Day: March 29, 2023

DUBAI, 29th March, 2023 (WAM) — Dubai real estate market recorded 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million, and 19 gift deals amounting to AED96.75 million on Wednesday, data released by Dubai’s Land Department (DLD) showed. The sales included 493 villas and apartments worth AED979.03 million, and 33 land plots worth AED179.51 million. The mortgages included 70 villas and apartments worth AED416.91 million and 19 land plots valued at AED211.34 million, bringing the total realty transactions of today to over AED1.8 billion. Khoder Nashar

Source: Emirates News Agency

DUBAI, 29th March, 2023 (WAM) — The Dubai Financial Market (DFM) today launched the Omnibus Accounts structure for holding securities as a gateway to accessing investment opportunities for eligible investors for the benefit of more than one beneficiary owner. Regulated entities, that are eligible, can open a unified account to hold and trade securities on behalf of numerous beneficial owners through a single investor number (NIN). Meanwhile, Dubai Central Securities Depository (Dubai CSD), a subsidiary of DFM, has issued the Omnibus Account rules that will take effect from Wednesday 29th of March 2023. It has also launched a registration process for interested eligible investors. Hamed Ali, CEO of DFM and Nasdaq Dubai, said, “The introduction of Omnibus Accounts is a key milestone in our endeavour to implement Dubai’s strategy to develop its capital markets. It enhances international investors’ access to our diversified investment opportunities. The availability of Omnibus Accounts also responds to the market accessibility and market quality requirements in the MSCI Market Accessibility Criteria, FTSE Quality of Markets Matrix and other international index providers.” Commenting on this new development, Haneen Al Hammadi, General Manager of Dubai CSD, stated, “As the first and only Central Depository in the UAE licensed by the Securities and Commodities Authority (SCA) to date, Dubai CSD, have been championing the need for a regulatory framework to facilitate the introduction of this important market infrastructure in the UAE to ensure that the nation’s capital market is on par with international peers. The Omnibus Accounts’ structure is a leap forward for certain market participants, particularly asset management companies, as it enables them to achieve operational and cost efficiencies.” Rocio Echague, Head of Securities Services, MENA (exc. Saudi) and UAE, HSBC, added, “The introduction of Omnibus Accounts will allow for greater participation from investors into local markets. Investors can view an Omnibus Accounts structure as an economical way to structure custody assets as it delivers operating and cost efficiencies via reduced onboarding requirements and maintenance fees.” This announcement follows the publishing of Omnibus Accounts regulations by the Securities and Commodities Authority (SCA), which permits Central Securities Depositories (CSDs) to introduce their own respective rules and procedures for Omnibus Accounts.

Source: Emirates News Agency

DUBAI, 29th March, 2023 (WAM) — Careem, the region’s leading multi-service platform, announced its support of the “1 Billion Meals Endowment” campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, with the aim of launching the largest Ramadan sustainable food aid endowment fund. Users of Careem app, available on Google’s Play store, Apple’s App store and Huawei’s AppGallery, will be able to donate AED3 towards “1 Billion Meals Endowment” by choosing “Ramadan Car” every time they book a ride through the app. Careem app users in the UAE will also be able to donate any amount when ordering food, through a special feature in the Careem app, supporting the campaign and its objective of providing food aid to the world’s most underprivileged populations. Mudassir Sheikha, CEO and Co-Founder, Careem, said, “It is a privilege to collaborate with Mohammed bin Rashid Al Maktoum Global Initiatives to promote the values of giving and generosity, and to support the ‘1 Billion Meals Endowment Campaign’ through the Careem app. We have a responsibility towards underprivileged communities, and it is a great opportunity to enable our customers to participate and pay it forward during the holy month of Ramadan through the campaign, which embodies the UAE’s humanitarian mission.” Further establishing the UAE’s leading position in humanitarian work, regionally and internationally, the “1 Billion Meals Endowment” campaign helps establish the role of endowment as a development tool that ensures the sustainable charity, and contributes to the global endeavour to fight and eradicate hunger in line with Sustainable Development Goals. In addition to donating through the Careem app, the “1 Billion Meals Endowment” campaign continues to welcome donations and contributions to the endowment fund from institutions and individuals across five main channels including the campaign’s website (www.1billionmeals.ae), as well as a dedicated call centre via the toll-free number (800 9999). Donations are also possible via bank transfers in the UAE dirham to the campaign bank account number with Emirates NBD (AE30 0260 0010 1533 3439 802). Donations via SMS give contributors the option to donate AED 1 daily through a monthly subscription, by sending the word “Meal” to 1020 for du users, or to 1110 for Etisalat by eand users. Those who wish to donate to the campaign through the DubaiNow app can do so by clicking on the “Donations” tab.

Source: Emirates News Agency

DUBAI, 29th March, 2023 (WAM) — Following the success of Breakbulk Middle East (BBME) 2023, held under the patronage of the Ministry of Energy and Infrastructure (MoEI), organisers have announced dates for the 2024 edition. Scheduled to be held on 12th-13th February next year at the Dubai World Trade Centre, the event will yet again reunite the sector to reinforce its growth and power economies in the Middle East. The 2023 edition of the event concluded successfully last month with 6,496 attendees, a 93 percent increase in the number of visitors in comparison to 2022. With an 84 percent increase in the number of organisations, BBME attracted professionals from the full industrial project supply chain including freight forwarding, maritime transport, ports and terminals, equipment and air and road transport. The conference touched upon every development within the sector, charting its progress over the last year. It featured insightful sessions, including discussions on business outlook, rates, capacity, and sustainability and the role of mega projects in Saudi Arabia, Qatar, and beyond to key initiatives such as Women in Breakbulk Networking Breakfast and Education Day. Hessa Al Malek, Advisor to the Minister for Maritime Transport Affairs, The UAE Ministry of Energy and Infrastructure, said, “At MoEI, in line with our vision to aid the UAE’s and the region’s diversified and sustainable economy, we are committed to ensuring the development of the project cargo sector that has witnessed several changes in the last couple of years due to advancements in industries such as oil and gas, construction and renewables, among others. More importantly, digitalisation and the deployment of new technologies have enhanced the value chain of companies in the UAE and beyond. Thus, to enhance competitiveness in the sector, we are always looking at providing the best ports and shipping infrastructure for the smooth functioning of the sector. The end goal is to support industry stakeholders in transforming the UAE into a nerve centre for global logistics. Our steadfast support to BBME over the years is one such endeavour to power the sector’s success in the UAE and the Middle East. As a vital contributor to economies in the region, the event has played a strategic role, bringing together governments and industry experts for knowledge exchange and high-value collaborations. We are confident that the 2024 edition will continue helping us realise our aspirations for the sector and the country.” Ben Blamire, Event Director, Breakbulk Middle East, added, “Year after year, industry professionals look forward to attending BBME as it is a niche event that focuses on the project cargo and breakbulk sector. The response we received this year was outstanding. We saw participation from 98 countries, the top few being the United Arab Emirates, India, Saudi Arabia, Germany, Singapore, and the United States among others. What was interesting is that 32 percent of the attendees held key roles with the final purchasing authority. These are quite literally the movers and shakers in the industry. With more than 90 percent of exhibitors rebooking for 2024, and in many cases, taking more space than in 2023, we have added a third hall to meet the market demand for 2024.”

Source: Emirates News Agency