Saving accounts in national banks drew AED9.77 bn in four months

ABU DHABI, Reflecting an increased trend in saving behaviour among Emiratis and residents alike, the saving accounts in UAE national banks drew AED9.77 bn during the first four months of 2021, statistics by the Central Bank of the UAE have revealed.

The new liquidity brings to AED199 bn the cumulative balance of saving accounts in the UAE by the end of April, from AED189.229 bn by December 2020.

Projected to further grow over the coming few months, saving accounts in UAE national banks account for 88 percent of their total balance in all UAE-based banks by the end of the reference period.

Source: Emirates News Agency

DEWA completes 92% of AED23.1 million water pumping station at Mohammed bin Rashid Al Maktoum Solar Park

DUBAI, Dubai Electricity and Water Authority (DEWA) has announced the completion of 92 per cent of the Water Pumping Station project at the Mohammed bin Rashid Al Maktoum Solar Park.

The project includes two phases: the first with a capacity of 4.5 million imperial gallons of water per day (MIGD) and the second with a capacity of 3 MIGD.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said that the 7.5 MIGD pumping station at the Mohammed bin Rashid Al Maktoum Solar Park uses the latest world-class technologies as well as energy efficiency. It is expected to be completed and connected to Dubai’s water network by the end of June 2021. The total cost of the project is AED23.1 million.

Al Tayer emphasised that DEWA continues to develop the water network across all areas of Dubai through water production, transmission, and distribution projects according to the highest standards of availability, reliability, and efficiency. This is to meet the rapid growth and keep up with the growing demand for water in all areas of the Emirate through specific and reliable planning processes that are based on the latest foresight tools. Electricity and water infrastructure expansion plans are developed based on demand forecast in Dubai until 2030.

Abdullah Obaidullah, Executive Vice President of Water & Civil at DEWA, said that the pumping station aims to meet the water demand of the different facilities and buildings at the Mohammed bin Rashid Al Maktoum Solar Park and nearby areas. He also noted that the station will use clean energy from the solar park and can be operated remotely through the Supervisory Control and Data Acquisition system.

Source: Emirates News Agency

Nasdaq Dubai welcomes listing of US$750 million bond by Emirates NBD

DUBAI, Shayne Nelson, Group CEO of Emirates NBD, today rang the market-opening bell at Nasdaq Dubai to celebrate the listing of a US$750 million bond.

The listing of this additional Tier 1 Capital bond reinforces Emirates NBD’s position as the largest financial services bond issuer on Nasdaq Dubai through seven listings with a total value of US$5.1 billion.

The US$750 million perpetual bond pays a coupon of 4.25 percent, the lowest pricing for a conventional Tier 1 bond from the UAE, and the second lowest from the Middle East.

The issuance was 2.3 times oversubscribed with a strong demand from the region. 64 percent of appetite came from Middle East, 12 percent each from Asia and Europe, 10 percent from UK and 2 percent from elsewhere.

Commenting on the announcement, Nelson said, “The success of our latest bond issue reflects investor confidence in the Group’s sound business strategy and the economy of Dubai and the UAE. Nasdaq Dubai provides us with excellent links to investors in the region and globally, together with high public visibility.”

In turn, Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, said, “The new listing from Emirates NBD endorses the exchange’s prominent status as the most favoured listing venue for debt issuances in the Middle East. We are pleased to see leading corporations actively tapping into the market for issuances, which clearly demonstrate their determination to reinforce their pivotal role in financing the economic development in the country and the wider region.”

Dubai is the largest listing venue in the Middle East for US dollar denominated debt listings, with a total value of $93.126 billion.

Source: Emirates News Agency

Dubai Economy issues 61 fines for violations of COVID-19 guidelines

DUBAI, Dubai Economy issued 61 fines for violation of precautionary measures against COVID-19 identified during inspections across open markets, commercial establishments and shopping last weekend. The violations were mostly related to non-compliance with stringent guidelines related to face masks, physical distancing and working hours in restaurants.

The inspection team fined 45 restaurants and cafes for allowing dine-in beyond permitted hours. Outlets that were found to have violated guidelines on wearing masks included a restaurant, coffee shop, cafeteria, tyre shop, real estate brokerage, grocery, fragrances & cosmetics shop, sports academy, supermarket, and gym The violations were found mostly in Al Murar, Ayal Nasir, Al Qusais, Hor Al Anz, Muraqqabat, Al Badaa, Business Bay, International City, Al Hudaiba, Al Dhagaya, Ras Al Khor, Al Baraha, Al Sufouh, Al Rigga, Naif, Nakheel, and various shopping malls.

Dubai Economy said the community’s commitment to preventive measures is essential to ensure the effectiveness of counter-pandemic measures. Disregarding these measures is a violation of the law, it stressed. The Department stressed that it will continue conducting inspections along with its various partners with a special focus on shopping malls and locations that might see overcrowding. Dubai Economy also noted that it is following a zero-tolerance policy on violations identified by its inspectors or reported by the public.

Dubai Economy directed traders to strictly adhere to precautionary measures and called on the public to report any violations or non-compliance either on the Dubai Consumer App available on Apple, Google and Huawei stores, the number 600545555, or via the consumerrights.ae website.

Source: Emirates News Agency

Studying biodiversity is a key to sustainable development, says Sheikh Nahyan

ABU DHABI, As the world prepares for the 26th United Nations Climate Change Conference, COP26, to be held in Glasgow, Scotland in November, it is important that the United Arab Emirates continues to devote attention to the protection of its biodiversity, according to Sheikh Nahyan bin Mubarak Al Nahyan, the Minister of Tolerance and Co-Existence.

“As our world faces the challenges of climate change, it is increasingly important that we encourage the study of our biodiversity, here in the UAE and on a global scale,” he says.

“This helps us to gain a better understanding of the natural world. It is a key to sustainable development. It equips us to take action to ensure that we plan now, and for the future, to utilise natural resources in a sustainable way,” the Minister adds.

Sheikh Nahyan was speaking on the occasion of the announcement of the winner of the annual Sheikh Mubarak bin Mohammed Prize for Natural History.

“I recall the words of our Founding Father, the late Sheikh Zayed, on the occasion of the UAE’s first Environment Day, over 20 years ago,” the Minister said.

“Sheikh Zayed told us: ‘We cherish our environment because it is an integral part of our country, our history and our heritage, If we fail to protect it, our children, rightly, will reproach us for squandering an essential part of their inheritance.’ “

“His message remains relevant for us all today,” Sheikh Nahyan said.

The winner of the Sheikh Mubarak bin Mohammed Prize for 2021 is Dr. Anitha Saji, a scientist working with the Environment Agency – Abu Dhabi, who has carried out detailed studies of insect life in the Emirates. She has discovered several species of insect new to science at the Wathba Wetland Reserve, just outside Abu Dhabi.

“Dr. Saji’s discoveries show us, once again, that there is much we still have to learn about the UAE’s biodiversity,” Sheikh Nahyan said. “She and her fellow naturalists deserve encouragement for their dedication to the study of our environment.”

The Sheikh Mubarak bin Mohammed Prize, established by Sheikh Nahyan nearly thirty years ago, is awarded every year by the Abu Dhabi-based Emirates Natural History Group, ENHG, to an individual who has made an original contribution to the knowledge of the UAE’s natural history and history.

Another award, the Bish Brown Award, named after the ENHG’s founder, is presented to an individual who has dedicated themselves to the promotion of public awareness and engagement with the environment. This year’s winner is Al Ain-based naturalist Roxanne Whelan.

Source: Emirates News Agency

Sorbonne University Abu Dhabi highlight women’s achievements in mathematics

ABU DHABI, Sorbonne University Abu Dhabi (SUAD) has hosted a virtual conference to highlight women’s achievements in the field of mathematics in the presence of renowned female mathematicians.

The conference was organised by Dr. Lama Tarsissi, Assistant Professor in Mathematics at Sorbonne University Abu Dhabi and an Ambassador in The Committee for Women in Mathematics (CWM) in Lebanon and in the UAE.

The conference hosted UAE based renowned female mathematicians who made presentations and speeches across 6 online sessions.

The virtual conference started with a presentation titled “The Committee for Women in Mathematics of the International Mathematical Union and its activities” by Marie-Francoise Roy, chair of CWM. The presentation tackled the history and activities of the Union with a focus on the Standing Committee for Gender Equality in Science and the Gender Gap in Science Project.

The presentation was followed by 5 other consecutive presentations by Hania Mahassen, Coordinator and Associate Professor of Mathematics School of Arts & Sciences at The American university of Dubai; Dr. Lama Tarsissi; Dr. Linda Smail, Associate Professor in the Mathematics and Statistics Department in the College of Natural and Health Sciences, Dr. Marwa Banna, Assistant Professor and an Emerging Scholar at New York University Abu Dhabi, and Dr. Elena Bretta, Elena Beretta, Associate Professor at the Politecnico of Milan of Mathematical Analysis and a visiting professor of Mathematics at New York University Abu Dhabi.

The event focused on exchanging knowledge and research findings on various topics such as Plasmon dispersion in strongly coupled coulomb systems, combinatorics on words, Bayesian networks, high-dimensional probability with applications to big data sciences, and inverse boundary value problems.

Dr. Tarsissi commented, “I’m very delighted to organise this first-of-its-kind conference in the UAE, which serves as a platform for women to share their knowledge in mathematics and research findings, and I believe that such initiatives are positive steps towards raising awareness of the impactful role of women in mathematics and their accomplishments on a wider scale.”

Source: Emirates News Agency