Day: August 3, 2022

The 8th World Green Economy Summit (WGES) discusses several themes such as energy, finance, food security, youth, and other topics that accelerate the transition towards a green economy and drive sustainable development.

WGES focuses on decarbonising energy systems; the environmental, social and corporate governance strategy; mobilising investment for green growth; promoting sustainable transport and mobility networks; future-proofing the built environment; developing innovative technologies to support low-carbon transition; robust and resilient value chains; and engaging the next generation in making net zero a reality.

Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organization (WGEO) are organising the summit under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on 28 and 29 September 2022 at the Dubai World Trade Centre.

“The objectives of WGES align with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum on the need to achieve a balance between economic growth and the sustainability of natural and environmental resources. WGES also supports the efforts of the UAE to host the 28th Conference of the Parties by the United Nations Framework Convention on Climate Change (COP28) at the Dubai Expo City in 2023. It also supports the UAE’s efforts to achieve the United Nations Sustainable Development Goals 2030 (SDGs), the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050. Since its launch in 2014, WGES has made significant development and achievements by adopting policies, plans and initiatives to enhance international cooperation between participants from business leaders and global experts from the public and private sectors,” said HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of DEWA and Chairman of the World Green Economy Summit.

“There is an urgent need to make rapid, radical, and comprehensive changes in energy distribution worldwide and the mechanisms of capital flow. It is also important to rethink the transport sector and reduce waste as well as strengthen collaboration between societies and individuals to build a sustainable future, and find sustainable solutions for challenges that concern the world. WGES is a strategic platform for supporting international collaboration in fighting global challenges and promoting sustainable development as well as investments in the green economy and adopting effective policies, plans, and initiatives in this regard,” added Al Tayer.

WGES will bring together intellectuals, government institutions, and major corporates as well as leaders of sustainability funding from around the world. This is to exchange best practices and explore the green and fair economy theoretically and practically. WGES will engage all society members and empower youth to play an influential role in creating a sustainable future.

Source: Dubai Electricity and Water Authority

DUBAI, Dubai real estate market recorded 310 sales transactions worth AED668.1 million, in addition to 86 mortgage deals of AED163.78 million, and 18 gift deals amounting to AED56.24 million on Wednesday, data released by Dubai’s Land Department (DLD) showed.

The sales included 250 villas and apartments worth AED450.41 million, and 60 land plots worth AED217.69 million, while mortgages included 72 villas and apartments worth AED116.92 million and 14 land plots valued at AED46.85 million, bringing the total realty transactions of today to over AED888 million.

Source: Emirates News Agency

Dubai, UAE – The Centre for Responsible Business – part of the Dubai Chamber of Commerce – reported a record 58% growth in the number of participants joining its activities in the first half of 2022, with a total of 6,017 individuals taking part in 16 different events, up from 3,819 in the same period last year.

The numbers reflect the growing role that the Centre plays in promoting Corporate Social Responsibility (CSR), sustainability, and responsible practices in the private sector across the emirate.

On the same note, members of the Dubai Chamber of Commerce Sustainability Network grew to 79 in the first half of 2022, and in the same period, the Centre for Responsible Business received 44 applications for the Dubai Chamber of Commerce CSR Label, granting 23 new ones, all of which were smart digital Labels that covered the Workplace, Marketplace, Community and Environment impact areas. The Dubai Chamber of Commerce CSR Label recognises responsible and sustainable practices by companies operating in Dubai, and the wider region, in a bid to support their growth and their role in enhancing economic, social and environmental wellbeing.

H.E. Hamad Buamim, President and CEO of Dubai Chambers, said: “The figures issued by the Centre for Responsible Business reflect the tremendous efforts on the part of the Dubai Chamber of Commerce to promote the concept of giving back to the community and encourage companies operating in Dubai to play a more responsible role towards society, strive to have a positive impact, and upskill their employees.”

“The Chambers is committed to supporting the business environment in Dubai,” H.E. added. “To that end, we continue to launch creative initiatives that enable companies to more easily implement CSR programmes, as well as sustainable and responsible practices, to serve the Chambers’ strategies and reaffirm Dubai’s position as a global centre for trade.”

In the first half of 2022, the Centre launched the ‘Give and Gain 2022’ campaign, as part of its efforts to promote a culture of CSR in the emirate. The campaign aimed to support volunteer programmes for 26 community partners and 42 corporate members. The 95 volunteering activities supported by the campaign brought together over 4,800 employees this year, who collected donations of books, stationery, clothes, and furniture, among others.

Participants also led efforts to recycle electronic waste, paper, plastic, and metals, in addition to providing meals and hygiene supplies for construction workers and families in need. Additionally, the campaign included organising training courses and workshops in collaboration with schools and universities across the country.

For more than 17 years, the Dubai Chamber of Commerce’s Centre for Responsible Business has been working to promote corporate social responsibility (CSR) and the concept of giving back to the community in the UAE. The Centre enlists some of the best international experts to assist companies operating in Dubai in implementing responsible practices that enhance their performance and competitiveness. It also organises prominent events and provides research, training, evaluation, and advisory services designed to promote CSR.

Source: Dubai Chamber of Commerce & Industry

DUBAI, Dubai’s Tecom Group, a member of the Dubai Holding group, today announced its financial results for the second quarter (Q2) and first half (H1) ending 30th June, 2022.

Revenue for the first six months of 2022 increased 15.8 percent year-on-year (YoY) to AED989 million on increase in occupancy rates across Commercial and Industrial properties and strong revenue growth from the business and value-added service segment.

The EBITDA, or the earnings before interest, taxes, depreciation, and amortisation, for the first six months of 2022 grew 22.4 percent YoY to AED723 million on top line growth and enhanced operational efficiencies across all business segments, which helped the margin improvement.

H1 2022 net profit jumped 43.4 percent YoY to AED428 million due to aforementioned double-digit growth in revenue, enhanced operational efficiencies and also due to lower total financing costs. The Company is sustaining a strong net profit growth momentum, with Q2 net profit increasing 54.1 percent YoY and 24.7 percent quarter-on-quarter (QoQ) to AED237 million.

Funds from operations1 was AED1.11 billion over the last twelve months (Q3 2021 – Q2 2022) on continued improvement in business conditions and continued high levels of customer retention.

The net debt to EBITDA ratio has improved to 2.7x, owing to the Company’s hedging strategy against rising interest rates.

Abdulla Belhoul, Chief Executive Officer of TECOM Group, said, “Our strong performance in the first half of the year builds on our solid performance in 2021 and underscores the strength of our well-balanced business model and the resilience of our diversified portfolio of quality, strategically located assets and value-added services.” ”At the end of the period, the consolidated occupancy level at our operating assets was 82 percent, an encouraging increase from the 78 percent at the end of December 2021, reflecting positive business sentiment of our over 7,800 customers and reinforces our leadership position in Dubai. Our performance also reflects the constructive demand-supply dynamics of the commercial and industrial real estate market.” ”We are optimistic in our ability to sustain a steady increase in our occupancy levels and high customer retention levels for the upcoming period. This will add further stability to our revenue and cash flow for the midterm. Furthermore, our well-defined strategy for growth will enable us to take advantage of a broad spectrum of growth drivers from secular trends pertaining to each of the six vital sectors we cater to. Our scale, resilient financial performance through various market cycles, strategic land bank, experienced team, and current strong leverage position will enable us to swiftly capture those opportunities, further supporting long-term sustainable growth and helping to unlock additional value for our shareholders,” he added.

Source: Emirates News Agency