Tag: Casting Equipments Exporter

Emirates NBD has reduced its bank charges in a bid to support business in the UAE.

In line with recent government and UAE Central Bank initiative, the bank’s ‘Transaction Banking’ unit has announced reduced tariff offers over the next three months.

In particular, it applies to customers using its revamped ‘Smarttrade’ platform, which replaces the need for physical branch visits.

The bank will also offer clients new smartTrade activation at no cost for the next three months to allow them to route more digital transactions to the bank.

Ahmed Al Qassim, senior executive vice president and group head, Corporate & Institutional Banking, at Emirates NBD, said: “We are pleased to offer our clients reduced bank charges for transactions initiated via smartTrade platform with immediate effect which will help alleviate pressure by reducing operational costs.

“In addition, our continued investments and focus on digitisation equips our customers to conduct a majority of their trade finance transactions online, eliminating the need for physical requests, enabling them to operate seamlessly from the safety of their offices or homes.”

Source:https://www.arabianbusiness.com/banking-finance/442140-emirates-nbd-announces-reduction-in-bank-charges

Gulf-based real estate investors have the biggest appetite for targeting overseas commercial property, according to a new report.

Knight Frank’s Wealth Report 2020 revealed that private capital was responsible for $333 billion of commercial real estate purchases in 2019, up 5 percent on the previous year.

It also showed that nearly a third (32 percent) of wealthy investors from the Middle East are keen to spend overseas, the highest percentage of any region, with the UK being high on the target list.

Whilst 24 percent of global UHNWIs plan to invest in commercial property domestically, significant amounts of capital is set to be allocated to cross border purchases in the year ahead.

Ultra high net worth individuals confirmed that property remains the most attractive asset class when compared to traditional equities and bonds, due to its relative stability and higher returns.

Of those surveyed, 78 percent are set to increase or maintain their current allocations to property, ahead of bonds and equities, which saw 68 percent and 62 percent of respondents seeking to increase or maintain investment, respectively.

The office sector remains the primary target for private capital investors, with healthcare and hotels and leisure following closely in second and third, as the market is seeing investors looking to alternative property types in the hunt for yield, return and diversification. Structural change and uncertainty in other core sectors is prompting investors to reallocate funds.

William Mathews, head of capital markets research, Knight Frank, said: “In 2019, we saw an increase in the amount of private capital investing in global real estate… At a time of low and falling yields on competing assets, investors are turning to commercial real estate as a way to drive returns and enhance portfolio diversification.

“Investors from the Middle East, Europe and Latin America have the most appetite for investing overseas and the UK looks set to receive the lion’s share.

“Whilst offices remain a primary target for private capital, the once regarded ‘alternative’ sectors are coming to the fore, with hotels, healthcare, and retirement housing attracting $37 billion in the past year alone. This is a trend we expect to see continue as these sectors mature.”

Source:https://www.arabianbusiness.com/news/442167-gulf-investors-said-to-have-big-appetite-for-overseas-office-deals

Etihad Airways losses narrowed in 2019, with the company reporting revenues of $5.6 billion driven by a reduction in operating costs and a fall in fuel prices, the company announced on Thursday.

According to a statement from the airline, losses were reduced to $0.87 billion, $1.28 billion less than the company’s 2018 revenue of $5.9 billion.

Over the course of the year, the airline carried 17.5 million passengers, compared to 17.8 million in 2018. Its load factor, however, rose to 78.7 percent, compared to 76.4 percent in 2019.

While passenger revenues decreased slightly to $4.8 billion from $5 billion in 2018, the airline said that route profitability improved.

Investments
“Operating costs were reduced significantly last year and both yields and load factors were increased despite passenger revenues being down due to network optimisation,” said Etihad Aviation Group CEO Tony Douglas.

“An improvement to the cost base significantly offset the cost pressures faced by the business, giving us headroom to invest in the guest experience, technology and innovation, and our major sustainability initiatives.

“There’s still some way to go but profess made in 2019, ad cumulatively since 2017, has instilled in us a renewed vigour and determination to push ahead and implement the changes needs to continue this positive trajectory,” he added.

Stark improvement
Saj Ahmad, chief analyst at London-based StrategicAero Research, said that Etihad’s 2019 performance “shows a stark improvement in contrast to where it was two years ago”.

“While the airline still accumulated losses, considering the paring back of routes, reduction in frequencies and overhauling its fleet, Etihad is losing less money than before – putting it on track to get back into the black by 2022,” he said.

In the near future, Ahmad said that Etihad “isn’t immune to demand erosion” as a result of the ongoing coronavirus epidemic.

“It’s too early to tell the financial fallout – if Etihad starts standing down a sizeable portion of its fleet and puts staff on leave, then things could suddenly undo their hard work,” he added. “Further, the launch of Air Arabia Abu Dhabi could well be delayed too.”

Source:https://www.arabianbusiness.com/transport/442109-etihad-airways-losses-narrow-amid-fall-in-operating-costs

Abu Dhabi Ports has announced its collaboration with Robert Allan Ltd to develop the world’s first fully unmanned autonomous commercial marine tugs.

Once developed, the tugs will join Safeen, Abu Dhabi Ports’ maritime service arm, which maintains an expanding fleet of world-class service vessels.

The autonomous vessels will be able to operate in far more adverse weather conditions, helping to increase efficiency and enhance operational safety.

Abu Dhabi Ports said it will work closely with one of Canada’s oldest privately-owned Naval Architectural and Marine Engineering firms on the research and development of remotely-controlled marine tugs that will be fully unmanned.

Falah Mohammad Al Ahbabi, chairman of Abu Dhabi Ports said: “It’s a top priority for Abu Dhabi Ports to lead the charge towards digitalising the region’s maritime operations, and we are committed to providing a pioneering model for the sector. Adopting digital solutions and keeping up with the changing demands of global trade have proven to be key drivers for economic growth and are integral towards achieving our goal of being a smart port.

“Developing solutions and building strategic partnerships with industry experts will help achieve a paradigm shift in maritime operations worldwide, and globally in line with the directives of the leadership.”

Mohamed Juma Al Shamisi, Abu Dhabi Ports Group CEO, added: “Our cooperation with Robert Allan to develop a new generation of tugboats equipped with superior capabilities and modern technologies, reflects our commitment to ensuring that the infrastructure at Abu Dhabi Ports is at the cutting edge.”

Mike Fitzpatrick, president and CEO of Robert Allan Ltd, said: “We are excited to cooperate with Abu Dhabi Ports in this initiative, which provides us with an optimal opportunity to develop the world’s first fleet of remotely-operated tugboats for the commercial sector.”

Source:https://www.arabianbusiness.com/technology/442161-abu-dhabi-ports-inks-deal-to-develop-first-autonomous-tugboats

Ellington Properties has announced it is accelerating the development of Belgravia III, a trendy residential destination in Jumeirah Village Circle through its partnership with construction firm Dutco.

With all approvals secured already, resources have already been mobilised on-site and work will commence shortly to fast-track the project, the developer said in a statement.

Belgravia III is the third residential project under the Belgravia brand of Ellington Properties. The company has already handed over Belgravia I and Belgravia II.

Belgravia III has 260 studios, one and two-bedroom apartments and townhouses.

Belgravia III features two L-shaped buildings that face each other and overlook a central courtyard which is the largestof its kind in the JVC community and includes a large infinity-edge swimming pool with shaded pergolas and lounge seating, kids’ playground, private seating areas, and landscaping.

Joseph Thomas, managing director of Ellington Properties, said: “We are committed to delivering our projects to the highest standards of build quality. To ensure this, we work with contractors that have proven competencies and an exceptional track-record, such as Dutco.”
The project will also include a Residents’ Club lounge as well as a dedicated children’s playroom and a fitness centre, yoga area and change rooms.

In addition to Belgravia I and II, Ellington Properties has several projects located in Jumeirah Village Circle such as Belgravia Square, Belgravia Heights I and Belgravia Heights II as well as Eaton Place and Somerset Mews.

Source:https://www.arabianbusiness.com/construction/442155-developer-ellington-says-to-fast-track-new-dubai-residential-project

Dubai SME has launched Innovation Attraction Programme (IAP) to attract thousands of innovators and startups from around the globe and accelerate Dubai’s transformation into a knowledge economy. The new programme, announced during Dubai SME’s StartUp Night, seeks to attract foreign startups and give an international platform to local startups. It will reach out to around 25,000 startups in other countries which are considering Dubai as a potential market for their innovative services. The programme will focus on various sectors, including health, education, transport and mobility, aerospace, energy efficiency, medical and information technology.

President of the Dubai Civil Aviation Authority, Chairman of Emirates Airline and Chief Executive of Emirates Group, Sheikh Ahmed bin Saeed Al Maktoum launched the new programme which has been developed on Smart Alliance platform in partnership with SME enablers and facilitators from 15 countries, such as Japan, Singapore and Germany. It aims to position Dubai as a global hub for disruptive technologies and solutions.

The Director-General of Dubai Economy, Sami Al Qamzi said the programme would help achieve the goals outlined in the Dubai SME 2021 Plan. He said, “Dubai already has a unique advantage as an entrepreneurial hub and our startups when empowered with the right resources can usher in innovative solutions and help accelerate our transition to a future-ready economy.”

Speaking about the programme, CEO of Dubai SME, Baset Al Janahi said, “Our experience has convinced us that there is a clear need for innovation-focused collaborative linkages in our startup ecosystem. The Innovation Attraction Programme links local SMEs to a global ecosystem and addresses the challenges of establishing and growing in a new market.”

He further said, “It is a two-way street – it lays down the path for our SMEs to go global while also guiding the most outstanding innovators worldwide to new markets through Dubai.”

Source:https://www.masala.com/dubai-launches-innovation-attraction-programme-318640.html?utm_source=Jarvis&utm_medium=arabianbusiness.com&utm_campaign=you-may-also-like

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