Alliance Française Abu Dhabi unveils “France eMotion”, the animated journey that celebrates new technologies, the work of four young international photographers and … Keep Reading
- Three-bedroom homes from AED 1.1 million payable over five years
Following the successful launch of Hajar Villas Phase 1 in March, DAMAC Properties, a leading luxury real estate developer in the region, today released Hajar 2, a further collection of premium, contemporary stone villas representing a rock-solid investment.
Hajar Villas will go on sale in Dubai on Saturday, May 13 at Roda Al Murooj Rotana Hotel, Downtown Dubai from 2pm to 10pm. Priced at AED 1.1 million with a payment plan spanning five years, investors will have the opportunity to own a three-bedroom villa that features the unique and charming exterior characteristic of homes in the Levant, Egypt and India.
Niall McLoughlin, Senior Vice President, DAMAC Properties said: “The response we received from customers in phase 1 of Hajar is testament to the desirability of this type of property, for both investors and end-users. Investors find the unique aesthetic appeal, durability and ability to be warmer in winter and cooler in summer are attractive propositions that stand out from other properties on the market.”
“For end-users, the distinctive stone exterior is reminiscent of the homes that they grew up in and this is why we saw a number of investors from the Levant and Egypt who never expected this type of product to be found within a freehold community setting. These same investors appreciate the beauty of such homes, but never before was it attainable in Dubai, due to the fact that one would have to build a bespoke villa to customise this type of exterior. This is just one example of understanding what the market needs and what customers are looking for and responding to that.”Email This Post
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, announced today its financial results for the three-month period ending March 31st, 2017. The Company reported a net profit of AED 74 million for the period, an increase of 90% in profitability over the same period last year.
Key Financial Highlights
Gross Written Premium For the three month period ended March 31st 2017, ADNIC’s Gross Written Premium increased to AED 1.08 billion compared to AED 1.06 billion for the same period in 2016.
Premium Retention The overall premium retention ratio for the company reached 42% for the three month period ended March 31st 2017 compared to 45 % for the same period in 2016.
Net Underwriting Income For the three month period ended March 31st 2017, ADNIC Net Underwriting profit increased by 46% to AED 97.6 million, against a Net Underwriting Profit of AED 66.8 million for the same period in 2016.
General and Administrative Expenses General and Administrative Expenses for three month period ended March 31st 2017 stood at AED 52.8 million compared to AED 50.3 million for the same period in 2016.
Net Technical Profit For the three month period ended March 31st 2017, ADNIC Net Technical profit increased by 163% to AED 46.3 million, against a Net Technical profit of AED 17.6 million for the same period in 2016.
Net Investment Income ADNIC’s Net Investment and Other Income increased by 29% to AED 29.2 million for the three month period ended March 31st 2017 compared to AED 22.6 million for the same period in 2016.
Net Profit For the three month period ended March 31st 2017, Net profit increased by 90% to AED 74.0 million, compared to a net profit of AED 39.0 million for the same period in 2016.
Basic and Diluted Earnings Per Share Basic and diluted earnings per share increased by 30% to AED 0.13 compared to basic and diluted earnings per share of AED 0.10.
Return on Shareholders’ Equity The return on Shareholders’ Equity increased to 4.2% for the three months period ended 31st March 2017, compared to 3.1% for the same period in 2016.
Cash Balances ADNIC’s cash balances stood at AED 805.0 million as at March 31st 2017, compared to AED 1.03 billion as at December 31st 2016.
Total Investments Total company investments including cash in time deposits, bank accounts and investment properties increased by 2.4% to AED 3.22 billion as at 31st March 2017, compared to AED 3.14 billion as at December 31st 2016.
Total Assets The total assets of the company increased by 9.3% to AED 7.09 billion as at 31st March 2017, compared to AED 6.49 billion as at December 31st 2016.
Shareholders’ Equity The Shareholders’ Equity position increased to AED 1.79 billion as at 31st March 2017, compared to AED 1.77 billion as at December 31st 2016.
Ahmad Idris, CEO of ADNIC said: “ADNIC’s growth in profitability is a testament to our successful business model and our agile strategy. Our selective approach to underwriting has resulted in a modest increase in premium for the period, but has continued to boost the overall capitalization of the company and the performance of our portfolio. I remain confident in the company’s ability to provide high quality service to our valued clients.”Email This Post
- Technology and media confluence sets #AJTechSummit trending on social media
Held under the patronage of His Excellency Sheikh Hamad bin Thamer Al-Thani, Chairman of Al Jazeera Media Network, AJMN’s “Future of Media – Leaders’ Summit” kicked off today at the Ritz Carlton Hotel in Doha with international broadcast industry leaders, CIOs, ICT professionals and media experts discussing how business and innovation are affecting the future of media. The Summit is the first of its kind in the region, on the model of similar events held in the Netherlands and Las Vegas.
Keynote speaker Paul Lee, Partner and Global Head of Research for the technology, media, and telecommunications (TMT) industry at Deloitte, presented research about the ways digital and traditional media are complementing each other. “Digital transformation will never end, but it doesn’t need to be zero-sum disruption,” Lee said. “It doesn’t have to be them versus us; it can be them and us.”
Lee’s speech was followed by a panel discussion on how media organisations are adapting to digital transformation.
Al Jazeera’s Mohamed Abuagla, CIO/CTO of Al Jazeer Media Network, presented on how the organisation has constantly adapted to changing technology over its 20-year history. “Transformation has to be holistic, involving people, processes and technology,” he said. “To become more transformative, you need to become a service provider.”Email This Post
- Campaign showcases recent achievements, reiterating capabilities and commitment to supporting the growth of the Africa and Middle East region
Standard Chartered Bank today announced the launch of its “No.1 Bank: power your ambitions” campaign to highlight its recent achievements and reiterate its commitment to the Africa and Middle East (AME) region.
Standard Chartered’s domination of awards is backed by the wide-range of world-class products and services for personal and business customers across the region. From financing major energy, telecoms, mining and infrastructure projects to growing businesses and building communities, Standard Chartered’s No 1 position is well-established.
The ‘No.1 Bank’ campaign reiterates the Bank’s top position across its diverse markets which include Project Finance, Debt Capital Markets, Wealth Management, Digital, Private Banking and Islamic Banking. With these awards, Standard Chartered continues to be a trusted advisor in the region, and the local communities’ international Bank of Choice.
Selected recent awards backing Standard Chartered’s leading position include:
- Global Finance – Best Regional Consumer Digital Bank for Middle East & Africa 2016 for the fifth consecutive year – The Bank announced a suite of cutting-edge fingerprint and voice biometric technologies for clients to securely access their bank account balances, cards and investments using their unique fingerprint or voice as identifiers. Reaching more than 2 million clients, this is the most extensive roll-out of fingerprint biometric technology by any international bank and a first in most markets.
- Project Finance International – Middle East & Africa Power Deal of the Year 2016 – Hassyan Energy. Hassyan Coal IPP (“Hassyan”) consists of financing the development, construction, operation and maintenance of an ultra-supercritical green-field coal fired power plant. Standard Chartered was the Structuring Bank and Mandated Lead Arranger, Documentation Bank, and Hedging Bank.This represents the first transaction of the Silk Road Fund (as an equity and debt provider) in the Middle East as part of the “One Belt One Road Initiative.”
- Islamic Finance News – Real Estate deal of the year 2016 – Emaar Properties USD 750M Sukuk. Standard Chartered acted as the Sole Global Coordinator and Joint Lead Manager on the deal. The deal bears the lowest coupon ever achieved for a 10-year international Sukukby a UAE corporate issuer as well as the longest dated senior Sukuk from the MENA region in 2016.
- Euromoney – Best Private Banking Services in Africa 2017 – The survey reflects feedback from industry peers and competitors, making this a significant win and recognition of Standard Chartered’s Private Banking brand and capabilities
- On the back of its “Here for Africa” campaign launched last year, this new campaign will showcase the Bank’s heightened focus on the wider African and Middle East region, seeking to contribute to the region’s growth by growing its Retail, Corporate, Institutional and Commercial segments, whilst enhancing its digital capabilities.
Sunil Kaushal, the Regional CEO of Africa & Middle East said:“2016 saw a turnaround performance for our AME business despite the diverse set of challenges faced across the region. Our in-depth local knowledge and extensive global expertise has enabled us to effectively demonstrate our position of strength in delivering our client needs.
Backed by market recognition for our recent achievements, the No. 1 campaign reiterates our commitment in staying No. 1 in AME to our staff, clients and the local communities where we operate. To maintain our leadership position in the AME, through this campaign, we hope to demonstrate our drive and commitment in providing award winning banking solutions, strategic advisory services and funding for our corporate clients through our unique global footprint.”
The ‘No.1’ Bank campaign encompasses above the-line-visuals, a television campaign as well as tailored sponsorships, client initiatives and focused events which promote the Bank’s regional capabilities. The extended reach of the campaign means audiences across 25 Africa and Middle East markets and across the Bank’s footprint.Email This Post
- New investment supports the preparations for Expo 2020 Dubai by assuring high quality testing solutions for textiles, leather, home furnishings, toys and electronic goods
- First of its kind facility helps protect the best interests of customers by ensuring the highest quality standards of consumer products
Geo-Chem Middle East, one of the largest independent inspecting and testing companies in the region, today inaugurated the Middle East’s first comprehensive Consumer Goods Laboratory at a state-of-the-art premise in Dubai Investment Park.
The new facility offers an unmatched breadth of expertise in quality testing of textile and leather products, home furnishings, toys and electronic goods, among others, to ensure that every product that reaches the customers meet the highest standards of quality specified by the government authorities.
Inaugurating the facility, Rajiv Bahl, Managing Director of Geo-Chem Middle East, said: “The new laboratory marks our expansion into consumer goods testing services through a dedicated facility that will assure the highest standards of quality for customers. Our goal is to provide the comprehensive suite of testing services in Dubai for our customers from across the region.”
Pradeep Gopal, Executive Director of Geo-Chem Middle East, said the laboratory brings all consumer goods testing under one roof. “With this lab, we are now offering the entire portfolio of testing services, and establishing ourselves as a one-stop hub for all testing and inspection services in the region.”
With the Consumer Product Services Lab, Geo-Chem is supporting the preparations for Expo 2020 Dubai, said Manish Kumar, Global EVP of Geo-Chem CPS Division. “The lab ensures that only products that meet the quality standards mandated by the authorities reach the customers. Further, with the city emerging as a global fashion hub, a world-class testing facility for textiles, leather, footwear and accessories will help establish clear quality credentials for products made in Dubai and exported from here.”
“The facility to test toys is another value-add that our lab provides as it ensures the health and well-being of children. Across the MENA region, governments are focusing on ensuring strict quality standards for customer products. Our state-of-the-art lab is fully equipped to meet these requirements,” added Manish Kumar, who has over 25 years of experience in the global supply chain industry.
Among the customised solutions offered by the lab is La Fit by Geo-Chem, which focuses on pre-production activities for the apparel industry covering proto sample inspection, fit sample review, tech pack creation, size-set sample inspection, pattern making and grading, fabric consumption, muslin sample making, and sample inspections, among others.
In the toys sector, the Consumer Goods Lab undertakes product safety testing, evaluation and quality assurance services including Consumer Product Safety Improvement Act (CPSIA) Testing, juvenile products testing, European Union’s Toy Directive testing, design & evaluation, mock-up sample study, safety & feasibility testing, endurance testing, risk assessment, and loading supervision, among other services.
The Lab also undertakes testing of home furnishings, imitation jewellery, leather & footwear, and hard-lines covering furniture, household, kitchenware, sporting items, personal protection equipment, electrical goods, safety & fire appliances, among others.Email This Post
Held under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan Deputy Prime Minister, Minister of Presidential Affairs of the UAE, H.E. Hussain Ibrahim Al Hammadi, Minister of Education, inaugurated today the 1st edition of ATech World Conference & Exhibition and the World Game Expo, which is held at the Abu Dhabi National Exhibition Centre – ADNEC.
After the traditional ribbon cutting ceremony, H.E. Hussain Ibrahim Al Hammadi along with a number of key officials and industry leaders have toured the exhibition area where they were introduced to the latest technologies in Virtual Reality, Internet of Things – IoT, Online Games, Application Development, Wearable Techonology, Artificial Intelligence – AI, VR, Interactive Entertainment, and Smart Solutions.
From his side, Eng. Anas Al Madani, Vice Chairman and Group CEO of INDEX Holding said: “Technology plays a big role nowadays in making our lives easier, faster, and smarter. UAE’s and the national level governments across the Middle East have digital transformation high on their agenda, driven by smart nation ambitions across the region. According to a report from Gartner, governments in the Middle East and North Africa are set to spend $11.6 billion on IT products and services in 2017. Therefore, we saw a need for an event in the capital Abu Dhabi to support this transformation and highlight the evolving technologies that will be affecting our lives in the very near future.”
Eng. Anas Al Madani added: “Through ATech World Conference & Exhibition, we will also highlight the use of technologies nowadays to measure happiness that contributes to the vision of the UAE to become the happiest nation in the world.”
He went on saying: “Happening in parallel to ATech World, World Game Expo, will feature a number of activities that support game developers in the region like the Indie Game Devfest which will give game developers the opportunity to present their games to publishers and get a chance to launch them.”
He concluded: “There is a lot of potential in our youth that we should invest in and support. According to a report by newzoo released last year, The Middle East & Africa (MEA) region was one of the fastest growing gaming regions in the world, with 26.2 per cent year-on-year growth.”
Parallel to Ateh World, the 10th Global Hackathon Series will be held where 70 contestants will have to develop an application during 36 hours .
Speaking more about it, Christina Lila, Regional Manager, Middle East at AngelHack said: “The theme of the Abu Dhabi Hackathon is “Commit to Your Code” – a play on words as “commit” in a hackathon is when you make a set of tentative changes permanent. It is the scary moment of risk, which also allows all tech prototypes to evolve and reach their potential. We ask our community of technologists, designers and entrepreneurs to “commit” on a metaphorical level also, as many of our challenges are asking coders to use their skills for a higher cause, to create something for the common good of humanity.”
She added: “For Abu Dhabi, the challenge is broad in that we are asking each team to solve a problem in the UAE using technology. They have to dig deep and define that problem, show they understand it, and then walk us through their vision as a tech solution. The additional challenge is the GovTec Challenge which will ask developers to find technology solutions to build tolerance, empathy and foster understanding across cultures and differences.”
ATech World Conference & Exhibition and World Game Expo are organized by INDEX Conferences & Exhibitions, member of INDEX Holding and, both events are scheduled to run until 11th of May 2017 at Hall 2, ADNEC.Email This Post
Al-Futtaim Motors, exclusive distributor of Toyota, Lexus, Hino and Toyota Material Handling Equipment and leader in sustainable mobility in the UAE, has extended its support in the UAE’s efforts to decrease emissions and its global environmental footprint at the Government Accelerators event, held on May 10th at the Emirates Towers.
The hydrogen-powered zero-emission Toyota Mirai Fuel Cell vehicle was displayed at the event, indicating Al-Futtaim Motors’ intentions to introduce efficient greener transport solutions, while aiding the government in more sustainable mobility, additionally, the vehicle has been test driven by H.E. Eng. Suhail Al Mazrouei, the UAE’s Minister of Energy.
Yousuf Al Raeesi, Director of Government Affairs & Health, Safety, Security and Environment at Al-Futtaim Motors, said: “We believe being part of this event is vital to educate the public on the future of green motoring, particularly in light of the clean air initiatives that the UAE government is implementing as part of its UAE Vision 2021 plan. As the leader in sustainable mobility in the UAE, Toyota has pioneered hybrid technology over 20 years ago and have sold more than 10 million hybrid vehicles globally. Most recently Toyota launched Mirai, the first zero-emission Fuel Cell Electric Vehicle (FCEV) which we are displaying here today, and which has seen interest from different government sectors across the UAE, given the zero impact this technology has on the driver and the environment.
“We believe that the Fuel Cell Vehicle technology, when rolled out on a large scale, will be the most suitable environmental solution, offering zero emissions, driving range similar to traditional petrol vehicles (around 500km), and most importantly a hydrogen fuelling time of 3 to 5 minutes, very similar to traditional petrol engine fuelling, which means no change in the driver’s behavior.”aims to adopt more sustainable energy sources, including renewable energy, as well as reducing carbon emissions that are harmful to the environment.”
Unlike battery-powered electric vehicles, the four-door mid-size electric sedan with performance that fully competes with traditional internal combustion engines, Toyota Mirai, is not recharged by plugging it into an electricity grid, but creates electricity using hydrogen, enabling the car to run up to 500km+.Email This Post
- Dubai Investments Park awards certificates of appreciation to Rental Affairs Sector employees
Dubai Land Department (DLD) has announced that it will be developing an action plan through its Rental Affairs Sector to regulate lease registrations in Dubai’s Freehold and Free Zone areas. The step is being taken to facilitate services in all of these areas for customers from all categories.
The Rental Affairs Sector is cooperating with a number of developers to coordinate the successful implementation of the new plan, which promises to provide ease of service to customers. The regulated action plan has the support of Dubai Investments Park (DIP) – the unique integrated commercial, industrial and residential community in the Middle East and wholly-owned subsidiary of Dubai Investments PJSC, where officials from both DLD and DIP met to discuss the regulation of lease registrations and associated services, the responsibilities of the different parties, and methods for improving customer services.
Hamdan Al Madhani, Director of the Rental Relations Regulatory Department at DLD, commented: “We are pleased to partner with Dubai Investments Park and exchange best practices that will help us to achieve strategic objectives and shared goals, while ensuring that we adhere to the regulations in place at our respective departments. We at DLD are keen to support the success of real estate projects in the UAE, and to provide our customers with easy, convenient services that enhance their happiness and satisfaction.”
In line with these objectives, Dubai Investments Park has agreed to fulfil DLD’s requirements in phases, including updating relevant data for all properties that are under DIP jurisdiction and registered in DLD’s Ejari system.
Ammar Al Duwaikh, Deputy General Manager of the Commercial Department at DIP, added: “Dubai Investments Park is thankful to Dubai Land Department for its support in all of our initiatives. The department has been a strong partner in DIP’s success since its inception, and DIP appreciates the guidance of Dubai Land Department and its various sub-divisions in all of the endeavours which have been pivotal in our growth journey over the past 17 years.”
DIP and DLD also agreed to establish a registration mechanism for DIP properties through the relevant department. DIP is mandated with training candidates and granting them permission to use the rental system. This department will organise and follow up on notifications to investors within DIP to register land rights and use and modify conditions under the supervision of DIP.
The procedures for registering property leases under DIP management and all associated services were taken into account, including procedures for fee collection and methods for reducing time and effort, boosting customer satisfaction and achieving the government’s directives. DIP regularly coordinates with DLD for relevant approvals to ensure compliance with regulations including real estate registrations, Real Estate Regulatory Agency regulations, tender registrations, Ejari and more.
In a related development, DIP presented certificates of appreciation to DLD officials in recognition of the department’s support in various DIP initiatives over the years. Ammar Al Duwaikh awarded the certificates to DLD officials.
DIP has adopted stringent measures to ensure that all residential, commercial and industrial units and buildings within its zones operate in accordance with DLD guidelines, and that all land registration procedures and processes for DIP and its tenants are aligned with the department’s framework.Email This Post
- Showcases technology at GE 9E Users Conference taking place in Dubai, attended by more than 100 customers
- Commercially available, solution helps 9E gas turbine owners and operators enhance efficiency, reduce fuel costs and decrease maintenance expenses
- Solution particularly important for the Middle East and Africa region, which has an installed base of more than 300 GE 9E gas turbines
GE’s Power Services has achieved a significant milestone with its 9EMax gas turbine upgrade solution. The 9EMax has completed initial validation testing and the critical ‘first fire’ test at a utility site in Asia and is commercially available to customers around the globe.
First fire is a critical test where the gas turbine is operated for the first time and runs on fuel at the site. The unit also completed an additional milestone successfully reaching plant rated load, while delivering significantly more efficiency compared to current 9E gas turbine operations.
The 9EMax solution is being showcased at the GE 9E Users Conference taking place in Dubai May 9-11, 2017, and attended by more than 100 key customers. The conference includes presentations and roundtable discussions on various aspects of power plant operations including digital solutions, improving plant utilization, gas turbine accessories & controls, asset management, maintenance, service & repairs and gas turbine performance.
Attending the conference, Tayeb AlAwadhi, Senior Vice President of Power & Desalination at Emirates Global Aluminium (EGA), said, “With the demand for power for residential and commercial use increasing every year, it is important that power sector operators focus further on improving their operational efficiency. GE’s new upgrade solution will enable 9E turbine users to increase productivity and reduce costs, unlocking greater long-term value.”
9EMax, part of GE’s Fleet360* platform of total plant solutions, was developed utilizing GE’s FastWork methodology and deep domain experience from its global fleet of more than 700 units with insights from more than 30 million hours of operating data from its installed base.
“The 9EMax upgrade is another example of the tremendous benefits that GE’s digital industrial innovations bring to our customers,” said Joseph Anis, President & CEO of GE’s Power Services business in the Middle East & Africa (MEA). “The solution was developed in response to customers’ specific needs for increased efficiency, additional output and greater flexibility. With more than 300 GE 9E units installed across MEA, the 9EMax offers a unique opportunity for many of our customers to enhance asset performance and lower operating costs.”
The 9EMax will be capable of:
- Increasing turbine output up to 145 megawatts (MW) in simple-cycle operation and up to 210 MW in a combined-cycle configuration.
- Achieving up to 37 percent efficiency in simple cycle and up to 53.5 percent efficiency in combined-cycle configuration.
- Leading up to $5 million in fuel savings annually per unit.
- Delivering maintenance intervals of up to 32,000 hours or 900 starts—equivalent to approximately four years of typical plant operation.
- Offsetting as much as 2-3 percent of normal performance degradation between maintenance intervals in extreme ambient operating conditions.
The new four-stage 9E gas turbine is available in three solutions:
- The 9E.04 is the new unit configuration and serves customers with new unit needs.
- For older units that are reaching the end of their life, the 9EMax flange-to flange (F2F) solution provides an excellent option to revitalize mature plants, restarting the clock on starts and fired hours.
- For younger units, the 9EMax turbine module represents a new alternative to F2F replacements, boosting efficiency approximately 4 percentage points and output up to 145 MW with respect to the previous 9E.03 turbine module. This option also leverages existing compressor and combustion systems to maximize the value of the existing assets.
GE has been present in the Middle East and Africa for more than eight decades, actively supporting the development of power projects. Today, nearly two-thirds of the power generated in the region is supported by GE’s technologies.Email This Post
- “Sharjah is progressing at a speed never before seen in its history.” Adil Al Zarooni, Chief Executive Officer, Al Zarooni Emirates Investments
- “In Sharjah, there is an opportunity for developing a new generation of innovators” HE Marwan Al Sarkal, CEO, Shurooq
Business leaders, industrialists and economists attending the second day of the Euromoney Emirates Conference have been told the Emirate of Sharjah is becoming one of the most progressive markets in the region, marking a major milestone in its economic history.
Adil Al Zarooni, Chief Executive Officer, Al Zarooni Emirates Investments, said; “These are amazing times for Sharjah. There is a fresh breeze blowing through the emirate that brings innovation, investment and opportunity. It is progressing at a speed that has never before been seen.” He went on to describe Sharjah as a natural home to stable, middle-class families who seek security and a high quality of life.
Held under the patronage of His Highness Sheikh Sultan bin Mohamad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah the conference is co-hosted and organised by Sharjah FDI Office (Invest in Sharjah) at the Sheraton Sharjah Beach Resort.
Speaking at a special investment session, Al Zarooni told the conference that many investors are “spraying money” at SMEs and start-ups, hoping to win the statistics game. Some ventures will pay off, he said, but that would never result in long-term success.
“You have to be very selective and very hands-on. It’s hard work to build a business, but you have to keep investing time and money that’s when you’ll see real growth. Again, here in Sharjah is an excellent investment destination.”Email This Post