Day: May 12, 2022

DUBAI, Amanat Holdings has announced its financial results for the quarter ended 31st March 2022. The company recorded a total income of AED46.9 million in Q1 2022, a growth of 12% versus the AED42.0 million recorded in Q1 2021.

On an adjusted basis, excluding the prior year result from divested entities, the company recorded a total income of AED46.9 million, an increase of 40% on the AED33.5 million recorded in Q1 2021.

Adjusted net profit recorded AED32.1 million in the quarter, a 39% increase on the AED23.1 million reported in the same quarter of the prior year.

Commenting on this quarter’s performance, Amanat’s Chairman Hamad Alshamsi said, “I am delighted to report that Amanat started the new year by building on a record-breaking 2021, having delivered strong year-on-year growth in our quarterly bottom line while actively advancing on our long-term value creation strategy. Despite the difficult global macroeconomic environment, our healthcare and education platforms reported strong results in the first three months of 2022.”

Amanat’s healthcare platform continued to record impressive year-on-year growth, building on strong results in the previous year to deliver an income of AED14.0 million in Q1 2022, a fivefold year-on-year increase compared with AED2.5 million recorded in Q1 2021.

Performance was primarily driven by a full quarter contribution of Cambridge Medical and Rehabilitation Centre, which only contributed to March’s result in Q1 2021, a narrowing of losses at the Royal Hospital for Women and Children in Bahrain, with revenues doubling versus the first quarter of last year, and a positive contribution from Sukoon driven by a successful turnaround.

The education platform recorded an income of AED32.6 million, up 3% year-on-year driven by enrollment growth at Middlesex University Dubai which drove a 13% increase in revenues.

Amanat’s Chief Executive Officer, Dr. Mohamad Hamade, stated, “We have a strong pipeline of healthcare and education opportunities, and we are working on optimising our capital structure to deploy further capital and grow our assets under management.”

Source: Emirates News Agency

DUBAI, Emirates and Jebel Ali Free Zone (Jafza) have signed a Memorandum of Understanding (MoU) to explore joint cooperation and initiatives targeted at attracting more investments into Dubai by supporting new and existing businesses registered or licenced in the free zone.

Under the MoU, the parties will explore opportunities to offer a number of travel-related incentives for new and existing SMEs and larger businesses, including potential enrolment in the airline’s Business Rewards programme.

The MoU was signed by Dina Al Herais, Emirates’ Vice President, Commercial Products, B2B Corporate & Leisure, and Ebtesam Ahmad Alkaabi, Head of Sales, Jafza Sales. The signing ceremony was also attended by Adil Al Ghaith, Senior Vice President, Gulf, Middle East & Central Asia, and Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE.

Adnan Kazim, Chief Commercial Officer for Emirates Airline, said, “We are pleased to partner with Jafza to support Dubai’s efforts in cementing its leadership position as one of the world’s preferred investment destinations. Dubai’s vibrant business environment continues to gain momentum in attracting new companies and foreign firms, start-ups and talented entrepreneurs across a wide range of industries. Emirates has been a long-standing supporter of a number of initiatives targeted to support SMEs and innovative start-ups in our home base the UAE, and today’s signing with Jafza reinforces our commitment to help stimulate diverse economic activity in Dubai by providing companies with a range of highly competitive travel incentives so they can scale up their businesses both regionally and globally.”

Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE, said, “Since its inception, Dubai has built a reputation as a global business ecosystem. It is a magnet for entrepreneurs and investors worldwide owing to the strategic support of the government and private sector, which has led to an SME boom in the emirate. Today, they make up nearly 95 percent of all companies, employing 42 percent of the workforce and contributing around 40 percent to Dubai’s GDP. Our partnership with Emirates focuses on boosting growth with new travel offerings to attract global investors and venture capitalists who can utilise the vast opportunities available here.”

Emirates has a long track record of supporting SMEs, through its procurement of products and services in a range of industries. As a result, these businesses have benefitted from showcasing their products to a global travel audience. The airline has also been supporting Dubai and the wider UAE’s business community and innovation ecosystem, which today includes Intelak and Aviation X-lab, both incubator programmes in the UAE focused on future solutions for travel and aviation.

Emirates currently has over 20,000 SMEs enrolled in its Business Rewards programme and is providing a gamut of benefits including simplified enrolment, easier earning and redemptions, greater flexibility on retaining and using points in addition to upgrade opportunities.

Source: Emirates News Agency

NEW DELHI, The meetings between an Emirati delegation, led by Abdullah bin Touq Al Marri, Minister of Economy, and the Indian business community began yesterday in India, with a series of interactive sessions.

The meetings addressed promising investment opportunities across various strategic sectors in both countries under the framework of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), as well as briefs on the features and services offered to the business community under the agreement.

The meetings on the first day saw the participation of Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; Dr. Ahmed Abdulrahman Al Banna, UAE Ambassador to India; Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy; Faisal Al Hammadi, Acting Assistant Under-Secretary for Entrepreneurship and SMEs; and several Emirati business leaders.

The meetings were also attended by Sunjay Sudhir, Ambassador of India to the UAE; Yusuff Ali, Chairman and Managing Director of LuLu Group; Rajan Navani, Chairman of the Confederation of Indian Industry, and a large group of Indian business leaders and investors.

Al Marri said that the CEPA between the two countries had crowned their deep-rooted strategic relations, which are supported by their leaderships, stressing that the prompt drafting and enactment of the 800-page CEPA agreement underscores their countries’ keenness to enhance their partnership for the good of their peoples.

The Emirati delegation visited India to elaborate on the facets of such an important agreement, which is drafted with a flexible framework that provides for future amendments, if needed, as well as to highlight key investment and trade opportunities in both countries, he added, noting that future areas of cooperation include the digital economy and intellectual property.

In a statement to the Emirates News Agency (WAM), Dr. Al Falasi said the UAE delegation’s visit to India aims to present investment opportunities and enable small and medium-sized enterprises (SMEs) and startups in both countries to optimally leverage facilities offered through the CEPA. He affirmed that SMEs are the backbone of the global economy, as the ministry is working on ensuring the growth of SMEs to reduce their dependence on regional exports and enable them to expand in Asia through India, which will drive business in both countries and open global markets for such companies.

For his part, Ambassador Al Banna said, “The CEPA between UAE and India has opened new avenues and opportunities for both the countries. It has the potential to unleash a golden era in our bilateral relations. We concluded CEPA in record 88 days, which reflects the immense desire from both sides to exploit opportunities and benefit the economies of our countries in many sectors. I have every hope that the CEPA will do wonders to deal with unemployment and enhance trade, investment, manufacturing and ?services.”

Speaking to WAM, Sudhir said that the second visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India in 2017 saw the signing of 17 agreements between the two countries.

The Indian Ambassador explained that their main goal is to boost the value of bilateral trade to US$100 billion in the next five years, and expressed his confidence of its achievability.

Yusuff Ali said, “As a UAE-based business group with a large presence in India, especially in the retail and food processing sectors, we hope that our imports from India will witness new levels of growth.”

Adeeb Ahmed, Managing Director of LuLu International Exchange, said the CEPA would help expand the avenues of digital trade and enhance trade regulations between the two countries, noting that its framework will further boost consumer confidence in digital trade, which will drive the sector and accelerate digital transformation across the global economy.

The UAE delegation includes representatives of government and private entities, including the Ministry of Economy, the Ministry of Foreign Affairs and International Cooperation, the Ministry of Industry and Advanced Technology, the General Civil Aviation Authority, the Abu Dhabi Department of Economic Development, the Abu Dhabi Chamber of Commerce and Industry, Dubai’s Department of Economy and Tourism, Dubai Multi Commodities Centre, the Sharjah Investment and Development Authority (Shurooq), Sharjah FDI Office, the Sharjah Chamber of Commerce and Industry, the Jebel Ali Free Zone (Jafza), the Ras Al Khaimah Economic Zone (RAKEZ), the Department of Economic Development in Fujairah, the UAE International Investors Council, Abu Dhabi Ports Group, Masdar, DP World, Wizz Air Abu Dhabi, flydubai, Lulu Group International, Sharaf Group, Kanoo Group, Silal Company, and others.

Source: Emirates News Agency

DUBAI, More than 23,000 visitors attended the 29th edition of Arabian Travel Market (ATM) 2022, as industry leaders gathered at Dubai World Trade Centre (DWTC) to share insights into the future of international travel and tourism.

“In addition to doubling our visitor numbers year-on-year, ATM 2022 hosted 1,500 exhibitors and attendees from 150 countries,” commented Danielle Curtis, Exhibition Director ME for Arabian Travel Market. “These figures are especially impressive given that lockdowns are still taking place in China and other destinations. The development of the travel and tourism sector throughout the Middle East region shows no signs of abating, with Gulf Cooperation Council (GCC) hotel construction contract awards, are set to rise by 16 percent this year alone.”

According to research from BNC Network, the value of the UAE and Saudi Arabian projects accounted for 90 percent of all regional hospitality contracts awarded in 2021. With analysis from Colliers International forecasting that US$4.5 billion worth of hotel construction contracts will be awarded in the GCC during 2022, industry experts took to the ATM Global Stage for a panel discussion about the future of the region’s hospitality industry.

Moderated by Paul Clifford, Group Editor – Hospitality at ITP Media Group, the panel discussion featured insights from Christopher Lund, Director – Head of Hotels MENA at Colliers International; Mark Kirby, Head of Hospitality at Emaar Hospitality Group; Tim Cordon, Area Senior Vice President – Middle East and Africa at Radisson Hotel Group; and Judit Toth, Founder and CEO of Vivere Hospitality.

Commenting on the need to attract and retain talent within the Middle East’s hospitality sector, Radisson Hotel Group’s Cordon said, “The organisations that get this right are going to benefit because, of course, we know how expensive it is to bring new people into our business and it is even more expensive if you lose them. I don’t think you can talk about the future of hospitality without talking about the future of talent.”

Vivere’s Toth pointed out that it was equally important to educate industry professionals on the priorities and mindset of younger employees and guests alike. “[The younger generation] think completely differently. They live in a world of crypto and NFTs. How will they be able to bring their ideas and talents into the [hotel] business? And remember, on the other side, your new and future customers are also coming from the same background, with the same motivations and understanding. So, it is a matter of bringing in new talent that shares common ground with new customers.”

Speaking on the continued importance of nationalisation efforts, Emaar Hospitality Group’s Kirby said, “Emiratisation coexists with developing our leadership teams to operate hotels. We focus on leadership at this level to come from within, [drawing on] internal talent. The fact that we are growing and opening new hotels helps us because it provides opportunities for our existing team members to move up.”

The four-day live event was inaugurated by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman, Chief Executive of Emirates Airline and Group, and Chairman of Dubai World. The show’s opening session, which was moderated by CNN’s Eleni Giokos, featured Issam Kazim, Chief Executive Officer, Dubai Corporation for Tourism and Commerce Marketing; Scott Livermore, Chief Economist at Oxford Economics; Jochem-Jan Sleiffer, President – Middle East, Africa, and Turkey at Hilton; Bilal Kabbani, Industry Head – Travel and Tourism at Google; and Andrew Brown, Regional Director – Europe, Middle East, and Oceania at the World Travel & Tourism Council (WTTC).

The show’s opening day also featured the first session of the ARIVALDubai@ATM forum, during which industry experts explored the role that in-destination experiences are playing in shaping the future of global travel and tourism. Later in the afternoon, ministers from the UAE, Jordan, Jamaica, and Botswana took to the ATM Global Stage to discuss the importance of investment, technology, and inclusivity in driving Middle East tourism forward, as part of the International Tourism and Investment Conference (ITIC) Ministerial Roundtable.

The second day saw senior representatives from Air Arabia and Etihad Aviation Group join JLS Consulting’s John Strickland on the ATM Global Stage to discuss efficiency and sustainability within the aviation sector. Later in the afternoon, D/A’s Paul Kelly offered his perspective on connecting with the Arabic travel audience more effectively. At the end of day two, video-sharing platform “Welcome to the World” secured up to US$500,000 of investment after winning the inaugural ATM Draper-Aladdin Startup Competition on the ATM Travel Tech Stage.

Day three featured sessions focused on what guests really want, sports tourism, hospitality tech trends, dining experiences, metaverse-based travel services, influencers’ roles and more. The Global Business Travel Association (GBTA) also hosted two panel discussions on the third day, spotlighting sustainability and long-term trends within the business travel segment.

As part of the conference agenda for the fourth and final day, representatives from Atlas, Wego Middle East and Alibaba Cloud MEA took to the ATM Travel Tech Stage to explore how data is changing airline retailing. Panellists shared insights into building data-led organisations, and why companies that successfully harness travel data today will be most likely to succeed in the longer term.

The morning sessions included a session hosted by WTM Responsible Tourism, on the ATM Global Stage, focusing on how the latest innovations can be used to promote responsible technology for travel and tourism. Concluding this year’s edition, afternoon sessions included a discussion about the return and rise of city tourism.

The final day of the live event also included the announcement of ATM 2022’s “Best Stand Design” and “People’s Choice Award”, which were presented to SAUDIA for their futuristic and striking concept. Other stands awarded for their creativity included the Department of Culture and Tourism – Abu Dhabi, Jumeirah International, Ishraq International and TBS/Vbooking.

Source: Emirates News Agency

DUBAI, The DFM-listed Dubai Investments PJSC (DFM: DIC) has announced its consolidated financial results for the first quarter of the year ending 31st March 2022, posting a 64% surge in net profit to AED202.5 million, compared to AED123.8 million during the corresponding period of 2021.

Total Income for the Group also increased to AED 761 million compared to AED637.6 million during the first quarter of 2021, an increase of 19%. Total Assets remained stable at AED 22 billion. Total Equity increased to AED 12.5 billion, compared to AED 12.2 billion during the same period in 2021.

The growth in Net Profit and Total Income for the period is driven by the robust performance across the Property and the Manufacturing, Contracting and Services segments.

Khalid Bin Kalban, Vice Chairman and Chief Executive Officer of Dubai Investments, said: “Dubai Investments has kick started 2022 with a good momentum, reflecting the impact of the Group’s growth and expansion strategy and the continued focus on diversification and unlocking of value through an organized divestment process. We have entered into a sale and purchase agreement in April 2022 to divest 50% equity interest in Emirates District Cooling (Emicool) LLC. We expect the transaction to complete in the next few weeks following which the resultant profit would be recognized in our financial statements”.

He further added that the “Group is well poised to benefit from upcoming opportunities given the ongoing recovery of the economy and accelerated growth of the real estate sector. The Group’s strategic positions within the Investments segment and the enhanced performance of the manufacturing sector have contributed substantially to overall growth and the impetus is expected to continue through the year.”

Source: Emirates News Agency