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Category: Commerce

  • UAE stocks gain AED8.2 bn in market cap Thursday

    UAE stocks gain AED8.2 bn in market cap Thursday

    Driven by upbeat sentiments following the H1’s positive financial results announced by some of the listed companies in the country’s two main bourses, the UAE financial markets posted combined gains of AED8.2 billion in market cap on Thursday.

    Abu Dhabi’s main stocks index was remarkably up 1.25 percent to 4,359 points today, driven by gains by some of the blue chips, specially powerhouse banking stocks, with DFM’s General Index following suit, and closing 1.35 percent higher at 2,107 pts.In Abu Dhabi, FAB closed high at AED11.12, followed by ADCB, AED5.11, and Aldar Properties to AED1.76. The Abu Dhabi National Insurance Company capitalised on the H1 positive financial results and closed at AED3.3, with Methaq Takaful Insurance PSC (METHAQ) rising to 61 fils. In Dubai Financial Market, Emaar picked up to AED2.69, Union Properties to 33 fils, Emirates NBD to AED9.35 and Aramex to AED3.40.A total of 6,065 deals were conducted worth AED405 million over 393 million shares.

    ABU DHABI, 6th August, 2020 (WAM)

  • Al Masaood Automobiles wins the prestigious “Renault Global Partners Award

    Al Masaood Automobiles wins the prestigious “Renault Global Partners Award

    Abu Dhabi, August 4, 2020 –

    Al Masaood Automobiles, Abu Dhabi’s leading car dealership and distributors of Nissan, Infiniti and Renault,  has been titled as the winner of the 2019 edition of the “Renault Global Partners Award, P.A.R.I.S. Challenge” the highest accolade for car dealerships granted for exceptional performance in Sales and Aftersales-tapping into new market segments, posting an increase in sales volume and providing the company’s signature touch of excellence in customer satisfaction.

    Renault Abu Dhabi was recognized as the best performing Renault dealership in 2019 globally for marking Year-on-Year progress to reinforce the French auto brand’s position as evidenced in its achievement of 40 per cent sales growth in 2019, resulting in an increased market share of 1.4 per cent in the Abu Dhabi market. The company outperformed other Renault dealerships from around the globe.

    H.E. Masaood Ahmed Al Masaood, Chairman, Al Masaood Group, said, “We are proud to receive this distinction, which consolidates our position as a global benchmark across the thriving automotive market. The award serves as a testament to the strong dedication displayed by our staff and their commitment to offer top-line services to our customers. Being awarded the “Renault Global Partners Award, P.A.R.I.S. Challenge” emphasizes our success following decades of hard work and dedication applied by everybody involved with our day-to-day operations.”

    Renault Abu Dhabi’s efforts fully utilized the concept of innovation through its introduction of highly engaging and interactive campaigns and promotions that sought to tap into new customer segments, expand Renault’s diverse portfolio of offerings, and maximize exposure via digital channels. In line with this, the company successfully inaugurated the ‘R-Store’, a pioneering state-of-the-art facility and one stop shop that throws the spotlight on Renault’s high standards and best practices. Collectively these efforts led to a surge in domestic sales and a more diversified portfolio of customers as compared to preceding years.

    Irfan Tansel, Chief Executive Officer, Al Masaood Automobiles, said: “It is very gratifying to have received this prestigious global award from Renault, as it recognises the tremendous efforts that the Al Masaood Automobiles’ team has invested to grow and expand the Renault brand in Abu Dhabi.

    “We congratulate our partners at Al Masaood Automobiles – Renault Abu Dhabi for earning the top honours at this year’s P.A.R.I.S. Global Challenge–a remarkable tribute that demonstrates the company’s continuing efforts to consolidate the Renault brand in Abu Dhabi. We are confident that sales growth will continue its upward trajectory in the next few years through the spirit of Al Masaood Automobiles’ team and their dedication,” concluded Bernard Chretien, Managing Director, Renault Middle East & Pacific.

     

  • UAE stocks gain AED15.8 bn Monday

    UAE stocks gain AED15.8 bn Monday

    Driven by powerhouse realty and bank shares, the listed companies in UAE financial markets posted combined gains of AED15.8 bn in market cap on the first trading day of the month.

    Abu Dhabi’s main stocks index was up 0.45 percent to 4,324 points today, driven by gains by some of the blue chips, with DFM’s General Index following suit, and closing 0.70 percent high at 2,065 pts.In Abu Dhabi, FAB closed high at AED11, followed by ADCB, AED5.04, with Abu Dhabi National Energy Company (TAQA) continuing its upward streak to AED1.44.In Dubai Financial Market, the Emirates NBD rose to AED9.01, with the Union Properties maintaining its positive performance, closing up at 35 fils, and Deyaar Development to 28 fils.A total of 7,722 deals were conducted worth AED450 million over 629 million shares.(News by WAM)

  • ADCB announces Net Profit Of AED 1.227 Billion for 2nd Q of 2020

    ADCB announces Net Profit Of AED 1.227 Billion for 2nd Q of 2020

    Abu Dhabi, 29 July 2020 – Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”) today reported its financial results[1] for the first half of 2020 (“H1’20”).

    • Strong operating performance despite macro-economic headwinds. Significant improvement in the cost to income ratio resulting from a disciplined approach to cost management and delivery of synergies

    Pro-forma half year comparison H1’20 vs. H1’19 (unless otherwise stated)

    • Net interest and income from Islamic financing was 2% lower at AED 5.136 billion amid a low growth environment and a contraction in the loan book on account of large corporate repayments in late June’20. Interest expense[2] improved by 37% to AED 2.783 billion in H1’20 due to a significant improvement in the cost of funds supported by increased CASA balances, reduced reserve requirements and declining benchmark rates
    • Operating profit[3] increased 2% year on year to AED 4.066 billion, underlining the resilience of the ADCB franchise through multiple challenges including Covid-19, lower oil prices and declining benchmark rates
    • Operating expenses (including integration costs) decreased 12% year on year to AED 2.351 billion in H1’20, while operating expenses in Q2’20 were down 25% year on year and 23% sequentially to AED 1.025 billion
    • Cost to income ratio (including integration costs) improved to 34.9% in Q2’20 from 42.0% a year earlier, an improvement of 710 basis points (7.1%), supported by the Bank’s on-going cost initiatives and realisation of synergies related to the combination with Union National Bank (UNB) and Al Hilal Bank (AHB)
    • Total shareholders’ equity stood at AED 53 billion as at 30 June 2020, up from AED 49 billion at the end of Q1’20, driven by an increase in the net fair value of reserves on debt instruments designated under FVTOCI over Q1’20 and retained earnings for Q2’20
    • Continued realisation of synergies and launch of a series of bank-wide cost initiatives to enhance efficiencies across the ADCB Group following successful completion of integration

     Successful integration of UNB and Al Hilal Bank into the ADCB Group completed in April 2020 significantly ahead of schedule and within budget. Transfer of UNB customers to ADCB achieved smoothly despite teams working remotely due to Covid-19

    • Sustained commitment to supporting stakeholders in response to global Covid-19 emergency; digital capabilities enhanced in line with transformation programme.ADCB continues to support the decisive measures introduced by the Central Bank of the UAE to support the country’s economy through its “Targeted Economic Support Scheme” (TESS)
    • Digital transformation programme gaining momentum, with 39 digital launches in H1’20, triple the H1’19 total
    • Increased digital penetration, with 59% of new ADCB retail customers onboarded digitally in the first half of 2020, compared to 35% in 2019. 

    H.E. Khaldoon Al Mubarak, Chairman of ADCB Group, commented:

    “ADCB displayed considerable resilience in a difficult operating environment in the first half of this year, as the impact of Covid-19 and low oil prices disrupted economic activity in the UAE and around the world.  The bank also adapted quickly to the new circumstances in order to serve its current and future client base. Having successfully completed the fast-tracked integration of Union National Bank and Al Hilal Bank in April, ADCB became the first bank in the UAE to roll out a support package for customers and the wider community in response to Covid-19. The Bank also acted quickly to modify its operations to promote the health and safety of its customers and employees, while ensuring full continuity and service excellence.

    Commenting on the Bank’s performance, Ala’a Eraiqat, Group Chief Executive Officer and Board Member said:“

    I am pleased to report that ADCB produced a good set of financial results and a robust operating performance, especially given the operational and economic challenges raised by the Covid-19 global pandemic.Through this period, we have maintained a singular focus on delivering continuous, high quality service to customers, at select branches and through our popular digital platforms, which have seen a sharp rise in usage over the last four months.Impairment charges in the second quarter were significantly lower than in the first quarter of the year, when ADCB booked significant provisions for its exposure to NMC Health Group, Finablr and related companies.

     

     

     

     

     

     

     

     

     

  • Commercial Bank of Dubai (CBD) reports 1st Half 2020 net profit of AED 530m & operating profit of AED 1,026m

    Commercial Bank of Dubai (CBD) reports 1st Half 2020 net profit of AED 530m & operating profit of AED 1,026m

    Dubai, 26 th July 2020:

    Commercial Bank of Dubai (CBD) today reported its financial results for the first six months of 2020.Noteworthy Financial Commentary:2020 H1 results:
    ► Net profit was AED 530 million, 24.3% below the prior comparative period
    ► Operating income was AED 1,412 million, down by 6.5% compared to the prior
    comparative period due to sharply lower interest rates
    ► Operating expenses were AED 386 million lower by 9.9%
    ► Operating profit was AED 1,026 million, down by 5.2%
    ► Net impairment allowances were AED 495 million, up 30.1% attributable to specific credit
    provisions together with forecast expected credit losses associated with the Covid-19 pandemic
    As at 30 th June 2020:
    ► Capital ratios remained strong with the capital adequacy ratio (CAR) at 14.03% and the
    common equity Tier 1 ratio (CET1) at 12.87%
    ► Gross loans were AED 66.8 billion, an increase of 4.2% compared to 31 st Dec


    Dr. Bernd van Linder, Chief Executive Officer said,“CBD has delivered a lower performance for the first 6 months of 2020 primarily attributable to the,unprecedented challenging market environment. Notwithstanding these very difficult operating conditions, we continue to execute on our strategy and are positioned well for improved business conditions in the quarters ahead.
    While global and domestic business conditions are weak and somewhat uncertain, we commend
    our leaders and the government in the United Arab Emirates for the continued proactive measures
    taken during the crisis period. He added “We continue to proactively take necessary measures to support our customers,employees and the UAE economy during the pandemic. CBD has maintained uninterrupted banking services throughout the Covid-19 pandemic with an emphasis on improving the digital services to
    our customers.

     

     

  • Khalid bin Mohamed bin Zayed briefed on Department of Finance Fiscal Plan 2020-2025

    Khalid bin Mohamed bin Zayed briefed on Department of Finance Fiscal Plan 2020-2025

    H.H. Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Executive Council of Abu Dhabi and Chairman of Abu Dhabi Executive Office, held a meeting with Jasim Bu Attaba Al Zaabi, Chairman of the Department of Finance and several officials, where he was briefed on the Department of Finance’s medium-term fiscal plan 2020-2025.

    The plan focuses on preserving the economic climate and accelerating the economic growth to reflect Abu Dhabi’s fiscal strength and resilience.

    The mid-term plan comes with a clear vision of economic diversification, efficient expenditure and revenue management and a medium-term debt management strategy as crucial pillars of the fiscal plan.

    Sheikh Khalid was also briefed on the Department of Finance’s efforts during recent months and with the backdrop of global uncertainties caused by the COVID-19 pandemic, reiterating the emirate’s fiscal strength, modest levels of debt and solid asset base.

    Sheikh Khalid issued a directive to continue prioritising spending on whatever helps improves the lives of citizens and residents and creates economic and social solutions that enable individuals and companies of all sizes to overcome current challenges by turning them into opportunities.

    He also instructed the department, being the main partner to all government entities, to inculcate a culture of fiscal excellence, as part of the collective effort to support Abu Dhabi’s fiscal strength and resilience, and implement the leadership’s vision for a prosperous economy after oil.

    The department will continue to execute Abu Dhabi’s medium-term debt management strategy that optimises the capital structure of the emirate, tapping into diverse funding sources whilst maintaining the current credit ratings. Abu Dhabi’s economy is the only AA rated sovereign in the region.

    Recently, Abu Dhabi successfully issued US$7 billion and US$3 billion multi-tranche sovereign bonds. The bonds were executed on time to seize the available market opportunity and favourable financing conditions.Abu Dhabi has also maintained conservative levels of debt, with total Government debt at 12.1 percent of the GDP at the end of 2019, which is amongst the lowest in the world and is testament to the emirate’s prudent fiscal and debt management policies.

  • Dubai Chamber webinar series promotes emirate as ideal hub for African businesses

    Dubai Chamber webinar series promotes emirate as ideal hub for African businesses

    The Dubai Chamber of Commerce and Industry has announced that it recently kicked off a webinar series providing African business leaders and entrepreneurs with useful information about doing business in Dubai, and promoting Dubai as an ideal hub for African companies.

    The Benefits of Doing Business in Dubai series was organised by the Chamber’s representative offices in Africa and attended by 175 participants from several African countries, including Ethiopia, Ghana, Mozambique and Kenya, among others.

    The first webinar, held earlier this month in cooperation with Bizzmossis Service Company, looked at why the current timing is ideal for investing and setting up a business in Dubai, highlighting the advantages and offerings of various free zones throughout the emirate.

    Upcoming webinars will provide participants with detailed information on Dubai’s key economic sectors and business landscape, and guidance on everything from opening a bank account, to residency visas, business licenses and freelancing.

    A survey conducted during the first webinar found that 72 percent of participants said they would be keen on investing in Dubai, while 41 percent stated they are looking to set up a business in the emirate within the next three months.

    The first webinar included presentations and speeches from Omar Khan, Director of International Offices at Dubai Chamber; Marianna Bulbuc – CEO and Founder of Bizzmosis; Zemedeneh Negatu – Global Chairman Fairfax Africa Fund; and Norvan Acquah – Hayford – Public Relations Manager at Ghana Link Network Services.

    For his part, Omar Khan encouraged the African business community to explore the vast competitive advantages and incentives offered to businesses in Dubai, and pointed out that the emirate’s business community has remained resilient amid the Covid-19 situation, thanks to its early adoption of digital infrastructure and vital support from the government.

    He noted that the webinar series complements Dubai Chamber’s efforts to promote Dubai as a global business hub and attract African companies to the emirate, while it also provides valuable insights to help participants make informed decisions about entering the Dubai market. He added that the Chamber’s offices in Kenya, Ghana, Ethiopia and Mozambique are always ready to assist businesses across the continent with any questions they may have.

    Read in Urdu

  • Dubai Economy, Commercial Bank of Dubai to provide exclusive banking services for DED Trader licence holders

    Dubai Economy, Commercial Bank of Dubai to provide exclusive banking services for DED Trader licence holders

    The Business Registration and Licencing (BRL) sector of Dubai Economy and Commercial Bank of Dubai (CBD) have joined hands to provide exclusive banking services for DED Trader licence holders. The initiative enables startups in Dubai to leverage online and social media for business growth.

    With the DED Trader smart banking solutions, DED Trader licence holders can open a CBD account with ‘zero balance’ and minimal paperwork, secure preferential rates on local and international transfers and get a free cheque book. Business owners will also have the opportunity to earn up to 100% of their trade licence fees back based on the average daily balance maintained in their accounts. In addition, they can get a CBD credit card and convert their licence fee into 0% easy payment plan payable over a period of 6 or 12 months.

    “The collaboration with CBD reflects Dubai Economy’s focus on promoting e-commerce and the competitiveness of Dubai’s economy, as well as our commitment to realising the vision of the government to drive digital transformation and build awareness about the e-platforms that facilitate commercial activities. We are keen on promoting public-private partnerships, especially in the finance sector, to enable startups to conduct business seamlessly,” said Omar Khalifa, Deputy CEO of BRL sector, Dubai Economy.

    “The BRL sector provides support to DED Trader licence holders through our partnerships with the government and private sectors. We offer facilities to enhance their business growth as well as open new channels through greater cooperation with sales outlets. This is in line with the UAE government’s decision to support startups and accelerate their pace of growth in alignment with the global trends to ensure their success and growth,” said Omar AlMeheiri, Director of Follow-up and Development in the Business Registration & Licensing sector in DED.

    Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said: “We are delighted to provide DED Trader licence holders with exclusive banking services ranging from special and free banking benefits to redeeming up to 100% of their trade licence fee. This comes as part of our strategic partnership with Dubai Economy to enhance the overall business environment of Dubai and support entrepreneurs by providing them with the relevant products and services to set up and promote their businesses.”

    Amit Malhotra, GM- Personal Banking Group added “Our partnership with Dubai Economy is a good example of the public and private sectors working together to support start-ups in Dubai, help manage their finances and benefit from the best banking solutions through a seamless and smooth user experience. CBD is committed to supporting the UAE economy and we will use our extensive banking experience to drive the growth of the business sector.”

    The DED Trader aims to licence startups and business activities that operate online or on social networking sites. The licence, which is issued electronically, guides traders towards the right path to enter the business world

  • DLD reduces real estate registration procedures to one step through one channel

    DLD reduces real estate registration procedures to one step through one channel

    Dubai Land Department, DLD, has provided a team to work directly from the real estate registration trustee centres to facilitate the completion of all real estate registration transactions with record speed, and enabling the appropriate investment climate for the real estate sector.

    The team includes a manager and an auditor to provide easy and flexible services to customers, saving time and effort and providing simplified and flexible procedures. This step helps DLD excel over its peers from global investment destinations.

    This service was launched at the beginning of March 2020, and the team’s role is to support customers and review and complete transactions simultaneously, thus achieving the slogan “complete your transaction in one step through one channel.”

    Team members are also required to support the registration trustee centres through advanced and certified mechanisms to verify, review, and certify all the required information as well as confirm that they have the necessary powers to conclude all procedures and services provided in the registration trustee centres, including the issuance of title deeds.

    Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector at DLD, said, “We have achieved unprecedented success by developing an easy-to-use system that is available to all customers looking to obtain real estate registration services and through which they can choose and locate registration trustee offices. This will help strengthen Dubai’s position as a preferred real estate investment destination in the world that supports all parties in the local real estate market, to ensure their comfort and happiness.”

    The process begins with the sellers and buyers at the real estate registration trustee centres; the required and valid legal documents must be submitted for review and approval as required. The DLD’s fees should be paid via a certified bank cheque, along with the fees of the real estate registration trustee via the payment portal. After completing some of the required procedures, the registration trustee will issue the title deed to the new owner.

    To ensure customer happiness, DLD has developed a new and independent complaints mechanism related to real estate registration and survey maps in cooperation with Smart Dubai (complaints system), as it is the neutral and supervising authority when submitting customer complaints.

    This service is part of the Smart Dubai initiative. In case of any defect, the customer can register a complaint against the registration trustee centre through
    https://ecomplain.dubai.gov.ae, specifying its nature and providing all other details to handle the complaint and maintain the applicant’s confidentiality, with the possibility of the customer using the proposed solutions for specific problems until the complaint is resolved.

  • RTA completes 80 digital, 4th Industrial Revolution projects

    RTA completes 80 digital, 4th Industrial Revolution projects

    Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority, RTA, praised the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to launch the e-Government initiative 20 years ago.

    He pointed out that the subsequent projects and smart transformation of Dubai into a city that delivers services via advanced smart applications has proved effective, not only in Dubai but across the UAE. Thanks to that drive, it was possible for government departments to ensure business continuity and deliver high-quality services during the lockdown forced by the COVID-19 pandemic.

    “The RTA was among the first public entities to deliver all services through user-friendly and innovative smart platforms. It kept increasing and improving the quality of its smart services on offer. Thanks to those efforts, RTA now offers services via four digital channels and a website,” Al Tayer said.

    “Our smart services proved highly effective during Covid-19 lockdown. The number of digital transactions rose sharply by 40 percent compared to the same period last year. Equally, transactions carried out through Mahboub Chatbot doubled to 100 percent. Consequently, the RTA’s happiness index of digital services clocked 90 percent, and customers’ use of digital and smart services rocketed by 300 percent during the National Disinfection Programme compared to last year,” he added.

    RTA has completed 80 projects as part of its digitisation, smart and 4th industrial revolution projects. Nine of these were completed last year highlighted by the 3D printing technology of metro parts, automated fare of marine transport services, Phase III of nol Plus loyalty points programme, Enterprise Command and Control Centre, an interactive device for marine transport services, virtual driving, building capacities in data science, robot, and the smart route.

    To build capacities in data management, the RTA trained a data science specialist, established the first laboratory dedicated to transport data science and artificial technology in the MENA region. Initially, it developed 16 user cases and trained 16 employees. Two employees obtained a Masters’ degree in data science. Under Phase II of the programme, 136 employees will be trained, some will pursue a Masters’ degree, and 86 user cases will be developed.

    In the field of sustainable and smart transport, the RTA established a link with 114 limo companies, seven e-hail companies, and two shared transport companies (hourly rental) using the Al-Merqab system, which streamlines and monitors the performance of limo and e-hail companies. The system is installed in 6,000 limos operated by 114 firms and tracked 19 million journeys of e-hail companies (Uber and Careem). The RTA linked 10,375 taxis with a central monitoring and managing system of surveillance cameras. It also installed smart cameras and dashboards for monitoring the behaviour of taxi drivers.

    Among the projects completed in 2019 is the automated fare collection system (digital nol) of marine transport systems. The system is installed in 20 marine transport stations and completed more than a million transactions. The RTA installed 100 solar-powered nol card top-up machines which had performed more than three million transactions.

    The RTA’s improvements in infrastructure and smart vehicles included the smart route system for testing drivers, which completed 800 transactions. The system reduced the time of retrieving video records of drivers testing by 75 percent. It enabled the development of 10 new guidelines for improving the quality and governance of testing. The system reduced the time of reporting accidents and vehicle faults by 75 percent.

    The Smart Route uses artificial technologies, Internet of Things, face-recognition technology, three-dimensional panoramic photography, GPS and others. More than 2000 people were tested through the virtual driving system reached, and the success rate achieved was 79 percent.

    About 3,000 transactions were processed through the trial parking booking system. nol Plus loyalty points systems processed about 86,000 transactions and the system attracted 6,635 subscribers till the end of last year.

    In the field of Artificial Intelligence, Mahboub Chatbot completed about 245,000 transactions. The system reduced the number of calls to the Call Centre by 40 percent and provided 130 services. Thanks to this success, Mahboub won the biggest chatbot award in the region. The Robot (Pepper) delivered eight orientation workshops for new employees, and three training workshops for drivers attended by 30 drivers. The system was also used in eight exhibitions.