Day: June 17, 2022

RAS AL KHAIMAH, A delegation from the Ministry of Industry and Advanced Technology (MoIAT) has visited Gulf Pharmaceuticals Industries (Julphar) in Ras Al Khaimah, to learn about the significant breakthroughs and the recent achievements in the healthcare sector that Julphar is witnessing, including its recognition as one of the world’s largest producers of Raw Insulin material.

The delegation, led by Omar Ahmed Suwaina Al Suwaidi, Under-Secretary of MoIAT, and Abdullah Al Shamsi, Assistant Under-Secretary for the Industrial Development Sector, discusses various innovative industrial future collaborations, ensuring an environment that enhances the sector’s success based on the pillars of innovation, sustainability, and future foresight. The delegation was received by Dr. Essam Mohamed, Julphar CEO, alongside several Julphar senior executives.

The visit is part of the Ministry’s efforts to maintain strong, direct ties with its local partners in the priority national industrial sectors, including the health care sector. This outreach includes discussions on ways to provide additional facilities for projects that support partners’ strategic plans and enhance the UAE’s industrial sector in line with the UAE’s national strategy for industry and advanced technology.

During the visit to Julphar’s headquarter in Ras Al Khaimah, Al Suwaidi and his accompanying delegation were briefed on the recent achievements of the UAE-Based local manufacturer and its future strategic growth plans.

Dr. Essam Mohamed, Julphar’s CEO, outlined the company’s business, expansion opportunities, the success of its turnaround programme in only two years, and Julphar’s mission to provide market-leading pharmaceutical products to local and international consumers.

The delegation also toured the headquarters of Julphar and visited the 12 state-of-the-art manufacturing facilities, including the Insulin manufacturing facility, the first of its kind facility in the MENA region that produces nearly 1,200 kg/y of Insulin from API, or around 40 million vials of Insulin, which is enough to serve the region’s total need of Insulin.

Julphar announced its Strategy 2030 to drive transformation through sustainable growth and deliver enhanced value for all stakeholders. The announcement came after the company completed one of the most remarkable turnaround stories in the region’s pharma sector and marked a return to profit in 2021 with robust top-line growth.

Source: Emirates News Agency

DUBAI, The real estate and properties transactions were valued at AED6.7 billion in total during the week ending Friday, 17th June. The sum of transactions was 2,423, data released by Dubai’s Land Department (DLD) showed.

The sales included 213 plots sold for AED1.03 billion, as well as 1,652 apartments and villas sold for AED3.8 billion.

The top three transactions were a land in Palm Jumeirah sold for AED53.85 million, followed by a land sold for AED45.1 million in Al Barsha First, and a land sold for AED53.85 million in Palm Jumeirah in third place.

Al Hebiah Fifth recorded the most transactions this week with 75 sales transactions worth AED161.08 million, followed by Jabal Ali First with 37 sales transactions worth AED122.87 million, and Al Merkadh with 30 sales transactions worth AED301 million in third place.

The top three transfers for apartments and villas were an apartment was sold for AED436 million in Marsa Dubai, an apartment was second in the list sold for AED431 million in Burj Khalifa, and thirdly an apartment sold for AED428 million in Palm Jumeirah.

The sum of mortgaged properties for the week was AED1.67 billion, with the highest being a land in Al Karama for AED182 million.

A hundred properties were granted between first-degree relatives worth AED235 million.

Source: Emirates News Agency

DUBAI, The UAE’s continued efforts to improve gender diversity in the boardroom have led to more women holding board positions this year (8.9 percent), up from 3.5 percent in 2020, according to research undertaken by Aurora50, a social enterprise working towards gender parity in GCC boardrooms, and Mohammed Bin Rashid School of Government.

In a first-of-its-kind study undertaken in the GCC, the report interviewed 16 women with independent board directorships to understand key steps that aspiring women board directors can proactively take throughout their careers to reach non-executive board roles.

The report, “Non-executive Board Careers in the UAE: A Path to Gender Balance,” revealed that 77 of the 868 board seats from the 115 listed companies on the Abu Dhabi Securities Exchange and the Dubai Financial Market are now held by women. The boost to women on boards in the UAE follows the Securities and Commodities Authority setting a quota last year mandating all listed companies in the UAE to appoint at least one woman to their boards.

Diana Wilde, co-founder of Aurora50, said, “It is excellent to see such progress being made in boardrooms across the UAE, but we know there is a lot more that can be done to accelerate the pace of change. We hope this report will help women in the region to confidently make their way to the top.”

“It is vital now that boards embracing greater diversity must also ensure they do so through inclusive leadership to reap the rewards of higher performance and profitability,” Wilde added.

Fatema Al Nuaimi, Chief Executive Officer for ADNOC LNG, said, “ADNOC is committed to supporting gender balance and helping women develop, grow and excel in their careers, which is why we are proud to have collaborated with Aurora50. This important research provides better insight and actionable recommendations to further accelerate gender diversity on boards in support of the national gender balance agenda.”

Al Nuaimi is one of ADNOC Group’s three female chief executives, and the energy company has committed to ensuring at least one woman sits on the board of every ADNOC Group company by the end of 2022. Currently, 16 women sit on its 18 boards. ADNOC has its own gender balance committee and women’s leadership development programme, and it was Aurora50’s first corporate client.

Dr. Maryam Buti Alsuwaidi, Chief Executive Officer of UAE Capital Markets regulatory authority, the Securities and Commodities Authority, said, “I am delighted by the news that over two years, the market has seen a growth in the number of board seats held by women. Now 59.1 percent of listed companies have at least one woman board member and 8.9 percent of all board members of listed companies being women.”

Source: Emirates News Agency

DUBAI, Dubai’s Tecom Group, a member of the Dubai Holding group, opened on Thursday an initial public offering (IPO) listing part of its ordinary shares for trading on the Dubai Financial Market (DFM).

This aligns with the strategy of the Dubai Securities and Exchange Higher Committee, which seeks to list a group of major successful government and semi-governmental companies in the financial markets to double the value of Dubai’s Financial Markets to reach AED3 trillion during the coming period.

Tecom Group, which own, manage and operate ten business districts across Dubai, will float 625,000,000 ordinary shares, representing 12.5 percent of group’s issued share capital.

The group is known for its leading position in the field of business parks across Dubai. It owns and operates a portfolio of distinguished real estate assets of high quality and flexibility, and provides competitive work environments that focuses on the ease of doing business within attractive regulatory frameworks and supported by value-added services.

The Group benefits from a strong and stable financial position supported by a strong portfolio that generates stable and high-quality returns and cash flows, relying on a management team of specialists and experienced people that adopts highest standards of governance and sustainability.

The group which benefits from its association with Dubai Holding, recorded significant achievements from 2021 to the first quarter of 2022, including the opening of regional headquarters for major international companies, prominent universities and academic institutions, and research and development centres.

Tecom Group represents a top choice for a number of global and regional companies, such as Google, CNN, Unilever, among many others, in addition to a number of small and medium enterprises.

The qualified institutional offering and the exempt offer subscription period started on 16th June 2022, while the retail offer subscription period runs from 16th until 23rd June. Anticipated date for admission of shares on the DFM is 5th July.

Tecom Group intends to adopt a semi-annual dividend distribution policy to pay dividends in cash after the offering in October and April of each year, subject to requisite approvals. The company expects to pay a dividend amount of AED800 million per annum over the next three years (up until October 2025), at an annual rate ranging from 6 to 6.5 percent.

Source: Emirates News Agency