Month: February 2023

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Hamdan bin Mohammed attends graduation ceremony of 23rd cohort of Rashid bin Saeed Al Maktoum Naval College

DUBAI, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, today attended the graduation ceremony of the 23rd cohort of the Rashid bin Saeed Al Maktoum Naval College, held at Al Taweelah, Abu Dhabi.

His Highness congratulated the graduates and wished them success in serving their nation as members of the Naval Force. Over the past decades, graduates from the Rashid bin Saeed Al Maktoum Naval College have demonstrated the highest levels of dedication and devotion in serving the nation and its leadership, His Highness said.

The graduation ceremony was attended by Lieutenant General Issa Saif bin Ablan Al Mazrouei, Chief of Staff of the UAE Armed Forces; Mattar Salem Ali Al Dhaheri, Under-Secretary of the Ministry of Defense; Rear Admiral Pilot Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan, Commander of the UAE Naval Forces; along with a number of senior military and police officers, and military attaché of diplomatic missions in the UAE, and parents of the graduates.

The graduation ceremony featured a military parade of the College graduates and an address by the Commander of the College Col. Saeed Salem Al Kaidi, who thanked Sheikh Hamdan bin Mohammed for his patronage of the graduation and for attending the ceremony. He also highlighted the role of the College in equipping a new generation of national cadres with military skills and knowledge.

The Commander of the College Col. Saeed Salem Al Kaidi also thanked the UAE leadership for continuously supporting the College.

During the ceremony, Sheikh Hamdan bin Mohammed honoured the top graduates and wished them the best in serving their nation.

Graduate also took their oath before Sheikh Hamdan bin Mohammed and the audience to maintain the sovereignty of the UAE. They also pledged to be loyal to President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and conveyed their willingness to sacrifice their lives to protect the UAE’s independence and security.

Source: Emirates News Agency

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Sheikh Mohamed bin Zayed Scholars Programme awards 26 UAE students

ABU DHABI, New York University Abu Dhabi (NYUAD) has announced the 2022/2023 class of the Sheikh Mohamed bin Zayed Scholars Programme (SMSP), which offers a select cohort of talented university students unique access to specially designed courses, lectures, leadership experiences, networking, and graduate school counselling.

Established by NYUAD, in conjunction with the Abu Dhabi Education Council (ADEC), the programme recruits students from the UAE’s federal institutions of higher learning: United Arab Emirates University (UAEU), Zayed University (ZU), and the Higher Colleges of Technology (HCT).

Of the 60 applicants to the programme, 26 were selected as SMSP scholars by a notable panel of judges from NYUAD, NYU New York, and leaders from the local community.

Co-chair of the Scholars Programme Steering Committee, H.H. Sheikha Mariam bint Mohamed bin Zayed Al Nahyan stated, “the Sheikh Mohamed bin Zayed Scholars Programme recognises promising students and provides them with unparalleled educational and leadership development opportunities.”

She also highlighted the UAE’s unwavering support as the primary force behind the selected scholars’ continued success, emphasising that “they are the future leaders of tomorrow who will help serve this nation, fulfil its ambitions, and ensure it is always at the international forefront.”

NYUAD Senior Vice Provost for Strategy and Planning Fatma Abdulla said, “The academic, leadership and cross-cultural experiences the students will experience in the coming months will not only prepare them for graduate school, but also serve them in their future careers. The faculty and staff look forward to working with them in this exciting step on their journey.”

Scholars will split into two groups to explore one of two courses. One is entitled “Challenges of the New Political Economy”, taught by the former US Ambassador to the UAE Michael Corbin. The second offering is “Crises in Context: The Forces That Shape the Great Events of Our Time”, taught by noted author and journalist James Traub.

The remaining courses include leadership development, public speaking and presentations, critical thinking, and persuasive writing. The scholars will also take courses on leadership development, public speaking and public presentations, and critical thinking and persuasive writing.

The SMSP has been ongoing since 2008 and has seen 14 batches of students graduate during that time. From 300 alumni, 130 students have subsequently enrolled in or graduated from graduate school, with 13 students enrolling in or graduating from PhD programs, five of whom also hold graduate degrees.

Source: Emirates News Agency

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CBUAE revokes licence of ‘Dollar Exchange’ house

ABU DHABI, The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house operating in the UAE and struck off its name from the Register, pursuant to Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities.

The sanction is the result of the examinations’ findings conducted by the CBUAE, which revealed serious regulatory misconduct by the exchange house. The exchange house failed to maintain the required level of paid-up capital and bank guarantee and to have been in default of equity obligations.

Furthermore, the exchange house was found to have engaged in serious AML misconduct. The findings showed that the exchange house had a weak compliance framework and had failed to comply with its regulatory obligations. The time set for submitting an appeal has expired, and an appeal has not been submitted.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system.

Source: Emirates News Agency

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Yahsat reports AED1.6 billion revenue, 6% YoY increase in 2022

ABU DHABI, 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.”

Source: Emirates News Agency

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ADP thwarts attempt to smuggle 4.5 million Captagon pills

ABU DHABI, The Abu Dhabi Police (ADP) have arrested a suspect who was attempting to smuggle 4.5 million Captagon pills inside food cans into a neighbouring country.

Brigadier Taher Gharib Al Dhaheri, Director of the Anti-Narcotics Directorate at the ADP, said that the operation was successful due to a well-planned strategy to track the suspect’s movements, which was formulated after receiving a tip of about the suspect’s intentions.

The Anti-Narcotics Directorate closely monitored the suspect’s arrival at the country’s borders to import a significant quantity of canned green beans, after completing the legal procedures for the import operation, he added.

The ADP team apprehend the suspect upon arriving at a warehouse in one of the country’s emirates, where the Captagon pills were found concealed in the food cans. Brigadier Al Dhaheri praised the professionalism of relevant police teams, whose efforts led to the seizure of nearly 4.5 million Captagon pills.

Source: Emirates News Agency

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