Category: Trading

BEIJING: China’s e-commerce logistics index, an indicator of logistics operations in the e-commerce sector, stood at 125.3 points in January, hitting a record high over the past two years, according to the data released by the China Federation of Logistics and Purchasing on Monday (CFLP).

The e-commerce logistics index showed a steady rebound in January, with good performance on both the supply and demand sides, said the CFLP.

As reported by China Central Television, the federation stated that local speciality foods are gaining popularity and becoming widely consumed during the upcoming Spring Festival, also known as Chinese New Year. Additionally, the rapid growth of instant retail services has made buying fresh food through e-commerce platforms a significant option for Spring Festival shopping.

The e-commerce logistics index is compiled based on data from JD.com, a major online retailer in China. The baseline index was set up at 100 points.

Source: Emirates News Agency

BEIJING: China’s futures market logged brisk trading in terms of both volume and turnover in January, data from the China Futures Association showed.

According to the association, as reported by China Central Television, the market’s transaction volume reached 552 million lots last month, reflecting a year-on-year increase of 38.74 percent.

Trading turnover of the country’s futures market surged by 46.57 percent year-on-year to 44.02 trillion yuan (about US$6.12 trillion), it said.

Besides, the purchasing managers’ index (PMI) for China’s manufacturing sector came in at 49.2 in January 2024, up from 49 in December last year.

The figure rebounded after a three-month decline which started in October 2023, indicating an improvement in manufacturing activity.

Moreover, China’s non-manufacturing PMI also witnessed a rebound, notably in the sectors such as retail and catering, which exhibited an accelerated recovery in business activity. The PMI for the non-manufacturing sector reached 50.7 in January, marking
an increase from 50.4 in December.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

In general, China’s macroeconomic fundamentals are showing ongoing improvement, fuelling sustained activity in the futures market.

Source: Emirates News Agency

DUBAI: The World Governments Summit (WGS), which kicks off next week, represents a pivotal moment for influencing governments and societies to engage with the global community in shaping the future.

Over the years, the Summit has evolved into a premier platform for governments to share best practices and foster international cooperation under the visionary guidance of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the follow-up of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The Summit’s previous editions witnessed widespread participation from world leaders, governments, international organisations, global corporate executives, entrepreneurs, experts, specialists, and future-makers. It also spurred the start of a new phase where the UAE continues to provide a leading platform uniting the world under one roof, with a humanitarian goal of ensuring a better tomorrow for future generations.

The UAE’s commitment to international cooperati
on and innovation is evident in its efforts to expand knowledge partnerships and facilitate exchanges between governments. Last year’s Summit witnessed the signing of over 80 bilateral agreements to modernise government practices and advance sustainable development goals.

With its theme “Shaping Future Governments,” this year’s Summit promises to bring together thousands of officials, experts, and private sector leaders to discuss global trends and contribute to developing innovative solutions for future challenges. Through knowledge-sharing and strategic partnerships, the Summit aims to empower governments and enhance their readiness for the future.

As the largest annual global government gathering, the Summit has succeeded in elevating the future of governments, enabling them to achieve excellence and leadership based on the latest developments and trends, focusing on harnessing technology and innovation to address current challenges.

With this year’s Summit, the UAE continues to consolidate its strategi
c approach to developing international cooperation, enhancing government work and encouraging inspirational initiatives that meet people’s aspirations for development, prosperity, social stability, and confidence in the future.

Source: Emirates News Agency

SHARJAH: Adding another feather to its cap and further solidifying Sharjah’s reputation as a preferred destination for specialised global enterprises, the Sharjah Airport International Freezone (SAIF Zone) successfully attracted Heesung PMTech Middle East, a Korean company specialising in platinum group metals (PGM) recycling.

The company has established a state-of-the-art refinery covering 6,500 square feet within the Free Zone, marking an initial investment of approximately AED 4 million for the project’s first phase, which is set to last six months.

Saud Salim Al Mazrouei, Director of SAIF Zone, Dohyun Jung, Vice Chairman of Heesung Group, KO Jeong, CEO of Heesung PMTech and Jeongseok Do, General Manager of Heesung PMTech Middle East, inaugurated the cutting-edge facility, with senior officials and executives from both entities attending.

During his visit to the refinery, Al Mazrouei, accompanied by free zone officials, toured the facility, gaining insights into its operational processes and learning ab
out the platinum metal recycling method and its diverse applications.

Additionally, Al Mazrouei visited the research and development laboratory, equipped with state-of-the-art tools for material analysis and exploration, commending the utilisation of advanced technologies in this intricate process.

Al Mazrouei stressed that under the wise leadership of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, the emirate has emerged as a global investment destination known for its diversity and competitiveness.

He stated that the strategic investment by the Korean company is a testament to SAIF Zone’s escalating stature on the global stage.

Further, Al Mazrouei said, “We are committed to fostering a business-friendly atmosphere, enabling companies to thrive through investments in essential services, facilities, and infrastructure. Our ultimate goal is to create a conducive environment for growth and expansion into regional and global markets from the free zone.’

‘SAIF Zo
ne will spare no effort to attract and boost foreign direct investment flows into the Emirate of Sharjah, positioning it as a leading innovator among Middle Eastern free zones. We achieve this by offering a suite of smart services in a creative and comprehensive manner, thereby facilitating the conduct of innovative and high-quality commercial and industrial operations,” He added.

Jeongseok Do emphasised that the high-quality facilities offered by the SAIF Zone were instrumental in the company’s decision to expand its operations in the Emirate of Sharjah.

He pointed out that these facilities provide easy and smooth access to regional and global markets, facilitating the company’s ability to serve its customers efficiently.

Do added that, operating in a specialised field critical to numerous industries, the company is keen to boost its presence in a region essential to the global economy.

He lauded the constructive cooperation and strategic partnership with the Free Zone, highlighting its significant contr
ibution to the company’s goals.

He highlighted that Heesung PMTech, founded in 2004 in Korea, was the leading company specialising in the recycling of platinum group metals, emerging from a collaborative investment project between Heesung Catalysts and Hyundai Motors.

Source: Emirates News Agency

ABU DHABI: ADMO Lifestyle Holding (ADMO), owned by Alpha Dhabi Holding PJSC (ADX: AlphaDhabi) and Monterock International Limited, and Addmind, a leading lifestyle and entertainment group in Europe, the Middle East, and Africa (EMEA), have launched a new global lifestyle vertical Alpha-Mind. The landmark deal is set to propel ADMO’s brand portfolio to new heights.

Alpha-Mind is a UAE-based joint venture company that owns and manages a global portfolio of experiential lifestyle, food and beverage (F and B), and entertainment brands, created and developed by Addmind. Its portfolio currently comprises seven iconic names – CLAP, ONGAKU, Babylon, Sucre, Alma Bar, Bar Du Port, and Iris, including the Iris Beach House hotel brand.

With a 51%:49% equity split between ADMO and Addmind, Alpha-Mind represents a dynamic partnership poised to fuel expansion by growing existing brand footprints, and by creating and acquiring new concepts within the region and beyond.

Leveraging the capabilities and resources of both ADM
O and Addmind, the launch of this high-end lifestyle portfolio aligns with the UAE Tourism Strategy, which aspires to attract 40 million hotel guests and draw AED100 billion in tourism investment to the country by 2031.

Commenting on the announcement, Petros Stathis, Vice Chairman of ADMO, said, ‘This joint venture – the fourth deal under ADMO – marks another milestone in our growth journey and testifies our commitment to bringing world-class brands and experiences to people in the UAE and around the world. We are working to build a larger, more diverse portfolio of leading lifestyle, luxury, hospitality, and entertainment concepts. Our goal is to tailor homegrown brands from the UAE and propel them to the global market.’

The partnership, which is subject to regulatory approval, aligns seamlessly with ADMO’s overarching vision to develop a global portfolio of lifestyle brands and expand their geographical presence worldwide. Addmind will manage the operations of all brands under Alpha-Mind with a focus on r
emaining at the forefront of ‘the new and the next’ in entertainment and F and B experiences.

Tony Habre, Group CEO of Addmind, said, ‘Today, we join forces with ADMO to start writing a significant chapter in Addmind’s story. Alpha-Mind is a strategic alliance that unites two powerhouses in their respective sectors with a shared vision of growth and unparalleled guest experiences. Our aim is to continue to expand and elevate our homegrown brands on a global scale, tapping into new markets and reaching diverse audiences. We are confident that our combined strengths will make us ideally positioned to shape the next generation of experiential lifestyle, F and B, and entertainment concepts globally.’

ADMO was formed as a joint venture between Alpha Dhabi and Dubai’s Monterock International in 2022. The company seeks to assemble a portfolio of leading luxury and lifestyle brands. Since its inception, it has acquired Nammos, CÉ LA VI, and, most recently, Em Sherif. The launch of Alpha-Mind reinforces ADMO’s role
as a major player in premium brand investments.

As a leading lifestyle and entertainment group in the UAE, Addmind has established a strong presence across Dubai and Abu Dhabi through its iconic brands. These include CLAP, ONGAKU, Babylon, Sucre, Alma Bar, Bar Du Port, and Iris, which now make up the Alpha-Mind portfolio, as well as WHITE, WHITE Beach, Bazaar, La Mezcaleria, Be Beach, and Ria. The company is also poised for growth, with plans to open new outlets at Jumeirah Group’s Marsa Al Arab in Dubai, as well as in international destinations, such as Ibiza, London, Mykonos, Paros, Milan, and St Tropez.

Source: Emirates News Agency