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Category: Commerce

  • UAE food and beverage sector achieved sales of US$ 16.4 billion during 2023

    UAE food and beverage sector achieved sales of US$ 16.4 billion during 2023

    UAE food and beverage sector achieved sales of US$ 16.4 billion during 2023

    Dubai International Chamber highlights opportunities
    for growth in emirate’s vibrant F&B sector at Gulfood

    * Mohammad Ali Rashed Lootah: “Dubai is continuing to strengthen its position
    as a significant global hub for the worlds food and beverage trade, which creates
    promising opportunities for companies operating in the sector to expand and
    grow. The sector is developing innovative solutions to contribute to global food
    security while ensuring it keeps pace with the global drive for sustainability.”

    *Dubais food and beverage sector attracted US$ 577 million in new foreign directcinvestment from 48 companies in 23 countries between 2019 and 2023,according to FDI Intelligence data.
    * The UAE accounted for the largest regional share of venture capital investmentsin restaurant technology from 2018 – 2023.
    * Local consumers spent approximately US$ 1.1 billion on purchasing food via e-commerce platforms during 2023.

    Dubai(News Desk)::Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully hosted a business event on the sidelines of Gulfood, the world’s largest conference and exhibition dedicated tothe food and beverage (F&B) sector. The five-day event is taking place from 19 – 23February at Dubai World Trade Centre.
    Aimed at equipping participants with essential information on the latest trends shaping Dubai’s F&B landscape, the event attracted the attendance of 400 delegates from local and international businesses. The session highlighted the promising opportunities Dubai offers to companies operating in the sector, which are supported by the emirate’s advanced logistics capabilities and favourable business
    environment.
    According to data from Euromonitor, the UAE’s F&B sector generated US$ 16.4 billion in retail sales, including both fresh food and packaged food. Consumer spending on food via e-commerce platforms reached a value of US$ 1.1 billion in 2023 and is expected to increase at a Compound Annual Growth Rate (CAGR) of 9.5% between 2023 and 2027.
    Dubai’s F&B sector attracted new foreign direct investment worth US$ 577 million from 2019 to 2023, according to data from FDI Intelligence. These investments were made by 48 international companies from 23 countries.
    His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Dubai is continuing to strengthen its position as a significant global hub for the world;s food and beverage trade, which creates promising opportunities for companies operating in the sector to expand and grow. The sector is developing innovative solutions to contribute to global food security while ensuring it keeps pace with the global drive for sustainability.”
    His Excellency added:Organising Gulfood – the worlds largest F&B event – in Dubai creates an ideal platform for producers, suppliers, and traders from across the globe to connect and build cross-border partnerships. Dubai International Chamber is committed to accelerating the growth of the industry by supporting the expansion of Dubai-based F&B companies into promising global markets, as well as attracting foreign investors to leverage the rewarding opportunities available in the emirate in this vital sector.
    Regional Leader in Investment Attraction

    The UAE accounted for the largest share of venture capital investments in the Middle East’s restaurant tech sector from 2018 to 2023. The country attracted investments exceeding US$ 1 billion in this area according to data from PitchBook. The UAE also ranked second among Middle Eastern countries in terms of the value of venture capital investments in the agritech sector during the same period, attracting investments worth US$ 335.4 million.
    Fresh Food
    According to data from Euromonitor, retail sales of fresh food in the UAE will rise from US$ 9.8 billion in 2023 to US$ 12.4 billion in 2028, achieving a CAGR of 4.7%.Meat accounts for the largest share of sales in this category; the value of meat retail sales reached US$ 2.6 billion in 2023 and is expected to achieve a compound annual growth rate of 5.8% from 2023 to 2028. Vegetables followed in second place with sales of US$ 2.4 billion in 2023 and a compound annual growth rate of 4.3% forecast during the same period.
    Packaged Food
    Retail sales of packaged food in the UAE are expected to rise from US$ 6.6 billion in 2023 to US$ 8.3 billion in 2028, achieving a CAGR of 4.6%. Staples such as corn, rice, and wheat account for the largest share of sales in this category, with sales of staple foodstuffs reaching US$ 2.3 billion in 2023 and an expected CAGR of 5% between 2023 and 2028. These were followed by dairy products, with sales of US$ 2 billion in 2023 and an anticipated compound annual growth rate of 4% in the same period.
    Beverages
    Retail sales of beverages in the UAE are forecast to rise from US$ 1.6 billion in 2023 to US$ 2 billion in 2028, representing a CAGR of 4.6%. Bottled water accounts for the largest share of sales in this category, recording sales of US$ 635 million in 2023  with an expected CAGR of 5.4% from 2023 to 2028. This was followed by soft drinks, with sales of US$ 422 million in 2023. Ready-to-drink coffee sales are expected to achieve a CAGR of 14.2% from 2023 to 2028, after recording sales of US$ 32 million last year, while sales of ready-to-drink  tea – which amounted to US$ 8 million in 2023 – are expected to record a CAGR of 13.9% during the same period.
    Growing Demand
    Dubai International Chamber’s presentation revealed that continuous growth in Dubais population and increases in tourism flows to the emirate are contributing to a growing demand for high-quality F&B products and services. The emirate is on course to continue to strengthen its position as a major commercial hub for the F&B sector at both the regional and global levels, creating rewarding opportunities for companies across all categories of the sector.The presentation also highlighted steady growth in retail sales of basic foods, meat,and beverages, both in terms of market size and quantities sold, together with
    growing demand among UAE consumers for locally produced food products, creating opportunities for local manufacturers to increase their market share.
    The business meeting featured a panel discussion with the participation of Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Business Group,which operates under the umbrella of Dubai Chamber of Commerce. During the session, Mr. Lootah underlined the important role played by the Business Group in enhancing the sector’s competitiveness.(-End-)

  • ACCA announces Oman developments: Partnership signing and engagements take place

    ACCA announces Oman developments: Partnership signing and engagements take place

    ACCA announces Oman developments: Partnership signing and engagements take place

    Future developments reinforce ACCA’s steadfast presence in the Sultanate

    Dubai(News desk): The Association of Chartered Certified Accountants (ACCA) announces its strategic developments with the Oman Association of Chartered Public Accountants (OACPA), marking the beginning of an innovative partnership.Strategic plans and developments were discussed by Helen Brand, ACCA’s Chief Executive, and Sheikh Mahfouz Aljuma, Chairman of OACPA, reinforcing the enduring relationship between the two institutions and was marked with a commitment to excellence, pushing boundaries and setting new benchmarks for the accounting profession in Oman.

    Fazeela Gopalani, Head of ACCA Middle East, said: “For over 15 years, ACCA has been a steadfast presence in Oman, supporting entities and professionals across the Sultanate. Our partnership with OACPA has proven to be nothing short of groundbreaking for the accounting profession in the region.”

    Speaking at the Oman International Conference on Accounting and Auditing, held on 29th and 30th January, Gopalani added: “With a clear vision and realistic belief in what we can contribute – we can continue to be a force for public good in 2024 and beyond, working to create a future in alignment with the Oman Vision 2040.”The conference was attended by accounting and finance professionals from public sector institutions, regulators and audit firms and included networking opportunities, panel discussions and keynote speeches on important topics facing the accounting profession.

    Sheikh Mahfouz Aljuma, Chairman of OACPA, opened the conference with: “We are delighted to witness the best minds in accounting and auditing unite to exchange ideas and challenge conventions. The conference addresses some of the most pertinent issues our profession faces today and provides the opportunity for accounting professionals to equip themselves with the knowledge required to tackle and embrace the challenges and opportunities that lie ahead.”

    A keynote speech was given by International Federation of Accountants President (IFAC) Asmaa Resmouki, who shared insights on IFAC’s IMPACT approach, emphasising the value it brings to society and how IFAC is connecting the work it does to the public interest and social purpose of the profession. Additionally, she addressed the challenges of sustainability, delved into the transformative impact of artificial intelligence on the accounting profession, and underscored the need for the profession to engage and collaborate with subject matter experts to meet the demand for emerging assurance services.

    As the conference culminated, Gopalani gave thanks to H.E. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry & Investment Promotion, as well as gratitude to Sheikh Mahfouz Aljuma,  Chairman OACPA for his visionary leadership in bringing the conference to fruition, and a special acknowledgment to the OCPA board of directors and Ahmed Abdul Rahman, General Manager of OACPA.

    Alongside the conference, ACCA also welcomed three Omani companies to its Global Approved Employer Programme. The programme recognises and rewards employers’ quality staff training and development by ensuring that the highest standards are met. The programme is designed to support ACCA students, members, and finance professionals.

     Oman Investment Authority and OQ, the global integrated energy company, both obtained a platinum trainee development stream, as well as a professional development stream. Oman Flour Mills obtained a professional development stream that is designed to help organisations support their ACCA members in their continuing professional development (CPD).

    A high-profile meeting also took place where key stakeholders, namely IFAC President Asmaa Resmouki, Sheikh Mahfouz Aljuma Chairman of the Oman Association for Chartered Public Accountants, Zarif Ludin FCPA, UK Head of Institutional Partnerships ACCA, Malek Sarieddine Regional Head of Partnerships – Middle East, and Ahmed Abdel Rahman, had the opportunity to meet with H.E. Abdullah Salim Al Salmi, the Executive President of the Capital Market Authority.Discussions revolved around the upcoming regulatory changes, focusing on investigations, licensing, and more. The meeting highlighted the essential need for additional support in developing accounting and auditing legislation in Oman. This collaborative effort is crucial for promoting a robust accountancy profession and contributing to national development.– ends –

  • Business Climate Index rising for Q1 2024 reflects optimism about Dubai’s economic prospects

    Business Climate Index rising for Q1 2024 reflects optimism about Dubai’s economic prospects

    Business Climate Index rising for Q1 2024 reflects optimism about Dubai’s economic prospects

     Mohammad Ali Rashed Lootah: “The findings of the survey underline theimportance of efforts to accelerate the pace of growth across all economic sectors.”

     63% of respondents anticipate development within the emirate’s business climate during Q1 2024.

     41% of participants plan to expand their businesses internationally to GCC countries, India, the United Kingdom, and the United States.

    Dubai(News Desk)::The Dubai Chambers Quarterly Business Survey has revealed positive year-over-year growth in the Business Climate Index, which rose to 168 points for Q1 2024, up from 144 points during the same period last year. The increase reflects growing confidence and optimism regarding Dubai’s economic
    outlook and the promising opportunities the emirate offers for investors and companies.
    The survey, which gathered the opinions of 507 CEOs and managers of companies operating in Dubai, indicates that 63% of participants anticipate development within the emirate’s business climate during the first three months of 2024. 60% of respondents expect their companies sales to increase during Q1 2024 compared with the previous quarter, while 29% believe sales will remain at a similar level to those achieved during the fourth quarter of last year.
    Commenting on the results of the survey, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “The findings of the survey underline the importance of efforts to accelerate the pace of growth across all economic sectors and further enhance the emirate’s favourable business
    environment. Creating conditions that are conducive to growth strengthens the private sector’s confidence in Dubai’s ability to generate sustainable investment opportunities and ensure the emirate remains at the forefront of the global businessnlandscape.”
    International Expansion Ambitions
    The survey revealed that 41% of respondents plan to expand into new markets at both regional and global levels during Q1 2024. GCC countries topped the list of target markets, followed by India, the United Kingdom, the United States, Egypt, and South Africa. Among the 59% of respondents who do not plan to expand during this period, 25% indicated that they are currently focused on expanding within local markets.

    Sales Growth and Cost Management
    The results of the survey showed that 57% of respondents plan to diversify their  products or services during Q1 2024, while 47% aim to increase production capacity. A total of 44% of respondents plan to increase their digital advertising budgets, and 42% indicated that they are in the process of obtaining additional capital. In terms of the most significant cost management measures anticipated during the
    first quarter of 2024, 43% of respondents intend to review or change their supplier lists, and 41% plan to either negotiate the cost of renting their premises or transfer their operations to more affordable spaces.
    Leveraging Digital Advances
    On the digital front, 38% of the respondents confirmed that they had applied digital technologies in their businesses during Q4 2023. Factors influencing this trend included easing access to new markets (52%), reducing costs (49%), enhancing competitiveness (44%), developing new products (26%), and ensuring compliance with new regulations (22%). The most prominent services and areas targeted by participants who plan to leverage digital technologies in Q1 2024 include digital payment solutions (24%),digital marketing (21%), e-commerce (17%), and artificial intelligence (12%).(-End-)

  • Al Masaood CV&E Awarded Aftersales Uptime Initiative Award

    Al Masaood CV&E Awarded Aftersales Uptime Initiative Award

    Al Masaood CV&E Awarded Aftersales Uptime Initiative Award

    Abu Dhabi(News Desk):: Al Masaood Commercial Vehicles & Equipment (CV&E) Division was recently awarded the Aftersales Uptime Initiative Award during a gala ceremony held on January 23, 2024 at the Ritz Carlton JBR, Dubai.

    The sole distributor in Abu Dhabi for UD Trucks, Renault Trucks and Unicarriers Forklifts, and in the UAE for Oshkosh Fire Trucks, Dongfeng Heavy-Duty Trucks, Al Masaood CV&E has demonstrated its commitment to operational excellence in aftersales fleet service and parts execution across the country.

    This past year has been particularly transformative for Al Masaood CV&E, marking a period of significant growth and achievement. The division secured multiple large-scale aftersales contracts across various sectors, reinforcing its position as a key player in the industry. These contracts encompassed long-term, comprehensive service agreements, integrating advanced telematics technology for superior fleet management. This innovative approach includes providing daily service and repair reports to clients, monthly telematics updates, and a commitment to quality assurance through rigorous checkups, immediate support processes, and proactive engagement with customers to address and resolve any issues swiftly.

    Al Masaood CV&E has also significantly expanded its operational footprint. The recent inauguration of the M40 facility and the first branch in Dubai, in addition to the existing M15 site, marks a significant milestone in the division’s expansion strategy. This includes plans to expand in Al Ain and Beda Zayed, ensuring comprehensive support for customers across the region. The deployment of specialised mobile teams further exemplifies the division’s dedication to providing responsive and effective on-site and off-site customer support.

    Reflecting on the division’s longstanding history and recent achievements, Mohamed El Zeftawi, General Manager at Al Masaood CV&E said, “For over 40 years, Al Masaood CV&E has been at the forefront of the commercial vehicle industry in the UAE, distinguished by our reliability and commitment to innovation. Our strategic focus on network expansion, along with our dedication to offering flexible, value-driven solutions, reflects our commitment to delivering the best to our customers. We are honored to receive this accolade and remain dedicated to enhancing uptime, service predictability, and leveraging the latest telematics technologies to deliver unparalleled value and service.”-end-

  • THE 2ND ANNUAL FINANCIAL RESTRUCTURING MENA CONFERENCE SET TO TAKE PLACE AT ADGM IN FEBRUARY 2024

    THE 2ND ANNUAL FINANCIAL RESTRUCTURING MENA CONFERENCE SET TO TAKE PLACE AT ADGM IN FEBRUARY 2024

    THE 2ND ANNUAL FINANCIAL RESTRUCTURING MENA CONFERENCE SET TO TAKE PLACE AT ADGM IN FEBRUARY 2024

     

    • Focus will be to discuss strategies for effectively addressing corporate insolvencies in the region

    • Exclusive insights from ongoing billion-dollar restructuring cases and global best practices in NPL offloading and corporate restructuring as GCC banks are reportedly sitting on USD 50bn of NPLs.

    • Event to host 50 expert speakers and 300+ delegates from 15+ countries

    Abu Dhabi(News Desk):: Abu Dhabi Global Market (ADGM) is set to host the 2nd Annual Financial Restructuring MENA Conference from February 19-20, 2024, at the ADGM building, Abu Dhabi, bringing together globally renowned restructuring practitioners to discuss strategies for effectively addressing corporate insolvencies in the region, resulting from the continued spike in interest rates and inflation. Worldwide, 15% of the corporate bonds and loans trading at distressed levels, currently in excess of US$ 590 bn, have defaulted highlighting grave impacts for the global economy.

    Hosted by Abu Dhabi Global Market (ADGM) and in partnership with the Bankruptcy Commission Saudi Arabia ‘EISAR’ and the International Finance Corporation (IFC), the conference aims to prepare the region’s banks and corporates to effectively navigate the current wave of looming defaults as growth slows globally and interest rates continue to tighten.

    Alexander Erofeev, Chief Special Operations Officer, International Finance Corporation (IFC) said,“The market is expecting an increase in restructuring activity around the globe and in the Middle East. The 2nd Financial Restructuring MENA Conference is important for the players to get to know each other, discuss what shape the restructuring cases might take and what the practical solutions could be.”

    The second annual edition is joined by a stellar line up of speakers including  Abdullah Almogheerah, Secretary General, Bankruptcy Commission Saudi Arabia ‘EISAR’; Balaji Prasad Natarajan, Group Chief Financial Officer, Binladin International Holding Group; Paul Gilbert, Managing Director, Alvarez & Marsal Middle East Limited; Khalid Mohammed Ba Shniny, Executive Vice President, Head – Restructuring & Collections, Saudi National Bank; Naveen Sabharwal, Managing Director, Davidson Kempner; and Mo Farzadi, Business Restructuring Services Partner and Middle East Leader, PwC among others.

    Abdullah Al-Mogheerah, Secretary General, Bankruptcy Commission ‘EISAR’, Saudi Arabia added, “Saudi Arabia has issued the bankruptcy law, to facilitate market reintegration through settlement and financial restructuring procedures. The Bankruptcy Commission “EISAR” actively offers services, and collaborates with entities, empowering them to utilize the bankruptcy law effectively.”

    The conference will commence by taking stock of the progress made in the corporate restructuring space in the region and will be followed by panels which will delve into high profile insolvencies, achieving successful business turnarounds in highly leveraged situations, the changing NPL management practices in MENA, and addressing buy side and sell side challenges for trade of NPLs among others.

    Emphasis on the second day will be on systemic challenges and future trends, exploration of problem loan resolution strategies and trade of single debts, challenges in attracting new money post-restructuring, cross-border asset tracking and emerging trends impacting the sector.

    The Financial Restructuring MENA Conference 2024 promises to be a landmark event, offering invaluable insights into the evolving landscape of corporate insolvency and restructuring in the MENA region. It is an unmissable opportunity for professionals to engage with the latest trends, challenges, and emerging opportunities in this industry.

    Leila Masinaei, Managing Partner, Great Mind Events Management, organizer of the 2nd Annual Financial Restructuring MENA Conference reiterated, “We are proud to organize this strategic conference at a crucial time for the industry. Our agenda is carefully crafted to address the pressing issues facing the insolvency and restructuring sector, providing a platform for key stakeholders to collaborate and navigate the complexities of large corporate insolvencies”.The event will be attended by policymakers, large corporates and family offices, commercial banks, restructuring advisories, asset managers, law firms, hedge funds and litigation financiers among other key stakeholders.(ENDS)

     

  • Dubai International Chamber strengthens efforts to support global expansion of UAE entrepreneurs

    Dubai International Chamber strengthens efforts to support global expansion of UAE entrepreneurs

    Chamber highlights initiatives to promote business growth in overseas markets

    Dubai International Chamber strengthens efforts to support global expansion of UAE entrepreneurs

     Mohammad Ali Rashed Lootah: “The UAE’s dynamic private sector is consolidating its success and stands as a shining example of innovation and
    leadership in the global business world.”

     Emirati entrepreneurs operating in diverse sectors participated in the meeting.

     The chambers' network of international representative offices plays a vital role in expanding possibilities and fostering cross-border partnerships.

     The session showcased the impactful ‘New Horizons’ and ‘In Focus’ initiatives.

    Dubai(News Desk):: Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has held a meeting with UAE entrepreneurs and founders of local businesses operating across diverse sectors. The session showcased the chamber’s numerous bespoke programmes aimed at supporting the global expansion of UAE businesses and enhancing their competitiveness in
    international markets.
    The meeting, which was attended by His Excellency Mohammad Ali Rashed Lootah,President and CEO of Dubai Chambers, introduced participants to the integrated services offered by Dubai International Chamber to support the global growth ambitions of UAE companies and entrepreneurs. The chamber plays a central role in achieving the objectives of the ‘Dubai Global’ initiative, which aims to support Dubai-based businesses in exploring new economic and commercial opportunities in 30 priority markets around the world. His Excellency commented: “The UAE’s dynamic private sector is consolidating its success and stands as a shining example of innovation and leadership in the global business world. Dubai-based entrepreneurs have consistently achieved significant growth across various sectors by enhancing their competitiveness and operational efficiency in line with the progress achieved by the national economy.”His Excellency added: “Dubai International Chamber is committed to extending all support necessary to drive the global expansion and prosperity of the local business community. The chamber assists Dubai-based entrepreneurs in leveraging growth opportunities in promising international markets and expanding their businessoperations around the world.”

    The meeting highlighted the role of the chamber’s network of international offices in connecting the local business community with opportunities and potential partners on the global stage.Dubai International Chamber leads the ‘New Horizons’ initiative, which enables Dubai-based companies and entrepreneurs to join trade missions to targeted global markets and participate in pre-arranged events to explore mutual investment opportunities and economic partnerships. Attendees were also introduced to the ‘In
    Focus’ initiative, which provides opportunities for the local business community to engage with leaders from the public and private sectors in selected foreign markets.‘In Focus’ events equip participants with comprehensive information about the countries and regions they plan to invest in, including the requirements for conducting business in the targeted destinations and timely market intelligence on
    the prospects within each economy. Companies and entrepreneurs benefit from guidance and advice throughout every stage of their international expansion journeys, from market and sectoral data to business setup processes and signing economic partnerships and business deals.The ‘In Focus’ and ‘New Horizons’ programmes are aligned with Dubai International Chamber’s strategic priorities of supporting the international expansion of Dubai businesses and boosting foreign trade to achieve the goals of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy over the coming decade.

    –End-

  • Dubai Chamber of Commerce holds discussions to accelerate growth in the fruit and vegetables sector

    Dubai Chamber of Commerce holds discussions to accelerate growth in the fruit and vegetables sector

    Meeting with Fruit and Vegetable Traders Business Group explored opportunities to drive international expansion of companies and enhance competitiveness

    Dubai Chamber of Commerce holds discussions to accelerate growth in the fruit and vegetables sector

     The meeting was complemented by a site visit to the city’s Fruit and Vegetables Market following an invitation from local traders.
     The chamber is committed to advancing the interests of Dubai’s dynamic business community as a key strategic priority.

    Dubai(News Desk):: Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has hosted a meeting with the Fruit and Vegetable Traders Business Group to discuss opportunities to enhance the  sector performance and support its sustainable growth.
    Participants in the meeting included His Excellency Mohammad Ali Rashed Lootah,President and CEO of Dubai Chambers; Maha Al Gergawi, Vice President of Business Advocacy at Dubai Chambers; Mohamed Al Sharif, Chairman of the board of the Fruit and Vegetable Traders Business Group, and several members of
    the group’s board.
    During the meeting, participants discussed the growth prospects for the fruit and vegetable trade in Dubai and highlighted promising opportunities within the sector,including ways to accelerate the expansion of business and trade in global markets. The session also provided a valuable platform to identify and explore
    solutions to any challenges facing traders as part of their business activities.

    Following the meeting, a Dubai Chambers delegation led by H.E. Lootah was invited to participate in a site visit to the Fruit and Vegetables Market in the city’s Deira district to learn more about the facilities and the topics discussed during the session.The meeting was arranged to consolidate the steady growth achieved by the sector as part of the chambers’ ongoing drive to enhance Dubai’s favourable business environment and ensure the competitiveness of the local business community, which contributes to the growth of international trade and boosts the volume of imports, exports, and re-exports to key global markets.
    Dubai Chamber of Commerce is dedicated to advancing the interests of the business community by activating the private sector’s role in developing regulatory frameworks across all economic activities, which enhances the competitiveness of the economy and further strengthens Dubais position as a leading global hub for trade. The chamber’s regular meetings with business groups offer open and transparent platforms for discussion on how to overcome any challenges and leverage opportunities to drive business growth.
    The creation of sector-specific Business Groups comes as part of the chamber’s commitment to serving the needs of the business community and promoting the development of diverse sectors in line with the ambitions of the Dubai Economic Agenda (D33). Dubai Chamber of Commerce plays a crucial role in supporting Business Groups by facilitating two-way dialogue between government entities and  the private sector, addressing key policy matters to enhance the competitiveness of companies within each sector and boost their contribution to the emirate’s economy. –End-

  • Gulf Maharashtra Business Forum Announces MAHABIZ 2024: A Gateway to Funding, Growth, and Collaboration for Entrepreneurs

    Gulf Maharashtra Business Forum Announces MAHABIZ 2024: A Gateway to Funding, Growth, and Collaboration for Entrepreneurs

    Gulf Maharashtra Business Forum Announces MAHABIZ 2024: A Gateway to Funding, Growth, and
    Collaboration for Entrepreneurs

    Dubai(News Desk)::Gulf Maharashtra Business Forum (GMBF) Global is proud to present MAHABIZ 2024, a premier business conclave aimed at fostering funding opportunities, facilitating  growth, and promoting collaboration among entrepreneurs in the UAE and Maharashtra region of India.

    Under the esteemed patronage of Her Highness Sheikha Jawahar Bint Khalifa Al Khalifa, MAHABIZ 2024
    promises to be a landmark event in the business calendar. Confirmed by President Dr. Sunil Manjarekar
    and Ms. Sophia Ibrahim during a press conference held at the India Club, this gathering underscores the
    commitment of GMBF Global to empower entrepreneurs with the right connections and opportunities
    for advancement.

    Mr. Chirantan Joshi, Vice President of GMBF Global, emphasized the extensive support for MAHABIZ
    2024 from esteemed entities including the Maharashtra government, MMRDA, MIDC, MACCIA, Saturday
    Club, ICAI Dubai Chapter, Taxation Society, FIN – Africa, the Angola Chamber of Commerce, and
    numerous other prominent business forums globally.

    Highlighting the past successes of Mahabiz events, Vivek Kolhatkar, General Secretary of GMBF,
    underscored the commercial benefits received by delegates and the tireless efforts of the 15-member
    GMBF Global board in ensuring the success of this non-profit endeavor.

    Scheduled to take place on February 24th and 25th in Dubai, MAHABIZ 2024 is themed Connect with
    Opportunities to Progress, reflecting the essence of the event as a platform for global networking,
    collaboration, and growth. With over 700 local and global delegates expected to attend, the event
    serves as a melting pot for entrepreneurs from India, the Middle East, Southeast Asia, and Africa.

    The recent conclusion of the Comprehensive Economic Partnership Agreement (CEPA) between India
    and the UAE further amplifies the significance of MAHABIZ 2024, offering new avenues for collaboration
    and trade between the two nations. Entrepreneurs attending the event will have unparalleled
    opportunities to explore partnerships and expand their businesses internationally.

    Anticipated to attract over 800 participants from across the globe, MAHABIZ 2024 promises endless
    possibilities for entrepreneurs to showcase their businesses, learn from industry leaders, and forge
    meaningful collaborations. The events focus on creating a conducive environment for business
    exchange and professional growth aligns with GMBF Global commitment to empowering the global
    business community.

    In conclusion, Dr. Sunil Manjarekar, President of GMBF Global, expressed confidence that MAHABIZ
    2024 will be a landmark event, reflecting the success of GMBF Global and offering a unique opportunity
    for entrepreneurs to connect, grow, and contribute to the progress of the global business landscape.

  • ADNEC Group doubles the value of its economic contributions to the emirate of Abu Dhabi and the UAE to exceed AED 7.37 billion in 2023

    ADNEC Group doubles the value of its economic contributions to the emirate of Abu Dhabi and the UAE to exceed AED 7.37 billion in 2023

    ADNEC Group doubles the value of its economic contributions to the emirate of Abu Dhabi and the UAE to exceed AED 7.37 billion in 2023

    • The value of direct and indirect economic contributions increased by 107% compared to 2022
    • Expansion of the group’s business to reach target markets in a number of countries around the world
    • The launch of a number of offices belonging to the group’s business sectors to include Britain, Germany, France and Jordan
    • Acquisition of the French tourism group Karavel, one of the most prominent poles of the European tourism industry
    • Increasing the number of events hosted by ADNEC and Al Ain centres to 476 events with a growth of 100%
    • Its centres in the country attracted 1.78 million visitors, an increase of 123% over the year 2022
    • Launching and hosting 9 major exhibitions held for the first time in the emirate and the Middle East region
    • Winning the hosting of 9 major international conferences to be held for the first time in the capital and the region
    • Its centres in the country contributed to the support of 51,400 jobs in the supporting sectors, an increase of 145% compared to 2022
    • ExCeL London exhibition centre of the group in the UK achieves historic results by attracting 3.5 million visitors and hosting 300 events
    • Its centres inside and outside the country attracted 5.3 million visitors by hosting 776 events
    • Capital Events, a subsidiary of the group, organises the largest editions in the history of five international events issued by IDEX
    • The group’s hotels have received more than 681,000 visitors inside and outside the country
    • Providing more than 27 million meals for more than 1,600 events through capital catering company
    • ADNEC services organises 488 events and expands to 8 markets in the region
    • Capital launches a protocol to provide VIP services in the UAE, which concluded a strategic partnership agreement to provide a package of specialised services for the successful organisation of the COP28
    • Tourism 365 records a 270% increase in hotel bookings to reach 170,000 hotel nights
    • Organisation of the first daily tourist trips (charter) for the first time from 3 German cities to the country
    • Twofour54 group’s media arm announces the development of the largest studios in the region as well as two destinations for creative communities in Abu Dhabi
    • Winning 21 prestigious regional and global awards for the group’s business sectors

    AbuDhabi(News Desk):: ADNEC group announced today that the direct and indirect economic contributions of the group’s seven business sectors to the economy of the emirate of Abu Dhabi and the UAE in general will double to reach AED 7.37 billion in 2023, an increase of 107% compared to 2022, which amounted to AED 3.56 billion, to be the largest in the group’s history since its establishment in 2005.

    Humaid Matar Al Dhaheri, Managing Director and CEO of ADNEC Group, said: “These record achievements came in line with the group’s commitment to develop and innovate solutions and initiatives aimed at accelerating performance growth rates and seizing investment opportunities in its seven business sectors, and working closely to achieve added value for all its shareholders and partners in the government and private sectors, in order to emphasise the position of the emirate of Abu Dhabi as the capital of the business and leisure tourism sectors in the region.”

    Al Dhaheri pointed out that these successes would not have been achieved without the great and unlimited support of the wise leadership, through continuing efforts to achieve the desired economic diversification while continuing to promote the concepts and standards of sustainability in all economic and knowledge fields, through its business units, which contributed to advancing the economic development of the emirate of Abu Dhabi in the sectors of business tourism, which is one of the most prominent sectors on which the future development plans of the non-oil sectors in the country focus.

    In 2023, ADNEC group sought to confirm its new corporate identity in a move aimed at enhancing the presence of the group’s seven main business sectors, including exhibition and conference centres, event organisation, Hospitality, Food, Event Services, Hotels, Leisure Tourism and Media, as it sought to expand both in terms of business scope and geographical presence.

    Under the umbrella of the ADNEC group, there are more than 30 brands that work harmoniously in seven key sectors and business areas.

    The year 2023 witnessed the group’s business sectors winning 21 prestigious international awards in various programmes and activities that they are responsible for implementing.

    Sector I: Exhibition and conference centres

    The ADNEC Group owns and operates three prominent international venues, including the Abu Dhabi National Exhibition Centre, Al Ain Convention Centre, as well as the ExCeL London exhibition and Convention Centre in the UK.

    The group’s exhibition centres have achieved a significant increase in the number of visitors to the events hosted by the Abu Dhabi National Exhibition and Al Ain Convention Centres by 123% compared to 2022, with the number of visitors reaching about 1.78 million visitors compared to about 802,000 visitors in 2022.

    For the first time in the group’s history, since its establishment in 2005, the number of events has doubled in one year to more than 476 events, and the number of events hosted by the Abu Dhabi National Exhibition Centre and Al Ain Convention Centre increased last year by almost 100% compared to 238 events in 2022.

    For the first time, ADNEC also hosted meetings of nine international federations and organisations, won nine international tenders to host major international conferences, and nine new exhibitions are added to its annual events agenda, some of which are being held for the first time in the emirate of Abu Dhabi and the Middle East region.

    The ADNEC group revealed its support for the creation of many new job opportunities in the relevant sectors, reaching 51,400,000 jobs, an increase of 145% over the year 2022, which amounted to 21,000 jobs in the supporting sectors.

    The group’s venues in the UAE have hosted a wide range of major international and local events, which witnessed the recording of records, the largest in the history of these events, most notably the largest session of the Abu Dhabi International Petroleum Exhibition, in addition to the largest edition of the Abu Dhabi International Hunting and Equestrian Exhibition and many other major events.

    In 2023, ExCeL London Exhibition Centre hosted more than 300 events, including 15 events held for the first time, and the list of events at the venue included the Formula E electric car world championship and the Olympia London International Horse Show، Other international events and exhibitions, attracted more than 3.5 million visitors from different countries.

    With this figure, in 2023, the group’s centres in the UAE and the UK attracted more than 5.3 million visitors from all over the world, hosting more than 776 specialised international exhibitions, conferences and events.

    On a related note, ADNEC group continued the development work of Excel London Exhibition Centre, a wholly owned subsidiary, where the expansion works include the addition of 25,000 square metres of exhibition space, the development of new meeting and conference halls in addition to service facilities distributed over three floors.

    At the same time, the group continued the development and modernisation programmes of the facilities of the Abu Dhabi National Exhibition Centre, rehabilitating and expanding the grandstand area opposite the centre, which increased the outdoor spaces while providing a wide range of logistics services for the infrastructure of the exhibition stands.

    Sector II: ADNEC events management

    The group’s second business segment includes ADNEC Events Management, which organises high-profile events at the local and international levels, by the capital events company of the group, which organises nine international exhibitions directly, namely: the International Defence Exhibition and conference (IDEX), the Maritime Defence Exhibition (NAVDEX), the Unmanned Systems Exhibition (UMEX), simulation and training (SimTEX), the International Exhibition for National Security and Resilience (ISNR) the World Media Congress, the Abu Dhabi International Boat Show, the Abu Dhabi International Food Exhibition, as well as the Abu Dhabi International Hunting and Equestrian Exhibition, which recently joined under the umbrella of the group.

    Capital Events company, in cooperation with a group of partners in the government and private sectors, organised five major events in 2023 that attracted thousands of visitors and exhibitors from five continents of the world.

    ADNEC group, in cooperation with the Ministry of Defence, organised the largest session in the history of IDEX and NAVDEX 2023 exhibitions and their accompanying conference from February 20 to 24, 2023, and the number of visitors reached more than 132,000 visitors, an increase of 114% compared to the 2021 session.

    The exhibition area amounted to about 165,000 square metres, an increase of 24% compared to the 2021 session, and the number of UAE companies reached 216 companies, an increase of 50% compared to the previous session, while the number of participating countries reached 65, an increase of 10% compared to the previous session, and the number of exhibitors registered 1,353 companies, an increase of 50% compared to the previous session.

    At the conference accompanying the exhibition (IDEX and NAVDEX 2023), the number of attendees reached 1,800 participants, an increase of 25% compared to the 2021 session, and the value of the concluded deals reached AED 23.34 billion, while the exhibitor satisfaction rate reached 98% compared to 96% in the previous session.

    ADNEC also organised the second session of the World Media Congress in cooperation with the Emirates News Agency from November 14 to 16, 2023, and the number of visitors reached 23,924, an increase of 76.5% over the first session. The Congress was held on an area of 32,000 square metres, an increase of 78% over the previous session.

    The Congress witnessed the participation of 257 specialised exhibitors, an increase of 33% from the previous session, and about 200 participants and global influencers representing 172 countries, an increase of 33% from last year’s session. The Congress witnessed more than 33 sessions and 23 workshops.

    The company also organised the Abu Dhabi International Boat Show in its fifth edition on an area of more than 65,000 square metres, an increase of 54.7% over the 2022 edition).

    The exhibition witnessed an increase in the number of boats on display, reaching 100, with an increase of 50%. The number of companies and brands reached more than 700, an increase of 27.5%. The number of participating countries reached 26, an increase of 73.3%, and the value of deals reached 3.9 billion dirhams.

    In 2023, ADNEC group also organised the second edition of the Abu Dhabi International Food Exhibition 2023 from November 27 to 29. The exhibition, which attracted more than 550 specialised companies from 50 countries around the world occupied an area of 28,465 metres and was attended by about 17,000 visitors. The exhibition received about 260 potential buyers and held about 6,500 meetings, with the number of participating brands reaching the 1,300 mark. As for the Abu Dhabi dates exhibition, the number of exhibitors reached 80 exhibitors from 20 countries with a total of 65 brands, while the number of national pavilions reached 12 pavilions.

    The third sector: Hotels

    The third business segment includes ADNEC hotels, which fully owns seven prestigious international hotels, offering its services to business and leisure travellers alike, namely Aloft London ExCeL, DoubleTree by Hilton, Aloft ExCeL London Hotel, Aloft Abu Dhabi Hotel, Andaz Capital Gate Abu Dhabi, Anantara Sir Bani Yas Island Abu Dhabi, Qasr Al Sarab Desert Resort, managed by Anantara, in addition to the Reykjavik Hotel in Iceland.

    This is in addition to acquiring a share in some hotels such as Shangri-La Bari Village, Fairmont Bab al Bahr, Park Rotana Abu Dhabi, as well as Traders Hotel, Bari Village.

    On a related note, ADNEC Group, in cooperation with the ADQ, recently announced the acquisition of 40% of Talaat Mustafa’s Icon Group, which includes 15 luxury and heritage hotel assets in Egypt.

    The group is currently examining the hotel sector to meet the requirements of tourists and business travellers alike by providing exceptional experiences, in addition to its strategic locations and exclusive specialised services with a total of 2,000 hotel rooms. In 2023, the group’s hotels received more than 681,000 visitors.

    The fourth sector: Hospitality and Food

    The fourth sector under its umbrella includes Capital Catering + Services, which provides hospitality and catering services throughout the UAE, as well as operating Etihad Catering Services.

    During the past year, it provided more than 27 million meals for more than 1,600 events, and also provided services to 13 airlines operating through Abu Dhabi International Airport, in addition to the services provided to eight hospitals operating in Abu Dhabi.

    It also provided specialised catering services to more than 60 private airlines chartered by VIPs. The capital council was re-launched during the last Ramadan to receive more than 20,000 visitors during the holy month, and a memorandum of cooperation was signed with Naama company to prevent food waste in line with the government initiative.

    Fifth sector: Services and Events

    The fourth sector includes ADNEC Services, which provides a wide range of customised solutions, including design, audio-visual production, pavilion construction, master contracting, printing, graphics and photography for the event industry.

    During the year 2023, the company oversaw the organisation of 488 events and events, in addition to the geographical expansion into the main markets in the region, and the start of projects in more than eight global locations, followed by an increase in market share by promoting the sustainable growth of the exhibition sector.

    In addition to the revenue growth through the launch of the Global Association of Event Organisers platform, which contributes to the promotion and growth of new sectors, ADNEC Services has also provided its services to the sports sector by hosting many sports events and activities, which contributed to enhancing and diversifying the activities it provides, and pioneering initiatives have been launched to digitise key assets within the venue to enable sustainable financial growth in the future.

    In 2023, a protocol for VIP services was launched in the country. This offered specialised services package through a strategic partnership with the Conference of the Parties (COP28), which successfully concluded its activities in the country at the end of the previous year.

    The sixth sector: Tourism

    The tourism sector plays a leading role in promoting the emirate of Abu Dhabi as a vibrant tourist destination, offering personalised travel experiences as well as organising special events, enriching the cultural offerings of the city.

    The year 2023 witnessed the announcement of the acquisition of Karavel, the French tourism group that is one of the most prominent pillars of the tourism sector in Europe. The acquisition was to enhance the group’s presence in Europe’s target markets, most notably France, to provide quality service packages in the areas of travel, holiday trips and cruise ships in Europe and the Middle East and North Africa, through the Karavel’s online network and its offices located in France.

    With this acquisition, the group has strengthened its presence in a wide range of target markets globally, through its offices in Britain, France, Germany and Jordan.

    In the same year, 365 Tours launched the first daily charter flights for the first time ever from three German cities to Abu Dhabi in the last quarter of 2023.

    The percentage of hotel bookings also increased by more than 270% to 170,000 hotel nights in 2023 compared to 46,000 hotel nights in 2022 nationwide.

    It has also established a strategic partnership with COP28 to provide a wide range of services and has also been awarded the best travel agency by Etihad Aviation Group.

    In addition, the company organised more than 115 cruise trips during 2023 compared to 83 in 2022, an increase of 39%, and was able to increase the average stay of tourists by three times to six nights compared to only two nights in 2022.

    The seventh sector: Media

    In conclusion, the media sector, through TwoFour54, is responsible for creating a sustainable media and entertainment system that provides comprehensive content creation services while supporting a wide variety of local and international media productions.

    2023 saw the announcement of the company’s plans to open two new destinations designed to accommodate and serve the specialised creative communities in Abu Dhabi, which are scheduled to be launched over the next three years, providing the largest network of studio facilities in the UAE.

    The new destination will feature two soundstages, each measuring 700 square metres and 14 metres high, with several indoor support facilities, including waiting rooms and dedicated areas for clothes and makeup.

    Progress is also continuing on the development of the upcoming second phase of the Creative Zone – YAS, which will welcome additional numbers of media and entertainment organisations and content industry pioneers to Yas Island in 2026.

    Twofour54 will provide an integrated facility that includes a ground floor, seven floors, underground parking, as well as office, retail and other food and beverage outlets, making up a total construction area of 92,500 square metres.

    These initiatives are in addition to the company’s plans to establish twofour54 Studios, an integrated film production destination in Abu Dhabi scheduled to open in 2025.

    Sustainability

    The year 2023 marked the continuation of ADNEC Group’s efforts in developing initiatives to advance the reality and future of all its operations and programmes and aligning them with the ambitious plans of the emirate of Abu Dhabi and the state to lead this vital sector at regional and international levels.

    The group announced its commitment to achieve carbon neutrality by 2045, in addition to reaching 50% by 2030, and ADNEC’s Pledge puts it among the first global entities to vow to achieve climate neutrality in the UAE, and through this pledge, ADNEC will be able to support the goals of the Paris Climate Agreement to reduce global warming levels around the world by 1.5 degrees and reduce total greenhouse gas emissions by 50% by 2030.(Ends )  –

  • BROKERS, BUYERS AND SELLERS FLOCK TO PHOENIX HOMES

    BROKERS, BUYERS AND SELLERS FLOCK TO PHOENIX HOMES

    BROKERS, BUYERS AND SELLERS FLOCK TO PHOENIX HOMES

     New way of conducting real estate brokerage leads to ongoing success and aggressive growth plans

     Phoenix Homes is truly an elite brokerage, with elite brokers

    Dubai(News Desk):: Phoenix Homes is experiencing rapid growth and an influx of buyers, sellers and experienced brokers as the three-year old real estate agency continues to break the mould when it comes to traditional estate agency rules.

     Founded in 2021 by three highly experienced and entrepreneurial brokers, Myles Bush, Martin Hyre and Padraic Hickey, Phoenix Homes was launched with one mission: to provide a better, more intelligent property brokerage service for both sellers and brokers.

     For the first time in Dubai, Phoenix offered brokers an 80/20 commission split, rather than the traditional 50/50, and planned to only employ highly experienced brokers with quantifiable local experience.

     That promise holds true, and the model – which also allows brokers to work from wherever they like – is truly successful, with the company growing from nine brokers three years ago to some 50 of the UAE’s best brokers today.

     Co-founder Myles Bush says: “Our brokers are clearly very happy working with Phoenix Homes, evidenced by our high sales and rental rates, and some record-breaking sales. But of course, we wanted to do things differently for sellers, too. It seemed apparent to us that sellers were tired of being cold called by (very) junior brokers, fresh to Dubai and with little or no knowledge of the market, the culture and the client needs. That’s why we only decided to employ seasoned brokers with a demonstrable record, regardless of their age, nationality or background.”

     As co-founder Martin Hyre puts it: “We judge our brokers only by results, experience and professional ability.”Brokers take 80 percent of the commission, have flexible working hours, and can list in which ever area they like.

     Phoenix Homes’ most notable sales include a large land sale of AED110m in 2023, and a huge Emirates Hills transaction worth AED102.8m in 2022, to name just a few.

     The company occupies a stunning 3,000 square feet office in Barsha Heights, where its elite brokers can take advantage of all the normal admin support they need or expect, but they are given the freedom to work when and how they like.

     Third partner in the growing firm, Padraic Hickey, adds: “We work closely with all developers and give our staff the ability to choose who they work with and which developers they gravitate towards. Select Group was recently a favourite, and back in October one of our investors calmly aquired nine side-by-side units in one sitting!”

     Bush says the company will continue its aggressive growth plans into 2024, while maintaining they will never bring junior brokers from overseas. “It’s refreshing to once again be a force within the market place and have our company name associated with intelligent, entrepreneurial brokers. Brokers are gravitating towards Phoenix for the better ‘work / life balance’, our more mature management style and of course, the larger commission share. I don’t see any signs of our success slowing down,” concludes Bush.[Ends]