Day: December 13, 2022

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Dubai records over AED1.2 bn in realty transactions Tuesday

DUBAI, Dubai real estate market recorded 385 sales transactions worth AED936.65 million, in addition to 98 mortgage deals of AED186.25 million, and 41 gift deals amounting to AED131.82 million on Tuesday, data released by the Dubai’s Land Department (DLD) showed.

The sales included 358 villas and apartments worth AED691.86 million, and 27 land plots worth AED244.79 million, while mortgages included 88 villas and apartments worth AED145.06 million and 10 land plots valued at AED41.19 million, bringing the total realty transactions of today to over AED1.2 billion.

Source: Emirates News Agency

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UAE economy experiencing sustained momentum in 2022: OPEC

ABU DHABI, The UAE economy has experienced sustained momentum in 2022, boosted by Expo 2020 and the easing of COVID-19 restrictions, according to the OPEC Monthly Oil Market Report for December.

The report cited recent economic indicators suggesting strong growth has been maintained in most activities.

“The tourism sector, which accounts for around 6% of the UAE’s GDP, experienced strong growth and Dubai was again the world’s busiest international airport, with passenger numbers for the first time exceeding pre-pandemic levels in 2Q22,” added the report.

Considering the FIFA World Cup in Qatar, the report continued, tourism growth might increase further and boost 4Q22 GDP growth.

“In October, the S&P Global UAE PMI increased to 56.6 from 56.1 amid strengthening demand. The current expansion momentum might carry over to 2023 in line with government policies that aim to increase foreign direct investment through eight comprehensive economic and trade agreements it expects to sign in the near term,” the report noted.

Source: Emirates News Agency

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Bank of China lists $300 million bonds on Nasdaq Dubai

DUBAI, Li Xuhang, Consul-General of the People’s Republic of China, today rang the market opening bell to celebrate the listing of US$ 300 million bonds on Nasdaq Dubai.

This is the second time that the Bank of China is listing its bonds on the region’s international financial exchange, following the listing of CNH 2 billion bonds in 2015.

The new listing highlights Nasdaq Dubai’s significant role in strengthening links between capital markets in Dubai and China.

Bank of China’s Dubai branch has issued the 2025-maturing bonds at a yield of 4.84 percent. This is the first of its kind listing from BOC’s Dubai branch, as the 2015 listing was issued by BOC’s Abu Dhabi branch.

The “A” rated by Fitch Ratings bonds are part of the Bank’s US$ 40 billion bond issuance programme. The Bank shall use the proceeds for general corporate purposes.

Commenting on this, Li Xuhang said, “Since President Xi Jinping paid a historic state visit to the UAE in 2018, and the two countries established a comprehensive strategic partnership, China-UAE relations have made considerable progress, with fruitful cooperation in the economic, trade and financial fields. The Dubai International Financial Centre (DIFC) provides a good platform for the development of Chinese-funded financial institutions in the Middle East.

“The Bank of China Dubai Branch’s bond listing on Nasdaq Dubai is a concrete manifestation of Bank of China’s implementation of the ‘Belt and Road’ strategy and another successful practice of the close cooperation between China and the UAE. China and the UAE will continue forging ahead hand in hand and contributing to creating a better future for China-UAE relations.”

The new listing increased the value of Chinese institutions’ bonds currently listed on Nasdaq Dubai to US$ 7.5 billion through 13 issuances.

For his part, Pan Xinyuan, General Manager and Regional Head of Bank of China, added, “Since its establishment, Bank of China Dubai Branch has always been insisting on in-depth development of the local market. Relying on the advantages of its globalisation and integration, Bank of China always promotes the bilateral economic and trade interaction and bilateral, building a cross-border bridge between these two countries’ financial markets.

“All the funds from this bond issuance will be used to boost economic growth in the UAE and other Middle East countries. The bond issuance coincides with the China-Arab States Summit and China-Gulf Cooperation Council (GCC) Summit, Bank of China Dubai Branch is willing to work with institutions from various countries to help jointly build the high-quality development of the ‘Belt and Road’ strategy and continue making achievements under the new historical opportunity.”

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, welcomed the listing of Bank of China’s new bonds, as an indication to the ever-growing relations between the region’s capital markets and China.

He said, “The recurrence of Bank of China’s bond issuance and listing on Nasdaq Dubai underlines that a growing number of leading Chinese institutions are attracted to leverage the exchange’s world-class regulations to access funds and connect with global investors. At Nasdaq Dubai, we are constantly endeavouring to reinforce Dubai’s status as a key hub for Chinese and other international institutions by connecting financial markets in the MENA region with China and other markets for the benefit of various market participants.”

The new issuance was listed on Nasdaq Dubai on 6th December, 2022. It has raised the total value of debt instruments listed on the region’s international financial exchange to US$ 111.6 billion, underpinning Dubai’s leading position as a global capital markets’ hub.

Source: Emirates News Agency

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MoHAP wins 3 awards for its digital transformation leadership

DUBAI, The Ministry of Health and Prevention (MoHAP) has won three awards in two separate competitions, strengthening its leadership and competitive position in the field of digital transformation.

The Ministry won the best government innovative application award from CXO Insight Middle East magazine.

At the same time, Samir Al Khoury, Director of the Information Technology Department at the Ministry, received the best government CEO award for 2022.

Entitled “Government Digital Transformation Summit and Awards,” the ceremony was held in Dubai to honour participants in developing technological projects from around the world.

MoHAP also received the IDC’s “Best for Future Operations” award at an event hosted at Dubai’s Museum of the Future under the theme “Digital Leaders in the Digital Era.”

More than 200 prominent Middle Eastern IT executives attended the ceremony. The award is organised annually to honour the best public and private entities that develop outstanding projects and provide innovative services.

The awards underscore the Ministry’s commitment to improving government services, streamlining procedures to keep up with advanced technology, and increasing trust in MoHAP’s efficiency in innovation and sustainability.

Ahmed Ali Al Dashti, Assistant Under-Secretary for Support Services Sector, MoHAP, said that the Ministry would continue to carry out innovative projects and make the most of the latest technologies to improve customer satisfaction and advance the Ministry’s digital transformation process.

“Winning the three awards is yet another testament to the ministry’s digital excellence and will only motivate us to share our experience and expand the use of smart solutions to serve customers better,” Al Dashti added.

He stated that the Ministry is keen to bring all innovative ideas, projects, and development programs to fruition to support the country’s strategic approaches and the wise leadership’s visions. “We are committed to employing the latest digital technologies, including artificial intelligence, to improve the performance of the health sector.”

Al Dashti emphasised that MoHAP’s smart application was developed solely by internal efforts and was powered by cutting-edge technologies, which opened up new horizons for the Ministry’s digital services portfolio.

Samir Al Khoury expressed his pride in the recent milestone, adding that winning the three awards reflects the Ministry’s success and excellence in the digital transformation sector and provides further proof of the Ministry’s advanced competitive position.

“The Ministry’s smart app has significantly increased the use of MoHAP digital services thanks to being an all-in-one app and user-friendly with easy access to all services, thus upgrading consumer experience.

He said that the app combines all MoHAP services into a single one that connects users to the Ministry’s social media accounts and ChatBot.

Al Khoury stated that the Ministry is keen to constantly survey customers’ needs and expectations about the smart app to develop performance, upgrade customer satisfaction, and promote the app’s clarity. “Customer feedback constitutes a basic guiding light to all development and innovation processes,” he noted.

Source: Emirates News Agency

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DEWA’s R&D Centre introduces its key research and development projects through ‘Research in Spotlight’ series

Dubai Electricity and Water Authority (DEWA)’s Research and Development Centre organised 3 in-depth specialised sessions this year as part of the ‘Research in Spotlight’ series. The sessions were presented by the Centre’s specialised researchers. The series aims to introduce the most prominent R&D projects and the latest applied research conducted by the Centre to contribute to enhancing the operations of utilities worldwide and ensure that DEWA and its ecosystem remain at the forefront of providing world-class services at an effective cost.

In the presence of many employees, the sessions highlighted a range of the Centre’s projects, including ‘Transmission and Distribution Co-simulation Tool to Improve T&D Co-simulation and Facilitate Collaboration’, ‘The Pilot Virtual Power Plant Project’, and ‘The Advantages of Micro Phasor Measurement Units’.

“The Centre supports the Dubai 10X initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which mandates the Government of Dubai to be a global leader that is 10 years ahead of all other cities. It enriches the scientific community with specialised research, spreading knowledge and developing the capabilities of the researchers. This enhances Dubai’s position as a global hub for research and development in solar power, smart grids, water, and energy efficiency, and capacity building in these areas,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.

Al Tayer stressed DEWA’s commitment to providing a positive work environment that encourages innovation. DEWA provides its employees with the necessary tools to keep pace with the latest developments and rapid changes, to be effective partners in anticipating and shaping the future, ensuring the continuation of DEWA’s global excellence.

Waleed Bin Salman, Executive Vice President of Business Development and Excellence at DEWA, noted that the Centre contributes to advancing innovation in e various fields of production and operation that DEWA needs. It overcomes the challenges the energy sector faces when producing electricity from solar and clean energy. So far, the Centre has published 112 research papers at international scientific conferences, journals and publications. The Centre has registered six patents since its launch, and new patents are underway.

Within the ‘Research in Spotlight’ series, the R&D Centre organised two virtual sessions in 2021 on ‘Artificial Intelligence Algorithms’ and DEWA’s Space-D Programme.

Source: Dubai Electricity and Water Authority

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Chinese Vice Premier, delegation tour Museum of the Future

DUBAI, Hu Chunhua, Vice Premier of the People’s Republic of China, visited the Museum of the Future, where he was greeted by Khalfan Belhoul, CEO of Dubai Future Foundation (DFF).

Belhoul welcomed the Vice Premier and his delegation, who then toured the museum to review its efforts in creating a better future for humanity.

The delegation included Zhang Yiming, Ambassador of China to the UAE; Guo Wei, Deputy Secretary-General of the Chinese State Council; and Wu Jianghao, Assistant Minister of Foreign Affairs of China.

During the tour, Belhoul showcased the museum’s most prominent features, including its iconic design and unique experiences, shedding light on its vital role in shaping the future and designing its ideas.

In the presence of representatives from the Museum of the Future and the Dubai Future Foundation, the parties discussed ways of enhancing cooperation in the areas of future foresight as well as facing challenges and finding solutions through developing innovative ideas.

The tour was part of an official visit from China’s Hu Chunhua, who is in the UAE this week to strengthen relations between the two countries.

On Sunday, H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, received China’s Vice Premier at Qasr Al Watan.

China is a key partner of the UAE, and the two countries are seeking to further build cooperation to drive trade growth, enhance infrastructure, facilitate knowledge exchange, and leverage advanced technology.

Source: Emirates News Agency