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- Emaar Malls assets welcome 34 million visitors during the first quarter of the year; higher by 10% as compared to same period 2016
- Ongoing expansion of The Dubai Mall and new retail precincts in Dubai Hills Estate and Dubai Creek Harbour
- Distributes AED1.301 billion (US$354 million), equivalent to 10% of share capital, as cash dividend to shareholders
Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED 539 million (US$ 147 million) in the first quarter (January to March) of 2017, higher by 19 per cent over Q4 (September to December) 2016 net profit of AED 452 million (US$ 123 million) and similar to the net profit of AED 529 million (US$ 144 million) during Q1 2016.
The assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres – together welcomed over 34 million visitors in the first three months of the year, an increase of 10 per cent over the same period in 2016. The gross leasable area (GLA) occupancy levels across Emaar Malls’ assets averaged 96 per cent during Q1 2017.
At its second Annual General Meeting held in April, Emaar Malls approved a cash dividend of AED 1.301 billion (US$ 354 million), equivalent to 10 per cent of share capital, for the second consecutive year.
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said the growth recorded by Emaar Malls reflects the credentials of Dubai as a leading retail and tourism hub, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
“The retail sector is a strong contributor to the nation’s economy and it supports the economic diversification strategy of our leadership. We are committed to driving the growth of the malls and retail sector through our assets, and to provide customer-centric experiences by leveraging digital technologies. Through our ongoing expansion of our malls and by developing new retail precincts, we are focused on creating long-term value for our stakeholders as well as offering memorable retail and leisure experiences for residents and visitors to the UAE.”
Emaar Malls today has a gross leasable area of about 6 million sq ft in Dubai. Another 1 million sq ft of built up area will be added with the ongoing expansion of The Dubai Mall’s Fashion Avenue, which will add more than 150 international brands as well as new F&B and leisure choices. Emaar Malls is also developing the Boulevard and a new retail addition under it’s The Souk concept in the Springs Village with over 245,000 sq. ft. GLA.
In addition, Emaar is developing dedicated retail precincts in Dubai Hills Estate and Dubai Creek Harbour, the Fountain Views and Zabeel expansion adjacent to The Dubai Mall, and expanding The Souk concept to Emaar’s integrated developments.Email This Post
- Landmark deal will help to deliver quality life insurance products to customers in the UAE
Standard Chartered Bank and Global insurer Zurich Insurance Group (Zurich) announced today the signing of an exclusive strategic partnership. As part of the agreement, Standard Chartered will offer Zurich’s comprehensive life insurance solutions to its customers in the United Arab Emirates (UAE) for the next 10 years.
This strategic agreement is designed to deliver quality insurance products with greater value and service to UAE customers. It will help raise awareness on the importance of protection and will bring quality products closer to the customer.
“We are pleased to partner with Zurich to introduce best-in-class insurance solutions for our clients across the network in the Middle East” said Gautam Duggal, Regional Head of Wealth Management for Africa, the Middle East and Europe – Head of Wealth Management for the UAE, Standard Chartered Bank. “Thanks to this agreement, our clients in the UAE will now have better access to high quality, tailored life insurance products and services that suit their savings and protection needs.”
While signing the distribution agreement, Walter Jopp, CEO of Zurich Middle East, said: “I am delighted to formalise our cooperation with Standard Chartered in the UAE. The bank’s focus on customer centricity, paired with Zurich’s long standing expertise in the region, will allow us to fulfil customers’ financial needs. Zurich is a global insurance leader and in the UAE we have been offering financial solutions to customers through distribution partners for almost 30 years. This agreement underlines Zurich’s continued commitment to the region and reinforces its market leading position.”Email This Post
Power management company Eaton has announced it has become the official home energy storage partner of Manchester City Football Club in the UK. The multi-year deal reflects the club’s outstanding commitment to sustainability and energy efficiency.
The partnership marks the launch of a limited edition of Eaton’s xStorage Home, one of the most reliable and affordable residential energy storage systems on the market today. Using Eaton’s leading power quality technology and electronics combined with second life or new electric vehicle (EV) batteries from vehicle manufacturer Nissan, the system will offer customers greater energy independence and control.
Partnering with one of the world’s most popular football clubs, Eaton will benefit from a joint marketing programme that reaches City fans throughout the world. As one of the most widely followed sports globally, football offers a perfect medium to demonstrate the power of energy storage, building awareness of this clean technology with a huge audience.
Damian Willoughby, Senior VP of Partnerships for City Football Group, explains, “We are delighted to be partnering with Eaton as this relationship exemplifies the club’s ongoing commitment to sustainability. Eaton shares City’s values of operating in a way that promotes a positive impact on our community and environment. We are looking forward to working with Eaton and tapping into their heritage and expertise to further grow our knowledge in
Cyrille Brisson, EMEA Vice President at Eaton continues, “At Eaton, we make what matters work. Aside from making power safe and reliable, it also needs to be sustainable to improve our overall quality of life and contribute to a better environment. Energy storage is a key part of that strategy and part of Eaton’s ongoing commitment to reducing our reliance on fossil fuels. We’re proud to partner with Manchester City – a club that also supports our vision of a greener tomorrow.”Email This Post
Seven Ford Motor Company cars, trucks and vans have won recently the Vincentric Best Fleet Value in America awards for 2017. The awards recognize vehicles that provide fleet customers with the lowest total cost of ownership.
Ford’s 2017 winners are proven performers that have taken home awards in prior years:
- Ford Taurus SE: Seven-time large sedan winner
- Ford F-150 XL: Five-time full-size half-ton pickup winner
- Ford F-250 Super Duty XL: Two-time full-size three-quarter-ton pickup winner
- Ford Transit Connect XLT*: Five-time small commercial passenger van winner
- Ford Transit 150 XL low-roof van: Three-time full-size half-ton passenger van winner
Two Lincoln models, Lincoln MKX Premiere and Lincoln MKZ Hybrid, also earned awards.
Vincentric Best Fleet Value in America awards are based on fleet lifecycle costs in eight key areas – depreciation, fuel, insurance, financing, repairs, fees and taxes, opportunity costs and maintenance. Winning vehicles have the lowest lifecycle costs across 28 ownership and mileage scenarios – ranging from 24 months of ownership/16,000km annually to 60 months/64,000km annually. Learn more at www.vincentric.comEmail This Post
- AED200 million contract will see work begin on the sought-after residential development set for completion in Q2 2019
Dubai Properties (DP), a leading Dubai-based real estate master developer and asset manager of renowned destinations across the Emirates, today announced the appointment of SEIDCO General Contracting as the main contractor for the sought-after Bellevue Towers residential development in Burj Khalifa District. The contract, worth more than AED200 million, will be completed by Q2 2019.
According to Marwan Al Kindi, Executive Director – Sales and Sales Operations at DP: “Choosing the right contractor for an iconic project such as Bellevue Towers is crucial and we are pleased to have appointed SEIDCO as our trusted partner to bring the destination to life. With work on track for a Q2 2019 completion, Bellevue Towers is another example of a DP development that meets a market requirement for high-quality residential property in a strategic location. Bellevue Towers is set to offer a unique lifestyle for home-owners looking for a stylish and upscale residential destination.”
SEIDCO, a UAE-based contracting company specialising in a diverse range of construction projects including residential high-rise buildings and housing complexes, sees the Bellevue Project as an opportunity to contribute to the continued growth of the UAE’s real estate market. Engineer Omar Atef Ajjaoui, Chief Operating Officer from SEIDCO said: “As a reflection of SEIDCO’s administrative efficiency and technical strengths, we have continued to sustain steady growth and expansion which is attributed to our ability to undertake and successfully complete projects on time and on budget. The Bellevue Towers project allows us to utilise our 42 years of experience and cutting edge technology to efficiently deliver excellence.”Email This Post
- Dubai Police to unveil operational Robocop while Hyperloop Transportation Technologies (HTT) will host VR simulation of its high-speed capsule at 4th Gulf Information Security and Conference and Internet of Things Expo
As companies and individuals across the globe increasingly feel the pressure to protect crucial information online, world-leading cybersecurity firms at the 4th Gulf Information Security and Conference (GISEC) will share their market-leading knowledge, and the latest and most innovative technologies to help firms keep data secure.
With research by the International Data Corporation (IDC) forecasting global organisations worldwide will spend USD101.6 billion annually on cybersecurity software, hardware and services by 2020 – compared with spending of USD73.7 billion in 2016 – the world’s leading IT providers will showcase their latest solutions and discuss new avenues to explore investment, knowledge sharing and collaboration at GISEC 2017. The event runs concurrently with the Internet of Things Expo (ioTx) at Dubai World Trade Centre (DWTC) from 21-23 May.
“Organisations globally, and in the region, are focusing more and more of their attention and budgets on cybersecurity by establishing robust security frameworks that help minimise the risk of security breaches,” said Trixie LohMirmand, Senior Vice President, Exhibitions & Events Management, DWTC.
“GISEC plays a pivotal role in bringing experts and industry professionals together to network, share insights and provide best practices to help governments and companies tackle the rising concern of cybersecurity.”
A 2016 Fortune 100 report said that almost a quarter (23) of the world’s 100 fastest growing companies come from the technology sector. With IT security now big business, more than 100 leading IT companies have confirmed their participation at GISEC 2017.
Highlights of the tech extravaganza will see Dubai Police launch its first fully-functional ‘Robocop’ at the Internet of Things Expo (ioTx). The Android-based robot is equipped with face-recognition technology and will be used by members of the public to report crimes and pay traffic fines. Additionally, Hyperloop Transportation Technologies (HTT) will showcase its futuristic transportation plans and give visitors a real-life, high-speed travelling experience with its VR simulation of a Hyperloop™ journey.
Among those showcasing their expertise and discussing cybersecurity techniques is Infowatch, a leading security software and solutions provider. Natalya Kaspersky, President of Infowatch and co-founder of Kaspersky Lab, will also take part in one of GISEC 2017’s key sessions, a panel discussion entitled ‘Redefining Governments’ Role in Cybersecurity: What’s NEXT for Smarter and Safer Cities’.
“Organisations have to deal daily with a variety of tasks focused on managing informational risks associated with internal security threats,” Kaspersky said. “As a company that provides comprehensive technologies and services dedicated to protection against cyberattacks and data leakages, we are excited to be sharing our market knowledge with regional and global business at GISEC 2017.
“In addition to discussing the state of the information security market in the Middle East and the growing attention state authorities and companies are placing on this critical issue amid an intensification of cybersecurity threats, we look forward to sharing the general strategy for Infowatch’s development in the Middle East market and beyond.”
DarkMatter, the international cybersecurity firm headquartered in the UAE, and Cybersecurity Innovation partner of GISEC, will play a crucial role in the prestigious conference. Faisal Al Bannai, Founder and CEO of DarkMatter, said: “Safeguarding systems and information is of critical importance for organisations in both the public and private sector. At GISEC, we are keen to highlight the importance of developing cyber security resilience, which is a concept rooted in proactive assessment, monitoring and response to cyber threats. We are keen to advise companies on why it is vital to invest more and wisely in end-to-end security for a better and more secure future.”Email This Post
- Cylingas’ construction of spherical tanks for Dugas boosts propane storage to 4,200 tonnes
- The project achieved a safety record of 800,000 man-hours without LTI
Cylingas Engineering & Construction, a subsidiary of Emirates National Oil Company (ENOC Group), recently completed a spherical tank project for Dugas in Jebel Ali, boosting storage of pressurised propane to 4,200 tonnes. The added storage capacity makes Dugas the largest propane storage company in Dubai and the Northern Emirates.
The spherical tanks were built in line with the American Society of Mechanical Engineering (ASME) standards featuring an upgraded technique for field erection and tailor-made jigs and fixtures for the construction of the sphere petals. The project’s scope also included civil foundation and piping, electrical and instrumental work and was completed with a safety record of 800,000 man-hours without LTI.
His Excellency Saif Humaid Al Falasi, Group CEO of ENOC, said: “Our role as a NOC is to evolve and adapt to a culture that promotes leadership, stewardship and innovation. By introducing cleaner and alternative energy sources into the market, we continue to deliver on our mandate to meet the UAE’s energy needs while helping realise the UAE’s ambitious plans to increase clean energy use and enhance energy efficiencies.”
Propane is the most common liquefied petroleum gas (LPG) having replaced many other traditional fuel sources. It is one of the cleanest burning fuels and is commonly used as fuel for engines, residential and central heating. Dugas is a major supplier of propane in both the domestic and international markets.
“Completing this project successfully and safely is a testament of our commitment to establish the most advanced infrastructure to support the industry’s efforts to become more environmentally friendly,” added Al Falasi.
Cylingas provides an array of products and solutions including design, engineering, project management, construction and commissioning of bulk storage terminals including vertical storage tanks (API and other codes), plant piping, structural, mechanical, civil and electrical instrumentation works for process plants, oil & storage terminals at airports and power plants, as well as manufacturing wide range of static equipment that includes pressure vessels, columns, spheres, tanks and skid modules.Email This Post
- If sterling continues at a similar rate since the referendum, the UK will continue to see sustained interest from Middle East and Asia Pacific investors, JLL reveals.
The depreciation of the pound, coupled with a slight drop in capital values, has led UK commercial real estate to be discounted by 16% on average to overseas capital*, according to property firm JLL.
After Theresa May triggered Article 50 to start the process of withdrawing from the EU, JLL findings highlight that the depreciation has spurred increased investment in the UK from the Middle East and Asia Pacific regions even though the market has experienced less capital inflow from the United States and global funds. Although currency movements have not had a strong historic correlation with overall international capital inflow into the UK, they are part of the reason why the market has experienced a recent surge in demand from buyers from the Middle East and the Asia Pacific region.
Ben Burston, Head of UK Office and Capital Markets Research at JLL said: “For many long term investors, sterling depreciation provides an added fillip to the investment case, based on their perception that it will may appreciate once there is more clarity around Brexit and its economic implications, but it is not a case of one-size-fits-all.”
“Private investors have responded to the depreciation more than institutions and global asset managers, and as a result they have become a more important driver of market sentiment and pricing. Despite the triggering of Article 50, as 2017 progresses we expect global funds and institutions to return their focus to the UK, in response to relatively attractive pricing and as more evidence of occupational market resilience comes to light.”
Will McKintosh Head of Residential, JLL, MENA added: “In the Middle East, we find that Gulf based investors and owner-occupiers have always had a tremendous affinity for the UK as a place to invest and to spend time. The capital largely flows into London from these potential investors, but there has been increasing interest in cities such as Birmingham and Manchester in the last couple of years.”
“These capital outflows have fluctuated in recent years due to the UK General Election in 2015 and then the vote to leave Europe last year. However, despite these factors creating uncertainty, we have seen many buyers seeing this as an opportunity and a time to take advantage of the weaker pound against dollar based currencies in the region and the possibility of some negotiation on price which can be much harder usually.”
Overall, overseas investors accounted for 48% of transactional activity within the UK market in 2015 and a slightly higher 51% in 2016, with the increase likely to be due in part to the currency movement. Investment inflows from the Americas (primarily the US) fell from 32% of total overseas investment into the UK to 17% in 2016, with the share of global funds (where the ultimate source of capital is split across multiple countries) also falling. In contrast, Asia Pacific and European (ex. UK) based investors recorded a surge of investment, with the Asia Pacific share rising from 17% to 28%, and Europe from 14% to 23%.Email This Post
- Middle-East version offers 3.5-liter V6 engine, only available in this region
- Significant improvements in body strength for better handling, occupant protection
- Premium interior offers elevated levels of comfort and convenience
- Hyundai ‘SmartSense’ active safety technology included as standard
Hyundai has unveiled the Middle East version of its All-new Azera large sedan, offering buyers a car that is not only bigger and significantly more advanced than the model it replaces, but will also come with a larger, more powerful engine than is available anywhere else in the world.
Designed and engineered as the carmaker’s top-of-the range passenger sedan, the sixth generation of the Azera is longer, wider, and taller than ever before, and offers even higher levels of comfort and equipment. On global versions, its top-line engine will be a 3.0-liter V6 delivering a maximum 261 metric horsepower (PS). For Middle East buyers, however, the Azera will come with 3.5 liters and 290 PS (286 HP) as standard, matched to an eight-speed automatic transmission.
“The Azera has been very successful for us in the Middle East, and Global Headquarters in Korea has recognized the particularly high importance of the model in the region,” said Mike Song, Hyundai’s Head of Operations for Africa and the Middle East.
“When we look at buyers in this segment, we see clear demand for extra power in the Middle East when compared with other markets internationally. Hyundai has taken this feedback very seriously, and our engineers have provided a unique specification that will give the Azera even more appeal to the region’s customers.”
Designed for elegance, engineered for strength The powerful, GCC-only engine is offered as part of a world-class package that will set a new standard in its segment. Development has paid close attention, to detail to create a perfect balance of ride stability, responsiveness and comfort.
The All-new Azera’s styling is the latest evolution of Hyundai’s distinctive and confident design language. It is the second model internationally to carry the brand’s new signature design element, the ‘Cascading Grille’, giving the car a clearly premium identity, while the rear combination lamps illuminate the full width of the car, creating a revamped image while inheriting Azera’s design DNA. From every angle, the design is perfectly balanced.
The elegant bodywork is also stronger, with use of advanced construction methods offering best-in-class rigidity. Torsional rigidity is increased by 23.2 percent, and overall chassis rigidity by 34 percent, compared with the outgoing model. A stronger body creates better ride comfort, better handling, and better noise reduction, as well as a more durable and safer structure.
Advanced levels of comfort and convenience Attention to detail is apparent throughout the All-new Azera. The interior offers a luxurious space finished with premium materials, while optimized ergonomics provide enhanced comfort and convenience. The space is defined by an elegantly curved layout, while instruments and controls are grouped horizontally for convenient and intuitive use.
A touchscreen display is positions so it ‘floats’ high above other minor controls and directly alongside the instrument cluster, where the driver can see and use the screen more easily. The screen supports mobile device connectivity for Android Auto and Apple CarPlay, allowing safer operation of mobile phones. Advanced connectivity also includes wireless mobile phone charging.
Other convenience features include a head-up display to help the driver focus on the road ahead by showing essential information, such as vehicle speed, on the windscreen, while the main instrument cluster is a thin-film-transistor liquid-crystal display (TFT LCD). Climate control is improved, with separate dual-zone controls for driver and passenger seats, automatic dehumidification and fog detection, and high-performance filtration system to prevent fine dust particles from entering the cabin.
“The All-new Azera represents Hyundai’s integrated approach to technology,” said Mike Song. “We have not simply added features because we can. We have thought very carefully about how they will be used, and have incorporated this into the design from the beginning. The floating screen is one example, re-thinking the traditional dashboard design so that information and touchscreen commands are located with the main controls. The screen is more convenient for the driver to use, and safer.”
Class-leading safety features The All-new Azera includes a selection of advanced safety features that set best-in-class levels of occupant protection. Passive safety elements include the high-rigidity body, nine airbags protecting both front and rear occupants, and rear impact reduction system for the front seats.
The All-new Azera is also equipped with Hyundai’s ‘SmartSense’ system, a collection of high-tech active safety features to help the driver avoid a collision. Smart Sense includes Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Driver Attention Alert (DAA), Lane Keeping Assist System (LKAS), Advanced Smart Cruise Control (ASCC), and Around View Monitor (AVM). These cutting-edge technologies work in harmony to automatically detect hazards and take action to avoid an accident,raising industry-standard features such as anti-lock brakes and electronic stability control to a higher level.
“With the All-new Azera, we are defining the future of the Hyundai brand,” said Mike Song. “It leads its field in every respect, with superior levels of engineering, beautiful, balanced design, a dynamic driving experience, and the highest levels of passenger comfort and protection. It is intended to be the best in its class, and we believe it has achieved that aim.”Email This Post
- Breakthrough RealPresence Immersive Studio Flex offered at a new lower price point than the competition
Polycom, Inc., a global leader in helping organisations achieve new levels of teamwork, efficiency and productivity by unleashing the power of human collaboration, announces general availability of Polycom® RealPresence Immersive Studio™ Flex – the life-like quality video conferencing solution at a price point that is affordable.
In today’s workplace, a majority of business meetings now include at least one participant that has dialed-in over audio or video. This requires technology that allows employees to easily connect, see and share content with colleagues based in different locations. The new customisable Immersive Telepresence experience will make your virtual meetings feel more in-person than ever.
Across the Table Experience When you walk into a Polycom RealPresence Immersive Studio Flex room, you sit down, join the call, and it feels like you are sitting across the table from your colleagues, whose images are life-size, crystal clear, and leave no question as to which direction their voice is coming from. The new Polycom RealPresence Immersive Studio Flex is now bringing this meeting experience to more collaborators around the world at a more affordable price.
The RealPresence Immersive Studio Flex can be customised to your space and budget and offers Microsoft Skype for Business functionality at a 37 per cent lower cost than other leading solutions. Like other Polycom Immersive solutions, the RealPresence Immersive Studio Flex combines high definition audio and an 18-foot video wall with three 4K UltraHD display screens making virtual meetings as comfortable as sitting in a home theatre and as collaborative as being in the same room.Email This Post