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.

Tips to Extend Your Toyota’s Lifespan

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Toyota cars have an enviable reputation for reliability, performance, and longevity. Vehicles such as the Toyota Hilux are renowned for being practically indestructible and can keep going for years. However, just like any other car, Toyotas will last much longer if you look after them. At Al-Futtaim Toyota, we’re not just here to sell and buy Toyota cars in the UAE but to provide a full aftersales service, too. Here are our top tips to extend your Toyota’s lifespan.

Keep up with your services

The number-one way of prolonging the life of your Toyota, whether you drive the new Toyota Crown 2023 or a five-year-old Hiace van, is to keep up with your services. Ensure that  the technicians are completely familiar with Toyotas and that they have both the experience and the equipment to carry out both interim and full services.

The easiest and most cost-effective way to do this is to take out a Service Plan with Al-Futtaim Toyota. You can do this for both new and pre-owned cars in the UAE. If you buy a new car from Al-Futtaim Toyota you can take out a service contract package that could give you up to 60% savings on your costs. Choose from a 4-year or 80,000km plan which is also transferable if you sell your car in the UAE. For used cars, you can choose from a 1, 2, 3 or 4-year plan and get up to 20% savings on your servicing costs.

Get minor repairs sorted before they become major issues

If you notice a problem, our top tip is to get it checked and repaired sooner rather than later. A minor issue could easily turn into a much larger (and much more expensive) issue further down the line. If your Toyota is struggling to start or running poorly, a new battery or an engine flush could solve the issue. Throttle Body Cleans and Fuel Injection Cleans can also keep your Toyota running efficiently with fewer breakdowns.

Protect Your Paint With PPF

The harsh sun of the UAE can play havoc with your paintwork. Over time, the UV light breaks down the pigments in the paint, leading to fading and peeling. If your paint surface is damaged, it could expose the bare metal underneath, allowing rust to quickly take hold. PPF or Paint Protection Film is an easy way to instantly give your paint the protection it needs with a layer of transparent adhesive film. It also protects against stone chips and sand abrasion, making it a smart choice for Toyotas in the UAE.

Rustproofing – Keep Rust At Bay

Rust is the one thing that will eventually destroy any vehicle, even a Toyota. As soon as oxygen comes into contact with bare metal, the surface of the metal starts to oxidise, which is commonly referred to as rust. If you allow this rust to develop, it can penetrate deep into the metal, eventually eating it away and shortening the lifespan of your car. Rustproofing is a smart solution that not only protects your vehicle from rust damage but can also improve its resale value. At Al-Futtaim Toyota, we use TERESON Rust Proofing, which comes with a five-year guarantee for total peace of mind.

Tinted windows – protecting your upholstery and dash

UV light doesn’t just damage your paintwork, it can cause real harm to your interior too. Upholstery can quickly fade when exposed to strong sunlight, and plastic dashes are vulnerable to fading and cracking. By applying 3M Tinted Film to your windows, you can instantly cut the amount of UV light as well as keep the interior of your vehicle cooler. It also protects passengers and the driver from the dangers of sunburn and keeps the car cool and comfortable.

With a little bit of care and attention, you can ensure your new and Pre-Owned Toyota Cars live a long and happy life with minimal issues. Take a look at the aftersales services on offer at Al-Futtaim Toyota today and see how we can help you take better care of your car.

Silver with the speed of an arrow: The Mercedes-Benz W 25 made its debut 90 years ago

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  • The first “Silver Arrow” can be seen at the Mercedes-Benz Museum, in the racing curve
  • Manfred von Brauchitsch won the Eifel race at the Nürburgring on 3 June 1934
  • The 750-kilogram formula racing car W 25 established the tradition of the Silver Arrows

“Close-up” – the name of this series from the Mercedes-Benz Museum says it all. Each instalment tells a surprising, exciting or behind-the-scenes story, illuminating details of a vehicle, an exhibit or an architectural or design feature. In the spotlight this time: the Mercedes-Benz 750-kilogram formula racing car W 25 of 1934, the first Silver Arrow.

No. 4/2024: Mercedes-Benz W 25 formula racing car of 1934

Nobility: 90 years ago, this silver single-seater coined the name that still applies to Mercedes-Benz racing cars today – “Silver Arrows”. The Mercedes-Benz W 25 made its debut in the Eifel Race at the Nürburgring on 3 June 1934. Manfred von Brauchitsch won the race, setting a new track record with an average speed of 122.5 km/h. This was the beginning of a success story that extends to the latest racing cars of the Mercedes-AMG Petronas Formula One team.

Racing curve: The Mercedes-Benz Museum celebrates the brand’s unique tradition of sporting success in Legend Room 7 with its spectacular racing curve. The W 25 can be seen here as a star amongst many other bright silver racing cars from the brand. The room is called “Silver Arrows – Races and Records”. An apt tribute to the Grand Prix racing car. This is because record-breaking vehicles with eight- and twelve-cylinder engines were also derived from the first Silver Arrow.

Reduced: How did the drivers feel in the 750-kilogram formula racing car W 25? The view from the cockpit over the large, slim steering wheel and through the small windscreen into the racing curve with the other Silver Arrows gives an impression. The dashboard with a rev counter plus oil and coolant gauges is reduced to the essentials.

Streamlined: The W 25 is an aerodynamically optimised monoposto with exposed wheels. It stands for a new era of racing car construction at Mercedes-Benz.

Speed: The W 25 was a fast performer, reaching top speeds of up to 300 km/h. But speed also counted in the pits. This is why the bonnet, which has many ventilation slots, has quick-release fasteners. It can therefore be opened in just a few seconds without tools.

Lightweight: Frame, gear lever, pedals and even the suspension straps of the exhaust – holes bored to save weight can be found in many areas of the W 25 at the Mercedes-Benz Museum. This shows the importance of lightweight construction during its development. The weight even determined whether the car could take part in a race: the Grand Prix racing formula announced in 1932 by the umbrella organisation Association Internationale des Automobile Clubs Reconnus (AIACR) stipulated that racing cars could weigh a maximum of 750 kilograms without operating fluids.

Anecdote: The 750-kilogram racing formula and the silver body of the Mercedes-Benz W 25 make for a fascinating story. It was told by the brand’s famous racing manager, Alfred Neubauer: apparently the W 25 painted in the traditional white racing livery weighed one kilogram too much before the Eifel race. The paint was ground off overnight. At the starting line, the “Silver Arrow” astonished the spectators with its bare aluminium skin and met the weight requirement exactly.

Development project: The W 25 was developed from 1933 as a classic front mid-engined racing car. It was further improved during its use in motorsport until 1936. It made its debut with a supercharged 3.4-litre in-line eight-cylinder engine (M 25 A), which delivered up to 260 kW (354 hp) at 5,800 rpm. The 4-litre M 25 B engine with up to 316 kW (430 hp) followed in the same year, 1934. The enormous power is evident in the exhibit at the Mercedes-Benz Museum: the exhaust pipe still has a bluish tinge from the heat of the exhaust gases. The exhaust pipe runs along the left-hand side of the vehicle from the engine compartment to the heavily tapered, streamlined rear end.

Tradition: The W 25 was followed by the Silver Arrows of the 1930s and 1950s. Mercedes-Benz returned to Formula One as an engine supplier in 1994, and the brand has its own works team again since 2010. Since 1934, the Silver Arrows have won three European Championships (Rudolf Caracciola in 1935, 1937 and 1938) and twelve drivers’ titles in the Formula One World Championship: Juan Manuel Fangio became world champion in 1954 and 1955, Mika Häkkinen in 1998 and 1999, Nico Rosberg in 2016, and Lewis Hamilton won the championship in 2008, 2014 and 2015 as well as in 2017 to 2020.

Presentation of the BMW M4 GT3 EVO at the Nürburgring:BMW M Motorsport makes the successful model evenbetter.

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Nürburgring. BMW M Motorsport engineers have been working intensively to make their flagship in GT racing, the BMW M4 GT3, even better. The result of this work is the EVO version of the car, which was presented on Wednesday evening before the 24 Hours at the Nürburgring (GER) in the M Showroom at the ring°boulevard. The BMW M4 GT3 EVO will be in race action from the 2025 season. The same applies to the BMW M4 GT4, which will also have an EVO version available from next season. 

Video for editorial use: Jens Klingmann explains the updates to the BMW M4 GT3 EVO: https://b.mw/M4_GT3_EVO.

The key to optimising the BMW M4 GT3 for the BMW M Motorsport engineers was the intensive dialogue with teams and drivers, because only when you know what customers need to be able to optimally drive a GT car can you tailor it perfectly to their needs. Thus, the focus with the BMW M4 GT3 EVO was not necessarily on pure performance but on areas such as drivability, efficiency, and reliability. The test work was primarily undertaken by BMW M works drivers Jens Klingmann (GER), Bruno Spengler (CAN), and Augusto Farfus (BRA). The price of the car is 578,000 euros net.

Details on the EVO package of the BMW M4 GT3.

From the outside, changes to the chassis are noticeable on the BMW M4 GT3 EVO, which is no longer traditionally painted but is coated with a significantly lighter cathodic dip coating. Smaller aero mirrors, larger air outlets on the front wheel arches, and an altered adjustment range of the rear wing provide more aerodynamic efficiency.

New anti-roll bars on the front and rear axles, larger rear brake discs, and a much finer and easier-to-adjust differential ensure less tyre and brake wear and thus better and more consistent drivability. The headlights at the front and rear in LCI design are also new.

The “Inception” design by BMW Group Designworks integrates the themes of digitality and dimensionality into a bold, high-contrast mosaic. From multiple perspectives the iconic M colours appear in the same sequence they occur in the M logo: light blue on the left, dark blue in the middle, and red on the right, but now in three extruded, pixel-like dimensions. This approach sets up an asymmetrical overall layout for the car which also integrates a non-reflective matte black portion ahead of the driver to assist their forward focus. For the BMW M4 GT3 EVO, for dark areas of the livery the foil has been omitted to allow the authentic carbon fibre construction to show through, and save weight at the same time.

Comments:

Andreas Roos (Head of BMW M Motorsport): “The BMW M4 GT3 has achieved more than 70 victories and countless major successes since its introduction. I particularly remember the DTM titles in 2022, the victory at the 24h Spa-Francorchamps in 2023, and the title wins in the North American IMSA series. I am convinced that the EVO model of the BMW M4 GT3, as well as that of the BMW M4 GT4, will contribute to playing in the first league of GT racing in the coming years and celebrating many more great victories. I thank everyone involved in the development of the cars.”

Björn Lellmann (Head of Customer Racing at BMW M Motorsport): “Our engineers have listened very carefully to the feedback from our customers during the development of the EVO cars. The result, in our view, are models that make it even more possible to be consistently close to the limit without taking too much risk, exactly what drivers of all classes need to be fast. Our goal is to win the very big races with our BMW M4 GT3 EVO and at the same time provide every BMW M Motorsport customer with a package that offers maximum chances of success.”

Jens Klingmann (BMW M works driver): “It is always an honour to play an important role in the development of a race car. Thank you to BMW M Motorsport for the trust! We have not made one big improvement to the BMW M4 GT3, but have turned many smaller screws, which will especially improve drivability on a long run. Our conviction is that several small steps also make a big step. The car is already very strong, but I am sure that we could make it even better in its EVO version. The more gentle handling of the tyres and brakes will especially help a lot at the end of a stint in the race.”

Technical data of the BMW M4 GT3 EVO:

Dimensions:

Length5,020mm (incl. splitter and rear wing)
Width2,040mm 
Height1,310mm (variable)
Wheelbase2,917mm 
Wheel size12,5 x 18 inch front; 13 x 18 inch rear 


Technical data :

Engine P58 3,0l straight six M TwinPower Turbo
Capacity2.993cm3
Outputup to 590 hp
Transmission X-Trac 6-speed gearbox
Brakes390mm disc & 6-piston calipers front; 380mm disc & 4-piston calipers rear
Clutch Electro-hydraulic

Previous successes of the BMW M4 GT3:

  • DTM Drivers and Team title 2022
  • IMSA GTD Sprint Cup title 2022
  • Overall victory 24h Spa-Francorchamps 2023
  • IMSA GTD Overall and Sprint Cup titles 2023
  • NLS Speed Trophy title 2023
  • Asian Le Mans Series GT title 2023
  • Overall victory 24h Dubai 2023
  • Overall victory Indianapolis 8 Hour 2023
  • Overall victory Kyalami 9 Hour 2023
  • 2nd place 24h Nürburgring 2023
  • 2nd place Overall GT World Challenge Europe 2023
  • Drivers title British GT Championship 2023
  • Drivers title Italian GT Sprint Cup 2023
  • FIA WEC LMGT3 victory in Imola 2024
  • Four victories in five season races of the GT World Challenge Europe 2024

Frame Your Rhythm: Samsung Music Frame

“Bringing innovative design projects to mass production is a multi-step process that involves iterative exploration and trial and error. The Music Frame project is the culmination of positive energy and passionate collaboration across our design, development and CX teams since the summer of 2021.”

— Chulyong Cho, Head of Design Team, Visual Display Business at Samsung Electronics

Designing the Experiences of Tomorrow

Samsung Electronics is home to forward-looking departments seeking untapped opportunities. True to its name, the Visual Display Business’ Future Experience Design group actively develops concepts for user experiences that are missing in the market before turning those ideas into innovative products.

Launching a new product is no easy feat, however. There is a long journey ahead after proposing an initial concept — from designing for mass production and collaborating with other departments to enhancing marketability and perfecting the product’s technical aspects. Brought to fruition through unceasing passion and innovation, this is Music Frame and its design story.

* Content images have been simulated for illustrative purposes only and may differ from the actual product. Product specifications may vary by country, region and model.

Bringing Style to Spaces

Inspired by Your Lifestyle

Consumers are now opting to purchase products that seamlessly blend into their living spaces instead of ones that only offer functionality. To that end, Samsung has introduced a series of lifestyle TVs including The Serif, The Frame and The Sero. Since TVs are not in use most of the time, these products transition to Ambient or Art Mode to offer a tasteful design experience — rather than displaying a black screen.

Delivering audio in the form of a picture frame, Music Frame is an extension of this approach. Setting itself apart from conventional speakers designed mainly to amplify sound, Music Frame and its concept of lifestyle audio prioritize the user’s lifestyle and living space. Picture frames are a familiar furnishing that can be placed anywhere, reflecting each individual’s taste and personality based on the kind of art being displayed. Music Frame draws inspiration from ordinary picture frames, allowing users to listen to music as they appreciate their favorite pictures.

Breathing Life Into an Innovation

In collaboration with the development and CX teams, Samsung designers built and tested a working prototype that demonstrated high-quality sound. They received positive responses from users after extensive testing, which solidified their confidence in the product’s acoustic performance and overall concept. As a result, the initial design remained intact and went into mass production.

Bridging the Gap Between Decor and Audio

Sculpting Unseen Sound

Music Frame embodies audio, so Samsung couldn’t lose sight of how people enjoy listening to high-quality music. Given the product’s unique form factor compared to traditional, elongated soundbars, the designers worked closely with the sound development team to perfect acoustics from the get-go. Speakers commonly have fabric, grilles or other materials on the front to easily emit sound. Together with the sound development team, the designers found a way for Music Frame to amplify sound through a gap between the frame and panel — creating a design rarely seen in audio products. The result? A frame-shaped speaker that is not restricted by the material that covers the front side.

Due to the frame’s shape, the gap between the bezel and the panel was important since this portion produces high- and medium-pitched sounds. After countless tests to find the optimal sized gap, both in terms of design and sound quality, the team settled on a width of 9mm. The designers worked with developers to make sure the vibrations from the rear woofer speaker — responsible for the bass — would not create noise when the product is hung on a wall like a picture frame.

A Piece To Personalize Your Space

Just like a real frame, Music Frame allows users to swap the images inside for personal photos or works of art. Listening to music while looking at a framed photo of a precious memory or a piece of art adds new levels of depth to users’ experiences.

Samsung designers also considered users who might place the Music Frame on a table instead of hanging it on a wall. Meticulous refinements were made to the frame stand’s shape and angle to ensure it doesn’t look too prominent or cause reflections on the panel. Since the rear of the product is visible if placed on a table, the back was designed in a neat and minimal fashion.

Music Frame in Your Everyday

Your Life, in the Frame

If there’s a particular image users want to cherish, they can create their own art panel by uploading an image to a third-party website and placing an order.

Music Frame comes in a default black bezel, but users can purchase an additional white bezel to match their decor. They can fill their frames with stunning images to create a stylish space that is perfect for listening to music.

* Art panels are sold separately and customization availability may vary by region. White bezels are sold separately and will become available starting in the summer of 2024.

Fill Your Room With Rhythm

For more captivating TV viewing, users can utilize Q-Symphony for richer stereo sound by placing two Music Frames on either side of their TVs. For surround sound, users can place a soundbar in front of their TV and a Music Frame on the opposite wall to act as a rear speaker. With the SmartThings app, users can set the equalizer settings to their preferences. By fine-tuning the audio, users can enjoy more vibrant sound and immersive content.

* Q-Symphony using Music Frame is available only when connected to a 2024 Samsung TV (DU7000↑ & LS03D) or 2024 Samsung TV and 2024 Samsung Soundbar (Q700D↑, Ultra Slim, S-Series).

Looking forward to a future of new possibilities, Samsung designers will continue to develop products and designs that naturally blend into users’ lifestyles and living spaces.

For more information about Samsung Electronics’ design, please visit the Design Samsung website.

Apple’s Worldwide Developers Conference to kick off June 10 with Keynote address

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Today, Apple unveiled the lineup for its annual Worldwide Developers Conference, including Keynote and Platforms State of the Union, and shared more information about what developers will learn and experience all week. The free online conference brings the global Apple developer community together to provide them with insights into the latest technologies, tools, and frameworks coming to iOS, iPadOS, macOS, tvOS, visionOS, and watchOS. Throughout the week, developers will be able to hear from Apple engineers, designers, and other experts through more than 100 technical sessions, in-depth consultations, and live forums for guidance on building even more innovative and platform-differentiating apps and games across all Apple products.

Apple Keynote

June 10, 10 a.m. PDT
WWDC24 kicks off with a first look at groundbreaking updates coming to Apple platforms later this year. The Keynote address will be available to stream on apple.com, the Apple Developer app, the Apple TV app, and the Apple YouTube channel. On-demand playback will be available after the conclusion of the stream.

Platforms State of the Union

June 10, 1 p.m. PDT
Following the Keynote, the Platforms State of the Union will take a deeper dive into the latest advances across iOS, iPadOS, macOS, tvOS, visionOS, and watchOS, and new tools that will further empower Apple developers. The Platforms State of the Union will be available to stream on the Apple Developer app and the Apple Developer website. A playback will be available after the conclusion of the stream on the Apple Developer app, website, and YouTube channel.

Access to Experts

Apple Developer Program members and Apple Developer Enterprise Program members can connect directly with Apple experts through online labs and in-depth consultations for guidance on implementing the latest technologies, following best practices, and elevating their apps and games. Apple engineers and designers will also be available via live Apple Developer Forums to offer technical assistance.

Session Videos and Guides

With over 100 technical sessions released throughout the week, WWDC24 will offer developers a chance to hear from Apple engineers, designers, and other experts for a deeper dive into the latest technologies and frameworks. Sessions will be available on the Apple Developer app, website, and YouTube channel. This year, developers can also access curated guides to walk them through the conference’s biggest announcements, from new documentation to sessions and more.

Swift Student Challenge

Apple is proud to support developers through the Swift Student Challenge, one of many Apple programs that seeks to uplift the next generation of technologists, creators, and entrepreneurs. This year, 50 Distinguished Winners have been recognized for outstanding submissions and will visit Apple Park for a three-day experience with special activities throughout the week of WWDC.

Apple Design Awards

The Apple Design Awards celebrate excellence in app and game design and highlight the craft, creativity, and technical expertise that developers bring to their work. Meet this year’s finalists, who were unveiled today via the Apple Developer website and the Apple Developer app. This year’s winners will be announced soon.

Developer App

The Apple Developer app is a great way to experience WWDC24 on iPhone, iPad, Mac, Apple TV, and Apple Vision Pro. The Developer app is where developers can find all the latest news, video sessions, announcements, and activities. It’s also where developers can browse by topic, register for in-depth consultations, watch video sessions with their peers using SharePlay, copy code directly from session videos, and more.

Developers can also access all WWDC content, registration, news, feature stories, and documentation at developer.apple.com.

Emirates and Viva Aerobus establish interline partnership offering more travel options within Mexico

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  • Emirates customers can travel onwards from Mexico City to 21 new domestic points and a further 7 routes between Mexico and US cities operated by Viva Aerobus
  • Interline flights unlock single itinerary, baggage policy and seamless connectivity

Emirates and Viva Aerobus have signed an interline agreement to enhance connectivity for passengers travelling to Mexico. The partnership will boost access to a host of points in Mexico, allowing Emirates customers to travel onwards from Mexico City to 21 domestic points, while enjoying the convenience of a single baggage policy utilising both airlines on a single ticket.

The interline agreement also unlocks more international routes for Emirates customers, providing 20 convenient flight options connecting six points in Mexico and some popular American cities.

Interline tickets are now on sale for travel effective immediately. Travel itineraries can be booked on emirates.com, the Emirates app, and preferred travel agencies. 

Travellers booked on flights from Dubai to Mexico City can choose to fly to 21 additional domestic destinations such as Acapulco, Cancun, Guadalajara and Monterrey, to name a few. The interline network also includes direct flights from US points including Chicago, Dallas, Houston, Los Angeles, Orlando and Miami to select Mexican destinations, Additionally, travellers from Mexico City can conveniently fly direct to Chicago, Houston, Los Angeles, Las Vegas, New York JFK or San Antonio.

Adnan Kazim, Emirates’ Deputy President, and Chief Commercial Officer said: “We are pleased to activate an interline partnership with Viva Aerobus to deepen our reach into Mexico, beyond Mexico City. This new partnership provides our customers with more choice to suit their travel plans and enables customers to seamlessly fly to a host of unique destinations in Mexico.  Emirates customers can also now fly directly between select US points and cities in Mexico. This new offering is in line with our Fly Better promise and convenience that can be felt by our customers when flying with us and we look forward to further developing the partnership in the future to elevate its benefits to our customers.”

“We are excited about this new partnership with Emirates. Connecting Emirates route from Barcelona with our Mexico City network of routes, allows Emirates’ passengers to seamlessly reach many other destinations in Mexico and the US. Equally, this opportunity allows passengers from the many Mexican cities to make a short stop in Mexico city, board an Emirates flight to reach the great city of Barcelona and/or to continue their trip to Dubai and beyond. All of this with the convenience of buying a single ticket”, said Javier Suarez, Executive Vice President & Chief Planning and Alliances Officer at Viva Aerobus.

Emirates’ customers can enjoy a premium travel experience, offering elevated comfort and world-class dining, in-flight entertainment and other thoughtful amenities onboard its wide-body aircraft, comprised of Boeing 777 and the coveted flagship double-decker A380 aircraft.

The Dubai-Mexico City route is served by the Boeing 777 aircraft in a two-class configuration. Customers with itineraries that include interline flights from the select US points can look forward to superior levels of comfort and unique features of its A380 service on flights from Dubai to Los Angeles and Houston, before connecting to Viva Aerobus for flights to their final destinations in Mexico. Viva Aerobus’ fleet is comprised of 83 Airbus A320 and A321 aircraft with an average age of 5.45 years, making it the most modern fleet in Mexico and the 5th youngest in all of Latin America.

Mexico is an important part of the Emirates network spanning almost 140 destinations. Emirates launched its services to Mexico City in 2019 and the airline currently provides daily flights to the Mexican capital via Barcelona, utilising the Boeing 777-200LR.

Emirates currently has commercial cooperation agreements in place with 161 interline, codeshare and intermodal partners.

e& enterprise and Payit partner to offer frictionless and secure payment experience for UAE businesses

  • Collaboration will boost uptake in digital payment options for diverse industries and empower businesses of all sizes with secure payment solutions
  • Partnership supports the UAE’s transition to a cashless society with accessible payment options for all

e& enterprise announced a strategic partnership with Payit from First Abu Dhabi Bank (FAB) to transform payment acceptances and elevate customer satisfaction for businesses across the UAE.

By integrating with e& enterprise’s Payment as a Service (PaaS) Layer, businesses can offer their customers a simplified and secure payment experience through Payit’s advanced digital wallet technology. The partnership will increase digital payment adoption rates, boost conversion rates and enhance overall customer satisfaction.

Miguel Angel Villalonga COO of e& enterprise, said: “We’re excited to partner with Payit, taking a big step towards enabling digital transformation and cashless payments for businesses. Our Payment as a Service platform plays a key enablement role in this process, providing a secure and comprehensive payment acceptance ecosystem. With this partnership, we aim to offer businesses enhanced payment acceptance instruments, empowering them to provide their customers with a frictionless payment experience. By leveraging our strengths and expertise, we’re confident that we can revolutionise business transactions, enhancing operational efficiency and customer satisfaction.”

Nitin Bhandari, SVP and Head of Wallet at First Abu Dhabi Bank (FAB), said: “We are happy to partner with e& enterprise and be part of their PaaS platform for online payment processing, bringing our digital wallet technology to businesses across the UAE. All current and future merchant partners using e& enterprise’s PaaS Platform can now also accept digital payments directly from Payit wallets, with no additional requirement for technical enhancements or extra investments. Our Payit digital wallet has already introduced many individuals to the convenience of cashless transactions, and we look forward to expanding its reach with e& enterprise’s PaaS platform.”

e& enterprise’s vision is to enable businesses of all sizes with secure, reliable, and customisable payment acceptance solutions, facilitating their digital transformation. With its strong customer focus and innovative digital payment tools, e& enterprise is set to be a valuable digital transformation partner to UAE businesses by providing a frictionless payment experience, catering to the unique requirements of each customer.

With deep experience in the region and its proprietary PaaS platform, e& enterprise is driving the adoption of digital payments for industries such as retail, fashion, tourism, hospitality, insurance, real estate, and car rentals.

Launched in 2018, FAB’s Payit is the UAE’s first fully featured digital wallet created to support the transition to a cashless society. Payit offers cash-dependent consumers an accessible alternative to traditional bank products, including international money transfers, peer-to-peer payments, merchant payments, bill payments, and local bank transfers.

ADX welcomes listing of Lunate Capital Ltd Chimera S&P Japan UCITS ETF ‘JPANI’

ABU DHABI, 29th May, 2024 (WAM) — Abu Dhabi Securities Exchange (ADX) welcomed today the listing of the Chimera S&P Japan UCITS ETF. This marks the first ETF tracking Japanese equities to be launched on ADX. Managed by Abu Dhabi-based investment management firm Lunate Capital LTD, the ETF replicates the performance of the S&P Japan BMI Liquid 35/20 Capped Index.

The ETF tracks the 30 liquid Japanese companies listed on the Tokyo Stock Exchange, including industry leaders like Honda Motor Co, Toyota Motors Corp, Sony, Softbank Group, Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group, Nippon Steel Corp, Nintendo and more.

The ETF will trade under the ticker symbol JPANI. The Chimera S&P Japan UCITS ETF provides investors direct access to the vibrant Japanese market, further solidifies ADX’s position as the most active and liquid ETF marketplace in the region.

This marks the 13th ETF listing on ADX, giving investors access to nine regional and global markets including the UAE markets. ETF trading values on ADX have exceeded AED5.2 billion in 2023, an increase of almost 161 percent from the previous year, and total ETF trading volumes have reached 1 billion units (representing 205 percent year-on-year growth).

Commenting on the listing, Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, congratulated Lunate Capital for the successful listing of another ETF on ADX. Alnuaimi highlighted the significance of this listing as the third ETF to launch on the Exchange this year and the 13th overall, emphasising ADX’s growing reputation as the ETF hub in the MENA region.

He further emphasised ADX’s commitment to supporting Abu Dhabi’s economic diversification agenda by providing investors with new opportunities for portfolio diversification and long-term growth. The listing of the Chimera S&P Japan UCITS ETF enhances ADX’s connectivity and enables investors to capitalise on the performance of Japan’s stock market.

Alnuaimi also noted the remarkable increase in the average daily traded value on ETFs, from AED8 million in 2022 to around AED21 million in 2023 representing an increase of almost 161 percent. This growth underscores ADX’s dedication to expanding investor options and helping them achieve their financial objectives.

The introduction of this latest ETF aligns perfectly with ADX’s goal of extending its reach to a broader range of markets, offering investors more choices for diversification and long-term growth opportunities.”

Sherif Salem, Partner & Head of Public Markets at Lunate, said, “The listing of the Chimera S&P Japan UCITS ETF on the ADX today marks another step forward in our efforts to broaden investor access to key global markets, including those in Asia. This listing enables our clients and investors to diversify their portfolios by seamlessly tapping into the Tokyo Stock Exchange, the world’s third largest stock market within the fourth-largest economy. The launch of our 15th ETF on the UAE’s stock markets is a testament to our confidence in the UAE’s dynamic economy and supports a push to attract more investors to its financial markets.”

The Chimera S&P Japan UCITS ETF is designed as a physical, in-kind, liquid, and fully fungible fund. It tracks Japanese equities listed on the Tokyo Stock Exchange and intends to distribute dividends semi-annually, when available.

The listing is aligned with ADX’s strategic approach to offering investors diversified and innovative investment solutions, catering to the evolving needs of both retail and institutional investors globally.