chamber and the Economic Development Board of Mauritius signed a memorandum of understanding to enhance trade relations and
foster mutual cooperation, encouraging business communities in both Sharjah and Mauritius to deepen economic ties.

The MoU aims to facilitate visits and the exchange of trade delegations, as well as coordinate the development and expansion of a commercial network that promotes the flow of business opportunities between the two regions. Additionally, it includes joint initiatives to participate in trade exhibitions, conferences, and forums that are designed to boost investment opportunities.

Al Owais stressed that the forum has been a step in the right direction towards enhancing trade relations and fostering mutual cooperation between the private sectors of Sharjah and Mauritius.

He described the forum as an ideal platform for promoting investment opportunities and advancing bilateral relations towards greater levels of joint investment and economic cooperation.

He further highlighted that the MoU signed during the event holds significant potential benefits for private sector representatives and innovator
s. Al Owais pointed out that the agreement supports trade and economic cooperation, emphasizing the robust and ongoing relations between the UAE and Mauritius and the continuous efforts by both countries to strengthen and expand their well-established economic ties.

For his part, Shaukat Ali Soudhan emphasised that the business and investment forum between Sharjah and Mauritius establishes an important venue to enhance communication between the business communities in the two countries. It presents available investment opportunities and explores promising areas of cooperation.

Meanwhile, Hemraj Ramnial highlighted that the coordination between the Mauritius Economic Development Board and the Sharjah Chamber marks a significant milestone in the growing economic cooperation among the business communities in Mauritius, Sharjah, and the UAE more broadly.

He noted that the forum, which brought together entrepreneurs and investors from both sides, receives robust support for its objectives and endeavors through
the comprehensive economic partnership agreement between Mauritius and the UAE.

The forum featured a comprehensive overview of investment opportunities in both Sharjah and Mauritius. Participants were presented with the diverse investment prospects available in Sharjah across several key sectors, highlighting the emirate’s conducive investment environment, which not only ensures the prosperity of various businesses but also provides them with the necessary facilities and infrastructure to access different markets, promote their products and services, enhance trade exchange, and boost exports.

Moreover, the forum provided insights into Mauritius and its economic and investment landscape. Presentations emphasized the importance of exchanging experiences and knowledge in sustainability and highlighted the promising potential for developing joint ventures across various sectors.

Source: Emirates News Agency

Dubai Civil Aviation Authority spotlights air transport enablement at Airport Show 2024


DUBAI: The Dubai Civil Aviation Authority (DCAA) has highlighted its pivotal role in advancing the aviation industry and related activities in the emirate during the 23rd edition of the Airport Show.

Under the patronage of H.H. 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, the event saw participation from over 150 exhibitors from more than 20 countries worldwide.

One of the key achievements showcased was the significant growth in commercial activities in the aviation sector during the first quarter of 2024, totalling 11,990 activities, a 21 percent increase compared to the same period in 2023. This growth has led to a surge in permit requests by 72 percent and permit renewals have grown by more than threefold.

While requests for landing permits for aircraft (private, passenger, and cargo) at Dubai International Airport and Al Maktoum International Airport to operate all types of non-s
cheduled and designated flights (commercial and non-commercial) have also increased, reaching more than 4,000 permits in the first quarter of 2024. Building and elevation permits in air easement zones have increased significantly as the emirate’s construction industry has grown, reaching two and a half times the previous level.

Mohammed Abdulla Lengawi, Director-General of Dubai Civil Aviation Authority, said, “The aviation industry of Dubai continues its sustainable growth thanks to the directives of our wise leadership represented by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. His Highness attaches great importance to the future of the aviation sector in Dubai and the UAE, aiming to achieve global leadership. At Dubai Civil Aviation Authority, we are committed to exerting all efforts to develop and manage aviation policy for the emirate, and to provide essential services to aviation operators and service providers.”

Source: Emirates News Agency