Day: November 29, 2022

YAOUNDÉ, Cameroon, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has led an Emirati delegation of business, investment, and development leaders, including Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, to Cameroon to explore opportunities and strengthen UAE-Cameroon ties.

During the visit, Al Zeyoudi held numerous talks on Cameroon’s ambitious growth plans and current logistics and infrastructure needs, including meetings with Ferdinand Ngoh Ngoh, Minister of State and Secretary General at the Presidency of the Republic; Luc-Magloire Mbarga Atangana, Minister of Commerce; and Gaston Eloundou Essomba, Minister of Energy and Water.

These discussions highlighted the Cameroon government’s pledge to increase the contribution of renewables to 25 percent of the country’s energy mix by 2035, as well as its hydropower generation potential, which ranks as the third highest on the African continent.

Al Zeyoudi highlighted the significant potential for enhanced UAE-Cameroon ties and underscored the value of such visits to the UAE’s foreign trade and investment agenda. “Cameroon is an emerging and ambitious economy, and it is evident that there is considerable scope to extend bilateral trade and enhance investment flows into priority sectors such as renewable energy, technology and logistics,” he said.

“The UAE invested US$1.2 billion in Sub-Saharan Africa between January 2016 and July 2021, and this visit has underlined the significant opportunity that exists in Cameroon. I am confident we have created an important platform for future collaboration between the public and private sectors while underlining the role the UAE plays as a launchpad for African companies seeking to expand into global markets,” he added.

Al Shorafa, in turn, stated, “The UAE can play a role as a global gateway for Cameroon and the West Africa region, helping to open greater access to expanding trade routes for both new and established markets. There is huge potential for Abu Dhabi to further deepen ties, increase trade flows, and accelerate investments between our countries.

“This visit further cements our commitment to expanding our economic and trade relationships with essential markets. We look forward to continuing to establish ways of fostering long-term, mutually beneficial and sustainable partnerships across key sectors, such as agriculture, logistics, renewable energy and telecommunication.”

Economic ties between the UAE and Cameroon have been growing steadily in recent years, with non-oil trade reaching $406 million in the first nine months of 2022, an increase of 5.7 percent over the same period in 2021 and 113 percent over the same period in 2020.

The UAE delegation also included Mohammed Haji Al Khouri, Director-General of the Khalifa bin Zayed Al Nahyan Foundation; Rashid Salem Al Shamsi, Director of the Development Cooperation Department at the Ministry of Foreign Affairs and International Cooperation; Yousef Tahnoun, Deputy Chairman of the Umm Al Quwain Chamber of Commerce and Industry; Abdelsalam Mohammed Al Ali, Commercial Attaché at the UAE Permanent Mission to the UN in Geneva; Ahmed Al Kalbani, Chief Economist at the Abu Dhabi Fund for Development; and Walid Mohammed Al Falahi, Chief Executive Officer of the Dubai Consultancy and UAE Trade Centre.

Source: Emirates News Agency

DUBAI, Dubai real estate market recorded 277 sales transactions worth AED686.28 million, in addition 90 mortgage deals of AED274.88 million, and 6 gift deals amounting to AED28.06 million on Tuesday, data released by the Dubai’s Land Department (DLD) showed.

The sales included 252 villas and apartments worth AED513.6 million, and 25 land plots worth AED172.68 million, while mortgages included 77 villas and apartments worth AED240.88 million and 13 land plots valued at AED34 million, bringing the total realty transactions of today to over AED989 million.

Source: Emirates News Agency

DUBAI, The Dubai Chamber of Commerce, one of three chambers operating under Dubai Chambers, announced the establishment of two new business groups, which are “The Bottled Water Business Group” and “Circular Packaging Association”.

As part of its efforts to enhance the private sector’s contributions to the emirate’s economy, the Dubai Chamber of Commerce launched the new business groups within the framework of its plans to increase the number of business groups that represent economic sectors and activities in the Emirate of Dubai, and ultimately, to ensure all industries and economic activities are represented to boost their competitiveness and drive Dubai’s growth.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “The establishment of new business groups forms part of our plan to develop the private sector’s contribution to sustainable development, boost the business community’s competitiveness and its ability to innovate in the face of challenges, and empower the private sector to play a part in drawing up policies and legislation that drive growth across various economic sectors and activities.”

Lootah highlighted the importance of business groups as representatives and reliable advocates for their respective sectors, emphasising their role in recommending policy changes to improve a sector’s competitiveness and attractiveness while promoting international best practices and supporting economic growth.

“The Chamber is pushing forward with its plans to increase the number of economic sectors and activities represented by business groups to 100. This reflects the diversity and agility of the emirate’s economy, as well as the Chamber’s commitment to fulfilling the wise leadership’s vision to consolidate Dubai’s position as a global capital of finance and business.

“Our objective is to unify efforts from all companies operating in these two sectors and serving their interests, all in an effort to achieve the objectives, visions, strategies, and economic development plans that Dubai has announced, in addition to strengthening partnerships between the public and private sectors, and providing added value to all stakeholders,” Lootah added.

Chaired by Priya Sarma Mathur, Senior Sustainability Head at Unilever Middle East and Türkiye, the Circular Packaging Association aims to play a part in implementing the UAE Circular Economy Policy 2021-2031, as well as to enhance consumer awareness about the importance of sustainable packaging and provide insight and recommendations on legislation and policies related to sustainable packaging at the federal and local levels.

Meanwhile, the Bottled Water Business Group focuses on promoting and developing the sector’s practices in accordance with international best practices in sustainability, in a way that protects the environment and enhances Dubai’s reputation as a sustainable and eco-friendly destination.

The Group also aims to develop sustainable solutions, in collaboration with partners in the business community, to improve the water bottling and distribution network in a safe and sustainable manner that cuts carbon emissions and helps shape a prosperous future for the sector.

Business groups play an important role in promoting and supporting economic growth in Dubai, as they are a key component of the business community and contribute to advancing commercial and investment activity in the emirate, by supporting the development of capacities and expertise, while enhancing the competitive advantage of Dubai’s business community.

There are currently 30 business groups operating under the umbrella of the Dubai Chamber of Commerce, representing various economic sectors and activities.

Source: Emirates News Agency

ABU DHABI, The Non-performing Debt Relief Fund has announced that 17 banks and financial institutions have waived the debts of 1,214 Emirati citizens, with a total value of more than AED536,230,000. The announcement comes in implementation of the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the follow-up of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court ahead of the country’s 51st National Day.

The seventeen banks and institutions are: First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, RAKBANK, HSBC, Dubai Islamic Bank, National Bank of Fujairah, United Arab Bank, Sharjah Islamic Bank, Commercial Bank of Dubai, Amlak Finance, Standard Chartered, Al Masraf, Emirates Islamic Bank, and National Bank of Umm Al Qaiwain (NBQ).

The Non-performing Debt Relief Fund will settle the money owed for Emiratis.

Jabr Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said that the waiver falls within the UAE leadership’s keenness to ensure a decent life for all UAE Nationals.

Source: Emirates News Agency

DUBAI, The Dubai Financial Market (DFM) today welcomed the listing of shares of Taaleem Holdings Group PJSC (Taaleem), one of the largest education service providers in the UAE with a portfolio of 26 schools and more than 27,000 students. The new listing marks another milestone in a momentous year for DFM through the public offering and listing of five leading government-related and private companies. The momentum also underscores the success of the strategic plan for the development of Dubai’s capital markets and the quality and integration of the Emirate’s capital markets infrastructure.

To celebrate the listing, Khalid Al Tayer, Chairman of Taaleem, rang DFM market opening bell in the presence of His Excellency Helal Al Marri, Chairman of DFM, Alan Williamson, CEO of Taaleem Group and Hamed Ali, CEO of DFM and Nasdaq Dubai among several other officials.

Taaleem’s shares began trading under the symbol “TAALEEM”, following the successful public offering which raised AED 750 million, giving Taaleem a market capitalization of AED 3 billion on admission and a share price of AED 3.00.

The offering saw strong investor demand with oversubscription of 18 times and a total of AED 13.7 billion in orders, a clear testament to the attractiveness of the offering and the company’s business model. Taaleem’s listing significantly deepens the UAE’s capital markets by offering access to a publicly traded pure education play for the first time in the UAE. The company’s shares trade within the Consumer Discretionary Sector.

Commenting on Taaleem’s successful listing, the Chairman of Taaleem’s Board of Directors, Khalid Al Tayer, said: “Today’s listing on DFM is a significant and exciting occasion for Taaleem as the business embarks on a new chapter as a public company. The significant interest shown in the IPO from local and international investors with the offering oversubscribed 18 times and total demand of AED 13.7 billion, demonstrates the strong faith investors have in both Taaleem’s business story and Dubai’s capital markets. We are grateful to DFM for providing us with the platform to list on one of the world’s most dynamic and thriving exchanges. I would like to welcome all our new shareholders as we focus on creating long-term value for our investors and the UAE’s education sector.”

Helal Al Marri, Chairman of DFM, said: “The listing of Taaleem underscores the continuous successes of Dubai’s ambitious strategy to develop its capital markets under the supervision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. DFM’s world class infrastructure and regulations in line with best practices has streamlined the rapid and efficient implementation of numerous initiatives as part of this strategy with IPOs at the forefront. Furthermore, DFM has intensified its efforts to diversify asset classes by introducing the trading of crude oil contracts as well as additional equity futures, strengthening its position as one of the leading regional markets in terms of diversification of investment opportunities and asset classes. Through these numerous initiatives, DFM is well-prepared for sustainable growth.”

Taaleem’s Chief Executive Officer, Alan Williamson, added: “We are extremely proud today to celebrate Taaleem’s successful listing on DFM. The strong demand for our IPO is testament to our robust investment story and our dynamic roadmap for future growth. Looking ahead, our mission at Taaleem remains unchanged: to be the most respected provider of early childhood, primary and secondary education in the region. With the AED 750 million raised in the IPO, we are excited to expand our premium K-12 offering through the launch of four new schools in prime locations in Dubai and Abu Dhabi, enabling us to educate and inspire the next generation of students.

“The UAE’s premium K-12 schools’ market is expected to see robust growth over the coming years, driven by favourable macroeconomics and governmental policies. Taaleem, with its strong reputation for delivering high quality education at an affordable price point, is uniquely positioned to capture this opportunity with its track record of developing successful greenfield projects in the UAE’s premium education segment.”

DFM’s market capitalization increased 29% in 2022 to date to AED 579.7 billion owing to the significant impact of the new listings as well as the improved performance of listed securities, which pushed total trade value up 33% to AED 82 billion.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “DFM is pleased to welcome the listing of Taaleem Group’s shares, as a further testament on its attractiveness and ability to provide world-class financial market services to both government-related and private companies. The new listings, including Taaleem from the education sector, one of Dubai’s most significant and rapidly growing sectors, further diversify investment opportunities and depth of the market. DFM has also witnessed unprecedented momentum in attracting new investors. The market has also onboarded a group of leading international Trading Members, General Clearing Members and Market Makers, in a strong push to our endeavors to attract more investments, boost market liquidity and trading activities.”

DFM applied no price limits on the shares during the first day of trading, as they will be applied from the second day of listing.

Source: Emirates News Agency