Category: Industry

ABU DHABI: The Abu Dhabi Businesswomen Council, a subsidiary of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), announced the signing of a Memorandum of Understanding with the Jordanian Emirati Businesswomen Council, with the aim of enhancing coordination and cooperation between the two councils.

The MoU aimed to unify efforts supporting the empowerment of women, enhancing their role in sustainable development, supporting their participation in the economic and social development process, and cooperating in launching joint proactive initiatives and activities to enhance women’s positive and active contribution to society.

The MoU was signed by Marwa Al Mansoori, Board Member of the Abu Dhabi Businesswomen Council, and Mona Al Rashdi, Board Member of the Jordanian Emirati Businesswomen Council. The signing of the MoU took place at the headquarters of the Abu Dhabi Chamber in the presence of representatives from both sides.

Marwa Al Mansoori said, ‘The signing of this Memorandum of Understanding fall
s within our endeavour at the Abu Dhabi Businesswomen Council to empower women in the Emirate of Abu Dhabi. We believe that they are an important partner in leading and shaping the future of the UAE, so we work tirelessly to help advance their roles in the private sector, providing them with a suitable environment to excel.’

She stressed the importance of the MoU in supporting the community of businesswomen and female entrepreneurs in Abu Dhabi; given its direct role in opening new prospects for Emirati women to build partnerships, discover fruitful opportunities, and strengthen commercial relations in various regional and global markets, including the market of Jordan, in cooperation with their Jordanian counterparts.

Mona Al Rashdi said, ‘We are proud to see this distinguished cooperation with Abu Dhabi Businesswomen Council. This collaboration will definitely strengthen the cooperation between the two parties at all various levels.’

Under the MoU, the two sides will work together on exchanging data, inf
ormation, reports and studies of common interest between the two parties. They will also work on strengthening the network of communication and interaction between Emirati and Jordanian women and entrepreneurs in both Abu Dhabi and Jordan by sharing invitations to participate in delegations and missions that are of common interest to both parties.
Source: Emirates News Agency

ABU DHABI: Abu Dhabi National Oil Company (ADNOC) and OCI Global (OCI) today announced that they have entered into a sale and purchase agreement (SPA) for the acquisition by ADNOC of OCI’s entire majority shareholding in Fertiglobe plc.

Fertiglobe is listed on the Abu Dhabi Securities Exchange (ADX) and is the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertiliser producer in the Middle East North Africa, and an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.

The transaction, which will see ADNOC become majority shareholder in Fertiglobe, supports the Company’s ambitious chemicals strategy and its plans to establish a global growth platform for ammonia, a key lower carbon fuel and hydrogen carrier that is expected to play an important role in the energy transition.

For Fertiglobe, this transaction supports the company’s future growth plans, enabling it to accelerate the pursuit of new market and product opportunities, an
d expand its focus on clean ammonia as an emerging fuel and hydrogen carrier.

Under the terms of the Agreement, ADNOC will purchase OCI’s 50 percent + 1 share stake in Fertiglobe at a price of AED 3.20 per share, representing a total purchase price of AED 13.28 billion ($3.62 billion). The SPA also incorporates an earn-out mechanism for FY2024 and FY2025, linked to commodity pricing and the free cash flow performance of the Fertiglobe business during the relevant period. Following the completion of the transaction, ADNOC’s shareholding in Fertiglobe will increase to 86.2 percent while the free float traded on ADX will remain at 13.8 percent.

Khaled Salmeen, Executive Director, Downstream, Marketing and Trading Directorate at ADNOC, said, ‘Working in close partnership with OCI since 2018, we have successfully listed and grown Fertiglobe into the world’s largest seaborne exporter of ammonia and urea fertilisers. Today’s agreement reinforces ADNOC’s long-term commitment to Fertiglobe and our continued focus on
delivering growth and maximising value for the company’s shareholders. This important transaction supports ADNOC’s ambitious chemicals growth strategy and accelerates our plan to establish a global growth platform for ammonia and clean ammonia.’

Building on ADNOC and OCI’s strong and long-standing strategic partnership, the two companies have also signed a Memorandum of Understanding (MoU) to explore potential cooperation on future growth opportunities for ammonia imports into Europe and product distribution. Both partners have deep knowledge and understanding of the role that ammonia has to play in global decarbonisation and energy transition, and the MoU provides a robust framework to leverage each Company’s strengths in pursuing opportunities in the energy transition and decarbonisation areas.

Nassef Sawiris, Vice Chairman of Fertiglobe and Executive Chairman of OCI Global, commented, ‘Today marks a pivotal juncture in Fertiglobe’s journey with ADNOC, which began in 2018. Within the ADNOC Group, I am con
fident that Fertiglobe has found its optimal long-term home, and that with ADNOC’s continued support and guidance, significant value creation and exciting growth opportunities lie ahead. OCI looks forward to continued collaboration with ADNOC which will focus on value accretive growth projects outside the Middle East.’

The transaction is expected to close in 2024, subject to the completion of all necessary legal and regulatory conditions, including anti-trust approvals.

ADNOC, OCI and Fertiglobe will provide further material updates as and when appropriate.
Source: Emirates News Agency

DUBAI: Dubai Land Department (DLD) launched an updated version of the ‘Dubai REST’ app, which provides an enhanced interface. This smart platform for real estate services empowers property owners, tenants, real estate brokers, developers, residents, investors, and stakeholders in the real estate market to access a wide range of real estate services efficiently.

The latest update offers a host of enhancements and features aimed at enhancing the user experience to streamline the execution of operations and procedures, making them more accessible and convenient. Achieved through an upgraded user interface, users can now navigate seamlessly between services. This update also significantly improves the application’s performance speed and responsiveness, ensuring a safer and more reliable user experience.

The Dubai REST app serves as a comprehensive real estate portfolio for property owners, accessible on smart devices; it also offers a wide range of services, empowering property owners to efficiently manage thei
r properties, including tasks like buying, selling, renting, and mortgaging. Furthermore, the app provides real-time information on off-plan projects, including completion percentages, actual project photos, Escrow account numbers, and property owner payments due for invested projects. Users can also activate the favourite projects feature to conveniently monitor and track project details.

One of the key real estate services provided by the app is the Rental Calculator, enabling users to calculate rent increases and determine average rents in the real estate market; they can also enquire about a property’s status by entering property-specific information, such as the area and land numbers. Furthermore, users can track the status of real estate projects by monitoring completion percentages and project details across the Emirate. Additionally, the DLD Document Vault, a secure digital document storage, allows users to download and share files digitally with service partners as needed.

This is all in addition t
o other services, such as the Smart Investment Map, training courses and exams, the Green List, staying informed about the latest updates regarding real estate transactions, Mashrooi service, the Real Estate Brokers service, the Rental Index, inquiring about service fee indicator, the Incomplete and Cancelled Projects Committee, verification of real estate licences and permits, the Ask Malik service, verification of title deed certificates, and many more.
Source: Emirates News Agency

DUBAI: The COP28 Presidency delivered a lasting legacy for youth inclusion in climate decision-making, with the announcement that the role of the Presidency Youth Climate Champion (YCC) will be carried forward to future COPs.

Parties have agreed in the official COP28 negotiated text to institutionalise the role of the YCC within the United Nations Framework Convention on Climate Change (UNFCCC) process. This mandates all future COP Presidencies to facilitate the meaningful participation and representation of youth in future COPs.

COP28 was the first COP to appoint an official YCC, Shamma bint Suhail Faris Al Mazrouei, who was previously the youngest minister in the world at the age of 22. She now serves as the UAE’s Minister of Community Development.

‘The UAE has become the birthplace of the role of the first ever COP Youth Climate Champion, carrying forward the nation’s rich legacy in empowering youth to a global level,’ said Al Mazrouei. ‘COP28 has been a groundbreaking COP for youth inclusion, with unpr
ecedented initiatives that have put children and young people are the heart of the climate action process. We have delivered transformative change that will stand as a lasting legacy for future COPs.’

Around one billion children worldwide are currently at extreme high risk from the impacts of climate change. While many young people are already leading climate action across the globe, they still have limited input into climate policymaking.

COP28 featured programming and a series of notable initiatives focused on youth inclusion in the climate process. This included the Dubai Youth Dialogue Forum, the most extensive platform to date for direct discussion on climate between youth and governments, and a dedicated Youth, Children, Education and Skills Day, which brought children, youth, and educators to the centre of the COP process.

COP28 also featured the official launch of the Youth Stocktake Report by YOUNGO, the Official Children and Youth Constituency of the UNFCCC, with support from the Youth Climate Ch
ampion. It represents the first-ever comprehensive analysis of youth engagement in the UNFCCC process and provides a roadmap to enhance youth inclusion moving forward.

The COP28 Youth Climate Delegates Programme has been the largest initiative to-date to expand youth participation in the COP process, with 110 young people from around the world being empowered to drive climate action in their communities and join the COP, many of whom for the first time.

The delegates received comprehensive capacity-building and full funding to participate in COP28. This enabled them to contribute to the negotiation process and establish a pioneering model for inclusion at COP for youth from small island developing states, least-developed countries, Indigenous and conflict-affected communities, and youth with disabilities.

The UAE has been committed to supporting the formalisation of the YCC role throughout the year to ensure that strong support of youth inclusion is guaranteed at future COPs. The current YCC and COP28 Pres
idency teams are currently seeking sustainable external funding for the role to avoid any need for Party-negotiated finance.
Source: Emirates News Agency

ATLANTA: A UAE delegation, led by Humaid Obaid Abu Shabas, President of the Supreme Audit Institution (SAI), participated in the United Nations (UN) Convention Against Corruption’s 10th session. The pivotal gathering was themed, “20 Years of the United Nations Convention Against Corruption: Towards a United World Against Corruption”, and was held in Atlanta, United States, from 11th to 15th December, 2023.

Key highlights of the conference included discussions on a broad spectrum of topics and procedural matters such as the election of office holders, the ratification of the agenda, and a comprehensive review of the Convention’s implementation. The sessions fostered a rich exchange of ideas, experiences, and expertise, focusing on reinforcing the principles of integrity and transparency among member states. Critical issues such as anti-corruption measures, legal frameworks, and protective mechanisms for whistleblowers were explored, alongside the deliberation of 13 draft resolutions and two decisions, address
ing vital areas such as corruption measurement, transparency in ownership, and public procurement.

The SAI’s official spokesperson highlighted the UAE’s success in fostering a business-friendly environment, crediting the nation’s effective anti-corruption policies and stringent regulations. These efforts have elevated transparency and integrity, boosted investor confidence and facilitated economic diversification. He said, “The UAE’s commitment to combating corruption has created a stable and competitive business environment, attracted global investments and ensured sustainable economic growth.”

During the conference, the SAI UAE delegation engaged in a series of meaningful bilateral dialogues with representatives from various States Parties. Led by Abu Shabas, these discussions with leaders of audit bureaus involved members from countries including France, United Kingdom, Switzerland, Italy, China, Kazakhstan, Algeria, Morocco, Poland, Greece, Georgia, Croatia, Moldova, Brazil, Pakistan, Armenia, Egypt, Ku
wait, Mauritania, Romania, Turkey, Malaysia, and Lebanon. They delved into crucial aspects like anti-corruption strategies, prevailing challenges, potential solutions, and the significance of sharing information and best practices.

Additionally, the UAE delegation partook in operational meetings, contributing significantly to dialogues on technical assistance, asset recovery, international cooperation, and preventive strategies against corruption. These interactions underscored the UAE’s commitment to enhancing transparency and integrity, bolstering its position as a key player in the global fight against corruption.

A major aspect of the UAE’s involvement was presenting the achievements of the Abu Dhabi Declaration Programme. This initiative has significantly advanced cooperation between supreme audit institutions and anti-corruption agencies. The presentation covered various programme initiatives, including training courses and workshops, underscoring their role in improving corruption counteraction capab
ilities and promoting effective public resource management.

The SAI UAE’s spokesperson expressed optimism about the Abu Dhabi Declaration Programme’s future role in advancing anti-corruption measures and governance standards worldwide.

Prior to the conference, SAI UAE, in collaboration with the United Nations Office on Drugs and Crime, organised a special event to showcase the Abu Dhabi Declaration Programme, bringing together global experts and officials to discuss its impact and future directions.
Source: Emirates News Agency

ABU DHABI: Measures to reduce emissions and support the UAEs transition to a cleaner, green world have seen a 15 percent decrease in waste generation from the Abu Dhabi Department of Economic Development (ADDED).

ADDED’s commitment to environmentally sustainable standards, including waste and pollution reduction, water and energy conservation and adherence to environmental laws and regulations were all highlighted by the ADDED’s inaugural Sustainability Report 2022.

The report demonstrated a 15 percent reduction in total waste generated in 2022, along with 6.65 tonnes of waste recycled, a 78 percent increase over the previous year. The report also highlighted a 7 percent decrease in electricity intensity (KWh/employees) and a 2 percent reduction in overall electricity consumption over 2021. This and other measures led ADDED to be awarded the Green Business Network (GBN) Award for its solid commitment to sustainability.

Meanwhile, Abu Dhabi’s Advanced Trade and Logistics Platform (ATLP), a single-window pla
tform offering trade services and covering the entire trade ecosystem, demonstrated a 9.3 kilotonnes/year reduction in CO2 emissions, while also increasing non-oil trade by 15.6 percent.

Rashed Abdulkarim Al Blooshi, Under-Secretary of ADDED, said, ‘We have long been committed to a greener future and our first Sustainability Report reaffirms how we are leading from the front when it comes to supporting the UAE’s transition to a net-zero world. This report not only showcases what we’ve achieved but more importantly what we will continue to do both within ADDED and with our partners to help government and businesses meet their net-zero emissions targets.’

Al Blooshi added, ‘This report demonstrates Abu Dhabi’s commitment to a future where environmental innovation and economic prosperity come together harmoniously to work towards sustainable development in our communities. This commitment to sustainability is based on strong beliefs and a long history of the wise use of resources and has long propelled us to a
ct responsibly towards the planet for current and future generations.’

Covering the period from 1st January to 31st December 2022, the Sustainability Report 2022 outlines ADDED’s operations and contains valuable insights into the Department’s sustainability strategies and goals.

The report is divided into four main sections, covering ADDED’s approach to Sustainability, Environmental Stewardship, Social Commitment, and Governance.

Key ESG highlights from the report include 37 percent female representation in the workforce; 42.8 percent SME contribution to Abu Dhabi’s GDP; 59 industries registered for the Industrial Sustainability Programme and Guidelines (ISG); 99 percent score for cybersecurity maturity; and Silver Award from The British Royal Society for the Prevention of Accidents (RoSPA).

Based on ADDED’s core business mandates, ‘Decent Work and Economic Growth’, ‘Industry, Innovation, and Infrastructure’, ‘Sustainable Cities and Communities’, and ‘Partnerships for the Goals’ were found to be the UN’s
Sustainability Development Goals where ADDED could have the greatest impact.
Source: Emirates News Agency