Day: September 22, 2021

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Mohammed bin Rashid allocates AED65 bn to Emirati housing programme in Dubai

DUBAI, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the allocation of AED65 billion to an Emirati housing programme in Dubai. The budget will be spent over the next two decades to provide quality housing for Emiratis.

His Highness also issued directives to quadruple the number of citizens benefiting from the housing programme effective from next year, and to increase the land plots allocated to Emirati housing projects in Dubai to 1.7 billion square feet, which will meet the demand from citizens over the next 20 years.

Sheikh Mohammed said quality housing is everyone’s basic right and a top priority for the government. “We have adopted an integrated housing policy, which I will supervise myself. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, and Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, will follow up on its plans.”

His Highness said Dubai’s vision is to be the world’s best city to live in. Developing housing for citizens is a top priority that forms part of this objective, he added.

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, highlighted the importance of streamlining efforts to implement the Dubai 2040 Urban Master Plan launched by Sheikh Mohammed bin Rashid, which maps out a comprehensive plan for sustainable urban development in Dubai.

“We are proud of the spirit of teamwork and collaboration with which we serve our citizens. We are committed to provide the highest quality of services to them through public-private partnerships. Working as one team, we continue to work to build a brighter future for our citizens.

“The government’s strategic plans for the future revolve around enhancing the quality of life our people enjoy. The directives of HH Sheikh Mohammed bin Rashid highlight the keenness of the government to provide quality housing to citizens. The welfare of our citizens is at the centre of all our projects. Their security, wellbeing and prosperity remains our highest priority,” Sheikh Hamdan said.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, said the provision of housing facilities is a key focus of the government. “Under the directives of His Highness Sheikh Mohammed, we are working to develop a comprehensive plan for ensuring our citizens have access to high quality housing over the next 20 years.

Dubai’s urban development plans are subject to constant review and our housing policy will continue to evolve according to the requirements of our citizens,” Sheikh Maktoum said.

The Dubai 2040 Urban Master Plan sets out a comprehensive future map for sustainable urban development in the city. Aligned with the UAE’s vision for the next 50 years, the Plan is focused on enhancing people’s happiness and quality of life. The people-centric Plan focuses on reinforcing Dubai’s competitiveness as a global destination by providing a wide diversity of lifestyle and investment opportunities for citizens, residents and visitors over the next 20 years. Designed to realise His Highness’s vision to make Dubai the city with the world’s best quality of life, the Plan aims to provide the highest standards of urban infrastructure and facilities.

Source: Emirates News Agency

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Gastech expands to include first hydrogen zone

DUBAI, For the first time this year, a dedicated hydrogen zone, Gastech Hydrogen, has been added to Gastech, the world’s foremost gas, LNG, hydrogen, and energy event. The conversation delivering on the global hydrogen vision to help meet decarbonisation targets and progress towards net-zero energy commitments.

Co-located with Gastech 2021, taking place at the Dubai World Trade Centre, in Dubai, the Hydrogen Zone features a series of dedicated conference sessions focused on the potential of hydrogen in creating a cleaner, more sustainable energy future and for GCC hydrocarbon producers to reduce methane emissions and drive the development of the hydrogen economy.

In addition to the conference sessions, taking place today and tomorrow, a high-level Ministerial Panel was held on the opening day of Gastech 2021 which focused on what more needs to be done by policymakers to ensure the rapid expansion of the hydrogen supply chain and what impact regulations will have on facilitating the pivot towards green and blue hydrogen. Ministers from leading energy markets participated in the panel.

Udaya Gammanpila, Sri Lanka’s Minister of Energy, said: “Whilst electrification using solar, and wind can help replace fossil fuels in the longer term, not all energy intensive applications can be readily electrified (e.g. aviation). We therefore believe hydrogen can be the fuel of the future, by tapping further into Sri Lanka’s abundant wind and solar potential. Indeed, hydrogen is likely to make Sri Lanka self-reliant in energy and possibly a net exporter.”

Today, Hydrogen Zone attendees heard how hydrogen presents Gulf energy producers with a globally significant opportunity to remodel their business practices and lead the transition towards Net-Zero energy. Although scaling up projects, infrastructure and end user accessibility will present huge challenges, the production of both green and blue hydrogen offers a unique chance to deliver on climate commitments and drastically reduce CO2 emissions. Tomorrow (September 23), the focus of the Gastech Hydrogen Zone discussions will switch to what must happen by 2030 if hydrogen is to overcome existing barriers to wide scale adoption and achieve the vision of the hydrogen economy.

In the Gulf region, substantial natural-gas reserves are seen as an opportunity to produce hydrogen. Work is already underway on megaprojects to expand the UAE’s hydrogen economy, including a two gigawatt green ammonia project by Taqa, the Abu Dhabi National Energy Company, and Abu Dhabi Ports which will use green hydrogen as feedstock to produce liquid ammonia for use in ships as bunker fuel and for export.

Meanwhile, the Khalifa Industrial Zone Abu Dhabi (KIZAD) has announced plans for a $1 billion green ammonia plant, which will produce 200,000 tonnes of green ammonia from 40,000 tonnes of green hydrogen. In addition, Masdar has partnered with Siemens Energy, the Abu Dhabi Department of Energy, Etihad Airways, Lufthansa, Marubeni Corporation and Khalifa University to develop an electrolysis facility to produce green hydrogen for the transport industry.

And, in Ruwais, the Abu Dhabi National Oil Company (ADNOC) is developing an ammonia project, using blue hydrogen, derived from methane, as a feedstock, at its downstream industrial hub and formed an alliance with ADQ and Mubadala to accelerate the use of hydrogen in key economic sectors, including utilities, transport and industry.

Elsewhere in the Arabian Gulf region, Oman has announced a US $31 billion green hydrogen factory to be built in the Al Wusta governorate and Saudi Arabi plans to invest US $5 billion in the futuristic city Neon to produce green hydrogen from both wind and solar powered electrolysis by 2025.

Taking place over three days, the Gastech Conference programme has brought together over 300 government ministers, energy industry leaders, policymakers, and key customers to map out a future low-emission landscape. Key topics being discussed, in addition to hydrogen’s role in the energy transition, include decarbonisation and emissions management; financing and project investment; adapting business models in a post-Covid world; integrated energy suppliers; gas and LNG supply and demand dynamics; diversification of the future workforce and trading, contracting and pricing.

Simultaneously, the Gastech Technical Conference is taking place around five learning streams – Hydrogen; Marine; EPC and Project; Processing and AI and Technology. The programme is providing multiple opportunities for working professionals to learn from over 300 of the world’s leading energy engineers as they present the latest technological breakthroughs and market opportunities for the industry.

Gastech 2021, is being held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and is supported by the UAE’s Ministry of Energy and Infrastructure. The exhibition and conference is co-hosted by ADNOC, Shell, and Venture Global LNG.

Before it closes tomorrow, Gastech 2021 will have received more than 15,000 visitors including senior decision-makers and energy industry thought leaders, and 250 exhibiting companies. Taking place alongside Gastech 2021 is the SPE Annual Technical Conference and Exhibition (ATCE) enabling visitors to attend both events’ exhibitions without the need to register twice.

Source: Emirates News Agency

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Dubai Health Authority launches post-COVID-19 clinics

DUBAI, The Dubai Health Authority (DHA) has introduced Post-COVID-19 clinics at two of its health centres in Dubai. The clinics will take place on Tuesdays at Al Barsha Health Centre and Thursdays at Nad Al Hammar Health Centre.

The clinics are for patients with lingering symptoms, often referred to as “long-COVID” as the symptoms persist 4 to 12 weeks after the onset of the illness. This service is not for pregnant women and children under six years of age.

Dr. Hanan Al Hammadi, Family Medicine Consultant and Director of Medical Affairs at DHA’s Primary Health Care Sector, highlighted the importance of the clinics.

She said, “Post-COVID-19 clinics help support patients who experience lingering symptoms weeks or months after being cleared of the illness. The clinic aims to conduct a thorough investigation, get all the necessary tests done and refer patients to specialists in cases where they need particular medical intervention in specific areas such as pulmonology, cardiology, mental health or neurology. The aim is to diagnose medical issues that need intervention and help the patient move towards a path of recovery and wellbeing.”

The clinics offer a comprehensive assessment with a medical specialist, a range of diagnostic tests and treatments tailored to each patient’s specific post-COVID symptoms.

Patients can book an appointment through the DHA’s call centre 800 342. They can get a referral from a doctor at a DHA hospital or DHA primary health centre or a telemedicine referral from DHA’s Doctor for Every Citizen service.

DHA’s call centre 800 342 or they require a referral from a doctor at a DHA hospital or DHA primary health centre or a telemedicine referral from DHA’s Doctor for Every Citizen service.

Source: Emirates News Agency

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Dubai’s real estate transactions reach AED14.97 billion in August 2021

DUBAI, Dubai’s real estate market is witnessing continuous growth and increased investment attractiveness on the cusp of the largest international event in the region, Expo 2020 Dubai.

According to the 18th edition of Mo’asher, Dubai’s official sales price index, launched by Dubai Land Department (DLD) in cooperation with Property Finder, August 2021 is the second-highest month since December 2013 in terms of the number of sales transactions in one month, with 5,780 sales transactions worth AED14.97 billion, becoming the best August in 12 years? The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012. In August 2021, the overall monthly Index recorded 1.096 and an index price of AED1,041,825. The apartments monthly Index recorded 1.116 and an index price of AED931,310, while the villas/townhouses monthly Index recorded 1.072 and an index price of AED1,909,567.

The monthly overall Index rose by 1.20 percent, the apartment index rose by 1.36 percent and the villa/townhouse index rose by 3.18 percent.

August 2021 had 5,780 transactions worth AED14.97 billion, making it the best August on record in the past 12 years. This brings the year-to-date total to 37,537 sales transactions worth AED88.12 billion. In just eight months, the value of real estate sales transactions is 22.61 percent more than 2020 as a whole. The whole of 2020 had 35,401 sales worth AED71.87 billion.

In August 2021, 55 percent of all sales transactions were for secondary/ready properties and 45 percent were for off-plan properties. Looking at overall percentages, the percentage of off-plan properties relative to the entire market increased by 5 percent month-on-month.

On the volume of sales transactions, the off-plan market witnessed 2,599 sales transactions worth a total of AED4.95 billion. This is the highest value of off-plan sales transactions the Dubai real estate market has seen in over 11 years. The last time the market saw this much money being pumped into off-plan properties was early October 2009. The secondary market recorded 3,181 sales transactions worth AED10.02 billion.

The overall average sale transaction value increased to AED2,589,938, an increase of 1.57 percent when compared to July 2021, while the secondary/ready average sale transaction value increased to AED3,149,857 an increase of 5.91 percent, and the off-plan average sale transaction value decreased by 1.3 percent to AED1,904,635.

According to proprietary Property Finder demand data, the top areas of transactions in August 2021 for villas/townhouses were the Arabian Ranches 3, Dubai Land, Dubai South, Tilal al Ghaf and Damac Hills 2.

As for apartments for the same period, the top areas of interest were Business Bay, Jumeirah Village Circle, Dubai Harbour, Mohammed bin Rashid City and Downtown Dubai.

Source: Emirates News Agency

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CBUAE hosts Future of Finance conference during Expo 2020 Dubai

ABU DHABI, Under the patronage of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, and Chairman of the Board of Directors of the Central Bank of the UAE (CBUAE), the Central Bank announced that it will host the “Future of Finance” conference on 13th and 14th October 2021, as part of the upcoming Expo 2020 Dubai.

Aligned with Expo’s theme ‘Connecting Minds and Creating the Future’, the conference will address trends shaping the financial sector by facilitating the exchange of knowledge on the global challenges and opportunities facing the financial industry. It will feature panel discussions focusing on the effect of digital transformation, greening the financial system, co-operation between leading central banks on payments and central bank digital currencies, and Islamic finance.

The conference will include central bank governors, public sector representatives, industry leaders, and heads of financial and technology institutions from around the world.

Participating speakers from the UAE include Abdullah bin Touq Al Marri, Minister of Economy; Ahmed Ali Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market; Khaled Mohamed Balama, Governor of CBUAE; Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation and Chairman of Mashreq Group; Sheikh Abdullah bin Bayyah, Chairman of the UAE Fatwa Council; Younis Al Khouri, Under-Secretary of the Ministry of Finance; and Aisha Al Abdooli, Acting Assistant Under-Secretary for the Green Development and Climate Change Sector.

While international speakers include Dr. Fahad Ibrahim Alshathri, Deputy Governor for Supervision at the Saudi Central Bank; Benoit Coeure, Head of Bank of International Settlement Innovation Hub; and Chung- Chun Mu, Director General of Digital Currency Research Institute at People’s Bank of China.

Commenting on the conference, Balama said, “Against the backdrop of the UAE’s fifty-year anniversary, as we look towards another five decades of growth and prosperity, the Future of Finance conference comes at an opportune juncture to discuss the trends shaping the financial landscape in the post COVID-19 period.”

“CBUAE takes great pride in participating in Expo 2020 Dubai. We look forward to hosting this conference and gathering an exceptional line-up of industry leaders to power CBUAE’s engagement with its key stakeholders and reinforce the UAE’s position among the proactive countries in innovative financial concepts and robust regulatory oversight,” he added.

Source: Emirates News Agency

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SCA, DWTCA sign agreement to support trading of crypto assets

DUBAI, The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have entered into an agreement supporting the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within DWTCA’s free zone.

The agreement establishes a framework that allows DWTCA to issue the necessary approvals and licenses for the conduct of financial activities relating to crypto assets. The agreement was signed by Dr. Maryam Al Suwaidi, Acting CEO of SCA, and Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM).

DWTCA has signed the agreement to expand its existing business licenses, services and incentives. In collaboration with DWTCA, SCA will handle the regulatory oversight of the issuance, offering, listing, and trading of crypto assets as well as the licensing of the associated financial activities that fall under DWTCA’s jurisdiction.

Under the agreement, SCA will oversee, monitor, and inspect entities operating within DWTCA’s free zone.

Following the signing, Dr. Al Suwaidi said, “The agreement comes in response to directives from Abdulla bin Touq Al Marri, Minister of Economy and SCA Board Chairman, to enhance cooperation and exchange knowledge and expertise with various government departments, authorities, and institutions to work collaboratively and achieve common goals.”

Dr. Al Suwaidi added, “The SCA will be responsible for the regulatory supervision of offering, issuing, trading and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control and investigate the licensed entities that operate within the free zone.”

For his part, Al Marri said, “The Dubai World Trade Centre Authority is committed to expanding its services as a free zone of choice for the international investment and entrepreneurial community. As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies. Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licenses and services capabilities, in addition to extending the centralised supervision of the crypto market to our free zone.”

“With the rise of new technologies such as non-fungible tokens set to play an important role in the future of commerce, and building on the Future Blockchain Summit, our globally recognised event in this sector, DWTCA is also pursuing ways to offer a sustainable home for this ecosystem, in order to stay future ready,” he further stated. “The UAE has been at the forefront of blockchain research and implementation and our ambition is in line with the Emirates Blockchain Strategy”, he concluded.

The SCA and DWTCA will exchange best practices relating to the project, as well as delivering mutual technical support to enhance their understanding of both organisations’ financial systems. The partnership will also include the provision of professional services that specify the responsibilities and obligations of both parties.

Source: Emirates News Agency