Day: February 29, 2024

ABU DHABI: Wale Edun, Nigeria’s Minister of Finance, emphasised the strong relationship between the United Arab Emirates and Nigeria, highlighting mutual openness and willingness to collaborate.

In remarks to Emirates News Agency (WAM) on the sidelines of the third edition of the Investopia conference, he underscored the significance of the conference as a platform for international communication and idea exchange, especially during the 13th WTO Ministerial Conference.

Edun stressed the importance of attracting foreign direct investment for economic growth and prosperity, mentioning Nigeria’s focus on reducing inflation, ensuring currency stability, and lowering interest rates to attract both local and foreign investments.

Source: Emirates News Agency

ABU DHABI: Abdallah Abu Sheikh, Founder of Astra Tech and CEO of BOTIM, highlighted the Abu Dhabi Securities Exchange (ADX) as a favourable platform for tech companies to go public, emphasising the importance of timing in such decisions.

In statements to the Emirates News Agency (WAM) on the sidelines of the third edition of the Investopia conference in Abu Dhabi, he commended the Ministry of Economy for organising the conference, which provided a stage to showcase Astra Tech’s growth and achievements.

He stated that the company aims to enhance its financial technology presence, recently becoming the largest issuer of debit cards in the region in partnership with Mastercard, with plans to expand services. The upcoming “Convert Now, Pay Later” product is set to launch, offering a unique payment solution in the UAE.

Abu Sheikh noted the potential benefits of this service for customers needing to transfer money and pay in installments. Astra Tech boasts over 180 million customers across 100 countries worldwid
e.

Source: Emirates News Agency

ABU DHABI: Borouge, a leading petrochemical company that provides innovative and differentiated polyolefin solutions, today announced that it has set up offices in Kenya and South Korea as part of its strategic initiative to expand its market share in high-growth geographies.

With a sales and marketing office in Singapore, Borouge’s expanded, on-the-ground presence in Kenya and South Korea enhances its extensive international sales and supply chain infrastructure. Its global footprint now includes 14 international offices across key markets in the UAE, China, Egypt, India, Japan, and Southeast Asia. The company’s latest expansion aligns with Borouge’s distinct business approach, focused on close value-chain collaboration with both customers and end-users.

Hazeem Sultan Al Suwaidi, CEO of Borouge PLC, said, ‘Our decision to open offices in Kenya and South Korea underscores our commitment to driving sustainable growth and value creation in strategically important, high-growth markets. By expanding our global
reach with more local representation, we aim to strengthen relationships with customers, gain deeper market insights, and reinforce Borouge’s position as the preferred partner for sustainable solutions.’

‘The opening of our new offices marks a significant milestone in our journey to boost our presence in Africa and Asia, regions that are bright spots with robust market and commercial potential. Leveraging our technical expertise, innovation capabilities, and differentiated product suite, we are confident that we are well-positioned to deliver critical and innovative solutions addressing the needs of our international customers across a wide range of dynamic sectors,’ he added.

In Kenya, Borouge has established a presence to capitalise on East Africa’s strong growth prospects in a region that boasts a population of nearly half a billion people. Through its new office in Nairobi, the company is committed to fostering closer relationships with existing customers while actively pursuing opportunities to expand
its regional customer base.

Moreover, establishing a presence in Kenya will enable closer collaboration with brand owners and local manufacturers, driving the sale of infrastructure, energy, advanced packaging, as well as recyclate, or recycled raw material, supporting Borouge’s strategy to promote the circular economy.

Borouge’s presence in Kenya will also enable the company to gain a deeper understanding of the region’s unique market dynamics, allowing it to deliver tailored solutions that meet the evolving needs of its customers.

The total market size for polyolefins in East Africa is approximately 1.5 million tonnes annually and is projected to grow at 4 percent per year in the next ten years. The largest market is in Kenya, followed by Tanzania, Ethiopia and Uganda. In 2020, Borouge opened an office in North Africa, in Egypt’s Cairo, to support its customers in the Arab world’s most populous nation.

Meanwhile, Borouge has inaugurated a new office in South Korea to bolster its position as a leading to
tal solutions provider for energy businesses. The company offers high-quality cables and solar energy solutions. Through strategic partnerships and value-added solutions, including the sale of products from Borealis’ majority-owned DYM Solution Co. Ltd in South Korea, Borouge aims to meet the fast-changing requirements of its customers in South Korea while unlocking new avenues for business growth in a country of more than 51 million people.

In the short term, Borouge will focus on its premium solutions applications in the energy sector, with long-term plans to expand into other key areas such as the infrastructure and advanced packaging segments.

The company’s financial strength, coupled with Borouge 4, one of the largest industrial projects in the UAE, will play a pivotal role in supporting its expansion efforts by providing high-quality and sustainable tailored solutions. This strategic project is set to drive a significant increase in production capacity and support the company’s efforts to supply criti
cal solutions in high demand across growth markets.

As investments in energy and infrastructure-related projects grow, Borouge is uniquely positioned to foster commercial growth through the delivery of its durable, differentiated, and innovative product offering.

Source: Emirates News Agency

ABU DHABI: Emirates SkyCargo, the air freight division of Emirates, is expecting an operational growth of up to 8 percent in 2024, according to Nabil Sultan, Divisional Senior Vice-President of Emirates SkyCargo.

Sultan highlighted the UAE’s vital role in global trade, emphasising the consistent growth rates within the nation’s cargo sector, ranging from 20 to 25 percent annually. This success, he attributed to the UAE’s robust infrastructure and seamless connectivity between airports and seaports, facilitating efficient air-sea cargo movement worldwide.

For nearly four decades, Emirates SkyCargo has served as a key facilitator of global trade, connecting people and businesses across six continents through its network of over 140 destinations. The company boasts a modern infrastructure at its cargo hubs, with its main center located in Dubai.

Emirates SkyCargo boasts a robust fleet exceeding 250 aircraft, including both passenger and dedicated cargo options. Notably, 70 percent of their goods are transport
ed efficiently on passenger aircraft, with each carrying at least 20 tons of cargo. Their dedicated fleet consists of 11 Boeing 777F freighters, catering to specialised cargo needs.

He stated that the Emirates SkyCargo has established itself as a leader in the air logistics industry through continuous investments in technology, facilities, equipment, and its workforce. This commitment allows them to collaborate effectively with customers and partners to deliver highly efficient and innovative solutions.

Their dedication extends beyond their own operations, actively contributing to Dubai’s vision of becoming the world’s leading logistics hub. This is reflected in their ongoing efforts to expand their fleet and network, ultimately providing superior services to global customers and aligning with Dubai’s economic goals.

Recognising the significance of the 13th WTO Ministerial Conference, Emirates SkyCargo participated to advocate for the cargo sector. They aimed to present proposals addressing the challenges
faced by the transportation and shipping industry, a crucial driver of global trade.

Nabil Sultan emphasised the importance of their participation, highlighting the opportunity to contribute to improving global shipping operations and strengthening its role in facilitating international trade.

Source: Emirates News Agency

BEIJING: Wang Bohua, Honorary Chairman of the China Photovoltaic Industry Association (CPIA), highlighted significant growth in various production sectors and PV capacity installation, with exports also showing positive trends, reported China Economic Net.

In his keynote speech at the Photovoltaic Industry 2023 Development Retrospect and 2024 Situation Prospect Seminar, he discussed the opportunities and challenges facing China’s photovoltaic industry in 2023.

Wang emphasised that in 2023, China’s photovoltaic industry saw significant growth in production and newly installed PV capacity, with exports also increasing. Despite positive trends, there was a cautionary note regarding a slowdown in growth rates compared to the previous year. He emphasised the need for industry players to adapt to changing dynamics and capitalize on emerging trends for continued success.

He stated that the PV industry is poised for continued rapid growth, with expectations of global renewable energy capacity tripling by 2030. Pro
jections suggest that global new PV installations in 2024 could reach around 390-430GW. In China, a forecast of 190-220GW new PV capacity in 2024 reflects steady solar demand and ongoing technological advancements. The aim is for renewable energy to dominate power generation by 2030, with significant projects already underway to support this transition.

Wang Jixue, Deputy Chief Engineer of China Electric Power Planning and Engineering Institute (EPPEI), said that the prospects for domestic utility-scale renewable development look promising, with expectations of renewable energy surpassing 50% of installed capacity by 2040 and generation exceeding 50% by 2060. PV generation efficiency is rapidly improving, with module efficiency increasing by nearly 60% in a decade.

Globally, there is a push for significant growth in renewable energy capacity, with projections indicating a tripling of installed capacity by 2030. By 2027, the cumulative installed capacity of PV is expected to surpass coal globally.

The cumul
ative household PV capacity in China reached 118 million kilowatts last year, indicating significant potential for distributed PV in rural areas. Developing both centralized and distributed systems is seen as crucial for achieving carbon peak and neutrality targets, as highlighted by Li Qionghui from the State Grid Energy Research Institute.

Source: Emirates News Agency

AJMAN: Ajman Bank announced the signing of a strategic partnership with KPMG ESG Services, marking a significant milestone in its commitment to environmental, social, and governance (ESG) principles.

The collaboration aims to develop Ajman Bank’s inaugural ESG Framework, a roadmap, and a long-term vision for sustainability. The UAE’s declaration of 2023 as a year dedicated to sustainability underscores the nation’s collective endeavour to foster sustainable practices across all sectors. Ajman Bank aligns with this national agenda, reinforcing its dedication to climate action and broader sustainability issues.

The Memorandum of Understanding (MoU) between Ajman Bank and KPMG ESG Services was signed in a ceremony at Ajman Bank’s head office, attended by leaders from both organisations. Fadi Alshihabi, Partner and ESG Services Leader at KPMG, and Zohaib Ali Zahid, Head of Environmental, Social and Governance (ESG) at Ajman Bank, exchanged the MoU.

Mustafa Al Khalfawi, Group CEO of Ajman Bank, commented, ‘Re
sponsible banking goes beyond financial transactions; it is about creating a sustainable legacy for future generations. At Ajman Bank, we are dedicated to embedding sustainability into the heart of our operations, reflecting our commitment as a leading Islamic financial institution to ethical, environmental, and social governance. Our partnership with KPMG ESG Services marks a pivotal moment in our journey towards responsible and sustainable banking while contributing to the UAE’s sustainability objectives.’

Under the guidance of KPMG’s ESG expertise, Ajman Bank will undertake a comprehensive assessment to establish its carbon footprint baseline, identify strategic sustainability priorities, set achievable milestones, and create pathways towards a sustainable future for the Bank, its clients, and the communities it serves. This initiative not only reflects Ajman Bank’s commitment to sustainability but also aligns with its principles as an Islamic banking institution, emphasising ethical practices and respons
ibility towards the environment and society.

Zohaib Ali Zahid, speaking on behalf of Ajman Bank, emphasised the Bank’s enhanced responsibility towards sustainable and responsible banking practices, especially as an Islamic Bank. ‘Our partnership with KPMG ESG Services marks the beginning of a transformative journey for Ajman Bank. We are committed to leading by example in the banking sector by integrating sustainability into our business strategy, operations, and culture. This initiative is a cornerstone in our mission to achieve our long-term ESG vision, benefiting our stakeholders and contributing positively to the communities we serve.’

Source: Emirates News Agency