Category: News

UAE retail conglomerate Majid Al Futtaim (MAF) has launched new environment-friendly initiatives for a plastic-free future. The company announced this week that it intends to eliminate single-use plastic from its operations by 2025. In line with this sustainable strategy, the company has launched a special recycling initiative at Mall of the Emirates. Through this pilot project, MAF is encouraging Dubai residents to recycle plastic bottles via a recycling machine placed in the mall.

Nol Card
The company has partnered with Roads and Transport Authority (RTA) for this initiative and the first 500 residents to recycle 50 plastic be ottles will receive a free Nol card with AED 25 credit.

The recycling project was inaugurated on Tuesday, 5th November, by UAE Minister for Climate Change and Environment, Dr Thani bin Ahmed Al Zeyoudi. Based on its success at Mall of the Emirates, the project will be expanded and eventually connected with MAF’s own loyalty programme, Share, which will enable customers to get points for their recycling efforts, which they will be able to redeem against other purchases.

Apart from this, MAF has also shared how it intends to eliminate single-use plastic from its operations by 2025 at all its units, which includes 26 malls, 13 hotels, 46 VOX cinema theatres, more than 285 Carrefour stores, 36 Magic Planet centres and other facilities (such as Ski Dubai, iFly Dubai and Ski Egypt), across the Middle East, Africa and Asia region. To achieve this goal, the retail giant has announced that its Carrefour stores will remove around 800 million plastic bags from circulation annually. This includes single-use-plastic bags used at checkout counters and in other sections (fruits and vegetables, fishery, bakery and butchery).

Carrefour will also stop using polystyrene foam trays for storing its ready meals, ready-to-go food and drink containers and cups, plastic cutlery, straws, cling film, fruit nets, etc. This decision does not however apply to on-the-shelf items such as garbage bags, detergent bottles and cleaning products.

VOX Cinemas
In Vox cinema theatres, MAF will stop using single-use plastic bags, plastic food containers, cutlery and straws. Single-use plastic bags for hands-free shopping and single-use plastic water bottles for VIP valet car lounge will also be eliminated from Mall of the Emirates and City Centre outlets run by MAF.

Majid Al Futtaim has already started promoting reusable grocery bags since 2017 and the company has revealed that the sale of eco-friendly bags has increased by 70 percent this year. The company has also announced that each reusable bag bought between 6-7 November will be credited back in Share points and that there are plans to issue more such rewards in the future.

In a press statement, Majid Al Futtaim also shared that it received 192 million visitors in 2018 which means more than two million kg of plastic waste. Chief sustainability officer, Majid Al Futtaim – Holding, Ibrahim Al Zu’bi has said that MAF’s sustainability journey begins with its mission to deliver ‘Great Moments for Everyone Everyday’. He said this cannot be done ‘at the sake of the environment’ and in order for a business to be sustainable, ‘it must be in harmony with the planet’.

He further said, “I believe we need to continue to push the sustainability agenda at a faster pace, and our customers are very much a part of that. We listen to them, and we want to make it easy for them to make smart choices to live a sustainable life – and hopefully to support brands that are making a real difference in the war on plastic.” The company will implement online and offline marketing campaigns in order to create awareness among its customers about limiting the use of plastic and minimising their footprint on the environment.

Source:https://www.masala.com/majid-al-futtaims-new-environment-friendly-initiatives-recycle-plastic-bottles-stop-using-plastic?utm_source=Jarvis&utm_medium=arabianbusiness.com&utm_campaign=you-may-also-like

Dubai Exports and the Dubai Free Zones Council (DFZC) have signed a memorandum of understanding (MoU) to increase business opportunities and boost the value and volume of exports, reinforcing Dubai’s position as a global trade hub. CEO Dubai Exports, Engineer Saed Alawadi and Deputy to the Secretary General DFZC, Dr Juma Al Matrooshi signed the MoU which seeks to facilitate the transfer of knowledge and information, along with tapping new commercial opportunities and utilising resources efficiently. As per the MoU, members of Dubai Exports and free zone companies will be developing business and investment synergies, and will together organise various promotional and commercial activities.

According to the MoU, qualifying companies can become registered members of Dubai Exports while free zone companies can join the Exporters’ Portal in order to access relevant information and avail electronic services.

Speaking about the new agreement, Dr Juma Al Matrooshi said, “In line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and according to the strategic plan developed by Dubai and its free zones to diversify the emirate’s economy and enhance income sources, Dubai has positioned itself as a global platform for export and transit trade.”

He highlighted how the value of free zone trade has reached AED 2.6 trillion, in the last five years, with imports valued at AED 1.5 trillion, transit trade reaching AED 1.03 trillion and non-oil exports amounting to AED 131 billion.

Meanwhile, Engineer Saed Alawadi said the collaboration would enable them to provide service packages, facilitate participation in local and international trade exhibitions and also to offer knowledge exchange platforms, such as workshops, conferences and research studies. He added, “This agreement will also contribute significantly to achieving the Dubai Silk Road Strategy and Dubai’s geo-economic map launched earlier this year under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum.”

Source:https://www.masala.com/dubai-exports-and-dubai-free-zones-council-sign-mou-to-boost-exports-310536.html?utm_source=Jarvis&utm_medium=arabianbusiness.com&utm_campaign=you-may-also-like

The UAE Government has announced its support for a programme launched by the World Economic Forum (WEF) in Davos on Friday to develop the skills, education and jobs for a billion people worldwide by 2030. Several UAE officials, including Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, Shaikh Khalid bin Mohammad bin Zayed Al Nahyan, Chairman of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group, Shaikh Ahmed bin Saeed Al Maktoum, Minister of Cabinet Affairs and The Future, Mohammad bin Abdullah Al Gergawi, and others attended the signing ceremony of the agreement between the UAE and WEF.

The cooperation agreement was signed by UAE’s Minister of State for Higher Education and Advanced Skills, Dr Ahmad bin Abdullah Humaid Belhoul Al Falasi. This agreement makes the UAE one of the first countries to extend support to and become an active member of WEF’s programme. Speaking on this initiative, Dr Al Falasi said, “It is a pleasure to announce the support of international efforts to provide and spread education, skills and appropriate environment for them and through the agreement, we seek to find appropriate solutions and invest in human capital, which is a major national priority for us in the UAE.”

Founder and Executive Chairman WEF, Professor Klaus Schwab said, “The best way to create a more cohesive and more inclusive society is to provide job opportunities for all, and we here in Davos are working with our partners to create a global platform that will provide a billion people with the skills they need in the era of the Fourth Industrial Revolution, and as this is an important and pressing transformation, the least we have to do is move faster to renew and develop skills.”

Source:https://www.masala.com/uae-to-support-world-economic-forum-in-developing-skills-and-education-of-a-billion-people-worldwide?utm_source=Jarvis&utm_medium=arabianbusiness.com&utm_campaign=you-may-also-like

The Al Tayer Group has become the latest business in the region to sign up with B2B portal Tejari.com. The trading company will join Tejari to sell its broad range of goods, including, luxury items such as perfume and jewellery to cars and automobile parts. It will also use Tejari for procurement of general office supplies.

“At the signing with Tejari, Saeed Humaid Al Tayer, managing director, Al Tayer Motors, commented: “We have always placed tremendous emphasis on customer service. Tejari.com fits perfectly in this perspective, as it will help provide our clients with a wide selection of products in the shortest delivery time at competitive rates. Our agreement with Tejari.com will also contribute to reaching a higher cost efficiency. I am confident that this new venture will be very successful.”

Among the brands promoted by Al Tayer are Bvlgari, Ferragamo, Range Rover and Jaguar. The trading group consists of twenty separate companies, with interests in luxury goods, automobiles, publishing, manufacturing and industrial and business services. It has been operating in the UAE since 1979.

Source:https://www.arabianbusiness.com/al-tayer-signs-on-with-tejari-com-142913.html?utm_source=Jarvis&utm_medium=arabianbusiness.com&utm_campaign=recommended

 

Dubai-based start-up investor Wamda has led a $3.5 million funding round in games developer Tamatem.

The round also included Saudi Arabia’s Modern Electronics and the UK’s North Base Media, Wamda said in a statement.

Founded in 2013 by Hussam Hammo, Jordan-based Tamatem initially focused on developing mobile games and has since grown to become the leading mobile games publisher in the Arabic-speaking market.

The Middle East and North Africa (MENA) region is home to the world’s most active gaming community, with the region hosting some 587 million online gamers in 2017, according to Newzoo.

The size of the mobile games market across the Middle East and North Africa is poised to reach $2.3 billion in 2020, according to Statista, but the market remains severely underserved, creating a major opportunity for Tamatem to invest in culturally relevant mobile games, Wamda added.

Tamatem will also be launching an investment and acquisitions fund, targeted at supporting independent developers and studios. The fund will allow the developers to grow their titles and operations while maintaining their independence.

“Tamatem has cemented its presence as a leader in MENAs gaming market, a space driven by strong consumer demand for localised global titles and culturally relevant content. The launch of its fund offers an opportunity to further develop the gaming industry in the region, where Tamatem is uniquely positioned to build strong partnerships with local and regional developers,” said Fadi Ghandour, executive chairman of Wamda.

Hammo added: “Many start-ups in the Middle East feel their market potential is limited to just this region. We are excited to see businesses think beyond those boundaries and I am proud that the team at Tamatem is now also looking beyond the Arabic-speaking market.

“I believe this latest round of funding will allow us to truly deliver on our vision of becoming the top mobile games publisher for every underserved emerging market in the world.”

In addition to launching its own fund, Tamatem said it will use the round to expand its reach to new markets and increase marketing on current titles. The company will also publish titles in Turkey, South East Asia, Latin America and Eastern Europe. To date, Tamatem has published over 40 different games on iOS and Android.

Tamatem previously raised a $2.5 million Series A round in 2018.

Source:https://www.arabianbusiness.com/banking-finance/440387-dubais-wamda-leads-35m-funding-in-games-developer-tamatem

Twenty-six China A shares will be added to the MSCI China Index, while 30 equities from Saudi Arabia and eight Argentine securities are set to join the MSCI’s emerging-market stocks benchmarks, in steps that could potentially draw billions of dollars of investor inflows.

MSCI, which announced the additions of Saudi Arabia and Argentina last June, said the stocks will join its indexes as of the close of trading on May 28. Argentina will account for 0.26% of the MSCI Emerging Markets index, while Saudi Arabia will have a 1.42% weight. China A shares will be left with a 1.76% weight in the broad developing-nation gauge, it said. The China gauge will have 31 additions in total, including five that are not A shares.

Kuwait stocks, which had been on the firm’s watch list for a potential upgrade, weren’t included.

MSCI is the world’s biggest index compiler and its emerging-markets index is the most important for the asset class, with as much as $1.8 trillion in assets benchmarked to it as of June 2018.

The stocks are being added at a time when developing-nation assets are in the midst of a sell-off tied to increased Sino-American trade tensions, with Chinese shares in particular in the firing line.

Saudi Arabia’s stocks have also suffered from geopolitical tensions, trimming gains fueled by expectation for MSCI’s decision. The Tadawul All Share Index slumped 3.6% on Monday, the most since the killing of journalist Jamal Khashoggi in October.

Source:https://www.arabianbusiness.com/stocks/419900-msci-adds-saudi-to-emerging-market-indexes

Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East.

The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favourable deposit shift for lenders in the country may boost second quarter margins from lows in the previous quarter, they will stay below 2018 and might slow profits, said Edmond Christou, a financial analyst with Bloomberg Intelligence.

Still, “the implementation of the Kuwait government’s multiyear development plan, which has been essential for the acceleration of infrastructure projects and supporting the delivery of Vision 2035, will drive private-sector credit growth,” Christou wrote in a report. “The National Bank of Kuwait has gained the most from infrastructure financing thanks to its scale and capabilities.”

Equity gauges in Saudi Arabia, Dubai and Abu Dhabi advanced, while those in Bahrain and Oman fell as investors track second quarter results throughout the region.

Source:https://www.arabianbusiness.com/stocks/423806-kuwaiti-stocks-end-longest-rising-run-in-three-years

Kuwait’s Central Agency for Public Tenders has all-but approved a potential $160 million contract with South Korean construction conglomerate Hyundai for operating and maintaining the Jaber Al-Ahmed bridge.

The Ministry of Public Labour said in a statement that the five-year contract is worth 29-$32m (KD9-10) per year, according to a report by the Kuwait News Agency.

The deal includes maritime dredging works and regular examination of all construction materials for all maritime and land causeways. It covers sewage and rainwater networks, maintenance of buildings, power installations, air-conditioning sets, cleaning and landscaping.

Works also include studying the marine environment and effects on sea creatures.

The final phase of inking the deal will involve the Audit Bureau, Fatwa and Legislation Department and the National Assembly.

The causeway, which stretches for over 30km across Kuwait Bay to Sabbiya, is a key project as part of the country’s development strategy 2035.

Source:https://www.arabianbusiness.com/construction/424467-kuwait-gives-initial-approval-for-160m-jaber-al-ahmed-bridge-contract

Kuwait said it’s working with Saudi Arabia to resume oil production in the neutral zone between them that has been shuttered for at least four years.

Saudi Minister of State for Energy Prince Abdulaziz Bin Salman visited Kuwait Wednesday. The two sides will discuss a resumption after the “completion of all technical issues required,” Tareq Al-Mezrem, a Kuwaiti government spokesman, told Kuwait’s state-run KUNA news agency.

The zone can produce as much as 500,000 barrels a day, equal to about 4% of the countries’ combined output last month. No timeline for a resumption was given, nor was it clear if the additional production would be offset by lower output elsewhere. Both countries are subject to quotas set by the Organization of Petroleum Exporting Countries.

The two sides have resolved the major issues and those outstanding are technical in nature, according to a person familiar with the discussions, who asked not to be identified because the matter is private. The talks are the most advanced they’ve ever been, the person said.

Desert dispute
Years of negotiations have so far failed to bring about a resolution. The two Gulf nations have held a number of private meetings since 2015, at one point even coming close to signing an agreement before pulling back at the last minute over wording in the final documents regarding contentious sovereignty issues.

The neutral zone hasn’t produced anything since fields there were shut down after spats between the two countries in 2014 and 2015. The barren strip of desert straddling Saudi Arabia and Kuwait – a relic of the time when European powers drew implausible ruler-straight borders across the Middle East – can pump about as much as OPEC-member Ecuador.

It’s not clear whether the neutral zone will add much oil to global markets in the near term because OPEC has extended production cuts into early 2020. Saudi Arabia and Kuwait split the crude produced from the neutral zone within their respective OPEC output quotas.

The neutral zone, spread over 5,700 square kilometres –an area a bit smaller than Delaware — was created by a 1922 treaty between Kuwait and the fledgling Kingdom of Saudi Arabia. In the 1970s, the two nations agreed to divide the area and incorporate each half into their territory, while still sharing and jointly managing the petroleum riches. The region contains two main oil fields: the onshore Wafra and the offshore Khafji.

The disagreement between Saudi Arabia and Kuwait started on the Wafra field, which is operated by Chevron Corp., the second-largest energy company in the U.S. In 2009, Saudi Arabia extended the original 60-year-old concession of the field, giving the American company rights over Wafra until 2039. Kuwait was furious over the announcement and claims Riyadh never consulted it about the extension.

The importance of the fields is now higher due to the impact of sanctions on Venezuela and Iran, which has tightened the supply of so-called sour-heavy crude — precisely the kind of oil that the neutral zone produces. U.S. diplomats had been pressing both sides to reach an agreement.

SOurce:https://www.arabianbusiness.com/energy/424543-kuwait-working-with-saudis-on-resuming-neutral-zone-oil-output

Kuwait Projects Company (KIPCO) has revealed that it has raised $312.3 million in equity from its latest rights issue.

The board of directors approved the capital increase in January, with the aim of growing KIPCO’s businesses through continuing to invest in its core portfolio companies, which include Qurain Petrochemical Industries Company, Kamco, Kuwait Hotels Company, OSN, United Networks and American University of Kuwait.

The rights issue saw a 17 percent oversubscription in the 452,748,662 new ordinary shares that were on offer, with the amount raised representing an approximate 29.3 percent rise on KIPCO’s former issued share capital. KIPCO’s issued share capital now stands at $657m (KD200m).

The offer price was set at 210 fils per issue share.

KIPCO’s last capital increase was in 1996. KAMCO Investment Company acted as the issuance advisor and subscription agent.

In November KIPCO hired bankers to sell its 60.50 percent stake in OSN.

Source:https://www.arabianbusiness.com/banking-finance/424547-kipco-raises-over-312-million-from-rights-issue