Day: July 26, 2021

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ETIC achieves 11.4% increase in profits in Q2 2021

DUBAI, Emirates Integrated Telecommunications Company PJSC (EITC) has published its financial results for the second quarter of 2021.

The company reported that, during Q2 2021, its revenues reached AED 2,855 million, a 7 percent increase year-on-year, while its EBITDA stood at AED 1,130 million, a 7.3 percent increase year-on-year; with net profits at AED 240 million, an 11.4 percent increase year-on-year, and capital expenditures at AED 649 million.

Mohamed Al Hussaini, Chairman of EITC, commented, “EITC had a solid performance during the second quarter. It is satisfying to see operating and financial metrics returning to growth. The company continues to deploy significant resources towards infrastructure expansion and modernisation. Fahad and his team have done a tremendous job repositioning the company for growth. The Board of Directors has great confidence in EITC’s perspectives. We have approved an interim dividend of AED 0.10 per share.”

Fahad Al Hassawi, CEO of EITC, said, “We have proved we can rebound from a challenging environment and deliver growth. We delivered a 7 percent growth in revenues. More significantly, I am very pleased that we stemmed the decline in mobile service revenues. We remain vigilant on our cost base as cost reduction initiatives helped push EBITDA and net profit up 7 percent and 11 percent respectively. With our customers in mind, we invested AED 649 million on our infrastructure as we seek to better serve them.”

“I am proud of our sustained commercial momentum. Our postpaid customers’ interest in 5G handsets is growing and we have responded with a corresponding handset financing solution. In addition, our innovative broadband offers continue to generate interest and fuel growth. This helped us accelerate the pace of broadband net-adds. When it comes to digital connectivity, UAE consumers increasingly seek a provider with tariff plans that are easy to understand and who cares for its customers. I believe we are uniquely positioned to be their provider of choice,” he added.

Source: Emirates News Agency

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Empower awards AED133m construction contract for its cooling plant at Al Khail Gate

DUBAI, Emirates Central Cooling Systems Corporation (Empower) announced that it has awarded the main construction contract to build its new permanent plant at Al Khail Gate with a total value of more than AED133 million.

Construction has already begun and is managed under the direct supervision of Empower’s in-house projects team. The new advanced plant will have a total capacity of 32,000 refrigeration tones (RT) that will cover the Al Khail Gate development, which is, yet one of Dubai’s vital residential projects comprises 33 buildings with 5,665 units.

With 84 plants and a district cooling transmission and distribution network running for more than 350.4 km, Empower holds more than 76 percent of the total district cooling market of Dubai. Last year, AED1.39 billion was invested by the company in building new district cooling plants, expanding the pipeline network, concluding contracts to establish thermal energy exchange rooms, and carrying out consultation and engineering works.

“The new advanced permanent plant will replace the existing two semi-permanent plants,” Ahmad bin Shafar, CEO of Empower, said.

“Given the huge urban expansion and the great demand for housing, the company was promoted to gear up. Since the last year, Empower has managed to complete the preparation of the new plant site and adopted global design and construction standards. Upon completion, the total capacity of the new plant will reach 32,000 refrigeration tons,” he added.

Bin Shafar also highlighted that it is a new generation plant and will be connected to the company’s Command Control Centre (CCC) and operated via advanced technologies. This will ensure uninterrupted and high-quality cooling services for the customers and to guarantee that practical and advanced solutions are employed to support sustainability by striking the required balance between economic development and environmental preservation.

Source: Emirates News Agency

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RTA, MND sign MoU to develop new innovative urban ropeway

DUBAI, Dubai’s Roads and Transport Authority (RTA) has signed a Memorandum of Understanding (MoU) with French mobility specialist MND, a leading company in the ropeways industry, as part of its efforts to achieve Dubai’s vision to have 25 percent of all trips to be self-driving by 2030.

The parties commit to work together to study and implement CABLINE system to contribute to this vision. The CABLINE system developed by the ropeways specialist MND, with support of the French Agency for Ecological Transition (ADEME), is perfectly aligned with RTA’s objectives and aims at offering a completely new experience for aerial transportation.

The MoU was signed by Abdul Mohsin Ibrahim Younes, CEO of RTA’s Rail Agency, and Xavier Gallot-Lavallée, Chairman and CEO of MND.

CABLINE is designed to integrate and connect to a city’s existing inter-modal transport network. This fully automatic, driverless transport system, with self-propelled cabins moving over ropes at speeds up to 45 kilometre per hour, uses a minimalist infrastructure easy to integrate with the least possible footprint. Its innovative technology is much more modern, more aesthetic, quieter and more energy sufficient than traditional ropeway transportation.

CABLINE allows easier maintenance to guarantee high availability rate of the urban transport system and optimal service for the passengers. This disruptive technology embarks patented innovations and rely on the strong and proven references of MND and its partners in the field of conventional ropeways.

“The signing of this MoU is part of RTA’s ongoing efforts to increase public transportation trips to 26 percent by 2030. Realising this objective requires developing advanced innovative transport systems and improving the sustainable transport network in Dubai to encourage people and visitors to use public transport. MND is a leading group for ropeways infrastructure and working on a new driverless high-speed system. This CABLINE system by MND is flexible, energy saving, and has minor impact on the urban environment,” Younes said.

For his part, Gallot-Lavallée said, “MND is very proud to work with RTA to achieve their vision of sustainable mobility and fully integrating urban network combining innovative technologies and modes. We believe the CABLINE technology under development in our ropeways design centre based in the French Alps can contribute to new urban transportation experience. Our engineering team has been working hard in the last years to finalise design and make CABLINE a unique and disruptive technology to ease urban mobility.”

Source: Emirates News Agency