Category: Industry

ABU DHABI: Ghitha Holding PJSC (ADX: Ghitha), a subsidiary of Abu Dhabi-based conglomerate International Holding Company (ADX: IHC), announced a significant milestone in its growth strategy by expanding within the logistics and aviation sector. Through its wholly-owned indirect subsidiary, Ghitha Aeroinvest Holding RSC LTD, the company entered into a Share Purchase Agreement (SPA) dated as of February 1, 2024, to acquire a 44% stake in MNG Havayollari ve Tasimacilik A.S. (MNG Airlines), a leading commercial cargo company headquartered in Turkey.

The acquisition, valued at USD 211.20 million, marks a significant stride towards diversifying Ghitha Holding’s robust portfolio, not only amplifying its logistical and distribution capabilities but also aligning with its ambitious goal to become the largest company in the regional food trading sector, providing high-quality products that meet and exceed customer expectations.

Falal Ameen, Group Chief Executive Officer of Ghitha Holding, commented on the acquisition
, stating, ‘The integration of MNG Airlines into our portfolio represents a significant leap in our journey towards becoming a regional powerhouse in the food trading sector. This partnership not only expands our logistical capabilities but also strengthens our commitment to supplying our customers with the highest quality products, sourced from around the globe. We are proud to leverage MNG’s expertise in cargo and logistics to further enhance our service offerings and to continue evolving in line with our customers’ needs and preferences.’

Murathan Gnal, Chairman of the Board of MNG Airlines, said: ‘We are delighted to join forces with Ghitha Holding PJSC, a company that shares our vision for growth and excellence. This collaboration is a testament to the hard work and dedication of our team at MNG Airlines and opens up new horizons for us in terms of operational capabilities and geographical reach. Together with Ghitha Holding, we look forward to setting new benchmarks in the cargo and logistics sector an
d to a future of mutual success.”

Ghitha Holding, with a portfolio that spans across food, agriculture, fish, dairy, poultry, vegetable oil, retail, distribution and catering services, views this acquisition as a strategic move to expand its capabilities and reach in the global supply chain.

MNG Airlines operates at the forefront of the cargo and logistics industry, offering specialized services including scheduled and block space charter, aircraft, crew, maintenance and insurance (ACMI), special cargo, and comprehensive technical services.

The transaction is subject to certain closing conditions and regulatory approvals, with an anticipated completion in H1 2024. Ghitha Holding PJSC is committed to working closely with

MNG Airlines to ensure a seamless transition and to explore new avenues for growth and expansion in the aviation sector.

Source: Emirates News Agency

DUBAI: The Ministry of Finance today launched the newly updated catalogue for the Digital Procurement Platform, which has expanded to include 35 categories containing more than 120,000 products and services provided by 230 suppliers.

The event, gathering the attendance of representatives from more than 30 federal entities, featured an introduction to the advantages of purchasing through the catalogue compared to traditional processes, contributing to a 75 percent reduction in procurement steps and reducing the time required for the purchase process from an average of 60 days to six minutes.

The central procurement unit at the Ministry of Finance has negotiated with suppliers to obtain the best prices for products and services.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said, ‘We aspire to be global leaders in the financial field, and to contribute to achieving the UAE’s vision. Our event today marks a new milestone on the path of innovation, collaboration, and the exchange of ideas.
Together with our partners from federal government entities, we are charting a course towards a future where efficiency, transparency, and innovation define government procurement. The Digital Procurement Platform is part of the strategic directions expressed by the five major transformational projects of the Ministry of Finance, including the first project, the Supply Strategy of the Federal Government, which aims to incorporate new categories of suppliers for the federal government to support national economic growth and enhance government efforts aimed at expanding and diversifying the supplier base in the federal government. This, in turn, contributes to improving the quality of services and products for federal procurement at competitive prices.’

He added, ‘The Ministry’s proactive work to identify all government requirements confirms that the platform’s function is not limited to connecting government entities with suppliers, but also ensures achieving the objectives of this transformational project. I
t also increases the readiness of government financial work, in line with the new government work methodology adopted by the UAE to lead the government development process, meets the country’s future requirements, and continues its development journey for the next decade and towards the next 50 years, in line with the digital transformation strategy, enhancing joint work, and forming effective partnerships with the private sector to improve the level of government services, especially in the fields of procurement and government supply.’

The Digital Procurement Platform is a strategic and vital project in digital transformation, especially in managing purchasing operations at the federal level. It has brought about a positive change in terms of efficiency, transparency, monitoring expenses, and expenditures. The acceleration of purchasing processes and the simplification of procedures have facilitated access to purchasing and supplier information in the system automatically and electronically. This transforma
tion reflects our commitment to sustainable digital transformation and the spirit of innovation in enhancing the efficiency of spending in government work.

The platform has provided an easy and flexible user experience by designing a simple user interface to facilitate navigation, minimising complexity and increasing productivity, which has helped to speed up the procurement process more effectively. It has succeeded in enhancing automation and electronic catalogues to shorten the required time for the purchasing process. A system that allows a clear view of transactions and expenditure analysis for better financial decisions, including support and preservation of resources for future generations, has also been provided. The platform has played a significant role in connecting federal entities with suppliers and the value chain through an integrated network to facilitate communication and enhance transparency in purchasing.

Participants in the launch event were introduced to the newly updated catalogue that
reduces the number of steps for procurement processes from 11 to three. In addition, new features in the Digital Procurement Platform were presented, including electronic contract drafting, contract signing using digital identity, the reporting dashboard, and the budget verification feature. The platform also provides a reverse auction feature when launching a digital tender and tracks the progress of purchase requests and orders. The catalogue also displays a section for SMEs, to facilitate access to their products and services.

The new catalogue categories, which include advertising and media services, real estate insurance, travel services, consulting services, installations and interior design, property management, information technology services, legal services, photography and video, studies and research, training, translation, and other services, were also showcased.

In addition, a panel discussion about emerging technology in digital procurement took place during the launch event. The theme of the d
iscussion revolved around how can emerging tech like artificial intelligence drive efficiency and increase transparency and accountability in government procurement. It also reviewed the latest trends and best practices in digital procurement, as well as how can the Digital Procurement Platform leverage them to bring greater added value.

The panellists included Dr Marcell Vollmer, CEO of MV Procu GmbH, Jasmin Frick, Director of Seller Success at Amazon MENA, Hamed Kazim, Senior Partner at PwC and Senior Advisor in the Dubai government. The discussion was moderated by Mohammed Saeed AlEter, an executive in artificial intelligence, digital economy, and remote work applications.

Source: Emirates News Agency

SHARJAH: The Sharjah Chamber of Commerce and Industry (SCCI) has concluded two days of participation in the “Sharjah Entrepreneurship Festival 2024,” which took place at the Sharjah Research, Technology, and Innovation Park from 3rd to 4th February.

The chamber was represented by the Small and Medium Enterprises Centre (Tijarah 101). The festival, held under the theme “Together, We Shape the Future,” was inaugurated in the presence of Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Entrepreneurship Center (SHERAA), along with distinguished government officials and business leaders from around the globe.

Bodour Al Qasimi honored Sharjah Chamber for its role in the festival, acknowledging its contributions. The honour was presented during a ceremony, with Raghda Taryam receiving the trophy.

Sharjah Chamber joined a panel discussion. Aisha Saleh emphasised the role of nurturing young entrepreneurs in strengthening the business landscape. She stressed supporting young entrepreneurs’ aspiration
s for innovative initiatives and providing essential training and exposure to best practices. At its festival platform, the SCCI showcased support services via “Tijarah 101” and innovative projects to encourage SME owners. The Chamber is committed to providing training for their contribution to the national economy’s sustainability and growth.

Mohammad Ahmed Amin Al Awadi, Director-General of SCCI, emphasised that the Chamber is a key partner in the success of various economic events in Sharjah, mirroring its commitment to social responsibility and supporting entrepreneurial growth across all sectors.

‘Through a range of tangible initiatives, the Sharjah Chamber sought to offer direct support to young entrepreneurs. These include the establishment of the “Sharjah Award for Entrepreneurs with Disabilities” and the “Sharjah Entrepreneurs Award,” both of which originate from the prestigious “Sharjah Excellence Award.” Additionally, the Chamber has played a pivotal role in organizing events such as the Entrepre
neurship Forum, along with numerous other initiatives, meetings, and training programmes.’

Mona Omran Ali Omran, Director of Tijarah 101, emphasised that the centre’s participation in the Sharjah Entrepreneurship Festival, under the umbrella of the Sharjah Chamber, provided a valuable opportunity to underscore the pivotal role played by “Tijarah 101.” The centre offers a wide range of services to young entrepreneurs, from training to consulting, financing, marketing, and communication, all in close collaboration with strategic partners from both the public and private sectors.

Tijarah 101 members also engaged in the festival’s activities, dialogue sessions, workshops, and networking opportunities, enhancing cooperation and partnerships. They shared the SCCI’s experiences in supporting entrepreneurship and developing the skills of emerging entrepreneurs, marking another successful chapter in fostering Sharjah’s entrepreneurial ecosystem.

Source: Emirates News Agency

DUBAI: Ian Johnston, Chief Executive, Dubai Financial Services Authority (DFSA), expects further growth and activity this year, following the strong performance achieved in 2023.

“2023 was the DFSA’s busiest year in terms of the number of new licences issued, with more than 100 new financial services firms, surpassing 2022,” Johnston told Emirates News Agency (WAM).

The DFSA achieved exceptional growth last year, licencing and registering a record number of companies during 2023, a 25 percent increase from 2022, bringing the total number of licenced companies to 791.

“As the regulator of the Dubai International Financial Centre (DIFC), it is most important for us that the centre continues to grow and expand, especially as its work does not stop at attracting more companies, but there is more work being done by the financial institutions registered there,” Johnston added.

“We have 27 out of 29 systemically important global banks headquartered in the DIFC, as well as most of the major fund managers and the
majority of insurance and reinsurance companies,” Johnston said.

The DFSA CEO pointed to a significant increase in the interest of hedge funds to be present in Dubai amid rapid growth in the sector, noting that many hedge funds and other funds around the world are moving to the DIFC.

During the past year, the DFSA recorded a 125 percent year-on-year increase in the number of asset managers and hedge funds established in the DIFC.

Ian Johnston highlighted the DIFC’s impressive growth as a leading financial hub. He stated that the DIFC has surpassed its regional competitors to become the largest financial centre in the Middle East and a prominent global player.

Currently, over 600 financial services firms operate within the DIFC, employing more than 40,000 people and significantly contributing to the UAE’s economy, he added.

Focusing on Nasdaq Dubai, the DIFC’s stock exchange, Johnston noted its emergence as the world’s leading market for environmental, social and corporate governance (ESG) Sukuk, as the p
ercentage of ESG-related Sukuk denominated in US dollars listed on Nasdaq Dubai reached more than 60 percent, and nearly 40 percent of ESG-related Sukuks in other currencies. He explained that the volume of these Sukuk reached US$27 billion.

This achievement reinforces the DIFC’s commitment to sustainable finance. Moreover, the total value of debt securities listed on Nasdaq Dubai has reached a staggering US$129.4 billion, with Sukuk representing US$71.6 billion, while conventional bonds reached US$30.8 billion, highlighting the depth and liquidity of the DIFC’s capital markets.

Johnston further emphasised the crucial role of Chinese banks in sukuk listings on Nasdaq Dubai, underlining the robust ties between the UAE and China in the financial sector. He specifically mentioned major banks like Bank of China and Industrial and Commercial Bank of China conducting significant sukuk issuances on the exchange.

Beyond traditional finance, Johnston also pointed to the DFSA’s interest in exploring new technologies
within the financial sector. Dubai is actively positioning itself as a major hub for digital assets, and this strategic focus is expected to attract further investment and innovation to the DIFC.

Johnston highlighted the close cooperation between the DFSA and regulatory authorities in China and Hong Kong, reflecting the strong ties between the UAE and these countries in the financial sector. He mentioned that the DFSA works closely with the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission of Hong Kong, and that they jointly organise some activities.

Johnston also announced that the DFSA, in collaboration with the HKMA, will host a joint conference on climate finance in Hong Kong this year and in Dubai next year.

The DFSA and the HKMA have collaborated in a number of areas, including promoting and supporting innovation in their respective markets. In December 2017, the two sides signed a cooperation agreement in the field of financial innovation.

Source: Emirates News Agency

ABU DHABI: The Federal Tax Authority (FTA) has launched the second phase of its comprehensive campaign to raise business sectors’ awareness of corporate tax and provide continuous knowledge support to taxpayers.

The campaign aims to ensure a seamless implementation of the Corporate Tax Law which entered into effect in June and applies to financial years that began on or after 1st June 2023.

In a press release the FTA explained that the new phase of the campaign – which runs until the end of this year – will feature a number of events and virtual as well as in-person workshops across the UAE’s seven emirates. The programme will focus on raising awareness about various specific topics such as legislation and the requirements and procedures for Corporate Tax compliance and will be tailored to the needs of each of the concerned taxpayer. In addition, the latest technologies will be utilised to ensure easy access to information for taxable persons, and to support and encourage the business community to implement
Corporate Tax Law efficiently and accurately.

Khalid Ali Al Bustani, FTA Director-General, inaugurated the first workshop in the second phase of the awareness campaign which was held in Abu Dhabi. The workshop was specially designed for the small and medium-sized enterprises (SMEs) sector and focused on ‘Small Business Obligations and Relief Under the Corporate Tax Law.’

The event was attended by a number of officials from the Abu Dhabi Department of Finance, the Abu Dhabi Department of Economic Development, Khalifa Fund for Enterprise Development, the Emirates Entrepreneurship Association and the Abu Dhabi Chamber of Commerce and Industry, as well as representatives of the FTA’s key stakeholders in the emirate. The workshop has seen a significant turnout and lots of interaction from over 265 SMEs in attendance.

Al Bustani confirmed that the launch of the second phase of the awareness campaign is part of the integrated strategy adopted by the FTA to ensure seamless and precise compliance with the UAE Corpo
rate Tax, which is considered among the most competitive in the world as it levies a basic rate of 9 percent, and a 0 percent rate on taxable profits up to AED 375,000 to support and encourage startups and small businesses.

In his opening speech, Al Bustani said, ‘The FTA is committed to supporting taxpayers in fulfilling their tax obligations. The FTA seeks to encourage voluntary self-compliance among taxpayers by creating a clear procedural and legislative framework that follows global best practices. Corporate Tax registration is now available through the EmaraTax platform for digital tax services, with transactions and procedures that are clear, simple, and fast.’

He added, ‘The opening of corporate tax registration coincided with various awareness activities that include the release of various guides, programs, and explanatory videos that are available on the FTA website. These provide an in-depth view of the legislative and regulatory aspects concerning the criteria for determining taxpayers subject t
o Corporate Tax and the corresponding compliance mechanisms. The aim is to enable taxpayers to know their rights and duties, tax calculation mechanisms, executive procedures, and legal obligations associated with Corporate Tax.”

Al Bustani emphasised that the FTA’s comprehensive awareness campaign, which was launched last year to introduce the Corporate Tax, had yielded positive results. The campaign improved the direct connection and engagement between the FTA and the taxpayers. It had an impressive turnout and response from the corporate sectors.

He said that the second phase of the campaign would yield better outcomes by providing continuous knowledge support to all relevant taxpayers and stakeholders. Workshops will be held for stakeholders working within SMEs, which account for the majority of the country’s economic sector. Due to its strategic significance, the FTA treats this sector as a priority, by allocating many induction sessions for SMEs, in addition to continuous communication with other secto
rs.

Al Bustani added, ‘These measures to promote awareness complement the FTA’s efforts to support this vital sector. Accordingly, the FTA launched the Muwafaq Package initiative to ensure ease of doing business and tax compliance in the SMEs sector, offering them a set of customised services, incentives, and privileges. This is part of our transformational projects that focus on building the world’s best and most dynamic economy, with the Muwafaq Package offering innovative tax solutions for SMEs to facilitate tax compliance, as well as educational materials about tax procedures suitable for SMEs sector to empower this sector to be a driving force for the national economy, and promote entrepreneurship and innovation.’

During the workshop, the obligations and facilities granted to small businesses under the Corporate Tax Law were highlighted, and the FTA’s representatives provided a comprehensive explanation of the Corporate Tax Law and related decisions, the legal requirements for compliance, and the crite
ria to determine taxable persons and taxable income, clarifying the applicable tax rates and tax periods. Moreover, the FTA experts outlined the relief offered to small businesses and how to apply the provisions of the Corporate Tax law for those eligible for Small Business Relief.

The FTA representatives confirmed that the relief is intended to support start-ups and other small or micro businesses by reducing the burden and cost of Corporate Tax compliance. They explained the revenue threshold and conditions for a taxable person to elect for Small Business Relief and clarified the provisions of the carried forward Tax Losses and disallowed Net Interest Expenditure under the Small Business Relief scheme. The FTA representatives also answered queries of participants to ensure seamless and accurate Corporate Tax compliance.

Source: Emirates News Agency

SHARJAH: Expo Centre Sharjah wrapped up five days of fantastic displays and vibrant activity with the conclusion of the 53rd edition of the Watch and Jewellery Middle East Show on Sunday evening.

Held under the patronage of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and supported by the Sharjah Chamber of Commerce and Industry (SCCI), the event captivated an audience of 75,000 visitors, reinforcing its prominence in the luxury watch and jewellery sector.

The final day of the exhibition was marked by the excitement of announcing the lucky winners of the event’s draws, which included lavish prizes such as a Cadillac car, a kilogramme of gold, and opulent jewellery items including diamond-studded rings and necklaces.

This year’s show was especially remarkable for featuring a 4-kilogramme raw emerald, considered a rare find globally, alongside exclusive designs from leading brands in the industry. Among the standout exhibits was the world’s longest shivering,
an artefact inspired by ancient Emirati heritage, crafted from pure gold and measuring over two meters, valued at AED 1.3 million (approximately US$350,000).

The event also showcased a plethora of exclusive and rare international pieces, drawing attention with items like a scooter and bicycle plated with 24-carat gold, valued at AED3 million, and over 10,000 unique handcrafted gold pieces. Notable attractions of the event included rare Egyptian artefacts painted with 24 carat gold, priced at AED4 million, as well as thousands of intricately designed necklaces, bracelets, and rings, adorned with precious stones and diamonds, showcasing the finest in jewellery and luxury watches at competitive prices.

Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, said, ‘The impressive turnout of visitors for the 53rd Watch and Jewellery Middle East Show reflects its prominent position as a regional hub for rare gold and jewellery. This edition not only marks another successful chapter in its history but also reinforce
s its status, builds exhibitor trust, and offers prime opportunities for business growth. Moreover, it has drawn enthusiasts from the watch and jewellery community, fulfilling their expectations with contemporary collections that bring together the craftsmanship of designers from various global markets all under one roof.’

The exhibition featured an impressive participation by a group of talented Emirati designers, showcasing innovative gold and diamond jewellery collections with global appeal and unique designs inspired by Emirati heritage.

With 20 designers taking part, including 8 newcomers, attendees were treated to hundreds of diverse pieces ranging from exquisite jewellery made of diamonds and gold. Hosted on the “Emirates Jewellers” platform, which boasts 420 members, this segment underscored the Sharjah Chamber’s commitment to fostering an entrepreneurial ecosystem that supports growth and enables Emirati designers to break into the gold and jewellery manufacturing and design market.

Covering a tot
al area of 30,000 square metres, the exhibition showcased artistic creations and unique designs influenced by Arab and Emirati heritage. Major international companies participating in the event demonstrated their keenness to present their latest collections and fashion lines, featuring an array of jewellery, precious stones, and pearls.

Source: Emirates News Agency