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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

-Drake & Scull International PJSC

-Drake & Scull International LLC

-Drake & Scull Engineering LLC

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

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

Mandatory Convertible Sukuk

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

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

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

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

-April 4th, 2024: Capital Increase Announcement

-April 25th, 2024: Open of Subscription Period

-May 10th, 2024: Closing of Subscription Period

-May 16th, 2024: New Shares Allocation

-May 21st, 2024: Resume Share trading

-May 31st, 2024: Issuance of MCS

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

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

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

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

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

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

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

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

-End-

About Ajman Bank

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

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

For media contact:

Hina Bakht

Managing Director

EVOPS Marketing & PR

Mob: 00971 50 6975146

Tel: 00971 4 566 7355

Hina.bakht@evops-pr.com

www.evops-pr.com