Day: April 19, 2022

ABU DHABI, The Central Bank of the UAE (CBUAE) reported that real non-oil GDP grew by some 7.8 percent in the fourth quarter of 2021, which it attributed to the easing of business closures and the decline in restrictions on international travel.

It also highlighted a 9.3 percent annual increase in Emirati oil production during the same period, in line with a related OPEC+ agreement.

In addition, according to the Central Bank’s quarterly economic report, the occupancy rate of hotels in Dubai during the fourth quarter of 2021 was 82 percent, compared to 63 percent and 80.6 percent during the same period in 2020 and 2019 respectively.

The report also addressed local and international economic and monetary developments and stock markets, and highlighted that the UAE is continuing to lead the efforts aimed at addressing the COVID-19 pandemic, which is positively reflected in its pace of recovery.

At the end of the fourth quarter of 2021, 92 percent of those eligible were fully vaccinated, and 100 percent have received at least one dose of the vaccine, the report stated, while referring to a 9.3 percent year-on-year increase in oil production, in line with the OPEC+ agreement.

The Central Bank estimated a total real GDP growth of 2.3 percent in 2021, and for 2022 it is maintaining its forecast for an aggregate real GDP growth of 4.2 percent, with non-oil real GDP increasing by 3.9 percent and real oil GDP by 5.0 percent.

Source: Emirates News Agency

DUBAI, The 9th edition of the Global Airport Leaders Forum (GALF), scheduled to take place in Dubai from May 17 to 19 alongside The Airport Show and will focus on the resurging business landscape with both international and domestic traffic volume recovering faster.

The Airports Council International (ACI), representing 1950 airports in 185 countries, says Dubai International Airport, the world’s number one airport for international travellers, is due to receive 55.1 million passengers in 2022.

Along with Airport Security Middle East, ATC Forum and Women in Aviation Middle East Forum as co-located events of the 21st edition of Airport Show, the GALF-2022 will see renowned experts and officials talking about a variety of topics of crucial importance in four sessions at the Dubai World Trade Centre (DWTC) on Airport Innovation and Development, Air Traffic Management (ATM), Airport Sustainability and Airport Security.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, under whose patronage Airport Show takes place, said: “The Airport Show and its co-located events have provided, over the past two decades, platforms to take the aviation agenda further and farther. The aviation’s transformation is tech-driven and helps overhaul the safety, health, security and efficiency levels in the operations of airports and airlines around the world. Dubai has been at the forefront of adopting technology to enable the accelerate the aviation’s bounce-back.”

Under the Airport Innovation and Development, the panellists will speak about adopting data, AI, 5G and robotics for better passenger experience, advances in integrated, automated, electric mobility in the airport environment, innovations in design, ambience and operations as a key element in the airport’s development strategy, and the future urban air mobility.

Speakers at the session on Air Traffic Management (ATM) will address combining human and Artificial Intelligence for better airspace management, building a Digital Sky to meet future the ATM challenges, protecting the airspace from drone incursions and other vulnerabilities and Level4 Advanced Surface Movement Guidance and Control System (A-SMGCS).

The Airport Sustainability session will discuss mega hubs’ sustainability, innovations and technologies to help airports become more climate-friendly, sustainability contributing towards a better passenger experience and partnership in the wider ecosystem of city and transport authorities, airlines and communities to meet the environmental targets.

The Airport Security session will have experts speaking about developing intelligent, end-to-end control of the entire airport infrastructure to meet future security challenges, the role of advanced, disruptive technologies like AI, Machine Learning, VR, robotics and data in enhancing resilience, building stakeholders’ collaboration to ensure passenger safety and satisfaction, and how ‘Smart Travel initiatives contribute to better security management.

Supported by the Dubai Civil Aviation Authority (DCAA), Dubai Aviation Engineering Projects (DAEP), Dubai Airports and dnata, the Airport Show and its co-located events are a driving force for the industry to emerge stronger following the coronavirus pandemic. The crisis has prompted a faster uptake of technologies and prompted long-term changes to airport infrastructure. GALF-2022 will provide expansive business and professional networking opportunities, unparalleled learning experience and to obtain an overview of the technical developments and innovations and the most important and uncertain drivers of change.

Firas Abu Ltaif, Exhibition Manager at Reeds Exhibitions Middle East, the organisers of the Airport Show, remarked: “Knowledge enhancement supports continuous sustainability of the industry and helps facing up with future challenges spraning from the amazing pace of transformation. GALF will, as usual, provide a wonderful window of opportunity for the professionals and decision-makers to learn where the aviation is headed to and what routes of success lies ahead. Airports needs to be fully prepared for the coming boom period and the GALF will help the entire ecosystem by providing insights.”

The GALF 2022 will see several speakers from the UAE taking part in deliberations along with speakers from the Middle East, Europe and other places.

Source: Emirates News Agency

DUBAI, Dubai Financial Market (DFM) announced today that HSBC has become the first international General Clearing Member (GCM) to join the market, enabling the bank to provide clearing and settlement services to its customers worldwide and to other DFM trading members.

The introduction of GCM service on DFM by HSBC is part of a wider collaboration programme between the two entities aimed at enhancing market infrastructure and connectivity with international and institutional investors.

HSBC is expected to offer its GCM service on DFM Equity Market starting in May. It is also looking at the opportunity to offer equities futures clearing.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said, “We are delighted to welcome HSBC as the first international GCM on DFM. The introduction of HSBC’s GCM service on DFM is a key step toward a series of enhancements to market accessibility planned as part of our growth strategy. HSBC’s regional and international footprint and capital markets expertise will, I believe, help accelerate our growth plans. We are witnessing growing demand for direct connectivity on DFM from regional and international investors and launching this new service responds directly to that growth in market activity.”

Abdulfattah Sharaf, CEO, HSBC UAE and Head of International, HSBC, said, “Being the first international general clearing member on the Dubai Financial Market aligns well with HSBC’s ambition to be the preferred international financial partner of our clients around the world. HSBC has been investing to support the development of Dubai’s economy since we became the first bank to open our doors for business here 75 years ago and this latest partnership with DFM reaffirms the importance of our longstanding strategic presence in this market. The appetite of international investors for securities issued by governments and corporates in the region is large and growing and our new role as a general clearing member on the DFM will enable clients across HSBC’s global network to invest in the potential here.”

Maryam Fekri, CEO of the Dubai Central Clearing & Depository Holding, said, “The DFM has successfully developed post-trade infrastructure in line with international standards that has reshaped the post-trade services in the UAE through its subsidiary, Dubai Clear, enabling financial institutions to provide numerous value-added services. During the year 2021 Dubai Clear has cleared and settled trades valued over AED72 billion through its CCP framework. Accordingly, HSBC’s initiative to provide General Clearing Services underlines international institutions’ recognition of the opportunities available on the market and their confidence in its long term prospects.”

Brokerage firms can operate as a trading and clearing member or as a trading member only. The latter offers efficient collateral management and higher flexibility of managing collateral through the use of services of a GCM to clear and settle trades.

Source: Emirates News Agency