Nahyan bin Mubarak attends Italian Embassy’s National Day ceremony

ABU DHABI, 3rd June, 2024 (WAM) – Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, attended a reception hosted yesterday by Lorenzo Fanara, Ambassador of the Italian Republic to the UAE, on the occasion of his country’s National Day.

The ceremony, which was held at Emirates Palace Mandarin Oriental, was also attended by a number of officials and heads of Arab and foreign diplomatic missions, in addition to a number of Italian community members in the UAE.

In his speech on the occasion, the Italian Ambassador highlighted the UAE-Italy relations, which, he said, are witnessing continuous development and growth across all fields, noting that the UAE is Italy’s most important trading partner in the Middle East.

Mbappé signs for Real Madrid

MADRID, 3rd June, 2024 (WAM) — Real Madrid have strengthened their squad with Kylian Mbappé, according to a statement published by the Spanish Club’s website today.

At the age of 25, Kylian Mbappé enjoyed his highest scoring season with Paris Saint-Germain, 44 goals, and finished as top scorer of the French league for the sixth consecutive season, 27 goals.

Hamdan bin Zayed inaugurates Madinat Zayed Community Centre in Al Dhafra Region

ABU DHABI, 3rd June, 2024 (WAM) — Under the directives of H.H. Sheikha Fatima bint Mubarak, the Mother of the Nation, Chairwoman of the General Women’s Union (GWU), President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation (FDF), H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, has inaugurated the Madinat Zayed Community Centre in Al Dhafra Region.

The new Family Development Foundation centre will contribute to meeting the needs of families and wider society, enhancing social cohesion and developing future skills for Al Dhafra Region communities.

Sharjah strengthens cultural, economic partnerships with Beijing

SHARJAH, 4th June, 2024 (WAM) — A Sharjah delegation to the People’s Republic of China recently participated in high-level meetings with senior Chinese officials to explore cooperation opportunities and strengthen economic, cultural, and academic ties during their first stop in the capital of Beijing.

Led by the Department of Government Relations (DGR), the delegation, comprising 18 departments and institutions representing Sharjah, travelled to Shandong Province, a significant hub of historic and modern trade routes in China, to discuss ways to strengthen collaboration with relevant Chinese entities.

Sheikh Fahim Al Qasimi, Chairman of DGR, highlighted that the delegation’s visit to China reflects the vision of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, to solidify governmental relations and deepen the ties between Sharjah and Asian nations, particularly China.

The delegation aims to foster comprehensive cooperation across all sectors, leveraging successful global expertise while showcasing Sharjah’s strategic assets, its role as a representative of Emirati and Arab culture, and its notable contributions to promoting global scientific, knowledge, economic, and cultural exchange.

The delegation’s visit, concluding on 8th June, included several meetings between Sharjah officials and their Chinese counterparts. Participants include Hamad Ali Al Mahmoud, Chairman of Sharjah Economic Development Department; and Ali Mohammed Al Naqbi, CEO of Weqaya, Beeah Group.

Ahmed Obaid Al Qaseer, CEO of the Sharjah Investment and Development Authority (Shurooq); Mohammed Juma Al Musharrakh, CEO of Sharjah FDI Office; and Omar Al Mulla, Chief Investment at Sharjah Asset Management, are also present.

During the visit, the Sharjah delegation held several meetings regarding trade, including discussions with the China Council for the Promotion of International Trade (CCPIT) and representatives from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products. These meetings centred on strengthening trade ties and exploring opportunities for mutual development.

The delegation also met with representatives from leading Chinese technology companies, such as Xiaomi, and visited the Huawei Beijing Research Centre, showcasing the emirate’s interest in fostering partnerships in the tech sector.

Additionally, DGR, Shurooq, and the Sharjah FDI Office held a meeting with Pan Asia Capital to explore potential collaboration in the business and investment domains.

In the fields of culture, tourism, and heritage, Khalid Jasim Al Midfa, Chairman of the Sharjah Commerce and Tourism Development Authority (SCDTA); Eisa Yousif, Director-General of the Sharjah Archaeology Authority; Aisha Rashid Deemas, Director-General of the Sharjah Museums Authority (SMA); Dr. Abdulaziz Al Musallam, Chairman of the Sharjah Institute for Heritage; and Marwa Obaid Al Aqroubi, Executive Director of House of Wisdom, met with representatives from the National Cultural Heritage Administration (NCHA), an administrative agency affiliated with the Ministry of Culture and Tourism of China.

The meeting, attended by Li Kun, Director of NCHA, and Wang Xiaodong, Secretary of the Palace Museum, aimed to strengthen cultural ties between Sharjah and China.

In the fields of science, technology, and education, Abdulaziz Ibrahim Al Mulla, Business Development Executive at the Sharjah Research, Technology and Innovation Park (SRTIP); Dr. Khawla Al Najjar, Associate Professor in the Department of Electrical Engineering at the University of Sharjah; Dr. Abdulrahman Al Yasi, Director of Sharjah Youth, an affiliate of Rubu’ Qarn Foundation for Creating Future Leaders and Innovators; and Khaled Al Nakhi, Director of the Sharjah Institute for Capacity Development, conducted field visits to Peking University, Tsinghua University, and the China Soong Ching Ling Science & Culture Centre for Young People.

In the healthcare sector, Sheikh Fahim Al Qasimi, Dr. Abdelaziz Saeed Obaid bin Butti Almheiri, Chairman of the Sharjah Health Authority and Sharjah Healthcare City Authority; and Dr. Abdulaziz Al Noman, Advisor to Sharjah Women’s Sports Foundation, met with representatives from the Chinese National Health Commission.

This was followed by separate meetings with Fosun International and Sinopharm representatives, which concluded with a visit to the Peking University Health Science Centre.

Regarding the aviation sector, a meeting was held between Sheikh Fahim Al Qasimi, Mohammed Rashid Al Sharif, Assistant Director of the Commercial Affairs Department at Sharjah International Airport; and Miao Qian, Director of the Civil Aviation Administration of China, as well as airline representatives, including China Eastern Airlines.

They also met with Shan Chuan, Deputy Director of the China Tourism Group, to discuss the development of mutual relations in the aviation sector, followed by a visit to Beijing Daxing International Airport.

The Sharjah programme included visits to iconic historical landmarks such as the Great Wall of China, the Forbidden City, and the Palace Museum, which boasts an impressive collection of over a million rare artefacts.

Saudi Arabia introduces first international digital wallet to serve pilgrims

JEDDAH, 4th June, 2024 (WAM) — The Saudi Ministry of Hajj and Umrah (MoHU), in cooperation with the Saudi National Bank (SNB AlAhli), on Monday launched “Nusuk Wallet”, the first international digital wallet of its kind to serve Umrah and Hajj pilgrims.

According to the Saudi Press Agency (SPA), this digital wallet allows the management of the money and expenses of pilgrims, and it is supported by a banking infrastructure.

Nusuk Wallet uses the latest emerging technologies and encryption techniques to ensure the highest security standards for users.

AUS’ Six Degrees: Showcasing excellence and creativity in architecture and design

The American University of Sharjah’s (AUS) College of Architecture, Art and Design (CAAD) celebrated the impressive work of its 98 graduating students at its annual graduate show and industry night, Six Degrees.

Her Excellency Sheikha Bodour bint Sultan Al Qasimi, President of AUS, inaugurated the event at the Sharjah Research, Technology and Innovation Park on June 1, in the presence of industry representatives and members of the various creative communities in the UAE.

The exhibition showcased the works of graduates in architecture, interior design, design management, multimedia design, visual communication and urban planning. A Six Degrees catalog accompanied the exhibition, highlighting works selected by each graduating student.

Fourteen students and three faculty members were also recognized for their outstanding work during the academic year at a special ceremony during the event.

“We take deep pride in the accomplishments of our graduating students that are showcased at the annual Six Degrees exhibition. This flagship event highlights our students’ exceptional talent and creativity and emphasizes their commitment as designers to pushing the boundaries of what is possible. The show demonstrates the level of rigorous academic training and mentoring they have received at CAAD,” said Dr. Varkki Pallathucheril, Dean of CAAD.

The exhibition showcased a myriad of creative student projects that tackled diverse themes such as a Sharjah Center for Film and Media; a night, hidden market in Beirut; a resilient oasis harnessing ground and quarry water for Gulf resource autonomy; alternative mapping methods physically documenting social-environmental interactions within Sharjah’s industrial areas; UAE urban coalescence; creation of design-build spaces for design education; a housing project that blends Emirati community traditions with an emphasis on privacy; and many more.  

“Our students have demonstrated a remarkable ability to address complex challenges through their projects, reflecting the interdisciplinary nature of our programs. The Six Degrees exhibition serves as a platform to engage with professionals and the wider community, fostering collaborations and opening doors to future opportunities. It reflects the great potential our students have for making significant contributions as design professionals,” said Dr. Pallathucheril.

During a special recognition ceremony at the exhibition, students Yara Moustafa Soliman (architecture), Leen Mamoun Afaneh (interior design), Carol Maher Bebawy (multimedia design), Bettina Frana Rodricks (visual communication), Tasneem Zafer Husami (design management) and Sania Parambathkandy Shanavaz (urban planning) received the Dean’s Award for Academic Excellence for their exceptional accomplishments over the course of their years at CAAD and AUS.

The M.A.D. Award (Motivation + Attitude + Dedication) went to students Sara Mohamed Mohamed (architecture), Shahd Husni Shalak (interior design), Yomna Badr Badr (multimedia design), Ayesha Maria Fernandes (visual communication), Rokaya El Lakis (design management) and Maram Mubarak Ali (urban planning). The award is given to one student from each of the college’s degree programs who exhibits motivation, attitude and dedication to their work.

Awarded for their exemplary organizational leadership, service to the university, enlargement of the college purpose, citizenship and contributions to the community, students Salma Ashraf Ibrahim (multimedia design) and Zainab Oghai Gawhari (architecture) received the Dean’s Service Award.

The American Institute of Architects medal for Academic Excellence recognizes the top architecture graduates whose imagination and design thinking will influence the future of the built environment; this year’s recipient is Yara Moustafa Soliman. Furthermore, CAAD students Tala Alsakka Amini and Habiba Mohamed were recognized by global architecture and design practice Aedas. They received the Aedas Award in recognition of the importance of drawings and graphic representation as the language of architecture and for their unique, risk-taking and provocative work.

The Best Faculty Award 2024 went to Dr. Christopher Kaltenbach, Associate Professor of Art and Design; Camilo Cerro, Associate Professor of Architecture; and Patrick Rhodes, Associate Professor of Architecture (Foundations Year). The awardees were voted by CAAD students for the academic year.

Six Degrees will be on view from June 1 to 8 in Wing B at the Sharjah Research, Technology and Innovation Park.

To learn more about the AUS College of Architecture, Art and Design, visit www.aus.edu/caad.

-ENDS-

Attached Photos: 

1-6 H.E Sheikha Bodour Al Qasimi at (CAAD)’s annual graduate show and industry night, in the presence of industry representatives and members of the various creative communities in the UAE.

7-8 Part of the special recognition ceremony at the exhibition.

High Quality and Additional Photos: https://we.tl/t-hpSBEOxqKZ

Video Link: https://we.tl/t-ssbOp2u4wz

SCA announces Eid Al Fitr holiday for financial markets

ABU DHABI, 4th April 2024 (WAM) — The Securities and Commodities Authority (SCA) announced that the Eid Al Fitr holiday in the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) will start from Monday, the 29th of Ramadan 1445 AH (April 8, 2024), until the 3rd of Shawwal 1445 AH.

SCA added in today’s circular that its decision came after consultation and coordination with the financial markets and the Dubai Gold and Commodities Exchange, based on the circular issued by the Federal Authority for Government Human Resources regarding the Eid Al Fitr holiday.

SCA clarified that trading and regular working hours will resume in the markets on Friday, April 12, 2024, if Eid Al Fitr falls on Tuesday, April 9, 2024, or on Monday, April 15, 2024, if Eid falls on Wednesday, April 10, 2024.

SCA pointed out that for the Dubai Gold and Commodities Exchange and Dubai Commodities Clearing Corporation, they will continue to operate during the mentioned holiday period, and their trading hours will be as usual.

UAE a gateway for Chinese companies to expand into GCC, African markets: Under-Secretary for Financial Services and Treasury in Hong Kong

DUBAI, 10th May, 2024 (WAM) — Joseph Chan, Under-Secretary for Financial Services and the Treasury at the Government of the Hong Kong Special Administrative Region, highlighted the ongoing efforts to strengthen relations with the UAE, to help pave the way for the expansion of Chinese companies into the markets of the Gulf Cooperation Council (GCC) region and Africa.

In an interview with Emirates News Agency (WAM) on the sidelines of his participation in the Dubai FinTech Summit held this week, Chan said that major Chinese companies are establishing their international headquarters in Hong Kong to enhance their regional and international operations.

He also pointed out that with advanced policies and regulations covering Web3 and digital assets, many Chinese-owned digital asset companies have established their headquarters in Hong Kong with the aim of expanding globally.

He added that some investors from Hong Kong and China working in the sectors of venture capital, family offices, digital assets, and banks are currently seeking to strengthen their presence in the UAE, with expectations that these trends will accelerate and diversify in the future, especially in light of the joint facilitations provided by the Dubai Department of Economy and Tourism, the Financial Services and the Treasury Bureau of Hong Kong, InvestHK, and other government agencies.

Chan noted that the Financial Services and the Treasury Bureau of the Government of the Hong Kong Special Administrative Region signed a Memorandum of Understanding (MoU) with the Dubai Department of Economy and Tourism during the Belt and Road Summit in Hong Kong last September, to enhance their economic cooperation in financial services, pointing out that since then, there has been regular follow-ups by both institutions.

Chan stressed that he led a delegation of over 30 business leaders from Hong Kong and China to Dubai and Abu Dhabi over the past few days to highlight the business opportunities available in the UAE and Hong Kong and deepen their cooperation in key financial areas, including wealth management, family offices, financial technology, and digital assets.

DIFC publishes report on regional outlook for banking, capital markets

DUBAI, 27th May, 2024 (WAM) — Dubai International Financial Centre (DIFC), the leading global financial centre in the MEASA region, has published a “Regional Outlook for Banking and Capital Markets” report in partnership with LSEG Data & Analytics.

The report focuses on how regional IPO growth is expected to come in three phases. Firstly, the continued privatisation of state-related entities, followed by listings by family-owned companies, and lastly, FinTech and tech-enabled start-ups.

Additionally, the report considers the profile of investors based in the region, especially Dubai, which has attracted a rising number of wealthy individuals and families who are seeking to capitalise on investment opportunities.

Commenting on the report’s findings, Arif Amiri, Chief Executive Officer, DIFC Authority, said, “Driven by the surge in IPOs, capital markets across the MENA region have experienced remarkable expansion, driven by reforms aimed at enhancing market infrastructure and fostering greater foreign and regional investment inflows. With its strategic initiatives and robust regulatory framework, DIFC plays a pivotal role in driving innovation and stimulating growth within the financial sector. Dubai’s IPO boom underscores the city’s status as a thriving hub for capital markets, and DIFC’s role in enabling this acceleration through the firms that drive capital markets and provide advisory services for IPOs will continue to contribute to the dynamic evolution of global finance.”

Following two years of moderate IPO activity, 2024 shows signs of a rebound supported by the postponement of several 2023 deals in anticipation of more favourable market conditions. Based on data published by EY, 51 IPOs took place in 2022, raising US$22 billion, including a mix of both family businesses and the public sector.

The privatisation of state-related entities is leading to greater economic diversification, private sector development and sovereign liquidity creation. As of March 2024, Dubai had followed through on six out of the ten government entities it plans to take public, including Parkin, which was 165 times covered and attracted US$71 billion in orders – a new record for the emirate.

Another recent example includes the November 2023 listing of Dubai Taxi Co., a unit of Dubai’s Roads and Transport Authority (RTA), which raised US$315 million and was 130 times oversubscribed, while Saudi Arabia’s wider plans to privatise US$55 billion in assets by 2025 reinforce the increasing regional trend towards privatisation.

From the private sector, the listing of family-owned companies is helping to drive business growth, succession planning and enhanced governance and transparency. For example, Al Ansari Financial Services, one of the UAE’s largest remittance and foreign currency exchange companies, owned by a local family group raised US$210 million from its 2023 IPO, while Spinney’s (Spinneys 1961 Holding PLC), which was incorporated in DIFC to list its shares on DFM, thereby benefiting from its extensive laws, regulations, and stability, listed in April 2024.

Spurred on by the momentum of other, highly anticipated listings, such as Lulu’s forthcoming IPO, there is now an ever-growing list of demonstrable incentives for other family businesses to follow suit. A third wave of IPOs is expected through FinTech and tech-enabled start-up exits, helping to stimulate new industries with high-growth potential, while creating strong demand from investors and viable exit options for VC investors.

Through increased IPO activity, banks, investment banks, brokerage firms and law firms within DIFC’s ecosystem also benefitted significantly from the privatisation of state enterprises, with fees for MENA deals alone exceeding US$1.2 billion and proceeds from MENA equity and equity-related deals exceeding US$13 billion in 2023.

The report also highlights how the region’s capital markets are becoming more mature, driven in Dubai by DIFC’s robust regulatory framework and commitment to innovation. DIFC is also home to more than 230 investment banks, all of which are stimulating capital markets.

Deepening of Dubai’s capital markets and market reforms, aligned with best practice have helped create greater opportunities for investors in different themes of the economy. As outlined in the report by John Wilkinson, Head of Emerging Markets Equity Capital Markets and Managing Director, Goldman Sachs, DIFC is driving this growth as an attractive jurisdiction for incorporation, through its business-friendly approach towards the rule of law, and how the Centre has grown as a venue for global investors.

The region is home to a vast range of potential investors. Notably, these include family businesses, and wealthy individuals who are represented by the influx of wealth of asset management firms.

According to recent data, the UAE attracted a record-breaking number of High-Net-Worth Individuals (HNWIs) in 2022, which continued into 2023 and beyond. Currently, there are an estimated 109,900 resident HNWIs, including 298 centi-millionaires and 20 billionaires, prompting DIFC’s estimated 370 asset managers to strengthen their presence in the emirate.

Rasmala Announces Acquisition of Cove Rotana Resort in Ras Al Khaimah

Dubai, June 3, 2024: Rasmala Investment Bank Limited (“Rasmala”), a leading alternative investment manager, announces that it has successfully advised Cove Resort Holdings Limited to acquire the Cove Rotana Resort in Ras Al Khaimah, UAE. Cove Resort Holdings Limited is an ADGM-based special purpose vehicle, wholly owned by Mr. Saqr Kamal Hasan.

Orascom Development Holding, the seller, built this five-star beach resort consisting of 349 rooms in 2009. This top-tier resort is famous for its 600m-long private beach, upscale dining, and exquisite facilities.

This acquisition comes at an ideal time as Ras Al Khaimah is becoming a key player in the UAE’s tourism and investment sectors, propelled by strong economic policies and promising growth forecasts. This acquisition is perfectly timed to capitalize on the exponential growth expected in Ras Al Khaimah’s tourist arrivals over the next 5 years. 

“The successful signing of this agreement marks a significant milestone for all parties involved and opens a new chapter of growth and opportunity,” commented Ali Taqi, Chief Investment Officer at Rasmala.

Cove Resort Holdings Limited is an ADGM domiciled special purpose vehicle, wholly owned by Mr. Saqr Kamal Hasan, a prominent UAE based businessman and investor. Mr. Hasan conveyed his enthusiasm regarding the acquisition: “We are delighted to welcome The Cove Rotana Resort into our esteemed portfolio. This property represents more than a resort; it’s a testament to unparalleled luxury and service. Its world-class amenities and breathtaking views perfectly reflect our dedication to providing exceptional hospitality experiences.”

This acquisition builds on Rasmala’s expertise in originating and structuring direct real estate investments for its clients. This transaction is expected to close by September 2024, subject to the satisfaction of certain customary closing conditions.

Contact
For more information, please contact:

Rasmala Media

+971 4 363 5600

media@rasmala.com

About the Rasmala Group

Rasmala Group is a leading alternative investment manager operating in global markets since 1999. It invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations, and government institutions. Rasmala Investment Bank Limited (RIBL) is based in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority (DFSA) and is a wholly owned subsidiary of the Rasmala Group. For further details, please visit www.rasmala.com.

About Cove Rotana Resort – Ras Al Khaimah, UAE

Located about 8 km from the center of Ras Al Khaimah and 20 km from Ras Al Khaimah International Airport, the Cove Rotana Resort is a five-star property offering a lavish experience with breathtaking views of the Arabian Gulf. The resort spans approximately 289,955 sqm and features 600 meters of pristine beachfront. It boasts 429 keys, including 349 rooms and 80 luxurious 1, 2, and 3-bedroom villas, catering to both families and groups. The resort’s amenities include multiple dining options, three meeting rooms, a gym, five swimming pools, and a comprehensive wellness center with four spa rooms.

About Cove Resort Holdings Limited

Cove Resort Holdings Limited, wholly owned by Mr. Saqr Kamal Hasan, a distinguished businessman with extensive background in the banking industry coupled with a rich family heritage in the hospitality sector. Mr. Hasan has successfully leveraged his expertise to acquire strategic investments and drive growth. His deeply-rooted understanding of the hospitality sector, inherited from his family’s longstanding involvement, has enabled him to excel in luxury hospitality investments. His strategic vision and leadership continue to make a significant impact in both the banking and hospitality industries.