Day: May 12, 2022

DUBAI, Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, today rang Nasdaq Dubai’s market-opening bell to celebrate the listing and circulation of AED1.5 billion as the first Dirham-denominated treasury bonds issued by the UAE Federal Government acting through the Ministry of Finance.

The issuance is part of an ambitious strategy that includes a series of treasury bond issuances to develop the fixed income market in the UAE by providing investors with investment opportunities in sovereign issuances and a proper gauge of yield curve of investments in debt instruments.

The bell-ringing ceremony was attended by Ebrahim Alzaabi, Assistant Governor of the Central Bank of the UAE – Monetary Policy and Financial Stability, Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), the CEOs of the six participating banks, and other senior officials.

The inaugural issuance of the local currency treasury bonds programme witnessed a strong appetite from investors in the region and globally being 6.3 times oversubscribed during the first auction that successfully concluded this week.

The Ministry plans to issue six treasury bond tranches this year with a total value of AED9 billion, where the value of the tranches (2 year and 3 year) in the first auction amounted to AED1.5 billion with a fixed coupon rate of 3.01% and 3.24%, respectively. In contrast, other tranches will be issued with various tenures for up to five years at later dates throughout the year.

Al Hussaini noted that the success of the first auction of federal treasury bonds is another step in strengthening the national economy and achieving sustainable economic development, which complements the UAE government’s efforts to enhance the financial and investment market.

This issuance conveys the UAE’s creditworthiness as one of the world’s most competitive and highly advanced economies.

He noted that the demand for treasury bonds affirms the position and confidence that the UAE enjoys as an ideal investment destination for investors and entrepreneurs in the region, given its comprehensive infrastructure and logistics.

“The Federal Treasury Bond Programme contributes to revitalising the local financial and banking sector and providing alternative financing opportunities for investors, reflecting the strength of economic development indicators, the stability of the financial system, and the economy’s resilience. The national economy will continue its momentum and leadership during the next phase in the context of transitioning to the new economic model within the UAE 50 economic plan, in which the UAE establishes a diversified knowledge-based economy on innovation, entrepreneurship and advanced industries.”

Balama stated that the launch of the dirham-denominated T-Bonds reflects the UAE’s commitment to develop capital market activities and position it as a global financial hub. It also affirms the resilience and stability of the UAE’s financial system and the confidence of local and international investors in the country’s capability to develop the financial sector according to monetary policies and strategic plans.

Ali said this milestone issuance and listing underline the strategic commitment to reinforce the capital markets’ activities in the country, particularly the debt market, by developing a government bond market. “The second bond listing from the UAE federal Government underscores the Government’s confidence in Nasdaq Dubai’s comprehensive infrastructure that has created a world-class marketplace for the issuance and listing of fixed income instruments from sovereign and commercial issuers in the UAE and globally.”

The Ministry of Finance had listed US$ 4 billion bonds as its inaugural sovereign bonds issuance on Nasdaq Dubai in October 2021. Today’s treasury bond listing reinforces Nasdaq Dubai’s position as the leading venue for domestic and international fixed income listings in the Middle East, with a total value of US$102 billion.

Six agent banks have been appointed by the Ministry of Finance as primary dealers for participants in the primary market auction of the T-bonds and to actively develop the secondary market, which includes Abu Dhabi Commercial Bank (ADCB), Emirates NBD Bank (ENBD), First Abu Dhabi Bank (FAB), HSBC, Mashreq Bank, and Standard Chartered.

Source: Emirates News Agency

DUBAI, The recent acquisition of Qanawat Music, a leading digital music and entertainment company in the Middle East and North Africa (MENA) and a subsidiary of Qanawat FZ LLC, by global entertainment and record label Warner Music Group (WMG), is set to boost Dubai’s status as a media industry hub and an emerging focal point for growth in the digital music sector.

One of the largest deals of its kind to date in the entertainment and digital music sectors in Asia, Africa and Europe, the acquisition is also set to provide an impetus to the transformation of the Arab music industry by amplifying the reach of Arabic content from a regional to a global fanbase and providing wider international exposure to Arab talent.

H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council, said, “Warner Music Group’s acquisition of Qanawat Music is yet another entrepreneurial success story emerging from Dubai that demonstrates the vibrancy of its media ecosystem that has enabled many homegrown ventures to transform their innovative and ambitious projects into reality. Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the emirate offers a highly productive platform for media talent and enterprise to thrive and grow.”

“Over the past decade, a host of Dubai-born companies across sectors have leveraged the emirate’s exceptional entrepreneurial environment to expand rapidly and attract the investment interest of global companies. Dubai continues to provide the business-enabling services and infrastructure necessary for both established companies and start-ups to tap the vast opportunities emerging in the fast-growing markets in our region,” he added.

Since its inception in 2001, Qanawat FZ LLC has transformed itself from its base in Dubai Media City, MENA’s largest integrated media hub, into the largest Arabic music distributor. In 2021 alone, it recorded more than 200 billion total views and streams across digital streaming platforms, including Apple Music, YouTube, Spotify and Anghami, as well as social media channels such as Facebook, Instagram, TikTok, and Snapchat, with more than 145 million videos uploaded by social network users.

Following the merger, Qanawat Music’s workforce is expected to grow by more than 100%. As per the acquisition deal, Qanawat Music will function as a standalone company within the Warner Music Group portfolio under the continued stewardship of CEO Adnan Al Obthani. It will be WMG’s key local distributor and a source of upstreaming opportunities, leveraging Qanawat Music’s extensive distribution network and relationship with more than 1,100 emerging and established artists from across the Arab world, including high-profile figures the likes of Hussain Al Jassmi, Ahlam, Saad Lamjarred, Dalia Mubarak and Marwan Khoury.

Adnan Al Obthani commented, “Our merger with Warner Music Group makes is possible for us to enhance our position as the leading digital music distributor and pioneers of creativity in the MENA with the largest and best Arabic entertainment and music content worldwide.

“Warner Music Group has a long-term vision for developing the market here in MENA, and we are certain this new chapter of our story will unveil a world of exciting opportunities for artists, in addition to our entry into new areas of business including the Metaverse, NFT and other creative fields.”

Majed Al Suwaidi, Managing Director of Dubai Media City, said, “For over 20 years, Dubai Media City has worked to provide the possibilities for growth and success for companies and talents in all fields of media. It is this empowering integrated business ecosystem – represented by Dubai Media City, Dubai Studio City, Dubai Production City and the in5 Media start-up incubator – which has attracted over 3,000 media institutions, 34,000 media professionals to become today a source of Arabic content from Dubai to the world.

“Qanawat Music has been integral to elevating and broadening the reach of MENA’s music and entertainment community. Its acquisition by a global conglomerate like Warner Music Group demonstrates the growing demand for Arabic and homegrown musicians to have a brighter spotlight.”

Source: Emirates News Agency

DUBAI, H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group, today honoured the winner of the Aster Guardians Global Nursing Award at an award ceremony held at Atlantis The Palm, Dubai.

Anna Qabale Duba from Marsabit County in Kenya was named the winner of the Award, which has a prize money of US$250,000.

The award ceremony was attended by Awadh Seghayer Al Ketbi, Director-General of the Dubai Health Authority; Dr. Amer Sharif, CEO of Dubai Academic Health Corporation and Vice Chancellor of the Mohammed Bin Rashid University of Medicine and Health Sciences, and senior ministry officials, government representatives, VIPs, renowned personalities from UAE and abroad and 600 delegates. The top 10 finalists for the Aster Guardians Global Nursing Award were announced on 26th April. The winner was chosen after a public voting process, followed by the Grand Jury’s final evaluation. The other nine finalists were also awarded a monetary prize.

Anna Qabale Duba was the first graduate from her village and the only educated child in her family. She chose education because she understood that illiteracy held people back from learning new things and changing harmful cultural norms. During her nursing studies, she won the Miss Tourism Kenya 2013. She used her influence to advocate for gender equality and education in her community. Under the Qabale Duba Foundation, she built a school in her village where children could study in the morning and adults in the afternoon. The community literacy programme currently has over 150 children and 100 adult learners.

On winning the award, Nurse Anna Qabale Duba said, “I feel extremely happy and privileged to receive this prestigious award. Ever since I heard about the award, I was very keen on applying to it as it provides nurses from all over the world a platform to be recognised. It is an honour to receive the award from H.H. Sheikh Ahmed bin Saeed Al Maktoum.”

Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare, said, “It gives us a great sense of fulfillment to witness the impact that Aster Guardians Global Nursing Award has been able to create. What started as an initiative to recognise the outstanding contribution of nurses worldwide has now emerged as a movement encouraging people to acknowledge the contribution of nurses to their lives and society. As we look forward to the next edition of the award, we hope more nurses will come forward to share their stories and inspire the youth to consider a long-term successful career in Nursing.”

Ms. Alisha Moopen, Deputy Managing Director, Aster DM Healthcare said, “All nurses have incredible stories to tell, and we feel honoured to be able to provide a platform like Aster Guardians Global Nursing Award, which has been able to celebrate and cascade some of these deserving stories to the world. I cannot imagine a single day in healthcare without these nurses pushing boundaries of care delivery and ensuring the well-being of their patients.”

The other nine finalists included Dida Jirma Bulle from Kenya; Francis Michael Fernando from United Kingdom; Jasmine Mohammed Sharaf from United Arab Emirates; Julia Dorothy Downing from United Kingdom; Lincy Padicala Joseph from India, Manju Dhandapani from India; Matthew James Ball from Australia; Rachel Abraham Joseph from United States and Wais Mohammad Qarani from Afghanistan.

Source: Emirates News Agency

DUBAI, Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, stressed the need to include all sectors and segments of society in designing and implementing climate efforts and advancing sustainable development to safeguard the future of humanity in light of the devastating impacts of climate change.

During her participation in the activities of the first day of the May Ministerial Meeting on Implementation, held in the Danish capital, Copenhagen, Almheiri said, “The UAE is keen to involve all public and private sector stakeholders in developing and executing strategies for tackling the causes of climate change and strengthening adaptation capabilities. The UAE Net Zero by 2050 Strategic Initiative views sectoral participation in defining and raising national climate ambitions as a main priority.”

Speaking at the first panel discussion, entitled ‘Adapting to the Impacts of Climate Change’, she explained, “Based on its model of transforming challenges into opportunities, the UAE focuses on driving sustainable socio-economic development while protecting the environment and stepping up climate action, and the private sector is a crucial partner in these efforts.”

Almheiri pointed out that global estimates confirm that investing in strengthening adaptation capabilities makes sound economic sense, as it reduces and possibly eliminates the costs of dealing with losses and damages caused by the impacts of climate change in the future. She added that to encourage such forward-looking investments, the UAE has introduced several enabling national policies and initiatives, including the UAE Sustainable Finance Framework, the Dubai Declaration on Sustainable Finance, and the Abu Dhabi Sustainable Finance Declaration.

In a session on ‘Avoiding, Minimising and Addressing Loss and Damage’, Almheiri said, “The effectiveness of climate change mitigation measures can be boosted by conducting extensive studies and assessments and developing climate action models specific to each country and region. As part of the National Climate Change Adaptation Programme, we have undertaken an assessment of climate risks in four priority sectors – energy, infrastructure, health, and the environment – and we are currently developing sectoral action plans to adapt to these risks.”

She added, “We aim to work closely with our regional partners, particularly Egypt – the host of COP27 – to share expertise, identify common goals, and explore areas of collaboration to build climate resilience capacities in the Middle East and Africa.”

Almheiri presented several strategic initiatives launched by the UAE with the aim of mitigating the impacts of climate change at the local level and enhancing adaptation capabilities, including increasing its mangrove-planting target from 30 million to 100 million by 2030. Mangrove forests protect coasts from rising sea levels and storm surges, serve as effective carbon sinks, and provide critical habitats for biodiversity. In addition, she highlighted the country’s role in fast-tracking the clean energy transition by driving the deployment of renewable energy solutions locally and globally.

The final session of the first day, ‘Reducing emissions and keeping 1.5 C alive’, included discussions about implementing the requirements of the Glasgow Pact and raising the ambitions of the Nationally Determined Contributions (NDCs) to limit global warming to 1.5 C. Almheiri outlined the UAE’s experience that involves increasing its greenhouse gas (GHG) emission reduction target in its second NDC, submitted in December 2020, and launching the UAE Net Zero by 2050 Strategic Initiative.

She said, “Improving access to finance, accelerating technology adoption, and promoting innovation are the most important enablers that contribute to achieving a qualitative shift to enhance climate efforts and reduce emissions to limit global warming to 1.5 C.”

Running from 12th to 13th May, the May Ministerial Meeting on Implementation provides an open platform for ministerial discussions on climate in preparation for the 27th UN Climate Change Conference (COP27) that will take place in Egypt in November 2022. The event is hosted by Denmark and co-chaired by the UK and Egypt as the respective current and incoming COP presidencies.

Source: Emirates News Agency

DUBAI, Dubai’s Roads and Transport Authority (RTA) is making every effort to enhance the sustainability of all services and operations. The drive is part of efforts to provide vital support to the Dubai Government’s efforts to make Dubai the most sustainable and happiest city in the world.

The CEO of RTA’s Rail Agency Abdul Mohsin Kalbat, said, “We are endeavouring to achieve record levels of sustainability across all metro and tram operations and elated facilities. The operation of the metro and tram requires meticulous plans and processes in line with the top global standards of the industry to ensure the highest rates of quality, health, safety and environment (QHSE) and enhance the sustainability of operations. Such a drive is also compatible with RTA’s vision to become ‘The World Leader in Seamless & Sustainable Mobility’.”

“The Rail Agency is currently engaged in delivering a host of sustainability projects and initiatives in collaboration with Keolis-MHI, the operator of the Dubai Metro and Tram. These initiatives include paper recycling to match the digital transformation of Dubai Metro and Tram operations. In a record period, the agency managed to recycle about 8,622 tonnes of paper, equivalent to 146 trees,” he commented.

To make headway in the treatment and recycling of waste, a pilot phase is being launched to treat and recycle 50 to 80 percent of the waste of Dubai Metro and Tram stations. The project aims to enhance Dubai’s environmental strategy, boost the recycling rates, implement the highest international standards of sustainability, and support Dubai’s efforts to achieve zero waste by 2030. This pilot phase to treat and recycle stations waste is being undertaken in Centrepoint, Burjuman, Gold Souq and Al Jaddaf Metro stations as well as the Marina and Al Sufouh Tram stations.

As for power-saving, initiatives LED lighting is used to rationalise the power consumption hence saving 1,161,596 watts/hour, equivalent to savings of AED553,173.

Source: Emirates News Agency