Day: July 29, 2021

ABU DHABI, United Arab Emirates capital Abu Dhabi ranks among the fastest capitals globally in the 5G network index, with the fastest median download speeds (421.26Mbps) in the first half of 2021, according to the latest data from Ookla, a global leader in fixed broadband and mobile network testing applications, data and analysis.

This recent achievement is yet another feather in the UAE’s cap as not only Abu Dhabi has emerged among the top three fastest 5G capitals in the world, but is also home to the fastest mobile network on earth on an overall basis, the Telecommunications and Digital Government Regulatory Authority (TDRA) said on Thursday.

Majed Sultan Al Mesmar, Director General of the TDRA, said, “This global achievement is a testimony to UAE leadership’s vision and commitment in bringing the country to the forefront, taking a lead in the ICT sector while being the most advanced country in digital innovation.

“5G is a huge leap forward and a powerful catalyst for digital transformation bringing new opportunities to various industries and the country. The availability and access to the super-fast speeds on 5G is a huge accomplishment that reflects the continuous efforts of both operators and their innovative approach during today’s extraordinary times. Hence, I would like to thank the service providers in the UAE (Etisalat and Du) for their efforts in deploying 5G networks, which contributed to this achievement,” he said.

“With the UAE leading as the fastest fixed network in MEA [the Middle East and Africa] and fastest mobile network globally, this further highlights the country’s readiness to attract the best in world-class talent and global conglomerates from across sectors, showcasing the significance of an advanced state-of-the-art telecom infrastructure contributing to UAE’s economic growth and leadership on a global platform,” Al Mesmar said.

Hatem Dowidar, CEO of Etisalat Group, said, “This remarkable achievement for the UAE reflects the ongoing efforts of Etisalat and its investments to build one of the most advanced 5G networks in the region and the world. The deployment of 5G across industries and sectors leads the way to digital transformation in UAE, pushing it to the forefront with a network that is future-ready for the next generation of mobile technologies.

“The continuous support of wise leadership of the UAE has played a critical role throughout Etisalat’s journey and the development of the telecom sector, setting a great motivation for us to continue deploying the latest innovative technologies and enriching the digital experience of customers while transforming communities.”

Fahad Al Hassawi, CEO of Emirates Integrated Telecommunications Company (EITC), said, “As we continue our relentless efforts to expand the 5G network across the UAE, we are proud to celebrate this milestone achievement made possible with the support of all stakeholders. du aims to upgrade the telecommunications sector and develop digital infrastructure in line with the directives of UAE leadership to consolidate the position of the UAE as a global centre for technology, innovation and business.

He added, “5G technology, and its enormous potential, is key to pioneering the digital economy and keeping pace with the requirements of smart transformation, as it supports a variety of solutions, applications and other technologies that enable better services to residents and business communities. Our mission at du is to continue to harness all our resources to facilitate the business sector as well as individual customers in the UAE to benefit from 5G technology and contribute towards economic growth and prosperity.”

Another noteworthy achievement recorded in the UAE was both Abu Dhabi (421.26Mbps) and Dubai (417.07 Mbps) median download speeds featuring in the special ‘Global 5G Benchmark Report’ that focused on major cities globally measuring 5G performance and availability in the first half of 2021.

This ranking is attributed to the long-term planning and investment of both operators in the rapid deployment of 5G sites and jointly working with regulatory authorities to assign the needed spectrum to cater for the demand of high capacity in cities. End-to-end participation and preparation from both operators supported the early adoption of new technologies and enabled swifter customer experience enhancements as well as meeting requirements of international standards from the International Telecommunication Union (ITU)/ 3rd Generation Partnership Project (3GPP).

With vertical and horizontal city expansion in the UAE, high mobile indoor penetration enhancement enabled the deployment of in-building solutions and small cells for better mobile availability anytime, everywhere. The 5G network also made it possible to experience and access data-heavy applications in the country. This transformed the telecom network to state-of-the-art infrastructure, supporting emerging technologies such as IoT, cloud, big data, AI, robotics and AR/VR supporting transformation in a digitally disrupted and fully connected world.

Both operators Etisalat and du were continuously involved in focused studies on network readiness and handsets to provide a seamless customer experience.

Ookla uses Speedtest Intelligence data to see which world capitals have the best 5G speeds and availability, based on locations with commercially available 5G during Q1-Q2 2021.

Source: Emirates News Agency

DUBAI, In line with the UAE’s Emiratisation strategy, Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, and Tanfeeth, a subsidiary of Emirates NBD, have organised an Open Day for Emirati job seekers in the banking and finance sector.

Drawing the participation of several candidates of UAE nationals, the event highlighted diverse job roles available in UAE banks and financial institutions in a wide variety of functions, such as operations, finance, transformation, customer service and collections. During the Open Day, 40 interviews were conducted, and several candidates were identified for existing vacancies as well as potential future openings.

Speaking about the Open Day, Jamal Al Jassmi, General Manager of EIBFS, said, “We are committed to contributing to realising the UAE government’s vision to build a knowledge-based economy through upskilling the national workforce in the banking sector. As part of our efforts, we are pleased to host the Open Day with Tanfeeth. This platform enables us to identify promising UAE national candidates and connect them with the right job opportunities.”

For her part, Fatima Abdulrahman Al Awadhi, Chief Human Resources Officer at Tanfeeth, said, “As a group, we work extensively on plans to support Emiratisation across the banking industry. We have adopted a three-pronged strategy in our approach to Emirati talent – Attract, Develop and Retain. At Tanfeeth, we create individual development plans for skilled UAE nationals, and aim to significantly increase the number of Emiratis that are on track for critical roles in banking operations. We also offer our UAE national employees extended opportunities for job rotation and cross-training to enhance their skills and build new contacts.”

Source: Emirates News Agency

ABU DHABI, Etihad Rail, the developer and operator of the UAE National Rail Network, has completed excavating the longest tunnel in the Gulf Region, running for 1.8 kilometres.

The tunnel is part of Package D of Stage Two, which runs for 145 kilometres from Dubai and Sharjah, through the Al Hajar Mountains, toward the emirate of Fujairah. The package includes the construction of nine tunnels through the mountains at a cumulative length of 6.9 kilometres, and additionally includes 54 bridges and 20 animal crossings.

The achievement is a significant step in the project’s development. The route passes through some of the most complex topographical areas in the construction of the network. In total, the completion of the tunnel contributes to ensuring development continues on an accelerated schedule.

All tunnel excavation operations were implemented in line with international best safety practices. Teams ensured that all construction was carried out safely, given the mountainous terrain surrounding the site. The tunnel’s excavation required 300,000 working hours to complete, with over half a million tonnes of stone removed.

The UAE National Rail Network is being constructed on schedule. Track laying recently commenced at Saih Shuaib, the rail head for track running toward Abu Dhabi and Dubai as part of Stage Two. The overall track on Stage Two will run from Ghuweifat on the border of Saudi Arabia to the emirate of Fujairah on the UAE’s eastern seaboard. At the beginning of 2021, track laying began in the Al Dhafra region toward the UAE’s border with Saudi Arabia.

Source: Emirates News Agency

DUBAI, A total of 1,617 real estate and properties transactions were valued at 5.4 billion during the week ending 29 July 2021, according to Dubai Land Department (DLD).

The DLD weekly report said 88 plots were sold for AED 620.22 million, 1,135 apartments and villas were sold for AED 2.27 billion.

The top three transactions were a land in Island 2 sold for AED 121 million, followed by a land that was sold for AED 50.27 million in Palm Deira, and a land sold for AED 121 million in Island 2 in third place.

Nad Al Shiba First recorded the most transactions for this week by 19 sales transactions worth AED 66.09 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 9 sales transactions worth AED 132.16 million, and Jumeirah First with 9 sales transactions worth AED 62 million in third place.

The top three transfers for apartments and villas were an apartment was sold for AED 405 million in Marsa Dubai, an apartment was second in the list sold for AED 246 million in Business Bay, and thirdly it was an apartment sold for AED 228 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was 3 billion, with the highest being a land in Al Wasl, mortgaged for AED 1 billion.

24 properties were granted between first-degree relatives worth AED 73 million.

Source: Emirates News Agency

DUBAI, Dubai Financial Market (PJSC) today announced its consolidated financial results for the first half of the year ending 30 June 2021, registering a net profit of AED 38.8 million compared to AED 78.9 million during the corresponding period of 2020. The net profit of the second quarter of 2021 reached AED 15.3 million compared to Q2- 2020’s level of AED 44.2 million.

The Company’s total consolidated revenue reached AED 136.6 million in H1-2021 compared to AED 181.1 million during H1-2020. The revenue comprised of AED 87.9 million of operating income and AED 48.7 million of investment income & others.

The Company’s expenses reached AED 97.8 million compared to AED 102.2 million recorded during H1-2020. During the second quarter of 2021, the Company’s revenue reached AED 63.2 million compared to AED 92.9 million in the second quarter of 2020, while expenses amounted at AED 47.9 million compared to AED 48.7 million during Q2-2020.

Commenting on the key developments of the first half of 2021, Essa Kazim, Chairman of the Dubai Financial Market Company (PJSC), said: “The DFM performance indicators have upheld their 2020 positive trajectory to a great extent, resounding the sound economic performance of Dubai and the UAE. Within this context, the DFM has maintained its attractiveness to retail and institutional investors alike. For instance, 1842 new investors joined the market, including 315 institutions, bringing total number of its investor base to 847,939 investors from 207 countries at the end of June 2021. Foreign investors accounted for 69 percent of the new investors (1270 investors).”

“The Market Capitalization of listed securities saw a 14 percent increase to AED 388 billion while the General Index advanced 13 percent, in spite of the 8.4 percent decline in total trading value to AED 28.5 billion compared to its level in the corresponding period of 2020,” Essa Kazim added.

“Foreign investors continued their noticeable presence with a market share of 48.2 percent of trading activity during the first half, equivalent to AED 13.7 billion and an ownership of 18.5 percent of the market capitalization at the end of June 2021. These indicators underline investors’ deep confidence on the market, which we have clearly observed during the recent round of the International Investor Roadshow 2021 last May,” Kazim added.

Kazim went as saying: “We are striding to strengthen DFM’s position as a main gateway to a wide range of investment opportunities. In fact, the DFM is currently amongst the leading regional markets in terms of financial products’ diversification as it provides equities, equity futures, bonds & Sukuk, REITs, ETFs, etc. We are vigorously expanding products offering in order to provide investors with alternative investments, enabling them to flexibly manage their portfolios.”

“Accordingly, the DFM has accelerated its efforts during the first half of 2021 to implement diversification strategy for investment opportunities offered to its growing investor base through the listing of the first REIT fund as well as a the second of its kind ETF on the market. Meanwhile, the DFM has expanded its equity futures’ opportunities by launching new contracts on individual stocks of three listed companies namely; Aramex, Air Arabia and Emirates Integrated Telecommunications Company (du) last April, bringing total number of companies that the market offers equity futures contracts on their stocks to eight companies,” Kazim concluded.

Source: Emirates News Agency