Category: Industry

DUBAI, ‘Dubai Can’, the citywide sustainability movement launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, in February 2022, has generated significant results in line with World Water Day.

One month since the launch of the sustainability campaign on 15th February 2022, in collaboration with valued industry stakeholders and partners, the initiative has already resulted in a reduction in usage of the equivalent of more than 234,000 500 ml single-use plastic water bottles, with over 117,000 litres of water consumed from ‘Dubai Can’ water fountains across the city.

‘Dubai Can’ has also announced that five new water fountains have been unveiled at popular destinations and public parks to coincide with World Water Day, taking the number of Dubai Can water fountains in operation across the city to 39. The new fountains have been installed at leading neighbourhoods, including Dubai Beaches Jumeirah 2 and Sunset Beach, leisure and retail destination JBR, as well as green spaces such as Al Safa Park and Mushrif National Park.

Dubai Can is now well on track to meet the pledge of installing more than 50 fountains across the city by December 2022, which will further highlight Dubai’s position as a global liveability hub, in line with the Dubai 2040 Urban Master Plan.

The initiative, which inspires people and organisations to make a difference, has also welcomed on board three new sponsors, including outdoor retail specialist Adventure HQ, RTA, Dubai Islamic Bank and global consulting firm PwC, each of which join over 500+ citywide establishments in driving forward the initiative to further enhance Dubai’s position as a leading sustainable destination.

Encouraging UAE residents to actively reduce the usage of single-use plastic water bottles, ‘Dubai Can’ motivates communities, businesses, residents and visitors to undertake simple changes, such as using refillable water bottles and public water stations and installing water filters in their homes, offices and schools.

Yousuf Lootah, Executive Director, Tourism Development & Investments, Dubai’s Department of Economy and Tourism (DET), said, “We are delighted to unveil five new Dubai Can water fountains in line with World Water Day. The success of the Dubai Can initiative further contributes to our visionary leadership‘s goal to enhance Dubai’s position as a leading sustainable destination and bolsters our endeavour to become the best city in the world to live in, work and visit.”

The Dubai Can initiative is supported by a large number of partners from both the government and private sector, including Accor, Adventure HQ, Dell Technologies, Dubai Chamber, Dubai Electricity and Water Authority, Dubai International Financial Centre, Dubai Islamic Bank, DMCC, Dubai Holding, Dubai Festival City, Dubai Municipality, Dubai World Trade Centre, Emirates NBD, Emaar and Expo 2020 Dubai.

Source: Emirates News Agency

DUBAI, Investopia Summit, an initiative launched by the UAE Government in September 2021, and in partnership with the World Government Summit, announced a new world partnership through signing a Memorandum of Understanding (MoU) with the world’s fastest growing cryptocurrency platform, Crypto.com.

Under this agreement, Crypto.com will be the founding global Cryptocurrency Trading Platform partner of Investopia Summit, which will be held on 28th March 2022, as part of the World Government Summit, and alongside Expo 2020 Dubai. The agreement will enrich the Summit’s discussions and workshops through media engagements and dialogue during its first edition.

The agreement was signed by Abdullah Ahmad Al Saleh, Under-Secretary of the Ministry of Economy, in the presence of Abdullah bin Touq Al Marri, Minister of Economy; and Stuart Isted, Managing Director, Middle East and Africa, Crypto.com.

Commenting on the partnership, Al Saleh said, “Investopia Summit, inaugural edition which is held as part of the World Government Summit 2022 activities, will discuss the current major economic transformations in the world, such as cryptocurrencies, and its impact on investors and the world markets, and the solutions that could help investors worldwide. Hence, this agreement with Crypto.com will lead to more rich and diverse discussions about solutions to the challenges facing the economies of the world.”

Eric Anziani, Chief Operating Officer, Crypto.com, commented, “We are delighted to be the founding partner of the Investopia Summit and be part of a critically important platform shaping the future of finance. We have a shared vision with Investopia on the transformational impact cryptocurrency can have globally, and as Crypto.com continues our mission to bring cryptocurrency to every wallet, our collaboration will be instrumental in achieving that.”

The UAE will organise and host the first edition of Investopia Summit on 28th March 2022 alongside Expo 2020 Dubai. It is one of the major strategic initiatives under the ‘Projects of the 50’ announced by the UAE Government last year.

The inaugural edition of the Summit will witness the participation of intellectuals and industry experts as well as government officials, institutional investors, startup and SME leaders, social entrepreneurs, and other stakeholders to share ideas, create opportunities, and promote future investments all over the world.

The World Government Summit 2022, is expected to be the largest gathering yet for more than 30 international organisations. This year’s summit will receive more than 4,000 global figures, government officials and specialists, aiming to discuss future of governments with more than 110 sessions and workshops attended by over 500 decision makers and thought leaders from all over the world.

Source: Emirates News Agency

DUBAI, Emirates Central Cooling Systems Corporation (Empower) announced that it has awarded a contract worth AED 193 million to build a new generation district cooling plant, with the aim of providing the Dubai Land Residence Complex (DLRC) region with company’s environmentally-friendly district cooling services in line with international standards.

The construction of the building have already begun on the site, and the production capacity of the first phase of the plant will reach 23,500 refrigeration tons (RT) upon completion, which is scheduled to be operational by the first quarter of 2023.

The company also announced that the total production capacity of the new plant will reach 47,000 RT upon completion of all construction phases of the project. The design of the new plant meets the highest international construction and designing standards, especially those related to sustainable green building standards and considered the distinctive modern architectural identity of Dubai in general and the DLRC region in particular.

The DLRC project is a unique freehold project being developed by Dubai Holding, as it is suitable for families and efficiently meets the needs of its residents through innovative and brilliantly executed housing units. This project also provides the highest standards of modern living and includes mosques, schools and health care facilities. Strategically located, the DLRC offers convenient access to the Trade Center, Academic City, Meydan Racecourse, and Dubai International Airport and others.

“As part of its commitment to modernization and development plans for its facilities and technical staff, Empower is moving forward in applying a well-thought-out methodology to develop the Company’s infrastructure in order to raise its performance to unprecedented levels and employ the investments required to expand its operations in Dubai, especially as Empower’s share in the Dubai’s district cooling market accounts for 79.5 percent,” said Ahmad bin Shafar, the CEO of Empower.

“Empower is keen to continue providing high-quality, environmentally-friendly and sustainable district cooling services to support the Dubai’s leading role in reducing carbon emissions in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai,” he concluded.

Source: Emirates News Agency

DUBAI, SHUAA Capital, a leading asset management and investment banking platform, today announced the launch of SHUAA Venture Partners, a US$250 million Shari’ah fund, focused on venture debt investments.

The fund is the largest venture debt fund in the GCC and has been established to support the growth of regional technology and technology-enabled leaders that are seeking alternative sources of funding without significantly diluting their shareholding. The strategy was developed sharing the vision of the GCC’s regional goals of economic diversification and growth of the new economy.

Commenting on the launch of the fund, Natasha Hannoun, Head of Debt at SHUAA Capital, said, “SHUAA Venture Partners will provide alternative capital solutions to high growth companies across the GCC. We aim to support the growth of businesses, create jobs, lead further developments in innovation and technology, support economic diversification and guide founders towards realizing their vision.

“Our investors have the opportunity to diversify into a new asset class in technology, with a shorter investment horizon, frequent distributions and attractive financial returns”

Investments in growth companies throughout the GCC have been dominated by early-stage transactions and investors, with few able to support businesses throughout their growth cycle. As a result, several growth-stage companies have limited access to larger pools of capital and non-equity financial solutions; a gap which needs to be filled for new ventures to succeed.

The GCC has seen a staggering year on year increase of 112 percent in venture capital transactions, with total investments of over $1.7 billion across 281 deals, the majority of which have been early-stage investments; Angel, Seed, and Series A (80 percent of deal count and 45 percent of deal value).

Venture debt regionally has increased 4.2x from 2020, with a total of $257 million deployed into 14 investments, indicating a clear demand for alternative funding sources.

SHUAA is the leading debt franchise in the region, with $545 million deployed in private debt transactions and $3 billion structured across multiple sectors over the last 11 years including technology.

Source: Emirates News Agency

DUBAI, The Department of Economy and Tourism (DET) in Dubai and du, from Emirates Integrated Telecommunications Company (EITC), have officially opened the Digital Business Hub to provide value-added services and facilitate doing business following the directives of the leadership in leveraging the latest technology tools innovatively and creatively to provide advanced services that add to the happiness of customers.

This initiative is in line with implementing the government’s initiatives to drive digital transformation and to launch smart initiatives that contribute to enhancing the competitiveness and sustainability of Dubai’s business sectors. It also aims at enhancing Dubai’s position as the ideal platform for expansion and sustainability of regional and global companies.

Through the Digital Business Hub, entrepreneurs can access a variety of du services and mobile telecom solutions that will enable businesses to launch their companies swiftly and pursue ideas through a comprehensive digital portal to achieve successful outcomes. The Digital Business Hub will also provide self-service and interactive screens and creativity and innovation rooms for training programs and workshops.

“Our partnership with du is part of the ongoing efforts to promote excellence in services and to launch smart initiatives that will contribute to raising the competitiveness and sustainability of business in Dubai, thereby enhancing investor confidence. We are pleased to partner with du as the telecommunications sector is a fundamental fabric of modern society. Businesses beginning their journey in Dubai can pursue their objectives with the infrastructure and solutions that the Digital Business Hub provides,” said Mohammed Hassan AlShehhi, Acting CEO, Business Registration and Licensing sector in DET.

“Dubai has strengthened its economic fundamentals led by its progressive vision and ambition to evolve as a formidable force capable of withstanding challenges, maintaining a healthy growth rate, and achieving its transformation into a digital economy. The confidence demonstrated by investors and businesses in the growth potential of various sectors in the emirate and digital initiatives underlines the vision of Dubai’s leadership and the approach by the government to further diversify the economy and integrate modern technologies to achieve customer happiness.

“We seek to continue working as one team with du to enhance Dubai’s position as an incubator for entrepreneurs and a hub for global companies by identifying new opportunities for investors to accomplish their ambitions and build innovative development pathways to reinforce Dubai’s global leadership in all fields,” added AlShehhi.

Ahmad Aburuhaima, Head of Government Relations, du, said: “du is pleased to collaborate with the Department of Economy and Tourism in Dubai to launch this initiative, which embodies our common goal of providing support to companies and institutions across various business sectors, in line with the directives of UAE leadership – so that Dubai remains at the forefront of the list of preferred destinations for establishing and maintaining businesses regionally and globally. Our main goal in contributing to the Digital Business Hub initiative is to provide businesses of all sizes with smart connectivity services and solutions designed to help them grow their business and keep pace with the demands of the digital future. We reaffirm our commitment to strengthen our co-operation and partnership with various government agencies to help achieve the goals and aspirations of Dubai and the UAE in the coming years.”

Source: Emirates News Agency

DUBAI, Dubai’s real estate market recorded 474 sales transactions worth AED1.52 billion and mortgage deals of AED441.56 million, in addition to 11 gift transactions amounting to AED27.4 million Tuesday, data released by the emirate’s Land Department (DLD) showed.

The sales included 376 villas and apartments worth AED849.54 million, and 98 land plots worth AED671.55 million. The mortgages included 57 villas and apartments worth AED321.33 million and 18 land plots valued at AED120.23 million, bringing the total realty transactions of today to over AED1.9 bn

Source: Emirates News Agency