Month: October 2021

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Etihad Credit Insurance launches ‘UAE Trade Finance Gateway’

DUBAI, As a significant impetus to the UAE’s economic development, Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with First Abu Dhabi Bank (FAB) and Crediti Fintech for the implementation of the ‘UAE Trade Finance Gateway’.

The availability of finance is essential for a healthy trading system. According the World Trade Organisation (WTO) report “Trade finance and SMEs”, up to 80 percent of global trade is supported by some sort of financing or credit insurance. However, according the report, there are significant gaps in provision and therefore many companies cannot access the financial tools that they need. Without adequate trade finance, opportunities for growth and development are missed, is stated by the WTO. Businesses are deprived of the fuel they need to trade and expand. Small and medium sized enterprises (SMEs) face the greatest hurdles in accessing financing on affordable terms. This is of particular concern, the WTO report continues, as SMEs are a leading driver of trade, employment and economic development.

The ‘Trade Finance Gateway’ platform aims at easing the access of UAE exporters and re-exporters to financing, as well as support the growth of SMEs, thus enabling them to contribute to the UAE’s industrial strategy ‘Operation 300bn’.

Supported by the Ministry of Economy, as an example of Public Private Partnership approach, the project seeks to position ECI as the main gateway of exporters and re-exporters to trade credit and financial solutions that will be provided by commercial banks and financial institutions, whereby Monimove fintech platform is the technology backbone. FAB is the first commercial bank to join this initiative and other commercial banks are expected to follow, confirming the strength of the UAE banking system in the UAE, capable to address the key financial needs of the businesses.

Commenting on this, Massimo Falcioni, CEO of ECI, said that the ‘UAE Trade Finance Gateway’, which comes in line with the UAE’s ‘Projects of the 50’, reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to increase our national exports by 50 percent in the coming years.

The project will tackle a number of challenges faced by exporters and re-exporters in obtaining finance to fund their working capital requirements, such as restricted availability of finance to smaller enterprises, cumbersome and confusing process to obtain finance, the inability of customers to understand best-fit product or solution, lack of infrastructure to execute digitalised documentation, and time-consuming and lengthy process.

It will also address the challenges facing SMEs and the shortage of trade finance solutions through financial and technological solutions to build a strong SME sector and a resilient economy. Through this partnership, exporters and re-exporters will benefit from seamless and fast access to financing solutions bringing together the insurer, banks and exporters in one unified platform. ECI insurance cover will enable exporting SMEs to obtain collateralised loans from FAB leveraging the advanced technology of MoniMove platform. SMEs will benefit from an end-to-end digitised process encouraging smooth collaboration between all parties and accelerating access to financing products.

Shireesh Bhide, Head of Corporate, Commercial and International Banking at FAB, said, “FAB has long served as a bridge for trade and investment flows between the UAE and international markets, by providing trade finance for some of the nation’s largest exporters. Through this innovative partnership with ECI and Crediti Fintech, we will be able to extend our expertise to an expanding range of UAE businesses, offering vital support to exporters of all sizes. The Unified Trade Finance Gateway will leverage technology, data, and customer relationships to accelerate the growth potential of the nation’s SME’s, start-ups and entrepreneurs, and support the UAE’s strategy for a sustainable and diversified future economy.”

Moreover, the UAE Trade Finance Gateway will strengthen exporters’ capability to do business globally and help them in various aspects, such as accessing new cross border markets, counterparty liquidation protection, support in cash flow, reduction in concentration risk, as well as facilitating local and global bank financing and portfolio monitoring.

Source: Emirates News Agency

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1,726 Emiratis get keys to their new homes under Sheikh Zayed Housing Programme

DUBAI, The Ministry of Energy and Infrastructure, through the Sheikh Zayed Housing Programme, has announced the delivery of newly constructed homes to 1,726 UAE nationals across the emirates of Dubai, Ras Al Khaimah and Ajman.

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said that the programme will continue offering eligible Emirati citizens keys to their new homes, as per the approved lists, noting that the new batch of villas to be delivered includes 888 units in Bateen Al Samar, Ras Al Khaimah, 497 in Al Muntazi, Ajman, and 341 in Al Khawaneej, Dubai, totalling over AED 2 billion.

He affirmed that these plans show the extent of the UAE leadership’s support to its people, and their dedicated efforts to ensure family stability and better quality of life across the UAE community. He explained that the new residential projects have been designed as per the highest standards in terms of facilities, infrastructure and services.

Al Mazrouei further noted that the UAE launched a number of ambitious initiatives aimed at optimising house models to cut construction cost and improve the lifespans of units, as well as providing for the future needs of citizens in terms of financing options and solutions, through partnerships with Emirates Development Bank and several other national banks.

The study of housing applications is carried out according to model, which determines needs based on specific rates, with 40 percent going to financial aspects and 30 percent to each of the social and housing aspects, in line with applicable laws and regulations and laws, he continued.

Source: Emirates News Agency

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MoHAP to organise series of activities as part of participation in Dubai Fitness Challenge 30*30

DUBAI, The Ministry of Health and Prevention (MoHAP) will organise a series of activities on the sidelines of its participation in the Dubai Fitness Challenge 30*30 starting today and for a full month.

The ministry’s activities also come as part of its ‘Ma’kom for an Active Lifestyle’ initiative.

Targeting employees in particular and the society in general, the ministry’s activities aim to encourage the adoption of healthy lifestyles including healthy food and physical activity, in line with the national agenda objectives to reduce prevalence of disease and obesity, and support the National Strategy for Wellbeing, which calls for adopting a healthy and active lifestyle.

“Taking part in Dubai Fitness Challenge 30*30 falls within the ‘Ma’kom for an Active Lifestyle’ initiative, which aims to spread awareness of the importance of physical activity in helping make positive changes to people’s lifestyles, and thus reducing diseases such as obesity and heart diseases,” said Dr. Hussain Abdul Rahman Al Rand, Assistant Undersecretary for the Public Health Sector.

He stated that the participation also aims to stimulate positive energies, spread happiness and enhance productive capacities, in a way that contributes to building a healthy, happy and productive society.

Al Rand noted that the ‘Ma’kom for an Active Lifestyle’ programme is one of MoHAP’s awareness-raising initiatives aimed at combating obesity and enhancing awareness of healthy lifestyles in the community.

It’s also part of the national programme to reduce the rate of obesity and adolescents and help individuals to embrace healthy lifestyles and create a supportive environment for health, which contributes to reducing the prevalence of non-communicable diseases.

Nouf Khamis, Deputy Director of the Health Promotion Department, said that practising physical activity and adopting healthy lifestyles would help boost energy levels and improve the mood of the community and employees to achieve their goals.

She pointed to the importance of adopting healthier lifestyles in sharpening focus, reducing the risk of disease, enhancing mental health, reducing absenteeism from work and study, and reducing health care spending.

She explained that MoHAP’s participation in this sports event aims to change the traditional notion that limits physical activity to gyms, in addition to illustrating ways and methods that help people work out during their daily routine.

Source: Emirates News Agency

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Emirates Health Services launches ‘Pink Shield’ app to promote breast cancer awareness

DUBAI, In observance of Breast Cancer Awareness Month, the Emirates Health Services has launched the Pink Shield application, which seeks to raise awareness among community members of the importance of the early detection of breast cancer to ensure prevention and diagnosis, thus accelerating therapeutic interventions.

The application is available in Arabic and English, and contains basic information to raise awareness of diseases among women at risk of developing breast cancer.

The app can also support users by directing them in the early stage of the disease.

Dr. Youssef Mohamed Al Serkal, Director-General, Emirates Health Services, said the Emirates Health Services pays particular attention to breast cancer through the development of several programmes to develop preventive and curative health services to reduce cancer throughout the country, according to the national indicator.

This programme is also part of the efforts to strengthen national efforts to combat breast cancer, within the framework of the national policy to reduce cancer mortality rates.

Al Serkal stated that the Emirates Health Services is committed to leveraging modern technologies that make use of medical data to develop innovative models for care to help patient confront the disease and limit its spread, while offering breast cancer patients more support and hope.

This would also help enhance the Emirates Health Services’ position at the local and regional levels in the field of breast cancer.

He stressed that the Emirates Health Services strives to develop comprehensive programmes to improve the outcomes of breast cancer care and works with partners to improve the quality of life among patients.

“The Pink Shield application is part of the EHS’s plans to raise public awareness about breast cancer and promote a healthy lifestyle, thus increasing the rate of early detection and reducing the incidence of the disease,” added Dr. Sara AlShaya, Head of Operational planning and project manager, Emirates Health Services.

She noted that the app contains comprehensive information about breast cancer risk factors, breast self-examination and diet, along with a special section for the latest medical publications, articles and guidelines related to breast cancer.

Dr. AlShaya noted that early diagnosis of breast cancer generally increases the chances of successful treatment and survival, pointing out that the Emirates Health Services provides medical personnel with regular training on the standards and scientific evidence related to breast cancer.

She urged women to conduct periodic examinations to detect breast cancer, perform breast self-examination, and visit the health centres for annual screenings.

Source: Emirates News Agency

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King and Queen of Netherlands to celebrate their country’s national day at Expo 2020 Dubai

DUBAI, Their Majesties King Willem-Alexander and Queen Máxima will attend the official opening of the Netherlands Pavilion at Expo 2020 Dubai during the country’s national day on 3rd November 2021. The official ceremony of the national day will take place at Al Wasl Plaza.

King Alexander and Queen Máxima will be accompanied by Minister of Foreign Trade and Development, Tom de Bruijn, who will be simultaneously leading a trade mission to the UAE, focusing on sustainable urban development.

Nearly 50 Dutch companies from the water, sustainable energy, food, urban development and logistics sectors are participating in the trade mission. “I’m pleased that so many Dutch entrepreneurs see opportunities for growth here,” De Bruijn said. “There’s great demand in the UAE and Gulf region for sustainable solutions in these sectors. For instance, ways to grow crops using less water. Our companies have a lot to offer. Expo 2020 Dubai and the Netherlands Pavilion offers them a fantastic podium to showcase themselves to the Gulf region and the rest of the world. The Netherlands Government is keen to help them capitalize on this opportunity.”

The Ministry of Foreign Affairs mandated the Netherlands Enterprise Agency (RVO) to organise the trade mission. Ingrid Thijssen, President of the Confederation of Netherlands Industry and Employers (VNO-NCW), is the lead business representative.

The mission is part of a broader six-month programme at the Netherlands Pavilion during Expo 2020 Dubai. It includes a number of weeks centered around specific themes, during which Dutch businesses and other organisations in the highlighted sectors can grow their networks connect with partners in the Gulf region and beyond. Themes include water, energy, food security, climate and healthcare.

In preparation of the Trade Mission and on the occasion of celebrating the National Day, the Netherlands Pavilion will be closed for Expo visitors on the 2nd and 3rd of November.

Source: Emirates News Agency

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Emirates renews its commitment to Seychelles at Expo 2020

DUBAI, Emirates has signed a Memorandum of Understanding (MoU) with the Seychelles Tourism Board at Expo 2020, reaffirming its commitment to the island nation and outlining joint initiatives to promote trade and tourism to the country.

The MoU was signed by Ahmed Khoory, Emirates’ SVP Commercial West Asia & Indian Ocean, and Sherin Francis, Principal Secretary Tourism Department, Tourism Seychelles, in the presence of Sylvestre Radegonde, Minister for Foreign Affairs and Tourism and Adnan Kazim, Emirates’ Chief Commercial Officer.

The ceremony was also attended by Emirates executives including Orhan Abbas, SVP Commercial Operations Far East; Abdulla Al Olama, Regional Manager Commercial Operations Far East, West Asia & Indian Ocean; Oomar Ramtoola, Manager Indian Ocean Islands; Silvy Sebastian, Business Analysis Manager West Asia & Indian Ocean; and executives of Tourism Seychelles: Bernadette Willemin, Director-General Destination Marketing Tourism Seychelles; and Noor Al Geziry, Tourism Seychelles Middle East Office.

Khoory said, “Emirates has shared strong ties with Seychelles since 2005 and the island nation remains a very important market for us. The agreement signed today is a strong testament to our commitment and support to the island nation. We thank our partners for their ongoing support and we look forward to continuing to grow our successful partnership.”

Radegonde said, “Emirates airline has been constant and steadfast with their support towards Seychelles and we are indeed grateful for that. Therefore, we would like to express our support for the coming year with the hope that it will be a better year for both Seychelles and the airline.”

The agreement outlines mutually beneficial activities to boost trade and tourism to the country, including trade shows, trade familiarisation trips, exhibitions, and workshops.

Emirates launched operations to Seychelles in 2005 and the airline currently operates daily flights to the island-nation, utilising its wide-body Boeing 777-300ER aircraft. Emirates was the first international airline to resume passenger services to Seychelles in August 2020, coinciding with the country’s re-opening to international tourists.

Source: Emirates News Agency