Day: September 19, 2021

DUBAI, National Bank of Fujairah (NBF) has announced the launch of its electronic trading platform – NBFX, which offers customers digital experience to hedge their treasury requirements.

The new platform is available for both conventional and Shariah-compliant banking customers on a 24/5 basis, which means that customers can execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones.

NBFX acts as an efficient, competitive and user-friendly venue for executing Foreign Exchange and Precious Metal transactions. It provides users with a tailored experience that is based on their needs with instant and easy execution of FX trades, order management and readily available transaction history. Unique to NBFX is the possibility for customers to execute FX Non-Deliverable Forwards (NDFs) and FX Time Options on a 24/5 basis.

Commenting on the launch of NBFX, Vince Cook, NBF’s CEO, said, “The launch of NBFX further highlights the bank’s commitment to being the best financial partner for customers; this is achieved by combining the latest technology with its in-depth market experience. This unique platform ensures that customers are able to customise it according to their preferences, have access to the most competitive price execution, and tap into valuable data and insights to help guide their decisions. In addition, they have the backing of a team of experts across treasury, trading and structuring to help them navigate market changes and hedge underlying risks. Looking ahead, we have plans to expand the scope of NBFX to cater to customers’ wider requirements across energy, base metals and soft commodities.”

Source: Emirates News Agency

DUBAI, Dragon Oil is eying new developments in Turkmenistan, Iraq and Egypt after having survived the challenges of 2020, according to Ali Rashid Al Jarwan, Chief Executive Officer (CEO) of Dragon Oil, an upstream oil and gas exploration, development, and production company fully-owned by Dubai’s Government.

“At Dragon Oil, we are determined to achieve our sustainable growth targets through unlocking new opportunities around the world, including Turkmenistan, Iraq and Egypt. The board has put a strategy for us to increase production from 160,000 barrels per day currently to 300,000 b/d by 2026,” he added.

Al Jarwan made the statements at a press conference on Sunday in Dubai while announcing the details of the 2021 edition of the Society of Petroleum Engineers’ Annual Technical Conference and Exhibition (ATCE), which will commence on Tuesday, September 21st, 2021 at Dubai World Trade Centre.

The 97th edition of the ATCE will be held under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

Now available to attend in-person and online, the SPE’s annual meeting of members will continue to feature groundbreaking papers and special technical events designed to accelerate the application of innovations in every technical discipline.

The event will run from September 21st-23rd in the presence of international speakers who will address the strategies needed to maintain business continuity and the guiding principles to remain competitive. Industry influencers will discuss topics such as net-zero transition, post-pandemic business models and strategies, accelerating the uptake of new technology applications, funding future projects, energy mix collaboration, and more.

“We are proud to have the 2021 edition of the SPE’s Annual Technical Conference and Exhibition return to Dubai for the second time. The event will embrace the conference’s heritage of excellence, drawing on the expertise of leading international oil and gas professionals,” said Al Jarwan during the press conference which was held in the presence of a number of Dragon Oil’s executives along with media representatives.

Al Jarwan added that the technical programme will feature the highest calibre peer-selected papers in the industry and sessions covering current applications and emerging technologies within all phases of E&P.

“The conference will provide an unparalleled opportunity for learning and collaboration at workshops, forums, and training courses, while the concurrent exhibition will showcase the latest technologies from around the world.”

The three-day event’s technical programme will include a plenary session, five syndicate sessions, five regional sessions and more than 60 technical sessions that will occasion a rich exchange of views and knowledge through 400 technical papers, carefully selected out of 2000 submitted papers addressing topics of relevance to the E&P. In the meantime, over 60 companies from 12 countries will be participating in the concurrent exhibition to showcase a wide range of current and future technologies with demonstrations and interactive screens, offering visitors an engaging experience to discover the latest technologies in the E&P industry.

“The focus will be on research, operating efficiency, recharging confidence in oil and gas, and providing leaders and engineers insights and tools to tackle the future more responsibly,” Al Jarwan said.

“ATCE will also be an opportunity to ramp up strategic collaboration between the participating companies and individuals and to explore the latest developments in the field.”

Al-Jarwan affirmed that Dragon Oil achieved a positive performance in 2020, and continues to maintain steady annual growth in 2021 despite the unprecedented challenges facing all companies around the world due to the Covid-19 pandemic.

“When the pandemic occurred, Dragon Oil had to cut spending and operating expenditures by 35 percent; but there were no layoffs. We have been a pioneer in adopting digital solutions and new energy innovations, and therefore we have managed to maintain our financial resilience while forging ahead with our overseas projects,” he explained.

Al-Jarwan added: “At Dragon Oil, we are determined to achieve our sustainable growth targets through unlocking new opportunities around the world, including in Turkmenistan, Iraq and Egypt. The board has put a strategy for us to increase production from 160,000 barrels per day currently to 300,000 barrels per day by 2026.

“Furthermore, our revenues are projected to get a fresh boost this year, driven by the global crude oil prices rise to $75 pb recently.

He added that the Dragon Oil has recently renewed its contract in Turkmenistan for 10 additional years at a total value of $400 million. The contract was due to expire in 2025.

Source: Emirates News Agency

ABU DHABI, A high-level UAE delegation headed by Abdullah bin Touq Al Marri, Minister of Economy, will visit the United Kingdom this week to discuss the development of economic relations and explore more opportunities to enhance cooperation between the two countries.

During the visit, the two sides will also discuss the expansion of partnerships at both public and private sector levels in addition to the development of new frameworks for cooperation in all fields to serve the comprehensive development visions of the two friendly countries.

They will review the ambitious plan launched by the UAE government within the framework of the ‘Projects of the 50’ that is set to pave the way for a new phase of economic growth. It will facilitate direct efforts and partnerships between the government and the private sector to serve the UAE’s new economic model, which is based on flexibility, proactivity and pioneering vision. Furthermore, the UAE delegation will also highlight the latest developments in the country’s trade legislation before its British counterparts.

The visit will focus on enhancing cooperation in a number of fields, including trade, investment, and SMEs; healthcare; renewable energy; food security; financial and banking sector; transportation and logistics; education; innovation and technology; and intellectual property.

During the visit, the UAE delegation will meet with a number of ministers, senior government officials and representatives of the UK’s private sector to discuss ways to facilitate trade; double the non-oil trade exchange between the two countries; develop practical measures to drive investments to vital and future sectors; and encourage entrepreneurs from both sides to take advantage of promising opportunities in the markets of the two countries.

The UAE delegation includes representatives of 9 government and private entities: the Ministry of Economy, the Abu Dhabi Department of Economic Development, Dubai FDI, Dubai Industries and Exports, the Sharjah Investment and Development Authority (Shurooq), the Sharjah Foreign Direct Investment Office (Invest in Sharjah), Abu Dhabi Investment Authority, Masdar, and Dubai Ports.

The United Kingdom is the UAE’s third largest European trade partner in non-oil merchandise; the volume of non-oil trade between the two countries in 2020 amounted to nearly $8.1 billion, ranking 15th globally in terms of the value of foreign trade, and accounting for 2% of the UAE’s total non-oil foreign trade.

Source: Emirates News Agency

DUBAI, Imdaad, a Dubai-based group of companies that provides integrated, sustainable Facilities Management (FM) services that enhance operational efficiencies of physical assets, touched a new milestone with the signing of three new contracts in a single month.

Awarded to the company’s Facilities Management Services (FMS) division by distinguished UAE-based clients in the retail, sports, and real estate sectors, the contracts have a combined value of AED90 million, reflecting Imdaad’s robust performance despite the challenging market conditions following the global pandemic.

Commenting on the contract wins, Jamal Lootah, Group CEO of Imdaad, said: “Imdaad’s consistently high performance despite the climate of uncertainty underlines the quality of our FM solutions and our stellar reputation in the industry. Furthermore, our growing list of prestigious clients consolidates Imdaad’s unchallenged position as the only fully-integrated facilities management company in the UAE, helping us to continue expanding our footprint throughout the nation.”

Source: Emirates News Agency