In the first quarter of 2024, Abu Dhabi’s real estate market experienced significant activity, totaling AED15.9 billion in transactions with 5,127 sales and mortgage deals. Data from the DARI platform of the Department of Municipalities and Transport (DMT) highlighted 2,919 sales transactions, totaling over AED9.6 billion, with a mix of ready-made and off-plan units…reports Asian Lite News
During the first quarter of 2024, the Emirate of Abu Dhabi saw a robust real estate market, with transactions totaling AED15.9 billion. This figure encompasses 5,127 sales and mortgage transactions involving a variety of property types, indicating significant activity and investment within the sector.
According to data from the DARI platform of the Department of Municipalities and Transport (DMT) in Abu Dhabi, the emirate logged 2,919 sales and purchases transactions in Q1 2024 totalling over AED9.6 billion. This includes 1,167 ready-made real estate units and 1,752 off-plan units.
DARI data showed that the Emirate of Abu Dhabi recorded about 2,208 mortgage deals during Q1, with a total value of AED6.3 billion. Meanwhile, the top three real estate transactions logged in Abu Dhabi during the past week, with Al Saadiyat Island and Yas Island topping the list of the largest transactions for Aldar Properties projects. The total value of transactions on Yas Island amounted to AED23.5 million, while the one on Al Saadiyat Island totalled AED14.3 million.
According to the talent management platform foundit (formerly Monster jobs), this exponential increase can be attributed to the convenience that the gig economy or the freelancing industry offers to participants…reports Asian Lite News
With improving ease of access to information and technology, more women investors are investing in mutual funds, the Association of Mutual Funds in India (AMFI) said.
The share of women in mutual funds’ assets under management (AUM) has shot up from 15.2 per cent in 2017 to 20.9 per cent in 2023.
This pace of growth is more prominent in the hinterland as compared to the urban centres, with the share of women’s folios and assets in the B-30 cities increasing from 15 per cent to 18 per cent and from 17 per cent to 28 per cent during the period, respectively, the AMFI said.
The age analysis of women investors indicates that almost 50 per cent of women investors fall in the 25-44 years age group, as compared to around 45 per cent for the overall set of individual investors.
Goa boasts the highest share of women in the mutual fund industry at 40 per cent, followed by the northeastern states with high 30s percentage. Chandigarh, Maharashtra, and New Delhi also have over 30 per cent share of women in the industry’s assets under management, as per the AMFI data.
Most women continue to invest through the regular plan route in mutual funds and stay invested for longer when investing through a mutual fund distributor.
The number of women mutual fund distributors has steadily increased, nearing the 42,000 registration mark as of December 2023, managing over Rs 1 lakh crore in AUM.
Meanwhile, the number of women opting for freelancing jobs in India doubled over the past year, jumping from 4 per cent in February 2023 to 8 per cent in February 2024, a new report showed on Monday.
According to the talent management platform foundit (formerly Monster jobs), this exponential increase can be attributed to the convenience that the gig economy or the freelancing industry offers to participants.
There has also been a 56 per cent increase in jobs for women candidates in February this year when compared to February last year.
“Female workers play a major role in the success of a company. They are proven to be hard-working and creative,” said Sekhar Garisa, CEO, foundit, a Quess company.
“Female leaders often demonstrate transformational leadership qualities, and having more women in a team promotes diversity and inclusion in the workplace,” he added.
Moreover, the report revealed that the IT/Computers-Software sector leads in offering opportunities to women, comprising 36 per cent of its workforce.
The Recruitment/Staffing/RPO sector (24 per cent) has the second-highest share of women in the workforce, followed by the Banking, Financial, Services, and Insurance (BFSI) sector (23 per cent).
The participation of women in the workforce has been positive and steady across the metro cities of Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai, and Pune.
In addition, the report suggested that there has been a noteworthy increase in leadership opportunities for women, with 9 per cent of job postings specifically targeted towards leadership positions in February this year.
Modi said new opportunities were explored during his meeting ranging from agriculture, pharma, medical devices, technologies, innovation, skill development, and space…reports Asian Lite News
Prime Minister Narendra Modi said that the visit of Greece Prime Minister Kyriakos Mitsotakis to India reflected the strengthening of the strategic partnership between the two countries.
He stated that the growing cooperation in the defence and security sectors reflects deep mutual trust between the two nations.
In a joint press statement after holding bilateral and delegation level talks here with his Greek counterpart, Prime Minister Narendra Modi said that both countries have agreed to take their bilateral trade to two times by the year 2030.
PM Modi said, “I am happy to welcome PM Kyriakos Mitsotakis and his delegation to India. After my visit to Greece last year, his visit to India is a symbol of the strengthening strategic partnership between the two countries. The visit of the Greek PM to India after 16 years is a historic occasion.”
External Affairs Minister S Jaishankar, Union Minister of State for External Affairs Meenakashi Lekhi, National Security Advisor Ajit Doval and Foreign Secretary Vinay Kwatra were among others who were present in the delegation level talks.
Terming his discussions with Kyriakos Mitsotakis “meaningful and useful”, Modi said that the two nations are rapidly heading towards doubling bilateral trade by 2030. He expressed happiness that India and Greece are taking steps to implement the agreements reached in this area in 2023.
Modi said new opportunities were explored during his meeting ranging from agriculture, pharma, medical devices, technologies, innovation, skill development, and space.
PM Modi said, “Our discussions today were very meaningful and useful. It is a matter of happiness that we are rapidly heading towards doubling bilateral trade by 2030. We identified several new opportunities to give new energy and direction to our cooperation. There are many possibilities for closer cooperation between the two countries in the field of agriculture.”
He added, “And I am pleased that both sides are taking steps to implement the agreements reached in this area last year. We emphasized on increasing cooperation in many areas like pharma, medical devices, technology, innovation, skill development, and space.”
He said shipping and connectivity are the highest priority areas and discussed increasing cooperation in these areas with the Greek PM. PM Modi noted that India and Greece have common concerns and priorities in the fight against terrorism.
PM Modi said, “We also discussed connecting the start-ups of both countries. Shipping and connectivity are topics of high priority for both the countries. We also discussed increasing cooperation in these areas.”
Announcing the formation of a Working Group between India and Greece for defence and security, he said, “The growing cooperation in defence and security reflects our deep mutual trust. With the formation of a Working Group in this area, we will be able to increase mutual coordination on common challenges like defence, cyber security, counter-terrorism, and maritime security.”
He said, “New opportunities for co-production and co-development are being created in defence manufacturing in India, which can be beneficial for both the countries. We have agreed to connect the defence industries of both the countries. India and Greece have common concerns and priorities in the fight against terrorism. We discussed in detail how to further strengthen our cooperation in this area.”
He noted that India and Greece have a long history of deep cultural and people-to-people ties.
PM Modi stated that people of both nations have been exchanging trade and cultural ties as well as ideas.
He said, “As two ancient and great civilizations, India and Greece have a long history of deep cultural and people-to-people ties. For almost two and a half thousand years, people of both the countries have been exchanging trade and cultural relations as well as ideas.”
“Today we identified several new initiatives to give a modern form to these relations. We discussed concluding the Migration and Mobility Partnership Agreement between the two countries as soon as possible. This will further strengthen our people-to-people relations,” PM Modi said.
This is the first bilateral Head of State or Government level visit from Greece to India after 15 years. The last Prime Ministerial visit from Greece to India took place in 2008. (ANI)
Our ties can serve as anchor, says Jaishankar
Highlighting India’s burgeoning global presence, External Affairs Minister S Jaishankar emphasised the nation’s growing interest in the Mediterranean region during his closing remarks at the Raisina Dialogue’s inaugural event on Wednesday.
Jaishankar’s observations underscored the pivotal role the India-Greece partnership plays in shaping the nation’s upward trajectory on the international stage.
“India’s growing interest in the Mediterranean region is an important facet of our steady rise. The India-Greece partnership can surely serve as an anchor,” he said while extending the vote of thanks following Greek Prime Minister Kyriakos Mitsotakis remarks at the dialogue.
The Greek PM was the keynote speaker and chief guest of the inaugural session of the Raisina Dialogue.
Further drawing attention to the unique platform of the Raisina Dialogue, Jaishankar credited the event’s success to its diverse participants. Describing it as a “Made in India version of a Global Public Square,” he emphasised how the dialogue has evolved into its current stature due to the collective efforts of the participants, transforming it into a hub of global discourse.
EAM Jaishankar thanked the chief guest, PM Mitsotakis of Greece, and his wife for their participation. He commended the Greek PM for delivering an inspirational and thought-provoking address, especially highlighting the resonance of his message on democracies that deliver, which holds particular significance in the current global context.
On a Truth Social post, Trump blasted the verdict as “absolutely ridiculous” and said he would appeal the decision.
Former US President Donald Trump should pay $83.3 million to writer E. Jean Carroll for defamatory statements he made against her in 2019, a Manhattan federal jury has determined.
The nine New Yorkers – two women and seven men – ordered Trump on Friday to pay Carroll $11 million for a reputational repair program, $7.3 million in other compensatory damages and $65 million in punitive damages. The total is more than eight times what Carroll asked for in her initial lawsuit, Xinhua news agency reported.
Trump left the courthouse minutes before the verdict and was not inside the room when the jury returned.
On a Truth Social post, Trump blasted the verdict as “absolutely ridiculous” and said he would appeal the decision.
Friday’s verdict marked the second time Carroll won damages from Trump at trial.
Last May, a separate Manhattan federal jury awarded Carroll $5 million in damages, including nearly $3 million for defamation, after they found that Trump sexually abused Carroll and then defamed her in 2022 for public statements he made disparaging her and denying the allegations.
Carroll, a former magazine columnist, alleged that Trump raped her in a department store in the mid-1990s and then defamed her when he denied her claim.
Update your space with a work from home station. (Photo: Unsplash)
This leadership style aligns more closely with Western gender norms that characterize women as more empathetic and cooperative and men as more competitive and aggressive…reports Asian Lite News
Family firms account for more than 70 per cent of the global GDP, and poll statistics reveal that they are significantly more accepting of female leadership: up to 55 per cent have at least one woman on their board, and 70% are considering a woman as their next CEO. Experts attribute the outlier gender parity to a focus on long-term plans or family values. But a new study, published in the Strategic Entrepreneurship Journal, suggests that women’s success as leaders in family businesses is deeply rooted in how employees interpret their leadership style.
“Family firms tend to focus on being inclusive and supportive of internal stakeholders, extending the sense of ‘family’ and community,” says Remedios Hernandez-Linares of the Universidad de Extremadura in Spain and one of the study’s authors. “This culture creates a moderating effect for women leaders — their leadership is perceived as relationship-building and values dissemination.”
This leadership style aligns more closely with Western gender norms that characterize women as more empathetic and cooperative and men as more competitive and aggressive. The authors note, however, that women leaders at family businesses are not necessarily more impactful because they conform to gender norms. They thrive because their businesses’ strategies emphasize areas where women are traditionally seen as competent.
“CEOs influence employees’ behaviors via modeling, and leaders who are more credible and legitimate are more effective role models,” says Maria Concepcion Lopez-Fernandez of Universidad de Cantabria in Spain, another of the study’s authors. “Perceived incongruity between female gender roles and leadership roles can lead to prejudice and bias against female leaders.”
The authors specifically dug into how CEOs foster entrepreneurship, a highly masculinized business behavior, within their business culture. They conducted regression analysis on survey data from 322 Spanish small businesses, 198 classified as family firms and 133 as nonfamily. Women represented 20 percent of the CEOs. CEOs ranked their business’s performance on five entrepreneurial traits: risk-taking, innovation, proactiveness, competitiveness, and autonomy. The survey also measured key aspects of social learning at each business, including commitment to learning, shared vision, and open-mindedness.
The analysis showed no direct effect of CEO sex on entrepreneurial orientation, and all aspects of social learning were positively related to entrepreneurship. However, there were marked differences based on CEO sex and whether the organization was a family business. “It is not male or female leadership per se that predicts a firm’s entrepreneurial orientation, but rather, whether the male or female CEO is leading a family or nonfamily business,” says Kimberly A Eddleston of Northeastern, the study’s third author. “Women leaders at family firms better leverage their business’s commitment to learning and open-mindedness to support entrepreneurship than women leaders at nonfamily firms.”
“Our study therefore suggests that while women have an advantage leading family businesses, gender biases hamper female leaders’ ability to transform learning into greater entrepreneurial orientation in nonfamily business,” added Franz Kellermanns of UNC Charlotte, the study’s final author. The study gives greater context to decades of conflicting research that demonstrates a multitude of business benefits associated with female leadership but also slower growth and lower profits. The key may lie in culture — women can create more impact at businesses that emphasize at least some more traditionally feminine values. The authors also advise that couching their leadership styles in empathy and relationship-building can also help make women business leaders more effective. (ANI)
Pichai said that latest “role eliminations are not at the scale of last year’s reductions, and will not touch every team”….reports Asian Lite News
Google CEO Sundar Pichai has reportedly warned employees to brace themselves for more job cuts this year.
Google, which has let go over a thousand employees across various departments in the last one week or so, is likely to go for more job cuts, reports The Verge, citing an internal memo.
“We have ambitious goals and will be investing in our big priorities this year,” Pichai told employees in the memo.
“The reality is that to create the capacity for this investment, we have to make tough choices,” he added.
In the memo, Pichai said that latest “role eliminations are not at the scale of last year’s reductions, and will not touch every team”.
“But I know it’s very difficult to see colleagues and teams impacted,” the Google CEO added.
The layoffs this year are about “removing layers to simplify execution and drive velocity in some areas”.
“Many of these changes are already announced, though to be upfront, some teams will continue to make specific resource allocation decisions throughout the year where needed, and some roles may be impacted,” Pichai further wrote.
After laying off nearly 1,000 employees last week, Google is also reportedly slashing “a few hundred” more jobs in its advertising sales team as part of an ongoing restructuring exercise.
Philipp Schindler, Google’s chief business officer, told staff in a memo that the fresh job cuts “were the result of changes to how Google’s sales team operated”, Business Insider reported.
A Google spokesperson also confirmed that “a few hundred roles globally are being eliminated” as part of the restructuring.
In January last year, Google cut its workforce by 12,000 people, or around 6 per cent of its full-time employees.
The layoffs will primarily affect Google’s Large Customer Sales (LCS) unit, a team that sells ads to large businesses.
The Google Customer Solutions team (GCS), which sells ads to smaller clients, will now become the “core” ad sales team.
Google laid off some employees on its LCS team in October last year.
“Every year we go through a rigorous process to structure our team to provide the best service to our Ads customers,” a company spokesperson was quoted as saying.
“We map customers to the right specialist teams and sales channels to meet their service needs. As part of this, a few hundred roles globally are being eliminated and impacted employees will be able to apply for open roles or elsewhere at Google,” the spokesperson added.
Google had recently laid off workers in several departments, including hardware, central engineering teams, and Google Assistant.
In January last year, Google cut its workforce by 12,000 people, or around 6 per cent of its full-time employees.
The tech giant also made other job cuts to its recruiting and news divisions later in the year.
YouTube Trims Teams
Google-owned YouTube is reportedly laying off at least 100 employees from its creator management and operations teams.
YouTube Chief Business Officer Mary Ellen Coe announced the layoffs internally, reports Tubefilter. “YouTube will bring its content creator management teams together under dedicated central leadership in each individual country,” the report noted.
YouTube’s music and support teams are also being reportedly reorganised. In an internal staff memo, Coe said that these changes are intended to streamline YouTube’s business.
She, however, did not divulge how many employees are being affected. “As we have seen the past few years, our creator base is broadening and diversifying, from our most experienced creators to a new generation of casual creators posting on YouTube for the first time,” Coe wrote.
“Gen AI tools will further fuel new forms of creativity and bring even more creators to the platform,” she added. At the same time, “our subscription businesses have momentum, powered by partnerships with music, sports and media companies”.
“As the business evolves, we have an even greater need to ensure we’re running the business effectively and meeting the needs of all of our users,” Coe told the employees. Those being laid off will have a chance to apply for other roles at YouTube. However, “it was not clear if they are guaranteed new positions within the company”.
“Each one of you has been a valued and meaningful part of our team, and we’ll be here to support you as you consider next steps,” said Coe.
In the 10th edition of the Vibrant Summit, MoUs for 41,299 projects worth a whopping Rs 26.33 lakh crores have been signed, reports Asian Lite News
The much-awaited Vibrant Gujarat Global Summit has come to an end after three days of activities, witnessing various big-ticket investment proposals from various Indian and overseas companies.
The high-value investment proposals included Indian companies such as Adani Group, Reliance Industries, Tata Group, and global corporate DP World, among others.
In the 10th edition of the Vibrant Summit, MoUs for 41,299 projects worth a whopping Rs 26.33 lakh crores have been signed, the organiser said in a post on X.
A large part of the MoUs were in the green energy space, said officials.
In 2022, MoUs for 57,241 projects with investments worth Rs 18.87 lakh crores were signed, but the Vibrant Gujarat Summit 2022 was postponed due to the COVID-19 pandemic.
With this, Gujarat accomplished a landmark by securing MoUs for investments in 2022 and 2024, surpassing Rs 45 lakh crores across 98,540 projects.
“Through MoUs in emerging sectors like Semiconductors, E-Mobility, Green Hydrogen, and Renewable Energy, the Vibrant Gujarat Global Summit 2024, themed ‘Gateway to the Future,’ aims to establish Gujarat as a leading state in realizing Hon’ble Prime Minister @narendramodi’s vision of Viksit Bharat@ 2047,” the official X handle of Vibrant Gujarat wrote.
During these three days, about 3,500 foreign representatives joined the summit, and representatives from 19 states also converged.
The 10th edition of Vibrant Gujarat Global Summit 2024 was inaugurated on Wednesday by Prime Minister Narendra Modi. The theme of this year’s three-day summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organisations.
The Summit is also being used as a platform by the Ministry of Development of the North-Eastern Region to showcase investment opportunities in the North-Eastern regions.
The Vibrant Gujarat Global Summit was initiated by Narendra Modi in 2003, the then chief minister, to put Gujarat on the world map of trade and industry.
This year, multiple industry captains, including Chairman of ArcelorMittal, Lakshmi Mittal, Toshihiro Suzuki, President of Suzuki Motor Corporation, Japan, Mukesh Ambani of Reliance Group, Sanjay Mehrotra, CEO of Micron Technologies, USA, Gautam Adani, Chairman of Adani Group, Jeffrey Chun, CEO Simmtech, South Korea, N Chandrasekaran, Chairman Tata Sons Limited, Chairman of DP World, Sultan Ahmed bin Sulayem, Shankar Trivedi, Sr VP Nvidia and Nikhil Kamat, Founder and CEO of Zerodha, addressed the gathering and informed about their business plans.
Addressing the summit after formally inaugurating it on Wednesday, the Prime Minister reiterated the pledge to make India ‘viksit’ by 2047, making the next 25 years ‘Amrit Kaal’ of the country.
“It is time for new dreams, new resolutions and continuous accomplishments,” he asserted.
Referring to the 20th anniversary of the Vibrant Gujarat Summit, the Prime Minister remarked that the summit has showcased new ideas and created new gateways for investments and returns.
Throwing light on this year’s theme of ‘Gateway to the future’, the Prime Minister said that the future of the 21st century will be brightened by shared efforts.
During India’s G20 Presidency, the Prime Minister said that a road map for the future has been presented and is being forwarded by the vision of the Vibrant Gujarat Global Summit.
“The priorities and aspirations of India’s 1.4 billion citizens and their belief in human-centric development, coupled with the government’s commitment to inclusivity and equality, are a major aspect of world prosperity and development,” the Prime Minister remarked. Today, the Prime Minister mentioned that India is the 5th largest economy in the world, while it lagged at 11th position a decade ago.
He also underlined that in the next few years, India will go on to become one of the top 3 economies in the world, as predicted by various rating agencies around the world. (ANI)
In economic news, RBI in its bi-monthly policy review meeting kept repo rates unchanged at 6.5 per cent. It also maintained the stance. The GDP growth forecast rate number was however raised from 6.5 per cent to 7 per cent…reports Asian Lite News
The week post-election results have pushed the markets into a new orbit. The resistance around the highs made on September 15 were broken and overcome in one shot and we are now on the threshold of new milestones just waiting to be touched and then broken. It may be said that markets now have fresh legs and also wings to help it to move ahead over the next couple of quarters.
Markets gained on four of the five trading sessions and lost on one. At the end of what could be termed an eventful week, BSE Sensex gained a massive 2,344.41 points or 3.47 per cent to close at 69,825.10 points while NIFTY gained 701.50 points or 3.46 per cent to close at 20,969.40 points.
The broader markets saw BSE 100, BSE 200 and BSE 500 gain 3.42 per cent, 3.55 per cent and 3.29 per cent respectively. BSE Midcap was up 2.04 per cent while BSE Smallcap was up 1.33 per cent. The intraday highs made were 69,893.80 on BSE Sensex and 21,006.10 on NIFTY.
The Indian Rupee lost 9 paise or 0.11 per cent to close at Rs 83.38 to the US Dollar. Dow Jones had a flat as a doormat close gaining a mere 2.37 points or 0.01 per cent at 36,247.87 points. Dow lost on three of the five sessions and gained on two.
Markets post the election results have been in a buoyant mood and gained across sectors. The one sector which did not participate in the rally during the week was BSE FMCG which lost a tad and was down 0.35 per cent. All other sectors were positive and one saw the likes of Reliance Industries and HDFC Bank which had been laggards earlier, chipping in with handsome gains. HDFC Bank gained 6.23 per cent during the week to close at Rs 1,653 while Reliance Industries with gains of 2.63 per cent closed at Rs 2,456. The movement of these two stocks has brought about a new momentum in the markets as well.
In economic news, RBI in its bi-monthly policy review meeting kept repo rates unchanged at 6.5 per cent. It also maintained the stance. The GDP growth forecast rate number was however raised from 6.5 per cent to 7 per cent.
The week ahead has two IPOs opening and closing for subscription during the week. The first of the issues is DOMS Industries Limited which is tapping the markets with a fresh issue of Rs 350 crore and an offer for sale of Rs 850 crore. The issue opens on Wednesday (December 13) and closes on Friday (December 15). The price band is Rs 750-790. The company is a manufacturer of a wide range of stationery and art products under the brand name DOMS which are sold in India and over 45 countries in the world.
The company reported revenues of Rs 1,216.52 crore for the year ended March 23 which have improved further to Rs 764.21 crore for the six months ended September 23. The profit after tax was Rs 102.87 crore for the full year and Rs 73.9 crore for the half year. The EPS on a fully diluted basis is Rs 18.29 for the full year and Rs 13.14 for the six months. The PE multiple on earnings for March 23 is 41.01-43.19. The issue is attractive and as an added comfort for investors has a very active and high grey market premium as well. The issue merits subscription though allotment would be tough as the retail portion is only 10 per cent of the issue size.
The second issue is from India Shelter Finance Corporation Limited which is tapping the markets with its fresh issue of Rs 800 crore and an offer for sale of Rs 400 crore. The price band of the issue is Rs 469-493 and the issue would open on Wednesday (December 13) and close on Friday (December 15). The company, as the name suggests, is in the business of providing loans for affordable housing. It has an AUM of Rs 5,180 crore as of September 30. Among the peer set mentioned by the company, the others have a higher AUM at Rs 7,603 crore for Aptus Value, Rs 8,365 crore for Home First and Rs 15,319 crore for Aavas Financers. The way this business is tracked is price to book or P/B which is 4.6 for Home First, 3.6 for Aavas Financers and 4.5 for Aptus.
The markets are again getting ready for a spate of issues in the coming days before Christmas comes and there would be a wide variety on offer. One may look at the existing listed shares in the housing finance space as better opportunities may lie there.
Coming to the markets in the week ahead, we have had a sharp rise in the previous week and markets must consolidate in the coming week. The levels on the upside could be between 21,100-21,150 on Nifty and 70,300-70,450 on BSE Sensex. On the downside there could be some sharp corrections due to profit taking and support exists at levels of 20,600-20,650 on Nifty and at 68,850-69,000 on BSE Sensex. The trading strategy would be to use rallies to sell and book profits. Without correction in the markets, fresh long positions may be avoided.
The markets have a long way to go and the ensuing rally would be something for 5-6 months. One will need to be patient to profit from this rally. Do not be in a hurry to make money. Be patient and ride out the rally.
In conclusion, wait for a correction and consolidation in the coming week.
Exhibitors from the region include RAK Ceramics, the world’s largest ceramics brand; interiors and dining experience creators BelVida Home; and tabletop glassware manufacturer EMID IGT LLC…reports Asian Lite News
More than 5,000 businessmen and women from the Middle East, including 1,000 from the UAE, are set to head to Frankfurt for Ambiente – the world’s largest product sourcing event for the hospitality and retail sectors – amid continued growth in the region’s tourism sector.
Ambiente, taking place 26-30 January 2024, is anticipated to welcome 60 per cent more regional visitors than pre-pandemic, underscoring the Middle East’s sustained demand for products, design and fit out for hotels, restaurants, resorts, shops and workspaces.
The UAE is Ambiente’s biggest Middle East source market, followed by Saudi Arabia, Egypt, Lebanon and Kuwait. The event will host 170 participating nations, more 4,500 exhibitors and over 150,000 visitors – including investors, designers, procurement specialists and entrepreneurs – in total.
Exhibitors from the region include RAK Ceramics, the world’s largest ceramics brand; interiors and dining experience creators BelVida Home; and tabletop glassware manufacturer EMID IGT LLC.
Speaking in Dubai, Philipp Ferger, Vice President Consumer Goods Fair Messe Frankfurt Exhibition,said: “Ambiente proudly operates as the world’s biggest event of its kind, with the 2024 edition set to surpass all previous editions in terms of visitors, floor space, products and features. The Middle East’s expanding presence at Ambiente underscores the region’s growing demand for the very latest in design, innovation and products for existing and upcoming projects, as well as an increasing appetite to join world-leading suppliers and industry peers for discussion, networking and idea-sharing.”
Julia Uherek, Vice President Consumer Goods Fair Messe Frankfurt Exhibition, added:
“As Ambiente gears up to shape the future of the HORECA sector, we look forward to welcoming our Middle East visitors for five days of dealmaking, debate and learning.
Ambiente will feature a special focus on ESG, with an entire section dedicated to sustainable sourcing, eco-friendly design, recycling initiatives and the latest green trends through Ambiente’s Ethical Style programme, where participants can showcase sustainable products, materials and ideas.
The show also boasts an impressive speaker line up, five academies and some of the world’s most famous designers, including Elena Salmistraro, the Ambiente Designer 2024.
Ambiente is operated by Messe Frankfurt, which is headquartered in Germany. Its Dubai-based Middle East business operates a growing number of high-profile trade fairs in the region, including Beautyworld, Paperworld, Automechanika and Intersec.
Danube Properties becomes the first developer in the region to allocate real estate units worth AED 25 million to support MBRGI programs
Danube Properties announced it is allocating real estate units at a value of AED 25 million in support of charity and humanitarian programs carried out by Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI).
Danube pledged to allocate real estate units over the next five years to support programs launched by MBRGI, the largest foundation of its kind locally and regionally, which aims to support vital sectors in relevant countries, and find solutions for cultural, knowledge, economic, social, health, environmental and humanitarian challenges. This is the first contribution of its kind for any real estate developer in support of MBRGI’s property endowment projects.
Mr Rizwan Sajan, Founder and Chairman of Danube Group, said: “It is an honor to be able to support the projects and programs of Mohammed bin Rashid Al Maktoum Global Initiative, which stand for humanitarian unity and establish values of social solidarity within the Emirati community.
“Our contribution reflects our commitment to support humanitarian initiatives, as we are keen to put our social responsibility into practice and stand behind philanthropic efforts launched by the UAE to leave a positive impact through sustainable projects.
“We, at Danube Group, believe our support as repayment to the country that welcomed us and helped us grow and prosper. It reflects our belief in the role of business in driving sustainable development and enhancing quality of life,” he added.
Positive Impact
Dr. Abdulkareem Sultan Al Olama, CEO of MBRGI, noted that, under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, MBRGI has made a positive impact in the lives of 102 million people across 100 countries around the world during 2022.
“Sustainable projects and programs launched and implemented by MBRGI are a model for giving and generosity, and a reflection of the UAE’s impactful humanitarian role,” he said, praising the contribution of Danube Properties which will help achieve MBRGI’s objectives of tackling humanitarian, social and developmental challenges around the world.
During 2022, MBRGI has spent a total of AED 1.4 billion on various initiatives and programs, implemented by 35 organizations working under its umbrella.
