Day: November 14, 2022

Dubai, UAE: Dubai Chambers has signed a memorandum of understanding (MoU) with the Community Development Authority (CDA), which will see the two entities share knowledge and align efforts in the area of corporate social responsibility, in addition to mobilising private sector companies to boost their social impact.

The MoU was signed by Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, and H.E. Ahmad Abdul Kareem Jalfar, Director General of Community Development Authority (CDA).

The agreement aims to involve the business community to play a bigger role in CSR efforts that meet the needs of society and support sustainable social development.

Mohammad Ali Rashed Lootah noted that the agreement supports Dubai Chambers’ commitment to coordinating efforts in promoting a culture of CSR within Dubai’s business community in line with the vision of our wise leadership to drive the emirate’s sustainable development.

He stressed the importance of integrating social responsibility as part of corporate strategies and cultures, adding Dubai Chambers continues to raise awareness of the business benefits of CSR, as well as best practices in this area.

H.E. Ahmad Abdul Kareem Jalfar said: “We are pleased to cooperate with the Dubai Chambers to consolidate a culture of social responsibility among private sector institutions operating in the emirate and to develop regulatory frameworks that facilitate the contribution of these companies to support the wheel of sustainable development in Dubai. We expect this cooperation to enhance spreading the culture of social responsibility and directing the efforts of companies’ initiatives in the right direction that is in the interest of the members of community.

Collaborating with the Dubai Chambers allows us to reach a large and important sector of Dubai community key players in sustainability, and increasing the awareness of CDA services and programs, such as Dubai Volunteer Program, in which success development are strongly linked to partnership with voluntary bodies”, he added.

The MoU identified several areas of cooperation between Dubai Chambers and the CDA, including exchange of experiences in the field of social responsibility, encouraging continuous learning, and proposing solutions to current and future challenges, CDA support to corporate volunteering initiatives led by Dubai Chambers, in addition to proposing joint awareness plans and programs to strengthen the role of companies in promoting CSR.

Source: Dubai Chamber of Commerce & Industry

DUBAI, Etihad Credit Insurance (ECI) held its third meeting in 2022, chaired by Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of ECI.

The meeting focused on the review of a series of ECI’s comprehensive programmes and initiatives, which are aligned with the National Agenda of bolstering the UAE’s non-oil foreign trade and increasing national exports by 50 percent over the next few years as part of the ‘Projects of the 50’.

During the meeting, Al Marri commended ECI’s relentless commitment to protecting foreign investments of local businesses and its efforts to enhance UAE exports, ensuring their access to new international markets, which cements the unique position of the UAE in the international trade map.

He continued, “With the support and directives of our wise leadership, The UAE has achieved significant milestones at the regional and global levels, establishing its position as a leading hub of trade and investment in the region. We continue our efforts to expand and diversify our economy by improving the competitiveness of the business environment with a special focus on emerging industries and SMEs and enabling them to launch from the UAE and prepare them to expand and compete in the global markets.

“Etihad Credit Insurance plays a major role in supporting this national vision ensuring the growth of domestic trade and businesses, as well as meeting the requirements of sustainable economic development by contributing substantially to various government initiatives such as ‘Make in the Emirates’ and ‘Operation 300 billion projects.”

He was also briefed on ECI’s exceptional performance in the first nine months of 2022. As of September 2022, ECI facilitated more than AED6.3 billion in value, equivalent to AED16.6 billion non-oil trade total guaranteed exposure to businesses located in the UAE that have exported to 111 countries.

With the complete support and guidance of the government, ECI has by far issued 7,936 revolving credit guarantees. These state-backed guarantees helped to protect and create 50,000 jobs by supporting companies, 72 percent of which were SMEs.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI Board of Directors, said, “With the forward-looking vision of the wise leadership, Etihad Credit Insurance has been one of the major catalysts in reaching a historical performance in the UAE non-oil foreign trade. The Federal export credit company is pivotal in our trade expansion strategy by supporting the growth of local businesses, as a great stimulus in job creation and contributing to the doubling of the country’s economy by 2030.”

Omar Ahmed Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, said, “The recent surge in UAE’s non-oil trade is a testament to Etihad Credit Insurance’s proactive approach toward economic diversification and sustainable development. Facilitating local businesses’ easy access to an innovative range of export insurance and financing solutions, ECI helps businesses of any size and scale to grow overseas. This would immensely help in enhancing the value and demand for Made in UAE products in the global markets.”

The Board of Directors meeting was also attended by Sameh Al Qubaisi, Director-General of Economic Affairs at Abu Dhabi Department of Economic Development; Saeed Mohammed Al Awadi, Chief Executive Officer of Dubai Industries and Exports; Marwan Ahmed Al Ali, Director General of Ajman’s Department of Finance; H.H. Sheikh Omar bin Saqr Al Qasimi, Executive Director of the Investment and Development Office Ras Al Khaimah; Ahmed Salem Al Yamahi, Deputy Director of Fujairah’s Department of Finance; Omar Mohamed Al-Humaidi, Director of Anti-Injurious Practices Department at Ministry of Economy; Amer Abdul Rahim Kazem, Head of Internal Audit at Emirates NBD; Raja Mohammed Al Mazrouei, Executive Vice President at Fintech Hive; and Massimo Falcioni, CEO of ECI.

Source: Emirates News Agency

ABU DHABI, The UAE has risen as a global hub for forecasting the future of the media industry worldwide, after putting in decades-worth of efforts to host and actively contribute to the success of international events and forums in the sector, and be home to the head offices of some of the world’s largest and most prestigious media institutions.

Global Media Congress

As it prepares to host the inaugural edition of the Global Media Congress (GMC), which will begin on Tuesday, the UAE is continuing to add success stories to its track record and expanding its pivotal role in reshaping the contemporary media landscape and nipping future challenges in the bud, through launching a series of annual global events and platforms for boosting knowledge and experience exchange and international cooperation.

Held under the patronage of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, the GMC, a first-of-its-kind event in the region, will see industry decision-makers, thought leaders, experts, and specialists come together from around the world to shape the sector’s future.

Serving as a global ‘brainstorming space’, the Congress will feature over 1,200 professionals, specialists and influencers representing 6 continents, across more than 30 panel discussions and a series of workshops, offering insights from over 162 prominent international speakers, as well as showcases presented by over 170 prominent media outlets and companies representing 29 countries.

The Global Media Congress, which is organised by ADNEC Group in partnership with the Emirates News Agency (WAM), comprises a conference and exhibition, providing opportunities for various media institutions to discuss partnerships and cooperation in promoting for developing the media landscape to better serve humanity and drive prosperity worldwide through offering rich, highly credible and entertaining content.

Holding the event in the capital, Abu Dhabi, confirms that the UAE’s status as a global mastermind of ambitious initiatives and sustainable solutions to the challenges facing the global media industry, and optimising its capabilities in producing and disseminating top-notch news and media content.

Over the past years, international events such as the Arab Media Forum in Dubai, the Abu Dhabi Media Summit, and the International Government Communication Forum (IGCF) in Sharjah have contributed to highlighting the influential role that the UAE plays in crystalising the future of media in all its forms, as well as the success of the country’s media zones in luring in the most important and prestigious media institutions in the world, enabling them to operate and innovate at the highest levels.

Arab Media Forum

Last month, the Arab Media Forum, hosted annually by Dubai, celebrated the 20th anniversary of its inception, during which it emerged as a valuable and effective dialogue platform focused on analysing the situation of media on the Arab arena and its connection to the surrounding transformations at the regional and international levels. It also contributed to advancing the development of Arabic media, starting from the UAE.

The report “A Look at Arab Media” was one of the most important contributions that the Forum served in advancing the media development process in the region, due to the large number of facts and figures it contained, which constituted an important and comprehensive professional reference for all parties concerned with media in the Arab region.

The Forum Awards, with its three themes, “Arab Journalism Award”, “TV Award” and “Digital Media Award”, each of which includes independent categories with a total of 13 categories, in addition to the “Media Personality of the Year” award, played a prominent role in stimulating excellence and creativity.

IGCF

The International Government Communication Forum (IGCF), one of the initiatives organised annually by the Sharjah Government Media Office, is the region’s largest gathering concerned with discussing global best practices in government communication.

The forum is keen to develop a reliable platform for dialogue on the best methods used in global government communication, in order to improve government performance and methods of communication between governments and the public.

Since its first session in 2012, the Forum has succeeded in building a new intellectual system for the benefit of government institutions and workers in the communication sector, not only in the UAE and the Arab region, but also at the global arena.

Abu Dhabi Media Summit

The Abu Dhabi Media Summit, whose first edition was held in March 2010, was an unprecedented gathering of eminent personalities and pioneering companies leading the transition to a new, fully connected world.

The event featured a unique blend of plenary sessions and private discussions, in the presence of major global leaders in the media sector alongside their peers in emerging markets.

The summit focused on the most prominent trends in the regional and global media industry, and how to take advantage of the opportunities that have emerged in the digital age, among other topics, in the presence of many international pioneers of media, digital content and innovation.

Media Cities and Zones

Media cities in the UAE have succeeded in attracting local, regional and international media project owners, encouraging them to establish headquarters in the country, and to contribute to providing technical innovations and experiences in various forms of visual, audio, print and digital content.

The country includes several free media zones that provide invigorating advantages for investors in the field of media, including full ownership, a tax-free environment, ease of registration and high-level establishment services.

Source: Emirates News Agency

DUBAI, Dubai’s Roads and Transport Authority (RTA) is offering 350 fancy number plates of 3, 4 and 5 digits for private and vintage vehicles as well as motorbikes bearing (A-B-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V) codes. Plates on offer at this 69th online auction are topped by the super numbers (A 8187) and (V 2234).

Registration of bidders for this online auction starts on Monday 14th Nov 2022 and the bidding kicks off at 08:00 am on Monday 21st Nov 2022 for five days only.

The selling of licensing plates in this auction is subject to a 5% VAT. Each bidder is required to have a Traffic File opened in Dubai, deposit a security cheque amounting to AED5,000 made to RTA, and pay a non-refundable participation fee of AED120. Payment can be made at Customers Happiness Centres at Umm Al Ramool, Al Barsha or Deira, by credit card via (www.rta.ae), or via the Dubai Drive app.

Online auctions are particularly appealing to as they offer fans the liberty of selecting their fancied plates in a hassle-free environment. Moreover, the auction contributes to enhancing the online service offering of RTA as part of its annual plans for upgrading the processing of customer transactions.

Source: Emirates News Agency

DUBAI, Emaar Properties has announced continued growth in the first nine-month profitability, recording a revenue of AED18.9 billion ($ 5.1 billion) supported by the uptrend of the Dubai property market and continued growth in recurring revenue businesses.

Announcing the results for the January to September period, Emaar said its EBITDA hit AED8.4 billion ($2.3 billion), up 47% over last year, while its net profit for the period surged 124% to AED5.8 billion ($1.6 billion) as a result of sustained revenue, improved margins and greater control on costs.

On its three-month period results, Emaar said the ebitda and net profit increased by 12% and 46% respectively to AED2.3 billion ($626 million) and AED1.5 billion ($408 million) compared to similar period during last year.

The Dubai developer had successfully launched many projects both in the UAE and international markets. Led by new project launches and continued focus on sale of units in under-construction projects, Emaar has recorded highest ever group property sales of AED26.9 billion ($7.3 billion) during 9 months in 2022.

Property sales backlog of Emaar reached to AED 51.9 billion ($14.1 billion), which will be recognized as revenue in the coming years.

Emaar has also announced notable strategic transactions in the third quarter which reinforce the company’s strategy to focus on core pillars of the business and provide sustained long-term financial return and shareholder benefits.

The proposal to purchase Dubai Creek Harbour for an overall consideration of AED7.5 billion ($2 billion), to be paid equally in cash and shares of Emaar Properties PJSC, was approved by the Board of Directors as well as the shareholders in the general meeting.

The Board of Directors as well as shareholders of Emaar Properties have also approved the sale of Namshi to Noon for a total cash consideration of AED1.2 billion ($335 million), representing an excess of AED127 million ($35 million) over the total investment in Namshi.

An Emaar spokesperson said: “Q3 was another strong period for Emaar as we continue to build on momentum generated in the first half of the year. The strategic measures put in place following the pandemic are seeing fruition as all parts of the company benefit from increased consumer confidence and activity, particularly in the real estate market.”

“As we move into Q4 2022, we are confident of a further uplift in our malls, hospitality, and retail assets as we head into the winter months and see a boost to the tourism and retail sectors,” he added.

Emaar said its integrated masterplan developments remain popular with both domestic and foreign investors thanks to the company’s longstanding reputation for customer focus, superior design, construction quality, and innovation across its market segments – Emaar Development; Emaar International; Malls Management and Hospitality, Leisure & Entertainment.

Emaar Development

Emaar Development, the UAE build-to-sell property development business, majority-owned by Emaar Properties, maintained strong property sales momentum in Dubai in Q3 and recorded 9M 2022 property sale of AED 23.2 billion ($6.3 billion), 11 per cent higher than same period in 2021.

Emaar Development reported 9M 2022 revenue of AED9.3 billion ($2.5 billion) and recorded an EBITDA of AED3.3 billion ($898 million).

Emaar International

Emaar’s international real estate operations recorded property sales of AED3.7 billion ($1 billion) for 9M 2022 and contributed revenue of AED 3.2 billion ($871 million), representing 17 per cent of Emaar’s total revenue. The performance of international operations was led by successful operations in Egypt and India.

Emaar Malls Management

Emaar Malls Management, the wholly-owned shopping malls and retail arm of Emaar, recorded 24 per cent growth in 9M 2022 revenue compared to same period last year, reaching AED4 billion ($1.1 billion).

Emaar Mall Management achieved 9M 2022 EBITDA of AED2.4 billion ($653 million), 47% higher than 9M 2021. All the assets of Emaar Mall Management have achieved record tenant sales during 9M 2022, surpassing 2019 pre-Covid tenant sales. Leasing occupancy of Emaar Malls Management’s assets stands at 96 per cent.

Dubai Hills Mall, unveiled this February, features an unmatched selection of retail, dining, and entertainment concepts has in no time became an iconic lifestyle destination. As at the end of September 2022, the Dubai Hills Mall was leased 87 per cent.

Hospitality, Leisure & Entertainment

The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED2.4 billion ($653 million) for 9M 2022, up 78% over last year.

Emaar’s hotels in the UAE, including joint ventures and managed hotels, achieved strong ADRs with average occupancy levels of 67 per cent during 9M 2022, providing further proof of robust post-pandemic recovery.

Emaar said its recurring revenue-generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved a revenue of AED6.3 billion ($1.7 billion) for the nine-month period recording a growth of 40% compared to same period last year. These businesses represent a 33 per cent Emaar’s total revenue.

Source: Emirates News Agency