Day: March 16, 2023

DUBAI, 16th March, 2023 (WAM) The Circular Packaging Association (CPA), a public-private partnership across the packaging value chain, has officially launched in the UAE, with the launch timed to precede Global Recycling Day on March 18th. The event was officiated by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, alongside representatives from the Circular Packaging Association’s 14 founding organisations, at Dubai Chambers’ headquarters.

dditionally, representatives from the Executive Committee of COP28, Dubai Chambers, Dubai Department of Economy and Tourism, GPCA, Environment Agency Abu Dhabi, and Emirates Nature-WWF were in attendance.

The minister highlighted that packaging is a crucial resource to protect food, prolong product shelf life, and reduce environmental impact by reducing waste. She further stated that the Circular Packaging Association is a vital step toward implementing the UAE’s ambitions to promote sustainable practices across different sectors. She emphasised that the UAE is committed to implementing a circular economy to ensure the sustainable management and effective use of natural resources. She added that the circular economy plays an important role in the UAE’s plans to reduce carbon emissions and pollution and accelerate the country’s progress towards climate neutrality by 2050.

The Circular Packaging Association aims to integrate the principles of a circular and green economy into the packaging value chain in the UAE, transforming the current linear system, which is based on the concept of buying, using, and disposing of products, into one that considers post-consumption packaging waste as a valuable resource that can be reused. The Association aspires to raise awareness among consumers and provide recommendations on legislation and policies related to circular packaging, through a data-driven and multi-stakeholder approach.

Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers, highlighted that the Circular Packaging Association is a key business group that promotes Dubai’s circular economy and sustainability agendas. He stated that the Association is focused on raising awareness about sustainable packaging and clean production methods while supporting sustainable environment policies and regulations. He added that this is timely and relevant as Dubai prepares to host COP28 this year.

Priya Sarma, Chairperson of the Circular Packaging Association and Head of Sustainability and Corporate Affairs at Unilever Middle East, emphasised that members of the Circular Packaging Association are committed to diverting packaging waste from landfill and contributing to the UAE’s waste-free ambitions utilizing a data-based, multi-stakeholder approach. She added that the official launch builds on their ongoing efforts and is reflective of a collaborative approach that aims to generate innovative solutions to eliminate packaging waste from the environment, while recovering its value as a resource.

The Circular Packaging Association is the result of work initiated in 2019 by founding members of the CIRCLE Coalition for innovation in recycling towards a circular economy. CIRCLE was formalized under the sponsorship of the Ministry of Climate Change and Environment via the signing of a Memorandum of Understanding establishing a circular economy for packaging across the GCC. In 2019, the members of CIRCLE funded a study to investigate the barriers and enablers of a circular economy for post-consumer packaging in the UAE.

Source: Emirates News Agency

DUBAI, 16th March, 2023 (WAM) — Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, concluded its Annual General Assembly (AGM) with the approval of the bank’s 2022 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the bank’s Board and management’s strategic agenda for the coming years.

The strong financial results reported this year are a further testament to DIB’s role as a leader in the development of Islamic Finance in a year of exceptional global uncertainty.

Supported by a solid growth in the total income, the bank’s net profit reached the highest ever in the bank’s history with a 26 percent surge in 2022, and a balance sheet of AED 288 billion, culminating in a five-year CAGR of 7 percent. This significant profitability led to a 30 percent cash dividend aggregating to an amount of around AED 2.2 billion. Other agenda items concluded at the AGM included the announcement of the bank’s Board of Directions for the next three-year term, in addition to the reappointments of its Internal Sharia Supervision Committee and external Auditors for the year 2023.

Commenting on the bank’s performance and outlook, Mohammed Ibrahim AI Shaibani, Director-General of His Highness the Dubai Ruler’s Court and Chairman of Dubai Islamic Bank, said, “DIB’s extraordinary progress mirrors the continued pace of growth across the UAE economy, which DIB is proud to contribute to. Through its role as a leading Islamic financial institution, the Bank remains committed to transform and evolve the industry in the UAE and other major markets around the world.

“I would like to welcome the new elected Board members, and we look forward to working closely with them towards further successes and achievements in the years ahead. We extend a huge thanks to the outgoing board members for their hard work that played a big role in the progression of the organisation. Going forward, we are confident to continue to deliver a ground-breaking customer experience, revenue growth and sustainable returns for our valued shareholders,” he added.

Dr. Adnan Chilwan, Group CEO of DIB, commented, “DIB has posted spectacular results delivering AED 5.6 billion in net profits, the highest ever in the Bank’s history. I want to thank the shareholders for their confidence and support which was critical for the bank to deliver such an outstanding performance within a very uncertain global environment, I look forward to working closely with colleagues and partners to further drive sustained growth and value creation over the coming years.”

Source: Emirates News Agency

DUBAI, 16th March, 2023 (WAM) — Al Ansari Financial Services today announced the offer price range per share and the start of the subscription period for its Initial Public Offering (IPO) on the Dubai Financial Market (DFM).

The price range for the Global Offering has been set at between AED1.00 and AED1.03 per share, implying a market capitalisation at a listing of between AED7.50 billion (US$2.04 billion) and AED7.73 billion (US$2.10 billion).

total of 750 million (750,000,000) shares, equivalent to 10% of the Group’s issued share capital, will be offered, resulting in a total Offering size of between AED750 million ($204 million) and AED773 million ($210 million).

ll the Shares are existing shares, with Al Ansari Holding selling 10% of its ownership in the Group. The Group will not receive any proceeds from the Global Offering. Following the Global Offering, and subject to the size of the Global Offering not being increased, the Selling Shareholder will continue to hold a stake of 90%.

l Ansari Holding reserves the right to amend the size of the Global Offering at any time prior to the end of the subscription period at its sole discretion, subject to the applicable laws of the UAE and the approval of the Securities and Commodities Authority (SCA).

Based on the dividend policy approved by the Board of Directors, the Group is expected to distribute a minimum dividend of AED600 million with respect to 2023 with the first half of the payment being made in October 2023 and the second half of the payment made in April 2024. As such, the offer price range implies a minimum dividend yield of c. 7.77% to c. 8.00% with respect to the 2023 financial year.

s previously announced, the Global Offering is available to individual and other investors relating to the UAE Retail Offer (UAE Prospectus) as part of the UAE Retail Offer; and to professional investors and other investors in a number of countries, including in the UAE, as part of the Qualified Investor Offering and the Exempt Offer (Qualified Investor Offering).

Further, the Emirates Investment Authority (EIA) shall be entitled to subscribe for up to 5% of the Global Offering, and the percentage of Shares which the EIA may purchase shall be allocated in full before the commencement of allocation to any other Subscribers to the Qualified Investor Offer.

The IPO subscription period starts today and runs until 23rd March 2023 for the UAE Retail Offering and 24th March 2023 for the Qualified Investor Offering.

The final offer price will be determined through a book-building process and is expected to be announced on 27th March 2023.

The completion of the Offering and Admission is currently expected to take place on 6th April 2023, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM.

Source: Emirates News Agency

DUBAI, 16th March, 2023 (WAM) — The Dubai International Humanitarian Aid and Development Conference and Exhibition (DIHAD 2023) concluded its 19th edition yesterday under the theme: “Energy and Aid, Capitalising on Available Resources.”

More than 828 leading local and international humanitarian NGOs, charities, aid suppliers, and many more gathered at the Dubai World Trade Centre for three days to discuss solutions for critical humanitarian issues.

Record Attendance

DIHAD 2023 witnessed a record attendance that exceeded 12,000 visitors from over 110 countries, and 50 speakers of the world’s most elite humanitarian professionals to discuss vital topics during six key sessions, in addition to 16 innovative workshops that provided training and examined many important views and solutions in the field of energy and aid.

Meetings and Panel Sessions

The final sessions focused on harnessing resources to assist the growing number of people on the move and caring for the planet; the role of new technologies, the state of logistics and supply chain in the humanitarian context, and examining ways to develop innovative solutions to deliver food and medical assistance to those in need.

In a session titled “The People’s Energy Transition,” Nawal Al-Hosany, Permanent Representative of the UAE to the International Renewable Energy Agency (IRENA), pointed out the risks of human inaction. She stated, “In the UAE, we are putting our foot to the floor and accelerating towards the energy transition. We are embracing the transition because we see it will make the world a more sustainable and secure place.”

In highlighting the UAE’s global efforts, he added, “The UAE has invested over US$50 billion in clean energy projects in more than 70 countries across four continents.”

In another session discussing the importance of clean energy and caring for the planet, Barbara Hintermann, Director-General of Terre des hommes in Lausanne, explained, “The new generation deserves our utmost efforts to repair and protect our planet. Hence, the topic of DIHAD is more relevant and urgent than ever.”

She continued, “We must balance our programs between minimising our carbon footprint to include the use of renewable and hybrid energy, and bringing meaningful response to people in need.”

DIHAD Glasshouse

DIHAD 2023 witnessed a distinguished presence in DIHAD Glasshouse, which provides a workspace in a creative climate, adopts the empowerment of young talents in the humanitarian field, and works to strengthen healthcare, education, and vocational empowerment in developing countries. The initiative enjoys the partnership of Dubai Future Council for Humanitarian Aid, Mohammed Bin Rashid Al Maktoum Global Initiatives, and GADHA.

Participants from the UAE, Italy, Bangladesh, Malawi, and South Sudan discussed modern technological humanitarian projects such preparing humanitarian and charitable exhibitions through the Metaverse technology, a non-profit bank venture to support emerging projects and charities, the establishment of a specialised platform for consultations and negotiations in humanitarian fields, and so much more.

Innovation Workshops

DIHAD 2023 also featured an initiative that hosted several innovative workshops, where participants and exhibitors were able to present their campaigns, as well as innovative technologies and practices in the field of humanitarian relief and aid.

Third-day workshops included ESRI: Geospatial Technologies in Disaster Management; The Ways to Safe Water for Sustainable Health and Oral Health, which was held by the Academy of Dentistry in the US; Education for a Peaceful World for the Benefit of Refugees, as conducted by the International Federation of Red Cross and Red Crescent Societies (IFRC); and many more.

Notably, the Innovation Workshops were hosted in a refugee tent like the ones used in refugee camps in places of war and conflict, where they are utilised as medical centres, accommodation for refugees, and schools.

The commemorative 20th edition of DIHAD Conference and Exhibition will be held on 23rd-25th April 2024.

DIHAD 2023 was organised by INDEX Conference and Exhibitions Org., a member of INDEX Holding and supported by Mohammed bin Rashid Al Maktoum Global Initiatives, the Dubai Future Council on Humanitarian Aid, the Mohammed bin Rashid al Maktoum Humanitarian and Charity Establishment, the Emirates Red Crescent, the United Nations, and International Humanitarian City.

DIHAD 2023 was also supported by the Islamic Affairs and Charitable Activities Department, Muslim World League, Al Mustafa Welfare Trust, MASHAV, IEC Telecom, and Life for Relief and Development, USA.

Source: Emirates News Agency

DUBAI, After the huge success of the inaugural tournament, the Mina Cup is back for its 2nd International Event. The tournament will begin with an opening ceremony for over 600 players, coaches, staff and partners at the JA Beach Hotel, Palmito Garden.

The tournament then takes place over 6 days from the 31st March to 5th April at the JA Sports Centre and Shooting Club and is free entrance for all spectators daily from 3.30pm with activities for the family.

32 teams across 4 age groups from U12-U18 will battle it up to become the Mina Cup champions and entrants cover 4 continents and consist of Premiership Clubs Crystal Palace and Southampton FC as well as the likes of New York Red Bulls, Yokohama FC and Mumbai City FC alongside the academies of Robbie Fowler and Lukas Poldolski’s club in Poland.

These clubs will face the very best private football academies of the UAE who have qualified from the national tournament in October 2022 consisting of the likes of Miguel Salgado’s Fursan Hispania, Man City Soccer schools, Barca Academy and Go Pro Sports.

hmed Salem, the Director of Sports Development Department in Dubai Ssports Council, said: “The Dubai Sports Council is pleased to provide full support for this great event and to cooperate with Cbf Performance through this tournament, which is a model of the successful relationship that we seek to strengthen with the private sector with the aim of spreading sports and physical activity and attracting and developing sports talents.” In partnership with the private sector, in order to achieve the strategic goals set by the Dubai Sports Council to develop sports talents.

Salem added: “This tournament brings together more than 600 players, in addition to coaches and administrators, who come to Dubai from various countries and continents of the world, which contributes to supporting sports tourism. Also, these players represent 32 teams from 4 age groups from 12 to 18 years old from 4 continents.” different, including 15 teams from Europe, Africa, India, the Far East and North America competing against 17 teams from private academies in the country, so it gives a great opportunity for young players to compete in real competitions with various teams from different football schools and contact with new skill talents, which contributes to raising the level Playing with them, and we affirm the keenness of the Dubai Sports Council to provide support and provide all means of success for this event.

The founder of Mina Cup, Chris Brown, said, “We are delighted to build on the success of last year and bring some of the best academy teams from across the world to compete against the very best of the UAE. We have 15 teams spanning Europe, Africa, India, the Far East and US to compete against the 17 UAE private academies. Our hope is to provide these young players and staff an experience they will never forgot both on and off the pitch aswell as continue to develop youth football here in the Middle East.

The title sponsor for the Mina Cup is JA Resorts and Hotels, and other official partners include Umbro, Lacnor and Oasis Water, Playermaker and Pixellot and in association with Dubai Sports Council. The organizers have also partnered with UK-based digital streaming platform, Recast, to enable families and followers to watch the matches live on their digital devices.

Former Man United and England Legend Teddy Sheringham who is the Mina Cup Ambassador returning for a second year said “I am delighted to be back for the 2nd year supporting the Mina Cup. The organisation, accommodation and facilities are of the very highest level and it’s an amazing spectacle for these young players to be involved in, which will certainly help prepare them for a potential career in professional football”.

Source: Emirates News Agency

DUBAI, Sir Tim Clark, President of Emirates Airline, will participate in an in-depth discussion on the Global Stage of Arabian Travel Market (ATM) 2023, which will take place at Dubai World Trade Centre (DWTC) from 1st to 4th May. In conversation with John Strickland, Director of JLS Consulting, Sir Tim will reflect on Emirates’ long-term strategy as it begins to ramp up aircraft deliveries from 2024 while balancing growth and tackling broader issues like climate change. The news comes amid reports of significant gains across the Middle East’s aviation sector, which saw year-on-year traffic almost double in January 2023 according to figures released by the International Air Transport Association (IATA). This growth is especially evident in the UAE where Dubai International Airport (DXB) catered to more than 66 million passengers in 2022, a 127% rise compared to the previous year. Over the longer term, analysts from Mordor Intelligence predict that the Middle East’s aviation market will record a compound annual growth rate (CAGR) of more than 6% during the period 2022-27, meaning regional passenger numbers are likely to continue to rise for the foreseeable future. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: “It’s encouraging to see that air traffic in the Middle East is once again beginning to soar, especially following such a turbulent period during and after the global pandemic. “We are looking forward to welcoming Sir Tim to our Global Stage for the 30th edition of ATM,” Curtis added. “Emirates has firmly established itself as an innovative trailblazer within the global aviation industry, so I cannot wait to hear how Sir Tim and his colleagues are working to build a futureproofed and sustainable airline sector.” The leading role that Gulf airlines are playing in the decarbonisation of the aviation industry will represent a key focus during the upcoming edition of ATM. Earlier this year, Emirates announced that one of its Boeing 777-300ERs had successfully completed a demonstration flight powered by 100% sustainable aviation fuel (SAF). Etihad Airways, meanwhile, has teamed up with carbon-net-zero solutions specialist, World Energy, as part of a long-term strategic partnership that will result in dramatic emissions reductions. The 30th edition of ATM will feature in-depth sessions dedicated to air travel on day two. Following the conclusion of Emirates Returns to Growth: President of Emirates Airline in discussion with John Strickland, experts from Boeing, Etihad and SimpliFlying will assemble on ATM’s Global Stage to discuss The Net-Zero Future of the Aviation Industry. A broad range of regional carriers will also be participating in ATM 2023 in addition to Emirates and Etihad, including flydubai, flynas, Saudia Airlines, Saudi Amad for Airport Services and Air Transport, and Cham Wings Airlines. ATM 2023 is anticipating a 7.5% year-on-year uptick in both participation and exhibition space occupied by the aviation sector, building on the excellent levels of engagement witnessed during last year’s show. On a broader level, the conference will explore the future of sustainable travel in line with its theme of ‘Working Towards Net Zero’. Having officially initiated its journey to net zero, the conference programme will explore how innovative sustainable travel trends are likely to evolve, allowing delegates to identify growth strategies within key vertical sectors, while providing a platform for regional experts to explore a sustainable future ahead of COP28, which will take place in November 2023 at Expo City Dubai. The conference will also feature a sustainability category at its annual exhibitor awards for the first time. Exhibiting organisations will be recognised based on the extent to which they have considered the environmental impact of their stands, as well as their efforts to reduce their carbon footprint. ATM 2023 is held in conjunction with Dubai World Trade Centre and its strategic partners include Dubai’s Department of Economy and Tourism (DET) as the Destination Partner, Emirates as the Official Airline Partner, IHG Hotels and Resorts as the Official Hotel Partner and Al Rais Travel as the Official DMC Partner.

Tariq Al Fahaam

Source: Emirates News Agency