Day: August 8, 2022

NEW DELHI, Buyer-seller meets in the UAE on agricultural and food products with registered geographical indication (GI) tags, a week-long mango festival in Bahrain, and an international buyer-seller meet in Ladakh attended by buyers from Dubai and Oman helped boost India’s export of these items by 31 percent in April to June, the first quarter of this financial year.

According to data released by India’s Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of agricultural and food products increased to US$7,408 million from April to June 2022 from US$ 5,663 million over the same period of the last fiscal year. The export target for this quarter was fixed at $5,890 million, which has been exceeded.

“Organised in collaboration with the Union Territory of Ladakh, the international buyer-seller meet was aimed at boosting exports of apricots from Ladakh in particular. Eighteen entrepreneurs from Ladakh, Jammu and Kashmir displayed a range of apricots and other farm products to attract buyers from the Gulf,” the DGCI&S said.

The GI tag is described by the United Nations World Intellectual Property Organisation as belonging to products “that have a specific geographical origin and possess qualities or a reputation that are due to that origin”.

At the mango festival in Bahrain, 34 varieties of mangoes from India’s eastern states of West Bengal, Bihar, Jharkhand, and Odisha, were displayed, according to the DGCI&S.

Source: Emirates News Agency

DUBAI, The Dubai International Financial Centre (DIFC) announced the launch of the first Global Family Business and Private Wealth Centre (Centre) in the region and worldwide.

DIFC is the first financial centre in the world to create a unique offering at a time when an estimated AED3.67 trillion ($1 trillion) in assets will be transferred to the next generation in the Middle East during the next decade.

The initiative aligns with the UAE Government’s commitment to support family businesses, which continue to play a prominent role in accelerating the growth of the country’s economy. It is estimated that only 20 percent of family businesses are managed by the third generation in the Middle East. It is crucial to educate those who face challenges related to governance, succession, ownership, wealth, family dynamics and strategy to ensure a solid family business and long-term success.

The initiative is in line with DIFC’s 2030 Strategy objectives, which will enable DIFC to double in size and its economic contribution to Dubai’s GDP. The strategy also supports sustained economic growth and further differentiates Dubai as a global hub for leading financial institutions and businesses.

The Centre will bring together global family-owned businesses, ultra-high net worth individuals (UHNWIs) and Private Wealth in one hub to help preserve and grow the sector and provide access to a full range of support services to enable robust legacy and succession planning. The Centre is also expected to attract family businesses and UHNWIs from the region and globally to establish a presence in Dubai.

Operating on an independent basis, the Centre’s extensive remit will include providing advisory and concierge services; education and training; outreach and high-end networking; undertaking research and issuing publications and providing dispute resolution assistance. Additionally, accreditation will be granted to businesses and advisors in alignment with DIFC’s rigorous standards. This will provide confidence to family businesses and wealthy individuals who need to leverage the expertise of a range of partners to make strategic decisions.

Members will also benefit from being part of the region’s largest financial ecosystem, DIFC’s common law framework, legal and regulatory infrastructure and flexible range of business structures.

Essa Kazim, Governor of DIFC, said, “Aligning with the UAE Government’s commitment to helping family businesses play a prominent role in our society, DIFC is pleased to be launching the world’s first Family Business and Private Wealth Centre. The UAE has a vast number of family businesses, owned by citizens and residents who contribute to the country’s economy. In the next decade, those families and others in the Middle East are expected to transfer AED3.67 trillion to the next generation, which illustrates the urgent need to provide them with specialist, consolidated support to help them grow.”

Dr. Tarek Hajjiri, appointed CEO for the Global Family Business and Private Wealth Centre, added, “The launch of the Global Family Business and Private Wealth Centre is another key milestone in the development of DIFC’s wealth and asset management sector. In addition, it embodies DIFC’s long-term commitment to offering quality private wealth management services at par with global standards. The new Centre will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth, family dynamics and strategy. Our role is crucial to ensure the long-term growth of family businesses.”

The Global Family Business and Private Wealth Centre has been approved by the DIFC Authority Board of Directors and due to launch on 1st September, 2022.

Source: Emirates News Agency

DUBAI, The Board of Directors at Emirates Health Services (EHS) presented three major transformational projects worth AED53.7 million that are scheduled to be completed by December 2022, as part of its efforts to adhere to the government work methodology the UAE Cabinet had introduced in January 2022.

The Board also discussed the progress that has been made towards implementing these projects, namely, Community Mental Health, Virtual Healthcare using Metaverse (Metahealth), and the Integrated Revenue Cycle Management System.

The EHS Board of Directors met in the presence of its Chairman, Dr. Mohamed Salim Al-Olama, and EHS Director-General Dr. Yousif Mohamed AlSerkal, along with the members of the board, to discuss the three projects, in addition to a series of issues and projects.

Dr. Al-Olama said, “Emirates Health Services is committed to being among the first government entities to implement the transformational projects approach since its nationwide launch. We strive to significantly advance the health services we provide by embracing advanced technologies, developing treatment protocols, and abiding by the highest standards of medical services, in line with the UAE’s leading position on the global health map.”

“The strategy we have developed is in line with government policies and consistent with national strategies, which seek to develop government operations, drive digital transformation in the health services sector, meet the highest international standards, and embrace the latest in advanced medical technology,” he added.

Dr. AlSerkal, said, “The meeting of the EHS Board of Directors sought to discuss the implementation of the three projects and set plans and specific timelines for them, in line with Emirates Health Services’ vision to be a world leader in providing the highest standards of health services, as well as to improve quality of life for people with proactive and integrated health and treatment services. We aim to establish a health system equipped with the latest advanced health and treatment technologies, and a work environment that prioritises professionalism, competencies, and talent.”

Community Mental Health is a pioneering venture that aims to strengthen community mental health services, including prevention, treatment, rehabilitation, and enhancing quality of life for individuals, in accordance with international best practices.

The project’s goals include opening specialised units for mental health services, in partnership with the private sector, including “Halfway Villas” – the first of their kind in the Middle East – as well as a network of digital mental health clinics and a mental health counselling hotline (‘Speak We Are Listening’).

Also on the list of goals was the expansion of community mental health services by opening and operating specialised mental health units in primary healthcare centres and hospitals. The project is expected to increase the number of beneficiaries from digital mental health clinics, in addition to enhancing patients’ commitment to treatment plans.

Virtual Healthcare using Metaverse (Metahealth) will make Emirates Health Services the first health authority in the world to launch health services in the Metaverse. The objective from the project is to develop healthcare services and improve customer experience, by taking advantage of the advanced 3D, virtual reality, and Metaverse technologies, to offer virtual medical consultations through smart devices and expand access to health services provided by EHS.

Integrated Revenue Cycle Management System is set to streamline integration with the health insurance system, enhance financial efficiency, strengthen future prospects of partnership and investment with the private sector, and connect the system with various payment channels to facilitate payment for health services.

Emirates Health Services aims to develop a digital RCM system and implement it in a number of its health facilities by the end of 2022, in addition to creating new channels for paying health services fees, which will be made available to customers, in collaboration with a bank that operates in the UAE. The project is expected to enhance financial efficiency and boost revenues related to medical services.

Source: Emirates News Agency

ABU DHABI, International Holding Company PJSC (IHC), a diversified Abu Dhabi-based conglomerate, has posted new record profits in the first half of 2022, as the company continues its aggressive investment strategy through a focused, high-conviction approach, targeting local and international business acquisitions with sustainable earnings and cash flow growth.

The solid business performance across all IHC subsidiaries has resulted in a significant strengthening of the conglomerate’s balance sheet, as revenue grew by 121 percent to AED21.93 billion in the first six months of 2022, compared to the same period last year, while net profit rose 137 percent to AED10.35 billion as compared to H1 2021.

IHC’s strategic acquisition of companies in H1 2022 had a positive impact on the organisation’s net worth, as the total assets exceeded the company liabilities increasing from AED88.98 billion by the end of 31st December, 2021, to AED163.69 billion at the end of 30th June, 2022, an immense 84 percent growth.

Syed Basar Shueb, IHC’s Chief Executive Officer, commented, “There remains much to be done to capture our strategy’s full potential, strengthening the group’s performance even further, as other mega acquisition deals present themselves in the second half of this year, locally and globally. It will continue for many quarters.”

“Despite ongoing global market volatility, this first half performance demonstrated the versatility of IHC’s portfolio as the Group’s net profit reached AED10.35 billion in the second quarter of 2022, rising 137 percent as compared to June 2021, as a result of major strategic acquisitions and subsidiaries solid performance, while Revenue increased 121 percent to AED21.93 billion for the six months as compared to same period in the previous year,” he added.

In its strategic investments toward a stellar performance, IHC Invested AED7.3 billion (US$2 billion) in the Indian conglomerate Adani Group, and Acquired 70 percent stake in Arena, the global event structures and services company. As per a May filing, IHC invested another AED92 million (US$25 million) into SpaceX, and bought a 25 percent share in the Dubai-based trading company Invictus.

Moreover, the company’s board has approved the acquisition of three new companies, Cyber Gate, Reach, and Emircon, subject to the authority’s approval.

While IHC continues to deliver on its strategic growth plans, expanding its portfolio to 372 subsidiaries, an increase of 49 up from 323 in Q1 2022, the workforce is now measuring 52,345 employees, growing by over 30,000 since the first quarter of last year. “Before you can even think about your company’s growth trajectory, you need a solid team to help you achieve your goals,” Shueb said.

Source: Emirates News Agency

DUBAI, Dubai real estate market recorded 376 sales transactions worth AED897.38 million, in addition to 122 mortgage deals of AED704.22 million, and 13 gift deals amounting to AED23.3 million on Monday, data released by Dubai’s Land Department (DLD) showed.

The sales included 298 villas and apartments worth AED602.04 million, and 78 land plots worth AED295.34 million, while mortgages included 92 villas and apartments worth AED226.63 million and 30 land plots valued at AED477.59 million, bringing the total realty transactions of today to over AED1.6 billion.

Source: Emirates News Agency