DUBAI, 28th March, 2024 (WAM) — Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly held on 28th March 2024, approved the payment of total dividend of AED 3.1 billion with a record date of 8th April 2024.

The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by Saeed Mohammed Al Tayer, MD and CEO of DEWA, and Members of the Board of Directors of DEWA, as well as 85.9 percent of the shareholders.

For shareholders who are invested in DEWA’s shares prior to the dividend record date of 8th April 2024 (with a Last Entitlement Date of 4th April 2024), the next twelve-month dividend yield is 5.0 percent with reference to IPO share price of AED 2.48 per share.

Matar Humaid Al Tayer, Chairman of DEWA, said, “Thanks to the insightful vision and wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai has become a global hub for trade, finance, tourism, and green economy. Dubai Electricity and Water Authority plays a crucial role in ensuring that Dubai’s infrastructure keeps pace with the increasing demand for energy and water. Our unwavering efforts have contributed to DEWA’s record of achievements, highlighted the transition to clean energy and established DEWA’s global leadership. DEWA is focused on the strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimizing returns for all stakeholders while minimizing its environmental footprint.”

Saeed Mohammed Al Tayer, MD and CEO of DEWA, commented, “DEWA is committed to achieving operational excellence and sustainable growth in alignment with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. In 2023, DEWA’s annual revenue exceeded AED 29 billion, operating profit was over AED 8.7 billion and EBITDA was over AED 14.7 billion, all figures reflecting the highest in its history.”

“We recorded the highest annual power generation of 56.1 TWh, which includes clean power generation of 6.2 TWh. We also recorded the highest peak power demand of 10.4 GW. On the water side, we reported the highest annual desalinated water production of 143.3 billion gallons and the highest daily peak water demand of 434 MIG. In line with our sustainability commitment, we achieved annual emissions reduction of over 9.1 million tonnes of CO2 in 2023. DEWA set a global milestone in 2023 by recording the lowest Electricity line loss of 2 percent, lowest electricity Customer Minutes Lost of 1.06 minutes annually per customer as well as achieving world’s lowest Water line loss of 4.6 percent. Looking ahead, I am optimistic about our operating and financial outlook for 2024. The surge in tourism, growth in the residential and commercial demand for our services and the rising active day-time population in the Emirate are promising indicators of further opportunities to grow our business,” Al Tayer added.

DUBAI, 28th March, 2024 (WAM) — CABSAT, the Middle East’s flagship event for content, broadcast, satellite, media, and entertainment, will celebrate its 30th anniversary with its highly anticipated return to the Dubai World Trade Centre from May 21 till 23, 2024. Also returning is the second edition of co-located event Integrate Middle East, the leading forum and sourcing platform for the global Pro AV and media technology community that connects industry leaders with integrated solution buyers from the education, media, entertainment, hospitality, retail, and communication sectors.
Since its inception, CABSAT has evolved over the years to align with the latest trends and technologies in the MEASA region. Organised by the Dubai World Trade Centre in partnership with key stakeholders from the MEASA media industry, it features insightful presentations, panel discussions, workshops, product demonstrations, and technology master classes, along with a diverse culture of knowledge sharing.
In 2024, the Middle East’s media and entertainment market is projected to reach USD 42.72 billion and grow at a CAGR of 9.41 per cent to attain USD 66.99 billion by 2029[i]. The region retains its position as a leading destination for filmed content, broadcast, and satellite industries, undergoing a significant transformation from a content consumption market to a content creation hub. CABSAT 2024 is set to unveil the future of content creation and distribution, serving as a platform for the global media, entertainment, and technology industry, attracting over 120 countries.
This year’s event is poised to be an exceptional platform, featuring the return of the Content Congress, which offers opportunities to explore and provide insights on the evolving media landscape; the SATEXPO Summit, a lead distributors, that facilitates innovation within the satellite and space community and offers opportunities to form strategic partnerships; and NextGen Content, which enables screening of un-released content, further offering a platform for the region’s best content creators, distributors, and investors. It also offers exclusive spaces for engagement, discussion, and innovation within the creator economy and sustainable space exploitation.
After its successful premier in 2023, Integrate Middle East will once again unite Pro AV and system integration tech leaders, attracting buyers from various sectors throughout the MENA region. The event is set to highlight the expedited development of the Pro AV market, which is projected to reach USD 396.41 million by 2028, with a CAGR of 8.61 per cent from 2024 to 2028[ii]. The several factors that have played a crucial role in the market’s growth, are the increased use of digital signage, the rise in popularity of e-learning, and the advances in technology as mentioned in the Technavio Pro AV Market Analysis. Integrate Middle East will further shed light on the advancements in the global smart buildings market as well, which has been estimated to increase from USD 96 billion in 2023 to USD 408 billion by 2030, according to a report by Market Research Future.[iii]
Once again, key topics such as innovation utilisation, the metaverse, the future of work, business-critical digital signage, smart buildings, and sustainable design will be discussed at the Integrate Middle East Summit specifically aligned with the agenda of the Pro AV industry. Attendees will have the opportunity to gain insights from world-class speakers and industry specialists, making the most of valuable networking opportunities.
CABSAT’s collaboration with Integrate Middle East offers a platform for attendees and exhibitors to access emerging business opportunities across education, media, entertainment, hospitality, retail, and communication sectors, along with corporate, events, and real estate industries.
Abhishek Ganapathy, Director, the Dubai World Trade Centre, said: “We are delighted to be hosting the 30th edition of CABSAT 2024, which will coincide with the second edition of Integrate Middle East, offering a unique platform that brings together leaders in content, broadcast, satellite, media, and entertainment sectors. This event has successfully drawn participants from various sectors, including retail, hospitality, healthcare, education, media, and governments across the MENA region. We anticipate that this collaboration will open newer avenues for technology leaders and integrated solution buyers to explore emerging markets trends.”
With a long-standing history of three decades, CABSAT continues to serve as a platform for business, networking and knowledge sharing for the MEASA region’s media, content, and digital markets. As the event celebrates its 30th anniversary, it aims at shaping the future of content creation and distribution in collaboration with industry leaders and stakeholders.

DUBAI, 28th March, 2024 (WAM) — Following the success of the inaugural MENA IPO Summit last year, Dubai Financial Market (DFM) is set to return with a bigger and more promising edition of its flagship event “The Capital Market Summit”, the region’s only IPO-focused event. Scheduled to take place on the 1st and 2nd of May 2024 at Madinat Jumeirah, Dubai, the Capital Market Summit will serve as a pivotal platform for fostering collaboration, driving innovation, and cultivating dynamic dialogue within Dubai’s vibrant IPO and capital market ecosystem.

Building on the momentum generated by last year’s event, the 2024 edition of the Capital Market Summit will play a crucial role in igniting interest in IPOs and listings across various asset classes, stimulating discussions on capital raising activities and financial innovations, and, most importantly, attracting regional and international players to the Dubai capital market. Through informative live sessions, attendees will acquire invaluable insights, connect with influential business leaders, and explore avenues for accelerating growth with some of the region’s most exciting businesses.

DFM’s Capital Market Summit will feature prestigious platinum sponsors including Bank of America, Citibank, and Emirates NBD, alongside gold sponsors CACIB/Kepler Cheuvreux, DIFC, Goldman Sachs, JP Morgan, Moelis & Co. and Rothschild, and silver sponsors EFG Hermes, Morgan Stanley and S&P. This lineup solidifies the summit’s reputation as a premier event for industry leaders, investors, and stakeholders.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said, “We believe that the Capital Market Summit this year contributes to enhancing the exceptional progress that Dubai has witnessed in its transformation into a leading global financial center. Public offerings in Dubai have attracted over 1 trillion dirhams from various categories of investors since 2021. The second edition of this summit will feature a unique mix of participants from listed companies, upcoming IPOs, as well as a select group of regional and global experts and partners from stock exchanges, regulatory authorities, and financial institutions. This will provide a key platform supporting economic sectors and decision-makers to promote and support growth in the capital markets arena.”

Arshad Ghafur, President MENA, Bank of America commented, “Bank of America formally established its operations in the UAE in February 1972. We have witnessed first-hand the transformation of the economy and the capital markets driven by the wider vision of Dubai’s Leadership. Leveraging on our leading position in the booming primary market for IPOs, which is supported by a long-standing commitment to be one of the top traders and providers of liquidity in the secondary market, Bank of America has worked closely with key stakeholders to achieve a common goal: structural sustainable growth & development. It has been an honour and a privilege to have played a role in the continued success of Dubai as a global financial hub and the evolution of Dubai’s Capital Markets. We believe this is only the beginning.”

Maria Ivanova, Citi Country Officer and Banking Head, UAE, said: “We are proud to be a main sponsor of the DFM’s second Capital Market Summit and contribute to the discourse on capital market developments. For over six decades, Citi has been actively leading landmark transactions in support of the UAE’s economic progress and we look forward to being an ever active player in the evolution of the country’s capital market ecosystem.”

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “We are delighted to partner once again with DFM for their flagship Capital Market Summit, a strategic platform aimed at advancing the investment landscape in our region. Emirates NBD has long been a leader in this space, driving initiatives to enhance international investor access through digitization and spearheading multiple new listing. Our support for this summit underpins our commitment to improving local market knowledge and showcasing success stories of the market.

Mohamed Al Marzooqi, Chief Executive Officer, UAE, HSBC Bank Middle East, said: “Connecting clients across our international network to the substantial opportunities in the region’s financial markets is a core priority for HSBC and, as the only bank to have led the annual equity and debt capital markets league tables in the Middle East for three years in succession, we see the DFM Capital Market Summit as an excellent platform for investors, issuers, and industry stakeholders to explore and shape the future.”

As Dubai further establishes itself as a global financial hub, the Capital Market Summit Series stands as a testament to the emirate’s commitment to excellence, innovation, and inclusivity within the capital markets.

ABU DHABI, 26th March, 2024 (WAM) — The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range of technical services to government entities, national airlines, ground handling agents and express service providers.

CARDS is the first platform of its kind to provide an analytical view of air cargo movements to, from and through the UAE by analysing the performance of national airlines, ground handling agents and express service providers, and sharing results and market share with each entity. This helps stakeholders identify strengths and weaknesses and enhances their competitiveness.

Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of the GCAA, said that the UAE enjoys globally competitive status as one of the most advanced countries in terms of air cargo efficiency, with a strong infrastructure of airports, cargo companies and world-class logistics services. “In addition to the UAE’s continuous investment in developing its capabilities and potential in this key and important sector, the CARDS platform represents a new step towards the UAE’s global leadership in this vital sector. It provides a data repository to monitor challenges and identify obstacles that may face air cargo movements to, from and through the country, which supports the UAE’s development and economic plans, in line with the objectives of the ‘We the UAE 2031’ vision to make the UAE a global centre for the new economy and the transition to future sectors such as aviation and logistics.”

He added, “The new platform will contribute to strengthening the existing partnership between the Authority and representatives of the air cargo sector, by providing them with periodic and updated data on a monthly basis, which helps in decision-making, planning for the future and enhancing the competitive environment for the civil aviation sector in the country.”

For his part, Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority, said, “We are proud today to launch CARDS, which is characterised by accuracy, privacy and ease of use, and which will allow relevant government agencies to view the cargo movement in the country, which enhances the capabilities of the stakeholders to identify the areas of development for air cargo movement.”

Al Suwaidi stressed that the platform will be subject to continuous development and updating to ensure the expansion of the scope of the information included in it to include the major cities from which and to which goods are exported and imported, and the most prominent categories of goods that are shipped by air to provide a complete picture of air cargo movement and trade exchange in the country.

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that 32 percent of the total number of Small and Medium-sized Enterprises (SMEs) attracted to Dubai during 2023 were from the Middle East and Eurasia, with Asia and Australia following close behind at 29 percent.

The growing number of SMEs setting up in Dubai from countries around the world underlines the emirate’s importance as a key global hub for trade and investments.

The figures highlight the diverse range of SMEs from various nationalities and markets that the chamber has attracted to Dubai through its network of international representative offices around the world. Latin America and Europe accounted for 26 percent of the total number of SMEs attracted during 2023, while African markets represented 13 percent of the total.

The chamber also revealed that 17 percent of these SMEs operate within the trade and logistics sector. Additionally, 13 percent operate in the IT sector, specialising in areas such as artificial intelligence, blockchain, robotics, and software.

The food and agricultural sector ranked third, accounting for 10 percent of the total number of SMEs attracted. Healthcare and pharmaceuticals followed with nine percent of the total, while the public services sector came fifth, representing seven percent of the SMEs attracted. The financial services sector, which includes banking, asset and wealth management, fintech, insurance, and consulting firms, ranked sixth at six percent.

Real estate companies ranked seventh in terms of SMEs attracted, representing four percent of the total. The retail, fashion, travel, hospitality, and tourism sectors also accounted for four percent of the SMEs attracted.

Commenting on the figures, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasised Dubai’s reputation on the global stage as a destination for high-value investments. He stated that Dubai’s competitiveness stems from the wise and forward-thinking vision of its leadership, the emirate’s business-friendly environment, the ongoing development of services, favorable legislation, and the diverse range of investment opportunities available.

Lootah added, “Our network of international representative offices in key global markets has effectively promoted Dubai’s business community and highlighted the emirate’s value for companies seeking global expansion. We remain dedicated to contributing to the objectives of the Dubai Economic Agenda (D33), with a primary focus on attracting foreign direct investments in both traditional and emerging sectors.”

Dubai International Chamber successfully attracted 104 SMEs to the emirate during 2023, achieving a remarkable year-over-year (Y-o-Y) growth rate of 550 percent. This impressive increase reflects the chamber’s ongoing contribution to achieving the goals of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three global cities.

The Dubai International Chamber operates 31 international representative offices, with 16 new offices launched in 2023. This growing network is part of the Dubai Global initiative, which seeks to establish 50 representative offices worldwide by 2030 to support efforts to attract international investments and companies to Dubai.

DUBAI, 26th March, 2024 (WAM) — More than 100 of the world’s leading travel technology companies will be exhibiting at Arabian Travel Market (ATM) 2024, which will take place at Dubai World Trade Centre (DWTC) in the UAE from Monday 6 to Thursday 9 May.

ATM 2024’s sold-out Travel Tech space will be 56% bigger than last year with 33% more exhibitors participating this year, thanks to unprecedented demand from companies looking to showcase their innovations in front of a global audience.

Sponsored by Sabre, the ATM Future Stage – formerly known as the Travel Tech Stage – will host over a hundred expert speakers from across the global travel and tourism industry, plus a diverse selection of cutting-edge innovations designed to improve efficiency and profitability within the sector. Delegates will explore how advanced tech can be leveraged to drive improvements across a range of segments, including payment, professional development, accessibility, sustainability and more.

Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: “My colleagues and I are delighted to introduce the ATM Future Stage, which will harness the ever-increasing levels of innovation our industry is witnessing while building on the long-standing success of our Travel Tech offering.”

The global travel technology market was valued at $9.4 billion in 2022 and is projected to reach $21 billion by 2032, according to Allied Market Research. The ATM Future Stage will host a selection of presentations and sessions designed to highlight opportunities within this space.

These include; Navigating the Future: A Futurist’s Prediction, Strategic Capabilities and Implications of AI within Business, Putting the Traveller First with AI and Unlocking the Value of Travel: Harnessing Technology for Enhanced Traveler Journeys, which will be held in association with Amadeus.

This year’s show will see the return of the ATM Start-up Pitch Battle, which will be held in association with Intelak. The third edition of the competition will see a number of the region’s most promising startups take to the Future Stage to showcase a range of innovative and potentially industry-changing solutions in front of expert judges.

Several Travel Tech exhibitors also plan to get involved in other areas of ATM 2024. Tech giant Huawei, for instance, will sponsor this year’s Capitalising on China’s Predicted Tourism Surge summit on the ATM Global Stage.

“With an exciting combination of ambitious startups and well-established brands, this year’s Travel Tech space is perfectly aligned with ATM 2024’s theme, ‘Empowering Innovation: Transforming Travel Through Entrepreneurship’,” added Curtis.

ATM 2024 will also feature a ‘Best Use of Technology’ award at its annual exhibitor awards for the first time. Exhibitors will be evaluated on how and to what extent they have embraced and deployed technology on their stands.

In line with its theme, ‘Empowering Innovation: Transforming Travel Through Entrepreneurship’, the 31st edition of ATM will once again host policymakers, industry leaders and travel professionals from across the Middle East and beyond, encouraging them to forge new relationships, exchange knowledge and identify innovations that can reshape the future of global travel and tourism. From startups to established brands, the upcoming show will highlight how innovators enhance customer experiences, drive efficiencies, and accelerate progress towards a net-zero future for the industry.

More than 40,000 travel trade professionals, including 30,000 visitors, attended the 30th edition of ATM in May 2023, setting a new show record. The exhibition attracted more than 2,100 exhibitors and representatives from over 155 countries, providing a global platform for the unveiling of ATM’s net-zero pledge.

Held in conjunction with Dubai World Trade Centre, ATM 2024’s strategic partners include the Dubai Department of Economy and Tourism (DET) as Destination Partner, Emirates as Official Airline Partner, IHG Hotels & Resorts as Official Hotel Partner, and Al Rais Travel as Official DMC Partner.

ABU DHABI, 26th March, 2024 (WAM) — The Abu Dhabi School of Management (ADSM), a higher education institution affiliated with the Abu Dhabi Chamber of Commerce and Industry (ADCCI), announced the launch of its Bachelor of Science in Management (BScM) programme.

The new programme, which will begin in September, is in line with the school’s vision to become a leading centre of entrepreneurship, management, and innovation in the region.

It aims to provide an exceptional and rich academic experience that will teach the knowledge and skills necessary to make decisions in accordance with emerging regulatory trends in the markets and the requirements of Industry 4.0 through methodologies that jointly focus on advanced technology and emerging digital technologies.

Furthermore, it also aims to contribute to Abu Dhabi’s Economic Vision 2030 by enabling the private sector to help create a sustainable knowledge economy for future generations.

Dr. Tayeb Kamali, Chairman of the Board of Trustees of the School, said, “We are proud to launch the new bachelor’s programme, which is the first of its kind in management sciences and focuses on the attributes and challenges of artificial intelligence (AI).

The programme is the culmination of our efforts to foster an academic environment that encourages innovation and entrepreneurship, amid dynamic economic transformations around the world. It also highlights our commitment to advancing the UAE’s leading international position as a business destination and a hub for cutting-edge technological advancements.”

The new programme is also in line with the modern trends of organisational management and the requirements of the Fourth Industrial Revolution, through its focus on the management of sciences and digital technologies, presenting a remarkable opportunity for students to enhance their competitiveness in the job market through acquiring the essential knowledge and skills required to make effective administrative decisions in the business world, he added.

The programme, which is currently open for enrolment, focusses on three key educational tracks, which are the general education programme; the management sciences programme, which analyses management theories and their applications; and the digital technologies management programme, which focusses on big data, analytics, and AI technology as strategic responses to rapid developments in the business sector.

The programme aligns with the seventh level of the National Qualifications Framework for higher education and the best international standards, and its participants will have the opportunity to develop their skills, gain a deeper understanding of relevant challenges and hone their decision-making abilities, enabling them to transform challenges into opportunities and foster long-term growth and success.

The Abu Dhabi School of Management and its academic programmes are accredited by the Commission for Academic Accreditation of the Ministry of Education and the Department of Education and Knowledge in Abu Dhabi. It has also received many international accreditations, classifications, and memberships, including from the UK’s Quality Assurance Agency for Higher Education (QAA Global) and the US Data Science Council (DASCA), and is listed in the QS World University Rankings.

ABU DHABI, 27th March, 2024 (WAM) — Shareholders of Waha Capital, an Abu Dhabi-listed investment management company, approved a cash dividend of 10 fils per share at the company’s Annual General Meeting (AGM) on Tuesday. The dividend includes a 1.5 fils per share special dividend for the 2023 financial year.

In response to the company’s growth and strategic objectives and in accordance with relevant regulatory requirements, shareholders approved increasing the number of board seats from seven to nine at the AGM.

Additionally, shareholders also approved the appointment of Waha Capital’s Board of Directors. Waleed Al Mokarrab Al Muhairi, Ahmed Al Dhaheri, Nader Al Hammadi, Mohamed Hussain Al Nowais, Rasheed Al Omaira, and Homaid Al Shimmari, were all re-elected as members of the Board. Furthermore, three new members, Darwish Al Ketbi, Sanaa Al Ketbi, and Ahmad Al Qassimi, were elected to the Board.

At the meeting, shareholders also authorised the company to contribute up to 1% of 2023 net profit towards CSR initiatives.

Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said, “Despite economic challenges and market fluctuations, Waha Capital demonstrated its resilience last year, delivering robust financial results and strong operational performance. Based on this, the Board proposed a dividend of 10 fils per share for 2023, which shareholders approved at the AGM.”

Following the AGM, the Board met and re-appointed Waleed Al Mokarrab Al Muhairi as Chairman, Ahmed Al Dhaheri as Vice Chairman, and Mohamed Hussain Al Nowais as Managing Director.

Waha Capital reported a net profit of AED440 million in 2023, an increase of 28% from the previous year. Waha Investment, the company’s wholly-owned asset management subsidiary, continued to generate solid revenues, producing a net profit of AED639 million as its assets under management reached AED8.8 billion following substantial new third-party capital commitments.