January 10, 2023

DEWA CEO inspects work progress of Hatta reservoir

DUBAI, Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), inspected the work progress of the water reservoir project in Hatta, which is 76.8% complete.

The project has a storage capacity of 30 million imperial gallons (MIG), at the cost of approximately AED86 million. It is expected to be completed in April 2023.

Al Tayer was accompanied by Abdullah Abdullah, Executive Vice President of Water and Civil, and Branly Nassour, Vice President of Projects & Engineering (Water) at DEWA.

The project includes the construction of two reservoirs with a storage capacity of 30 million gallons of desalinated water, the construction of supporting buildings, and the extension of entrance and exit pipes. The structural foundation works for all facilities and reservoirs are 100% complete, while the above-ground works are 85% complete, and nearly 98% of the pipes have been laid.

Al Tayer said that the water reservoir in Hatta supports the Comprehensive Development Plan for Hatta by enhancing the efficiency and reliability of the water network, improving the water flow, and increasing the volume of water reserves.

This ensures the sustainability of water resources in line with the Dubai Integrated Water Resource Management Strategy 2030, which focuses on enhancing water resources, using cutting-edge technologies and innovative solutions.

Currently, DEWA is implementing a project to store 6 billion gallons of water in aquifers that can be retrieved when needed. This will provide the Emirate with a strategic reserve of over 50 million gallons of desalinated water per day in emergencies for 90 days, while ensuring the quality of the stored water remains unaffected by external factors.

Source: Emirates News Agency

January 10, 2023

Dubai Municipality designs Recyclable Materials Collection Centre using cargo shipping containers

DUBAI, Dubai Municipality has launched the Recyclable Materials Collection Center project using cargo shipping containers, which is considered one of the smartest and most environmentally sustainable centres.

The Centre aims to reduce waste production in the emirate of Dubai, promote a culture of waste separation, and raise recycling rates, thus enhancing the quality of life of individuals in general.

The project comes in line with the Municipality’s corporate social responsibility towards all segments of society, and in support of its efforts in implementing sustainable projects in the field of separating waste from the source and diverting it from the landfill path.

Dubai Municipality emphasised that the launch of this project represents a significant move in advancing integrated solutions that seek to lower Dubai’s waste, adopting safe and healthy disposal methods and waste treatment process, as well as raising recycling rates.

The facility will produce a number of beneficial outcomes in line with Dubai Integrated Waste Management Strategy 2021–2041. The most significant among these will be promoting the culture of separating waste at the source and reducing waste that ends up in landfills, which will in turn help improve the recycling industry in Dubai.

The Municipality further stated that the Center will be open 24/7 to serve customers, including People of Determination, highlighting how it is designed to enable customers to utilise it without leaving their vehicles, through the designated entry and exit points.

Source: Emirates News Agency

January 10, 2023

Mubadala, Resilience partner to develop and advance biopharma manufacturing in UAE

ABU DHABI, Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor, and National Resilience, Inc. (Resilience), a technology-focused manufacturing company dedicated to broadening access to complex medicines, have signed a deal to further advance the UAE’s life sciences ecosystem through biopharma manufacturing.

Through a development agreement, Mubadala will establish the new manufacturing facility, in which Resilience will operate and manufacture biopharmaceutical-related products out of the United Arab Emirates.

The range of therapeutics will be used to treat complex diseases such as cancer, infectious diseases, and inflammatory and autoimmune disorders.

The Abu Dhabi based facility will be the first Goods Manufacturing Practice (GMP) biopharma facility in the UAE as well as the first of its kind in the region to manufacture essential life sciences products for advanced biologics.

Over the past two years, Mubadala has invested in multiple rounds of equity financing in Resilience.

The two parties will play to their strengths to realise their shared goals of success. As a strategic investor focused on accelerating the economic diversification of the UAE through innovative investments, Mubadala will leverage the existing capabilities of its portfolio company; Strata Manufacturing (Strata), the advanced manufacturing champion that currently builds complex parts for the aerospace sector.

In addition, Mubadala will also seek to strengthen the UAE’s life sciences ecosystem by leveraging UAE initiatives such as the HOPE Consortium, an Abu Dhabi-led partnership which operates one of the largest and most complete end-to-end pharma supply chains on the market today.

Mubadala is at the forefront of the UAE’s healthcare industry and is advancing the development of the country’s life sciences sector, to build national capabilities and increase national drug security by fostering innovation and partnerships to further enhance bio pharma-manufacturing capabilities that would essentially benefit the entire region.

The agreement with Resilience builds on Mubadala’s decade of world-class patient care and its breakthrough health and wellness solutions. The partnership with Resilience also follows the recent announcement of Mubadala Health and G42 Healthcare joining forces into a new, first-of-its-kind integrated healthcare technology company poised to revolutionize the regional healthcare landscape and deliver a new approach to personalised, patient-centric care.

The agreement was witnessed by Musabbeh Al-Kaabi, Chief Executive Officer of UAE Investments at Mubadala and signed by Badr Al-Olama Executive Director, UAE Clusters at Mubadala and Rahul Singhvi, ScD, Chief Executive Officer of Resilience.

Commenting on the agreement, Badr Al-Olama Executive Director, UAE Investment Platform at Mubadala, said, “We are actively investing in innovation and firmly believe that, by strengthening Abu Dhabi’s national life sciences ecosystem, we are building a future focused, sustainable and knowledge based economy for the UAE. Through this agreement, Mubadala and its group companies will unlock further opportunities for growth within the life sciences ecosystem, and alongside our key partners, will play an instrumental role in establishing a state-of-the-art biopharma campus that will secure the region’s supply chain from Abu Dhabi.”

“We are excited to expand the footprint of our Resilience manufacturing network outside of North America. This is a significant milestone, not just for our company but also for our nation,” said Rahul Singhvi, Sc.D., Chief Executive Officer of Resilience. “We look forward to working alongside America’s allies in the region to ensure that trusted, cutting-edge biopharmaceutical manufacturing capacity is available to support local, regional and global economies.”

National Resilience is an established biotechnology company headquartered in California in the United States that is building a network of high-tech, end-to-end manufacturing solutions with the aim of ensuring that the existing and future needs for complex medicines are met quickly, safely and at scale.

The U.S.-based company will provide manufacturing, technology and operational expertise to the Abu Dhabi facility, and integrate it as a node within its global network of facilities.

This partnership is in the line with the UAE’s industrial strategy, which identifies life sciences as a priority sector.

Under the strategy, the UAE is inviting investors, industrialists, and companies to launch operations in the country and benefit from its tremendous growth.

In the wake of the global COVID-19 pandemic, the life sciences sector has become one of the fastest-growing sectors globally, and a priority investment area for private equity and venture capital.

The global life science products market is estimated to account for around US$5bn in terms of value by the end of 2027.

Recognising this high growth rate as well as the rising biopharmaceutical supply shortage globally, countries are actively on-shoring biopharmaceutical manufacturing capabilities, and the UAE has been a powerhouse in this journey to develop world-class national healthcare capabilities across the life sciences supply chain from biopharma manufacturing, through this agreement, to advanced patient-care services.

Source: Emirates News Agency

January 10, 2023

DIFC hosts over 250 companies managing assets worth $450 billion

DUBAI, Arif Amiri, CEO of Dubai International Financial Centre (DIFC) Authority, affirmed that the centre has become a major engine for economic growth in Dubai and the UAE, with its contribution of about 5 percent of the value of the nominal GDP of the emirate of Dubai.

In an interview with the Emirates News Agency (WAM), Amiri said that the centre is the largest in wealth and asset management in the region, with more than 250 companies managing assets worth more than US$450 billion and more than 100 international funds operating locally.

According to estimates, the contribution of financial companies operating from DIFC to the financial services sector in the country exceeds 13 percent of the nominal GDP of the emirate of Dubai during the year 2021, he added.

He stated that the centre is currently one of the most prominent financial centres in the world and the leading financial centre in the Middle East, Africa and South Asia (MEASA) region, which includes more than 72 countries with a population of approximately 3 billion people, and an estimated gross domestic product of US$8 trillion.

Amiri pointed out that the centre maintained its leading position among global financial centres, as Dubai ranked first in the Middle East and among the top 20 globally on the Global Financial Centres Index for 2022, stressing that DIFC is one of the most advanced financial centres in the world, in addition to being the largest financial system in the region.

He added that among the 4,031 companies registered in DIFC, the centre hosts 17 of the top 20 banks in the world, 25 of the 30 most important banks of systemic importance globally, 5 of the top 10 insurance companies, and 5 of the top 10 asset management companies, and many other leading law and consulting companies at the global level.

Amiri stated that DIFC enjoys a pioneering operating environment and legal and regulatory frameworks that are in line with the best international standards, in addition to the abundance of innovative offers and the depth of its administrative system, which contributed to the success of the centre in attracting 1252 related companies specialised in finance and innovation, while the first six months of last year witnessed an increase in the number of financial technology companies and innovation companies registered in the centre to 599 companies, a year-on-year increase by 23 percent.

He also pointed out that the centre’s strategic location helps wealth and asset managers access emerging wealth in the fast-growing markets in the MEASA region.

The CEO of DIFC Authority said that the centre will continue its leading role in defining the parameters of the sector by launching initiatives that are consistent with its strategy for the year 2030, which contribute to attracting new business and talents to the centre’s exceptional system at an unprecedented pace.

He asserted that the centre’s successes were based on several factors, including the launch of financial technology and innovation initiatives; developing laws and regulatory frameworks; and striving to create influential and effective economic thought patterns with counterparts from other financial centres around the world.

Amiri explained that DIFC contributed to highlighting the promising investment opportunities in Dubai by organising successful tours and promotions in the United States of America, which witnessed the attendance of senior executives of more than 100 leading American financial services and technology companies. In addition, the centre’s promotional tour in Türkiye included holding a series of strategic meetings with key customers and partners in Istanbul.

At the level of the Middle East region, he said that DIFC organised a promotional tour in the Egyptian capital, Cairo, attended by 89 companies and entrepreneurs, to review the role of the emirate of Dubai and the centre in providing support and assistance to family businesses to improve their institutional and financial system and seize available opportunities to employ and adopt modern digital technologies.

Amiri explained that in addition to supporting new clients, DIFC cooperates with its existing clients to seize more opportunities in the region. “The past year witnessed a number of clients seeking to upgrade their work licences at the centre, including Societe Generale Bank and Al Ahli Bank of Kuwait,” he added.

The CEO of DIFC Authority stressed that the centre introduced and updated the laws and regulations in force, with the aim of strengthening its leading position, as it included incorporating amendments to the data protection law to ensure that its regulatory framework is compatible with the best international practices adopted.

Asked about the most prominent international companies and institutions that have recently joined DIFC, Amiri said that the list of new clients included Tarabut Gateway, the first UAE-based platform fully authorised by the Dubai Financial Services Authority (DFSA) for Open Finance activities; KMMRCE Holdings, a leading Dubai-based digital-first technology provider; Oneglobal Broking, specialist international broking company; ADIB Capital for Wealth and Asset Management; as well as Rapyd, which started operating in accordance with the laws and regulations in force in the country.

Amiri pointed out that DIFC signed a number of agreements and Memoranda of Understanding (MoU) last year, including the MoU signed with the UAE Central Bank in support of the efforts to develop and expand the financial technology sector in the country, in addition to the Open Finance Lab initiative, the first of its kind in the region, as well as the signing of the “India-UAE Startup Bridge” agreement.

He also added that the “Artificial Intelligence (AI) and Coding licence” was also launched to encourage more companies to establish a presence in DIFC.

Source: Emirates News Agency

January 10, 2023

Dubai Chamber of Commerce launches Printing & Publishing Business Group

Dubai, UAE – Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has launched the Printing & Publishing business group to boost the sector’s competitiveness and support its members in navigating a rapidly evolving media landscape.

Commenting on the setting up of this business group, Maha AlGargawi, Executive Director of Business Advocacy at Dubai Chambers, said, “As the world transitions to a digital-first economy—particularly post Covid-19—people now consume information through digital channels. There is no doubt that the demand for print remains strong. It is however important for businesses within the printing and publishing sector to collaborate in addressing industry challenges. This business group will play an instrumental role in promoting and supporting the sector’s growth and is a key component of our business community as it contributes to advancing commercial and investment activity in the emirate.”

The Arab World has a population of approximately 444 million people and the publishing industry is rapidly expanding due to the region’s digitally connected, youthful population. According to Sharjah Publishing City, the UAE’s publishing sector is expected to grow to US$650 million by 2030.

Founding member, Lakshmanan Ganapathy, General Manager of Al Ghurair Printing & Publishing, said, “I am honoured to have supported the setting up of this business group and am very excited to connect and collaborate with my peers. Initiatives such as these are very important as they help us gain more knowledge and insight to navigate the changing business landscape.”

Echoing similar sentiments, fellow founding member, Roger Nicodeme, General Manager at Heidelberg, added, “The establishment of this business group comes at the right time. Although we now live in an era that is digital-first, there is still strong demand for print publications and print for packaging, and as a sector, we need to evolve to cater to changing needs of our customers. I look forward to having critical discussions with fellow members of the group to come up with ideas on how as a business sector we can remain instrumental to the economic growth of Dubai and the UAE.”

The new Printing and Publishing business group is part of the chamber’s plans to increase the number of business groups that represent economic sectors and activities in Dubai. The group acts as a representative and a reliable advocate for the printing and publishing sector and plays a crucial role in recommending policy changes to improve the sector’s competitiveness and attractiveness while promoting international best practices and supporting economic growth. Dubai Chamber of Commerce plans to increase the number of economic sectors and activities represented by business groups to 100 by March this year.

Source: Dubai Chamber of Commerce & Industry

January 10, 2023

US Climate-Linked Disasters Make 2022 3rd Costliest, Report Says

There were 18 weather and climate disaster events in the United States last year that each exceeded $1 billion in losses, making 2022 the third-costliest year in records spanning more than four decades, a federal report showed on Tuesday.

Last year was also the third-highest disaster count ever, the Assessing the U.S. Climate in 2022 report by the National Centers for Environmental Information said.

The centers counted six severe storms, three tropical cyclones, three hail events, two tornadoes and one each for drought, flood, winter storm, and wildfire events in 2022, resulting in the deaths of 474 people.

Hurricane Ian, which devastated parts of Florida in September, was billed as the third-costliest U.S. hurricane on the 43-year record, costing $112.9 billion, while the western-central U.S. drought and heat wave was also one of the more costly droughts on record, tallying up to $22.2 billion.

An eventful year

Worldwide, three of the decade’s costliest disasters, including Hurricane Ian, happened in 2022.

“There are lots of success stories in 2022 that should be highlighted. Even with Ian we saw building codes work in some of the hardest hit areas, but damage from water is still a pain point,” said Andrew Siffert, senior vice president of catastrophe analytics at re-insurance broker BMS Group.

“Another area of positive news was the California wildfire season, which saw minimal loss and relatively few large fires causing insured loss. The current rain is short-term good news, but will no doubt raise the future wildfire risk with fine fuel growth once the rains stop,” Siffert added.

At the U.N. climate conference in Egypt, COP27, countries reached a landmark agreement on a loss-and-damages fund to help poorer countries cope with climate-disaster costs, but there are no further details yet on the size of the fund.

In 2023, countries plan to meet again at the next U.N. climate summit, COP28, in Dubai, under increased pressure to hold global warming to within 1.5 degrees Celsius.

Source: Voice of America