Category: Industry

ABU DHABI: ADNOC Distribution today reported robust results for 2023, recording a 4.6% year-on-year growth in earnings before interest, tax, depreciation and amortisation (EBITDA) to $1.002 billion (AED3.68 billion). With this, the Company has successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.

In addition, the underlying EBITDA for 2023, excluding the impact of inventory movements, increased by 15.4% year-on-year. This growth was fueled by a double-digit increase in fuel volumes and non-fuel business, along with a rising contribution from international operations.

The EBITDA also benefited from the Company’s efficiency improvement initiatives, leading to like-for-like operating expenditure (OPEX) savings of $28 million (AED103 million).

ADNOC Distribution capitalised on new opportunities in both domestic and international markets by strategically allocating capital for growth. In 2023, the Company generated a strong free cash flow
of $1.1 billion (AED4.0 billion) while maintaining a robust balance sheet with a net debt-to-EBITDA ratio of 0.62x as of 31st December 2023. This solid financial standing positions the Company favourably for future growth and shareholder value creation.

Bader Saeed Al Lamki, CEO of ADNOC Distribution, said, “Fueled by our record EBITDA of over $1 billion, 2023 was a remarkable and transformative year for ADNOC Distribution. Our team delivered on a critical commitment made to capital markets, underpinned by our focus on execution excellence, future-proofing the business, unwavering dedication to health safety and the environment, and our capability building and cultural transformation. This achievement is underscored by our focus on execution excellence and future-proofing the business.

He added that ADNOC Distribution’s Board of Directors has approved a new five-year strategy for 2024-28, targeting the next growth phase with a focus on sustainable mobility and convenience. It includes optimising existing as
sets to improve profitability, doubling down on non-fuel retail, and generating new revenue streams offered by energy transition to future-proof the business and increase customer satisfaction.

“I look forward to sharing more details about our five-year strategy during the upcoming Capital Markets Day,” the CEO noted.

The Company’s total fuel volumes recorded an 11.8% year-on-year growth in 2023 in the GCC markets, with retail volumes growing by 9.6% and commercial volumes up by 16.2% year-on-year. This growth was underpinned by the Company’s ongoing network expansion, sustained momentum in the region’s economic growth, and higher mobility.

ADNOC Oasis convenience store sales continued to gain momentum in 2023, with non-fuel retail transactions increasing by 12.9% year-on-year. The Company’s dedication to innovation and the diversification of its customer experience proposition continued to expand in line with its strategic objectives.

ADNOC Distribution recently became the region’s first fuel distributor
to introduce innovative AI-enabled ‘Fill and Go’ technology at its service stations, allowing computers to recognise vehicles and respond by offering a hyper-personalised fueling experience.

Moreover, the Company introduced payment device standardisation, resulting in significant cost optimisation. This initiative also enhances customer experience by enabling customers to split transactions across multiple payment options and earn or redeem loyalty rewards.

Additionally, the continuous enhancement of the ADNOC Distribution mobile app offers new benefits and enhanced user experience. All these efforts have contributed to the Company achieving a four-year-high convenience store conversion rate of 24.7%. That is the percentage of customers who purchase at ADNOC convenience stores while fueling their vehicles.

ADNOC Rewards, the UAE’s first and largest fuel retail loyalty programme, has also been a key pillar in elevating customer value proposition and flagship customer-centric initiatives via enhancements t
o our customer value proposition including the launch of tiers: BLUE, SILVER, GOLD, and PLATINUM. As a result, the ADNOC Rewards loyalty programme saw a remarkable 22% year-on-year increase in membership, rising to over 1.9 million.

ADNOC Distribution surpassed its target of opening 25-35 new stations in 2023 by launching 41 new service stations, bringing its total network to 840 service stations, of which 597 are located in the UAE and Saudi Arabia.

During 2023, the first nine ADNOC-branded service stations were launched in strategic locations across Greater Cairo, Egypt, offering a full range of vehicle services to local communities.

Beyond its successful acquisition of a 50% stake in TotalEnergies Marketing Egypt LLC, which was completed in February 2023, the Company is actively evaluating non-organic growth opportunities in international markets with a focus on efficient capital allocation.

The Company has launched the first phase of fast and super-fast EV chargers. With over 50 EV charging points at
strategic locations across its network, this move underscores the Company’s ambition to become a destination of choice for charging and convenience among UAE customers.

In 2023, ADNOC Distribution began operating the region’s first high-speed green hydrogen pilot refuelling station. Opened by ADNOC, the station has been established to test a fleet of zero-emission hydrogen-powered vehicles. The station creates green hydrogen through water electrolysis, using an electrolyser powered by clean grid electricity. The pilot aims to collect data to assess the long-term feasibility of hydrogen vehicles in the UAE.

In January 2023, ADNOC Distribution announced its commitment to reducing its carbon intensity by 25% by 2030, putting sustainability at the core of its day-to-day operations. The Company has made significant strides towards this goal, such as transitioning 100% of its UAE heavy fleet to run on biofuel.

Additionally, the installation of solar panels has begun across the Company’s service network in Dubai,
marking the first phase of a UAE-wide solar rollout.

In line with its dividend policy, the Company’s Board of Directors has recommended distributing a dividend of $350 million (AED1.285 billion), equivalent to 10.285 fils per share, for the second half of 2023, which will be presented to the Company’s shareholders for approval at the Annual General Assembly Meeting scheduled March 2024.

Subject to shareholders’ approval, the total dividend for the fiscal year 2023 is expected to be $700 million (AED2.57 billion), equivalent to 20.57 fils per share, providing an annualised yield of 5.8% (at a share price of AED3.57 as of 6th February 2024).

Source: Emirates News Agency

DUBAI: BHM Capital, a leading financial institution in the capital markets of the United Arab Emirates, listed on the Dubai Financial Market, has announced an increase in its total trading value by 29 percent, reaching AED73.6 billion during the year 2023, compared to AED56.9 billion in 2022.

Additionally, the growth rate of its client base reached 61 percent, opening 11,100 new accounts in both Dubai Financial Market and Abu Dhabi Securities Exchange during the year, following the development of the smart onboarding system and its integration with Dubai Financial Market’s applications in the country.

Supported by the company’s strong performance, total revenues increased by 60 percent, reaching AED136.7 million in 2023 compared to AED85.3 million in 2022. As a result, the company’s net profits for the period ending on December 31, 2023, jumped by 101 percent to reach AED31.5 million, compared to AED15.7 million recorded in 2022.

The net revenues included a significant increase of 304 percent in listing ad
visory service, 160 percent in the company’s general services, and 110 percent in margin trading, along with a 33 percent rise in commission income.

The company’s total assets also rose by 61 percent, reaching AED 1.22 billion in 2023, compared to total assets of AED757.18 million in 2022. The total shareholders’ equity amounted to AED226.42 million in 2023, showing a 17 percent growth compared to AED193.2 million in 2022.

Al Hurr Mohammad Al Suwaidi, the Chairman of BHM Capital, stated, ‘The company has succeeded in maintaining its position as one of the best financial institutions locally and regionally, providing an integrated package of financial and investment services in local, regional, and global markets.’

Al Suwaidi added, “We have promising plans that we intend to execute to fully leverage the potential of our strategy and to sustain the ongoing expansion of our net profits.”

Source: Emirates News Agency

ABU DHABI: Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC), has inked a Memorandum of Understanding (MOU) with the Solana Foundation, a non-profit organisation dedicated to decentralisation, adoption, and security on Solana network. This significant partnership is dedicated to enhancing Distributed Ledger Technology (DLT) solutions and advancing blockchain innovation.

The initiative aligns with ADGM’s strategic vision of becoming a central hub for technology-driven financial services, following the introduction of the DLT Foundations Regulations – a world-first, purpose-built framework for Blockchain Foundations and Decentralised Autonomous Organisations.

The collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.

Hamad Al Mazrouei, CEO of ADGM Registration Authority, said, ‘Our strategic alliance
with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector, and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our commitment to the growth and the development of the blockchain sector. We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasising the value of regulation and compliance in ensuring robust and sustainable development. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE.’

The UAE has emerged as a global hub for innovation and adoption of blockchain technology, said Lily Liu, President of the Solana Foundation. ‘Working closely with ADGM is a significant step forward in the continued growth of blockchain adoption in the region as a whole, and advances the Solana Foundation’s goal of fostering inno
vation, security, and widespread adoption on the Solana network in the Middle East.’

The Solana Foundation, renowned for its expertise in the blockchain realm, will contribute significantly to this partnership. This collaboration aims to encourage industry engagement and feedback, which is crucial for evolving regulatory frameworks and supporting the growth of Abu Dhabi’s blockchain and Web3 ecosystem.

Source: Emirates News Agency

DUBAI: The World Governments Summit Organisation announced the agenda for the upcoming 11th edition of World Government Summit (WGS), set to take place between 12 and 14 February 2024 in Dubai.

Under the theme of ‘Shaping Future Governments’, this year’s summit will anticipate future opportunities and challenges, addressing the world’s most pressing issues. Through its prominent agenda, WGS will discuss a common approach to improve governmental work and strengthen cooperation among governments worldwide. Additionally, it will focus on sharing knowledge and expertise and highlighting inspiring stories and models in governmental work.

Hosting a brilliant lineup of keynote speakers, the Summit is set to address future trends and shifts on the global level, as well as ways to foster collaboration regionally and globally. Among heads of state speaking and attending the event the President of Trkiye, Recep Tayyip Erdogan; Prime Minister of the Republic of India Narendra Modi; President of Rwanda, Paul Kagame; Wil
liam Ruto, President of the Republic of Kenya; and the President of the Kyrgyz Republic Sadyr Japarov, as well as President of Madagascar Andry Rajoelina, Maldives President Dr. Mohamed Muizzu, Mauritius President Prithvirajsing Roopun and Seychelles President Wavel Ramkalawan, who speak at one of the plenary sessions.

Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs and Chairman of the World Governments Summit Organisation, said that the summit reflects the vision of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai in shaping the future and fostering positive change.

The minister noted: ‘The World Government Summit 2024 provides an excellent opportunity to forge common perspectives on global developments, and come up with effective solutions for critical development and humanitarian concerns. It serves as a global platform for crafting proactive strategies to address
future challenges, exchanging experiences to bolster social stability, and fulfilling the aspirations of future generations.’

Mohammed Al Gergawi added that the 11th edition of the summit will witness the participation of more than 25 Heads of state and governments, 120 governmental delegations, over 85 international and regional organisations and institutions, along with distinguished participation of thought leaders, experts and more than 4,000 attendees.

WGS covers six main themes, through 15 global forums and over 110 interactive dialogues and sessions. Over 200 prominent speakers, including presidents, ministers, and visionaries, share their insights alongside 23 ministerial meetings and executive sessions welcoming over 300 ministers.

The summit is set to launch around 25 strategic reports, covering crucial practices and trends across key sectors. These reports encompass forums, ministerial meetings, and knowledge-sharing sessions. Additionally, the WGS 2024 will launch the Global Ministers Survey. M
inisters from across the globe are invited to share their ideas on crucial global issues and collaborate in enhancing solutions together.

The Arab Fiscal Forum, on Day Zero, will address macroeconomic developments and prospects, energy subsidiary reforms and social safety nets, as well as generating value from public assets among other relevant topics. HE Kristalina Georgieva, Managing Director of the International Monetary Fund will be speaking at the opening session.

Other key events on Day Zero include the Arab Meeting for Young Leaders, the World Bank Group Ministerial Experience Exchange and the Ministerial Roundtable with Arab Youth Ministers.

Day One will see various sessions under the Future of Work Forum and the Future of Mobility Forum, as well as a ministerial roundtable on Climate Action through Fostering Sustainable Finance, a Family Business Roundtable, and a roundtable addressing Scientific Discovery and Applications which will host a group of Nobel laureates.

Day two will host the Geotechn
ology and Policy Forum, the Artificial Intelligence Forum, the Government Experience Exchange Forum, the SDGs in Action Forum, Government Services Forum, the Arab Public Administration Forum and the Industry and Advanced Technology Forum. Topics to be discussed vary from AI challenges and opportunities through the space economy to decarbonization.

H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, will address a key session during the summit. H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority, will also participate in a session on the new governmental vision for creative industries.

Strategies for Sustainable Investments in Emerging Markets will be among the areas of focus on the final day of the Summit during the Emerging Economies Forum. Other events include the Future of Space Forum, the Global Health Forum, the Future of Education Forum, and several roundtables addressing responsible AI and digital t
ransformation among other topics.

The World Governments Summit will present several global awards including the Best Minister in the World award, the Dubai International for Best Sustainable Development Practices, the Creative Government Innovations Award, the Global Award for the Best Government Applications and the Global Government Excellence Award.

Source: Emirates News Agency

SHARJAH: The Expo Centre Sharjah made a remarkable appearance at the ‘Global CEO Summit 2024′, hosted by the Global Association of the Exhibition Industry (UFI) in Amsterdam, the Netherlands. The summit was attended by more than 120 CEOs and equivalents from international exhibition organizers and venue operators from 35 countries around the world.

Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, Chairman of the Arab Union for International Exhibitions and Conferences (AUIEC), and board member of UFI, represented the centre at the event.

The centre’s participation fell within its commitment to promote international collaboration, shape the future of the exhibitions and conferences industry, and keep pace with the industry’s latest developments worldwide. The summit addressed the importance of bringing together the international efforts to adopt innovation practices in the field of meetings, gatherings and specialized events, while developing the capabilities of the exhibition centers around the world t
o incorporate technology tools and digital transformation into their operations.

During the event, Al Midfa held discussions with several participating CEOs as regards the main fundamentals of the industry, the importance to expand the industry goals especially in terms of supporting the international efforts to achieve sustainability. This will come through holding events and conferences to tackle the environment issues and implementing the best sustainability practices as well as criteria in the events’ organisation.

Al Midfa noted that the summit represented a significant global platform for CEOs around the world to discuss expanding cooperation to develop the industry services, while pinpointing their growing importance in this era; developing the support logistics services related to organizing and managing exhibitions; reviewing the industry’s current situation as well as its future; and promoting the industry global presence. This will further help the industry strengthen its role in implementing the
sustainable development goals, while considering the social as well as environmental issues and the industry’s economic perspective, added Al Midfa.

Expo Centre Sharjah attracts more than 2.5 million visitors and thousands of companies and exhibitors from around the world every year through organizing and hosting more than 50 exhibitions. Through the summit, the centre is committed to convey its unrivalled experience in this field, enhance cooperation with any exhibition center around the world, conclude strategic partnerships and organize joint exhibitions in the future, he concluded.

Source: Emirates News Agency

ABU DHABI: The ninth edition of the GovTech Prize 2024, part of the World Governments Summit (WGS), presents a unique model that celebrates the contributions of technology pioneers in providing service solutions that anticipate future challenges and enhance the quality of human life.

The prize, managed by the Emirates Government Service Excellence Programme (EGSEP) at the UAE Prime Minister’s Office, continues its mission to encourage pioneering students, researchers, government agencies and institutions, private sector companies and startups to develop innovative solutions and explore new opportunities for a better future for humanity.

The GovTech Prize embodies the visions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in promoting innovation in the development of services and future government work and employing technology to enhance human life.

The Prize is given to government entities, whether central or local, around the world to acknowledge
creative and innovative solutions that tackle important challenges and create outstanding government service experiences. The award aims to recognise solutions that use new and efficient approaches and techniques with technology to solve problems affecting a large part of the population and provide real benefits, with the potential to expand geographically across borders.

The GovTech Prize 2024 is to recognise innovations in creating human centric government services experiences in the following categories: Educational Services, Healthcare Services, AI-Powered Government Services, and Inclusive Digital Transformation.

The WGS has adopted a new model for selecting innovative experiences and success stories in the award categories. It has partnered with a number of global partners to monitor and study 250 experiences around the world that were evaluated by a global jury of experts and specialists in the fields and categories of the award. Approximately 50 government experiences reached the final stage of the
evaluation and were re-evaluated to select the best of them to win the prize.

Eligibility for the prize requires that the solution should be in a mature stage and should be adopted by at least one government entity, and it should be related to technology innovation. Moreover, the solution should have been developed and/or adopted recently; within the last 24 months. Finally, the solution should align and/or belong to one of the categories advertised for the current year award.

The evaluation criteria include the following:

– Level of innovation: measuring the adoption of novel approaches and techniques leveraging technology to provide solutions in a streamlined and more efficient manner

– Impact: describing the ability for the solution to solve sticky problems affecting a large part of the population, providing tangible benefits

– Maturity: evaluating the readiness and robustness of the solution and its level of adoption

– Scalability and replicability: assessing the possible extension and adoption of t
he solution to broader audiences/geographies and/or other contexts

– Sustainability: considering both the cost-effectiveness and financial viability of the solution, as well as its ecological impact and footprint

Since its launch in 2013, the WGS has focused on foreseeing future governments and building a better future for humanity and has contributed to the establishment of a new system of international partnerships based on inspiring and anticipating future governments.

Source: Emirates News Agency