Category: Trading

DUBAI: Emirates NBD (DFM: EmiratesNBD), a leading banking group in the MENAT (Middle East, North Africa and Turkiye) region, held its 17th General Assembly Meeting on 21 February 2024.

At the General Assembly Meeting, a review of the Group’s performance during 2023 was presented.

Commenting on the Group’s performance, H.Hi. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, said: ‘As we celebrate the 60th anniversary of Emirates NBD, we take enormous pride in everything that has been achieved. Turning all challenges of this year and decades past into opportunities for growth, Emirates NBD has continued to serve as a financial bedrock, trusted partner and beacon of innovation for Dubai, the UAE and beyond. Through effective execution of its strategy, Emirates NBD will continue to fulfil its purpose to create opportunities to prosper for all its stakeholders.’

H.H. added: ‘Emirates NBD’s transformation from a local ambitious bank into a respected international financial institution mirrors the rise
of Dubai and exemplifies its constant drive to be a champion of the UAE banking sector. In 2023, Emirates NBD set new financial benchmarks, demonstrating the Group’s unique proposition in the market and reputation as the most reliable partner to its customers, who are at the heart of its sustainable success.’

Key financial highlights for 2023 included:

Net profit of AED21.5 billion up by an outstanding 65% y-o-y

Total income substantially up 32% to AED43 billion on excellent deposit mix, solid loan growth and strong fee and commission growth across all business segments

Healthy asset growth of 16% to AED863 billion at end 2023

Solid loan growth, up 5% on record Retail financing momentum with AED70 billion of new Corporate lending benefiting from our effective regional presence

Deposit mix is a key strength growing a remarkable AED82 billion in 2023 including AED30 billion of low-cost Current and Savings Accounts

Net interest margin rose 52 basis points in 2023 to 3.95% on favourable loan and depo
sit mix and higher interest rates

Impairment allowances substantially down 33% y-o-y due to exceptionally strong recoveries achieved through the year with impaired loan ratio improving to 4.6%

Earnings per share up significantly by 68% to 332 fils

Sheikh Ahmed added: ‘I would like to thank His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for their ambitious vision and wise leadership, which have played a crucial role in the development of Emirates NBD as well as the broader banking sector in the country. Emirates NBD has led by example in promoting sustainable practices across its operations and communities, as exemplified in its role as Principal Banking Partner for COP28. The Group also introduced carbon trading this year, making it the first UAE bank to empower customers in offsetting carbon emissions, in alignment with the UAE’s Net Zero action plan. Emirates
NBD also pioneered innovative green financing solutions to support customers throughout the UAE and around the world. We are proud to be a champion in gender equality with women now making up 40% of the Group’s total employee base and we are the first UAE bank to commit to a female leadership target, aiming for women to fill 25% of Senior Management positions by 2027. In the years ahead, Emirates NBD Group will continue to serve as it has for the past 60 years, with dedication to our leaders, belief in our goals and confidence in our actions.’

H.H. concluded: ‘I would also like to thank the Group’s Board of Directors, Senior Leadership team and all the Group’s employees for their unwavering dedication to the success of Emirates NBD during this year and for many years to come.’

The following resolutions were passed at the General Assembly Meeting:

1. To approve the report of the board of directors (‘the Board’) on the Bank’s activities and the financial statements for the year ended 31 December 2023.

2. To
approve the report of the external auditor of the Bank for the year ended 31 December 2023.

3. To approve the report of the Internal Shari’ah Supervision Committee in respect of the Bank’s Islamic banking window for the year ended 31 December 2023.

4. To approve the audited balance sheet and the profit and loss account of the Bank for the year ended 31 December 2023.

5. To approve the Board’s proposal to distribute cash dividends for the year ended 31 December 2023 of AED1.2 per ordinary share, being AED7,579,917,903.6 in total, to shareholders on the register of the Bank’s shareholders at the close of the trading on 4 March 2024.

6. To approve the remuneration of the Board for the year ended 31 December 2023.

7. To absolve members of the Board from liability for their work during the year ended 31 December 2023.

8. To absolve the external auditor from liability for work conducted during the year ended 31 December 2023, or to dismiss and pursue the auditor, as the case may be.

9. To approve the appoint
ment of the external auditor for the year 2024 and to determine the fees for the same year.

Special resolutions:

10. To approve the Board’s proposals with respect to non-convertible securities to be issued by the Bank subject to obtaining the necessary approvals from the relevant regulatory authorities, as detailed below, and to authorise the Bank to:

a) undertake any updates of the following existing programmes (which were approved at the GAMs held on 15 February 2016, 12 February 2017, 27 March 2018, 20 February 2019, 10 March 2020, 24 February 2021, 23 February 2022 and 22 February 2023) pursuant to which the Bank issues securities from time to time:

i. the Emirates NBD Bank P.J.S.C US$20,000,000,000 euro medium term note programme (the “EMTN Programme”);

ii. the Emirates NBD Bank P.J.S.C AUD4,000,000,000 debt issuance programme (the “AUD Programme”, and together with the EMTN Programme, the “Existing Programmes”);

b) establish any debt funding programme, up to a maximum amount of US$10,000,000,000,
in addition to the Existing Programmes (the “New Programmes”, and together with the Existing Programmes, the “Programmes”) and undertake any subsequent update of the New Programmes and to authorise the Board to carry out the resolutions relating to the issuance of bonds and Programmes;

c) issue debt instruments, up to an amount of US$10,000,000,000, or its equivalent in other currencies, under any of the Programmes from time to time, with the terms of any such issuance decided by the relevant committee to which the Board has delegated such decisions;

d) issue debt on a standalone basis, up to a maximum amount of US$10,000,000,000, or its equivalent in other currencies, (including, without limitation, through the issuance of conventional notes/bonds, structured notes/bonds, covered notes/bonds, trust certificates or other similar debt instruments (including for regulatory capital purposes up to an amount of US$1,000,000,000 for the purposes of strengthening the Group’s capital adequacy ratio (the capital ins
truments shall include the terms and conditions required by the Central Bank of the UAE, including, as applicable, in relation to additional tier 1 capital instruments and tier 2 capital instruments, the following features: subordination; coupon non-payment events; and non-viability and write-down provisions) or, as the case may be, through collateralised arrangements whether in loan or note/bond format, as the same may be listed and/or admitted to trading on a stock exchange or any other trading platform and/or unlisted)) (“Debt Funding Arrangements”), with the terms of any such issuance decided by the relevant committee to which the Board of Directors has delegated such decisions;

e) in respect of:

i. instruments issued or to be issued under any of the Programmes; and/or

ii. debt issued or to be issued under Debt Funding Arrangements, undertake any liability management exercise with respect thereto (including, without limitation, by way of consent solicitation, exchange offer, tender offer, buyback or an
y combination thereof);

f) prepare and enter into such finance agreements and related documents as may be necessary (including, without limitation, any offering documents/prospectus, relevant programme/dealer agreements, subscription agreements, dealer manager agreements, guarantees, hedging arrangements, listing declarations and all related and ancillary documents) in respect of the foregoing;

g) establish one or more special purpose vehicles incorporated in suitable jurisdictions anywhere in the world, with the specific purpose of acting as the issuers of any debt instruments issued under any of the Programmes or, as the case may be, any Debt Funding; and

h) enter into any document(s) and to take any further steps as may be necessary in connection with the actions set out in this Special Resolution.

11. to authorise the Board of Directors of the Bank, and/or any person so authorised by the Board of Directors, to adopt any resolution or take any action as may be necessary to implement the ordinary and Sp
ecial Resolutions to be adopted by the general assembly in this meeting.

Source: Emirates News Agency

DUBAI: Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, predicted that Dubai’s economy would grow by around 5 percent this year. He mentioned that Dubai benefits from robust infrastructure, an appealing business environment, and an expected decrease in interest rates starting in the middle of the year.

On the sidelines of the annual media briefing organised by Dubai Chambers, Al Ghurair told the Emirates News Agency (WAM) that the recent increase in interest rates would be reversed soon, leading to a decline in lending rates. He highlighted that high interest rates, reaching up to 5 or 6 percent, are still lower than in many countries, supporting the establishment of strong companies not reliant on cheap liquidity and borrowing solely due to low interest rates.

Al Ghurair emphasised that past achievements support growth trends and create a conducive work environment for the present and future. He expected Dubai’s foreign trade to grow by over 5 percent, backed by the large-scale partnerships being
formed.

He stressed the pivotal role of DP World’s ports in facilitating exports and re-exports across various regions, noting their global efficiency in providing logistical services to diverse companies.

Reflecting on Dubai Chamber’s performance in 2023, Al Ghurair highlighted a significant increase in new licences issued, marking a historic milestone with a rise of over 22 percent compared to the previous year.

He also discussed the substantial growth in the establishment of large companies in Dubai, attributing it to the emirate’s infrastructure and integrated environment, attracting various types of companies, including local businesses, major global corporations, small and medium-sized enterprises, and digital companies.

Al Ghurair mentioned a notable increase in the establishment of digital companies, aiming for the digital economy to contribute over 20 percent to Dubai’s economy by 2031.

Source: Emirates News Agency

ABU DHABI: The World Trade Orgnisation’s (WTO) Ministerial Conference (MC13) in Abu Dhabi next week will discuss the decentralisation of global supply chains for the first time, aiming for a more inclusive global trade that considers those marginalised in global development, according to WTO Director-General Ngozi Okonjo-Iweala.

During a virtual interview with the Emirates News Agency (WAM) from Geneva, Okonjo-Iweala emphasised that many global private-sector investors are currently focused on the ‘China+1′ model, pairing China with another country like Vietnam, Indonesia, or India.

“We have no problems with that. But we are saying there is also China plus Morocco, China plus Brazil, China plus Senegal, China plus Bangladesh. So, there are many countries that are ripe for investment.”

Okonjo-Iweala urged the investors to help reshape the global supply chains and create employment.

If the world aims to build resilience, she stressed, the private sector has to consider investing in developing countries with
the right investment environment as they reshape their supply chains.

By doing so, the director-general emphasised, investors can kill two or three birds with one stone. “You can help deal with the resilience of supply chains. You can help deal with inequality by investing in developing countries. You can help create jobs.”

MC13 and UAE’s values

The UAE will host MC13 from 26th to 29th February 2024 in Abu Dhabi after successfully organising the UN Climate Conference in Dubai in December 2023 (COP28).

Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO’s top decision-making body.

The WTO chief said, “We are deeply grateful to the UAE for hosting MC13. Standing ready to organise such an important event is testimony of the value the UAE attach to multilateralism and global solidarity at a particularly challenging time.”

The collaboration with the Emirati authorities in the organisation of a meeting that will bring together more than 7,000 people in Abu Dhabi has be
en extremely positive, she added. “We are convinced that we will find the best political, organisational and logistical conditions to make MC13 a success in every way.”

First-time discussions

Discussing MC13’s agenda, Okonjo-Iweala mentioned the initiation of new dialogues, called deliberative sessions, where, for the first time, the ministers will engage on issues crucial to the contemporary world, including trade and environment, trade and climate change, trade and sustainability, and trade and inclusion.

Okonjo-Iweala explained that global trade has to solve the problems of people who are left at the margins of global development and be inclusive of developing countries, especially women and micro, medium and small enterprises.

She advocates the decentralisation of supply chains, expanding them to developing countries, “what we call re-globalisation” [increased international cooperation and broader integration].

The WTO chief explained that micro, medium and small enterprises create jobs in many count
ries. Therefore, integrating them into the global supply chain, as many companies are doing now, will help create more jobs and more wealth.

Likewise, many women running those micro, medium and small enterprises have to be included in the value chain. “That’s what we are advocating.”

Moreover, given the vulnerabilities witnessed during the pandemic, she pointed out, the supply chain should be expanded across the globe, without being limited to certain continents or regions. “So, those kinds of conversations on inclusion and sustainability; that is one set of issues we hope to tackle for the first time.”

Celebrating accession of 2 new members

Two least developed countries, Timor-Leste and Comoros, will be acceding to the WTO after an eight-year hiatus without new members, the WTO chief said.

“We have 22 countries in the queue wanting to become members. So, this is a big thing that we need to celebrate.”

Dispute settlement reforms

MC13 will discuss the measures to make reforms into the dispute settlement
system, the director-general said, as the ministers had instructed at MC12 to make the reformed system to be fully functional by 2024. “We have started that work.”

She explained that the dispute settlement system consists of two levels. At the first level, a panel adjudicates the cases brought by members, which is currently functioning and dealing with several cases. The second is the appellate body where they can appeal, if they are not satisfied with the decisions made at the first level. That appellate body is not functioning at the moment.

“We need to reform the systems. So, we decided to look at the entire system, both the panel level and the appellate body, to see what needs to be reformed.”

As demanded by developing countries, WTO has been working to make the system more accessible and affordable for them by streamlining the processes and procedures. “We have completed quite a bit of work on that side, and we will bring that to work.”

Digital trade

Talking about the prospective discussion on digit
al trade, Okonjo-Iweala pointed out that a moratorium on imposing customs duties on electronic transactions has been going on for more than 20 years.

It creates an environment where young people and women can start digital businesses without worrying about customs duties. Ministers will discuss whether to extend the moratorium, she noted.

At plurilateral level [among some members], 90 members are negotiating an e-commerce agreement to try to lay the rules for digital trade. “And this is going on,” she revealed.

The WTO is launching a $50 million (AED183.65 mn) fund for women to help accelerate women’s participation in digital trade, the WTO chief said. An event at MC13 will support the countries in West Africa that are struggling to make their mark in the global cotton market. It aims to help them develop a value chain for processing their product in-country, she added.

Fisheries’ subsidy

Among the negotiations on several important things, the director-general said that part two of fisheries subsidies is
crucial. WTO has successfully negotiated part one to stop subsidies that encourage illegal and unregulated fishing. “Now we are looking at subsidies that can encourage overcapacity and overfishing. We hope to complete that.”

Source: Emirates News Agency

DUBAI: The Ministry of Climate Change and Environment (MoCCAE) signed a memorandum of understanding (MoU) with the Ministries of Climate and Regional Affairs and Agriculture of the Republic of Estonia today. This agreement aims to strengthen joint efforts in managing food resources and embrace technology-driven solutions in these critical areas.

The signing ceremony took place at the headquarters of MoCCAE, and the MoU was signed by Dr. Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and the Environment, and Madis Kallas, Minister of Regional Affairs and Agriculture, who also represented the Ministry of Climate of the Republic of Estonia.

The MoU marks a significant milestone in the collaborative efforts of the three entities to strengthen food security, and positively contribute to the economies of both countries. This partnership will leverage advanced technical solutions to sustainably manage natural resources, addressing environmental and climate challenges.

Dr. Al Dahak said, “In the
UAE, we aim to deepen partnerships with nations on shared issues, particularly in food, which are our top priorities. This commitment drives us to adopt cutting-edge technologies, efficiently manage resources to align with our goal of reducing carbon emissions and promote a new economy that facilitates a sustainable future.’

She added, ‘We believe that working together is crucial for finding effective solutions. By collaborating with Estonia and other countries, we aim to develop innovative solutions to strengthen global food security. Sharing knowledge and technology is vital for this endeavour and can have a positive impact on the future of both the UAE and the world.’

The MoU seeks to promote sustainable food systems by focusing on reducing waste, promoting digital solutions in agriculture, and leveraging advanced technology for increased productivity. Additionally, it addresses food safety, and improving crisis management and disaster response capabilities.

The collaboration includes research and devel
opment initiatives to strengthen food security, along with the exchange of technical knowledge on trading conditions, restrictions, and procedures. It will also focus on implementing research and initiatives in smart, sustainable cities, and nature-based solutions, aiming to reduce energy usage and provide a high quality of life within an effective and environmentally smart ecosystem. The cooperation extends to implementing human resources capacity development programs.”

Source: Emirates News Agency

ABU DHABI: The inaugural TradeTech Forum, a key pillar of the UAE’s TradeTech Global initiative designed to accelerate the integration of technology into international supply chains, will take place alongside the World Trade Organisation’s 13th Ministerial Conference (MC13) in Abu Dhabi on 27th February, 2024, at the Abu Dhabi National Exhibition Centre (ADNEC).

The event will explore the most original thinking and showcase the latest innovations across the next generation of trade technology.

The event will convene government officials, technology pioneers, and trade specialists to share knowledge and best practices on trade technologies and their adoption and advance the cause of more efficient, transparent, and accessible supply chains. Among the speakers are Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, Børge Brende, President of World Economic Forum, Pamela Coke-Hamilton, ITC Executive Director, as well as a selection
of founders and leaders of the world’s most exciting TradeTech companies.

The event will explore themes ranging from the best ways to boost the TradeTech ecosystem, digitalising customs procedures, empowering small businesses involved in trade finance, smart logistics, and technology for green trade. There is also a TradeTech fair that will showcase the best of up-and-coming trade tech companies, and the event will see the launch of major new initiatives that will break new ground in TradeTech regulation and the use of AI to boost sustainability in trade.

The UAE launched the TradeTech Global Initiative in collaboration with the World Economic Forum at its annual meeting in 2023 to spark a new era of trade growth by leveraging cutting-edge technologies such as blockchain, artificial intelligence (AI), the Internet-of-Things and data analytics to unlock trillions of dollars in additional global trade value.

By taking place parallel to MC13, the WTO’s topmost decision-making body, the event will provide the
ideal platform for engaging with leading stakeholders from the public and private sectors. The event will become an annual meeting and be the major convening forum for the best in TradeTech thinking. It is a significant pillar of the TradeTech Global Initiative, which also includes a report that sets out a pathway to modernising the global trading system via the increasing adoption of TradeTech, a sandbox, and an incubator.

Dr. Al Zeyoudi stated, ‘Technology has the potential to positively impact every link in global supply chains, from automated customs checks to AI-directed inventory management systems. It can also expand the reach of trade, enabling smaller nations and SMEs to participate in the global trading system equitably and securely.

‘The TradeTech Forum is an opportunity for global trade leaders to share insights, explore areas of collaboration, and collectively shape the future of global trade. I look forward to constructive and insightful discussions that will help pave the way for smarter, cle
aner, and more inclusive supply chains,’ Al Zeyoudi added.

‘It is time to revitalise trade, and this includes the urgent need to understand and integrate new technologies,’ said Børge Brende. ‘MC13 and the TradeTech Forum give us the opportunity to build on the work done in Davos to accelerate technology deployment. That can drive a trade recovery, and get us out of the trap of ‘slowbalisation’.’

Members of the media accredited for MC13 are invited to attend the sessions. The opening plenary will be accessible to members of the media and the public on 27th February at 9:30, via this livestream.

Source: Emirates News Agency