Day: September 22, 2021

DUBAI, Union Properties has announced that it has signed a memorandum of understanding with a real estate developer to exit from the ownership of a shopping centre under construction in Motor City in Dubai.

The deal is valued at AED420 million.

Khalifa Al Hammadi, Chairman of Union Properties, said: “We have recently studied the needs of the real estate market in Dubai, accordingly, and to achieve the strategy and vision of the board of directors, it was necessary to diversify the real estate portfolio owned by the company in line with the supply and demand in the real estate market, as Union Properties holds a decent amount commercial spaces, whether in Motor City or in our Uptown Mirdiff project “Accordingly, the board decided that it is for the best to exit the shopping centre under construction when a suitable offer was obtained,” he added.

Source: Emirates News Agency

DUBAI, A delegation from DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has completed an official visit to Brazil, headed by Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

During the visit, DMCC engaged with local and central government bodies and the Brazilian business community to explore new bilateral trade opportunities.

While in Brazil, DMCC signed a Memorandum of Understanding (MoU) with the Arab-Brazilian Chamber of Commerce (ABCC), strengthening their existing and long-standing partnership. The MoU commits both parties to collaboratively support, connect and provide attractive business opportunities for companies looking to set up in Dubai and DMCC. Ahmed Bin Sulayem signed the agreement on behalf of DMCC, while ABCC was represented by Osmar Chohfi, President, and Tamer Mansour, CEO and General Manager.

Bin Sulayem said, “Brazil has always been a strong trading partner and today remains the world’s largest coffee exporter. Most crucially, DMCC’s interest in Brazil is in part thanks to the country’s general direction in terms of quality, sustainability and innovation – great examples being the cultivation system of Cabruca where cacao trees grow in the shade of other trees native to the ecosystem, meaning no deforestation and the cacao innovation centres in Southern Bahia.”

For his part, Chohfi commented, “It is a great satisfaction for the Arab-Brazilian Chamber of Commerce to strengthen its cooperation with the DMCC. Brazilian companies will be able to set up branches in the emirate of Dubai to explore existing business opportunities there, as well as the possibilities existing throughout the Arab world. Brazil and the United Arab Emirates have a productive and long-standing partnership in food security, which still has plenty of potential for further sustainable growth.”

DMCC also met with several senior government officials across Brazil, including Joao Doria, Governor of Sao Paulo, and Romeu Zema, Governor of Minas Gerais. Underlining its position as a leading business hub and gateway for global trade, the DMCC delegation shed light on the ease of doing business in Dubai and within DMCC, and highlighted its commitment to supporting the presence of Brazilian businesses in the Emirate. As Dubai prepares to welcome the world to Expo 2020 Dubai, held under the theme ‘Connecting Minds, Creating the Future’, Bin Sulayem also highlighted the wealth of opportunities on the horizon.

Particularly relevant to the Brazilian market, DMCC recently announced plans to launch a state-of-the-art DMCC Cacao Centre in Dubai as part of its long-term growth strategy and vision to continuously widen the range of commodities under its umbrella. In Brazil, DMCC took the opportunity to visit a number of cacao farms and meet with industry professionals and experts in order to better understand the needs of the market and explore how Dubai can play a central role in its sustainable growth.

Source: Emirates News Agency

DUBAI, Dubai’s real estate market recorded 266 sales transactions worth AED849.88 million and mortgage deals of AED335.02 million in addition to 21 gift transactions amounting to AED26.73 million Wednesday, data released by the emirate’s Land Department (DLD) showed.

The sales covered 227 villas and apartments, and 39 land plots, while the mortgages included 51 villas & apartments and 17 land plots, bringing the total realty transactions of Wednesday to AED.1.2 bn.

Dubai’s witnessed a notable rise in residential transactions over Q2 of 2021, with positive market sentiment and continued international buyer interest driving sales, according to the latest research by leading international real estate services firm, Chestertons.

The findings, revealed in the latest Observer: UAE Q2 2021 Market Report, showed that total residential transaction value in Dubai increased by almost 50% Quarter-on-Quarter to AED31.02 billion, up from AED20.77 billion the previous quarter.

Source: Emirates News Agency

DUBAI, Innovative initiatives and partnerships along with a series of regulatory reforms have placed the financial markets industry in Dubai at the frontier of global financial centres, showed an analysis of the financial markets in the emirate conducted by the Dubai Competitiveness Office (DCO) in Dubai Economy.

Citing the example of the Dubai International Financial Centre (DIFC), which has consistently ranked amongst the top 15 global financial centres in the last five years, and innovative trends visible in Dubai, the analysis reveals that the financial market ecosystem in the emirate is well-positioned to enable capital flows, business growth, and economic development.

The analysis, summarised in the 3rd Volume of the Policy Briefs Series of DCO, seeks to provide a structured and systematic assessment of the competitiveness of the financial markets in Dubai with specific focus on four dimensions: financial market efficiency, financial market regulation, financial management, and financial centres.

“Financial markets have a key role in supporting competitiveness of a society. The progressive vision of the leadership in Dubai as well as the far-reaching initiatives and policy reforms being introduced progressively has enabled Dubai’s financial markets industry to achieve a formidable position globally,” said Hani Al Hamli, DCO Manager.

An analysis of international indicators, from reports such as the World Economic Forum Global Competitiveness Index, and IMD World Competitiveness Yearbook, shows that Dubai has achieved the 11th rank in the Stock Market Index, 13th in Protecting Minority Investors, and 19th in Mergers & Acquisition Activity, globally. The progress and performance of Dubai on global indices reflect the focus of the leadership on financial sector development, innovation, and strategic partnerships as well as collaborations.

The superior performance of DIFC, which was ranked 12th among the financial centres worldwide in March 2020, can be attributed to its robust business environment, and strategic focus on talent development, reputational advantage, and financial sector development.

Key regulators including the Dubai Financial Market, Dubai Financial Services Authority, and the UAE Central Bank have implemented a series of reforms to be aligned with the best globally.

With Dubai’s vision to grow the Islamic economy, Nasdaq Dubai has now emerged as the global sukuk capital of the world, boasting the highest value of listed sukuks amongst all the leading Islamic capital centres of the world.

The policy paper covers key innovative trends in financial technology (FinTech) that are shaping financial market models in Dubai. Dubai has led the way in supporting innovative FinTech trends, as evident in the establishment of the FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia region, located within DIFC.

“Dubai has proactively promoted technology adoption across all walks of life as part of enhancing competitiveness and future-readiness,” said Al Hamli. “The emphasis on futuristic FinTech trends is also supporting the efforts of Dubai to harness digital innovations, such as blockchain, mobile banking, e-Commerce, and peer-to-peer lending, to accelerate the smart transformation of its economy and society.”

Source: Emirates News Agency

DUBAI, Fatema Al Nuami, CEO of ADNOC LNG, has been named CEO of the Year at the prestigious Gastech Awards, a global benchmark of excellence, identifying the outstanding companies, individuals, initiatives, technology, projects, and partnerships leading the transition to lower carbon energy.

Al Nuaimi, who began her career with the Abu Dhabi National Oil Company (ADNOC) 20 years, was appointed the Chief Executive Officer of ADNOC LNG, a gas processing and LNG production company, in 2018. She was previously the gas strategy and master planning unit manager at ADNOC, where she was responsible for providing strategic insight across ADNOC’s gas resources, with a focus on maximizing value and profitability, ensuring supply sustainability, and meeting future domestic demand through a holistic gas master plan. Al Nuaimi is also the chairwoman of the ADNOC Gender Balance Committee and a lead Member of the Abu Dhabi-Japan Economic Council Energy and Industry Working Group.

Other Gastech Award winners, announced at last night’s (Monday 20 September 2021) VIP gala dinner and awards ceremony, at The Ritz-Carlton, Dubai International Financial Centre, were innovations from the United States and Malaysia. ExxonMobil was recognised for championing diversity and inclusion, and a young United Arab Emirates engineer, Maitha Almazrouei of ADNOC Gas Processing was named Future Energy Leader Under 30.

The winners of the Gastech Awards, that honour the companies and individuals who are responding in the most innovative and creative ways to address decarbonisation and the continuous growth in global energy demand, were selected from 250 entries, submitted by over 90 different organisations, from more than 50 countries.

The full list of winners of the Gastech Awards 2021 is: -CEO of the Year: Fatema Al Nuami, CEO, ADNOC LNG, United Arab Emirates.

-Emissions Reduction Champion: Chart Industries, United States of America.

-Engineering Partnership of the Year: PETRONAS and Malaysia LNG, Malyasia.

-Gas or LNG Project of the Year: Trans Adriatic Pipeline.

-Future Energy Leader Under 30: Maitha Al Mazrouei, ADNOC Gas Processing, United Arab Emirates.

-Organisation Championing Diversity and Inclusion: ExxonMobil, United States of America.

Klaus-Dieter Maubach, CEO of Uniper SE, the headline sponsor of the Gastech Awards, said: “As the industry meets live and in person for the first time since the pandemic began, we are excited to be celebrating the best of the best in the energy industry at Gastech 2021. The global gas industry is moving rapidly through the energy transition and has not stopped innovating over the past 18 months. The Gastech Awards have been the perfect opportunity to recognise those companies and individuals who are making outstanding contributions to our industry’s future success.”

Entries for the Gastech Awards were reviewed by a judging panel of independent energy professionals, representing all aspects of the energy value chain. The shortlisted entries were then evaluated by the Gastech Awards’ Executive Committee, who selected the winners in each category.

Taking place at the Dubai World Trade Centre until Thursday, September 23, Gastech 2021 will feature high level strategic conference and technical sessions featuring over 300 government ministers, energy industry leaders, policymakers, industry professionals and key customers to map out a future low-emission landscape and engage with the challenges of environmental agendas, leveraging technology and new ways of working to match changing market requirements.

Running concurrently, Gastech 2021’s exhibition is supported by over 250 exhibiting companies, including major national oil companies, international oil companies, integrated energy companies, global utilities, EPC contractors, shipbuilders, pipeline companies, manufacturers, technology providers and service companies, all of whom play an active role in the global energy value chain.

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, Gastech 2021 is supported by the UAE’s Ministry of Energy and Infrastructure and is co-hosted by the Abu Dhabi National Oil Company (ADNOC), Shell, and Venture Global LNG.

Source: Emirates News Agency