Day: April 3, 2022

ABU DHABI, Emirates Development Bank (EDB) has announced record growth over the past 12 months. The results, which were presented at the first EDB Board meeting of 2022, underline the success of the bank’s new strategy, which was launched in March 2021 to support UAE’s industrial development, accelerate the adoption of advanced technologies, and empower the growth of SMEs in the UAE.

This will be achieved through the growth and development of large corporations and SMEs in five key sectors: manufacturing, advanced technology, infrastructure, healthcare and food security. As part of its strategy, EDB will also facilitate direct and indirect lending totaling AED30 billion by 2025, which is expected to support more than 13,500 companies.

The Board meeting was attended by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the EDB Board; Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs and EDB Deputy Chairman; Younis Haji Khoury, Under-Secretary of the Ministry of Finance; Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development (ADFD) and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office (ADEX); Abdul Wahed, Mohammad Al Fahim, Chairman of NASDAQ Dubai; Mariam Saeed Ghobash, board member of EDB; Khalfan Jumaa Belhoul, CEO of Dubai Future Foundation; Najla Ahmed Al Midfa, CEO of Sharjah Entrepreneurship Centre; and Ahmed Al Kuttab, Director, The Executive Office Directorate at ADNOC Group; and Yousef Yaqoob Almansoori, Principal Legal Researcher at Dubai Police.

EDB’s Chief Executive Officer, Ahmed Mohamed Al Naqbi, presented the EDB’s year-one performance and key achievements to the Board. This included an AED1.91 billion contribution to the UAE’s GDP growth, direct and indirect financing of 1,350 SMEs across priority sectors, and the launch of a new Credit Guarantee platform, which was able to mobilise more than AED332 million of capital to SMEs.

Other key achievements of the Emirates Development Bank include the launch of a large corporate banking division in less than a year and a digital banking application focused on SMEs and start-ups. In its first 6 months, over 1000 digital banking accounts have been registered.

Dr. Al Jaber said, “Over the years, the UAE has achieved significant growth and progress across various sectors that are now actively contributing to the nation’s GDP growth. Through the Emirates Development Bank and its new strategy, we aim to ensure that the industrial sector keeps pace with that growth and achieves the aspirations of the UAE leadership. The Emirates Development Bank plays a critical role in realizing these aspirations by providing the necessary financial and non-financial support to SMEs and large corporations in key industrial sectors.”

He added, “In the first year under its new strategy, EDB was able to make a AED1.91 billion contribution to the UAE GDP, underlining its importance not just to the UAE’s industrial sector, but to the nation’s economic diversification, global competitiveness and long-term, sustainable economic growth.”

Dr. Al Falasi said, “The past 12 months were pivotal for EDB in its financial and strategic milestones. Just a few highlights include the financing of AED1.52 billion to projects in priority sectors and establishing partnerships with nine commercial banks, resulting in credit guarantees worth AED332 million. EDB has also implemented a number of new strategies and projects that will maintain its momentum. Our goal now is to continue to enhance our role in accelerating growth of the economy in our five key sectors – manufacturing, technology, healthcare, food security and infrastructure.”

Over the past 12 months, to help accelerate its strategy and attract FDI into the UAE, EDB has signed Memorandums of Understanding with 26 partners, including banks, public and private sector entities, chambers of commerce and free zones. In an effort to ensure proactive stakeholder outreach, EDB has also conducted more than 16 roadshows and industry events.

In order to ensure that its financing is focused towards businesses and projects that maximise economic impact for the UAE, EDB has created a customised, proprietary ‘Development impact Scorecard’, which has helped maximise the industrial development impact of the bank’s portfolio.

Commenting on EDB’s record 12-month performance, Ahmed Al Naqbi said, “EDB is committed to creating a supportive environment for businesses to help build a more prosperous future for the UAE and cement the nation’s position as a destination where businesses can thrive. The growth achieved by EDB in the past year is a result of the unwavering support of the EDB Board and testament to the strategy that was approved 12 months ago.”

Al Naqbi added, “We will continue to drive forward our efforts to support priority sectors and increase our value-added financing support for projects in technology, healthcare, food security, manufacturing and infrastructure as we look to the year ahead.”

Source: Emirates News Agency

DUBAI, Around 76.5% of companies in Dubai registered growth in their businesses during Expo 2020, while 73.5% managed to build new business relations during the world’s greatest show, according to a report commissioned by Dubai Chamber of Commerce.

In terms of services provided by Dubai Chamber during the event, 70.6% of respondents to the survey conducted as part of the report said they benefitted from networking, 47% benefitted from the Global Business Forum series and 47% benefitted from B2B meetings.

Titled, ‘Business Integration for Growth, Digital Transformation and Global Partnerships’ the report was developed by the Chamber in collaboration with Oxford Business Group.

In total, Dubai Chamber of Commerce organised 98 events during Expo 2020 Dubai, which were attended by more than 25,000 participants from over 130 countries. The Global Business Forums on Africa, ASEAN and Latin America saw the most participation, as the high-level forums were joined by government and business leaders, who attended in person and virtually.

The 12th edition of the World Chambers Congress and a series of Thematic Business Forums were also hosted by the Chamber, which were attended by chamber and industry leaders. The events identified global challenges and highlighted innovative solutions to drive sustainable economic growth.

Dubai Chamber of Commerce facilitated 1,500 bilateral business meetings between UAE investors and their global counterparts, and received 1,746 visiting delegations from over 60 countries during the mega event, which were joined by 3,350 government and business leaders.

Seven new economic and professional bodies were licensed by the Dubai Association Centre, which was established in collaboration with the Dubai Chamber of Commerce (one of the three chambers under Dubai Chambers alongside Dubai International Chamber and Dubai Chamber of Digital Economy), the Dubai Economy and Tourism and Dubai World Trade Centre.

The report reveals that revenue per available room (RevPAR) in Dubai in January 2022 increased to AED460 ($125) compared to AED293 ($80) in January 2021, marking an increase of 56.3% and outperforming Milan, the host city for Expo 2015, which recorded RevPAR of 54.5% in 2015.

There were 759 hotels and hotel establishments accounted for in Dubai in January 2022 compared to 711 in January 2021, while guest nights in January were at 3.04 million during the same month this year compared to 2.65 million in January 2021.

Arrivals at Dubai International Airport recorded growth of 12.7% in 2021 compared to 2020, while the UAE’s non-oil foreign trade jumped 27% over 2020 and 11% over 2019, a growth trend largely driven by Expo 2020 Dubai.

Commenting on the report, Hamad Buamim, President & CEO of Dubai Chambers, described Expo 2020 Dubai as a historic milestone for the UAE and Dubai, and noted that the pivotal role that Dubai Chamber of Commerce played in facilitating partnerships between UAE companies and their global counterparts during Expo 2020 Dubai, and expanding Dubai’s rapidly growing Dubai’s maturing business ecosystem.

“Our goal is to be the best chamber in the world when it comes to driving competitiveness and growth. At Expo 2020 Dubai, we have been able to put this mission and vision into action. Our efforts in supporting the mega-event have helped to strengthen Dubai’s reputation as a place to do business”.

“Building on our long-term strategy to embrace digital transformation, we adopted a hybrid format for the Expo 2020 events. Doing so has enabled us to expand our reach and engage with public and private stakeholders from around the world,” he said.

Buamim emphasised the role of Expo 2020 Dubai as a stepping-stone Expo 2020 Dubai is a stepping-stone to a resilient future shaped by innovation, international cooperation, and a more competitive and diversified economy supported by SMEs.

Source: Emirates News Agency

DUBAI, Sheikh Majid bin Saud bin Rashid Al Mu’alla, Head of the Department of Tourism and Antiquities in Umm Al Qaiwain has signed a series of agreements to enhance cooperation and partnership to achieve Umm Al Qaiwain’s Sustainable Blue Economy Strategy, launched by H.H. Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Qaiwain, during the World Government Summit 2022.

The aim of the initiative is to enhance investment attractiveness while developing the natural, cultural and human wealth of the emirate.

Sheikh Majid signed the agreements between UAQ Ruler’s Court and Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs and Chairman of the Emirates Nature Association; Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the CSR UAE Fund’s Board of Trustees; Abdulfattah Sharaf, Chief Executive Officer, UAE and International Markets at HSBC Bank Middle East.

Sheikh Majid said, “The Umm Al Qaiwain strategy for a sustainable blue economy adopts a partnership approach and enhances cooperation with all partners in the public and private sectors, contributing to accelerating the pace of achievement and achieving the desired goals in all developmental, economic and social paths.”

He added, ” We signed a number of agreements to achieve strategic objectives in the economic development sectors and attract investments through sustainable management of natural resources in accordance with the best international standards and practices. We look forward to increasing the blue economy’s share to the emirate’s GDP so that its contribution is no less than 40%.”

Al Bowardi said, “We are happy to cooperate and participate in the Umm Al Qaiwain Blue Economy Strategy. Nature is not only the greatest source of all the resources we need for life, but it is the most important ally in our fight against the climate crisis. We can maintain our way of life better and at the same time combat climate change by protecting, restoring and sustainably managing coastal blue carbon ecosystems, which contribute significantly to supporting the national efforts to alleviate climate change.”

Al Marri said, “Umm Al Qaiwain’s Sustainable Blue Economy Strategy 2031 is a pioneering initiative and will play a major role in supporting the country’s efforts to move to a more diversified, flexible and economic model capable of meeting the requirements of sustainable development.”

He pointed out that the private sector is a significant partner in supporting the country’s efforts to transform towards sustainable growth and present a role model in adopting and enhancing social responsibility practices and working according to responsible investment concepts.

Source: Emirates News Agency