February 9, 2023

AUS celebrates UNICEF Day with Schools Knight Arts Challenge 2023

SHARJAH, American University of Sharjah (AUS) celebrated UNICEF Day by hosting students from various “Sharakah” schools at the AUS Knight Arts Challenge 2023 to compete and display their works of art in the celebration of the international children’s fund establishment.

UNICEF Day raises awareness about the importance of helping less fortunate children at a global level. This year’s theme came from the university’s strong belief in the significance of working closely with younger generations to expand their horizons.

Organised by the Office of Enrollment Management’s Sharakah programme, and as part of AUS’ community engagement drive, the challenge saw the participation of 25 students from six schools across the UAE who competed in an atmosphere full of fun and excitement.

“We wanted to promote an engaging art scene where students could express their feelings about UNICEF Day through different works of art. The Sharakah programme at AUS regularly organises similar activities to promote students’ talent in various areas and encourage them to be more expressive. The programme serves as a platform for cooperation between AUS and academic partners in various academic and non-academic areas,” said Ali Shuhaimy, Executive Director of Enrollment Management at AUS.

Students competed in three categories: Public Votes, Instagram Votes, and Judges’ Votes. Winners of the Public Votes category were Dana Suleiman from the International School of Creative Science, Sumaiyyah Faridi from the International School of Creative Science, and Affan Sheikh from the International School of Creative Science.

Instagram Votes category winners were Lavanya Gary from Emirates International School Jumeirah, Lamia Abuzar from the International School of Creative Science, Sara Alchama from Al Durrah International School and Zainab Jaffar Ali from Sharjah American International School-Dubai branch.

Winners in the Judges Votes category were Sara Alchama from Al Durrah International School, Masah Eyad from the International School of Creative Science and Adam Sabri from the International School of Creative Science.

The AUS Sharakah programme fosters partnerships with select schools in the UAE and the region to engage school students and teachers by offering a wide range of events, activities, and programmes as part of the university’s community engagement strategic initiative.

Source: Emirates News Agency

February 9, 2023

16 Emirati humanitarian organisations join ‘Bridges of Goodness’ campaign

ABU DHABI, More Emirati humanitarian organisations have joined the ‘Bridges of Goodness’ campaign launched by the Emirates Red Crescent (ERC), to provide relief to those affected by earthquakes in Syria and Turkiye.

The Department of Islamic Affairs and Charitable Activities in Dubai, the Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, the Khalifa bin Zayed Al Nahyan Foundation, the Mohammed bin Rashid Al Maktoum Global Initiatives, and the Mohammed bin Rashid Al Maktoum Humanitarian and Charity Establishment have joined the volunteer campaign.

Dubai Cares, the UAE Water Aid Foundation (Suqia), the International Humanitarian City, the Dar Al Ber Society, the Dubai Charity Association, the Sharjah Charity International, Sharjah Charity House, Emirates Charity, the Emirates Airline Foundation, the International Charitable Organisation, the DP World Foundation, volunteering platform Emarat, and the Sharjah Volunteer Centre also joined the campaign.

The campaign will begin by collecting aid on Saturday from 9:00 to 14:00 at the Abu Dhabi National Exhibition Centre (ADNEC), the Dubai Exhibition Centre in Expo City Dubai, and in Sharjah near Khalid Lake.

Source: Emirates News Agency

February 9, 2023

Ahmed bin Saeed chairs Dubai Academic Health Corporation’s first meeting of 2023,

DUBAI, The Board of Directors of the Dubai Academic Health Corporation held its first meeting of 2023, chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Board of Directors of the Corporation.

The meeting, held at the Dubai Academic Health Corporation, was also attended by Vice Chairman of the Board H.H. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum.

During the meeting, the Board reviewed the Corporation’s progress in driving the integration of care, learning and discovery to enhance health outcomes in the emirate.

The Board also endorsed the plan to advance patient-centred care in the emirate through an integrated academic health system.

The meeting was attended by members of the Board of Directors, including Awad Sagheer Al Ketbi; Dr. Raja Easa Al Gurg; Abdullah Abdulrahman Al Shaibani; Professor Ian Andrew Greer; Waleed Saeed Al Awadi; Mohammed Hassan Al Shehhi; Professor Alawi Alsheikh-Ali; and Dr. Amer Ahmed Sharif.

H.H. Sheikh Ahmed bin Saeed Al Maktoum and H.H. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum also met with the Dubai Academic Health Corporation’s leadership team to thank them for their collective efforts to advance health in Dubai and their commitment to deliver on the ‘Patient First’ promise.

Source: Emirates News Agency

February 9, 2023

DIFC Courts settles over 860 cases in 2022, with total value of AED 4.4 billion

DUBAI, The Dubai International Financial Centre (DIFC) Courts today released its annual figures for the full year of 2022, with total a volume of 861 cases across all divisions, a 15 percent increase from 2021.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of the DIFC, affirmed that the DIFC Courts strategy is inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to set new standards in settling judicial disputes and consolidate our global financial position according to Agenda D33.

“We are committed to the continuous development of the DIFC Courts in a way that enhances the operational environment and the legal and regulatory frameworks that ensure providing the best level of services to major international financial companies. We are working to align the Courts’ strategy with the objectives of the Dubai Economic Agenda (D33) in order to position Dubai as one of the most important and best financial centres regionally and globally,” he added.

In 2022, the main Court of First Instance (CFI) recorded 121 cases, with a total case value of AED 4.4 billion, marking a year-on-year increase of 16 percent. An average case value of AED 58.3 million was recorded across CFI cases, a 25 percent increase from 2021. Cases related to the Arbitration Division of the DIFC Courts recorded the most substantial rise in 2022; the total value of cases was AED 1.2 billion, marking an increase of over 700 percent, with the average case value recorded at AED 94 million.

Cases brought before the CFI covered a range of sectors including banking and finance, real estate, retail, manufacturing, hospitality, and involved disputes related to breach of contract, insolvency, arbitration agreements, and employment. A noticeable increase in the number of ‘opt-in’ cases was recorded in 2022, with 60 percent of claims in the CFI originating from parties electing to use the DIFC Courts to resolve their disputes.

The Small Claims Tribunal (SCT) recorded 472 cases in 2022, an increase of 31 percent compared with 2021, with 59 percent of claims in the SCT originating from parties electing to use the DIFC Courts to resolve their disputes.

Cases were driven primarily by breach of contract, which represented 49.4 percent of all cases in 2022, followed property and tenancy (29.4 percent), employment (20.6 percent), and banking & finance (0.6 percent). Underlining the SCT’s increasing popularity for SME-related dispute resolution, the total value of claims recorded in 2022 was AED 43.2 million, an increase of 17 percent compared with the same period in 2021. The average case value recorded at the SCT for 2022 was AED 95,000.

The DIFC Courts launched a new roadmap for the years 2022-2024, which included a strategic work plan that brings more national cohesion to the Courts’ projects and initiatives, in order to provide effective support for the federal and local strategic goals and the Centre’s goals.

The DIFC Courts Strategic Work Plan adopts end-to-end digital technology, ensuring court systems are smart, user-friendly, and agile enough to keep pace with global commerce. Innovative implementations will bridge barriers of language, borders, jurisdiction, and currency. AI will reduce clerical burdens, help streamline the case review methodology, create a realistic virtual presence, remove document duplications, and unlock time to take on significantly more complex tasks.

Zaki Azmi, Chief Justice, DIFC Courts, said, “In 2022, the DIFC Courts not only recorded significant increases in caseloads, but also engineered the launch of new core operational services for the public.The DIFC Courts has an integral role to fulfil with supporting the DIFC and Dubai’s status as a leading financial centre. Rule of law, including commercial dispute resolution, is a major driver of economic growth. Reliable, fast, and transparent commercial dispute resolution is a key decision-making factor for international investors, creating a competitive advantage for countries that have efficient and transparent systems in place.”

Innovation and future disputes

In 2022, the DIFC Courts confirmed the launch of new specialised Rules for its Digital Economy Court (DEC) Division. The Rules facilitate the efficient and modern resolution of digital economy disputes, standardising the use of smart forms to provide information through a dynamic, artificial intelligence driven platform.

In addition, the DIFC Courts also issued a judgment in one of the first cryptocurrency litigation disputes in the region and one of the few reported cases anywhere in the world which addresses issues such as the safe transfer of cryptocurrency between buyer and seller and the obligations owed by a custodian of cryptocurrency. This case gave rise to various other interesting questions such as the nature of Bitcoins, i.e., whether cryptocurrencies are considered commodities, currencies, properties, or something entirely different, and the appropriate time to value Bitcoins.

Justice Omar Al Mheiri, Director, DIFC Courts, stated, “We continue to demonstrate year-on-year growth in our service offerings and operational capacity as a UAE Court. The concept of quality and excellence are no longer associated with the private sector. In fact, there are increased societal expectations for Courts to adapt to the changing expectations and behaviour of court users. Increased digital platforms, paperless processes and virtual hearings are all now becoming the new reality.

Expectations from the private sector increasingly require the bold engagement of public service. By combining a modern and flexible digital infrastructure with judicial and service excellence, the DIFC Courts will continue to align our operations with the national agenda.As the UAE begins to nurture new digital economy verticals, the number of foreign organisations entering the market will inevitably increase. The DIFC Courts has a part to play with assuring these businesses that we remain on standby to resolve new types of cases and disputes.”

Expansion of global digital services

In 2022, the Court Tech Lab initiative was activated, with companies entering a competition in conjunction with Dubai Future Foundation’s Accelerator Programme in Area 2071. In exploring how judicial systems can be strengthened through technology, the Court Tech Lab unites individuals and companies helping to prototype and launch the advancement of court-based technology. Phase II of the Court Tech Lab initiative was concluded, with the project R&D programme launched to position Dubai as the city that pioneers new industry-specific technologies.

Phase II involved a prototyping stage for two finalists, where they received financial support, as well as access to the DIFC Courts to research, test and adapt the technology solutions. The finalists were FaceKi from Bahrain and CourtCorrect from the UK, who provided solutions across AI and facial-recognition technologies.

In 2022, the DIFC Courts launched a global digital vault engineered to help address issues of storage and security of documents and to enable individuals to now transfer this data to one secure location. “tejouri” enables the upload and secure storing of documents ranging from insurance contracts, title deeds, Wills, and financial certificates, to images and multimedia files and can be utilised by all individuals globally.

All uploaded life admin files will be secured under the highest standards of security regulation, using multiple factors of authentication, encrypted data, personalised biometric information, and safe-keeping ledgers through advanced cryptography. Using Distributed Ledger Technology (DLT), the vault also ensures the transmission of your entire portfolio to your designated stakeholders, or loved ones, at a key time.

Statistics confirm that the DIFC Courts is not only maintaining all services, but is simultaneously increasing operational efficiency, substantially increasing digital Orders & Judgments, issuing over 1,500 in digital format in 2022, as well as over 95 percent of hearings conducted remotely.

This rapid transition to fully digital remote hearings also aligns the DIFC Courts with the directive issued in June 2021 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, with the Ministry of Justice instructed to hold 80 percent of litigation sessions virtually on a permanent basis.

Source: Emirates News Agency

February 9, 2023

Mansoor bin Mohammed welcomes participants of 22nd Dubai Marathon

DUBAI, Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Sports Council (DSC), welcomed the runners participating in the 22nd edition of the Dubai Marathon, which will be held at Expo City Dubai on 12th February.

The 2023 edition of the global long-distance race, organised with the support of the Dubai Sports Council and the cooperation of various government entities, is set to bring together runners of all nationalities and age groups from across the UAE and the world.

Sheikh Mansoor said, “We are pleased to welcome all the runners participating in this iconic sporting event, which is recognised as one of the fastest-distance races in the world. We are also delighted that this year’s race will be held at Expo City Dubai, a unique venue that has a proven track record in welcoming prominent international sporting events and championships, including the world-class cycling event, UAE Tour. The hosting of these events reflects Dubai’s emergence as one of the world’s leading sporting destinations and its constant efforts to make sports accessible to all community members.”

He added that the Dubai Sports Council is keen to constantly develop sporting events hosted in Dubai and organise new tournaments that attract international participation. Apart from the new venue, the 22nd edition of Dubai Marathon will also include new features that seek to provide an exceptional experience for the runners and enhance the competitiveness of the race, Sheikh Mansoor said.

The Organising Committee of the Dubai Marathon said that it has been working round the clock to complete all the arrangements for the race in coordination with the relevant teams.

The Roads and Transport Authority (RTA) is supporting the event by offering complementary shuttle rides to the venue for all the participants, starting from 04:00 on 12th February.

Expo City Dubai offers extensive facilities for the Marathon’s operations as well as spacious parking areas. The Dubai Marathon features three runs: the full 42.195 km marathon open to runners over 18; the 10 km Road Race open to runners over 15 years; and the 4 km Fun Run open to all.

Source: Emirates News Agency

February 9, 2023

ADNOC Distribution reports strong earnings for 2022

ABU DHABI, ADNOC Distribution (ADNOCDIST) on Thursday reported strong earnings for full-year 2022, with year-on-year growth in EBITDA by 15 percent to AED3.52 billion, and net profit by 22 percent to AED2.75 billion for 2022.

The company’s total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.

Among the key factors contributing to the growth in fuel volumes are the continued economic expansion across the UAE, the ongoing ADNOC service station network expansion nationwide, and higher customer traffic.

Positive outlook following strong 2022 results

CEO of ADNOC Distribution Bader Saeed Al Lamki, “The company has demonstrated robust financial and operational performance throughout 2022. We have sustained our growth trajectory while generating strong cash flow and maintaining a solid financial position. ADNOC Distribution’s priority remains to accelerate achieving sustainable growth and building incremental shareholder value through efficient capital allocation.”

Following the record earnings in 2022, ADNOC Distribution’s growth momentum is expected to continue through 2023 – a year in which the company is targeting to achieve a minimum $1 billion in EBITDA – on the back of continued network expansion and higher non-fuel retail contribution. In its ongoing quest to futureproof the business, ADNOC Distribution continues to explore potential growth opportunities and new revenue streams created through energy transition, including new mobility solutions such as electric vehicle charging.

ADNOC Distribution has successfully renewed its supply agreement with ADNOC for a new five-year term in 2022, reaffirming its strong value proposition driven by predictable margins and highly cash generative core business. It also demonstrates strong and ongoing support from the majority shareholder, ADNOC.

The company continued its growth trajectory in 2022 by committing to deliver modern, digitally-enabled fuel retail convenience to customers and communities across the UAE. Additionally, 68 new ADNOC service stations were opened in 2022 across the UAE and Saudi Aarabi, with 21 openings during the fourth quarter, including a state-of-the-art flagship location in the heart of Dubai on Shaikh Zayed Road. The company’s international service station network reached a total of 568 sites, including 502 in UAE and 66 in KSA as of 31 December 2022.

Convenience store sales continued to gain momentum throughout 2022, with non-fuel retail transactions increasing by 15 percent during 2022. This was mainly driven by the company’s commitment to its non-fuel retail strategy, while focusing on offering an upgraded customer experience and modernizing the ADNOC Oasis retail space with of 42 additional stores refurbished. Initiatives linking ADNOC Rewards spends across service stations – including fuel, lube change services, convenience store purchases, and car washes – also contributed to the growth. The company maintained its position as the UAE’s largest convenience store operator through the ongoing expansion of its ADNOC Oasis network, with a total of 362 stores by the end of 2022 – up from 346 at the end of 2021.

Last year also saw ADNOC Distribution further advance its international expansion by partnering with TotalEnergies, announcing a milestone transaction to acquire a 50 percent stake in TotalEnergies Marketing Egypt, one of the top four fuel retail operators in Egypt. The acquisition aligns with the company’s vision to establish ADNOC Distribution as a regional fuel distribution leader. The acquisition is expected to be completed in Q1 2023 pending satisfaction of certain conditions, including customary regulatory approvals.

Al Lamki added, “The year was marked by several milestones in ADNOC Distribution’s history, including the signing of our largest-ever international acquisition in Egypt. We also opened a flagship service station in Dubai – our first on Sheikh Zayed Road. Furthermore, we showcased our ability to provide a cutting-edge digitally-enabled customer experience, while also achieving long-term sustainable growth to generate attractive shareholder returns.”

Futureproofing the business

ADNOC Distribution’s drive to deliver long-term shareholder value is underpinned by a commitment to futureproof the business, including initiatives such as the recently announced partnership with TAQA, one of the largest listed integrated utility companies in the EMEA region, to establish E2GO. The new mobility joint venture will build and operate electric vehicle services infrastructure in Abu Dhabi and the wider UAE. The company also plans to expand its sustainability-driven efforts to futureproof the business, including installing solar panels to power service stations and use biofuels in its fleet of vehicles in 2023 and beyond.

On the sustainability front, the company has also committed to decarbonizing its operations and reducing carbon intensity by 25 percent by 2030. It also announced converting an existing USD$ 1.5bn (AED5.5bn) term loan into a sustainability-linked one, demosntrating commitment to embrace sustainability across its day-to-day operations.

Attractive value proposition and shareholder payback

ADNOC Distribution remains committed to delivering sustainable, profitable growth and attractive shareholder returns. In line with its approved dividend policy, the Company’s Board of Directors has recommended distributing a cash dividend of AED1.285 billion (10.285 fils per share), for the second half of 2022, which will be submitted to the company’s shareholders for approval at the Annual General Assembly Meeting scheduled for 2023. Subject to shareholders’ approval, total dividend for the fiscal year 2022 is expected to be AED2.57 billion (20.57 fils per share). This would translate to a 4.6% annual dividend yield for 2022 (based on a share price of AED 4.44 as of closing on 8 February 2023).

The company paid half of the 2022 dividend in October of last year, and expects to pay the second half in April 2023, subject to shareholders’ approval.

The company’s dividend policy for the years thereafter sets a dividend equal to at least 75% of distributable profits. ADNOC Distribution is unwavering in its commitment to fulfilling its strategic goals and providing long-term sustainable returns for its shareholders.

Source: Emirates News Agency