Day: June 14, 2021

DUBAI, Malabar Investments, the international investment arm of Malabar Gold & Diamonds, has announced that it has redomiciled the company with the Dubai International Financial Centre (DIFC) and the registration of its shares of international operations with Nasdaq Dubai’s Central Securities Depository (CSD).

The move is a significant step that strengthens Malabar’s links with investors and provides the company with a transparent, well regulated, efficient and secured solution for its share-related corporate actions.

Malabar Group’s Chairman M. P. Ahammed rang Nasdaq Dubai’s market-opening bell, in the presence of Essa Kazim, DIFC Governor and Chairman of Dubai Financial Market (DFM); Dr. PA Ibrahim Haji, Co-Chairman of Malabar Group; Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, as well as other senior representatives from both sides.

The group’s entry into the Nasdaq Dubai Private Market enables its 300+ shareholders from international operations to buy and sell shares with the approval of the Board of Directors through brokerage companies like Emirates ENBD Securities.

Transfers of ownership will take place securely in Nasdaq Dubai’s Central Securities Depository (CSD), while trading will take place off-exchange as the company remains privately held.

Essa Kazim commented, “As the leading centre of excellence and international financial hub of the region, Dubai has been committed to provide various types of companies with numerous opportunities to avail benefits of capital markets and empower their growth strategies.

“The world-class business environment of DIFC as well as the infrastructure and regulations of Nasdaq Dubai have been a key success factor in continuously attracting numerous leading businesses from across the globe whether to set up new companies, redomicile their current activities or implement their capital market transactions.”

The DIFC is the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of US$ 7.7 trillion.

For his part, the Chairman of Malabar Group said, “As Malabar Gold & Diamonds continues to grow internationally, it has become imminent that the holding company be based in a jurisdiction like DIFC with high international standards of transparency, regulations and compliance. The Board has also recognised the requirement of having an independent regulated authority as the registrar of shares (being Nasdaq Dubai) with share transfer occurring through a more formalised and transparent process.”

Source: Emirates News Agency

DUBAI, Over 2,700 employee volunteers participated in Dubai Chamber of Commerce and Industry’s Give & Gain 2021 employee volunteering initiative, which was recently held virtually.

Overall, volunteers dedicated 70,600 hours across projects benefitting more than 60,000 individuals. The month-long event was organised for the eleventh consecutive year as part of the Chamber’s ENGAGE Dubai corporate volunteering programme.

A total of 66 organisations, 42 corporate members and 24 community partners participated in this year’s volunteering activities, which included educational sessions for children, meals for blue collar workers, humanitarian aid for underprivileged families, support for cancer patients, computer skills for people of determination, plantation and recycling e-waste, paper, plastics and metals.

More than 8,800 kilogrammes of humanitarian aid, including rice, raw food items, stationery and clothes, were donated, while 24,315 meals were given to those in need. A total of 32,953 back-to-school items were sent for children, more than 2.2 tonnes of waste was diverted away from landfills, and more than 400 Ghaf tree seeds were planted.

For his part, Dr. Belaid Rettab, Senior Director of the Economic Research and Sustainable Business Development Sector at Dubai Chamber, explained about the outcomes of Give and Gain 2021, noting that the campaign demonstrated a stronger interest and commitment among businesses to engage in corporate volunteering efforts and give back to communities impacted by COVID-19.

The volunteering initiative exceeded Dubai Chamber’s expectations and created a positive example for other companies to follow, he noted, adding that the annual campaign helps foster a culture of volunteerism within Dubai’s business community.

Launched in 2008 by Dubai Chamber’s Centre for Responsible Business, ENGAGE Dubai is a programme which brings together businesses and community organisations in Dubai to increase the quality and amount of employee community engagement in their local communities.

Source: Emirates News Agency

ABU DHABI, Abu Dhabi has been ranked the most livable city in the region for the second year in a row, according to the Global Liveability Index 2021, issued by The Economist Intelligence Unit (The EIU) – the research and analysis division of Economist Group.

The UAE capital moved up seven places in the 2021 global quality of life ranking. The new ranking is a result of the government’s continued social and economic development and successful response to the challenges of the pandemic, particularly in the health sector, which saw Abu Dhabi record the best response to COVID-19 in the world earlier this year.

The index surveys the 140 most livable cities in the world according to 30 factors. It measures the world’s best cities to live in, based on the level of luxury and comfort of living in each city, according to a set of criteria and determinants, which are stability, quality of healthcare, culture and environment, quality of education and infrastructure.

Each city receives a score for each criterion, according to the Economist Intelligence Unit’s classification.

Abu Dhabi retained the top spot in the Arab world, followed by Dubai, as the best city to live in the Middle East, despite the global challenges imposed by the pandemic that affected the ranking of cities in terms of quality of life in these cities, resulting in a decline in the ranking of some European cities which are included in the index.

Falah Muhammad Al Ahbabi, Chairman of the Department of Municipalities and Transport (DMT), said, “The unified efforts between all government entities and the holistic vision of our leaders have always been the cornerstone of the emirate’s pursuit to achieve more at all levels, including community development and quality of life in Abu Dhabi.”

“We have always worked within the framework of a long-term strategy, in a proactive manner, which allows us to achieve the aspirations of our nation and implement people-centered plans,” he added. “Today, DMT sees the new ranking as an incentive that drives us to achieve more, carrying the legacy of the late founding father, Sheikh Zayed bin Sultan Al Nahyan, and working hand in hand under the direct instructions of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.”

Al Ahbabi said DMT always strives to improve the lifestyle in Abu Dhabi and maintain development while preserving the environment, through its vision is to provide sustainable services, infrastructure and urban development to achieve the highest levels of well-being for our future generations.

Source: Emirates News Agency

DUBAI, Fitch Solutions, the content partners of Arab Health 2021, has estimated that the UAE’s medical device market will reach AED5.6 billion by 2025, with an annual compound growth rate (CAGR) of 4.4 percent from 2020-2025.

According to the Q2 2021 Fitch Solutions United Arab Emirates Medical Device report, the market will benefit from an overall strong economic performance over the next five years. Key market drivers, including population growth, changing epidemiology, a growing medical tourism industry, healthcare infrastructure developments, expanding health insurance, digital transformation, and new technologies, will underpin growth.

The medical device market includes any product used in healthcare for the diagnosis, prevention, monitoring or treatment of illness or handicap, other than drugs such as consumables, diagnostic imaging, dental products, orthopedic & prosthetic products, and patient aids.

Ross Williams, Exhibition Director at Arab Health, said, “Arab Health has for the last 45 years been instrumental in the growth of the medical device sector by providing a platform to connect and do business with the global healthcare industry. In line with the UAE’s increasing budget allocation for the healthcare sector and ongoing healthcare development projects, we expect to play a pivotal role in the continued growth.

“This will be supported by a strong economic recovery post-2021, Dubai’s hosting of the World Expo which will have an encouraging impact of the healthcare sector, as well as urban expansion and the UAE retirements visa.”

“We’ve brought together a series of industry heavyweights at the forefront of innovation and technology in the healthcare sector. Now, more than ever, advances in medical devices are going to play a critical role in global recovery post-COVID-19,” added Williams.

As part of the Arab Health 2021 live event, the exciting healthcare star-up competition, Innov8 Talks, returns. A stand will be dedicated to showcasing 32 start-ups and their pitches, each dedicated to improving healthcare with the latest unique and innovative solutions in prevention, management, operations and diagnostics, amongst others.

Arab Health has been developed under the show theme of ‘United by Business, driving the industry forward, with the live, in-person event expected to welcome 2,000 exhibiting companies and over 24,500 attendees from 170 countries expected during the Live, in-person event.

Over 300 speakers are expected to come together for the Arab Health Congress to improve medical practice and ultimately improve patient outcomes. A total of 12 medical conferences will take place between 21-24 June, nine of which will be Continuing Medical Education (CME) accredited, each allowing participants to network and develop international best practices.

Source: Emirates News Agency

DUBAI,Dubai Future Foundation (DFF), in partnership with the Future Foresight and Decision-Making Support Center at Dubai Police, launched its latest report titled ‘Banking and Financial Services Sector Scenarios of Risks and Resilience’, which examines the risks of cybercrime and the potential implications for the banking and finance sector in Dubai.

The publication is part of DFF’s ‘The Digitisation of Critical Infrastructure’ series that examines several sectors related to critical infrastructure, including energy, water, systems, transport, agriculture, telecommunications, healthcare, food, banking and finance, and emergency services. Disruption to these services, on any level, may have a serious effect on the national economy, public health, safety and the welfare of the community.

In his remarks, Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, said: “The world is witnessing a remarkable growth in the reliance on digital solutions, especially in the financial sector, and any threat to financial infrastructure may lead to an imbalance in the economic and social system. Therefore, cooperation between the private and public sectors is a pre-requisite for combating cybercrime.”

He praised the constructive collaboration between the Future Foresight and Decision-Making Support Center at Dubai Police and DFF as a prime example of aligning efforts between various entities in the emirate to address potential threats to social security.

Highlighting the role of the Foundation in enriching future knowledge on diverse sectors in Dubai and the wider UAE, Khalfan Belhoul, CEO of DFF, said: “This series of reports coincides with cyberattacks that has risen in many parts of the world and pose a serious danger to communities and organizations today in light of the widespread adoption of advanced technology and accelerated digital transformation across the board.”

He added: “Our partnership with Dubai Police supports the vision of the wise UAE leadership for solidifying governmental partnerships aiming to benefit entities recognize opportunities, which enables them to tackle future challenges.”

Dubai is one of the global pioneers in leveraging advanced technology to improve wellbeing. The emirate has already digitalized most of its public services, from issuing residency visas to paying parking fees.

The report illustrates how the ongoing digitalization increases the rising risk of cyberattacks. The global cybersecurity market is predicted to surge from US$167.1 billion in 2019, to US$248.26 billion by 2023, attaining a 10.4 percent compound annual growth rate (CAGR).

In 2019, Dubai ranked eighth among the world’s financial leaders. With the largest banking industry in the GCC region, the UAE is home to nearly one-third of the region’s banking assets.

Source: Emirates News Agency