Day: November 22, 2022

DUBAI, Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), welcomed a high-level delegation from Johnson Controls International, headed by George Oliver, Chairman and CEO.

The meeting was attended by Waleed bin Salman, Executive Vice President of Business Development and Excellence at DEWA, and Marwan bin Haidar, Executive Vice President of Innovation and The Future at DEWA.

The visit aimed to enhance cooperation between the two organisations in line with DEWA’s efforts to support the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power production capacity from clean energy sources by 2050. It also supports the objectives of Digital DEWA to promote clean and renewable energy production and provide the best digital services based on Artificial Intelligence (AI).

During the meeting, Al Tayer noted that the cooperation with Johnson Controls supports DEWA’s work to establish a global benchmark for buildings that achieve a balance between development and the environment by monitoring energy efficiency using AI.

Johnson Controls has been a strategic partner for Digital DEWA’s subsidiary Moro Hub (Data Hub Integrated Solutions LLC), working on ambitious initiatives, including implementing pioneering technologies in Al Shera’a Building, DEWA’s new headquarters.

Source: Emirates News Agency

DUBAI, Etihad Credit Insurance (ECI), the UAE Federal export credit company, has been assigned ‘AA-‘ (Very Strong) ratings for the fourth consecutive year by Fitch Ratings, reflecting ECI’s role in supporting the diversification of the UAE economy.

ECI’s Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating (IDR) were both affirmed at ‘AA-‘ (Very Strong) with Stable Outlooks.

The primary driver for these robust ratings is ECI’s strategic governmental function in the promotion of UAE’s non-oil exports and strategic sectors’ development to achieve the country’s economic agenda.

Other key drivers include ECI’s government ownership; its very strong capitalisation with no debt under its capital structure, as well as its prudent investments, strong reinsurance programme; and profitable underwriting.

Abdullah bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said, “This positive rating reflects the confidence of the international organisations and global rating agencies to the UAE in general, and it also confirms the credit worthiness of the company, the strength of its financial position and its role in enhancing the UAE’s reputation and competitiveness of its exports in the foreign market.”

He explained that ECI is one of the main drivers for diversifying and developing the UAE non-oil exports and enhancing its ability to expand into new markets implementing the vision of the wise leadership, objectives of the ‘Projects of the 50’, and the pillars of the UAE Centennial 2071.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI Board of Directors, said, “This accomplishment is a testament to the continued high level of confidence from the global industry stakeholders in the UAE’s export credit agency. By protecting UAE-based companies in the non-oil sector against non-payment, as well as supporting SMEs, ECI has been contributing to a series of national initiatives such as ‘Operation 300bn’ and ‘Make it in the Emirates’— which was launched as part of the Project of the 50—with the aim of strengthening the country’s position as a leading industrial hub.”

Massimo Falcioni, CEO of ECI, said,“On behalf of the ECI Management, I would like to express my immense gratefulness to the ECI Board of Directors for their trust and guidance, and my commendations to ECI management and the whole team’s collective efforts, without which we would not have been able to achieve these very strong ratings for the fourth consecutive year.”

“From a macro perspective, this reinforces the UAE’s astounding economic achievements and developments in recent years—which continue to attract significant foreign direct investments. From a micro perspective, these favourable ratings help businesses access funds with lower premiums and without having to go through lengthy evaluations by credit facilities. This in turn creates a vibrant business ecosystem, which is vital to the country’s prosperity and progress,” Falcioni added.

As of September 2022, ECI facilitated more than AED6.3 billion trade guarantees in value, equivalent to AED16.6 billion support to non-oil trade businesses in the UAE, which has exported to 111 countries benefiting 15 growth sectors such as logistics, heavy industry, construction and building materials, food and beverage, electrical equipment and electronics, petrochemicals and chemicals, packaging, innovation and e-services, machinery and equipment, financial services, agricultural, rubber and plastic, metal industry, pharma healthcare, renewable energy, and advanced manufacturing.

These insurance guarantees covered AED8.3 billion in international non-oil export and re-export, AED8.3 billion in the domestic non-oil trade of UAE exporters’ clients, AED1.2 billion in medium/long-term non-oil export and AED10.6 billion equity investments abroad covering political risk.

The Fitch Rating results reinforce ECI’s crucial role in helping the UAE achieve record-breaking non-oil foreign trade growth of AED1.053 trillion in the first half of 2022.

Source: Emirates News Agency

DUBAI, The University of Birmingham and Dubai Academic Health Corporation (DAHC) have partnered to explore research and education collaborations that will support the emirate’s strategic healthcare vision.

Dr. Amer Sharif, CEO of DAHC and President of Mohammed Bin Rashid University of Medicine and Health Sciences, and University of Birmingham Vice-Chancellor and Principal Professor Adam Tickell recently signed a Memorandum of Understanding (MoU) at DAHC’s headquarters in Dubai.

Under the MoU, experts from both institutions will work collectively on research projects to address local and regional needs, supporting DACH’s vision to advance health for humanity

The MoU will also create professional development opportunities, facilitate undergraduate and postgraduate student exchanges, and provide PhD co-supervision opportunities.

The University of Birmingham and DAHC will establish a joint steering group to develop partnership priorities, which could include mental health, health economics, advanced practice in healthcare, bioinformatics, and health data science.

Dr. Amer Sharif said, “We believe that sustainable and scalable change can only happen when the right partners come together. Our partnership with the University of Birmingham is founded on a shared commitment of academic excellence and scientific discovery in service of DAHC’s ‘Patient First’ mission. Combining expertise and resources will drive improvements in quality-driven, evidence-based, patient-centric care.”

Professor Adam Tickell commented, “We are justifiably proud of our expertise in clinical medical research and healthcare training. This understanding marks the start of an exciting period of collaboration between the University of Birmingham and Dubai Academic Health Corporation. As a global university with a civic outlook, we are committed to playing our part in supporting Dubai as it drives health and well-being progress through knowledge and innovation.”

Source: Emirates News Agency

ABU DHABI, Masdar, one of the world’s leading renewable energy companies, has signed a joint development agreement (JDA) with Turkmenenergo State Power Corporation of the Ministry of Energy of Turkmenistan (Turkmenenergo), to develop a 100 megawatt (MWac) solar photovoltaic (PV) plant, which will be the company’s first project in Turkmenistan.

The JDA signing was witnessed by Serdar Berdymukhammedov, President of Turkmenistan, and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. The agreement was signed by Masdar Chief Executive Officer Mohammed Jameel Al Ramahi and Charymurat Purchekov, Deputy Chairman of the Cabinet of Ministers of Turkmenistan, at a ceremony held at the UAE-Turkmenistan Business Forum in Abu Dhabi. Turkmenenergo is the state authority responsible for the generation, transmission, and distribution of electricity in Turkmenistan.

The agreement builds on a Memorandum of Understanding (MoU) signed between Masdar and the Turkmenistan government in October 2021 to explore the development of and investment in solar and wind power projects in Turkmenistan on a public-private partnership (PPP) basis.

Deputy Chairman of the Cabinet of Ministers of Turkmenistan Charymurat Purchekov said, “Today, we have signed a Joint Development Agreement for a 100 MW solar power project with the world-famous Masdar company of the United Arab Emirates. We hope that this document will mark the beginning of a new stage in the development of the electric power industry of Turkmenistan through the construction of solar and wind power plants, in which this company has accumulated a large and rich experience. We thank Masdar for entering such an important agreement with us and look forward to long-term cooperation.”

Masdar Chief Executive Officer Mohammed Jameel Al Ramahi said, “As a global leader in renewable energy with many projects across Central Asia, Masdar has the right expertise and experience needed to support Turkmenistan’s development of its renewable energy sector. We welcome the signing of the JDA and hope the 100 MWac project will be the first of many Masdar projects in Turkmenistan.”

Turkmenistan is looking to modernise its energy infrastructure and reduce its dependence on hydrocarbons. While the nation has one of the largest gas reserves in the world, it also has multiple natural advantages for developing renewable energy resources, with abundant annual sunlight levels, and strong wind currents.

The original MoU was signed in a ceremony held at the Leadership Pavilion at Expo 2020 Dubai, in the presence of Gurbanguly Berdymukhammedov, President of the Republic of Turkmenistan, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the United Arab Emirates and Minister of Presidential Affairs.

Source: Emirates News Agency

DUBAI, Dubai Airports has upped again its annual forecast for passenger traffic at Dubai International (DXB) to 64.3 million following a strong performance by the hub in the third quarter, and the prospects of a stronger surge in the offing in the final three months of 2022.

DXB started the second half of the year with a bang, with average monthly traffic exceeding the 6-million mark throughout the third quarter. The hub recorded 18.5 million passengers in Q3, the first time that quarterly traffic reached pre-pandemic levels since 2020. DXB had recorded 17.8 million passengers in the first quarter of 2020 prior to the pandemic.

“The growth in passenger traffic has been terrific throughout the year and continues to exceed our expectations by a margin. While we are thrilled with the numbers, what really gives us immense satisfaction is how the airport community is working together like a well-oiled machine to keep raising the bar on service quality. Our collaborative approach and service transformation initiatives are making a tangible difference in the happiness of our customers, and that remains our ultimate measure of success,” said Paul Griffiths, CEO of Dubai Airports.

Passenger volumes at DXB recorded a triple digit surge in the third quarter to reach 18,455,938, propelling the year-to-date September traffic to 46,340,826 passengers, a year-on-year (YoY) increase of 167.6 percent. The YTD traffic volume represents 72 percent of DXB’s pre-pandemic passenger traffic during the same period in 2019.

Impacted by the moving of all major freight operators from DXB back to Dubai World Central (DWC) in March, Cargo continued to register a softening of demand in Q3. DXB recorded 397,676 tonnes of freight in the Q3, bringing the total volume for the first nine months of 2022 to 1,307,691 tonnes, a YoY drop of 23.3 percent.

Flight movements in Q3 surged to 98,577 at DXB, propelling the number of flight movements recorded between January and September to 274,911, up 159.5 percent YoY.

India was DXB’s top country destination in terms of traffic volume, recording 6.8 million passengers in the first nine months of the year. Saudi Arabia was placed second with 3.4m passengers followed by the UK (3.2m passengers) and Pakistan (2.7m passengers). Other country markets of note were the US and Australia with 2.2m and 1.1m in passenger traffic respectively. The top three cities by traffic were London (2m passengers), Riyadh (1.5m) and Mumbai (1.3m).

Source: Emirates News Agency