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S&P assigns ‘AA-’ issuer rating to EDB

The bank has also been assigned a ‘gcAAA’ long-term GCC regional scale rating by S&P Global Ratings, said a statement issued by EDB on Monday….reports Asian Lite News

S&P Global Ratings has assigned ‘AA-‘ long-term issuer credit rating with Stable Outlook to Emirates Development Bank [EDB], a key financial enabler of the country’s economic diversification and industrial transformation agenda.

The bank has also been assigned a ‘gcAAA’ long-term GCC regional scale rating by S&P Global Ratings, said a statement issued by EDB on Monday.

The rating is a major endorsement of EDB’s new strategic mandate to support the UAE’s economic diversification plan by enabling individuals, mSMEs, and corporates in priority industrial sectors while promoting innovative technologies to build a knowledge-based economy.

The S&P Global rating follows Fitch Ratings’ affirming its ‘AA-’ Issuer Default Ratings [IDR] with a Stable outlook on EDB in May 2021.

The S&P Global rating assessed EDB’s capitalisation as very strong positioning the bank for expected rapid lending growth.

The agency believes the bank is well positioned for growth amidst its commitment to maintain robust capitalisation, underpinned by the Federal government’s backing.

Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the EDB, said: “The AA- ratings by S&P Global and Fitch reaffirms the bank’s strategic plans to play a pivotal role in the economic diversification efforts of the UAE in line with the vision of the country’s wise leadership. The ratings play a very important step for EDB’s future strategy and aspirations. This rating also reinforces the bank’s position and ability to mobilise financial resources and expand its services in the field of funding and loans.”

In their assessment reports, S&P Global and Fitch have favourably considered the probability of sovereign support for EDB from the Federal government in line with its new strategy to support economic development across priority sectors, its strong capital and access to various funding and liquidity sources, the WAM reported.

ALSO READ: IPL to resume on Sep 19 in UAE

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-Top News Sports UAE News

IPL to resume on Sep 19 in UAE

BCCI official says remaining IPL games will be held in Dubai, Sharjah and Abu Dhabi, reports Asian Lite News

The Board of Control for Cricket in India (BCCI) has zeroed in on the date for the resumption of the 14th edition of the Indian Premier League to be held in UAE.

The first game on resumption will be played on September 19 while the final will be hosted on October 15 — the day India will be celebrating Dussehra this year.

A BCCI official in the know of developments of the recent meetings between the BCCI and the Emirates Cricket Board (ECB) said the discussions went well and the Indian board is confident that the remaining IPL games will be held successfully in Dubai, Sharjah and Abu Dhabi.

IPL

“The discussions went really well and with ECB already giving us the oral nod to host the event ahead of the BCCI SGM, it was about closing the deal over the last week. The first game after the season resumes will be held on September 19 while we will have the final on October 15. The BCCI was always keen on a 25-day window to finish the remaining matches,” the official said.

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Asked about the situation with regards to availability of the foreign players, the official said talks are on and the Indian board expects positive outcomes.

“The discussions have started and we are keeping fingers crossed that the foreign players will be mostly available. If a couple of them do not manage to turn up, we shall then decide on the future course of action. But keeping fingers crossed for now and hoping to have an action-packed end to the 14th edition in UAE,” the official said.

In fact, franchises are also confident that the BCCI will engage in positive discussions with the foreign boards and make players available for the remaining games.

“What we were made aware after the BCCI SGM is that the board will be speaking to the foreign boards and check on the availability of the foreign cricketers. We are confident that the BCCI will find the best possible solution and honestly it is a matter of the BCCI officials speaking to the respective board officials, so we should wait to hear from the board on this. Yes, if we do end up missing some of the foreign stars, that is an area which would need some attention when it comes to picking replacements as the foreign players are also integral to the teams. Team balance can go for a toss, so keeping fingers crossed on that one,” the franchise official told ANI.

ALSO READ: IPL 2021 shifted to UAE

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-Top News Economy UAE News

ADIB named best Islamic bank in UAE

Since its establishment in 2006, the IFN Awards have continued to grow significantly with the rise of demand for Sharia’a-compliant products and services….reports Asian Lite News

Abu Dhabi Islamic Bank (ADIB) has announced it won five categories at the Islamic Finance News (IFN) Awards 2021 ceremony, including Best Islamic Bank in the UAE, Iraq and Egypt. The bank also received the awards for Best Islamic Private Bank and Best Islamic Bank for Treasury Management.

Held in Dubai, the IFN Awards is a highly regarded awards ceremony within the Islamic finance industry, honouring organisations that have displayed leadership, innovation and excellence in deal execution over the past year.

Since its establishment in 2006, the IFN Awards have continued to grow significantly with the rise of demand for Sharia’a-compliant products and services. The winners are selected by a panel of independent experts who judge each candidate based on a set of predetermined criteria.

ADIB continues to be recognised for its success in the Islamic banking sector, receiving numerous awards in recent months including ‘Best Islamic Digital Bank’ and ‘Innovator in Islamic Finance’ awards by Global Finance. The bank was also named ‘World’s Best Islamic Bank’ by the FT’s The Banker Magazine and ‘Best Islamic Bank in the Middle East’ at the MEA Finance Awards 2020.

ALSO READ: Non-Arabs pump in AED3.255 bn to UAE in five months

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UAE News

UAE expands clean energy sector in record time

The country also drafted ambitious future goals, through the launch of the National Energy Strategy 2050, which aims to reduce demand for energy by 40 percent…reports Asian Lite News

Sharif Salim Al Olama, Under-Secretary of the Ministry of Energy and Infrastructure, stated that the UAE has expanded its clean energy sector in record time due to its laws and legislation that encourage investment in current developments and future projects.

The country also drafted ambitious future goals, through the launch of the National Energy Strategy 2050, which aims to reduce demand for energy by 40 percent, increase the contribution of clean energy to the national energy mix to 50 percent, and encourage cooperation with the private sector in related areas, he added.

During his virtual participation, representing the UAE on behalf of Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, at the 12th annual Clean Energy Ministerial (CEM) summit hosted by Chile, Al Olama called for joint international efforts to provide clean energy for all countries, noting that the UAE believes that the transformation to clean energy is a real opportunity to help solve social, environmental and economic challenges.

“In the past, our ambition was to benefit from solar energy. Now, our production is over 2 gigawatts of installed capacity, as well as an additional 4 gigawatts to be delivered within the next two years. Solar energy is the cheapest available form of energy in the UAE’s energy mix. Moreover, we have launched several projects that support the country’s plans to invest in clean energy, most notably the Barakah Nuclear Power Plant, which has four reactors capable of producing 5.6 gigawatts of clean energy,” he said.

The UAE is also the home of the first commercial-scale carbon dioxide plant in the Middle East, which captures 800,000 tonnes of carbon dioxide from the iron and steel industry, he added, noting that the country aims to increase this capacity by over five times by 2030.

The UAE will continue its significant efforts to diversify its sources of energy to ensure flexibility in its energy mix, he added, affirming that it also aims to utilise hydrogen to generate energy.

CEM members agreed to work together to increase the ambition of the Clean Energy Ministerial in its third phase, CEM3.0. They reaffirmed the CEM’s goal to accelerate the global clean energy transition through international collaboration and to increase the global deployment of clean energy technologies.

The Clean Energy Ministerial (CEM) is a forum committed to accelerating a global clean energy transition. This year’s event addressed climate change challenges in the wake of the COVID-19 pandemic and the prospects for recovery.

ALSO READ: UAE suspends arrivals from Vietnam

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Economy UAE News

Non-Arabs pump in AED3.255 bn to UAE in five months

The growth is reflective of the steady capital inflows received by the two markets since the beginning of the year…reports Asian Lite News

The net investments of non-Arab investors in UAE financial markets significantly jumped to AED3.255 bn during the first five months of 2021, statistics revealed by the Abu Dhabi and Dubai bourses show.

The growth is reflective of the steady capital inflows received by the two markets since the beginning of the year, as a directive result of the increased investor confidence in the UAE capital markets thanks to the lucrative dividend yields paid out by the listed companies, considered the highest in the Gulf and the Middle East.

Cash dividends distributed by these companies surged to over AED41 bn for 2020, according to the Securities and Commodities Authority.

In more detail, the Abu Dhabi Securities Exchange saw net investments by Arabs hitting AED2.945 bn from January through May: AED44.752 bn in purchases and AED41.807 in sales. This segment of investors accounted for 38 percent of total trades in the capital’s bourse, which amounted to AED227.639 bn, from January through May.

In Dubai Financial Market, the non-Arabs’ net investments amounted to AED311 million during the reference period: AED7.302 bn in purchases and AED6.991 bn in sales, which accounts for around 30 percent of the DFM’s total trades, estimated at AED47.8 bn during the reference period.

ALSO READ: UAE, Japan to launch business council

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Europe UAE News

Air Arabia resumes flights to Vienna

Customers can now book their direct flights between Sharjah and Vienna by visiting Air Arabia’s website, by calling the call centre or through travel agencies….reports Asian Lite News

Air Arabia airline has announced the resumption of direct flights between Sharjah and Vienna, starting 15th October, 2021.

Customers can now book their direct flights between Sharjah and Vienna by visiting Air Arabia’s website, by calling the call centre or through travel agencies.

Last month, Air Arabia, which is also Middle East and North Africa’s first and largest low-cost carrier (LCC), had announced the resumption of direct flights between Sharjah and Bishkek starting July 2nd, 2021.

Seasonal direct flights between Sharjah and Batumi will also be starting from June 29.

Ensuring the highest standards of safety at every step of the journey by following all health and safety protocols, Air Arabia has also added to the convenience and confidence of passengers by introducing free COVID-19 insurance coverage. The insurance is automatically included as part of the booking and no additional documents are required from passengers.

ALSO READ: ‘Operation Smile UAE’ offers free surgeries

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-Top News Health UAE News

‘Operation Smile UAE’ offers free surgeries

Operation Smile UAE was established in January 2011 under the patronage of Sheikha Alyazia bint Saif Al Nahyan wife of Sheikh Abdullah bin Zayed Al Nahyan…reports Asian Lite News

‘Operation Smile UAE’ in cooperation with Healthpoint and the Department of Health-Abu Dhabi will be holding a medical mission, providing free surgeries for patients with cleft conditions from 4th-6th June at Healthpoint, Abu Dhabi.

Operation Smile UAE was established in January 2011 under the patronage of Sheikha Alyazia bint Saif Al Nahyan wife of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.

The foundation, which is a branch of the international charity “Operation Smile”, provides free and safe surgery for children and young people born with cleft lip and cleft palate, and was founded in 1982 and has so far provided more than 300,000 free surgeries to patients in about 30 countries around the world.

As part of its sixth campaign, Operation Smile UAE held three screening sessions to determine patients eligible for surgery. One at University Hospital, Sharjah, in January, where 11 patients were examined; one at Al Jalila Children’s Specialty Hospital, Dubai, where 13 patients were screened; and the last at offices of Operation Smile in Abu Dhabi where seven patients were screened.

Over three days, 10 patients aged six months to 39 years will receive life-changing surgeries for their cleft conditions.

A team of 32 medical volunteers, including surgeons, anaesthetists, nurses, and paediatricians will be donating their time during the mission. Operation Smile UAE medical volunteers will be working alongside volunteers from Healthpoint.

Also, on this mission, 6 student volunteers from the Student Programmes initiative are participating to assist with paperwork and family care.

As part of the mission weekend on Saturday, June 5th patients who received operations at Healthpoint during the mission in December 2020 will be invited for their six-month checkup at Healthpoint. Operation Smile UAE’s volunteer medical team will examine the patients who received surgery and be available to answer questions from patient’s families on cleft follow-up care.

Since 2017, Operation Smile UAE has examined 109 patients of 24 nationalities and performed surgeries on 56 patients from more than 15 nationalities. Cleveland Clinic Abu Dhabi hosted four medical missions, while Healthpoint Hospital Abu Dhabi hosted its first medical mission in December 2020.

ALSO READ: Kuwait, Bahrain authorise new drug for Covid-19

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-Top News Asia News UAE News

UAE, Japan to launch business council

Japan is ranked tenth globally in the list of countries investing in the UAE, and eighth globally in terms of non-oil trade, which reached US$8.95 billion in the first ten months of 2020, reports Asian Lite News

The UAE and Japan are looking to put together a business council. During the virtual meeting between Dr. Thani bin Ahmed Al Zeyoudi, minister of State for Foreign Trade, and Hiroshi Kajiyama, Japan’s minister of Economy, Trade and Industry, both sides approved the formation of an joint team tasked with putting together a UAE-Japanese business council, to improve the partnership between the Emirati and Japanese business communities towards creating opportunities for companies in both countries.

It would also aim to generate added value from joint investments, provide information and services for investors, and encourage communication between relevant government authorities.

The officials also discussed means of boosting mutual trade and investments and facilitating the movement of imports and exports between the countries.

Al Zeyoudi said that the partnership between the UAE and Japan is reflected by positive economic indexes, with the value of Japanese direct investments in the UAE since the start of 2020 totalling $4.01bn, a growth of 22.6 per cent from 2015 until 2020. Japan is ranked tenth globally among the list of countries investing in the UAE, and eighth globally in terms of non-oil trade, which reached $8.95bn in the first ten months of 2020, he added.

Japanese-Prime-Minister-Yoshihide-Suga

“We will continue advancing our bilateral cooperation in target areas and sectors that support the economy of the future, especially technology, electronics, advanced industries, medical research, space sciences, automation, artificial intelligence and entrepreneurship. The UAE-Japanese business council will play a key role in this regard,” Al Zeyoudi said.

Kajiyama highlighted his country’s desire to reinforce its relations with the UAE, most notably in the energy sector. He also stressed his country’s eagerness to actively participate in Expo 2020 Dubai, official news agency WAM reported.

Entities across both countries have collaborated earlier as well. The Mohammed Bin Rashid Space Centre (MBRSC) signed an agreement with Japan’s ispace earlier this year, by virtue of which the latter will provide payload delivery services to the Emirates Lunar Mission.

Japan to open tourism promotion office in Dubai

Last month, Japan National Tourism Organisation (JNTO) said it will establish an office in Dubai within 2021, as part of its strategic efforts to achieve the Japanese government’s goal of welcoming 60 million international visitors to Japan by 2030.

It is the first such office by JNTO to open in the Middle East, and will be a focal point for the organisation’s promotional efforts in showcasing Japan as a preferred travel destination for residents in the region. JNTO has positioned the Middle East as a priority market and will promote tourism exchange between the Middle East and Japan in order to strengthen the relationship between the two.

JNTO President, Satoshi Seino, said: “JNTO is proud to open an office in Dubai, United Arab Emirates this year, which will be the first office to open in the whole Middle East by JNTO. Japan is a country with a long history, abundant nature and a unique culture. We are internationally renowned for our delicious cuisine, beaches, skiing, pop culture, shopping, and historic wooden architecture such as shrines and temples. A trip to Japan will surely be an unforgettable and special experience. To all in the Middle East, we look forward to welcoming you in Japan.”

ALSO READ: UAE tops AI infra in Arab region

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Technology UAE News

TIRS: New cybersecurity platform launched at GISEC 2021

Speaking on the Government Stage, Ghaith Alsuwaidi, Deputy Director, Security Systems for the DESC, unveiled the new platform, designed entirely by a team of UAE nationals…reports Asian Lite News

The Dubai Electronic Security Centre (DESC) has launched a new cybersecurity platform, known as “TIRS”, which translates to “Shield” in English, at GISEC 2021, the 9th edition of the Middle East and Africa’s most influential and connected cybersecurity event, where is open until tomorrow at Dubai World Trade Centre (DWTC).

Speaking on the Government Stage, Ghaith Alsuwaidi, Deputy Director, Security Systems for the DESC, unveiled the new platform, designed entirely by a team of UAE nationals, which scans Dubai government websites to detect vulnerabilities within departments, delivers top-line data and issues a safety score out of five.

The platform also creates a threat report to inform participating entities on critical weaknesses, enabling them to take appropriate action to resolve any security gaps. Once the threat is identified and dealt with, the DESC will confirm the action taken within the TIRS system.

“TIRS is one of the key pillars monitoring Dubai’s cyberspace, through the Dubai Cyber Index Platform. We continuously scan government websites and based on the security of the government entities we give them a score out of five. It ensures the security of government websites and introduces competitiveness in terms of website security, all the time making Dubai’s cyberspace safer,” said Alsuwaidi, adding that the TIRS scoring will be a parameter on the Dubai Cyber Index by the end of this year.

Dr. Marwan Al-Zarouni, Director, Information Security Services, Dubai Electronic Security Centre (DESC), stated, “In Dubai, we are not isolated from the world when it comes to regulation, and we participate in global programmes and contribute to policy-making. We are one of the first cities to mandate that all cloud providers to any government bodies need to be compliant to our security standards.”

UAE-based cybersecurity advisor, Digital14, launched its Cyber Resilience Report: The UAE Threat Landscape 2021, during GISEC.

Cyber defence experts evaluated and analysed multiple digital assets in the UAE to give an in-depth understanding of the country’s threat landscape.

Digital14’s research revealed an exponential surge in phishing and ransomware with 1.1 million phishing attacks in 2020.

Joshua Knight, EVP Cyber Defence, Digital14, said, “Traditional cybersecurity approaches are no longer enough. Traditional perimeter-based network defence, for example, is obsolete. Not only does the perimeter no longer exist in our newly connected environments, but organisations must also recognise that their networks have most likely already been breached.”

Key findings of the report include: In 2020, 249,955 vulnerabilities were found in 800,315 unique instances Significant numbers of old vulnerabilities, some dating back to 2000, have yet to be remediated within UAE organisations’ networks. These can easily provide an entry point for devastating cyberattacks Ransomware increased with a 33 percent rise in the number of new ransomware families compared with 2019

ALSO READ: Dubai real estate transactions hit AED92 bn

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Business Dubai

Dubai businesses urged to provide Beneficial Owner data

The legal representatives of a registered business in Dubai can visit the eServices page of Dubai Economy or the outsourced service centres to furnish the Beneficial Owner data required….reports Asian Lite News

Dubai Economy has called on all business owners in the emirate to provide their Beneficial Owner data to be added in the commercial registry as required by the UAE Cabinet.

The legal representatives of a registered business in Dubai can visit the eServices page of Dubai Economy or the outsourced service centres to furnish the Beneficial Owner data required.

‘Beneficial Owner’ refers to those individuals/entities that benefit from owning a registered business. The Cabinet Decision No. (58) of 2020 requires all registered businesses in the UAE to reveal the identity and furnish details of their Beneficial Owner to be included in the commercial registry as part of enhancing corporate compliance in the country in line with international best practices.

The Beneficial Owner data required include name, gender, passport, nationality, residence address and email. All registered businesses in Dubai must register their Beneficial Owner data irrespective of their category (e.g. Commercial, Professional or Industrial) or legal form.

The customers can visit outsourced service centres of Dubai Economy and request to register the Beneficial Owner data upon which they will receive an electronic link to the procedure via text message. The customer can then click on the link and complete the procedure in a few simple steps. Alternatively, customers can log in to
https://ded.ae/service_details/en/beneficial_owner and then click on the Add / Modify the Beneficial Owner button. The customer will then be transferred to another screen to enter the Beneficial Owner data of the licence.

The deadline for registering the Beneficial Owner data is 15 June 2021.

Any customer performing a business registration and licensing transaction at Dubai Economy is automatically alerted on the Beneficial Owner data via text message before a payment voucher for the transaction is issued.

The customer can then click on the link provided in the text message and enter the Beneficial Owner data required. Business owners requesting Auto Renewal of their licences via text message to ‘6969’ also receive the link to the Beneficial Owner registration.

For enquiries and information on the Beneficial Owner registration, customers can email Dubai Economy on info@dubaided.gov.ae or call +971 4 445 5555.

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