Day: September 30, 2021

DUBAI, The 23rd Water, Energy, Technology, and Environment Exhibition (WETEX) and Dubai Solar Show (DSS) has attracted many Polish companies participating in the exhibition for the first time.

These companies will showcase their latest technologies in energy storage, lighting systems, solar photovoltaic technologies, environmentally friendly solutions and services for individuals and companies as well as humanitarian organisations.

Dubai Electricity and Water Authority (DEWA) is organising the exhibition under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy (DSCE) from 5th to 7th October 2021 at Expo 2020 Dubai.

Saeed Mohammed Al Tayer MD & CEO of DEWA, Founder and Chairman of WETEX and DSS said that WETEX and DSS continue to witness annual growth and a larger turnout from companies, decision makers investors, buyers and visitors. This has made it the largest exhibition of its kind in the region and one of the largest specialised exhibitions worldwide in water, electricity, energy, environment, oil and gas, green buildings, and environmental sustainability. WETEX and DSS is an ideal platform for developing partnerships, signing deals between international and local companies in the electricity, water, energy, environment and other relevant sectors.

The exhibition is spread over 29,200 square metres and has more than 1,200 companies from 55 countries, with free entry after registration on the website www.wetex.ae.

Source: Emirates News Agency

DUBAI, Dubai has recorded 1,592 real estate and properties transactions at the value of AED6 billion in total during the week ending 30th September 2021, according to Dubai Land Department (DLD).

The DLD weekly report said 73 plots were sold for AED350.29 million, 1,080 apartments and villas were sold for AED2.74 billion.

The top three transactions were a land in Al Thanayah Fourth sold for AED59.5 million, followed by a land that was sold for AED32.86 million in Al Qusais First, and a land sold for AED59.5 million in Al Thanayah Fourth in third place.

Al Yufrah 3 recorded the most transactions for this week by 17 sales transactions worth AED15.66 million, followed by Nad Al Shiba Third with 10 sales transactions worth AED28.02 million, and Al Hebiah Third with 9 sales transactions worth AED18 million in third place.

The top three transfers for apartments and villas were an apartment was sold for AED373 million in Marsa Dubai, a villa was second in the list sold for AED264 million in Palm Jumeirah, and thirdly it was a villa sold for AED257 million in Wadi Al Safa 5.

The sum of the amount of mortgaged properties for the week was AED2 billion, with the highest being a land in Me’Aisem First, mortgaged for AED205 million.

71 properties were granted between first-degree relatives worth AED1 billion.

Source: Emirates News Agency

ABU DHABI, As part of its mission to drive the sustainable growth of Emirati manufacturing and export companies, the Abu Dhabi Export Office (ADEX) held a webinar to showcase its solutions to boost exports and enhance local companies’ competitiveness in the global markets.

Themed “Financing Solutions and Services to Support UAE Export Businesses Growth”, the webinar was attended by several local companies and manufacturers. ADEX presented its key financing solutions designed to increase the export of goods and services. It also explained the eligibility criteria and application process and highlighted the key advantages of tapping ADEX’s solutions for exporters and overseas buyers and importers.

Saeed Al Dhaheri, Acting Director-General of ADEX, said that the webinar was timely as it was held days before the Expo 2020 Dubai. It shed light on the key opportunities that will arise from the global exposition, which is the largest of its kind to be held during this pandemic, and help local companies generate new leads and partnerships to enhance their growth prospects at the global level.

Al Dhaheri further noted that national manufacturing companies serving various sectors continue to gain generous support from the government. “Thanks to the unwavering support of our wise leadership to the export sector, you are well-positioned to achieve global expansion,” he added.

He further talked about the export financing solutions provided by ADEX, which aims to support the country’s economic diversification policy in non-oil sectors and help drive the strategic expansion of national companies.

“ADEX plays an important role as a direct contributor to the country’s development and a true partner in helping achieve the objectives of the 10×10 programme. We aim to support overseas buyers and importers to enable them to purchase Emirati goods and services and thereby facilitate the growth of the country’s exports,” Al Dhaheri said, in conclusion.

The webinar also featured a panel discussion on the current key challenges related to international trade growth and how ADEX’s financial solutions could help overcome these challenges. The webinar discussed trade opportunities available to UAE exporters in African markets in line with the cooperation and a line of credit agreement between ADEX and the Eastern and Southern African Trade and Development Bank (TDB).

Source: Emirates News Agency

ABU DHABI, ADNOC Distribution Thursday announced that its Board of Directors has approved an interim dividend payment to shareholders for the first six months of 2021 of AED1.285 billion (10.285 fils per share), equivalent to $350 million. This is the first payment in what is expected to be a full-year 2021 dividend payment of AED 2.57 billion (AED 20.57 fils per share), consistent with the company’s dividend policy.

This would translate to a 4.9% annual dividend yield for 2021 (based on a share price of AED 4.16 as of 30 September 2021). As per the company’s approved policy, the second and final dividend for 2021 is expected to be paid in April 2022, subject to the Board of Directors’ recommendation and shareholders’ approval.

Since IPO, the company has consistently increased cash payback to its shareholders with dividend of AED1.47 bn for 2018, AED 2.39 billion for 2019 and AED 2.57 billion for 2020. During its General Assembly meeting in March 2021, the company reiterated its dividend policy for 2021, with dividend of AED 2.57 billion, and announced an amendment to its dividend policy for 2022, setting a minimum of AED2.57 billion dividend for 2022 (compared to minimum 75% of distributable profits as per previous policy). The amended dividend policy provides further visibility of payback to shareholders until April 2023. The dividend policy for the years thereafter remains unchanged at a dividend equal to at least 75% of distributable profits. ADNOC Distribution expects to continue to pay half of the annual dividend in October of the relevant year and half in April of the following year. Dividend payments remain subject to the discretion of the Board of Directors and the approval of shareholders.

The approved dividend policy amendment recognizes the company’s strong financial position at the end of 2020 and confidence in its growth prospects and cash-flow generation ability going forward. ADNOC Distribution remains steadfast in the delivery of its strategic commitments and sustainable returns for its shareholders.

Since its IPO in 2017, ADNOC Distribution has continued to deliver on its growth strategy, including a move into competitive markets, opening new locations across Dubai and Saudi Arabia. It also improved its convenience store experience with refreshed and upgraded locations across the UAE, together with an online delivery service and the launch of its points-based rewards programs highlights a steadfast focus on delivering exceptional customer service.

ADNOC Distribution’s resilience and steadfast focus on robust and continued growth has also enabled it to set a progressive dividend policy, which reflects the company’s growth prospects and cash-flow generation ability going forward. The company has continued on its journey as a modern retail organization, implementing strategic cost optimization and increasing operational efficiencies to ensure its position as a leading, cost-competitive fuel retailer.

Engineer Bader Saeed Al Lamki, Chief Executive Officer, ADNOC Distribution said: “Our progressive dividend policy demonstrates our commitment to our shareholders, as we advance our strategic priorities of steady and sustainable growth, enhanced customer experience and attractive capital returns.

“Today, ADNOC Distribution shares offer an attractive value proposition to shareholders and investors with a combination of low exposure to oil price volatility, predictable and healthy cash flows, strong growth potential and an attractive dividend policy that offers high payback visibility. With our resilient business model, we are confident in our ability to pay an attractive dividend to our shareholders, while also maintaining significant capacity to deploy capital through a disciplined investment strategy, aimed at continuing our efforts to expand our fuel station network, as well as investing in our non-fuel and international business expansion.”

As of 30 June 2021, ADNOC Distribution maintains a strong balance sheet with cash and cash equivalents (including term deposits) of AED 3.9 billion, unutilized revolving credit facilities of AED 2.8 billion, retained earnings of AED 1.995 billion and net debt to EBITDA of 0.46x. In the first six month of 2021, the company demonstrated solid business resilience by delivering strong financial results with an EBITDA of AED1,528 million and Net Profit of AED1,152 million and enhanced operational efficiencies.

The company continued to deliver on its smart growth strategy in H1 2021, with 12 new service stations opened in the UAE, 24 convenience store refurbished in the UAE and received no objection certificates from the General Authority for Competition in Saudi Arabia to acquire 35 stations in Saudi Arabia.

In May 2021, ADNOC announced a successful placement of approximately 375 million shares ($445 million) in ADNOC Distribution, representing an additional 3% approximately of the registered share capital of the company and taking ADNOC Distribution’s free float on the Abu Dhabi Securities Exchange to 23%. It also issued approximately USD 1.195 billion of senior unsecured bonds (the “Exchangeable Bonds”) due 2024, exchangeable into existing shares of ADNOC Distribution under certain conditions, constituting approximately 7% of the registered share capital of ADNOC Distribution. Following the transactions, ADNOC will retain at least a 70% strategic stake in the company as it continues to see significant growth potential in ADNOC Distribution.

Additionally, in May 2021, the company announced that Morgan Stanley Capital International (MSCI) had included ADNOC Distribution as part of its MSCI Emerging Markets Index. ADNOC Distribution was included in the MSCI EM Index after meeting the necessary requirements and will now be among nine UAE listed companies to be part of the MSCI EM index which is most widely tracked by global institutional investors. Most recently, the company announced that FTSE Russell had also included ADNOC Distribution in the FTSE Emerging Markets (EM) Index. The inclusion in these reputable indices is expected to increase the attractiveness of ADNOC Distribution’s shares to potential international investors and thus further diversifying the company’s investor base.

Source: Emirates News Agency