Day: October 5, 2021

DUBAI, Emirates NBD has signed a US$750 million 5-year Dual Tranche Financing Facility with Emirates. The landmark transaction remains competitively priced and marks a first for Emirates Airline as a sales-receivable backed financing structure, aimed to diversify their liquidity pool.

Emirates NBD, one of the leading banking groups in the MENAT (Middle East, North Africa and Turkey) region, acted as Bookrunner, Mandated Lead Arranger and Global Agent for the transaction.

Ahmed Al Qassim, Senior Executive Vice President, Group Head of Corporate & Institutional Banking for Emirates NBD, said, “This first-of-its-kind transaction demonstrates Emirates NBD Group’s commitment towards supporting Emirates, the largest airline in the region. As a leading regional bank, we are continuously exploring new and innovative financing solutions to support our valued clients and their long-term objectives. As Dubai gears up to be the most visited city by 2025, we look forward to playing our part in achieving this goal through more of such landmark transactions with Emirates.”

Source: Emirates News Agency

DUBAI, Hamid Mohammed bin Salem has been selected as Chairman of the International Chamber of Commerce (ICC UAE), with Mohamed Hilal Al Muhairi to serve as Vice Chairman, following the ICC UAE elections, which took place at the headquarters of the Dubai Chamber of Commerce and Industry to form a new board of directors for the Chamber in its eighth session The elections also saw the appointment of Hassan Al Hashemi as Secretary-General of ICC UAE, along with 13 other members representing the Chambers of Commerce and business owners in the UAE.

The newly elected Chairman, Vice Chairman and Secretary-General expressed their appreciation to the members of the ICC’s Board of Directors for their confidence and vowed to drive the Chamber’s growth.

They noted that they will be preparing strategic plans based on the activities scheduled at Expo 2020 Dubai and in line with the efforts made by the UAE chambers and the business sector to implement the that support the UAE’s vision for the next fifty years.

Source: Emirates News Agency

ABU DHABI, The ‘Future of Finance’ conference, hosted by the Central Bank of the UAE (CBUAE) on 13th and 14th October 2021, will see an impressive round-up of speakers.

The event will bring together governors of central banks, industry leaders and heads of financial and technology institutions from around the world.

The two-day conference, which will convene under the patronage of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of CBUAE, will explore and promote the theme of Expo 2020 Dubai ‘Connecting Minds and Creating the Future’. It will provide a platform to facilitate the exchange of knowledge on key themes shaping the future of finance.

Khaled Mohamed Balama, Governor of CBUAE, commented, “We congratulate the UAE’s leadership and its people on the successful launch of Expo 2020 Dubai, which is a great achievement that culminates the nation’s 50 years and commences the journey for the next fifty years. The hosting of the Expo after exceptional circumstances in 2020 is an outcome of continuous efforts and a reflection that the UAE has no such word as impossible.”

Balama added, “The world today requires an integrated effort across different sectors, and it is only by combining our knowledge and expertise that we can aim to strengthen the global financial industry. We are delighted to be welcoming some of our most esteemed colleagues and experts from around the world to discuss the opportunities and challenges that we collectively face, as it is truly by connecting minds we can create a better future.”

Participating speakers from the UAE include Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, CEO of Alliances for Global Sustainability, Founder of Shamma Bint Sultan Sustainability Initiatives and Co-Founder of Aurora50; Majed Sultan Al Mesmar, Director-General of the Telecommunications and Digital Government Regulatory Authority; Mohamed Al Kuwaiti, Head of Cybersecurity for the UAE Government; Colonel Khalifa Matar Al Humairi, Executive Director of Customer Happiness Centres at the Federal Authority for Identity and Citizenship; and Rola Abu Manneh, CEO at Standard Chartered Bank- UAE.

International speakers who will take part in the event include Andreas Dombret, former member of Executive Board of Dutsche Bundesbank and Chairman of Houlihan Lokey; Denis Beau, Deputy Governor, Banque De France; Vachira Arromdee, Deputy Governor, Bank of Thailand; Luiz Awazu Pereira da Silva, Deputy General Manager of the Bank for International Settlement- Switzerland; Benedicte Nolens, Head of Bank for International Settlements Innovation Hub, Hong Kong Centre; Colin Pu, Executive Director, Hong Kong Monetary Authority; Dr. Mohamed Omran, Executive Chairman, Financial Regulatory Authority of Egypt; Gauri Singh, Deputy Director-General at International Renewable Energy Agency; Dr. Sami Al-Suwailem, Acting Director-General for Islamic Development Bank Institute; and Dr. Abdelilah Belatik, Secretary General at the General Council for Islamic Banks and Financial Institutions and Chief Economist.

Source: Emirates News Agency

DUBAI, The Korean pavilion at the 23rd Water, Energy, Technology, and Environment Exhibition (WETEX) and Dubai Solar Show will witness the launch of a number of advanced solutions that use the latest disruptive technologies such as Artificial Intelligence.

Korean companies will launch innovative products, for the first time, related to electricity supply, air purification, and water treatment and purification, among others.

Saeed Mohammed Al Tayer, MD and CEO of DEWA, Founder and Chairman of WETEX and Dubai Solar Show, said that the exhibition provides an ideal opportunity for companies specialised in energy, water, environment, oil, gas, green development and related sectors, to promote their products and showcase their latest technologies. It brings together key environmental professionals, water and energy experts, investors, and decision-makers from around the world.

Source: Emirates News Agency

DUBAI, Participants from various chambers of the UAE and international auto companies participated in a seminar organised today by the Federal Board of Investment of Pakistan (BOI) on electrical vehicle policy (EVP) and automobile sector at Terra Auditorium at Expo 2020 Dubai.

Managing Director of SIEMENS Pakistan Markus Strohmeier and Head of Mitsui Japan in Pakistan Yamashiro Shinsuke were the keynote speakers and guest panelists at the event.

Jamil Qureshi, Director-General, BOI, highlighted the investment regime in Pakistan. He explained to the audience that Pakistan Government is providing safe and secure environment for foreign investors with legal protection under the Acts of Parliament, with excellent investment opportunities in all sectors of economy for foreign investors with 100% equity or joint ventures.

The BOI DG also highlighted the investment opportunities in special economic zones and the automobile sector. The new EVP was also explained to the audience in detail.

Markus Strohmeier appreciated the Automobile and EV policies launched by the Government of Pakistan, which will be facilitating the existing and new investors in Pakistan in Auto manufacturing and EV charging. He also highlighted conducting research on alternate future green fuels like hydrogen, which will create great job opportunities in Northern area of Pakistan, which has reserves of unused water.

Yamashiro Shinsuke, Head of Mitsui Japan in Pakistan, shared his experience of working in Pakistan as his company has been in operation in Pakistan since 1952, expanding their business from textile, food, machinery and generators and they have now invested in the new LNG Terminal in Pakistan. He further added that Mitsui Japan considered Pakistan as an ideal location for investment he has been on constant lookout for expanding their business for further investment.

The Investment Forum was followed by a Q&A session where the BOI DG responded to queries by the business community and potential international investors.

Source: Emirates News Agency

DUBAI, The Commercial Compliance & Consumer Protection (CCCP) sector of Dubai Economy resolved over 560 consumer complaints on businesses operating in the various free zones in the emirate during the past 14 months as its consumer protection services expanded to cover shoppers across the emirate.

Consumers in the free zones started submitting their complaints to Dubai Economy following an agreement signed last year. Dubai Economy and the Dubai Free Zones Council signed the agreement as part of enhancing co-ordination between government, government-related and private entities to improve the overall customer experience in Dubai.

Overall, Dubai Economy resolved 563 consumer complaints from the free zones between July 2020 and September 2021, the largest share (171 complaints, 30.4%) of which were relating to various services. Electronics (90 complaints), furniture (85), e-commerce (67) and building maintenance & decoration (44) were the others among the top five complaints categories.

Failure to comply with the terms of agreement was the leading cause of consumer complaints from the free zones ((152 complaints, or 27% of the total), followed by refunds (130 complaints), defective products (87), commercial fraud (51%) and failure to provide after-sales service (42).

Ahmad Al Zaabi, Director of Consumer Protection in Dubai Economy, said the consumer complaints received reflect the high level of consumer rights awareness in the emirate, and the importance of expanding the scope of consumer protection services to make shopping anywhere in Dubai a pleasant experience.

“Dubai Economy promotes consumer rights awareness and protects consumers as the customer experience is integral to achieving the exceptional levels of competitiveness and happiness that Dubai seeks to achieve. The number and nature of consumer complaints we received from the free zones point to the growing role of this industry clusters as self-contained communities where people enjoy shopping like anywhere else in Dubai,” Al Zaabi said.

“We have provided varied channels, including smart platforms, to raise their complaints and resolve them amicably, in addition to continuously reminding consumers, including residents and tourists, of their rights and responsibilities. Our focus is on ensuring a pleasant shopping experience and encouraging businesses to grow sustainably through adopting best practices,” added Al Zaabi.

Activities and sectors on which consumers in the free zones raised their complaints also included car rental (31 complaints), readymade garments & accessories (27), vehicles (19), textiles & personal items (15), shipping (8), salons (4), and automobile repair workshops (2).

Exchange (18 complaints), failure to comply with warranty terms (17), additional fees (14), non-compliance with permitted commercial activity (11), surcharges (11), non-compliance with promotion terms (8), non-adherence with price list (4), price increase (3), refusal to repair a device (2), and annoying calls (1) were also among the causes of complaints.

Consumers can submit their complaints to Dubai Economy through the Dubai Consumer app available on the Apple, Google, and Huawei stores, on the Consumererrights.ae website, or by calling 600 54 5555. Complaints about price increases should be submitted on the Price.ded.ae portal.

Source: Emirates News Agency