Yahsat reports AED1.6 billion revenue, 6% YoY increase in 2022
Al Yah Satellite Communications Company (Yahsat) today announced its consolidated financial results for the fourth quarter and full year for 2022.
For the twelve-month period, Yahsat delivered growth in revenue and adjusted EBITDA, which increased 6% and 7% respectively year-on-year, meeting and exceeding financial guidance targets.
Highlights for the full year include revenue of AED1.6 billion (US$433 million), up 6% year-on-year, driven by growth of 41% in Managed Solutions and stable performance across the infrastructure and mobility solutions businesses.
Other highlights include Adjusted EBITDA of AED946 million (US$258 million), up 7% year-on-year, delivering a margin of 60%; normalised net income of AED390 million (US$106 million), up 31% year-on-year, generating a margin of 25%; and contracted future revenue of AED7.3 billion (US$2 billion), equivalent to 4.6 times annual revenue for the year 2022.
The company also reported proposed full year dividend of AED16.12 fils (US$4.39 cents) per share or AED393 million (US$107 million), 2% higher than the prior year, of which 50% was paid as an interim dividend in October 2022 and the remaining amount is expected to be paid as a final dividend in May 2023 subject to shareholder approval at the upcoming annual general meeting.
Musabbeh Al Kaabi, Chairman of Yahsat, commented, “In a year of continued transformational change for the satellite industry and against a backdrop of global economic headwinds and tighter financial conditions, the company continues to deliver top-line revenue growth, a superior margin and healthy cash flows, positioning it to sustain and grow its dividend and invest in organic and inorganic growth opportunities.”
Ali Al Hashemi, Group CEO of Yahsat, said, “Yahsat delivered strong growth in 2022. The launch of the Thuraya-4 NGS satellite in 2024 followed by two potential new satellites, Al Yah 4 and Al Yah 5, demonstrates our commitment to sustaining our core government business, presenting unique growth opportunities for the Group that are expected to further secure our long-term financial outlook beyond 2026.”
Hotels in NEOM Open Job Positions for Luxury Properties on Sindalah Island
NEOM, located in Saudi Arabia, is recruiting individuals for job positions on Sindalah, an island situated off the coast of the development, which is scheduled to launch in 2024. The Luxury Collection Red Sea Sindalah, The Autograph Collection Red Sea Sindalah, and The Luxury Collection Residences Red Sea Sindalah are all seeking applicants and are the first hotel brands on the island. Marriott International manages these establishments, and interested candidates can search their job listings.
The job openings available include Multi-Property Commercial Director — Sales & Marketing, Multi-Property Director of Rooms, Multi-Property Director of Culinary, Multi-Property Hotel Manager, Multi-Property Director of Human Resources, Multi-Property Director of IT, Multi-Property Director of Finance, and numerous others. The job postings are open to recent graduates, architects, and marketing specialists, among others.
Doha recognised as Arab Tourism Capital 2023 by the Arab Tourism Organization for Tourism at official ceremony
Doha was officially recognised as the Arab Tourism Capital 2023 by the Arab Tourism Organization for Tourism at a commemoration ceremony. Held under the patronage of His Excellency the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al-Thani at the Katara Cultural Village. The event took place on Arab Tourism Day (February 25), and was attended by tourism ministers, ambassadors and prominent leaders from the nations that are represented by the Arab Tourism Organization, as well as Visit Qatar’s brand ambassadors Nasser Al-Attiyah and Mutaz Barsham.
In addition to an official key handover ceremony which saw Doha being crowned the title Arab Tourism Capital for 2023, the event also featured spectacular performances by Dana Alfardan, as well as a Arda and fireworks show.
Commenting on the occasion, Chairman of Qatar Tourism and Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: “It is an honour to see Doha being named as the Arab Tourism Capital 2023 by the Arab Tourism Organization. One of the industry’s most prestigious accolades, the Arab Tourism Capital award is a testament of our exceptional achievements in leisure and hospitality. I am proud of our city’s tireless efforts that have culminated in this honourable recognition and look forward to further cementing Doha’s position as one of the world’s most sought-after leisure destinations.”
The Arab Tourism Organization declared Doha as the Arab Tourism Capital for 2023, in its 25th session at the Arab League General Secretariat Headquarters in Cairo, Egypt. The session was chaired by Jordanian Minister of Tourism and Antiquities, Nayef Fayez, amongst other prominent Arab leaders. Cities were evaluated based on a selection of criteria including tourism management, infrastructure and resources, safety and security, diversity of tourism activations, and preservation and protection of the environment.
By continuing to host internationally renowned events, investing in hospitality offerings and expanding into more specialised areas of tourism, Qatar is in a perfect position to meet its goal of welcoming six million visitors a year by 2030.
twofour54 launches ‘The Community Hub’ to empower creatives and startups
twofour54 today launched ‘The Community Hub’, a collaborative co-creating space that brings together gamers, aspiring filmmakers, storytellers, animators, freelancers, start-ups, and SME content creators.
The Community Hub is located at the heart of Yas Creative Hub, the first purpose-built development for media, entertainment and gaming in the region. It features an array of spaces, from private meeting rooms and lounges, to a screening room and brainstorming areas. This unique space will empower and enable creatives to connect, collaborate, and realise their full potential by leveraging the power of connectivity across the increasingly overlapping creative industries.
The Community Hub will also connect members with twofour54’s established partners, enabling invaluable business and networking opportunities.
Mark Whitehead, Chief Executive Officer, twofour54, said, “At twofour54, each partner brings a wealth of knowledge to the table and makes the community richer and stronger. Research shows that the greatest impact starts with empowering local communities. By introducing the Community Hub, creatives and entrepreneurs will have access to resources that will help them address tomorrow’s most pressing issues. The hub will be an engine of ideation, igniting new projects, and businesses and empowering creative talent to grow as they hone their skills side by side with like-minded peers and the industry’s best.”
The Community Hub has been built in response to a growing need in the market. It provides young talent with mentorship opportunities, enabling career progression and ultimately ownership of their full-fledged projects. Beyond its purpose as a private and flexible working space for individuals within the creative industry, The Community Hub provides a medium through which creatives and freelancers can learn from each other, interact with one another, and work together towards growing the creative industry in the UAE.
The Community Hub includes the growing community of AD Gaming, the aspiring filmmakers of Arab Film Studio, and the budding young talent of the Creative Lab. The AD Gaming Hub houses a gaming Centre of Excellence established by software developer Unity Technologies, where students, professionals and small businesses can learn and acquire the skills needed to succeed in the ever-growing regional gaming industry.
The Creative Lab and The Arab Film Studio, aim to support its participants by cultivating their talent and building their experiences through internships, workshops, and courses.
NVIDIA is also launching its studio at twofour54’s Community Hub to support aspiring artists and industry professionals. The NVIDIA Studio comprises 10 state-of-the-art Studio computers equipped with the latest GeForce RTX Studio GPUs, alongside NVIDIA RTX accelerated applications. This means regional content creators will benefit from smoother, faster, and more efficient workflows and see their ambitious projects come to life. NVIDIA will also provide a range of training sessions and events to bring the community together and enhance the skills of creative professionals across the emirate.
Creative hubs incubated some 1.2 million individuals globally before the COVID-19 pandemic. In its capacity as a long-term destination for the creative community, The Community Hub will offer businesses in the UAE and beyond seeking access to a network of creative and media professionals a path to help accelerate media innovation. It caters to the needs of anyone looking to find flexible, interesting ways to help their business grow and flourish.
Emirates Literature Foundation opens 2023 edition of competitions for students
Emirates Literature Foundation has announced that their competitions for schools are now open for 2023, celebrating champion readers, storytellers, poetry performers and the craft of fine handwriting.
Students with a talent for poetry performance can showcase their interpretation of a favourite poem in the Emirates NBD sponsored “Poetry For All,” while young writers can show off their writing skills in the Oxford University Press Story Writing Competition and their beautiful penmanship in the Royal Grammar School (RGS) Guildford Dubai Children’s Letter Writing Competition.
Schools can compete against each other in the Chevron Readers’ Cup to show who comes top with their knowledge and understanding of the selected books.
All competitions are open to full-time students and are held in Arabic and English.
“Our competitions are a highlight on the school calendar” said Isobel Abulhoul, CEO of the Emirates Literature Foundation. “They are hugely popular with students, parents, and teachers. They allow young people the chance to expand their love of reading, create their own inspirational stories and wow the judges with their public speaking skills. Plus, it gives them the special opportunity to engage with a like-minded community that loves and appreciates books and literature.”
Participants can register online via the Emirates Literature Foundation’s website. The finals and award ceremonies for the competitions will be held during the Emirates Airline Festival of Literature in February 2023.
The Poetry For All competition, sponsored for the seventh consecutive year by Emirates NBD, is open to students across two age group categories, 8-13 and 14-18. This year, a new category will be open to People of Determination ages 8-18.
Performers compete in several preliminary rounds, with the grand finals held during the Emirates Airline Festival of Literature in February 2023.
Seven days packed with adventure, fun and educating activities at ADIHEX
The Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX) will get underway tomorrow, for seven continuous days, reflecting the increasing public turnout, and meeting the aspirations of the enthusiasts of falconry, hunting, equestrian and heritage around the world, as well as responding to the aspirations of exhibitors in the sectors that make up the event.
Held under the patronage of H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Falconers’ Club (EFC), and the theme of “Sustainability and Heritage… A Reborn Aspiration”, the 19th ADIHEX will be organised by Emirates Falconers’ Club from 26th September to 2nd October, and sponsored by the Environment Agency – Abu Dhabi, International Fund for Houbara Conservation and Abu Dhabi National Exhibition Centre where the event is being held. The sponsor of the “Hunting Guns” sector is Caracal International LLC, the Silver Sponsor is Q Properties, and the visitor experience partners are Fatima Bint Mubarak Ladies Sports Academy, POLARIS-Specialised Sports Equipment, and Luxury Carts Group. whereas the features sponsors are Smart Design and the Royal Tent Company. The official Automotive partner is ARB Emirates, and the supportive partner is the Abu Dhabi Chamber of Commerce and Industry.
This year’s edition attracts more than companies and brands from 58 countries. ADIHEX includes 11 diverse sectors such as Arts and Crafts, Equestrian, Falconry, Hunting Tourism and Safari, Hunting and Camping Equipment, Hunting Guns, Preservation of Environment and Cultural Heritage, Outdoor Leisure Vehicle and Equipment, Veterinary Products and Services, Fishing Equipment and Marine Sports, and Media.
ADIHEX attracts painters, artists, photographers, calligraphers, sculptors, and art galleries from inside and outside the UAE, who have been presenting their creativity with high artisanship that expresses various artistic schools, including realistic, abstract and modern ones. Their topics revolve around desert and marine environment, authentic heritage, and hunting along with its matters, concerns, and distinct types.
ADIHEX, the largest event of its kind in the Middle East and Africa, and one of the leading hunting exhibitions with its diverse sectors, plays a significant role in attracting tourists and visitors from the Gulf Cooperation Council region and the world. Since 2003, 1,750,000 visitors have visited it, including local and international end-users, merchants, high-net-worth individuals, dignitaries, as well as heritage and outdoor sports and hunting enthusiasts. While its last edition (ADIHEX2021) welcomed more than 105,000 visitors from 120 nationalities.
Aiming to attract more visitors from different countries, to attend the largest edition in the history of the exhibition, the Higher Organising Committee of ADIHEX launched a major international promotional and marketing campaign through the exhibition’s representative offices located in several European and Asian countries, in addition to the social media sites, and digital and traditional media, targeting interested visitors from different continents of the world.
Organisers say nearly 100 live activities, workshops and interesting events awaiting the exhibition’s audience over its seven days, including educational activities, creative contests, and live heritage and sport- themed performances that attract all visitors, and provide families with edutaining interactive activities which enhance the exhibition’s status as a popular attraction for all families and members of the society.
They added that ADIHEX aspires to have a positive environmental, cultural, social, and economic impact on our societies and to showcase its commitment to this responsibility through its activities.
The exhibition provides visitors with the opportunity to learn about the culture of the UAE and its authentic heritage through the diverse and innovative features, which raise their awareness in the importance of preserving the environment and wildlife, in addition to encouraging them to practice authentic and environmentally friendly sports in a sustainable manner.
The features organised by the Emirates Falconers Club are particularly prominent in the exhibition, presenting live programmes on the principles of falconry and how to take care of falcons. It also introduces the Mohammed bin Zayed Falconry and Desert Physiognomy School, and the Arabian Saluki Centre, whereas visitors, tourists, and families will have a chance to interact and take pictures with the falcons and the Arabian salukis.
The Falcon Auction of its 2022 edition will feature seven categories of captive-bred falcons, namely Pure Gyr, Peregrine, Saker, Pure Gyr male Karmousha, Gyr Saker, Gyr Saker male, and Gyr Peregrine.
Among the most popular and attractive features of the exhibition are the falcons, camels and horses’ auctions, the shows of equestrian, archery, and birds of prey, the most beautiful captive-bred falcons’ competition, the saluki beauty contest, and the live heritage shows. In addition to that, the exhibition offers a unique live simulation experience for archery enthusiasts in an ideal safe environment. It also provides shooting and targeting activities for beginners and professionals using dedicated hunting rifles and bows and arrows, visitors will also have a chance to explore the latest archery equipment, and watch live performances, such as the horseback archery.
A series of workshops and educational activities await children, allowing them to interact with their favourite animals, including ponies, horses, dogs, and birds, and learn more about taking care of those animals and treating them with compassion from an early age.
As part of their efforts to enhance social integration and inclusion, the organisers of ADIHEX collaborated with Zayed Higher Organisation for People of Determination to provide distinctive and comprehensive activities for children of determination to support their engagement and integration within the society.
The exhibition also presents outdoor sports features that provide the visitors with access to the most popular outdoor activities, as well as the chance to explore the various equipment used by professionals. They will also get a chance to meet and interact with sports influencers and professionals, and network with industry leaders.
Dozens of painters and visual artists from the UAE and abroad will be participating in the arts and crafts hub to showcase their artwork through workshops dedicated to the art of painting, calligraphy, pottery, sculpture, carpet-weaving, and Al Khous (weaving palm fronds), in addition to photography.
The ADIHEX live platform will present a series of workshops in which several distinguished speakers will participate and provide the public with a chance to attend several educational and entertainment sessions presented by hundreds of participants.
A distinguished poetry evening will be held in which a selection of poets from the region will participate in presenting creative poems on patriotism, hunting, equestrianism and love of heritage.
Connect with Nature will allow visitors to meet their favorite animals at ADIHEX featuring ponies, horses, dogs, birds, and rare animals.
Emirates Heritage Club pavilion features a rich cultural program, including lectures, marine workshops, traditional crafts, a traditional cuisine corner, swords, daggers and wooden boat making, horse riding, camel and falconry shows, traditional games, daily quizzes/competitions, and prizes for visitors at the pavilion, and much more.
Masdar inaugurates 200MW Baynouna Solar Park in Jordan
The Baynouna Solar Energy Company (BSCE), a joint venture between the UAE’s world-leading renewable energy company, Masdar, and Finnish investment and asset management group Taaleri, has announced the formal inauguration of the 200-megawatt (MW) Baynouna Solar Park – the largest clean energy project in Jordan.
The inauguration was held in the presence of Bisher Al-Khasawneh, Prime Minister of Jordan, and was attended by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar; Dr. Saleh Al Kharabsheh, Jordan’s Minister of Energy and Mineral Resources; and Sheikh Khalifa bin Mohammed bin Khalid Al Nahyan, Ambassador Extraordinary and Plenipotentiary of the UAE to the Hashemite Kingdom of Jordan. The ceremony was also attended by other high-level officials from the government of Jordan and senior executives from Masdar.
Commenting on the occasion, Al Jaber said, “In partnership with the Jordanian government, the Baynouna Solar Park will contribute to Jordan’s climate targets, provide access to clean energy, create jobs and ensure economic growth. Along with our other project here – the Tafila Wind Farm – Masdar is already helping Jordan to produce 29 percent of its electricity from renewable sources and will support its goal of increasing that to 50 percent by the end of the decade. Ambitious, transformative partnerships like these are precisely what we need if we are to deliver on the promise of the Paris Agreement and continue to ensure that we are holding back emissions, not progress. COP28 will focus on moving from goals to implementation, with a clear focus on demonstrable action on mitigation, adaptation, loss and damage, and finance, as we aim to keep the objective of limiting global warming to 1.5 degrees alive.”
The Jordanian Minister of Energy and Mineral Resources said, “Under the directive of His Majesty King Abdullah II to make Jordan a regional centre for green development, the Ministry is focused on developing local energy sources to achieve energy security, enhance self-reliance and limit the effects of climate change. If we look at the world today, we see that renewable energy, especially solar and wind energy, are the fastest growing and widespread renewable energy sources and the time has come to maximise the benefits of renewables.”
Developed through a power purchase agreement between Masdar and National Electric Power Company, Jordan’s state electricity provider, the Baynouna Solar Park produces over 560 gigawatt-hours (GWh) of energy annually – enough to power 160,000 homes. The plant also displaces 360,000 tonnes of carbon dioxide per year, equivalent to taking nearly 80,000 cars off the road.
Sheikh Khalifa bin Mohammed bin Khalid Al Nahyan said, “This inauguration is a landmark moment in the history of our two nations and will serve to strengthen the already powerful relationship between us. The UAE is committed to helping our brother nations in the region achieve their clean energy objectives and we stand ready to share our expertise further with the Government and people of Jordan and to help deliver sustainable economic development.”
Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said, “We are proud to witness the inauguration of this project, which is one of the fruits of Masdar’s long collaborative partnership with Jordan. We would like to thank our partners in Government, the Ministry of Energy and Mineral Resources, the National Electric Power Company of Jordan, and also the financial institutions that helped to make this project possible. We stand ready to support Jordan in its energy transition and will look to increase our presence in the Kingdom through the development of further clean energy projects that will drive economic growth for the nation.”
Financial institutions that supported the Baynouna project include the International Finance Corporation (IFC), the OPEC Fund for International Development (OFID), the KfW Group’s DEG, and the Japan International Cooperation Agency (JICA).
Peter Ramsay, Chief Executive Officer, Taaleri Group, said, “We are very excited to be inaugurating the largest solar park in Jordan. This impressive project is a testament to the strength of cooperation between Masdar and Taaleri, two pioneers who have been active in the renewable energy field for a long time. We are proud to advance our common global climate change mitigation goals together with our partners and investors.”
Masdar also operates the 117 MW Tafila Wind Farm, which was completed in 2015 – the first commercial utility-scale wind project in the Middle East. In November 2022, Masdar signed a memorandum of understanding with the Jordanian Ministry of Energy and Mineral Resources to explore the development of a further 2 gigawatts (GW) of renewable energy projects in the country.
The energy transition is a central component of the UAE’s priorities as it prepares to host the 28th Conference of the Parties to the Framework Convention on Climate Change (COP28) in November-December. The Conference, the largest annual gathering of policymakers and practitioners focused on climate change and sustainability, will see well over 70,000 officials from across the public and private sectors gather at Expo City in Dubai.
UAE participates in first G20 Finance Ministers and Central Bank Governors meeting in 2023
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, headed the UAE delegation participating in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in 2023.
Held for the first time under the Indian presidency in Bengaluru, the meeting discussed the progress under the G20 priorities set by the Indian presidency for the year 2023 in light of the current global challenges, and means of bolstering international cooperation to advance the G20 priorities and goals.
The UAE delegation included Younis Haji Al Khoori, Under-Secretary of Ministry of Finance; Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Hamad Al Zaabi, Director of the Office of Minister of State for Financial Affairs; Thuraiya Al Hashmi, Director of International Tax Department at the Ministry of Finance; and Fares Al Kaabi, Senior Analyst, Research and Statistics Department. The meeting was held in the presence of Ministers of Finance, Central Bank Governors, Finance and Central Bank Deputies from G20 members, invited countries and members of international organisations, including the Organisation for Economic Co-operation and Development (OECD).
During his intervention, Al Hussaini thanked the Indian presidency for the warm welcome and the hospitality. He reiterated the importance of a globally coordinated multilateral action to promote climate finance, as well as strengthening joint international action to set goals and draw strategies that would best facilitate financing and investments needed to combat climate change and mitigate its repercussions.
With regard to infrastructure priorities, Al Hussaini noted that the UAE has focused on building cities that bridged digital gaps by leveraging 5G and AI to provide safety and enhance social cohesion; and enable the UAE to reduce emissions in line with its global climate change commitments. “We have leveraged private sector participation in the development of smart cities through collaborative models that incentivise private sector involvement in areas such as clean energy, green buildings and ICT infrastructure development, which we believe to be all critical enablers for the future cities of tomorrow,” he said.
Talking about global economic challenges, Al Hussaini explained that “the UAE’s economy continues to withstand global effects, where we expect to achieve 4.2 percent of non-oil economic growth by the end of this year. On a global scale, there remains an immediate need for policy coordination to minimise vulnerabilities and promote food and energy security.”
On the international tax agenda, he lauded the progress made on OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), welcomed the work produced under the Two-Pillar Solution. He also noted the significance of considering the different levels of tax systems maturities across countries.
In regard to the Joint Finance and Health Taskforce multi-year plan, Al Hussaini welcomed the proposed priorities including the direction to develop the Economic Vulnerabilities and Risks Framework, which will be key to informing resource mobilisation in line with the objectives of the Pandemic Fund.
During the FMCBG meeting, the members discussed several areas of importance such as global economic challenges, global financial stability, infrastructure priorities for future-ready cities, sustainable finance, digital financial inclusion, global health priorities and international taxation. Members also exchanged views on ensuring seamless flow of cross-border payments, strengthening the financial sector’s cyber resilience, food and energy security, risks associated with climate change for emerging markets and developing economies, and preparedness to combat health challenges.
Moreover, members reviewed the potential implications of Central Bank Digital Currencies (CBDCs) and discussed ways to further the tax transparency agenda. They also discussed global economic recovery and means of strengthening the role and financing capacities of Multilateral Development Banks.
The ministers endorsed the work plans for the working groups of the finance track and agreed to review the progress during the next FMCBG meeting on 12th and 13th April, which will take place in Washington DC on the sidelines of the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF).
On the sidelines of the FMCBG meeting, Al Hussaini participated in the Symposium on Digital Public Infrastructure, during which Nirmala Sitharaman, India’s Minister of Finance and Corporate Affairs, and Kristalina Georgieva, IMF Managing Director, delivered speeches.
On the sidelines of the meeting, Younis Haji Al Khoori attended the side events on Policy Perspectives on Crypto Assets with other Finance Ministers, Central Bank Governors and Deputies from other G20 countries. Ebrahim Al Zaabi, Thuraiya Al Hashmi, and Fares Al Kaabi, Senior Analyst, Research and Statistics Department also participated in the meeting.
Furthermore, Al Khoori held a bilateral meeting with the President of the World Bank Group, David Malpass, to discuss the latest developments on global food and energy security, as well as the UAE’s preparation for COP28 in relation to climate finance.
He also held a bilateral meeting with the Managing Director of the IMF, Kristalina Georgieva, to discuss the latest global economic developments, the G20 priorities for 2023, and to explore regional cooperation with the IMF programmes in the MENA region.
During Al Khoori’s meeting with Dr. Renganaden Padayachy, Mauritian Minister of Finance, Economic Planning and Development, the two ministers reviewed the UAE-Mauritius bilateral relationship and explored opportunities to build on the existing economic relations between both countries.
Al Khoori held a bilateral meeting with Grace Perez-Navarro, Director of the OECD Centre for Tax Policy and Administration, to showcase the UAE’s tax reforms, and discuss the broader international taxation agenda, and another bilateral meeting with Marie Lam-Frendo, CEO of the Global Infrastructure Hub, to review the GIH’s objectives for infrastructure sustainability and to discuss the G20 infrastructure-related priorities for 2023.
A bilateral meeting between Al Khoori and Antonio Freitas, Vice Minister of Finance of Brazil, discussed areas of cooperation under the Brazilian Presidency of the G20 in 2024, and to showcase the UAE’s progress on COP28 preparation.
In his meeting with Emmanuel Moulin, Director-General of the French Treasury, Al Khoori discussed the latest global economic developments and explored means of bolstering bilateral collaboration in the context of the UAE-France-India trilateral initiative that was recently announced.
SAIF Zone, Al Ansari Exchange offer new payment service to enhance customer experience
The Sharjah Airport International Free Zone (SAIF Zone) has signed a cooperation agreement with Al Ansari Exchange, to introduce a new payment service and enhance customer experience.
The newly signed partnership will allow SAIF Zone’s investors and clients to conveniently pay fees at any of Al Ansari Exchange’s more than 230 branches spread across the UAE, providing them with a quicker, more flexible, and effortless payment process.
Saud Salim Al Mazrouei, Director of SAIF Zone, and Ali Al Najjar, COO of Al Ansari Exchange, signed the cooperation agreement at the free zone’s headquarters. The signing ceremony was attended by a number of managers and senior officials from both sides.
Al Mazrouei emphasised that the agreement reflects SAIF Zone’s steadfast commitment to delivering inventive and exceptionally efficient solutions that enhance customer satisfaction and investor partnerships. “SAIF Zone will continue to make every effort to streamline procedures and facilitate immediate access to a wide range of services through various channels and options, all of which the authority is committed to providing.”
“Adding more options for our customers to pay their transaction fees and complete them easily is essential to enhancing our integrated services system and facilitating business operations. Al Ansari Exchange’s cooperation is a great addition to our efforts toward providing innovative and seamless solutions for our customers,” Al Mazrouei added.
For his part, Ali Al Najjar said, “We are pleased to collaborate with SAIF Zone to offer its customers and investors, the convenience of making payments at any of our branches across the UAE. As a leading provider of innovative and reliable financial services, Al Ansari Exchange will add value to SAIF Zone’s customers by providing an outstanding customer experience and access to an extensive network of branches.”
SAIF Zone offers several competitive advantages to its investors, particularly in the commercial, industrial, and service sectors. These benefits include customs facilities, state-of-the-art infrastructure, and modern facilities such as air-conditioned executive offices, warehouses of different sizes with attached offices, and lands for rent that cater to the needs of investors.
Other incentives and benefits available to investors in the free zone include 100 percent full business ownership, 100 percent repatriation of capital and profits, 100 percent exemption from corporate and individual income taxes, and 100 percent exemption from export and import taxes. Additionally, services are available 24/7, licences are issued within a day, and a hotline is provided to ensure the immediate provision of manpower and equipment, as well as the prompt completion of shipping and customs clearance operations. Around-the-clock security and emergency services are also available, as well as labor accommodations within the free zone.