Month: March 2023

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CBUAE revokes licence of MTS Bank branch in Abu Dhabi

ABU DHABI, The Central Bank of the UAE announced that it has been decided to cancel MTS Bank’s Abu Dhabi licence, wind down its operations within six months from the date of the decision, under the supervision of the Central Bank, and close the branch.

This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank after the designation.

During the winding down, the branch will be prohibited from opening new accounts and conducting transactions, except for clearing prior obligations and the bank’s use of Central Bank’s payment systems will be restricted to this purpose only.

Source: Emirates News Agency

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Expo 2020 Dubai projected to add AED154.9 billion to UAE economy from 2013-2042

DUBAI, Expo 2020 Dubai and its legacy are expected to contribute AED154.9 billion (US$42.2 billion) of gross value added (GVA) to the UAE’s economy from 2013 to 2042, a report from EY has shown.

The World Expo, which welcomed 24.1 million visits during its six-month run, is also expected to support approximately 1,039,000 full-time equivalent (FTE) job-years, equal to more than 35,000 FTE jobs per annum in the UAE over the same period.

The sectors contributing most to GVA a measure of economic productivity are events organisation and business services (AED75.5 billion/US$20.6 billion), construction (AED31.9 billion/US$8.7 billion), and restaurants and hotels (AED23.1 billion/US$6.3 billion).

The pre-event phase contributed around one quarter of GVA, the event itself added almost 13 percent, while the lion’s share of economic benefits 62 percent will be felt in the legacy phase through to 2042.

Reem Al Hashimy, Minister of State for International Cooperation and CEO, Expo City Dubai Authority, said, “From the outset, we were committed to hosting a World Expo that would achieve long-lasting economic, social and environmental benefits for the UAE, the region and the world, with positive impacts extending well beyond the six months of the event. Despite the challenges of a global pandemic, we have delivered on that promise.

“One year since we closed our doors, this report confirms that Expo 2020 Dubai was a triumph a milestone event that is substantially boosting our nation’s economy, and whose ripple effects are continuing to enhance our city’s international profile, driving new business growth and attracting globally significant events such as the UN Climate Change Conference of Parties (COP28), which our legacy city, Expo City Dubai, is proud to host in November 2023.”

Dimitri S. Kerkentzes, Secretary-General of the Bureau International des Expositions (BIE), said, “Rooted in a shared vision for a socially and environmentally-conscious future, Expo 2020 Dubai and now Expo City Dubai constitute an indisputable platform for sustainable development in the UAE and further afield. The 182-day event surpassed all expectations as an extraordinary experience for visitors and participants, and its legacy is set to continue creating new opportunities for growth in the years to come.”

Legacy considerations were at the forefront of planning from the outset, and Expo City Dubai repurposes more than 80 percent of the infrastructure built for the six months of the event. It forms an integral part of the Dubai 2040 Urban Master Plan and the emirate’s continued growth, and takes forward Expo 2020 Dubai’s spirit of collective action through the ongoing delivery of programmes, initiatives and events that will draw visitors, businesses and tenants to add further impact and economic value.

This includes the Expo Live programme, which provides funding and support to social entrepreneurs around the world and recently announced a new search for climate-related solutions; the Expo School Programme, which continues to engage and inspire youth and has welcomed more than 25,000 schoolchildren in its new phase at Expo City Dubai; and the Women’s Pavilion, whose engaging events continue to spark meaningful discussion and drive action on gender equality and women’s empowerment.

Instilled with the values of equality and inclusion, wide-ranging programmes involve youth, businesses, civil society and governments on Expo City Dubai’s broader objectives, such as enabling action towards climate security in the run-up to and during COP28, and working together to build a better, more equitable and sustainable future for all.

Since its official opening in October 2022, Expo City Dubai has drawn hundreds of thousands of visitors to enjoy the ongoing Hai Ramadan festivities, Winter City, Fan City and Chinese New Year celebrations, holiday camps and movie nights, and to experience spectacular events including the Dubai Marathon, the Dubai UAE Tour road cycle race and the world-famous Gumball 3000 sportscar rally.

With many landmark attractions from Expo 2020 Dubai remaining open, the AED120 one-day Attractions Pass which gives entry to Terra The Sustainability Pavilion, Alif The Mobility Pavilion, the Vision and Women’s Pavilions and the three new Stories of Nations exhibitions is also proving popular.

Rob Moody, Partner Transactions and Corporate Finance, EY, said, “As the first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region, Expo 2020 Dubai has yielded substantial and wide-ranging long-term economic, social and environmental benefits for the UAE and communities around the world. Expo City Dubai is forecast to deliver additional growth and development and is set to support the more immediate strategic priorities and the wider future ambitions identified by the UAE.”

More broadly, research has also shown that Expo 2020 Dubai sparked progress on a global scale, with the 192 participating countries reporting benefits in terms of trade and business partnerships, nation branding and cultural understanding, as well as international diplomacy and cooperation.

In addition, Expo City Dubai will also bring on board its own projects, and recently revealed exciting plans for residential developments, heralding the next phase on its journey to become a smart, sustainable, people-centric city of the future.

Expo 2020 Dubai was the first World Expo to be held in the Middle East, Africa and South Asia region and represented a commitment to build a brighter future for all humanity, catalysing international cooperation and cementing the UAE’s global reputation.

complete Expo 2020 Dubai closing report covering the decision to bid to host the event through to its design, construction and operations, as well as its highlights, achievements, impact and legacy was submitted to the Bureau International des Expositions (BIE) earlier this month, marking the final milestone in this historic national project.

Source: Emirates News Agency

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ITC reiterates importance of adhering to weight limitations for heavy vehicles

ABU DHABI, The Integrated Transport Centre (ITC) of the Department of Municipalities and Transport (DMT) in Abu Dhabi has stressed the importance of adhering to the scheduled time and permitted weight for all heavy freight transport vehicles, using the Tahnoun bin Mohammed Road (Dubai – Al Ain E66) in either direction.

The vehicles are strictly instructed to follow the requirements of the road that regulate usage and to avoid exceeding the permitted weight of 45 tonnes to avoid violations and consequent fines.

The ITC announced that trucks will be fined for non-compliance with the Freight Transport Regulation in Abu Dhabi while crossing the Smart Gate.

s part of an awareness campaign targeting heavy vehicle owners and drivers, the ITC sent out text messages to alert and guide them about the required safety standards that need to be complied with while operating heavy freight and cargo transport vehicles, before imposing the fines.

Noting that the list of violations are available on the Integrated Transport Centre’s website under the ‘Publications’ section that may be accessed on the following URL: Rola AlGhoul/ Binsal Abdulkader

Source: Emirates News Agency

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Oman-Etihad Rail Company board reviews progress of UAE-Oman Railway Network Project

ABU DHABI, The board of directors of Oman-Etihad Rail Company have met to review the company’s achievements, developments, research and studies conducted during the recent period on the joint railway network connecting Sohar Port with the UAE National Rail Network.

In a meeting, held in Muscat, the board members praised the leadership of both countries for their support of this joint project. The backing is set to accelerate the project’s development, fostering sustainable growth and strengthening economic ties between the two nations.

The project aims to facilitate passenger and freight movement, create rewarding job opportunities for professionals in both countries, and foster sustainable development and stronger ties through the development and operation of a safe, secure, and efficient railway network connecting Oman and the UAE.

The meeting was attended by Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure and Chairman of the Board of Directors of Oman-Etihad Rail Company; and Saeed bin Hamoud Al Maawali, Omani Minister of Transport, Communications and Information Technology, and Vice Chairman of the Board of Directors of Oman-Etihad Rail Company.

The board members were updated on the progress of the joint network, as well as the results of engineering design reviews and system studies. These studies provide engineering solutions aligned with international standards and are designed to meet the challenges of local environmental conditions.

The board also discussed the company’s efforts to ensure the application of international best practices and the adoption of the latest technologies and systems to develop an integrated railway network. These measures guarantee smooth train operations and facilitate seamless border crossings, meeting the requirements for rapid and efficient transportation of passengers and goods.

In February 2023, Oman-Etihad Rail Company signed a cooperation agreement with Mubadala Investment Company, a sovereign investor in Abu Dhabi. This partnership reflects both parties’ commitment to exploring investment opportunities and expanding cooperation in the railway sector, supporting, and accelerating the preparatory work and completion of the UAE-Oman Railway Network project’s implementation plan.

Source: Emirates News Agency

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UAE wins bid to host third ICAO Conference on Aviation and Alternative Fuels

MONTREAL, The UAE, represented by the General Civil Aviation Authority, has won the bid to host the third edition of the ICAO Conference on Aviation and Alternative Fuels.

ll member states of the Council of the International Civil Aviation Organisation (ICAO) unanimously accepted the UAE’s bid in a recent meeting of the Council held at the ICAO headquarters at Montreal in Canada. The conference is oragnised every seven years.

bdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of the General Civil Aviation Authority (GCAA), said, “The UAE’s hosting of the ICAO Conference on Aviation and Alternative Fuels coincides with its preparations to host the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), a global platform and an important opportunity to achieve a set of goals.”

Facilitating the global transition to a green economy, achieving sustainability, economic diversification and increasing green growth are such most important goals, in addition to discussing climate challenges and solutions to address them, he pointed out. This aligns with the UAE’s declaration of 2023 as the year of sustainability to enhance the country’s efforts in leading the climate action in the aviation sector, Al Marri stressed.

He added, “The next stage will witness the strengthening of joint action to address the environmental and climatic challenges facing the world, which will contribute to achieving the goals of the country’s national strategies.”

Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority, said, “The UAE has a proven track record in environmental action, and regional and international cooperation to address the challenges of climate change. It makes the UAE an ideal destination for holding this important conference, especially with the country’s recent announcement of the climate neutrality decision for the national aviation sector. The country is today considered as one of the pioneering countries in the field of sustainable fuels and low-carbon fuels, especially in aviation sector.”

l Suwaidi added, “The UAE was able to achieve a long record of achievements in climate action, which enabled it to gain the confidence of the international community, particularly the member states of the Council of the International Civil Aviation Organisation (ICAO).

Source: Emirates News Agency

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AD Ports Group invests in latest VTMIS technology to enhance maritime safety, efficiency

ABU DHABI, AD Ports Group is to implement a state-of-the-art Vessel Traffic Management Information System (VTMIS) across its UAE operations, as the company continues to invest in innovative solutions to drive safety, security and efficiency.

The new technology is set to be installed across Khalifa Port, Zayed Port, Free Port, Musaffah Port, and Al Dhafra region ports.

The investment marks the latest move by AD Ports Group to deploy advanced digital solutions within the UAE in support of the nation’s efforts to develop a world-class maritime and ports sector.

The implementation of an advanced and fully integrated VTMIS is a vital requirement in developing an enhanced Ports Community System (PCS) and ensuring the Safety of Life at Sea (SOLAS). The system is used to ensure the integration and interconnection of all assets in a port and maritime environment, integrating tools such as radar, CCTV, radios, meteorological systems, radio direction finders and towers. This provides port operators with access to real-time information and improves vessel-to-vessel and vessel-to-shore communication.

Captain Ammar Al Shaiba, Acting CEO – Maritime Cluster and Safeen Group, AD Ports Group said, “AD Ports Group has made this investment in a state-of-the-art Vessel Traffic Management Information System (VTMIS) to maximise the safety, security and efficiency of our port and maritime operations. This demonstrates our drive to improve quality and safety in accordance with the highest international standards, and assists our marine services team in making smart, rapid decisions informed by real-time information.”

This advanced level of transparency and communication can support safe and secure management of maritime operations, by supporting functions such as traffic management systems including collision avoidance and safe navigation, search and rescue, oil pollution detection and environmental protection.

To support the implementation of the new system, AD Ports Group intends to advance and upgrade the current VTC Centre with video walls and operator consoles, to provide a comprehensive view of tracked vessels within the VTMIS area.

Once implemented, the new technology will support safe and efficient navigation, enhancing AD Ports Group ability to remotely monitor shipping from the command centre at Khalifa Port, in locations as far as 300km away.

Source: Emirates News Agency