ABU DHABI, 2nd April, 2024 (WAM) — First Abu Dhabi Bank (FAB) and Microsoft will collaborate in developing new AI-based banking capabilities under a strategic business partnership signed today, with the UAE’s largest bank and the global technology leader to cooperate on the launch of an ‘AI Innovation Hub’ for financial services.

The new AI Innovation Hub will focus on innovation, sustainability, and customer experience. The hub will drive partnership under three main thematic areas for collaboration – innovation through AI, driving global growth, and shaping the future of financial market ecosystems. The hub will accelerate the adoption of new innovations and AI technology into financial services to provide product enhancement, personalisation, unique AI risk models, new solutions, and other advances.

The initiative extends FAB’s previous work in AI, including its long-standing partnership with G42. FAB recently joined forces with Core42 – a G42 company and full-spectrum AI enablement solutions provider – to accelerate the migration of FAB’s data centre and workload to Microsoft Azure, including access to the Azure platform’s pioneering cloud and AI solutions.

FAB has led significant advances in technology innovation for the banking sector, fully integrating its comprehensive suite of products and services into a market-leading, digitally driven service model. The bank is already incorporating advances in AI and blockchain into its platform, providing customers with a seamless, fully digital banking experience from account opening and onboarding, through to a full range of everyday service requests.

The initiative closely aligns with the UAE Strategy for Artificial Intelligence, which aims to establish the UAE as a world leader in AI by 2031 with policies to create an AI-friendly ecosystem, encourage advanced research in the sector, and promote collaboration to accelerate the adoption of AI.

Hana Al Rostamani, Group Chief Executive Officer at FAB, said, “The AI Innovation Hub marks another milestone for the bank in setting a bold agenda for innovation. In partnering with Microsoft, a recognised global leader in AI, we are demonstrating our ambition to accelerate advances in generative AI, intelligent automation, and machine learning.”

Naim Yazbeck, UAE General Manager at Microsoft Gulf, said, “We are excited to partner with FAB on this strategic initiative that is a testimonial of FAB’s aspiration to leverage the power of generative AI as a platform for innovation and industry disruption. Together with FAB, we are set to build ground-breaking capabilities that will translate FAB’s leadership and vision as a market innovator and trendsetter both regionally and globally.”

The AI Innovation Hub will further enhance FAB’s competitive leadership as an innovative, AI-enabled, sustainable, and secure bank. It will allow FAB to use Microsoft’s Azure AI services, including Azure Generative AI capabilities, to cultivate novel, innovative capabilities to automate and revolutionise operations throughout the FAB Group. Potential areas of collaboration include Banking-as-a-Service and Risk-as-Service, which could be further categorised across digital services, lending, and payments within consumer, corporate, and investment banking.

ABU DHABI, 2nd April, 2024 (WAM) — Borouge Plc, a leading petrochemicals company that provides innovative and differentiated polyolefins solutions, has committed to achieving net zero across its scope 1 and 2 carbon emissions by 2045.

The commitment is an extension of the Company’s best practice approach to Environmental, Social, and Governance (ESG) principles, supporting the UAE’s sustainability goals. The UAE was the first country in the Gulf Cooperation Council (GCC) region to commit to net zero and has launched a national Net Zero by 2050 strategic initiative, setting out a clear pathway for achieving its objective.

To achieve net-zero emissions in its operations, Borouge has set intermediate targets for a 25 percent reduction in greenhouse gas (GHG) emissions intensity and a 30 percent reduction in energy intensity by 2030. The company will continue its energy efficiency programme and explore new technology and decarbonisation levers, including advancements in the areas of electrification and carbon capture.

Hazeem Sultan Al Suwaidi, CEO of Borouge, said, “As an industrial champion of the UAE with an extensive international footprint, Borouge embraces the significant role that it can play in providing mitigating solutions to climate change. Our differentiated products are increasingly deployed in renewable energy infrastructure, sustainable mobility, agriculture, and advanced packaging. We are taking strong strides in promoting a circular economy. Inspired by the UAE’s climate ambition, Borouge is resolutely pursuing net zero in its own operations, aiming for an accelerated timeframe of 2045. This marks a substantial step forward in our sustainability journey and we are committed to tracking our progress through a robust governance framework that includes best practice measurement and disclosure.”

In Borouge’s case, scope 1 includes GHG emissions from the manufacture and processing of its high-quality polyethylene and polypropylene. Meanwhile, Borouge’s scope 2 emissions are attributed to energy consumption, including those from the electricity, heating, and cooling used during production.

Borouge has set interim 2030 goals to achieve its ambitions and will continue to pursue resource efficiency alongside decarbonising its operations. The Company’s commitment to successful energy-saving initiatives achieved a 30 percent reduction in emission intensity in 2023 compared to the 2018 baseline, which surpassed the Company’s 25 percent reduction goal for 2030 seven years ahead of schedule.

ABU DHABI, 2nd April, 2024 (WAM) — The AIM (Annual Investment Meeting) Congress renewed its strategic partnership with the UAE International Investors Council, by signing a new memorandum of understanding (MoU) for coordination and joint work between them towards enhancing the global investment environment and supporting the global economy. The agreement reflects the great success achieved by the partnership during the past years, which contributed to strengthening the UAE’s position as a global investment centre and an attractive destination for foreign investments.

The MoU was signed by Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC), and Dawood Al Shezawi, President of the AIM Congress, in the presence of a number of representatives of both parties, at the AIM Global Foundation headquarters in Dubai.

The memorandum aims to enhance ways of joint work, as the AIM Congress provides an ideal platform that brings together investors, decision-makers, startups and innovators from around the world. It contributes to exchanging experiences and ideas and stimulating global economic growth to provide the best investment opportunities to the global business community.

The two parties agreed to enhance endeavours and efforts by developing a comprehensive cooperation plan, which includes organising an integrated set of activities and events to collect and exchange information related to national investments abroad and evaluate the effects of economic measures imposed by the countries hosting those investments. This contributes to building a database of foreign investment opportunities and viewpoints related to various foreign markets, as well as analysing the investment environment in those global markets.

Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council, expressed his happiness with this cooperation, saying, “Cooperation has always been an essential factor for the success of our work at the UAE International Investors Council, and today’s renewal of the partnership with the AIM Congress reaffirms our belief in the importance of strengthening the strategic partnerships. It will enable us to explore and cover a wide range of investment sectors, and in parallel, the UAE International Investors Council has witnessed great achievements, specifically in building new partnerships that have contributed to strengthening economic and investment ties with other markets globally.”

For his part, Dawood Al Shezawi, President of the AIM Global Foundation, stressed the importance of the partnership between the AIM Congress and the UAE International Investors Council, and its important role in supporting the event’s objectives of enhancing dialogue and cooperation between investors from different parts of the world.

Al Shezawi said, “We are pleased to continue our partnership with the UAE International Investors Council, which has played a prominent role in enhancing cooperation between various stakeholders, and which shares our vision of stimulating growth in the investment sector. Through this renewed partnership, we will be able to continue our joint endeavours to facilitate transactions across borders with the aim of providing new opportunities for companies and investors. We are eagerly looking forward to continuing this fruitful cooperation that contributes to stimulating growth, economic and investment development between the UAE and all countries of the world, to create a brighter future.”

The activities of the 13th session of the 2024 AIM Congress will be organised from 7th-9th May, 2024 at ADNEC in Abu Dhabi, under the theme of “Adapting to the Shifting Investment Landscape: Harnessing New Potentials for Global Economic Development.”

The 2024 AIM Congress includes an exhibition, conference, forums, dialogue sessions, workshops, startup competitions under its various tracks, including the investment track, the innovation and technology track, the startups and unicorns track, the SMEs track, the future finance forum track, the regional focus forum track, to discuss various sectors such as agriculture, energy, technology, industry, tourism, hospitality, transportation and shipping, financial services, health and education, and foreign direct investment. Some of the events at AIM Congress are organised in cooperation with a number of international bodies such as the World Health Organisation, the World Tourism Organisation, the United Nations Industrial Development Organisation (UNIDO), and the United Nations Conference on Trade and Development (UNCTAD), and others.

ABU DHABI, 2nd April, 2024 (WAM) — The value of real estate transactions in the Emirate of Abu Dhabi reached AED15.9 billion during the first quarter of 2024 (Q1 2024), recording 5,127 sales and mortgage transactions on various types of real estate units.

According to data from the DARI platform of the Department of Municipalities and Transport (DMT) in Abu Dhabi, the emirate logged 2,919 sales and purchases transactions in Q1 2024 totalling over AED9.6 billion. This includes 1,167 ready-made real estate units and 1,752 off-plan units.

DARI data showed that the Emirate of Abu Dhabi recorded about 2,208 mortgage deals during Q1, with a total value of AED6.3 billion.

Meanwhile, the top three real estate transactions logged in Abu Dhabi during the past week, with Al Saadiyat Island and Yas Island topping the list of the largest transactions for Aldar Properties projects. The total value of transactions on Yas Island amounted to AED23.5 million, while the one on Al Saadiyat Island totalled AED14.3 million.

The exhibition will highlight Samsung Design’s vision for a better future, encompassing the ideal balance between humans and technology.

Join us at Le Cavallerizze in Milan, Italy, from April 16 to 21 — with an exclusive media preview on April 15.

Stay tuned to Samsung Newsroom or the Samsung Design website for the latest news on the “Newfound Equilibrium” exhibition.

ABU DHABI, 1st April, 2024 (WAM) – ADQ, an Abu Dhabi-based investment and holding company, has announced the formation of Arcera, a global holding company in the life sciences sector headquartered in Abu Dhabi, UAE, that is aiming to be a leader in addressing and mitigating healthcare challenges by offering products that improve the quality and longevity of human life.

Consolidating ADQ’s existing assets in this sector, the establishment of Arcera builds a global life sciences powerhouse set to make significant contributions to realizing Abu Dhabi’s 2030 Healthcare Life Sciences Vision and bolster the UAE’s aspiration to emerge as a frontrunner in science and technology.

ADQ’s shareholdings in three companies were transferred to Arcera:

Acino International (Acino), a pharmaceutical company headquartered in Switzerland with origins dating back to 1836 and manufacturing sites in five countries as well as commercial operations across four continents that develops, manufactures, markets and distributes a wide range of medicines internationally.
Birgi Mefar Group (BMG), one of Türkiye’s largest sterile production service companies specializing in the manufacturing of sterile injectables and glass packaging, in addition to pharmaceutical distribution services.‍
Amoun Pharmaceutical Company (Amoun), a leading pharmaceutical manufacturer headquartered in Egypt specialized in the development, manufacturing, marketing, distribution, and export of a wide range of human pharmaceutical and animal health products.
With a combined workforce of over 6,500 people and sales and distribution in over 90 countries across four continents, Arcera aims to offer groundbreaking solutions that foster longer and healthier lives.

Arcera offers 2,000 branded medicines across a wide range of therapeutic areas, addressing numerous acute and chronic conditions across neurology, gastroenterology, cardiovascular, pain relief and rheumatology and anti-infectives. The company’s robust manufacturing and packaging base encompasses seven sites in the UAE, Switzerland, Ukraine, Estonia, South Africa, Türkiye and Egypt.

Boosted by Acino’s legacy and strong growth track record over the past years, Arcera is planning to double its revenue over the next five years through value-accretive strategic acquisitions in key markets globally and forging high-impact global partnerships.

By positioning itself as the preferred partner anchored in Abu Dhabi for top-tier academic institutions and leading pharmaceutical companies, Arcera is committed to spearheading groundbreaking advancements that address the needs of communities in the region and beyond.

Leveraging advanced technologies and robust research and development capabilities in the UAE, Arcera is dedicated to pushing the boundaries. At the heart of this mission is attracting and nurturing of top-tier talent in Abu Dhabi to accelerate human-centric innovation and foster an environment ripe for industrial, commercial, and clinical breakthroughs.

Complementing this focus is Arcera’s dedication to driving organic growth, bolstering its product portfolio in areas of increasing need and demand, as well as creating value for its companies through centralized capabilities such as Environmental, Social and Governance (ESG) and disruptive digital capabilities.

Isabel Afonso serves as Chief Executive Officer of Arcera. She brings extensive experience in the pharmaceutical sector to this role as well as proven expertise in transformation and global expansion, acquired through 18 years of leadership in a top-tier pharmaceutical company and an additional eight years of management roles in other industries, including MedTech.

‍Hamad Al Hammadi, Deputy Chief Executive Officer of ADQ, said: “By consolidating our life sciences companies under one umbrella, Arcera signifies a strategic evolution, unlocking substantial portfolio value and reinforcing our commitment to innovation, globalization and digitization, which are key growth levers in this industry. As a unified force, Arcera is positioned to be a significant contributor to Abu Dhabi’s life sciences sector, reflecting our unwavering dedication to improving patient outcomes through groundbreaking solutions while aligning with the Emirate’s diversification goals.”

‍Isabel Afonso, Chief Executive Officer of Arcera, said: “The growing need for high quality and effective medicines lends tremendous importance to building a global life sciences company like Arcera. Arcera enables its businesses to accelerate growth plans and enhance integration, as well as further expand and develop capabilities. We are pursuing bold ambitions and work towards becoming a leading global life sciences company that fosters longer and healthier lives while creating value. It is a great honour to be trusted to lead Arcera.”

Arcera’s brand name is a fusion of ‘arc’ and ‘era,’ symbolizing upward momentum and longevity. This choice reflects the company’s vision to emerge as a leading global player in the life sciences industry.

SHARJAH, 1st April, 2024 (WAM) — The Board of Directors of the Sharjah Chamber of Commerce and Industry (SCCI) conducted a performance review of the key initiatives and achievements of the chamber’s branches and subsidiary entities, in line with its operational plan for the first quarter of 2024.

These achievements, which are part of the chamber’s commitment to fostering business growth, bolstering economic activity, and ensuring sustainable performance within the private sector, were unveiled at the SCCI’s eighth regular board meeting recently held at its headquarters.

During the meeting, the board adopted the final communiqués from its meetings last year and received a briefing on the SCCI’s 2023 activities and programmes, alongside the forthcoming events aimed at promoting the chamber’s strategy to support the emirate’s business community.

Abdullah Sultan Al Owais, Chairman of the SCCI, chaired the meeting, which was attended by Sheikh Majid bin Faisal Al Qasimi, First Deputy Chairman of the Chamber, and Walid Abdul Rahman Bukhatir, Second Deputy Chairman of the Chamber.

Also present were Mohammad Ahmed Amin Al Awadi, Director-General of the SCCI, Maryam Saif Al Shamsi, Assistant Director-General for the Support Services Sector at the SCCI, and Abdul Aziz Al Shamsi, Assistant Director-General for the Communication and Business Sector at the SCCI, along with other board members and several officials from the chamber’s affiliated entities.

The SCCI’s board discussed various agenda items, which highlighted the diverse tools and opportunities provided by the chamber to support entrepreneurs and owners of small and medium-sized enterprises (SMEs), and empower a new cohort of business leaders to help inject fresh momentum into Sharjah’s economy.

Al Owais welcomed the meeting’s attendees and lauded the SCCI’s efforts to create a sustainable economy, diversify export markets, and foster investment. He also affirmed the chamber’s commitment to boosting sustainable economic growth in the emirate, to enable it to achieve global leadership across various sectors.

These efforts solidify the chamber’s contributions to realising the strategic goals of the “We the UAE 2031” Vision, in which businesses and the private sector play key roles, he added.

He then highlighted the SCCI’s growth indicators in 2023, which serve the strategic objectives outlined in its 2022-2024 strategy that aims to support the business sector and promote positive practices towards sustainable economic growth, therefore, enhancing the emirate’s economic competitiveness.

Al Awadi discussed the chamber’s efforts to improve its institutional excellence framework and the standard of services offered to its members, which are the chamber’s leading priorities. The chamber is leveraging the best global practices to facilitate the ongoing collaboration between the private sector and the government as part of their joint commitment to achieving sustainable growth.

The meeting also highlighted the SCCI’s plans to develop various business sectors by capitalising on Sharjah’s many competitive advantages and underscored the importance of maintaining the chamber’s support for local and international exhibitions and facilitating the participation of local exhibitors in regional and international expos.

The SCCI’s board commended the Expo Centre Sharjah (ECS) for adopting a competitive strategy that will help establish Sharjah as a prominent player in the global exhibition industry.

They also talked about the SCCI’s work to ensure the success of the Sharjah Ramadan Festival and the shopping events and festivals it sponsors. Enjoying substantial patronage and turnout from shoppers across the UAE, the festival significantly bolsters the retail sector and supports marketing activities.

The board then reviewed the ongoing arrangements and preparations for the winners’ announcement ceremony honouring the new recipients of the Sharjah Excellence Award, an annual initiative hosted by the chamber to nurture a culture of quality and institutional excellence and embrace best practices within the private sector across the UAE and Gulf Cooperation Council (GCC) countries.

The board’s members discussed the award’s notable breakthroughs in terms of scale and calibre of participation within the Emirati and Gulf business communities, alongside the continuous refinement of the award’s categories to keep pace with international benchmarks and best practices in business excellence.

DUBAI, 1st April, 2024 (WAM) – The General Assembly of Drake & Scull International PJSC, held on April 1, 2024, approved the recommendations made by the Board of Directors aimed at the implementation of the capital restructuring of the company and increasing the share capital by AED 600 million to become about 3.470 billion dirhams, by issuing 2.4 billion shares at 0.25 dirhams per share (“Capital Increase”).

Eng. Shafiq Abdelhamid, Chairman of the Board of Drake & Scull International PJSC, said: “We went through a long, arduous, and challenging journey that we overcame together and worked side by side to restore the company to its leadership position in the market. We have developed a comprehensive capital restructuring plan aimed at avoiding the liquidation of the company, ensuring the best interests of shareholders, ensuring business continuity, in addition to achieving better returns for creditors compared to the returns they could obtain in the event of its liquidation. Moreover, the business continuity of Drake and Scull will support the national economy and enhance confidence in the financial market.”

He added: “We still have a long way to go, but we are all determined to restore the solid position that Drake & Scull enjoys in the construction sector, as the real estate market in the region, especially in the United Arab Emirates, is witnessing steady growth.”

Drake & Scull’s restructuring strategy aims to rebuild confidence in the company by focusing on its core strengths, such as: mechanical and electrical works (MEP), as well as the high potential water and environment operations “Passavant”, and Oil and Gas sector.

The restructuring plan will be applicable on 4 entities “Plan Companies”, as approved by the courts and will include:

-Drake & Scull International PJSC

-Drake & Scull International LLC

-Drake & Scull Engineering LLC

-Drake & Scull for Contracting Oil & Gas Fields Facilities LLC

Creditors of the Plan Companies, including both financial and trade creditors, agreed to a 90% write-off of their claims. The remaining 10% balance of Plan Creditors whose total claims exceed AED1 million will be exchanged by a Mandatory Convertible Sukuk (the “MCS”). Plan Creditors whose balance is between AED50,000 and AED1 million will have the option to receive cash or MCS, while Plan Creditors with a balance of less than AED50,000 will receive 10% of their balance in cash.

Mandatory Convertible Sukuk

The Mandatory Convertible Sukuk will be issued for a period of 5 years and will be converted into Drake & Scull shares at maturity or earlier date, in case of certain early conversion events, as stipulated in the restructuring plan. The MCS will not be eligible for a fixed profit rate but will be entitled a share of any dividends distribution paid by the company. At maturity, the MCS will receive 35% of the issued capital of Drake & Scull, subject to some adjustments related to the buyback of the instruments by the company.

The MCS will also be eligible to 35% (or the adjusted creditor ownership percentage) of any payments collected by the company in relation to the settlement of legal claims related to the previous management of the company and the previous auditors with respect to circumstances that arose before December 31, 2017.

Summary of the key milestones and expected dates to complete the capital restructuring:

-April 1st, 2024: General Assembly Approval of Capital Increase

-April 4th, 2024: Capital Increase Announcement

-April 25th, 2024: Open of Subscription Period

-May 10th, 2024: Closing of Subscription Period

-May 16th, 2024: New Shares Allocation

-May 21st, 2024: Resume Share trading

-May 31st, 2024: Issuance of MCS

-June 2024: Initiate the process of settling the claims of small creditors, employees and government dues.

WORLD CAPITALS, 2nd April, 2024 (WAM) — Gold prices on Tuesday hovered below a record high hit in the previous session, as the dollar and Treasury yields held firm after strong US data flagged doubts on whether the Federal Reserve would deliver three interest rate cuts this year.

According to Reuters, spot gold edged up 0.2% at $2,253.94 per ounce, as of 0624 GMT, holding below an all-time high of $2,265.49 hit on Monday. Also, US gold futures gained 0.8% to $2,274.60.

Elsewhere, spot silver rose 1.1% to $25.37 per ounce, platinum was up 0.6% at $907.45 and palladium climbed 1.2% to $1.008.44.

Ajman Bank has announced the appointment of Mr. Kashif Raza as the new Group Head of Wholesale Banking. With a distinguished career spanning over 25 years in the banking industry, Mr. Raza brings a wealth of knowledge and experience to his new role at Ajman Bank. His expertise in corporate finance and investment banking within the Islamic banking sphere are well-acknowledged and respected across the industry.

Welcoming Mr. Raza to the team, Mr. Mustafa Al Khalfawi, Group CEO of Ajman Bank, stated, “We are delighted to have Kashif join us as the Group Head of Wholesale Banking. His extensive experience and proven track record in the Islamic banking sector aligns perfectly with our strategic vision. We are confident that under Kashif’s stewardship, Ajman Bank will continue to provide our wholesale clients with unparalleled banking services.”

Prior to joining Ajman Bank, Mr. Raza served as the Head of Corporate Finance and Investment Banking at Abu Dhabi Islamic Bank. His tenure at Abu Dhabi Islamic Bank was marked by exceptional leadership. Mr. Raza also played an instrumental role at DIB Capital, a subsidiary of Dubai Islamic Bank, where he made a significant contribution to its growth and success in the region.

Expressing his excitement about the new role, Mr. Raza stated, “I am honored to join Ajman Bank, a leading institution in Islamic banking. I look forward to contributing to the bank’s success and working with the team to drive sustainable growth and value for our stakeholders.”

-End-

About Ajman Bank

Ajman Bank is an Islamic bank with an ambitious vision based on values of integrity, trust and transparency seeks to provide a wide range of Sharia-compliant and high-quality banking services to customers from individuals, companies and government institutions across the UAE. It is also keen to be updated with the latest technology that will ensure customers a distinctive experimental banking with the revival of human touch that is lost in the modern era of banking application.

Ajman Bank is headquartered in Ajman and enjoys the strong support of the Government of Ajman and is a key pillar in the emirate’s economic development strategy. The bank continues its tireless efforts to establish a prominent position in the banking sector as a sustainable Islamic banking institution, with an emphasis on the need to achieve an optimal balance in the community and caring staff, in order to provide real value for shareholders and customers alike. For more information visit http://www.ajmanbank.ae

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