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26/01/2022

Nakheel elevates Dubai’s real estate offering with 'Tilal Al Furjan'

Master developer Nakheel has announced the launch of "Tilal Al Furjan", a new collection of 220 four-and five- bedroom villas overlooking the Al Furjan master community.

Spanning 560 hectares and currently home to nearly 30,000 people, Al Furjan is one of Dubai’s biggest and most popular mixed-use developments, with its own Dubai Metro station, two retail Pavilions, a community club house, schools and more.

It’s also easily accessible from key routes such as Sheikh Mohammed bin Zayed Road (E311), Al Yalayis Street (D57) and Sheikh Zayed Road (E11) – ideally located to reach Abu Dhabi and other parts of Dubai. WAM

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26/01/2022

Dubai Smart Police Stations welcome 58K visitors, 42 delegations at Expo 2020

The Smart Police Stations (SPS) at Expo 2020 have welcomed 42 esteemed delegations of prime ministers, presidents, ministers, royalties and distinguished individuals from all over the world during the first three months of the global event.

According to Major General Ali Ghanem, Director Al Muraqqabat Police Station, the innovative police stations have been very popular at the Expo 2020 Dubai as they received 58,247 visitors.

It is worth noting that over the past three months, the self-service police stations have been serving Expo 2020 visitors 24/7 and successfully processed 1427 transactions without human intervention.

SPS offer 27 unmanned vital services such as reporting crimes and traffic incidents, in addition to other 33 community-based services.

"To ensure the highest levels of community happiness, customers can also apply to obtain permits and certificates easily and conveniently without visiting the traditional police stations," Maj. Gen. Ghanem added. WAM

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26/01/2022

Etisalat named world's strongest telecom brand with US$12.5 bn portfolio

Etisalat has been ranked as the world's strongest telecom brand and is the first in the Middle East and Africa (MEA) region to achieve this milestone recognition by Brand Finance, the world's leading brand valuation authority.

With a telecom portfolio of well over US$12.5 billion, Etisalat retained not only its AAA brand rating but also its position in MEA as the strongest brand across all categories and the most valuable brand portfolio. These accolades underline the UAE's leadership position globally in its cutting-edge telecom infrastructure and strategic advances in digital transformation.

Speaking on the occasion, Hatem Dowidar, CEO of Etisalat Group, said, "To be recognised as the world's strongest telecom brand and as the most valuable telecom brand portfolio in MEA underline the success of our strategic initiatives to build a robust telecom infrastructure that creates added value for our customers wherever we serve. With our relentless focus on being customer-centric, we continue to push our horizons by investing in next-generation technology that enhances our service offering and helps shape the digital future." WAM

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25/01/2022

‘Crypto winter’ fears send chills to battered Bitcoin faithful

There are few things scarier for investors than a bear market -- unless you’re involved in crypto, in which case a winter is worse.
The chilling term refers to a sharp slump, followed by a drop-off in trading and months of market doldrums -- a phenomenon that memorably befell the crypto market in 2018. Bitcoin’s price plunged by more than 80% to as low as $3,100 from the end of 2017 through December of the following year, a period characterized by the boom-and-bust of initial coin offerings and several big banks shelving their plans to start cryptocurrency trading desks. Bitcoin wouldn’t reach a new high until December 2020, according to data compiled by Bloomberg.
Memories of 2018 are sparking fears that a repeat is playing out now after the world’s largest cryptocurrency plummeted 50% from its most recent high of almost $69,000 in November. The crypto universe has shed more than $1 trillion in market value on growing conviction that the Federal Reserve is set to start ratcheting back the ultra-accommodative policy settings that fueled a boom in risk assets. Bloomberg

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25/01/2022

e-Trader licence records 6% growth during 2021

The e-Trader licence, launched by the Business Registration and Licensing (BRL) sector at the Department of Economy and Tourism (DET), Dubai, has seen overwhelming response with 16,409 licences issued since its launch in March of 2017 till end of 2021.

The BRL sector also reported that the total number of e-Trader licences issued in 2021 reached 6,217, a 6% increase compared 2020 as the total number of licenses reached 5,848 licenses. This reflects the continuous focus on promoting e-commerce and the competitiveness of Dubai’s economy, as well as the commitment to realising the vision of the government to drive digital transformation and build awareness about the e-platforms that facilitate commercial activities.

This shows the growing momentum of e-shopping in Dubai, as the emirate has become a platform for the largest e-commerce companies in the world, led by its flexible business and investment environment, government integration with the private sector and its logistical advantages, as well as strategic location that facilitates global trade.

The growth also reflects the ongoing efforts to consolidate the emirate's position as a global platform for e-commerce, based on its importance in driving growth and supporting economic diversification policies. The 'UAE eCommerce Landscape’ study, conducted jointly by DET and Visa in 2020, showed Dubai leading the list of the fastest-growing and developing e-commerce markets in the Middle East and North Africa, as a result of conducive policies, strategic plans and smart government initiatives initiated under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. This digital transformation has enhanced the confidence of investors in the sector and its opportunities for growth and development. WAM

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25/01/2022

Expo 2020 Dubai approaches 11 million visits

Expo 2020 Dubai has recorded 10,836,389 visits as of January 24, while the virtual visitation reached 72.5 million.

The visitors were attracted by the new musical from Indian stars Shekhar Kapur and A.R. Rahman, plus a series of high-profile events as part of the first Global Goals Week to be held outside of the United Nations in New York, according to an Expo 2020 press release on Tuesday.

Across the Expo 2020 Dubai site, which is four times the size of Dubai Mall and spans the area of 613 football pitches, visitors have safely enjoyed the nearly 200 events being staged every day, thanks to stringent precautionary measures against Covid-19.

Global Goals Week, which ran from 15th to 22nd January at Expo 2020 Dubai associated with the United Nations, proved similarly popular. The site came alive with post-it pledges and inspiring ‘to-do list’ activations, adding to the range of compelling forums and panel discussions.

The Theme Week advanced the Sustainable Development Goals (SDGs), a blueprint to achieving a better, more sustainable future for all, tackling global challenges such as poverty, inequality, health and education, and climate change. Expo 2020 Dubai continues to be committed to promoting the SDGs, providing a platform to create a positive impact for our collective future. WAM

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24/01/2022

Ministry of Energy and Infrastructure supports CEM Global Ports Hydrogen Coalition

The UAE Ministry of Energy and Infrastructure enables the country's energy transition by adopting sustainability in all sectors including the maritime industry.

The country has consolidated its leading position among the best maritime centres in the world by employing practices, decisions and legislation that have contributed to developing the sector and enhancing maritime safety standards, while also protecting the marine environment globally.

To accelerate low-carbon hydrogen deployment, the UAE and its leadingports have showcased steadfast support to the Global Ports Hydrogen Coalition, the first global forum that brings representatives from ports together with decision-makers from governments as well as the industry to discuss the adoption of hydrogen technologies and fuels.

The UAE, represented by the Ministry of Energy and Infrastructure has recently announced the Hydrogen Leadership Roadmap, a comprehensive national blueprint to support domestic, low-carbon industries, contribute to the country’s net-zero ambition and establish the country as a competitive exporter of hydrogen. WAM

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24/01/2022

Hamriyah Free Zone continues to play key role in boosting Sharjah's economic growth

2021 was a very successful year for the Hamriyah Free Zone Authority (HFZA) in Sharjah, where it has continued to consolidate its position as a favoured investment destination for various types of businesses, besides its role in supporting the economic growth in the Emirate of Sharjah.

During the last year, the Authority has attracted 9 international companies from the USA, African countries, India, and others.

These investments are spreading out over an area of 850,000 sq ft ranging from warehouses and plots of land, with a total investment value of about AED 271 million. "Such figures clearly reflect the outstanding facilities, incentives, and advantages provided by HFZA to further strengthen its attraction to investors," the Authority said.

"Since its establishment, Hamriyah Free Zone has played a significant role in strengthening the position of the Emirate of Sharjah as a destination for global investments and a business centre in the Middle East. This is attributed to the continued success of the Authority in attracting investors and international companies operating in various economic sectors," said Saud Salim Al Mazrouei, director of the Hamriyah Free Zone Authority. "The previous year's figures demonstrate HFZA's solid presence its pivotal role as a gateway to the markets of various countries, regions in the world. WAM

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24/01/2022

FAO hails UAE's efforts to enhance efficiency of sustainable farming

FAO Subregional Coordinator and representative in the UAE, Dr Dino Francescutti, has hailed the significant efforts put by the UAE to enhance the efficiency of sustainable farming.

Speaking to the Emirates News Agency (WAM) on the sidelines of a meeting held by the Food and Agriculture Organisation in Abu Dhabi on the progress made toward achieving SDG14 during the Global Goals Week at EXPO, Dr Francescutti said that FAO is keen during Expo's Global Goals Week to promote sustainable development.

"This confirms the significant role that Expo 2020 plays in addressing such core issues in order to advance common goals in this field," he added, noting that the FAO is determined to strengthen its partnership with the UAE to help achieve the targets of goal 14 "Life below water" at both the global and national levels.

The FAO's Subregional Office for the GCC states and Yemen gathered together experts and representatives from the Ministry of Climate Change and Environment, the Abu Dhabi Environment Agency, the Ministry of Cabinet Affairs and the Environment Agency from Fujairah as well as the Norway Pavilion at Expo. WAM

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21/01/2022

Bitcoin tumbles below $40,000 to lowest level in five months

Cryptocurrencies sank Friday, taking Bitcoin to the lowest level in more than five months as risk aversion again swept across global markets.
The largest cryptocurrency dropped as much as 7.4% to $38,261, while second-ranked Ether slid below $3,000. Digital tokens overall have shed some $1 trillion in value since a November peak, according to CoinMarketCap data.
“Bitcoin and the broader crypto market remain subject to the whims of macro variables,” Fundstrat Digital Asset Research strategists Sean Farrell and Will McEvoy wrote in a note.
Virtual coins have become emblematic of a retreat in speculative investments sparked by the prospect of tighter monetary policy in the US. Bitcoin of late has tracked swings in technology stocks, which have been under pressure, with the Nasdaq 100 tumbling into a correction on Thursday.
Other cryptocurrencies also dropped, such as Binance Coin, Cardano and Solana.
A technical pattern based on a momentum indicator known as the weekly relative strength index hinted at the possibility that Bitcoin’s slump might be due a breather. The indicator on Friday fell into a region that in the past accompanied floors in Bitcoin selloffs. Bloomberg

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21/01/2022

NAMA, UN Women economically empower 340,000 women globally

The skills, resources, and opportunities provided by UAE-based NAMA Women Advancement and UN Women have empowered more than 340,000 women around the world to participate equally in markets and support economic growth overall. This was revealed at a panel discussion held at the Women’s Pavilion at Expo 2020 Dubai, which spotlighted the transformative potential of gender-responsive procurement and its role as a strategic lever in enabling women entrepreneurs to build a better world.

At the session hosted jointly by NAMA and UN Women as part of the Global Goals Week at Expo 2020 Dubai, discussions centred on creating better outcomes for women and enhancing national economies by advancing reform and action through the prism of gender-sensitive policies.

The session titled, ‘Gender-responsive procurement as a transformative strategy to achieve the Sustainable Development Goals’, highlighted the successful practices in different parts of the world including South Africa and the UAE. Panelists discussed how gender-responsive procurement (GRP) is a critical conduit to deliver directly on most SDGs, specifically goals 5, 8 and 12. WAM

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21/01/2022

ENEC co-hosts E-FUSION at Expo 2020 Dubai

The Emirates Nuclear Energy Corporation (ENEC) and the French Nuclear Industry Group (GIFEN) co-hosted the 4th edition of E-FUSION (Emirati-French Industrial Supply Chain Initiative for Nuclear), held as part of the French Nuclear Energy Day at the French Pavilion at Expo 2020 Dubai. Representatives from local and international nuclear industry companies, government officials and energy experts met to discuss the growing opportunities for collaboration between UAE and French organisations within the nuclear energy sector.

On the sidelines of the event, ENEC’s joint-venture operating and maintenance subsidiary, Nawah Energy Company (Nawah), signed an agreement with CERAP S.A, to provide technical services to support refuelling outages and online operations at the Barakah Nuclear Energy Plant.

CERAP is a leading European nuclear services provider with over 30 years of experience, operating in more than 8 countries. CERAP is partnering with its shareholder ENDEL, French leader in industrial maintenance and energy services, to offer a comprehensive range of specialised services to Nawah in the UAE. Committed to localisations with the Abu Dhabi subsidiary NUSAM Limited created in 2021, CERAP and ENDEL are determined to share their expertise and support the development of the UAE’s nuclear supply chain. WAM

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20/01/2022

Bitcoin holder saylor says microStrategy will never sell stash

Even after Bitcoin’s recent 40% slide, Michael Saylor says he’ll never back down on pushing MicroStrategy Inc.’s multibillion bet on the world’s largest cryptocurrency.
The enterprise software company’s growing pile of Bitcoin has effectively made its shares a proxy for the digital asset. Yet, its founder and chief executive officer remains sanguine when asked if he is tempted to sell in the face of what could be an extended bear market.
“Never No. We’re not sellers,” the 56-year-old told Emily Chang on Bloomberg Studio 1.0, heeding to the popular hodl, or hold on for dear life, mantra. “We’re only acquiring and holding Bitcoin, right? That’s our strategy.”
Saylor shot the lights out in the summer of 2020 when the company -- based in Tysons Corner, Virgina -- first announced its cash management plan centered around buying Bitcoin. The company’s stock gained more than 900% at one point. But its aggressive stance in continuing to add to its roughly $5 billion Bitcoin stockpile -- tapping equity-linked and debt markets to fund the habit -- has shown diminishing rewards as of late. Bloomberg

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20/01/2022

UAE, Canada foster collaboration on hydrogen and decarbonisation

The Abu Dhabi Department of Energy (DoE) in partnership with Canada and the Clean Energy Business Council (CEBC) on Thursday hosted the "Canada Advancing Clean Energy – Hydrogen and Decarbonisation" forum in Abu Dhabi.

Held on the sidelines of the World Future Energy Summit, and during Expo 2020 Dubai’s Global Goals theme week, the event brought together stakeholders from the UAE and Canada to reach their shared target of achieving net zero by 2050.

The event was opened by the Honorable Jeremy Harrison, Minister of Trade and Export Development for the Province of Saskatchewan, and Jean-Philippe Linteau, Consul-General of Canada in Dubai and the Northern Emirates, and gathered industry experts from Canada and the UAE to foster closer collaboration in the hydrogen and decarbonisation space.

Awaidha Murshed Ali Al Marar, Chairman, DoE, said, "We are delighted to join this event to discuss Canada and the UAE’s key achievements in energy diversification and investment in new clean technologies, such as hydrogen, to expand decarbonisation for sustainable future growth. Building on the strong trade and economic ties between our two nations, we foresee exclusive prospects for cooperation and partnerships to advance our clean energy capacity while minimising climate impacts." WAM

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20/01/2022

EGA recruits more than 100 young Emiratis in 2021

Emirates Global Aluminium (EGA) on Thursday announced that the company recruited more than 100 UAE nationals in 2021. The average age of the recruits was 24 years old.

Almost 1,200 Emiratis now work at EGA. Over 700 of EGA’s Emirati employees are under the age of 35.

At the end of 2021, EGA’s in-focus Emiratisation rate was around 40 percent. When considering the high number of blue-collar positions in heavy industry, EGA has one of the highest Emiratisation rates of any major company.

Almost 40 percent of those holding the top 280 positions at EGA are UAE nationals.

Abdulnasser bin Kalban, CEO of EGA, said, "We are delighted to have welcomed over 100 UAE nationals in 2021, the vast majority young people at the start of their careers whom we hope to develop and retain for decades to come. EGA has focused on Emiratisation for more than 40 years, building our talent pipeline for the future and contributing to the development of the UAE’s economy." WAM

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19/01/2022

Ericsson seeks to block US imports of Apple phone, watch

Ericsson AB filed US trade complaints seeking to block imports of Apple Inc. devices, escalating a legal battle that shows licensing talks between the two over 5G telecommunications technology are going poorly.
In complaints filed with the US International Trade Commission in Washington, Ericsson targets a wide swath of Apple products -- the iPhone, tablets, smartwatches, smart speakers and digital media players -- that it says infringe some of its patents. Ericsson also lodged suits in a west Texas district court known to be friendly to patent owners, claiming Apple devices are using its patented inventions without paying for them.
Even before their 2015 licensing agreement expired, the companies had been lobbing lawsuits against each other. Ericsson sued Apple in October, accusing it of “bad faith” in negotiations. Apple responded with its own suit in December, claiming Ericsson was using “strong arm” tactics in negotiations. Bloomberg

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19/01/2022

Microsoft splurges on biggest cash takeover of the pandemic

Microsoft Corp. is spending $69 billion on the biggest cash-funded takeover since the start of the coronavirus pandemic, with its purchase of Activision Blizzard Inc.
The US technology giant is paying up for Activision, owner of the “Call of Duty” franchise, after video-game makers got a boost during extended Covid-19 lockdowns. There hasn’t been an all-cash acquisition this big since energy giant Saudi Aramco took control of chemical producer Sabic in a $69 billion deal announced in 2019, according to data compiled by Bloomberg.
It’s been a busy start to the dealmaking year, with transaction volumes already up 41% over the same period last year to hit $218 billion. That comes even after a record 2021, when more than $5 trillion-worth of deals were announced, trouncing the previous high set more than a decade earlier. Just three weeks into 2022, the boom is showing no signs of slowing down, with Unilever Plc’s $68 billion approach for GlaxoSmithKline Plc’s consumer health unit adding to the tally of potential mega deals.
The Activision purchase ranks as Microsoft’s biggest ever acquisition, surpassing its $26 billion takeover of professional social network LinkedIn Corp., announced in 2016. Bloomberg

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19/01/2022

World leaders at Expo say equality is path to humankind’s progress

World leaders have emphasised the urgent action for gender equality at Expo 2020 Dubai’s Global Goals Week.

The Covid-19 pandemic has increased the time needed to bridge the gender gap – which was already at 100 years – by another 36 years. World leaders agree that the need to course-correct and urgently achieve gender equality and women’s empowerment is essential not only for the sake of fulfilling a human right, but also for the advancement of humankind, said a press release issued by the Expo 2020 Dubai on Tuesday.+

Contributing different perspectives on the state of gender equality and women’s empowerment, panellists and speakers at The Women’s World Majlis on Gender Equality, the Mother of All Sustainable Development Goals (SDGs), addressed everything from cross-generational approaches to the role of women in peace.

The event took place at the Women’s Pavilion as part of Global Goals Week, under Expo 2020 Dubai’s Programme for People and Planet, serving as a platform for world leaders and change-makers from around the globe to connect and work towards achieving the SDGs.

Helen Clark, former Prime Minister of New Zealand, said, "If we can't achieve SDG 5 [Gender Equality], then we can’t achieve the SDGs. When women have less access to healthcare and education, and are more numerous among the poor and hungry, you just can't make progress." WAM

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18/01/2022

Atlantia agrees to acquire Siemens traffic unit for $1.1 billion

Atlantia SpA, the infrastructure firm backed by the billionaire Benetton family, agreed to buy Siemens AG’s road traffic unit for 950 million euros ($1.1 billion) including debt.
The Siemens management and supervisory boards have approved the planned sale of Yunex Traffic, which makes traffic lights and associated software systems, the Munich-based company said.
Atlantia will add about 3,000 employees through the deal, which fits into the Italian company’s strategy of expanding its technology product offerings. The divestment is expected to close by September, according to the statement.
Siemens has been streamlining its portfolio in recent years and listed its energy and health equipment divisions in a bid to become a higher-margin software-focused company. Chief Executive Officer Roland Busch has said Siemens will continue to hone its portfolio through divestments and acquisitions. Bloomberg

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18/01/2022

Sharjah Chamber, Emirates Creative Association ink strategic partnership to support creativity, innovation

The Sharjah Chamber of Commerce and Industry (SCCI), represented by the Public Relations and Social Responsibility Department, has signed a strategic cooperation agreement with the Emirates Creative Association to enhance cooperation and exchange knowledge and experiences, and implement and embrace innovative projects to elevate individual and institutional performance, in line with the goals and strategies of the UAE government for innovation and creativity and the objectives for the next fifty years.

The Memorandum of Understanding (MoU) was signed on the SCCI premises by Sheikh Khalid bin Humaid Al Qasimi, Chairman of the Board of Directors of the Emirates Creative Association, and Abdullah Sultan Al Owais, Chairman of the SCCI, in the presence of Dr Faisal Al Hammadi, Vice President of the Association, Hajar Al Issa, Board Member of the Association, Muhammad Ahmed Amin Al Awadi, Director-General of the SCCI, and several officials from both sides.

Accordingly, the two sides will exchange studies, co-organise innovation-related community activities and events, and coordinate advisory services related to training, development, entrepreneurship and management of entrepreneurial projects. WAM

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18/01/2022

Europe's circular economy presented to world at Expo 2020 Dubai

An event at the Expo 2020 Dubai showcased Europe's work for the transition to the circular economy and how it brings together stakeholders from across the spectrum.

The European Circular Economy Stakeholder Platform, a joint initiative of the European Commission and the European Economic and Social Committee, hosted the Circular Europe Days event at the Expo on 17th and 18th January 2022, according to a press release.

Stepping into the global arena, the event showed Europe's willingness to foster international cooperation especially in a time of post-pandemic awareness and recovery.

It was also an opportunity to present the results of the thematic Leadership Groups' work and debate with the international, on-site and online audience.

The selected themes included Cities and Regions, Buildings and Infrastructure, Food waste and Bioeconomy, Circular Procurement and Economic Incentives, and Governance of Circular Hubs.

The event opened with a welcome speech by Executive Vice President Frans Timmermans and will close with a message from Environment Commissioner Virginijus Sinkevicius.

In his welcome speech in a video message, Executive Vice President Frans Timmermans said, "We must find a way to prosper together. This is precisely what the European Green Deal is about. The transition to the circular economy is at the heart of the European Green Deal to reach climate neutrality by 2050." WAM

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17/01/2022

Rapid growth of hydrogen economy hints at new power dynamics: IRENA

Rapid growth of the global hydrogen economy can bring significant geoeconomic and geopolitical shifts giving rise to a wave of new interdependencies, according to new analysis by the International Renewable Energy Agency (IRENA).

The 'Geopolitics of the Energy Transformation: The Hydrogen Factor' report sees hydrogen changing the geography of energy trade and regionalising energy relations, hinting at the emergence of new centres of geopolitical influence built on the production and use of hydrogen, as traditional oil and gas trade declines. WAM

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