Category: Industry

DUBAI, Emirates Industry for Camel Milk & Products Factory LLC (EICMPF/Camelicious) has signed a Memorandum of Understanding (MoU) with Othaim Pharma Trading Company (Othaim Pharma) to expand EICMPF’s operations in the Saudi Arabian markets.

The MoU was signed by Saeed Juma Bin Subaih Al Falasi, EICMPF’s General Manager, and Medhat Elkatan, Othaim Pharma’s CEO, on the sidelines of Gulfood at World Trade Centre.

The MoU is aimed to build a mutual commitment in complementing each other s duties and functions for the development and implementation of Camelicious products distribution successfully in Saudi Arabia.

Source: Emirates News Agency

DUBAI, Dubai government-owned Dragon Oil has made its first oil discovery in Egypt’s Gulf of Suez on Tuesday.

The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves.

The announcement was made on the sidelines of the now-running Egypt Petroleum Show (EGYPS) 2022. Dragon Oil in 2019 acquired BP’s stake at the Gulf of Suez Oil Company (GUPCO).

Source: Emirates News Agency

DUBAI, The United Arab Emirates and Philippines are bolstering economic ties with the signing of a Joint Statement on the Proposed Philippines-UAE Comprehensive and Economic Partnership Agreement (CEPA).

Both sides have agreed to launch the negotiations for a future CEPA that will strengthen trade, enhance investment flows, remove unnecessary barriers to trade, and create new business opportunities. Further, the UAE and the Philippines are headed towards unprecedented economic relations as the two countries concluded negotiations for the Investment Promotion and Protection Agreement (IPPA).

Ahmed Ali Al Sayegh, Minister of State, and Ramon Lopez, Secretary of Philippines Department of Trade and Industry (DTI), recognised the signing of the start of negotiations for the CEPA and committed towards the eventual signing of the IPPA.

After the bilateral meeting, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Secretary Lopez signed the joint statement formally announcing the intent to pursue CEPA.

The cooperation between two countries adds another leaf to the success of the ongoing Expo 2020 Dubai in forging stronger connections and opening more opportunities for economic growth and prosperity.

The UAE is the Philippines’ biggest export partner in the Middle East. In 2021, the total trade between the Philippines and the UAE grew by 34.7 percent to reach AED3.5 billion ($951 million) from AED2.6 billion ($705 million) in 2020. In terms of investments, the UAE ranked as the 17th top source of approved investments in 2019, valued at AED48 million ($13.2 million).

During the Philippines Country Business Briefing held in parallel with the Philippines National Day at Expo 2020 Dubai, the Philippines welcomed Letters of Intent from GCC companies. These LOIs are expected to bring in AED2.2 billion ($600 million) worth of investments and generate 4,000 job opportunities in the country’s healthcare, energy, tourism and hospitality, and dairy industries.

Secretary Lopez said, “These initiatives are expected to boost trade and investments between two countries, leading to more diversified economic activities, development of new industries, employment generation, and higher consumer spending as we partner for shared prosperity. The Philippines may serve as a UAE’s strategic hub for the Southeast Asian region, as economic activities continue to shift to Asia. Active engagement between government and business sectors is key in ensuring that both countries will maximise benefits of the Agreements, including diversifying and expanding economic interests.”

Lopez highlighted that this is an opportune time for UAE investors as the Philippines develops the necessary investment landscape through significant economic and regulatory reforms such as the liberalisation of the Public Service Act, Retail Trade Law, Foreign Investments Act, the CREATE Act and the aggressive Build Build Build programmes of the Duterte administration.

These are supported by the Philippines’ efforts to improve ease of doing business by streamlining government processes, reducing processing time, and cutting bureaucratic red tape. The opportunities for FDI into several activities are broader and coupled with the IPPA, these investments will reap the benefits of all these reforms and agreements.

Source: Emirates News Agency

WASHINGTON, Tom Vilsack, the US Secretary of Agriculture, will lead a Department of Agriculture (USDA) trade mission to the UAE this month to hold events focused on the United States’ commitment to working with international partners to combat climate change, said the US Embassy in Abu Dhabi.

The delegation will include Daniel Whitley, Foreign Agricultural Service Administrator, as well as representatives from nearly 40 US agribusinesses, farm groups and state departments of agriculture seeking to tap new export opportunities.

On 21st February, Secretary Vilsack will tour Expo 2020 Dubai and co-chair the first Agriculture Innovation Mission for Climate (AIM for Climate) Ministerial Meeting. AIM for Climate was officially launched by the United States and the UAE in November 2021 at COP26 in Glasgow, Scotland. The initiative has grown to include more than 140 government and non-government partners that include international organisations, research institutions, and corporations.

During his visit, Secretary Vilsack will also participate in a fireside chat with Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, as part of the Expo 2020 Food Agriculture & Livelihoods Business Forum.

The UAE is a consistent billion dollar plus annual importer of US agricultural goods, with US agricultural exports to the market surpassing US$1.1 billion in 2021, a 17.8 percent increase from the previous year.

Source: Emirates News Agency

DUBAI, Nasdaq Dubai today welcomed the listing of a US$750 million Sukuk by Dubai Islamic Bank (DIB). The 5-year new Sukuk issuance is part of DIB’s US$7.5 billion Sukuk Programme.

The UAE’s first Sukuk issuance in 2022 has been priced at a profit rate of 2.74 percent per annum, 95 basis points over the 5 year US Treasury representing the lowest-ever credit spread on any of DIB’s fixed-rate senior Sukuk issuances.

The issuance was oversubscribed by more than 2.5 times in a clear testament on the bank’s strong credit profile and attractiveness to international and regional fixed-income investors.

The new listing strengthens Dubai capital markets’ status amongst the leading Sukuk listing venues globally with a total value of US$79.19 billion.

Source: Emirates News Agency

DUBAI, Amanat Holdings, one of the GCC’s healthcare and education investment company, has announced record financial results for the year ended 31st December 2021, with a total income of AED367.0 million, a significant five-fold increase on the AED70.6 million recorded last year.

Strong total income growth translated through to Amanat’s bottom-line, with the Company reporting a record net profit of AED280.8 million, a twenty-eight fold increase from the AED10.1 million reported in FY-2020.

As a reflection of the record performance, Amanat has recommended the highest dividend payout to date of AED150 million, for which the Board of Directors will be seeking shareholders’ approval in the Company’s upcoming General Assembly Meeting.

Commenting on this year’s performance, Amanat’s Chairman, Hamad Abdulla Alshamsi, said, “2021 was a transformative year which saw us deliver impressive growth, record profitability, and solid progress on our longer-term value creation strategy. The year’s results set a strong foundation for the future of Amanat, demonstrating the underlying strength of our chosen industries and investments, and the effectiveness of our corporate strategy.”

Chief Executive Officer of Amanat, Dr. Mohamad Hamade, said, “We enter 2022 with continued confidence stemming from the record results delivered in 2021 and the success of our new corporate strategy. Having executed four transactions amounting to nearly AED1.7 billion, we have set the stage for our value creation strategy.

“We concluded the year with a strong portfolio of assets, either fully owned or with influential stakes. As we did in 2021, we kick off the new year with a new list of targets to achieve and a clear action plan to deliver on them.”

Source: Emirates News Agency