Category: Industry

ABU DHABI: ADQ, an Abu Dhabi-based investment and holding company, and ADNEC Group today announced the signing of definitive agreements for the strategic acquisition of a 40.5 percent stake in Egypt-based Talaat Moustafa Group Holding’s hospitality arm, ICON Group through a capital increase.

ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.

ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt. The Group owns four operational hotels – Four Seasons Cairo at Nile Plaza, Kempinski Nile Hotel Cairo, Four Seasons Sharm El Sheikh and Four Seasons Alexandria at San Stefano – and has three hotels and luxury residential real estate assets currently under development, such as the Four Seasons in Madinaty and Luxor and Radisson Collection in Marsa Alam, and one hotel under design, the Four Seasons at The Pyramids.

The transaction represents a major foreign direct investment in Egypt and marks a strong vote of investor confidence in the Egyptian tourism and hospitality sector.

The investment by ADQ and ADNEC in TMG’s Hospitality arm will be used partially to deleverage the existing debt of ICON, with the remaining used for the acquisition of a stake through ICON in the portfolio of seven luxury heritage hotels owned by the Egyptian Government, for which definitive agreements have been signed. The seven hospitality assets include Marriott Cairo Omar Khayyam Zamalek, Marriott MENA House Cairo, Sofitel Winter Palace Luxor, Sofitel Legend Old Cataract Aswan, Steigenberger Cecil Hotel Alexandria, Steigenberger Hotel El Tahrir Cairo and Mövenpick Resort Aswan.

Post-transaction, ICON will have a combined portfolio of 15 luxury and upscale hospitality assets with a total of around 5,000 keys in prime locations including Cairo, Luxor, Aswan, Sharm El Sheikh and Alexandria. The acquired hotels in Egypt are managed by best-in-cl
ass operators and will continue to benefit from the synergies, resources and in-country expertise of TMG Holding.

With tourism high on the agenda of the Egyptian Government, the sector is anticipated to grow to more than 30 million tourists annually by 2028. Egypt currently has a limited supply of heritage hotels across the luxury and upscale segments to cater to the evolving preferences of a new demographic of travelers.

The transaction reinforces ADQ’s interest in investing in assets that can provide continued upside growth and sustainable returns. ADQ is a long-term investor in the Egyptian economy; in the past years, ADQ has made investments in market leaders across different sectors, including the acquisition of Amoun Pharmaceutical Company S.A.E., one of Egypt’s leading pharmaceutical manufacturers, distributors, and exporters.

ADNEC Group has evolved into a full-service tourism solutions provider by creating Tourism 365, a leisure tourism arm, which has existing operations in Egypt and hence offers
significant synergistic potential with the investment in ICON.

Humaid Matar Al Dhaheri, Managing Director and Group Chief Executive Officer of ADNEC Group, said, ‘The investment in ICON is an important strategic step for ADNEC Group, as we deliver on our global expansion strategy and will provide ADNEC Group and its portfolio companies with access to Egypt’s rapidly growing tourism market and reaffirms our commitment to enhance our hospitality and tourism platform. We will work closely with TMG Holding to enhance and grow ICON and create additional value for our shareholders.’

Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding, said, ‘We are delighted to have ADQ and ADNEC join us as strategic partners and shareholders in this landmark transaction and provide for an exciting outlook going forward. Through this partnership we will pursue substantial growth opportunities in Egypt’s tourism sector and beyond and will unlock further value for our shareholders.’

EFG Hermes is acting as the sole fi
nancial advisor to TMG Holding on the transaction.

The transaction is subject to customary closing conditions.

Source: Emirates News Agency

ABU DHABI: The UAE Ministry of Investment has signed a Memorandum of Understanding (MoU) with the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan and the Sovereign Wealth Fund Samruk-Kazyna.

This strategic agreement aims to create a framework for investment cooperation in data centre and artificial intelligence (AI) projects in Kazakhstan.

The MoU was signed by Mohamed Hassan Alsuwaidi, Minister of Investment; Bagdat Mussin, Minister of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan; and Nurlan Zhakupov, Chairman of the Management Board of Samruk-Kazyna, JSC.

Data centres are essential for organisations to store crucial data and operate applications. Kazakhstan, the largest economy in Central Asia, is witnessing substantial growth in its data centre industry driven by increased demand for computing resources, progressive government policies and AI advancements. The country’s data centre market is projected to grow at
a 6.83 percent compound annual growth rate between 2024 and 2028, resulting in a market volume of US$416.7 million.

The MoU between the UAE and Kazakhstan centres on establishing robust and efficient collaboration through the development of bilateral relationships between public and private organisations.

The agreement also proposes introducing incentives to bolster relevant initiatives and seeks to facilitate the exchange of knowledge.

Mohamed Hassan Alsuwaidi commented, ‘The agreement reflects our commitment to further strengthening relations between our two nations and working together to realise a shared vision for economic advancement. The planned investments in data centre and AI projects in Kazakhstan will help enhance the nation’s expanding digital infrastructure, offering businesses more opportunities to embrace and gain advantages from digitisation.’

Nurlan Zhakupov, Chairman of the Management Board of Samruk-Kazyna, JSC, commented, ‘The establishment and growth of data centres is pivotal for Ka
zakhstan’s technological advancement. They serve as the backbone of innovation, fostering economic development, and propelling the nation into the forefront of the global digital landscape. Furthermore, the strategic development of data centres not only enhances domestic capabilities but also acts as a magnet for foreign investments, positioning Kazakhstan as an attractive destination for international businesses seeking a robust technological infrastructure.’

Kazakhstan’s exports to the UAE amounted to $560.34 million during 2022, while the UAE’s exports to Kazakhstan reached $1.69 billion.

Source: Emirates News Agency

DUBAI: A total of 2,910 real estate and properties transactions valued at AED10.1 billion were conducted during the week ending 12th January, according to the Dubai Land Department (DLD).

The DLD weekly report said that 209 plots were sold for AED 2.19 billion, while 2,100 apartments and villas were sold for AED 4.84 billion.

The top three transactions were a land in Al Hebiah Sixth sold for AED 138.65 million, followed by a land that was sold for AED 105 million in Business Bay, and a land sold for AED 47.36 million in Palm Jabal Ali in third place.

Al Hebiah Fifth recorded the most transactions for this week by 44 sales transactions worth AED 163.91 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 33 sales transactions worth AED 398.83 million, and Madinat Hind 4 with 30 sales transactions worth AED 42.29 million in third place.

The top three apartment and villa transfers included one worth AED 66 million in Al Wasl, another worth AED 46 million in Al Thanayah Fourth, and an apartment worth A
ED 40.02 million in Al Hebiah Fourth.

The total value of mortgaged properties for the week reached AED 2.28 billion. Meanwhile, 82 properties were granted between first-degree relatives worth AED 799 million.

Source: Emirates News Agency

DUBAI: Building on a solid 25-year legacy, Intersec 2024 will return to Dubai World Trade Centre (DWTC) from 16th-18th January, bringing together industry experts, government officials and exhibiting companies to discuss the latest developments in safety, security and fire protection.

The renowned international exhibition is held under the patronage of H.H. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, and this year will host 1,000 exhibitors from 60 countries. The show theme for 2024 is ‘Innovating security for a quarter-century’.

Grant Tuchten, Portfolio Director at the Intersec organiser, Messe Frankfurt Middle East, said, ‘Intersec has established itself as a leading platform for innovation in the security industry over the past 25 years. The show’s value goes beyond just the exhibition floors, offering an extensive conference programme that addresses the latest trends, challenges, and advancements across various security sectors.’

Tuchten added, ‘We are delighted to host the largest-ever edition
for the silver jubilee and can report that 25 percent of exhibitors featured are new for this year.”

Intersec 2024 comprises five key pillars – Fire and Rescue, Commercial and Perimeter Security, Homeland Security and Policing, Safety and Health and Cyber Security. Each pillar is represented by corresponding UAE government bodies, highlighting the country’s commitment to these vital sectors.

The Fire and Rescue segment is supported by Dubai Civil Defence, while the Homeland Security and Policing pillar is backed by Dubai Police and the Security Industry Regulatory Authority (SIRA). Dubai Municipality has collaborated with Intersec 2024 on the Safety and Health section of the event, while the show’s Cyber Security feature is held in association with the Cyber Security Council and Dubai Electronic Security Centre (DESC).

Attendees can explore a series of conferences and workshops that are at the forefront of global security, safety and fire protection. The Security Leader’s Summit will feature a world-class
lineup of sessions and speakers, uncovering the topics and tactics to shape a safer, more secure world. Meanwhile, the Cyber Security Conference will discuss pressing concerns such as countering cyber-enabled terrorism and policing in the virtual realm.

Covering areas such as ‘Fire Safety in High-Rise and Complex Structures’ and ‘Innovations in Fire Prevention and Detection’, the Fire and Rescue Conference is a pivotal gathering point each year for global leaders in the fire and emergency services industries.

The Safety and Health Conference explores the latest trends in workplace safety and well-being. Other conferences include the SIRA Forum which fosters collaboration in the commercial security community, and the Thought Leadership Pavilion, hosted by Access Control Security Brief.

Other event features include the Attack Zone showcasing the capabilities and effectiveness of a range of security products. Supported by the UAE Cybersecurity Council, in{: Cyber} is a dedicated area for cybersecurity vendors
and technology experts, which includes a future defenders hack arena and a three-day comprehensive conference. Safety and Health exhibitors will also showcase their safety wear and equipment at the Safety Walk.

Meanwhile, the Intersec Awards 2024, to be held on 17th January, will recognise the leaders in fire, safety and security at a prestigious event at the Palazzo Versace Hotel. The Premium Club at Intersec meanwhile, offers the ultimate networking space, enabling buyers to connect with exhibitors.

Source: Emirates News Agency

DUBAI: The 29th edition of the Dubai International Pharmacy Technologies Conference and Exhibition – DUPHAT 2024, concluded in Dubai today with unparalleled success which reflected in the volume of direct and indirect commercial deals that were generated over the course of three days. The value amounted to over AED8.5 billion.

Dr. Ali Al Sayed Hussain, Chairman of DUPHAT stated: “Through DUPHAT, we endeavour to economically and academically support the pharmaceutical industry by cultivating partnerships among stakeholders and professionals within this sector.”

DUPHAT 2024 stands as a pivotal cornerstone in fortifying the UAE economy. This significant event plays a substantial role in bolstering both the retail and tourism sectors within the country and the broader region, owing to the diverse array of participants and visitors hailing from across the globe. DUPHAT actively contributes to fostering trade promotion and the amalgamation of ideas and innovations, thereby revitalising the public economy. This po
sitive influence amplifies business potential, aligning seamlessly with the UAE’s vision of being a premier destination for commerce and tourism. It mirrors the dynamic interaction among participants, propelling economic progress forward.

Ambassador Dr. AbdulSalam AlMadani, Executive Chairman of DUPHAT, commented on the tremendous success of DUPHAT this year: ‘We remain steadfast in our pursuit of the visionary leadership of the UAE that has achieved unprecedented creativity and distinction in the health sector, setting unparalleled standards for Dubai that we are unwaveringly committed to upholding.’

AlMadani stated that the value of the trade deals concluded over the past three days amounted to AED8.5 billion in DUPHAT this year, and the most prominent deals concluded.

He added: “The deals achieved in DUPHAT are a testament to the great ambition of the pharmacy and technology industry as well as placing Dubai in the Global City Strength Index.”

Shining a spotlight on the pharmaceutical industry, he adde
d, “Every local and international company involved has affirmed their eagerness to partake in the upcoming editions, driven by the remarkable success experienced in DUPHAT this year. The event facilitated consequential deals and meetings, connecting participants with customers, suppliers, and manufacturers in the realms of pharmaceuticals and technology. This positive outcome has spurred their commitment to ensure their presence in the forthcoming year.”

The closing ceremony awarded the fostering poster presenters for their research, and the stand designs creativity and efforts made to highlight new technologies in the pharmaceutical industry.

Dubai’s prominence in the global health sector distinctly embodies the unique and paramount importance accorded to the healthcare industry in the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. His insightful perspective guides the future health visions for Dubai, outlining the envisioned t
rajectory and its significance.

DUPHAT is organised annually by INDEX Conferences and Exhibitions – a member of INDEX Holding, and is supported by Dubai Health Authority, American Society of Health-System Pharmacists, International Society for Pharmacoepidemiology, European Federation for Pharmaceutical Sciences, European Society of Clinical Pharmacy, Society of Hospital Pharmacists of Australia and the European Society of Oncology Pharmacy.

Source: Emirates News Agency

GUJARAT: Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a high-level UAE economic delegation to participate in the 2024 Vibrant Gujarat Global Summit.

During the summit, Indian Prime Minister Narendra Modi inaugurated the UAE pavilion, which saw a record turnout of business leaders and private sector representatives to discuss trade and investment opportunities between the UAE and India, and ways to develop them and elevate the relationship to new levels under the umbrella of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which will complete its second year in May 2024.

Dr. Al Zeyoudi said, “The presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan at the summit is a testament to the importance the UAE leadership attaches to the bilateral relationship between the two countries. In this context, the high-level participation of the UAE in the Vibrant Gujarat Global Summit confirms the strength of the UAE-India relations and reflects
the UAE’s commitment to joint work to develop the bilateral economic relations.”

He added, “The two friendly countries continue to work together to explore the limitless opportunities provided by the UAE-India CEPA. The Vibrant Gujarat Global Summit is an important platform for discussions, communication, and exchange of knowledge and expertise. The state of Gujarat embodies these opportunities, as it is a major commercial gateway for UAE products entering India and a major destination for UAE investments looking for promising opportunities.”

Al Zeyoudi also held talks with Piyush Goyal, Minister of Commerce and Industry in India, to discuss ways to enhance trade and investment cooperation between the two countries. The two ministers discussed the progress of the implementation of the CEPA, and the opportunities available for UAE and Indian businesses in both countries.

Al Zeyoudi also met with Bhupendrabhai Patel,Chief Minister of Gujarat, to discuss ways to stimulate investment flows and agreed to contin
ue exploring opportunities in sectors of common interest.

Al Zeyoudi also met with Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco, on the sidelines of the Vibrant Gujarat Global Summit, and they discussed ways to enhance trade and investment flows between the two nations.

In the meantime, the UAE Ministry of Economy, in cooperation with the UAE Embassy in New Delhi and the Confederation of Indian Industry organised the UAE-India Business Summit on the sidelines of the Vibrant Gujarat Global Summit 2024, which was attended by a number of ministers and officials from the two countries.

During the summit, Al Zeyoudi gave an opening speech highlighting the benefits and achievements of the Comprehensive Economic Partnership Agreement between the two countries. He urged business leaders from both sides to continue exploring shared opportunities.

The business summit included extensive participation from the business community of both countries. A new website of the UAE-India Comprehensive
Economic Partnership Agreement Council was launched during the summit. Designed to encourage cooperation between SMEs and start-ups in the two countries, the website will be supported by a promotional campaign conducted in partnership with national and regional industry associations throughout India, covering 11 states through 17 separate events.

Source: Emirates News Agency

The Minister of Oil and Gas in the National Unity Government, ‘Mohamed Aoun,’ discussed with the Secretary-General of the Organization of African Petroleum Producing “APO” Countries, Omar Al-Farouq, the work of an economic study to establish a gas pipeline from Nigeria to Europe, passing through Niger and Libya.

This came during Aoun’s reception yesterday, Wednesday, at the ministry’s office in Tripoli, with ‘Al-Farouk,’ accompanied by the organization’s director of studies and research and the director of his office, on the sidelines of his participation in the 2024 Energy and Economy Summit, which Libya is hosting on January 13 and 14.

According to the official page of the Ministry of Oil and Gas on Thursday, the two parties also discussed ways to establish the African Energy Bank to support oil industry projects in Africa.

During the meeting, he stressed the importance of joint cooperation between member states to benefit from the expertise, technology, lessons and experience gained in the oil and gas
industry and the field of contracts.

Source:Libyan News Agency