Category: Industry

DUBAI, DP World’s leading trade and logistics hub Jebel Ali Free Zone (Jafza) signed a Memorandum of Understanding (MoU) with Arab Bank for Investment and Foreign Trade (Al Masraf) as part of its support to the business operations of SMEs and other licenced enterprises within Jafza.

The agreement strengthens DP World’s commitment to facilitate the business activities of more than 8,700 customers operating within the free zone, helping Jafza achieve its goal of empowering SMEs and attracting entrepreneurs from around the globe.

Abdulla Bin Damithan, CEO and Managing Director of DP World UAE and Jafza, and Charles Doghlass, Acting CEO of Al Masraf, signed the MoU in the presence of senior officials from both parties. Through this partnership, Jafza will enable SMEs to streamline their financial processes, such as account opening, financial documentation, and automation of the remediation process for its partners. The MoU will fully support Jafza and Al Masraf in the record-keeping of licenced businesses in the free zone.

Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE, said, “The SMEs sector contributes to more than 53 percent of the UAE’s non-oil GDP. As per the Ministry of Finance, this figure is set to rise to 60 percent by the end of 2021. We have countless success stories of SMEs that are now international companies with a global reach. To maintain our growth momentum and adhere to the national goals, we are committed to supporting new start-ups through our trade accelerators, business incubators and partnerships with financial institutions.”

Al Haddad added, “Our agreement comes at an important time as Expo 2020 Dubai, a gateway for many business opportunities for SMEs and start-ups has commenced successfully.”

Doghlass remarked, “In line with UAE government’s ambition to enhance the contribution and performance of the SME sector that represents 94 percent of the total number of companies operating in the country providing jobs to more than 86 percent of the private sector workforce, Al Masraf is proud to partner with DP World in its efforts to enhance the business setup and operations of SMEs within Jafza. We have been assigned as a Long-Term Issuer Default Rating (IDR) of ‘A’ in 2020 and 2021 by the leading global credit rating agency Fitch Ratings, and this achievement only demonstrates the bank’s resilience and efficiency.”

Jafza has over the years joined hands with several financial institutions, underpinning its business community that is one of the largest in the region.

Source: Emirates News Agency

DUBAI, The governments of the UAE and the United Kingdom (UK) have agreed on a new action plan to strengthen their economic ties across a wide range of vital and future sectors, including clean energy, research and development, innovation, infrastructure, tourism, food security, new technologies, artificial intelligence (AI), space and the Fourth Industrial Revolution.

The two sides also agreed on practical steps to reinforce their economic ties and support sustainable development strategies in both countries.

Their discussion took place during the seventh meeting of the UAE-British Joint Economic Committee, held on the sidelines of Expo 2020 Dubai.

At the meeting, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, represented the UAE Government, and Ranil Jayawardena, UK’s Minister for International Trade, represented the UK Government.

The meeting was also attended by Mansour Abdullah Khalfan Belhoul, UAE Ambassador to the UK, via video conferencing, in the presence of Juma Al Keet, Assistant Under-Secretary of Foreign Trade Affairs at the Ministry of Economy, as well as several officials and private sector representatives from both countries.

Dr. Al Zeyoudi highlighted the close strategic ties between the UAE and UK, noting that their economic relations are a key pillar of their growing cooperation.

He referred to the recent visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to the UK, which crowned the efforts aimed at boosting the strategic relations between the two countries.

“There are promising prospects for enhancing our economic cooperation, and we will coordinate with our partners in the UK to expand and diversify opportunities for accessing our markets, eliminate obstacles to trade, and identify new opportunities in strategic sectors, including trade, investment, health and life sciences, energy and renewable energy, environmental preservation, agriculture, food security, financial services, education, scientific research and advanced technology,” he added.

During the meeting, Al Zeyoudi briefed the British delegation about the recent developments in the UAE’s business community, including the ‘Projects of the 50’ and new economic legislation and initiatives launched by the UAE.

Al Zeyoudi called on British investors, entrepreneurs and companies to visit Expo 2020 Dubai and leverage the promising opportunities in the UAE’s economic sector.

Jayawardena underscored the UK’s keenness to bolster its economic ties with the UAE. He noted that the committee provides a key opportunity to expand their economic ties to cover new sectors and deepen the partnership between the two countries, as well as attract investments, create new job opportunities, and facilitate access for British and Emirati companies to both markets.

The two sides also approved practical steps to enhancing access for SMEs to each other’s markets. They drafted a plan to promote cooperation in the fields of healthcare, biotechnology and pharmaceuticals, besides discussing ways to enhance cooperation across clean energy, maritime sciences, climate change, sustainable agriculture, among other sectors.

Source: Emirates News Agency

DUBAI, On the inaugural day of GITEX Technology Week 2021, Dubai Customs launched I-Box smart lockers for storing commercial items or valuable cargo carried on by inbound transit passengers.

The initiative enables travelers to keep their valuable goods in the airport customs centre on arrival without paying duty and collect them through self-clearance service on departure from the country.

Under the theme “Digital Trade for Safe, Sustainable Supply Chains”, Dubai Customs is taking part in this year’s GITEX with eight cutting-edge smart initiatives.

The participation highlights the goals of the organisation’s strategic plan 2021-2026 towards leading sustainable customs globally by furthering digitisation of services to facilitate trade, protect society and economy, and enhance people’s experience of customs as a service.

The I-Box smart lockers project is set to speed up logistics and handling services for valuable cargo at the airport. The advanced initiative has cut down the process time for delivery of valuable items from 30 minutes to 1 minute only. The passenger can simply scan the QR code on the locker and use the OTP code sent to his phone number to unlock the locker and pay storage fees online without any paper work. These fireproof lockers boast high-end security systems and are easy to move from one place to another within the airport terminals.

“Dubai has established its global distinction and leadership on building innovative projects that ensure sustainable development in all fields, following the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai,” said Ahmed Mahboob Musabih, CEO of Ports, Customs and Free Zone Corporation and Director-General of Dubai Customs. “His Highness’s forward-looking vision of digital transformation and ongoing disruption of the way the government works has reinforced Dubai’s leading position as a global incubator for innovators and an attractive environment for businesses and investments.”

Ibrahim Al Kamali, Director of Passenger Operations Department at Dubai Customs, on his part said, “Dubai Customs seeks to make travelers happier by offering them quick and easy services that expedite entry procedures and enhance their experience, especially in light of the increasing numbers of traders transiting through Dubai.”

Source: Emirates News Agency

DUBAI, Consumer confidence in Dubai moved to its highest level in 10 years during the third quarter of 2021, the Consumer Confidence Index tracked by Dubai Economy showed. During the quarter the Index rose two points from the previous quarter and 21 points compared to the same quarter of 2020.

The quarterly Consumer Confidence Index measures current and future sentiment of consumers towards the state of economy, job prospects locally, personal finances and consumers’ perception on whether it’s a good time to buy things they need or want.

The Q3 2021 Index showed that 73 percent of consumers were positive about current job prospects, compared to 46 percent in the same quarter of the previous year. A higher share of consumers (88 percent) were optimistic about job prospects in the next 12 months, compared to 77 percent in Q3 2020. Europeans and Americans were the most optimistic (80 percent) on current job prospects while Emiratis were the most optimistic (93 percent) on job prospects in the next 12 months.

Commenting on the findings, Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance and Consumer Protection Sector at Dubai Economy, said, “The latest Consumer Confidence Index reflects an unprecedented level of positive sentiment towards the state of the economy and how Dubai successfully overcame the global economic challenges related to COVID-19 by reactivating the economic activity. A clear proof of this optimism is 86 percent consumers believing that their current personal finances are good compared to 72 percent in the same period of last year.”

Lootah added that 82 percent of consumers considering it a good time to buy things they want or need augur well for consumer spending and economic growth locally. “The share of consumers who were positive about the state of economy during the third quarter of this year have grown to 78 percent from 57 percent during the same period last year. Meanwhile, the third quarter Consumer Confidence Index also indicates positive sentiment prevailing among 85 percent on the state of economy for the next 12 months, compared to 72 percent in the same quarter of 2020,” he added.

The study shows that 82 percent of Emiratis and 81 percent business owners from different nationalities believe that the current state of the economy is good, while 95 percent of public sector employees and 87 percent of males who participated in the study believe that the state of the economy in the next 12 months will be good. “Increase in tourism, growth in business, and rise in promotional campaigns are the main factors driving positive sentiment in Dubai,” Lootah said.

The Index showed that 44 percent of consumers plan to spend their spare cash on vacations, 36 percent of them on outdoor entertainment, and 33 percent on new clothes. The Index also showed that 51 percent consumers are likely to spend less on buying new clothes, while 39 percent plan to cut down on short holidays and 38 percent on outdoor entertainment as measures to stay within budget.

Source: Emirates News Agency

DUBAI, GITEX GLOBAL Leaders Vision, the definitive gathering for regional and national technology transformation, will redefine the technology roadmaps of the Middle East and Africa when it debuts at GITEX GLOBAL, the world’s largest and most interconnected technology event of 2021.

Taking place from 17th–19th October at Dubai World Trade Centre (DWTC) in the 41st edition of GITEX GLOBAL, the conference will focus on the specific roadmaps of the Middle East and Africa through dedicated region- and country-specific sessions, and comes in the run-up to the UAE’s Golden Jubilee celebrations. GITEX GLOBAL Leaders Vision will bring together international government leaders who will share their technological accomplishments, collaborations, initiatives, and opportunities with the international community.

The conference features one of the most influential government innovation speaker lineups ever seen in the region with public sector industry regulators and government ministers set to discuss opportunities around sectors including artificial intelligence, the digital economy, Fourth Industrial Revolution applications, youth empowerment and human capital development.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said, “GITEX GLOBAL Leaders Vision represents a landmark event in the bid to accelerate national transformations through technology across the Middle East and Africa, and comes as the UAE Projects of the 50 lay the foundations for an innovative, digitally driven economy. GITEX GLOBAL Leaders Vision will serve as a platform for essential knowledge exchange between countries and will create opportunities across a range of technological and economic spheres.”

Vision UAE – Projects of the 50.

On October 19th, GITEX GLOBAL Leaders Vision will see decision-makers turn their combined attention and expertise to the Projects of the 50 initiative, which aims to ignite a new era built on the UAE’s ability to attract global investment and talent, as well as being an international testbed for technologies and innovation.

Visitors will hear from influential UAE decision-makers including Abdulla Bin Touq Al Marri, Cabinet Member and Minister of Economy; Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications; Sarah bint Yousef Al Amiri, Minister of State for Advanced Technology; Eng. Majed Sultan Al Mesmar, Director General, The Telecommunications and Digital Government Regulatory Authority; Dr Mohamed Abdelhameed Al Askar, Director General, Abu Dhabi Digital Authority; Hamad Obaid Al Mansoori, Director General, Digital Dubai; Younus Al Nasser, Assistant Director General, Digital Dubai & CEO, Dubai Data Establishment, Salem Al Marri, Deputy Director General, Mohammed Bin Rashid Space Centre, Wesam Lootah, CEO, Smart Dubai Government Establishment, Digital Dubai; and Khalfan Belhoul CEO, Dubai Future Foundation, among others.

Vision Kingdom of Saudi Arabia & GCC.

The conference’s second day on 18th October will dive into bold new projects central to the digital transformation of Saudi Arabia and other GCC countries, giving ministerial-level insight into initiatives that will drive their economic diversification.

Saudi Vision 2030’s ambitions will be put under the spotlight, and decision-makers will evaluate a multitude of government-led digital-first initiatives, and explore ways to usher in a knowledge-based, digital economy.

Government leaders will brainstorm how to unleash the power of the region’s creative sectors, including E-sports, its high potential fashion value chain, and embryonic culinary arts segment, and will hear from Dr. Amr Almaddah, Deputy Minister, Ministry of Hajj and Umrah, Saudi Arabia; Sultan Al Mutairi, Head of Vision Realisation Office, Ministry of Interior, Saudi Arabia; Dr Saoud Humaid Al Shoaili, Director-General, Policies and Governance, Ministry of Transportation, Communication and IT, Oman; Tala Fakhro, Chief Project Officer, Market and Strategy Intelligence and Policy Advocacy, Bahrain Economic Development Board; and Mayada Badr, CEO, Saudi Culinary Arts Commission, among others.

Vision Africa.

On 17th October, Vision Africa will unpack the bold national tech strategies and priorities of Egypt, Kenya, Nigeria, Ghana and Tunisia, exploring how country-specific programmes will play a critical role in forging a common vision for an integrated and inclusive digital society and economy across the continent. Decision-makers from the four nations will also examine ways to overcome barriers inhibiting the growth of Africa’s expanding startup communities, and visitors will hear from Dr. Amr S. Talaat, Minister of Communications and Information Technology, Egypt; Isa Ali Ibrahim (Pantami), Minister of Communications and Digital Economy, Nigeria; Dr. Nizar Ben Neji, Minister of Communication Technologies, Tunisia; Ursula Owusu-Ekuful, Minister for Communications and Digitalisation, Ghana; Eng. Amr Mahfouz, Chief Executive Officer, Information Technology Industry Development Agency (ITIDA) Assistant Minister for Growth and Development, MCIT, Egypt; Dr. Tonny K. Omwansa, CEO, Kenya National Innovation Agency, Professor Bitange Ndemo, Former ICT Secretary, Kenya and Eng. Kaburu Mwirichia, KoTDA Board Member, Konza Technologies.

GITEX GLOBAL Leaders Vision underpins GITEX GLOBAL’s standing as the world’s most complete experiential technology event of the year, uniting international innovators in artificial intelligence, 5G, cloud, big data, cybersecurity, Blockchain, quantum computing, Fintech, and immersive marketing. The all-encompassing technology showcase will be explored across six events – GITEX GLOBAL, Ai Everything, GITEX Future Stars, the Future Blockchain Summit, Fintech Surge and Marketing Mania.

“Dubai World Trade Centre is proud to host government leaders at the inaugural GITEX GLOBAL Leaders Vision, which will provide an unrivalled opportunity for national decision-makers to engage in co-collaboration opportunities that will help to define societies of the future,” said Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM). “As countries in the Middle East and Africa regions aim to transition to knowledge-based economies and increase their ecosystems of innovation and entrepreneurship, GITEX GLOBAL 2021 is providing an unprecedented platform for government leaders to collaborate and engage in meaningful, future-defining dialogue.”

Source: Emirates News Agency

DUBAI, Sharjah Islamic Bank (SIB) recorded an increase of 29.6percent in the net profit reaching at AED 458.0 million for the nine months period ended 30 September 2021 compared to AED 353.4 million for the same period in 2020. The Bank also reported an increase in operating profits by 29.3percent, reaching AED 652.9 million for the nine months of 2021, compared to AED 504.8 million for the same period in the previous year.

Despite the partial recovery from the repercussions of the Coronavirus pandemic, the Bank continued its hedging policy to face the challenges resulting from the operational conditions that the global economy is still going through. Consequently, the Bank has reported an increase of AED 43.5 million or 28.7percent in the net impairment provisions, which has increased to AED 194.8 million for the period ended 30 September 2021, compared to AED 151.4 million for the previous period.

The growth of the Bank’s net profit indicates strong performance across all the business units of the Bank. As a result, the net income from financing and investment products increased by 16.3percent, or AED 113.9 million, to reach AED 812.3 million for the nine months of 2021, compared to AED 698.4 million for the same period of 2020. While net fees, commissions and other income increased by 17.6percent to reach AED 246.5 million, compared to AED 209.6 million for the same period of 2020.

The Bank maintained general and administrative expenses at the same level with a slight change compared to previous period amounting AED 405.9 million for nine month period ended 2021 and AED 403.2 million for nine month period ended 2020.

The statement of financial position of the Bank showed an increase in total assets by 1.7percent to reach AED 54.5 billion as at 30 September 2021, compared to AED 53.6 billion as at 31 December 2020.

The Bank continues to maintain a strong liquidity ratio for future opportunities, as it reached AED 12.9 billion, or 23.6percent to the total assets, compared to AED 11.2 billion, or 20.9percent of the total assets at the end of the previous year. Financing to deposits ratio reached 80.4percent, which reflects the strength and stabily of liquidity position of the Bank.

Sukuk payable decreased by AED 1.8 billion and stands at AED 3.7 billion as at 30 September 2021 as against AED 5.5 billion as at 31 December 2020, due to the repayment of USD 500.0 million in the 3rd quarter through Bank’s own sources, evidencing strong liquidly position.

The Bank continues to diversify its financing portfolio in various economic sectors and follows a wise credit policy that takes into account all developments associated with the Corona pandemic and its impact on financial markets, as the total customer financings stabilized at an amount of AED 29.6 billion, at the same level of previous year end.

The bank was able to attract a larger volume of customer deposits during the nine period ended 30 September 2020, as deposits significantly increased by 9.3percent or AED 3.1 billion, bringing the total deposits to AED 36.7 billion, compared to AED 33.6 billion as at 31 December 2020.

Sharjah Islamic Bank has a strong capital base, as the total shareholders’ equity at the end of September 2021 amounts to AED 7.7 billion, which represents 14.1percent of the Bank’s total assets. Thus, the Bank maintains a high capital adequacy ratio in accordance with Basel III at 21.21percent.

The profitability of the Bank has seen notable improvement, whereas rate of return on average assets and average equity increases significantly as well, at 1.13percent and 7.95percent annualized, respectively, compared to 0.81percent and 5.35percent at the end of the previous period.

During its meeting, the Bank’s board of directors approved a proposal to allow foreign investors to trade in 40percent the Bank’s shares, provided that it is put to a vote in the next general assembly meeting.

Source: Emirates News Agency