Ministry of Culture and Youth’s ‘Create Theatre’ initiative receives 21 applications from 13 local theatre groups

ABU DHABI, The Ministry of Culture and Youth has announced that its recently launched ‘Create Theatre’ initiative has received 21 applications from 13 local theatre groups. The applications will benefit from the grants within the categories namely ‘Local Theatre Tours’, ‘Enhancing Capabilities and Skills’ and ‘Foreign Theatrical Performances’ at the Arab and regional level.

The ‘Local Theatre Tours’ category includes performances within the UAE and supports tours of recent productions (no more than two years old), organised by public benefit associations or theatre groups registered in the country. This category received 11 applications, five of them received financial support of AED 240,000.

The winning plays within this category included ‘Samaoun in the Time of Pharaoh’, produced by Dubai Al Ahly Theatre; ‘Kurcum and Bazara’ produced by the Kalba Association for Folklore and Theatre; ‘The Creators’ by Zayed Theatre for Talents and Youth; ‘West Play’ and ‘The Night of the Spider’s Killing’ by Dubai National Theatre.

Khorfakkan for Arts, and the Sharjah Society for Folklore and Theatre (Modern Theatre) won a grant for their play entitled ‘Brilliant without Colors’.

The other two categories received five applications each. However, grants were withheld in the ‘Enhancing Capabilities and Skills’ category as the applications did not meet the stipulated conditions, while three theatrical works were supported within the same category.

Entries in the category of ’Foreign Theatrical Performances’ were supported with financial grants amounting to AED 270,000, to participate in international festivals and Arab and regional events. The Carthage Theatre Festival had the participation of the play ‘I See You’ by Umm Al Quwain National Theatre. Sharm El Sheikh International Festival for Youth Theatre, featured two plays namely ‘Wanted for Rubbish’ produced by the Yas Culture Association Arts and ‘The Slave produced by the Dibba Association for Culture, Arts and Theatre.

In her statement, Noura bint Mohammed Al Kaabi, Minister of Culture and Youth, said, “We were keen for the initiative to keep pace with the aspirations of local playwrights and enhance their creativity. We are also looking into the needs of workers in this sector and providing them with a supportive environment that guarantees the continuity of creative work.”

“These initiatives help us achieve our vision of supporting local theatre productions and promoting them on the local and regional levels,” she added.

The Minister continued, “Theatre is an essential pillar of the cultural and creative industries, and it needs holistic development. The requests received through the initiative show the level of interest of various parties working in this sector to benefit from the incentive schemes. We shall continue to support and develop theatrical work and raise its level in order to serve creatives and spread Emirati creativity locally and internationally.”

The Ministry stipulates special criteria for selecting the entries. Grants are awarded to participate in foreign theatrical performances based on the merit and feasibility of the production, its originality and the director’s vision. Other criteria include the quality of the script, reasoned application submission, as well as the reputation of the festival in which the troupe seeks to participate. Grants for the local show tour are awarded based on the feasibility and merit of the artwork, quality of the script, how interactive and engaging it is, and the location of the tour in remote areas.

The initiative, which was recently launched by the ministry under the umbrella of the “Ibdaa” initiatives, aims to enrich the cultural and creative sectors, raise the status and importance of theatre as one of the pillars of the art sector, advance the theatrical movement in the country by providing financial and logistical support, and create a supportive environment to attract more talents and empower them. This in turn would contribute effectively to strengthening the national economy.

Source: Emirates News Agency

15 Companies, members of AmCham Abu Dhabi sign SDG 5 Pledge to accelerate women’s leadership in UAE private sector

DUBAI, Fifteen American companies, that are members of AmCham Abu Dhabi, in the UAE private sector have signed a pledge to accelerate the achievement of the Sustainable Development Goal 5 (SDG 5) to advance gender equality in the UAE’s workforce by focusing efforts on increasing the representation of women in leadership roles to ensure their full and effective participation at the highest levels of decision-making. The SDG 5 Pledge to Accelerate Women’s Leadership in the UAE Private Sector is an important public-private partnership. It is an initiative that has quickly become a milestone project for the UAE Government.

The pledge was signed on the 23rd of November during a ceremony hosted by the UAE Gender Balance Council (UAE GBC) in cooperation with the AmCham Abu Dhabi. The ceremony was attended by Shamsa Saleh, Secretary-General of the UAE GBC; Liz Beneski, Chief Executive Director AmCham Abu Dhabi, VADM (Ret.) Bob Harward, Chairman of the Board, AmCham Abu Dhabi, and Board members of AmCham Abu Dhabi; Christina Struller, Lina Lampkin, Courtney Sader, Rula Dajani as well as representatives from each of the 15 American companies in the UAE Private Sector.

Companies that signed the pledge are all members of AmCham Abu Dhabi, they include: Emerson, Accenture, L3Harris, Mediclinic Middle East, Fragomen, Boeing, Oshkosh Defense, Lockheed Martin, Raytheon, EVAP Investment LLC, Viatris, Park Hyatt Abu Dhabi, Andaz Capital Gate Abu Dhabi, Grand Hyatt Abu Dhabi, and NYU Abu Dhabi.

The companies have expressed their commitment to accelerating the achievement of SDG 5, and the signatories have expressed their pride in being part of an initiative that contributes to the UAE’s global competitiveness, reduces gender gaps, and achieves the UAE leadership’s future vision.

The signatories emphasised their commitment to working with the UAE GBC to accomplish this goal, and show their resolve to increase the share and representation of women in leadership positions by fostering a culture that encourages all employees to achieve their full potential. They are committed to taking key actions before 2025 to strengthen gender balance in leadership positions by: ensuring equal pay and fair compensation practices; promoting gender equitable recruitment and promotion; mainstreaming gender balance through policies and programs; and being transparent about progress with fellow signatories and government.

H.H. Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council, President of Dubai Women Establishment, wife of H.H. Sheikh Mansour bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Court, commended the willingness of the companies in the UAE Private sector for their determination to support the UAE’s commitment and continuous pursuit to achieve the sustainable development goals. She stressed the private sector’s pivotal role in supporting the government’s efforts to enhance gender balance in the UAE to achieve economic prosperity, social stability and sustainable growth.

H.H. Sheikha Manal bint Mohammed bin Rashid Al Maktoum said: “The UAE has always prioritised and has always strived to achieve gender balance by encouraging and providing women with opportunities to succeed. As our founding father, Sheikh Zayed Al Nahyan once said; “The woman is half of the society; any country which pursues development should not leave her in poverty or illiteracy”, which is why through this pledge we aim to continue to take the necessary steps towards gender balance, to ensure women’s active participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life.”

H.H. Sheikha Manal bint Mohammad bin Rashid Al Maktoum also said: “Our wise leadership has a progressive vision for the UAE to be a global leader in gender balance, and through the willingness of the companies to sign the SDG 5 Pledge to Accelerate Women’s Leadership in the UAE Private Sector – the UAE will be able to utilise this important public-private partnership to bridge the gaps in gender balance.” HH Sheikha Manal bint Mohammed bin Rashid Al Maktoum stresses that the Council will continue its efforts to achieve the crucial vision of the UAE Gender Balance Strategy that aims to position the country as a global model for gender balance.

Mona Al Marri, Vice President of the UAE GBC, emphasizes that the gender balance agenda is a priority for the UAE government, and the private sector is an indispensable partner in achieving parity across the economy and society. She highlighted that the power of partnerships should not be underestimated. HE Mona Al Marri said: “This is a milestone moment. Some of the largest American companies in the UAE, in strategically important sectors, are publicly committing to meeting the 30% target. I commend you for prioritising this within your organisations and for recognising the numerous benefits of more equitable leadership ranks.”

Mona Al Marri also said: “Your dedication to meaningfully and sustainably advancing gender equality is important for us. Thank you for being valued collaborators with the UAE government.”

Source: Emirates News Agency

Ministry of Economy and the Government Development and the Future Office launch ‘Future 100’ Initiative

DUBAI, In line with World Futures Day, the Ministry of Economy and the Government Development and the Future Office launched the “Future 100” initiative, aiming to support 100 startups in new sectors that will shape the future economy of the UAE. The initiative will annually highlight the top 100 startups that will promote the UAE’s readiness for the future and the competitiveness of the future economic sector in the UAE.

The “Future 100” initiative launch was attended by Abdullah bin Touq Al Marri, Minister of Economy; Ohood bint Khalfan Al Roumi, Minister of State for Government Development and The Future; and 30 CEOs representing local and international companies, startups, as well as entrepreneurs in the UAE.

Al Marri stated that the UAE is keen to launch proactive initiatives whose impact extends over the Next 50 to support its new, futuristic economic model in line with emerging global economic trends. This translates the directives of the UAE’s wise leadership and reflects the principles of the 50 and the objectives of the UAE Centennial 2071.

“The Ministry of Economy continues to support innovative future projects that promote the UAE’s global leading position on competitiveness indicators, and supports it as an attractive destination for future projects from all over the world. It further enhances its position as a permanent hub for creativity and innovation, securing sustainable growth for the UAE’s national economy and creating new jobs, especially in sectors pertaining to the new economic fields, such as space, renewable energy, fintech, and AI,” he added.

Ohood Al Roumi stressed that enhancing future readiness is a key pillar in the methodology of the UAE government. She emphasised the partnership with the Ministry of Economy in launching the “Future 100” initiative that represents the first step in a series of initiatives that the Office is working on in partnership with government entities and leading private sector institutions to enhance the UAE’s readiness for the future in all fields.

She highlighted that the initiative embodies future directions of the UAE’s leadership, which were announced in the “We the UAE 2031” vision, focusing on boosting the UAE’s economy, increasing GDP, and driving the performance of new economic sectors. It reflects the 10 principles of the Next 50 Doctrine, which aims to develop the best and most dynamic economy in the world. Al Roumi noted that the initiative comes within the UAE’s new economic agenda, which is based on supporting start-ups, youth and entrepreneurs, and motivating them to innovate in new economic sectors to enhance the UAE’s global competitiveness.

Supporting new economic sectors

The initiative aims to support new economic sectors that will shape future economy of the UAE, especially startups that contribute to the national economy, as one of the main goals on the UAE government agenda. It also celebrates successes of the private sector as a pivotal partner in the development journey of the UAE, by annually celebrating the top 100 startups that contribute to enhancing the competitiveness of the UAE’s future economy.

In addition, it touches upon the UAE’s position as the leading land of opportunities, incubating distinguished global talents in varied future sectors. It also aims to boost the UAE’s position as a global hub for innovation, top-notch technologies and entrepreneurship, leveraging the UAE’s digital infrastructure, which is considered the best in the MENA region. Within the initiative, the UAE presents various benefits and incentives to young entrepreneurs enabling them to establish futuristic startups and develop their companies into becoming international businesses.

The initiative further promotes the UAE’s leading ranking on global competitiveness indicators in the fields of innovation, entrepreneurship, attractiveness for investment, among others, aiming to enhance the role of the private sector and startups in supporting the UAE’s GDP, which achieved an 8.5 percent growth during the first half of 2022.

The United Nations Educational, Scientific and Cultural Organisation (UNESCO) has marked the 2nd of December as the World Futures Day, to be celebrated parallel to the UAE’s National Day. The initiative aims to improve long-term resilience through futures and anticipatory approaches, including strategic foresight, promoting future readiness and proactive policy-making to achieve sustainable development for future generations.

Source: Emirates News Agency

Dubai Islamic Bank rings market-opening bell to celebrate listing of its inaugural sustainable Sukuk valued at $750mln on Nasdaq Dubai

DUBAI, Dubai Islamic Bank (DIB) rang the market-opening bell today to celebrate the listing of its inaugural sustainable Sukuk with a value of US$ 750 million on Nasdaq Dubai.

The Sukuk is the first-ever sustainable Sukuk from a UAE entity and was issued in line with DIB’s Sustainable Finance Framework, which was created to facilitate financing of green and social initiatives and projects. DIB has successfully priced the 5-year senior issuance with a profit rate of 5.493 percent per annum representing a spread of 155bps over 5-Year US Treasuries.

The A3-rated bank by Moody’s and A by Fitch issued the new Sukuk under its US$ 7.5 billion Sukuk Programme. It has raised the total value of DIB’s Sukuk listed on Nasdaq Dubai under this Program to US$ 5.55 billion and the total value of all DIB Sukuk listed on the region’s international financial exchange to US$ 7.8 billion. The new listing has driven the total value of ESG-linked bonds and Sukuk listed on Nasdaq Dubai to US$ 16.825 billion.

Dr. Adnan Chilwan, Group CEO of DIB, said: “We are delighted to accomplish this deal that has achieved several landmarks as the first-ever sustainable Sukuk from a UAE entity and the largest issue size in the international capital markets from a GCC bank since February 2022. The strong demand from investors demonstrates the market’s confidence in DIB’s growth strategy and our active leadership role in empowering economic growth. Our listing on Nasdaq Dubai supports our links with investors around the world through the high visibility and well-regulated platform that the exchange provides.”

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, said: “We are delighted to welcome the issuance and listing of DIB’s new Sukuk as a step forward in Nasdaq Dubai’s endeavour to provide market participants with a world-class ecosystem that supports the growth of sustainable finance in Dubai and beyond. We are committed to further expanding our services in line with the requirements of issuers and investors and particularly supporting Dubai and the UAE’s strategies pertaining to sustainable finance and ESG-linked market activities.”

The new listing strengthens Dubai capital markets’ status amongst the leading Sukuk listing venues globally with a total value of US$ 80.287 billion.

Source: Emirates News Agency

DIFC-based FinTech firms secured more than AED 2 billion of funding in first nine months

DUBAI, Dubai International Financial Centre (DIFC) today announced that during the first nine months of 2022, the number of FinTech and innovation firms joining DIFC exceeded the total that established operations during the whole of 2021.

Between January and September 2022, DIFC-based FinTech firms secured more than AED 2 billion (US$559 million) of funding, according to DIFC FinTech Hive’s 2022 FinTech Report. Funding activity for FinTech nearly doubled in 2021 and start-ups in MENA raised US$998 million in 2021, a 78 percent increase from 2020.

Amongst that number are graduating start-ups from this year’s DIFC FinTech Hive programme cohort. The first and largest FinTech accelerator programme in the region has now attracted more than 3,000 applications from all over the world, which have been whittled down to 200 participants, based on their ideas and ability to generate revenue. The programme has delivered more than 100 proof of concepts with the support of over 65 partners.

DIFC is currently seeing elevated levels of interest from FinTechs in Singapore, Southeast Asian and Asia-Pacific markets. As FinTech and innovation firms mature in these locations, they are seeking new opportunities to scale beyond their regional borders and into new economies with demand for their products and services. Dubai has become their bridge to expand reach and capture opportunities in our emerging geographies, providing a familiarity that aligns with their sophisticated multinational environments.

The UAE and Dubai’s globally recognised management of the pandemic, strategic investment and business-friendly structural reforms, long-term residency schemes, and innovation-enabling regulatory environment have drawn entrepreneurial talent from every corner of the world.

Initiatives, such as the new long-term Golden Visa options and incentives for tech entrepreneurs and professionals to develop the country’s technology sector and the five-year Green Visa for freelance professionals are helping attract international talent in the sector.

The UAE is a stable, thriving and globally ranked talent hub. The nation ranked number one in the Middle East and North Africa (MENA) and 22 globally in the 2020 INSEAD Global Talent Competitiveness index. The country holds the top spot for ease of doing business in MENA, while filling the time-zone gap between the East and West, according to the World Bank’s Doing Business 2020 Report. Dubai also ranks amongst the top three cities for expats to live in globally, along with Miami and Lisbon.

DIFC’s comprehensive FinTech and innovation proposition has created unparalleled opportunities for success for start-ups, global players and unicorns. The continually growing platform includes access to education, entrepreneurship, and accelerator programmes, mentoring and networking, operating and regulatory licences, and funding and expertise through venture studios – all under one cost-effective roof – that presents the ultimate platform to innovate and scale.

Reflecting the continued importance of the FinTech and innovation sector, DIFC has appointed Mohammad AlBlooshi as the Vice President and Head of DIFC Innovation Hub. Mohammad, a UAE National who has gained extensive experience at the Centre, will provide leadership for the DIFC Innovation Hub, which will incorporate FinTech Hive, Venture Studio Launchpad, Dubai FinTech Summit and new initiatives that will launch in 2023.

Arif Amiri, CEO of DIFC Authority, said: “In recent years, DIFC has remained at the forefront of innovation, attracting more than 600 start-ups, growth stage companies and unicorns to Dubai. These businesses are now making a sizeable contribution to our economy. To continue building momentum, it is the right time for us to strengthen our offerings by bringing more innovation propositions together under a new leader.”

Mohammad AlBlooshi, Head of DIFC Innovation Hub and FinTech Hive, added: “I am thrilled to be given the opportunity to own and develop one of DIFC’s strategic growth priorities. At DIFC, we are committed to helping FinTech and innovation companies based in the Centre. We will continue to develop initiatives that will see us welcoming an influx of innovation and talent into our region.”

Source: Emirates News Agency

Sharjah Chamber, Sri Lankan Consulate in Dubai discuss investment collaboration

SHARJAH, The Sharjah Chamber of Commerce and Industry (SCCI) today received a high-level business delegation from Sri Lanka, led by Nalinda Wijerathna, Consul-General of Sri Lanka in Dubai and the Northern Emirates.

During the meeting, they discussed ways to bolster strategic cooperation and advance the business ties between Sharjah and Sri Lanka. They also explored new avenues of investment collaboration to further promote trade between their countries.

The Sri Lankan delegation was received by Mohammad Ahmed Amin Al Awadi, Director-General of SCCI, and Abdulaziz Shattaf, Assistant Director-General for Business and Communication Sector.

Abdulaziz Shattaf stressed that the UAE and Sri Lanka share strong business ties and collaboration, adding that trade volume between the two countries increased by 4 percent during 2018 and 2019. Shattaf highlighted the need to make the most of the gathering to deepen their bilateral ties and promote trade and investment.

For his part, Wijerathna stressed that the meeting has provided the Sri Lankan delegation with an opportunity to foster economic relations with Sharjah, through getting the private sector of both countries better acquainted with each other’s potentials. The business meeting has also provided businesspeople with a platform to discuss potential collaboration in a range of industries, while also encouraging the business communities in both nations to develop additional investment partnerships.

Source: Emirates News Agency