Category archive

Business - page 2

Pearl Initiative Rolls Out Second Phase of Governance in Philanthropy Programme

in Business by

The Pearl Initiative and the Bill & Melinda Gates Foundation extend their partnership to enhance the effectiveness of giving across the Gulf Region

The Pearl Initiative, the leading non-profit organisation promoting a corporate culture accountability and transparency in the Gulf Region, announces the launch of the second phase of its Governance in Philanthropy programme.

The programme was launched in August 2017 with support from the Bill & Melinda Gates Foundation, as a one-year initiative to promote the value of good governance practices in philanthropy and their role in enhancing the effectiveness of giving in the Gulf Region.

The research report released from the first phase titled, “The State of Governance in Philanthropy – Gulf Region”, highlights that evaluating and reporting on the impact of philanthropic initiatives remains a challenge for the regional ecosystem. While most Gulf-based institutional donors undergo some form of impact assessment, the Pearl Initiative’s research indicates that the ecosystem requires further training to ensure that their philanthropic efforts create their intended impact.

The objective of the second phase of the programme is to address these challenges and promote the adoption of improved governance practices in philanthropy through the delivery of practical workshops, case studies and knowledge-sharing discussions.

Further, the Pearl Initiative launched the “Gulf Business Philanthropy Circle”, bringing together leading corporate and family business donors from the Gulf Region to address opportunities and challenges in their philanthropic endeavours. The Circle’s ultimate goal is to strategically drive the agenda of institutional giving in the Gulf Region.

Commenting on the programme objectives, the Pearl Initiative’s Executive Director, Yasmine Omari, explains: “With increasing philanthropic capital in the region, we have an immense opportunity and responsibility to optimise the effectiveness of the sector. This programme demonstrates the organisation’s commitment to fostering a culture of accountability and transparency not only across the Private Sector, but also across philanthropic organisations in the Gulf Region.”

Founded in 2010, the Pearl Initiative develops programmes and publishes regional research reports and case studies, with aims to influence the regional business and student communities towards implementing higher standards of corporate governance within the Gulf Region.

Email This Post Email This Post

Dates festival attracts visitors to Mushrif Mall

in Business by
  • Variety and quality of organic dates takes centre stage till 10th of June

Until the 10th June, Mushrif Mall will be hosting a Dates festival where visitors can sample fresh and dry dates from the UAE, Saudi and Jordan and related products like date jam, date syrup, date powder, date pastes, ma’mool biscuits, date sugar at affordable prices.

According to Aravind Ravi Palode, Mall Manager of Mushrif Mall, the highlight of the festival is the wide range of organic dates from the local farmers and the availability from different retailers of ‘ajwa’ dates known for its medicinal properties.

Visitors can visit the pop up festival venue to look at samples and get first hand knowledge about dates from the informed retailers. They can also explore further by visiting the many dates outlets in the main market that offers a wider variety of products made from dates.

Mushrif Mall, located on Airport Road, Abu Dhabi hosts renowned a large fresh food market, a fish market and the main mall has luxury brands plus a wide range of dining outlets, hypermarket and service outlets spread over three levels of mall.

 

Email This Post Email This Post

Now You Can Call Dubai Your Home – New Permanent Residence Programme ‘Golden Card’ Announced!

in Business by

In a big and bold step, the UAE government, on May 21st, announced a new permanent residency programme, the ‘Golden Card’ visa, for foreign nationals in the UAE.

Earlier, the UAE only issued 2- to 3-year employer linked visas to foreign nationals, who comprise roughly 90% of residents living in the UAE, which is also the 2nd largest economy in the Arab World. In a shift from that rigid policy, in May 2018, 5- and 10-year visas were announced for expats investing Dh5 and Dh10 million respectively, real estate included.

Exact criteria for the visa should be revealed soon but it is confirmed that permanent residency will include the spouse and children of the golden card visa holder.

“This is a shining example of visionary leadership striving to create a big opportunity for everyone aspiring to work and invest in the UAE. Dubai, besides being a business friendly and tax-free environment, is also a vibrant property market offering high quality real estate, stable rental yields and continuous planned expansions.

“It is also a great initiative for real estate investors who have been here for long. It is a big security to know that you can remain,” said Kanika Gupta Shori, founder and COO of leading proptech firm, Square Yards.

With presence in 10 countries globally, her firm Square Yards is one of the biggest players in the Dubai primary market with a reported growth rate of 75% Y-o-Y and a GTV (Gross Transactional Value) of AED 800 million in FY 2019. Their tech-enabled team of experts has been helping Non-resident Indians as well as other foreign nationals navigate UAE’s primary residential markets for the best property transactions.

“Overall, I feel this will encourage expats to invest more in this country and to give back even more through their businesses, professional services and social work,” Kanika adds.

The new permanent residency programme has been hailed as a game changer with many calling it a Ramadan blessing, a sort of golden gift to all those who have contributed towards developing the UAE as it finally allows expats to look at Dubai as a home, rather than a temporary wealth creation destination. This directly means more demand for real estate.

Email This Post Email This Post

DLD signs license agreement with Mashreq Bank for e-mortgage System

in Business by

Dubai Land Department (DLD) signed a license agreement with Mashreq Bank, one of the first banks operating in the UAE, for the use of the e-mortgage system. The agreement was signed by HE Sultan Butti bin Mejren, Director General of DLD, and Arshad Khan, representing Mashreq Bank.

Bin Mejren said: “The development and launch of the new e-mortgage system come as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits. We expect that applying blockchain technologies will contribute to reducing the number of visits, in line with the ratios set by the Government of Dubai for government entities. At DLD, we are keen to support the directives of our wise leadership and the strategies to make Dubai the smartest city in the world.”

DLD successfully developed an electronic mortgage registration system known as the e-mortgage system to record and modify mortgages as well as procedures for their liquidation. Mashreq Bank is preparing to use the new system to register mortgage contracts for those who applied to the service from DLD.

Under the new agreement, the parties seek to structure and develop the relationship between them, promote their common interests for integration, and enhance close cooperation and coordination between them to achieve the vision and strategy of the Government of Dubai for the benefit of the public.

Arshad Khan commented: “We are delighted to partner with DLD and support it in this new initiative that targets Dubai’s real estate sector. E-mortgages are a reflection of the digitalisation of services being implemented by the Dubai Government to offer smart services to its citizens. This partnership aims to save customers both time and effort by integrating DLD and Mashreq services, ensuring that it is a win-win situation for everyone. As DLD’s strategic partner, this agreement represents another significant milestone for Mashreq Bank, and we look forward to furthering collaboration in the future.”

Majid Saqer Al Marri, CEO of the Registration and Real Estate Services sector at DLD, said: “Applying the e-mortgage system requires synergy with leading UAE banks. Our partnership with Mashreq Bank is an important step towards the success of the project and its objectives and helps spread it to benefit the largest number of investors. We will continue to seek the best partners to ensure the comfort and happiness of our customers as well as develop the system and support it with the latest technologies that are constantly evolving to keep pace with developments in the field of registration and real estate services. This system will ensure customers a unique journey and experience, reducing the number of steps and visits by helping them complete all requirements in one place.”

DLD is one of the first entities to emphasise blockchain technology and apply it to its sales and purchasing transactions through its smart platforms. The e-mortgage initiative is one of the most important launched recently by DLD in this field and is based on the completion of the mortgage process between involved parties through artificial intelligence.

Other smart initiatives include the Dubai REST platform, the optimal application for replacing paper title deeds, allowing customers to self-conclude their transactions without the need to visit DLD, supporting the Dubai 10x initiative.   Moreover, DLD has eight different smart applications for mobile phones, 10 service centres throughout Dubai, and 17 real-estate registration trustee centres across the Emirate.

Email This Post Email This Post

Take Your Best Shots and Selfies this Eid with Superb Smartphones from HONOR with Advanced Cameras

in Business by

Capture Memories with HONOR’s Eid offers that offer everything you need in a phone and more

It’s that time of the year where everybody travels with their family and friends after Ramadan celebrating Eid Al Fitr.  Travel can be fun, energizing, and exciting — or exhausting, frustrating, and boring if you do not have the right accessories to complement your travel. HONOR, the leading smartphone e-brand, has got you covered for your upcoming trip with their latest most competent products on the market: HONOR 10i and HONOR View 20.

Eid holiday travel can take good pictures and selfies feeling.

Eid is not the time to hold back on taking pictures and capturing memories. School and workplaces are shut which means it’s time to get snap-happy and create memories with your loved ones using the latest technologies from HONOR. Perfect for gifting friends and family members in Eid, the latest devices from HONOR, offer innovative technology, high-rated smartphone cameras, and intelligent performance at accessible costs.

HONOR 10i: Triple the fun with a three-lens camera

HONOR 10i will be the most delightful gift to present to your loved ones who love to take a good selfie and who love to take pictures for an active virtual life. HONOR 10i comes equipped with AI Beautification and sports a 24MP, 8MP and 2MP trio of cameras, and a 24MP primary camera. Get natural looking selfies with the selfie camera in HONOR10i this Eid!

Eid deal: From AED 999 to AED 949 starting from 27th May to 8th June.

(Available across all UAE electronics retailers)

HONOR View 20: Superb smartphone with superb smart features

An absolute eye-magnet with a glossy, gorgeous finish, the HONOR View 20 packs a 25MP camera tucked away behind the screen, with an incredible 48MP main camera on the rear. It’s an excellent phone for almost everything you can throw at it, but is especially competent at gaming

Eid deal: From AED 2,399 to AED 2,099 starting from 27th May to 8th June.

(Available in Sharaf DG, Jumbo, Lulu, and Carrefour)

You can also avail exclusive HONOR gifts on the purchase of HONOR 10i Lite, HONOR 8X and HONOR 8X Max with in select electronics stores during 27th May to 8th June.

Email This Post Email This Post

in Business by

Schneider Electric, the leader in digital transformation of energy management and automation, announced the appointment of Ahmed Khashan as President of Gulf Countries effective 1st May 2019.

Khashan has been part of Schneider Electric for over 20 years. During the course of his career he held several executive positions across the region, including Vice President of Partner Business for Schneider Electric Egypt & North East Africa and more recently Vice President of Strategy & Business Development for Schneider Electric Middle East & Africa.

Caspar Herzberg, President Schneider Electric Middle East and Africa, said: “For over two decades Ahmed Khashan has made a key contribution to the digital transformation of energy. We believe Ahmed’s expertise and leadership experience will be instrumental in creating additional value for our customers and partners in the region.”

Known for his credentials in building and maintaining solid stakeholder partnerships, Khashan has had an important role in developing the different Schneider Electric business portfolios across the Middle East & Africa region working with both the private and public sector.

Commenting on his appointment, Ahmed Khashan, President of Gulf Countries said: “I am excited and honored to take on this role and look forward to work with our customers and partners to help them drive business success and play an active role in the transformation of our region.”

Email This Post Email This Post

Gulf Capital Acquires 70% of Medica, the Leading Service Provider of Aesthetics, Cosmetics and Dermatology Equipment and Products in the Middle East

in Business by

Investment is a proxy for the rapid growth in the aesthetics and beauty sectors and is in line with Gulf Capital’s established strategy of acquiring majority stakes in market leaders in fast growing sectors

Gulf Capital, one of the largest and most active alternative asset managers in the Middle East, announced today that it has acquired a 70% stake in Medica Holding, the leading service provider of aesthetics, cosmetics and dermatology equipment and products across the Middle East.

Gulf Capital is actively targeting investments in the fast-growing beauty and healthcare sectors, which are expected to register double digit growth rates across emerging markets. In particular, the US$10 billion health aesthetics market is projected to grow at 10% annually over the next five years, driven by rising GDP per capita, the growing global adoption of minimally invasive and non-invasive cosmetics procedures, increased public awareness and acceptance from men and women, as well as technological advancements.

Founded in 1999, Medica has evolved into a prominent end-to-end service provider in the aesthetics sector with a portfolio of over 20 international brands across 12 countries. Its services range from consulting and education to logistics and marketing across four aesthetics verticals: equipment, injectables, cosmetics and para-pharmaceuticals. Following its partnership with Gulf Capital, Medica aims to enhance its footprint in MENA region and expand across Africa and Asia via organic growth and acquisitions and to broaden its service offerings into new aesthetics verticals.

Dr Karim El Solh, Chief Executive Officer of Gulf Capital, said: “We are delighted to partner with Medica, the leading aesthetics and cosmetics service provider in the Middle East and are excited to fund its ambitious growth and future expansion plans across emerging markets. Medica’s track-record is one of continuous innovation and growth, and it has demonstrated its ability to pioneer aesthetics and non-invasive procedures in the Middle East for over 20 years. This investment in the dominant market leader gives Gulf Capital a strong exposure to the fast growing aesthetics and cosmetics sectors and allows us to capitalise on the growing consumer and healthcare trends in the region.”

Elias Chabtini, CEO and co-founder of Medica Holding, said: “We are excited to embark on this new chapter in Medica’s journey alongside Gulf Capital, a firm with a wealth of experience and operational expertise that will support our expansion and growth plans. The Medical Aesthetics sector is among the fastest growing sectors globally and Medica is uniquely positioned to play a key role regionally and across emerging markets. Our partnership with Gulf Capital is a major step towards reaching our goal of becoming the leading player in emerging markets as we expand across new geographies and complement our portfolio offerings with leading technologies across all aesthetic verticals.”

Abdullah Shahin, Managing Director at Gulf Capital, added: “Medica has been playing a key role in transforming the non-invasive Medical Aesthetics sector across the region. This is an area that has been growing at double digit rates globally, with the GCC aesthetics market still on an earlier growth path with a projected 15% annual growth rate over the next five years. We are impressed by the management’s data driven approach and its ability to penetrate geographies and verticals, and we look forward to working closely with the team on this new phase of growth.”

Dr. El Solh concluded: “Gulf Capital has been particularly active over the last 18 months, with the successful closure of eight new and follow-on investments at the portfolio companies’ level. The Firm has been equally productive on the exit side, having secured and closed five landmark exits during the same period. This latest investment in Medica cements our established strategy of acquiring majority stakes in market leaders in fast growing sectors. We are looking forward to a productive rest of the year as we maintain our investment pace and continue to work on a number of strategic new investments and exits in the near future.”

Medica is a UAE based company with regional offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Bahrain, Oman and Beirut as well as partnerships and joint ventures across 12 countries. The company has over 1000 unique products across 20 international Tier 1 brands and many suppliers in its portfolio. It has over 200 employees across its offices and warehouses servicing thousands of clients across the region. Medica’s services include Education, Training, Maintenance, logistics, Sales and Marketing but mostly, consultancy across four business verticals: equipment, medical injectable, cosmeceuticals, and para-pharmaceuticals.

Gulf Capital is one of the leading alternative asset management firms in the Middle East, investing across several asset classes including Private Equity, Private Debt and Real Estate and currently manages over AED 11 billion (US$3 billion) of assets across seven funds and investment vehicles. Gulf Capital’s mission is to grow capital and build value with world-class expertise and best practices to generate sustainable superior performance for all stakeholders.

Gulf Capital was advised by Freshfields Bruckhaus Deringer and PwC. The selling shareholders of Medica were advised by Emirates Investment Bank PJSC and BonelliErede.

Email This Post Email This Post

“Consistently Audi”: Board of Management presents corporate realignment to shareholders

in Business by
  • CEO Bram Schot: “We want to lead the change in the premium segment with the most attractive form of sustainable mobility”
  • CFO Alexander Seitz “The basis is further efficiency progress from the successfully started Transformation Plan”
  • Accelerated e-roadmap: sales target of 40% volume share for electrified models by 2025
  • Planned upscaling of “Audi on demand” premium mobility service with strong partner; further cooperations targeted in strategic areas
  • Customer advisory committee for a consistently customer-focused approach
  • Challenging transitional year 2019 with more than 20 market launches, repercussions of WLTP changeover and macroeconomic slowdown

Audi will become a provider of holistic CO2-neutral premium mobility, with the aim of assuming a leading role among its competitors. The manufacturer is therefore accelerating its electrification roadmap and company-wide decarbonization. By 2025, the vehicle fleet’s CO2 footprint is to be reduced as a first step by 30 percent over its entire lifecycle compared with 2015. In the future, return on investment as a key financial steering parameter will also reflect the CO2 performance of the Four Rings and is to rise to more than 21 percent through sustainable management. The Board of Management is presenting the realignment at the 130th Annual General Meeting in Neckarsulm and providing information on current business developments. While Audi is mastering a challenging year 2019 with substantial operationally adverse factors, the premium manufacturer is pressing ahead with its transformation and aims for a significant increase in corporate value in the long term. The Four Rings will focus strictly on customer-relevant innovations, will further develop its business model profitably and will realize synergies within the Volkswagen Group and in external partnerships. The guiding principle of the far-reaching transformation is “Consistently Audi.”

 “Audi offers the most attractive form of sustainable mobility: Our vision stands for a new consistency in the strategic alignment and its implementation. We want to create the strongest customer experiences in our industry and thus lead Audi to the forefront of change in the premium segment,” says Bram Schot, Chairman of the Board of Management of AUDI AG. “For me, it is crucial that we become a customer-oriented company through and through. Our key topics therefore include comprehensive connectivity, a convincing digital ecosystem and highly automated driving with a focus on interurban long distances.”

By 2025, the Audi portfolio will already include more than 30 models with electric drive, of which 20 will be all-electric. For the entry into the premium electric world, the company will by then have launched at least three models based on the modular electric-drive kit (MEB) for more compact vehicles. The first models on the PPE architecture developed together with Porsche will be available in the upper segments at the beginning of the next decade. Audi has raised its forecast for sales of all-electric cars and plug-in hybrids, and now expects electrified automobiles to account for about 40 percent of worldwide unit sales by 2025.

As part of the Volkswagen Group’s consistent focus on electric mobility, the Four Rings are developing their drive-system portfolio in strict alignment with the specific requirement profiles of premium customers. With a high proportion of large automobile segments, corresponding performance requirements and regular use over long distances, Audi will rely on plug-in hybrids in addition to all-electric vehicles. Moreover, the brand is already looking further to the future and is pressing ahead with the development of fuel-cell drive for the Volkswagen Group.

With its company-wide sustainability roadmap, Audi has set itself the goal of successively making the entire vehicle lifecycle CO2-neutral: from production to the use and recycling of Audi models. By consistently reducing CO2 emissions and switching to renewable energy sources, unavoidable emissions will be offset. With company-wide decarbonization, the CO2 footprint of the vehicle fleet is to be reduced as a first step by 30 percent by 2025 compared with 2015. To this end, the company is pushing forward with the implementation of its own target of making all Audi production locations worldwide CO2-neutral by 2025. Audi intends to achieve CO2-neutrality for the entire company by 2050 at the latest. For sustainable corporate management, the impact of vehicle projects on average CO2 emissions will in the future be included in the return-on-investment ratio. This key performance indicator is to rise to over 21 percent.

For its course for the future, the company has earmarked a total of approximately €40 billion until the end of 2023, comprising investments in property, plant and equipment as well as research and development expenditure. Of that amount, around €14 billion will be assigned to electric mobility, digitalization and highly automated driving. In order to finance its high upfront expenditure, Audi will systematically utilize available earnings potential, for example by expanding its market position in the upper premium segments. Together with the Lamborghini brand, Audi’s new top-end models already accounted for a significantly higher proportion of the Audi Group’s revenue in the first quarter of 2019.

The new plug-in hybrid models in the Audi A6, A7 and A8 series will soon further expand the full-size range. At its Annual General Meeting, the company is announcing the future expansion of the A8 model family to include a new, especially luxurious and prestigious derivative. For Audi Sport’s business with high-performance models, the company plans a significant increase in sales volumes and earnings.

“A prerequisite for the success of our strategic realignment is that we position Audi in a structurally efficient manner and lead it back to financial top performance. Already in 2018, we established a clearly defined program for this in the form of the Audi Transformation Plan,” says Alexander Seitz, Member of the Board of Management for Finance, China and Legal Affairs. “Recent months have shown that our measures are taking effect and that we can at least partially offset the current extraordinarily high adverse factors. We will build on this in a highly disciplined manner, because our environment and future course will continue to challenge us enormously.” Following the successful launch of the Transformation Plan, Audi has increased the program’s target to a total of €15 billion between 2018 and 2022.

In recent months, the Audi Board of Management has initiated the company’s organizational enhancement; the transformation process has begun in all divisions. The aim is to streamline structures and processes, align them to key areas and increase the speed of implementation. The Integrity, Compliance, Risk Management department now reports directly to the Chairman of the Board of Management. With the establishment of an international customer advisory committee, intended to be closely involved in the product development process, Audi is strengthening its focus on customer-relevant offerings throughout the entire company.

Audi will increasingly accelerate innovations with high customer relevance through strategically attractive partnerships. The Four Rings plan to significantly expand the “Audi on demand” flexible premium mobility service in a far-reaching cooperation with mobility service provider SIXT. As of the fourth quarter, customers in ten European countries will successively be able to access up to 10,000 Audi cars and use them flexibly. In parallel, the company will intensify the integration of its own retail partners into this digital business segment. Audi on demand will thus be the umbrella brand for all mobility solutions from short-term bookings to long-term vehicle use. Within the framework of another digital initiative, the company is developing “myAudi” as an ecosystem for interested parties, owners and users to become a platform open to third parties. Together with its retail partners, Audi will start selling new cars on the Internet next month – a special edition of the Audi TT will be available online as a pilot model.

With a view to current business developments, the Audi Group affirmed its forecast for its key figures for 2019 at the end of the first quarter. The financial year will feature the continuation of the broadest model initiative in Audi’s history. In 2019, the company is organizing the market launch of more than 20 models, including the redesigned A4, the world’s best-selling Audi. In the rapidly growing SUV segment, Audi will present seven completely new SUV variants without predecessors in 2019, such as two particularly sporty versions of the Audi Q8, the Four Rings’ top SUV model. And with the Q3 Sportback and the e-tron Sportback, Audi will for the first time launch the design-oriented Sportback concept in its SUV family.

While the model initiative will strengthen Audi’s future competitive position, the phase-out and ramp-up situation for numerous models in 2019 will initially have a dampening impact. In an increasingly challenging economic environment, the company anticipates moderate growth in Audi deliveries until the end of the year. This will also reflect the reduction of inventories in the sales and retail organization, which were specifically built up for the WLTP transition. The Audi Group therefore anticipates a slight increase in revenue. In view of managing the repercussions of the WLTP changeover and high upfront expenditure for the future, the operating return on sales in transition year 2019 is expected to be between 7.0 and 8.5 percent, and thus still below the long-term target corridor of 9.0 to 11.0 percent. Audi forecasts a net cash flow of €2.5 billion to €3.0 billion for 2019.

In the first quarter of 2019, deliveries of the Audi brand decreased by 3.6 percent compared with the prior-year period to 447,247 vehicles (2018: 463,750). This resulted from the previously very restricted availability of the model range caused by the WLTP changeover. Mainly attributable to the new reporting structure that the Audi Group implemented in January 2019, revenue decreased to €13,812 million (2018: €15,320 million). Without this change in the reporting structure, revenue would have been almost at the prior-year level thanks to the significant shift towards the top-end segments. First-quarter operating profit amounted to €1,100 million (2018: €1,300 million) and the operating return on sales was 8.0 percent (2018: 8.5 percent). From January through March, the Audi Group generated a net cash flow of €1,207 million (2018: €1,919 million).

Email This Post Email This Post

BERKELEY ASSETS ENTERS LATIN AMERICA WITH MEXICO CITY OPERATION

in Business by

Private equity firm’s Dubai office to manage upcoming Far East operations

International private equity firm Berkeley Assets has launched its operations in Latin America, with a new office opening in Mexico City as part of its global expansion plans for this year.

The company announced from its Dubai office that the new operation, located in the Paseo de la Reforma district of Mexico City, will represent the entire Latin American region through its active distribution network.

Managed by the team at Berkeley Assets’ London headquarters, the Mexico City office is anticipated to raise USD1million per month from the retail market in its first year of operations, in addition to institutional capital which is proving more popular than initial market research indicated.

Commenting on the expansion, Omar Jackson, Partner at Berkeley Assets, said: “Mexico City is the financial hub of Latin America, one of the strongest and most vibrant business destinations in the region, with an increasingly positive reputation within the financial sector.

“Our market intelligence has told us that there is a strong demand from institutional investors as well as individuals in the region looking to place their capital in private equity, and more specifically placing it with international businesses, where possible.”

The new office is the second to open this year, coming weeks after the new Spanish operation was launched in Puerto Banus, Marbella. Hong Kong and Singapore will follow in the second half of the year, while other opportunities in Europe and Africa are still being considered. The firm’s Dubai office will manage all Far East operations where it already has strong introducer networks.

Email This Post Email This Post

Shopinc.com launches virtual Ramadan Night Market

in Business by

From iftar value boxes under AED5 to generous discounts on groceries, UAE online retailer celebrates spirit of the season with bundle of offers

Shopinc.com, the UAE-based online retailer, has launched a virtual Ramadan Night Market offering customers a 10% discount on essential purchases when they shop between iftar and suhour. The promotion is just one of several new and seasonal offerings from the value supermarket that include generous rebates on a range of essentials, budget-friendly Iftar meal boxes starting at under AED5, and special rebates for Emirates NBD, ADCB and Etisalat Smiles customers.

Rahul Duragkar, Managing Director at Shopinc.com says, “Ramadan is a very special season for UAE residents. Shopinc is always committed to providing value-for-money propositions to online shoppers in the UAE with honest and flat discounts all year round. Our innovative virtual Ramadan Night Market delivers on this ethos with special offers on a wide range of products over the holy month.”

Customers making purchases at Shopinc.com – pronounced Shop I N C – between 7pm and 7am during Ramadan get an additional 10% off on all their essentials when using the promo code RAMADAN10 during checkout. Shopinc.com is also offering a range of nutritious iftar boxes to help the devout break the fast without breaking the bank. Shopinc.com’s Value-Feast box has three kinds of fruit, a sachet of dates, water and a juice for just AED4.99. Meanwhile, a 10-item box for up to six people includes one kilo each of rice, lentils, sugar and salt, 4 litres of full-cream milk, 1.8 litres of milk, 600g of premium Sahari dates, 200g each of turmeric and chilli powder and a box of 25 tea bags.

For customers looking for specific items this Ramadan, many household products have been discounted up to 52%. The attractively priced products at Shopinc.com include rose syrup, pre-packaged vegetables, luxury chocolates and all-purpose cleaners.

Finally, Shopinc.com has tied up with Emirates NBD, ADCB and Etisalat SMILES to offer extra value to their customers. Emirates NBD customers receive a flat 20% off on supermarket products, toys, games, fashion and accessories, while Etisalat SMILES users also get 20% off on Ramadan night market purchases, iftar essentials, supermarket products, toys, games and fashion. Shopinc is offering ADCB customers 10% off its entire range. Air Arabia staff can avail 25% off on supermarket and fashion items. Each enterprise has been provided with special shareable shopping codes to avail these bespoke offerings.

Email This Post Email This Post
Go to Top