Day: November 9, 2021

ABU DHABI, ADNOC Distribution today reported that its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at AED2.3 billion, with a net profit of AED1.7 billion for the first nine months of 2021. For the third quarter, EBITDA was AED737 million with a net profit of AED529 million.

The company continues to see recovery with September total fuel volumes increasing by 10.6 percent compared to August, following the easing in travel restrictions, the successful vaccination drive across the UAE, government entities now 100 percent back to office, and schools return to face-to-face learning. It is expected that these volumes will continue to increase going into the fourth quarter.

ADNOC Distribution has continued to see incremental volumes from its Dubai stations, with a total of 31 stations now in operation in the emirate and a total network of 459 stations across the UAE as of 30th September 2021.

The company’s commercial business has continued to implement a proactive sales strategy, including continued international expansion of its ADNOC Voyager lubricants, with new distributors added in the third quarter of 2021 and export volumes at double 2020 levels year to date.

The company’s non-fuel business continues to show improvement with gross profit increasing by 4.3 percent in the third quarter of 2021 compared to the same period in 2020, underpinned by convenience stores refurbishment program alongside attractive promotions via the ADNOC Rewards programme.

Operationally, as part of its ongoing transformation, the company remains committed to reducing operating costs and ensuring competitiveness in the UAE fuel retail and convenience store sector. Throughout the first nine months of 2021, ADNOC Distribution’s operational expenditure (excluding depreciation) decreased by 17.8 percent compared to the first nine months in 2020, despite growth in the network.

During the first nine months of 2021, ADNOC Distribution has continued to deliver a modern, digitally-enabled fuel retail convenience to customers and communities across the UAE, with the opening of 14 new stations in the UAE. In addition, its ADNOC Oasis refurbishment programme has seen 35 stores renovated in the UAE, offering fresh food, barista-brewed coffee and a wider menu selection.

The company received no-objection certificates from the Saudi General Authority for Competition (GAC) to acquire 35 stations in Saudi Arabia. The company has continued to execute its plans in the Kingdom, with 10 new stations added as of 8th November 2021, and a total of 40-45 new stations to open in 2021.

Commenting on the financial results, Bader Saeed Al Lamki, CEO of ADNOC Distribution, said, “ADNOC Distribution presents a compelling investment story as today’s results show. The green shoots of recovery are here and accelerated growth is clear to see.

“We will continue to deliver on our expansion plans, domestically and internationally, which positions us as an even stronger fuel and convenience retail leader in the UAE and cements our place as a global fuel retailer.”

The company has ensured that 100 percent of its frontline employees working at service stations have received their vaccination booster dose.

Customer experience has been integral to the company throughout 2021, with the ADNOC Rewards loyalty programme recording more than 1.2 million members.

Following ADNOC Distribution’s inclusion in MSCI Emerging Markets Index in May 2021, ADNOC Distribution was also included in the FTSE Emerging Markets (EM) Index in September 2021. 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.

In September, ADNOC Distribution announced that its Board of Directors had 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, which was paid in October 2021.

This was the first payment in what is expected to be a full-year 2021 dividend payment of AED2.57 billion (AED20.57 fils per share), consistent with the company’s dividend policy. This would translate to a 4.8 percent annual dividend yield for 2021 (based on a share price of AED4.26 as of 8th November 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.

The dividend policy recognises the company’s strong financial position 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.

In the third quarter of 2021, ADNOC Distribution received a rating of A in the MSCI ESG (Environmental, Social and Governance) Ratings assessment, recognising ADNOC Distribution’s approach to managing its business for the long term sustainability.

Source: Emirates News Agency

DUBAI, National Bonds, an investment company owned by The Investment Corporation of Dubai, has recently increased its stake in Taaleem Holdings (Taaleem), a company with paid up capital of AED 750 million, from 19.6 percent to 23 percent, which makes National Bonds the largest shareholder in Taaleem today.

“We are delighted to strengthen our journey with Taaleem, a world-class innovative education institution that educates approximately 9,800 students across nine different schools. This investment is not only expected to generate steady returns to National Bonds, it is also well in line with the company’s corporate responsibility towards supporting such a vital sector in the UAE,” said Ali Rashid Al Mazroei, Chairman of Investment Committee of National Bonds Group and board member in Taaleem.

Since its inception in 2006, National Bonds has made significant contributions to support the flourishing financial economy of UAE. Over the years, the company continues to meet customers’ expectations with consistent results in terms of growth, competitive returns, service and customer satisfaction.

By end of Q3 2021, the investment portfolio has grown by more than 32 percent to surpass AED10bn.

Source: Emirates News Agency

DUBAI, UAE Maritime Week has garnered the support of industry stakeholders who have significantly contributed to the growth of the maritime sector in the Middle East region.

Held under the UAE Ministry of Energy and Infrastructure and organised by Seatrade Maritime, a part of Informa Markets, the maritime week will connect maritime markets in the Middle East by bringing together ship owners, industry suppliers and key decision-makers from the region for several events. These include the flagship Seatrade Maritime Middle East (SMME); Seatrade Maritime Awards Middle East, Indian Subcontinent and Africa; Global Maritime Club round table; Maritime Leaders Forum, and Experience Maritime.

As one of the most crucial initiatives that will prove vital in aiding the sector’s growth, the maritime week will be held at a critical time during Expo 2020 Dubai and the International Maritime Organisation elections.

Sheikh Nasser Majid Al-Qasimi, Assistant Under-Secretary for the Infrastructure and Transport at the Ministry of Energy and Infrastructure, said, “The maritime sector globally has witnessed unprecedented challenges due to the COVID-19 pandemic. Yet, we braved that phase and are now ushering in a rebound phase. Despite the pandemic, last year the UAE recorded foreign trade worth US$532,774 million. Our GDP is expected to grow to 2.1 per cent this year and by 4.2 per cent in 2022 as estimated by the UAE’s Central Bank. In line with the principles of the UAE’s Projects of the 50, the week and its series of events that will coincide with two key events will create a dynamic maritime economy in the UAE, with far-reaching effects in the Middle East.”

Sheikh Saeed bin Ahmed bin Khalifa Al Maktoum, Executive Director, Dubai Maritime City Authority said, “Following our vision to create a safe and vibrant maritime industry, we are aiming to build effective collaborations with government authorities, private sector organisations and relevant stakeholders to ensure sustainable growth of the sector in all aspects.”

As one of the most influential events in the maritime sector, SMME, under the umbrella of The UAE Maritime Week, can further the agenda of rapid transformation in the maritime industry. In recent years, the pandemic has accelerated digitalisation. Some key organisations such as DP World and Abu Dhabi Ports have been at the forefront of this revolution with their smart solutions like Maqta Gateway, Boxbay, Zodiac, etc.

Dr. Noura Al Dhaheri, Head of Digital Cluster, AD Ports Group, and CEO of Maqta Gateway, said, “Since its founding, Maqta Gateway has committed itself to transform Abu Dhabi’s trade and logistics ecosystem through the development and adoption of leading-edge and integrated digital solutions. To date, Maqta Gateway has facilitated more than 50 million digital transactions 30 percent during the pandemic alone.

“During this tumultuous period, the Advanced Trade and Logistics Platform (ATLP) was also inaugurated. Developed and operated by Maqta Gateway under the supervision of the Abu Dhabi Department of Economic Development, ATLP is a novel solution that facilitates trade for customers and trade operators active across Abu Dhabi’s sea, land, air, industrial and free zones.”

“We are ready and willing to share our expertise and success stories with our partners in this significant event, for the future of the sector and discuss its latest trends to strengthen our leading position and keep pace with the rapid developments witnessed in our technologically advanced world today,” she added.

Since 2008, SMME has facilitated discussions on the latest transformations and technological advancements in the maritime shipping sector, including its vision and direction. Its initiatives have aided the transformation industry, making it a catalyst for valuable business relationships in the industry.

Dr. Ahmed Youssef, Associate Dean of the College of Maritime Transport and Technology, AAST, said, “The UAE Maritime Week is a one-of-a-kind wonderful platform for dialogue between industry leaders, government representatives and policy-makers. While doing so it also brings young aspiring professionals and maritime students face-to-face with experts. It will not only help maritime academies showcase their competencies, but it will also give our students maximum industry exposure.”

Chris Hayman, Chairman, Seatrade, stated, “SMME has received commendable industry support since inception. It is encouraging to see that the UAE Maritime Week too has received a similar response from key government ministries and organisations in the UAE and the Middle East and the industry at large. This has enhanced the event’s ability to facilitate lucrative contracts that can drive the economy of the UAE and the Middle East. What makes the week even special is that it will be held during Expo 2020 Dubai which is a mega-event and that will boost growth opportunities for the sector.”

Throughout the week, discussions will be held on critical issues including decarbonisation, digitalisation, regulatory change, and supply chain infrastructure.

Source: Emirates News Agency

DUBAI, The Global Manufacturing and Industrialisation Summit (GMIS) and the Emirates Nuclear Energy Corporation (ENEC) have partnered together to promote sustainable industrial growth and advanced energy innovations, highlighting the critical importance of clean electricity for green manufacturing and sustainable economic growth.

ENEC will participate in the fourth edition of the Global Manufacturing and Industrialisation Summit which is scheduled to be held at Expo’s Dubai Exhibition Centre from November 22-27. The partnership will focus on encouraging the adoption of green manufacturing practices, particularly the use of clean electricity sources such as nuclear energy, to accelerate sustainable industrial development in the UAE and across the world.

“As a regional pioneer in nuclear energy generation, ENEC is committed to driving the UAE’s clean energy transition, reducing its carbon footprint and enabling economic diversification in the UAE. Through the delivery of the UAE Peaceful Nuclear Energy Program, we are pursuing clean energy technologies, and enhancing local and international partnerships and knowledge-sharing initiatives. We are delighted to partner with #GMIS2021 to highlight how critical clean electricity will be for the future of sustainable manufacturing and economic transformation, as demand for clean energy certification schemes increases as industry looks to demonstrate their green credentials,” said Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of ENEC.

Since its inception in 2009, ENEC has led the development of the UAE Peaceful Nuclear Energy Programme and its flagship Barakah Nuclear Energy Plant, located in the Al Dhafra Region of Abu Dhabi, UAE. Since 2020, Unit 1 of the four-unit plant has been generating abundant emissions-free electricity to power industry, homes and facilities across the Nation. When fully operational the four Units of the Barakah Plant will provide up to 25% of the country’s electricity needs and prevent up to 21 million tons of carbon emissions every year. With the commercial operations of Unit 1 of the Barakah Plant starting in April 2021, it is the largest single generator of electricity in the country, with every megawatt 100% emissions free. As a result, ENEC is leading the largest decarbonization effort of any sector in the UAE to significantly boost efforts to tackle the climate change in the UAE and the region.

With the recent launch of the Regulatory Policy for Clean Energy Certificates by the Department of Energy Abu Dhabi, Abu Dhabi consumers can certify that their electricity is generated from clean and renewable sources. Abu Dhabi is the first market globally to include nuclear as part of clean energy certification. The emissions-free electricity generated at Barakah is included as a certified source of clean energy and will be essential for business and industry to offer proof of clean electricity usage as part of their drive to decarbonize, and access ESG funding.

Badr Al-Olama, Head of the GMIS Organising Committee, said, “Since its inception, ENEC has been committed to delivering safe, clean, reliable and efficient electricity, all of which are important steps towards decarbonising the manufacturing industry and shaping sustainable manufacturing practices. We are pleased to welcome ENEC as a partner to #GMIS2021 and look forward to exploring innovative technologies that can further promote and contribute to a cleaner and more sustainable world for societies and communities locally, and around the world.”

Clean energy transition and sustainable development are at the centre of the discussions at #GMIS2021, which will highlight how the evolving forms of interaction between and among humans and machines, driven by technologies such as Artificial Intelligence, Industrial Internet of Things (IIoT), Cloud Computing, and the fifth generation of wireless network technology (5G), are driving the future of manufacturing.

The Summit will hold sessions on green manufacturing practices, pathways to achieve net-zero emissions, the future of renewable energy, and the drive towards green investments. #GMIS2021 will also host a dedicated session to highlight the UAE’s recently launched industrial strategy, ‘Operation 300bn’, and its importance in transforming the nation into a diversified, industrial economy over the next decade.

The six-day GMIS Week will feature over 125 global speakers, including the two-day #GMIS2021 Summit on November 22-23, a Global Prosperity Conference and an Alternative & Renewable Energy Conference on November 24, and country focused sessions in partnership with the United Kingdom, Australia, and Italy. The event will also run a six-day manufacturing and advanced technology exhibition to showcase some of the UAE’s most innovative capabilities.

Source: Emirates News Agency

DUBAI, Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation and Director General of Expo 2020 Dubai, and Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), held a meeting attended by a high-level delegation that included Abdulla Nasser Lootah, Director General of the Prime Minister’s Office and Mirek Dusek, Deputy Head of Centre for Regional and Geopolitical Affairs, WEF.

Al Hashemy welcomed Professor Schwab and his team to Expo 2020 Dubai, congratulating him on the 50th anniversary of establishing the WEF. He commended the WEF’s efforts in promoting dialogue among nations, building bridges of communication, and developing solutions to major challenges facing humanity through science, dialogue and joint humanitarian action. Al Hashemy also stressed that the WEF’s directions converge with the humanitarian message of the UAE and its pivotal role in key global issues.

For his part, Professor Schwab congratulated Al Hashemy on the success of Expo 2020 and the momentum it is gaining globally. He praised the creative design of its 200 pavilions which host 192 participating countries, and its one-of-a-kind activities and events. He hailed the UAE’s efforts in hosting the world’s greatest event and its distinct management of all the events and activities it features.

Prof. Schwab further stated that the strong relations between the UAE government and the World Economic Forum date back to the early beginnings of the WEF and their long-standing partnership. He stressed the WEF’s keenness to promote this partnership and take it to new heights.

The meeting comes as part of Prof. Schwab’s visit to the UAE to participate in the Great Narrative Meeting, jointly organized by the UAE government and the World Economic Forum on 11-12 November. The meeting brings together global thought leaders, top thinkers, innovators and futurists to exchange views and develop long-term perspectives that can help guide the creation of a more resilient, inclusive and sustainable future for all.

After his meeting with Al Hashemy, Prof. Schwab visited Expo 2020 Dubai, where he explored the three main districts: Sustainability (Terra), Mobility and Opportunity. He was briefed on the latest applicable concepts of sustainability, and listened to a detailed explanation on the plans to transform the vast Expo site, spanning 4.38 million square kilometers, to a sustainable, human-centered smart city; District 2020. The new city will retain more than 80% of the infrastructure and facilities used in Expo 2020.

He also visited the UAE pavilion, designed in the shape of a falcon in flight, and went through its various sections and distinguished exhibits that introduce the UAE’s rich history, culture and values. The UAE pavilion narrates the country’s relentless march towards promoting humanitarian work and consolidating the values of peace, justice and respect for others; calling upon the world to effectively communicate and connect at the humanitarian level. It further presents the values of Emiratis, who embrace hospitality, co-existence and tolerance as core values.

Prof. Schwab also visited the Swiss Pavilion, located in the Opportunity District, where he was briefed on the unique experience offered by the pavilion, showcasing Switzerland’s stunning nature and the captivating Swiss Alps through the exceptional “Sea of Fog” experience offered to its visitors. It also featured the “Innovative Switzerland” experience, which presents the most innovative Swiss projects and global achievements in the fields of technology, education, sustainability, among others.

In April 2016, Switzerland was the first country to confirm its participation in Expo 2020 Dubai, and was also the first country to reveal its pavilion blueprint to the world. This goes in line with the country’s keenness to participate in all the international Expo exhibitions.

Prof. Schwab concluded his visit, hailing the experience of Expo 2020 Dubai, and the UAE’s leading regional and global excellence in achieving the best for its people and the world. He stressed the importance and deep meaning conveyed by the UAE’s organizing and hosting of this global gathering at such an exceptional time, as countries and societies are struggling to recover, economically and socially, from the repercussions of the global pandemic.

Source: Emirates News Agency