Day: November 8, 2022

ABU DHABI, Abu Dhabi National Insurance Company (ADNIC) reported its financial results for the nine-month period ended 30th September 2022, announcing a net profit was AED267.6 million, net technical profit of AED173.8 million, and net investment and other income of AED93.8 million.

Commenting on ADNIC’s performance, Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said, “ADNIC has delivered solid top-line growth with gross written premiums growing by 32.4% to AED4.29 billion with strong net profit. The performance was driven by robust growth in the commercial division of 50.7%, and stable growth in consumer lines of 10.0% despite pricing pressure and strong competition.”

“Our expense management continues to be robust and growth in expenses of 12.2% is lower than premium growth. We continue to make investments in new technologies and capabilities in the digital space. Sustainability will remain a key pillar of ADNIC’s strategy moving forward, and we will continue to ensure sustainable operation and practices across our business, community and the environment in which we operate.”

“I would like to thank all our partners and stakeholders for their continuous support that helps ADNIC be one of the UAE’s most trusted insurers. We are grateful for the guidance received by the UAE’s leadership and extend our sincere gratitude to President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.”

Ahmad Idris, CEO of ADNIC, said, ” Our hard work is reflected by various recognitions and ratings assigned to the company in the past period. AM Best affirmed the Financial Strength Rating of “A” (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of ADNIC with a stable outlook. ADNIC is also rated “A” with stable outlook by Standard & Poor’s.”

He added, “We remain committed to engaging strongly with all stakeholders with our various initiatives in areas including Emiratisation, health & wellbeing, climate change and giving back to the local community. The ADNIC team is developing strategies to contribute to Abu Dhabi and the UAE’s transition to net-zero by 2050.”

Source: Emirates News Agency

DUBAI, DP World has signed a lease and collaboration agreement with UAE-based food producer IFFCO, for an edible oil packing plant in the Berbera Economic Zone (BEZ) in Somaliland.

IFFCO’s subsidiary, IFFCO Somaliland signed a 25-year lease with BEZ to develop a 300,000-square-foot packing facility, with future expansion plans covering another 300,000 square feet. Once complete, the first phase of the edible oil plant will create hundreds of jobs for local Somaliland citizens. Construction will start in the first half of 2023.

The agreement was signed in Dubai by Suhail Albanna, CEO & Managing Director of DP World, Middle East & Africa, and IFFCO’s Executive Director, Rizwan Ahmed.

DP World is developing the BEZ after investing in the Port of Berbera to create an integrated maritime, logistics, and industrial hub to serve the Horn of Africa, a dynamic, ever-evolving region with a population of more than 140 million people, with a strategic location along major trade sea lanes and land routes.

Modelled on Jebel Ali Free Zone (Jafza), DP World’s flagship Free Zone in Dubai, the BEZ has been developed around a customer-centric ecosystem, where DP World is not only developing the zone, but will also operate the one-stop shop for company registration and licensing services as well as offer logistics services and build to suit services. This ecosystem also leverages on the synergies with Jebel Ali Free Zone (Jafza), where on the one hand, companies can register their companies through the Jafza one-stop shop, while on the other hand, Berbera Economic Zone companies can avail of the Jafza incubation centre services. DP World’s portfolio of economic zones such as BEZ will bring our Jafza customers in closer proximity to their markets.

Suhail Albanna, CEO and Managing Director of DP World Middle East & Africa, said, “We are delighted to welcome a major multinational company like IFFCO to the Berbera Economic Zone. The decision by IFFCO to set up a plant is a major vote of confidence in the zone and a testament to our offerings. In fact, with the port, the economic zone and the one-stop-shop all under DP World, it will be like a home away from home for Dubai-based customers such as IFFCO. The zone will also have a positive impact on the local and regional economy by creating jobs and attracting more foreign direct investment to Somaliland.”

Shiraz Allana, Director and supervisory board member of IFFCO, said, “IFFCO continues to invest in the future of food and supply chains globally. We currently operate 95 facilities, including several port-based manufacturing facilities worldwide. This partnership with DP World demonstrates our commitment to the UAE’s national food security strategy and facilitating global food trade. It also further enhances access to African consumer bases quickly and more efficiently. IFFCO’s team will build exceptional infrastructure to help deliver a seamless flow of trade from the ground up.”

Source: Emirates News Agency

DUBAI, Emirates has announced a firm order for 5 new Boeing 777-200LR freighter aircraft, with 2 units to be delivered in 2024 and the remaining 3 units in 2025.

The agreement, worth over US$1.7 billion at list prices, takes the airline’s total order book to 200 wide-body aircraft.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, said, “Emirates is investing in new freighters so that we can continue to serve customer demand with the latest fuel-efficient aircraft. This order reflects Emirates’ confidence in air freight demand and overall aviation sector growth. It lays the ground for our continued growth, which is driven by the reach of our diverse global network, the advanced handling infrastructure at our Dubai hub, and the tailored transport solutions that Emirates has developed to serve our varied customers’ needs.”

Stan Deal, President and Chief Executive Officer, Boeing Commercial Airplanes, said, “We value the trust that Emirates has repeatedly placed in its all-Boeing freighter fleet. The expansion of Emirates’ fleet with these additional fuel-efficient 777 Freighters will enable the airline to support its growing cargo market demand, transporting goods rapidly and efficiently from origin to destination in the Middle East and around the world.”

At last November’s Dubai Airshow, Emirates announced a US$1 billion investment to expand its air cargo capacity, including 2 new 777Fs which have already joined the Emirates fleet in 2022, and plans to convert 10 Boeing 777-300ERs into freighter aircraft. The aircraft conversion work is scheduled to begin in 2023.

Emirates was the launch customer for the Boeing 777 freighter. The versatile aircraft has since become core to the airline’s operations, operating scheduled and charter missions to destinations across six continents. The 777-F’s range and payload capabilities allow Emirates to efficiently transport time and temperature sensitive shipments from origin to destination – whether it is time critical goods, fresh products, medicines, pets, cars or champion racehorses.

Emirates currently operates a fleet of 11 Boeing 777 freighters, in addition to bellyhold cargo capacity on its fleet of widebody 777 and A380 passenger aircraft. Emirates Skycargo is one of the world’s largest air cargo carriers, offering a range of tailored solutions for its customers’ requirements.

Source: Emirates News Agency

DUBAI, Nakheel today announced that it has secured AED17 billion in strategic financing deal to drive its new phase of growth. This includes refinancing of AED11 billion, and additional funds of AED 6 billion. The finance will be utilised to accelerate the development of its new projects including Dubai Islands and other large waterfront projects.

The refinancing of AED11 billion has been secured through a syndicate of three banks, Mashreq Bank, Dubai Islamic Bank and Emirates NBD demonstrating strong financial foundations and long-term growth prospects of the company.

A Nakheel spokesperson said the transactions will further strengthen its financial position, and reflects the confidence of the banking institutions in the strategic new focus of the company. “Dubai’s real estate sector is recording robust growth, driven by regulatory reforms, such as the issuance of long-term visas, and a buoyant economy supported by the robust growth of retail, leisure and hospitality. As Dubai’s pioneering master-developer with high-performing assets in these core economic sectors, we are entering a new phase of growth placing our customers at the heart of everything we do. This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touch points.”

Nakheel’s residential retail and hospitality assets have recorded excellent growth despite the challenges of the pandemic. The company’s fiscal focus, highlighted by efficient management of resources and a stable retail and hospitality portfolio, has gained the trust of its customers and financial institutions. Over the past two years, Nakheel has also invested in building a strong assets portfolio and pipeline of new developments which will deliver consistent revenue growth in future years, and support the goals of the Dubai 2040 Urban Master Plan and ensure the health, wellbeing and happiness of citizens, residents and visitors.

Source: Emirates News Agency