Category: Business News & Insight

Dubai, UAE – Azizi Developments, a leading UAE-based real estate developer with global reach into international markets, has announced its newest project in the emerging Dubai Healthcare City: Azizi Aliyah. The fully-serviced residence, a B+G+2P+14+R structure, is Azizi Developments’ first project in Dubai Healthcare City, conveniently located between Burj Khalifa and the future tallest skyscraper in the world, The Tower.

Azizi Aliyah is scheduled for completion in 2018 and valued at approximately AED 470 million. The residence will encompass 191 studio apartments, 135 one-bedroom apartments, and 20 two-bedroom apartments.

Farhad Azizi, CEO of Azizi Developments, said: ‘Azizi Aliyah encompasses our line of luxury apartments that cater towards the lavish, healthy lifestyle of professionals and nuclear families. Affluent singles, business owners, families and investors will also be treated to valet services, concierge, contemporary, healthy living, and green spaces. ‘ 

Mr Azizi, continued, ‘Investing in Aliyah is as convenient as its location. Azizi Developments is delighted to announce that we will also be offering flexible payment plans that are affordable enough to suit each individual client: 30% of the payment during construction with 70% upon completion and handover. We at Azizi Developments offer our services to investors to fully manage the process of renting units for them. This in-house renting option puts our clients at ease, removing concerns about renting out their investments themselves.’

Sprawling over a total construction area of 482,123 square feet, Azizi Aliyah will captivate potential investors with its convenient access to transportation, outdoor sports facilities, community retail centre, common areas, landscaped gardens, schools, private pool, spa, and gym. In addition to Azizi Aliyah’s scenic beauty is the convenience of direct access to Sheikh Zayed Road, Emirates Road, Al Khalil Road and is within close proximity to Dubai Creek, Wafi City and Business Bay. 

The development of Azizi Aliyah, which is at its mobilisation and fencing stage, is a luxurious community that encapsulates the principles of a healthy lifestyle while still located near major Dubai icons and attractions.

Abu Dhabi Global Market (‘ADGM’), the international financial centre in Abu Dhabi, is pleased to register and license close to 160 companies from a broad range of industries and sectors in its first year of operations. This achievement sets another new milestone in ADGM delivering on its ambition to support Abu Dhabi’s economic plan and long-term growth.  

The varied consortium of well-established local family businesses and international companies registered with ADGM is testament to the free zone’s commitment to being an open, trusted and well-regulated financial and commercial hub, designed to serve the financial needs of Abu Dhabi and the UAE.

A Vibrant Group of Businesses and Companies in the financial free zone

The group of first movers into ADGM comprises financial, non-financial and retail businesses. In line with ADGM’s strategy of fostering a broad based, thriving and sustainable business community, a large pool of companies in the non-financial category has made ADGM their home base include the law firms, professional and corporate service providers and family offices. In other key sectors, real estate, investment and holding companies seeking to be close to the region’s business and growth opportunities are also among those who have also chosen ADGM as their hub.  Adding to the dynamic mix is a sizable group of retail and hospitality businesses catering to the needs of the financial free zone. Given its central location, retail businesses increasingly value Al Maryah Island as a highly attractive base and location for sustainable growth. 

ADGM Provides a Conducive and Sustainable Business Platform & Environment

In making a choice, many companies have attributed the ease of doing business, level of efficiency, a comprehensive range of business offerings and investment vehicles, and adoption of the entirety of common law in legislative framework as some of the fundamental reasons for being attracted to ADGM. 

As the UAE’s new International Financial Centre, ADGM has established a significant presence in the local and international business and financial regulatory scenes.  ADGM understands what businesses wants and has been meticulous in developing a conducive ecosystem that enables local businesses to thrive, regional companies to expand their presence and global entities to access the growth opportunities in the region.  

Mr Dhaher Bin Dhaher, Chief Executive Officer of ADGM’s Registration Authority says: ‘As a broad-based financial centre, ADGM has been focused on creating a business-friendly and sustainable eco-system where local companies and international entities can grow together.  We remain relevant and responsive to the needs of our market by maintaining a dynamic platform and safeguarding the best interests of our registered companies and stakeholders.’

‘Through ADGM, businesses have access to and can conduct a wide range of activities to bolster their growth. We also have a supportive framework that meet the needs and requirements of family businesses by safeguarding their assets,’ added Mr Dhaher.    Numerous family businesses and individual companies have also set up in ADGM as it provides a supportive framework which allows them to manage family interests and safeguard their assets in the most efficient manner.

He highlighted, ‘Our registration process is efficient and straightforward. In some cases, we are able to issue licenses to companies within 48 hours of receiving their business registration. Our fully digitised platform and robust and supportive on-boarding services ensure a hassle-free transition for companies and their employees who want to attain a licence with the ADGM. This also part of our on-going commitment to deliver valuable client experience for ADGM companies and partners as an IFC.’

‘We believe in building an ecosystem with a strong legal framework and courts system and getting it right from the very start. We are pleased that so many businesses from diverse industries see and understand the future of the ADGM and significance of being part of the growth story of Abu Dhabi,’ added Mr Dhaher.

Fostering Greater Partnerships and Enabling Growth

ADGM will continue to work closely with key stakeholders to review opportunities and develop new synergies to attract more local and global brand names to Al Maryah Island.  ADGM will also increase efforts to heighten its profile as an international financial centre that offers exciting lifestyle and commercial activities on offer.

As ADGM moves into its second year of operation, it remains committed to providing an efficient and sustainable platform for local companies to become regional and global champions. ADGM will also further its dedication to support financial institutions in establishing their operations in Abu Dhabi and fulfil their expansion ambitions in Middle East, Africa, South Asia and beyond.

The United Kingdom’s decision to leave the European Union earlier this year, sent shockwaves around the world. Its impact is still ramifying as the Pound Sterling value just hit a new 31-year low against the US dollar this past week. 

Did this result in panic-buying of the pound sterling across the GCC region? What consequences did it entail on the remittances industry? On the economy in general? These questions are answered as industry experts from The Foreign Exchange & Remittance Group, UAE Exchange and Xpress Money share their opinion on the subject matter.

Commenting on the impact of the Pound Sterling’s fall on the British economy, Mr. Rajiv Raipancholia, The Foreign Exchange and Remittance Group Secretary, said: ‘As the Pound continues to depreciate, individuals are looking for an opportunity to invest in the U.K. property market. Travel to U.K. for a holiday has become more favourable due to a weaker pound. The number of transactions for pounds’ remittances have increased but what is more important is that we have seen the amounts (volumes) grow by 15% to 20% in the last two weeks’.

Exchange houses across the GCC have witnessed a remarkable pick up in business, with many requests for transfers to the United Kingdom during the past week. 

‘The Great Britain Pound has been on a downward path post-Brexit. It hit a 31-year low last week, resulting in a loss of up to 18 per cent of its value but profitable to the Europeans residing in the GCC countries of Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates. With the GCC currencies pegged to the dollar, the weakening of the Sterling has positively impacted remittances. At UAE Exchange, our remittance volume from GCC to UK showed a steep growth of 135 per cent the past week vis-‘-vis the same period during last month. Though uncertainties prevail around UK’s economic prospects outside the EU, British expats are cashing on the favorable exchange rate and remitting to their home country,’ said Promoth Manghat, Chief Executive Officer, UAE Exchange.

From his side, Mr. Sudhesh Giriyan, COO, Xpress Money was quoted saying ‘Since the Brexit, the sterling pound has lost up to 18% of its value to hit 31-year lows. The pound has continued to fall against the US dollar as worries persist over UK’s economic prospects outside the EU. Treasury data shows that British expatriates worldwide, including the UAE and GCC region, are taking advantage of the weakening pound and are remitting money back home at very favorable exchange rates. As British citizens are one of the largest western expat groups in the UAE, remittances to the UK have picked up due to depreciation of the currency and we see this trend continuing in the coming days.’

Watts Water Technologies, Inc. (NYSE: WTS) today announced the relocation of its sales and distribution facility in Dubai to a new location in Jebel Ali, and the opening of a new Watts’ WorksSMLearning Center in the same facility.

The new Watts Works Learning Center in Dubai will enable customers, distributors, sales representatives and others to obtain hands-on experience with the Company’s plumbing, HVAC, and water quality products and technologies. The 10,000-square-foot facility includes meeting facilities and product displays that showcase Watts’ solutions offerings for commercial and residential building services.

Robert J. Pagano, Jr., CEO and President of Watts Water Technologies, Inc., said: ‘We are very pleased to open this Sales, Distribution and Learning Center in Jebel Ali, as we believe there is great interest in the region for such a facility. Our new Learning Center will give our customers the opportunity to enhance their skills and knowledge with respect to a broad range of our plumbing, HVAC, and water quality products. This new Learning Center will enable us to serve our customers by providing training & technical seminars in the Middle East and North Africa region.  In addition, the relocation of our sales and warehousing center to this new facility will enable us to continue to maintain on-time service and support to the Middle East and North Africa region.’

More than 100 guests helped celebrate the opening of the new Sales, Distribution and Learning Center.  The event included a tour of the new facility for customers, sales representatives, Company associates, and other invited guests. 

Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating, and water quality product lines in the world.  Watts Water companies and brands offer innovative plumbing, heating, and water quality solutions for residential, commercial, and industrial applications.  For more information, visit www.wattswater.com 

The first 50 Egyptian engineers and technicians, who started their extensive training program at Siemens in April 2016, have completed the initial phase of their training on the simple cycle power plants’ operations. To ensure the career-starters will be able to operate the mega-sized plants, Siemens is building in Egypt, with utmost efficiency at the time of the handover, they will witness the initial commissioning of the three power plants ‘ located at Beni Suef, Burullus and New Capital firsthand on site. Training for further 200 trainees is underway until the end of 2016, and additional 350 Egyptians are expected to be trained in 2017.

The power plants will initially be operated in so-called simple cycle mode. By subsequently adding heat exchangers and steam turbines they will be expanded into combined cycle mode, reaching a total installed capacity of 4.8 gigawatt (GW) each. Once the open-cycle commissioning interval is completed, the trainees will receive another one-month vocational training on the combined cycle technology and steam turbines. Once completed, the three power plants will have a total capacity of 14.4 GW.

‘Witnessing the initial commissioning of the three power plants marks a special milestone for our students who have just completed a rigorous course of training on the most advanced technologies in power generation.’ said Ahmed El Saadany, Learning Manager at Siemens Egypt. ‘After having posted the job offers in newspapers more than 20,000 people applied. Out of this vast pool, we had to pick just 600. These youth have shown tremendous commitment and determination, and we look forward to their contribution to the local energy sector.’

As the trainees concluded their first stage of training, they take away valuable insights on the technologies, processes and challenges involved in operating large power facilities. With the aid of the power plant simulator, practical experiments were conducted, in Egypt and Germany, to help students put themselves into the position of a real operator. In addition, the training encompassed component-specific parts, and field visits coupled with modules tackling psychological and communication aspects. Language, management, leadership and supervisory competences were also integral part of the program. 

Osama Mohamed Mahfouz, one of Egyptian Electricity Holding Company’s (EEHC) trainees, described the training as a ‘great opportunity to get a real-life experience’ in the power plants. As part of the training, the Egyptian learners visited Siemens Gas Turbine Training Center in Germany and obtained firsthand insights on turbines. ‘Throughout the program, we were frequently engaged in project-oriented training in which we had the chance to communicate with one another, take decisions, troubleshoot, plan and budget our activities and present the results to our instructor,’ he said.

Siemens is involved in the training of 600 Egyptian engineers and technicians ‘ in collaboration with the Egyptian Ministry of Electricity and Renewable Energy. As one of the leading providers of engineering training globally, the current program was part of Siemens commitment to developing the technical skills necessary for Egypt’s sustainable energy future.

Siemens has appointed Herbert Klausner (53) as Chief Executive Officer (CEO) of the company’s operations in Kuwait, effective October 1, 2016. Klausner joins the regional management team from the Power and Gas Division at Siemens AG in Germany, where he headed Large Gas Turbine Berlin Operations. His career at Siemens spans 34 years, including positions in Kuwait, Indonesia, Austria and Germany. He takes over from Adrian Wood, who moved to Qatar to oversee Siemens business there.

‘We are pleased to welcome Herbert Klausner to the regional management team. Having worked in Kuwait previously, his knowledge of the market and customers’ needs are invaluable. We look forward to continuing our growth story in Kuwait under Herbert’s leadership,’ said Dietmar Siersdorfer, CEO of Siemens Middle East and UAE.

Klausner started his career with Siemens in 1979 in Austria. Since then, he has worked across different teams and countries. His current post marks a return after eight years to Kuwait, where he held the position of Group Manager for Power Generation, Transmission and Distribution, Automation & Drives, Industry Solutions, and Siemens Building Technologies. 

Commenting on his appointment, Klausner said: ‘This is an exciting time in Kuwait, as the country’s vision for 2035 seeks to strengthen the economy and support social and human development. With a focus on electrification, automation and digitalization, Siemens will continue its role as a technology partner, providing reliable and innovative solutions that assist Kuwait’s long-term plans.’

Siemens has been active in Kuwait since 1959 and has been heavily involved in a number of key infrastructure projects across the country. These include contributing technology to the Ministry of Energy for many transmission and distribution projects and power stations, the Kuwait National Petroleum Company’s refineries, Kuwait Oil Company Projects and for various other customers in the market.

Dubai, UAE, October 5, 2016: Arabian Power Electronics Company (APEC), a leading global power electronics manufacturer fully owned by Eram Group, today announced its regional expansion plans for the UAE and other GCC countries at the Water, Energy, Technology and Environment Exhibition (WETEX) 2016, which is being held at the Dubai World Trade Centre from 4-6 October 2016. The company showcased its extensive range of products and appointed Eram Trading, a subsidiary of Eram Group, as the agency to market APEC’s products in the UAE.

HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA) inaugurated APEC’s world-class Power Electronics Equipment range including its Uninterruptible Power Supply (UPS) Systems, Battery Chargers, Inverters, Frequency Converters and Solar Power Systems in the UAE at the exhibition.

‘In 2013, APEC opened a world-class manufacturing facility in Al-Khobar ‘ Kingdom of Saudi Arabia, which was the first and only one of its kind in the GCC region to manufacture custom-made Industrial Power Electronics equipment to cater the requirement of the region. Over the last three years, our business has grown and we now have customers across all the GCC countries. As part of our company’s strategic roadmap, we felt the need to have on-the-ground resources to support our growing customer base and by appointing reputed partners in different countries, we could ensure that we not only offer the best quality products but also the best customer service and support. For the UAE market, we appointed Eram Trading, subsidiary of Eram Group, as our agent as they have the market knowledge, expertise and reach to grow our business in the country,’ said Mr. Jacob Thomas, Business Unit Head, APEC.

‘We are pleased to make our regional debut at WETEX 2016, which is a perfect platform for APEC to showcase our world-class products that meet or exceed the highest quality standards, raise our corporate profile and increase the visibility of our products to a niche focused audience. Our team of engineers and experts are holding demos of our environmentally friendly power electronics solutions and sharing APEC’s services, success stories and best practices with customers visiting at our stand,’ Mr. Thomas added.

APEC provides comprehensive engineering solutions to secure critical processes with clean and reliable power supply systems. Since its launch, the company’s strategy has been to develop environmental friendly products and contribute socio-economically to the society, which has been the vision of its founder – Dr. Siddeek Ahmed, Chairman & Managing Director of Eram Group. With a mission to secure critical processes with highly reliable and highly efficient power solutions, APEC has been manufacturing products that can last and withstand the unique environmental conditions of the region.

“Eram Group’s focus has been on building the company’s capability in technology based products and services. We believe that the GCC region requires a lot of emphasis on technology innovation and R & D and through our subsidiaries like APEC, we are trying to contribute on our part,” said Mr. Mohamed Al Shallali, Chief Technical Advisor of Eram Group.

APEC is also a major Service provider of Power Electronics products with a highly experienced team of trained and certified Engineers and Technicians. The company has service centers in strategic locations and offers customers 24×7 service support. APEC’s quality management system conforms to the highest international standards meeting clients’ requirements.

APEC, an ISO9001, ISO14000 and ISO18000 certified company, caters to customers ranging from airlines, infrastructure, utility power, oil and gas plants, to all industries that require industrial-grade power supply products, where reliability and efficiency are very important. Some of its customers are esteemed companies such as Saudi Aramco, Saudi Electricity Company, SABIC, Qatar Petroleum, GACA, Shell to name a few.

The region’s biggest consumer electronics show- Gitex Shopper is here, which means a significant number of UAE residents will soon update their personal electronics. Before splurging on the latest gizmos, it might be worth thinking about how safe ‘ or unsafe ‘ it currently is online. How many people run the risk of falling victim to cybercriminals today, without suspecting it? And how many have been targeted already? To assess the situation Kaspersky Lab is launching itsKaspersky Cybersecurity Index ‘ the first global index to measure the current cyberthreat levels faced by Internet users.

Kaspersky Lab has previously joined forces with B2B International to carry out regular large-scale online surveys in different countries, in order to evaluate how Internet users behave online, what their concerns are, what issues they face and how they defend themselves against possible threats. The Kaspersky Cybersecurity Index is based on this data, collected from thousands of users across the globe. 

The index combines three key indicators, which are measured every six months and which provide the information needed to monitor the degree of risk to the average Internet user. 

‘         The Concerned Indicator shows the percentage of people who believe they may be targeted by a cyberattack. This indicator shows the degree to which users realize the danger to which they are exposed.

‘         The Affected Indicator identifies how many people have actually fallen victim to cyberattacks during the reporting period ‘ e.g., have faced data leakage or extortion online. 

‘         The Protected Indicator shows the number of users who have installed a security solution on the device they use to access the Internet. This is the average figure for all the devices used, including computers and mobile devices.

The Cybersecurity Index is formed from a detailed survey carried out in August 2016, in 21 countries across the globe. According to the data, only 21% of users in the UAE currently believe he or she is threatened by anything online. Interestingly, double the number of users (42%) have actually fallen victim to cybercriminal schemes. However, only 47% of UAE users have installed security solutions on all their devices to access the Internet. The Index demonstrates that, today, many users underestimate cyberthreats even after facing them. This attitude inevitably affects their security.

‘We created the Index to draw the attention of users, the media and vendors to the issue of cybersecurity. Many users today, we believe, do not expect to come face-to-face with cyberthreats, so they fail to install security solutions on their devices and behave carelessly online. This makes them easy targets for cybercriminals. The Index reflects the results of this approach: globally today, 29% of people have been affected by online threats. We are calling on all Internet users to improve their cyber savviness and adopt a responsible approach, both for their own protection and to that of their loved ones. Security, we believe, must be shared,’ believes Andrei Mochola, Head of Consumer Business at Kaspersky Lab.

Close to 400 business leaders and government representatives will meet in Dubai next week to discuss foreign investment opportunities in Africa during the Africa Legal Network’s (ALN) 3rd Annual International Conference on 5-6 October at the Park Hyatt, Dubai, UAE.

The invite-only event is set to attract a number of high-profile speakers, including UAE Minister for Culture, Youth and Social Development His Excellency Sheikh Nahyan bin Mubarak Al Nahyan; Former Malian Prime Minister Dr Cheick Modibo Diarra; International Enterprise Singapore Director Jaya Gopalakrishnan, Former US Assistant Secretary of State for African Affairs Jendayi Frazer and Centum CEO James Mworia, amongst many others.

The opening panel session will discuss the key findings of the McKinsey Global Institute (MGI)’s latest report titled Lions on the move II: Realizing the potential of Africa’s economies – which reveals an optimistic growth story in Africa. The new report – from the business and economics research arm of McKinsey & Company – shows that despite recent shocks and challenges, spending by Africa’s consumers and businesses totals $4 trillion annually, and is growing rapidly. Household consumption is expected to grow at 3.8 per cent a year to total $2.1 trillion by 2025. 

ALN Chairman and former Malian Prime Minister, Dr. Cheick Modibo Diarra, said:

‘The conference, now in its third year, aims to connect Africa to international markets, providing them with an avenue to hold discussions on various topics salient to Africa and the Gulf. Drawing upon ALN’s deep knowledge of Africa, the event also seeks to add value to the conversations surrounding Africa as a ‘hotbed’ 

for investment opportunities and helps to provide solutions to the various challenges faced when doing business on the African continent.

He continued, ‘Each year we are noticing a growing number of delegates attending from countries outside of Africa and the UAE and this is really indicative of the global investor interest in Africa.’

The annual conference will be held in Dubai, an ideal location widely acknowledged as the gateway to Africa for its global connectivity, concentration of corporate headquarters and geographical location at the heart of important trade corridors. The conference sponsors include International Enterprise Singapore; Centum; The Mauritius Commercial Bank (MCB); SBMI; Emirates NBD; Access Bank UK and Axis.