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ICP honors 19 outstanding customs inspectors from Khalid port Federal

DUBAI, The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has honoured 19 outstanding customs inspectors from the Port Khalid Customs Centre of the Sharjah Ports, Customs, and Free Zones Authority.

The honouring ceremony, which was held at the authority’s headquarters in Dubai, was attended by Ahmed Abdullah bin Lahej Al Falasi, Director General of the Federal Customs Authority, and Salem Abdullah Al Zomor, Director of Khalid Port Customs Center, as well as a number of other directors, heads of departments, and employees.

The honour was in recognition of inspectors’ extraordinary efforts to advance customs work in the country as well as in appreciation of their outstanding achievements in the quantity and quality of seizures, which had an impact on protecting society’s security and safety as well as the economy from the harm caused by smuggling operations.

In a speech delivered during the ceremony, Al Falasi congratulated all the inspectors honoured, emphasizing that their exceptional performance and desire to carry out all inspections in accordance with the highest standards of quality, professionalism, efficiency, and transparency were key factors in increasing the calibre of customs work in the nation, strengthening the customs security system, and guaranteeing the sustainability of the society’s security.

Mohammed Meer Abdul Rahman Al Sarrah, Director of Ports and Customs at Sharjah Ports, Customs, and Free Zones Authority, expressed his thanks and appreciation to the honoured inspectors for their distinguished efforts, sincerity, and dedication to work.

“The honour comes in line with the Authority’s keenness to empower its human resources and create an institutional work environment that fosters creativity and innovation and encourages employees to provide the best services possible while effectively protecting national security and consolidating the country’s global leadership of the customs sector,” Al Sarrah said.

Source: Emirates News Agency

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Ahmed bin Saeed attends 25th Rings of Friendship Gala & Awards Night

DUBA, H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group, today attended the 25th Rings of Friendship Gala & Awards Night, which celebrates the strong bonds linking the UAE and the United States of America (USA).

The event, attended by top diplomats and regional directors of leading American companies, marks the presentation of the ‘Rings of Friendship’ 25 years ago by the American community to the people of the UAE as a symbol of the strong bonds of friendship between the two countries. The ‘Rings of Friendship’, which expresses gratitude to the UAE leadership for creating a welcoming environment for American businesses, have been installed in a monument in Dubai’s Creek Park. The award ceremony was held at an event overlooking the monument in the Creek Park.

H.H. Sheikh Ahmed bin Saeed Al Maktoum said: “With shared interests and common values, the UAE and the USA have established a strong partnership that has yielded significant positive outcomes in diverse sectors and spheres of life. Dubai has emerged as a preferred regional base for several leading American multinationals seeking to tap opportunities in fast-growing emerging markets in the region and beyond. The emirate’s ability to bridge global markets and bring together enterprise, talent and expertise from around the world, driven by the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, has helped foster cooperation between the UAE and the USA to advance innovation and value creation. The relationship continues to evolve into new high-value sectors, enabling the two countries to work together to advance economic prosperity, address pressing global challenges and shape a bright new future for the world.”

Welcoming the attendees, Sean Murphy, Chargé d’Affaires, United States Embassy Abu Dhabi, said: “Thank you, Your Highness, for being here this evening as we celebrate the friendship between our countries and the vital role that American companies play as partners in the USA – UAE relationship. I’m inspired by the over 1,500 American companies that are established in the UAE with a growing number setting up regional operations and innovation centres here. Each day, American companies, the companies in this room, play perhaps the most critical role in strengthening the USA – UAE relationship as our two countries join forces in pursuing the future.” Meghan Gregonis, United States Consul General in Dubai, also attended the ceremony.

Sammy Bousaba, President, AmCham Dubai, remarked: “The American business community, understands and deeply appreciates the lengths to which Dubai, under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, has made conditions conducive to a resurgent economy and the prospect of prosperity for all.”

Emphasising the strength of the commercial relationship between the two countries, Bousaba pointed out that the UAE enjoys the enviable position of being America’s biggest export market in the entire Middle East and North Africa region. “That in itself illustrates the depth of the cooperation and impressive interaction between our nations,” he added.

He also noted: “The purpose of coming together this evening is to reaffirm the commitment of the many American businesses that call the UAE home. To highlight a few, FedEx, GE, GM, Cigna, Accenture, American Hospital, MSD, SGP, VISA, McDermott, Microsoft, 3M, Cisco, P&G, PepsiCo, Boeing, Viatris, Citi, Merck and Honeywell. Our member organisations have long-standing and deep commitments to the UAE and know well that the important thing about friendship is that the longer it lasts, the stronger it grows.”

Following the reception, the AmCham Awards 2022 for Innovation, Sustainability and SME Award of Merit were presented.

Bousaba said: “The UAE has always been a front-runner in spearheading change and building a tolerant, modern society. The country is committed to cementing its role on climate change in the region and is leveraging this key economic opportunity to drive development, growth, and new jobs. The AmCham Dubai Sustainability and Innovation Awards 2022 reflect the leadership’s vision for the count. The Sustainability and Innovation Awards honour those who have made sustainability an integral part of their business practice.”

Source: Emirates News Agency

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WLP welcomes new members and partners from over 15 countries

DUBAI, The World Logistics Passport (WLP) welcomed a host of new members and partners representing international traders and freight forwarders from more than 15 countries during the first Global Freight Summit (GFS) hosted by DP World in Dubai.

The WLP is a Dubai-led global initiative designed to smooth the flow of international trade, reducing the cost of logistics for its members in terms of money and time while also facilitating access to new market opportunities.

The GFS included a closed session hosted by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline and Group, and Chair of the WLP Global Steering committee, in the presence of Sultan bin Saeed Al Mansoori, Chairman of the General Civil Aviation Authority, co-chair of the WLP Steering Committee, and Sultan Ahmed Bin Sulayem, Co-chair of the WLP Steering Committee, and global trade leaders, which offered industry experts, leaders and innovators a forum to candidly discuss their supply chain concerns and explore opportunities to overcome the trade barriers together with the WLP team.

Sheikh Ahmed said, “The UAE is at the forefront of supporting innovative initiatives that enhance global trade. WLP helps remove trade barriers, unlock multimodal trade, and smooth the overall trade journey for the traders.”

Bin Sulayem stated that the WLP vision is to promote global growth by finding tools and solutions that will address the bottlenecks of the entire supply chain and enhance the flow of trade across the world.

He also stressed the importance of WLP’s mission in connecting the public and private sectors, understanding their challenges and progressing solutions to connect all our hubs and gateways to the network.

The session concluded with a special announcement of a new Platinum tier membership award for invitees, which is available across WLP’s 27 global hubs. The benefits range from priority inspection at customs to reduced cargo landing fees. The members also received a specially curated suite of digital solutions by DP World, including a limited-time free membership of Digital Freight Alliance, SeaRates, CARGOES Runner, and CARGOES Flow.

New Members

The WLP and the GFS were established to open opportunities for traders and freight forwarders to overcome trade barriers and facilitate new exchanges.

During the three-day event in Dubai, the Indo-Latin American Chamber of Commerce (ILACC) and the Federation of National Associations of Freight Forwarders and International Logistics Operators of Latin America and the Caribbean (ALACAT), signed an agreement with the WLP.

It seeks to strengthen the value proposition for members and understand the critical challenges of today’s supply chain, to create logistics solutions that will improve trade between the participants through WLP and contribute to the country’s economy.

Moisis Solis Flores, President of ALACAT said, “We are committed to nourishing the trade relationship between India and the Latin American region. Working with the WLP compliments our vision. Together, we intend to build stronger synergies to enhance the trading journey for both our regions.”

Source: Emirates News Agency

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Taaleem completes book building, raising AED750 million in IPO with offering 18 times oversubscribed

DUBAI, Taaleem Holdings, one of the largest K-12 premium education providers in the UAE with a portfolio consisting of 26 schools, announced on Friday the successful completion of the book building and public subscription process for its Initial Public Offering (IPO) on the Dubai Financial Market (DFM).

The price for the new shares to be issued in the Offering has been set at AED3.00 per ordinary share (the Final Offer Price), the top end of the offering price range.

The Offering size is confirmed at AED750 million, resulting in the issuance of a total of 250,000,000 new ordinary shares (the Offer Shares), equivalent to 25 percent of Taaleem’s total issued share capital. As the offering is a primary offering, the net proceeds of the Offering will go to the Company upon settlement.

The Offering saw significant demand from investors in the UAE and internationally. Total gross demand for the Offering amounted to over AED13.7 billion, implying an over-subscription level of 18 times.

Based on the Final Offer Price, Taaleem’s market capitalisation upon listing is expected to be approximately AED3.0 billion, making it the largest and only dedicated education provider on DFM at the time of listing.

Alan Williamson, Chief Executive Officer of Taaleem, said, “I’m delighted our IPO saw such strong demand from both local and international investors with the Offering 18 times oversubscribed. This is a testament to the quality of our Company and the hard work and dedication of all our teachers and employees. The AED750 million proceeds raised will be used to expand our K-12 premium education network, providing further opportunities for students in the UAE to access our high-quality education offering. As the largest dedicated education provider on DFM, we have a compelling and differentiated growth-focused investment proposition with our IPO helping to further grow and diversify Dubai’s capital markets.”

Investors who subscribed via the First Tranche (the UAE Retail Offering) and Third Tranche (Eligible Employees and Eligible Parents) will receive an SMS confirmation of their respective allocation by 22nd November 2022, with refunds due to commence on 25th November 2022.

Listing and the commencement of trading in Taaleem’s shares on DFM is expected to take place on Tuesday, 29th November 2022, subject to customary closing conditions, under the symbol “TAALEEM” and ISIN “AEE01136T220”.

EFG Hermes UAE LLC and Emirates NBD Capital PSC are acting as Joint Lead Managers.

EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) and Emirates NBD Capital PSC (acting in conjunction with Emirates NBD Capital Limited) are acting as Joint Global Coordinators.

Emirates NBD Bank PJSC is acting as the Lead Receiving Bank, and Emirates Islamic Bank PJSC and Abu Dhabi Islamic Bank PJSC are acting as Receiving Banks.

Source: Emirates News Agency

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Ministry of Economy honours 35 UAE companies that completed ScaleUp Export training programme in cooperation with UPS

DUBAI, The Ministry of Economy honoured 35 UAE companies, graduates of the ScaleUp Export training programme, which was launched by the Ministry in cooperation with global shipping and logistics company UPS under The Entrepreneurial Nation initiative in June 2022.

The programme is designed to help enhance the export capacity of UAE’s startups and SMEs by enhancing the flow of their products and services to global markets.

The ceremony was organised by the Ministry at its headquarters in Dubai, in the presence of Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, and representatives of UPS in the UAE, during which graduation certificates were awarded to the graduating Emirati companies.

The participants also got to sign exporting contracts with UPS to benefit from special pricing to ship their products and services to targeted foreign markets, which will help enhance their export and expansion capacities abroad.

The companies also got the opportunity to attend 10 workshops including five sessions that focused on suitable market expansions for their products to India, Saudi Arabia, USA, United Kingdom, and Europe. In addition, UPS delivered capacity building programmes including topics such as logistics for e-commerce, customer experience, tariffs & customs regulations and provided technical consultations on export mechanisms to global markets.

Al Saleh said, “The UAE attaches great significance to the SME sector as it is a key pillar to driving economic diversification and growth over the next 50 years. The Ministry of Economy, in line with The Entrepreneurial Nation’s goals, continues to strive to enhance the performance of this sector and elevate it to new competitive levels, while also developing the country’s entrepreneurial environment as per global best practices and in line with the principles of the 50.”

He added, “The ScaleUp Export programme is designed to promote the growth of UAE’s startups by encouraging them to export their products and services to international markets and by offering all enablers to increase their export volumes as well. The programme contributes to supporting the strategic goals of The Entrepreneurial Nation by providing an encouraging environment that is capable of creating successful unicorns in the country by 2031.”

The Ministry of Economy received more than 300 applications from SMEs to participate in the programme with UPS last June. Some 35 companies were selected out of the total number of applicants, and the programme took place over four months, starting from last July until October 2022.

The graduates of the ScaleUp Export programme gained access to experts and advisers from various sectors and took advantage of one-on-one mentoring.

The programme facilitated technical and legal consultations, as well as special shipping prices.

Abbas Panju, Managing Director, Middle East & Central Asia, UPS said, “Our customer first approach enables us to support SMEs build their critical logistics strategies that enables them to reach international markets and grow their businesses. We thank the UAE Ministry of Economy for introducing empowering initiatives for SMEs such as the ScaleUp programme. We are equally glad to hear from the participating SMEs on how the initiative have helped them to expand their businesses and learning imperatives for international trade. At UPS, we believe that through public and private sector collaborations, together we can equip SMEs with advanced knowledge and skills needed to scale their operations and achieve sustainable growth.”

ScaleUp Export falls under the ScaleUp programme, which is one of the three main tracks of The Entrepreneurial Nation, launched in cooperation with UPS. The ScaleUp Export programme supports the export capacity of registered companies by offering them new and distinguished services. It also enhances the access of their products and services to global markets by providing insights on the suitable markets for their products and promoting their development to accommodate the targeted markets.

The Ministry of Economy launched the first phase of The Entrepreneurial Nation in November 2021, successfully providing AED20 million to entrepreneurs and support to more than 1,000 projects by 500 entrepreneurs and owners of SMEs.

It further established more than 35 partnerships, the largest of their kind, between the government the private sector, and prestigious international companies and institutions.

The launch of the second phase of the project was announced by the Ministry at 42nd GITEX last October. Phase II includes the launch of 10 new programmes in collaboration with a large group of international strategic partners, to achieve a fundamental shift in the entrepreneurship environment and support the global growth and expansion of UAE SMEs.

Source: Emirates News Agency

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AD Ports Group acquires Noatum global integrated logistics platform at AED2.5 billion

ABU DHABI, AD Ports Group today announced that it has acquired Noatum, a global integrated logistics platform with a presence in 26 countries and LTM revenue and EBITDA of AED6.91 billion and AED555 million, respectively.

The total purchase consideration (Enterprise Value) for 100 percent ownership amounts to AED2.5 billion, implying an LTM EV/EBITDA of 4.6x. This value and earnings accretive acquisition, which significantly broadens AD Ports Group’s global footprint and positions it among the leading logistics and freight forwarding companies in the world, will be fully funded through a new acquisition loan.

Recognising Noatum’s high growth potential and capacity to scale, AD Ports Group intends to create a market-leading international logistics brand, merging its existing logistics business with Noatum to create a significant presence in the region and enhancing services across the company’s global footprint. Moving forward, Noatum will lead AD Ports Group’s Logistics Cluster, consolidating the company’s existing logistics offering into its operations.

This will be AD Ports Group’s third major international acquisition in 2022, following the acquisition of a 70 percent equity stake in Transmar and TCI in September, and the announcement in November of its acquisition of an 80 percent equity stake in Dubai-based Global Feeder Shipping (GFS).

Noatum, whose origins date back to 1963, operates in three business areas – Logistics, Maritime, and Port Terminals – with market-leading positions in Spain and Turkey and a significant presence in the US, UK, China, and Southeast Asia.

Noatum’s global Logistics business specialises in comprehensive freight management, project logistics, contract logistics, international supply chain management, customs, and e-solutions, with offices and a wide network of agents around the world.

In particular, Noatum has advanced capacities in heavy lift logistics, which AD Ports Group aims to bring to the region.

The company’s Terminals operations include 15 Ro-Ro, dry bulk, general cargo and container terminals in Spain, supported by highly professional management, while its Maritime division provides shipping agency services, including outsourcing and ancillary services, and cargo services, such as liquid bulk, breakbulk cargo, reefer and dry cargo.

Despite its geographical diversification, the majority (75 percent) of Noatum’s revenues are EUR and USD denominated.

The company, which employs more than 2,600 professionals, provides tailored multi-modal transport solutions, comprehensive logistics services, and advanced port operations across its key markets, and aligns well with AD Ports Group’s integrated business model.

In addition, the company has specialised automotive, project cargo, and port logistics divisions and offers comprehensive supply chain solutions in the oil & gas, renewable energies, food, industrial manufacturing, pharma and healthcare, and retail industries with customised solutions for clients.

Some revenue and costs synergies of the acquisition include joint purchasing, stronger relationships with shipping lines to attract them to the group’s terminals, expansion of the agency business by leveraging Noatum’s Maritime business, integration of corporate services and functions, transfer of best practices, and best-in-class technology.

Subject to regulatory approvals, the transaction is expected to close in H1 2023. As part of the transaction, Noatum’s management is locked in for a period of three years to ensure smooth integration.

Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said, “Under the direction of our wise leadership, AD Ports Group continues to extend our global footprint through value-adding acquisitions and partnerships with market leaders. This ambitious acquisition brings a major global logistics platform into the AD Ports Group family, significantly enhancing our global connectivity and extending the range of maritime, logistics and ports solutions we can offer as we continue to pursue a determined strategy for growth. This acquisition makes AD Ports Group one of the most significant global players in the finished vehicle logistics, which we intend to expand in our home and core markets.”

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “We thank the leadership of the UAE for their guidance and support for this historic acquisition, which is set to be one of the most significant in the industry this year. Bringing Noatum into our integrated network of businesses will add scale and new layers of expertise, supporting both our global ambitions and our contribution to economic diversification within the UAE. Noatum operates an asset-light model with a high cash conversion rate and will make an immediate contribution to our financials, at the same time as positioning us for international expansion. We will leverage the acquisition of Noatum to build a strong international logistics brand with deep roots in this region.”

Rothschild & Co acted as the financial advisor and A&O as the legal advisor while Bain & Co completed the commercial due diligence and PwC the financial and tax due diligence for AD Ports Group in this transaction.

Source: Emirates News Agency