Day: August 4, 2022

ABU DHABI, Abu Dhabi Islamic Bank (ADIB), in collaboration with DIFC FinTech Hive hosted a “speed meeting” session for the sixth consecutive year. The session aimed at meeting shortlisted participants of the first sprint of the FinTech Accelerator programme 2022, to evaluate how their solutions can integrate within ADIB operations.

This year, eight FinTech startups from various countries were given the opportunity to pitch their ideas and engage in collaborative discussions with ADIB management and digital banking experts. The topics of discussion included Islamic FinTech, RegTech, Payments, Fraud Risk, and Gamification.

These startups may continue to explore different avenues for collaboration with ADIB as a means of adding to the Bank’s evolving digital offerings.

Mamoun T. Alhomssey, Chief Information Officer at ADIB, said, “Our partnership with Fintech Hive has always been a deeply enriching one. Meeting with driven and imaginative FinTechs is conducive to creating an environment where inventive ideas can flourish, and boundaries are pushed.”

FinTech Hive is a first-of-its-kind accelerator launched by the Dubai International Financial Centre to promote the FinTech ecosystem in the Middle East, Africa, and South Asia. The renewed partnership reflects ADIB’s continued support for the DIFC FinTech Accelerator programme.

Source: Emirates News Agency

DUBAI, Dubai Aerospace Enterprise (DAE) Ltd today has reported an increase of 186 percent in its profit for the first six months of this year, reaching US$140.1 million.

According to the company’s financial results, cash flows from operating activities increased by 36 percent to $678.5 million.

The company reported available liquidity of US$2.7 billion, saying that its new capital commitments for aircraft purchases was $750 million.

DAE said that it signed a new aircraft management mandate to acquire and manage up to $1.75 billion of aircraft assets.

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our financial results are reflective of the strength of DAE’s franchise despite emerging macroeconomic headwinds. Air travel demand continues to be strong and all leading indicators continue to point to a strong summer season for our airline customers.”

Source: Emirates News Agency

DUBAI, Amanat Holdings has announced its financial results for the first six months of this year, reporting an adjusted net profit of AED67.4 million, a 7 percent increase on the AED63.1 million reported in the same period of 2021.

On an adjusted basis, excluding the prior year’s gain on sale and trading results from divested entities, the Company recorded a total income of AED96.7 million, an increase of 14 percent on the AED85.1 million recorded in H1 2021.

Commenting on the results, Amanat’s Chairman Hamad Abdulla Alshamsi said, “In the first half of 2022, we have seen steady growth across our portfolio companies which is reflected in our bottom line. With expansions underway across CMRC, MDX, NEMA, and Sukoon, we are excited for the phase ahead where we see Amanat capitalising on further growth opportunities in addition to deploying capital into assets that complement our existing platforms.

“Despite global economic concerns, Amanat remains well positioned to continue to deliver on its strategic growth objectives supported by its geographic and sector focus,” he added.

Amanat’s Chief Executive Officer Dr. Mohamad Hamade, said, “We have witnessed our portfolio companies continue to demonstrate resilience while strengthening their positioning as market leaders. Following NEMA Holding’s acquisition of LCT and KIC, Amanat approved the Cambridge Medical and Rehabilitation Centre expansion plan in KSA and UAE.

“Additionally, we are studying several potential investment opportunities to further deploy capital and grow our portfolio,” he added.

In H1 2022, Amanat’s healthcare platform continued to record strong year-on-year growth delivering an income of AED27.3 million compared with AED16.0 million in H1 2021, an increase of 71 percent year-on-year.

Middlesex University Dubai reported a 13 percent year-on-year increase in income to reach AED35 million compared with AED30.9 million in 2021.

NEMA Holding (formerly Abu Dhabi University Holding Company) continued to deliver on its strategic growth plan acquiring 100 percent of Liwa College of Technology in H12022, following the acquisition of the remaining 49 percent stake in Khawarizmi International College.

Source: Emirates News Agency

DUBAI, dnata, one of the world’s largest air and travel services provider, has extended its long-standing partnership with GOL Airlines (GOL), a leading Brazilian low-cost carrier.

The extension of the contract will see dnata continue to provide a range of passenger, ramp and baggage services to the airline, ensuring a seamless airport experience for over 19 million passengers and safe and timely departure of up to 133,000 flights annually across 20 airports in Brazil.

dnata’s latest contract win cements its position as the leading ground services provider in Brazil.

David Barker, dnata’s Divisional Senior Vice President for Airport Operations, said: “We are proud to extend our successful partnership with GOL Airlines across their extensive Brazilian operations. We will continue to work hard to provide the highest level of quality and safety for the airline and its customers, every day.”

André Cruz, GOL’s COO, said: “dnata is an important partner for GOL since 2016, providing excellent services in more than 20 cities in Brazil. This extension strengthens even more our partnership and offers to our customers the best airport experience.”

dnata has recently increased its investment in Brazil to become the sole shareholder of its local subsidiary. In recent years dnata Brazil has significantly expanded its footprint in the country and currently serves more than 15 airlines at 29 airports with a team of 5,000 local aviation professionals.

David Barker added: “Our increased investment in Brazil underscores our commitment to the South American market, our highly-trained team and global customers. We see excellent growth opportunities and strong demand for our reliable and safe services across the continent. We will seize opportunities to further enhance our offering and consistently deliver world-class quality in Brazil and beyond.

“Globally, we will continue to go the extra mile to be the most admired air and travel services provider and an employer of choice in every market we operate in.”

dnata offers ground handling, cargo, travel, catering and retail services in 37 countries across six continents. In the financial year 2021-22, dnata’s customer-oriented teams handled over 527,000 aircraft turns, moved 3 million tonnes of cargo, uplifted 39.9 million meals, and recorded a total transaction value (TTV) of travel services of US$ 632 million.

Source: Emirates News Agency