Category: Trading

DUBAI: Dubai Electricity and Water Authority (DEWA) has started operational testing of the 829 megawatts (MW) 4th phase of its power plant in Al Aweer (H-Station) with investments totalling AED1.1 billion. Tests include the initial operation of turbines and power generators and connecting to the power grid.

Saeed Mohammed Al Tayer, MD CEO of DEWA, said, ‘We work according to the vision and directives of the wise leadership to provide a robust infrastructure that keeps pace with the rapid developments in Dubai and the increasing demand for electricity and water in the Emirate. This ensures we meet the reserve margin set for electricity peak load and provide our services according to the highest standards of quality, efficiency, reliability, and availability. Upon completion, the 4th phase of the power station in Al Aweer will increase the total production capacity of Al Aweer Power Station Complex to 2,825 MW.’

Al Tayer stated that the operational testing ensures the quality and reliability of the units’ sec
ure operations on the network and will continue until the completion of the project in Q2 of 2024.

Nasser Lootah, Executive Vice President of Generation at DEWA, said that the station is equipped with the latest systems and technologies to reduce emissions to a minimum. He noted that the project is progressing according to schedule, while maintaining the highest levels of health, safety, quality, and efficiency.

The project is being implemented by a consortium comprising Siemens Energy and Elsewedy Power. Other local and regional companies are also contributing to this project, which includes supplying, installing, testing, and commissioning three F-class Siemens gas turbines.

The project also includes installing other devices and equipment from major international companies such as natural gas compressors from Germany’s ‘MAN’ and a natural gas treatment station from Dutch company ‘Petrogas’.

Source: Emirates News Agency

DUBAI: Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, and Chairman of Dubai’s Higher Committee for Development and Citizens Affairs, launched the ‘Dubai Integrated Housing Center’, which seeks to provide 54 residential services for citizens under one roof.

The establishment of the Center is aligned with the directives of His Highness Sheikh Mohammed bin Rashid to ensure that residential neighbourhoods provide citizens with the world’s highest standard of living. It is also in alignment with the recently launched Dubai Social Agenda 33 highlighting the theme of ‘Family: The Foundation of Our Nation’.

The Center, located at Avenue Mall in Nad Al Sheba, is scheduled to commence operations in February. It will provide services from four government departments and two private sector partners.

Sheikh Hamdan bin Mo
hammed said that the Government of Dubai places a high priority on the happiness and well-being of its citizens. This commitment reflects the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to launch diverse programmes and initiatives aimed at addressing citizens’ aspirations in terms of work, life, well-being, and housing. These initiatives are designed to foster family and social stability, playing a crucial role in advancing the country’s developmental journey, His Highness said.

Sheikh Hamdan’s remarks came during his visit to the Center, where he was welcomed by Mattar Al Tayer, Dubai’s Commissioner General for the Infrastructure, Urban Planning, and Wellbeing Pillar and Chairman of the Supreme Committee of Urban Planning in Dubai; Sultan Butti bin Mejren, Director General of Dubai Land Department; and Omar Hamad Abdullah Hamad Bu Shehab, CEO of the Mohammed Bin Rashid Housing Establishment.

‘As part of the Dubai Social Agenda 33, launched by His Highness Sheikh Mohammed bin
Rashid and centred around the theme of ‘Family: The Foundation of Our Nation,’ we have established the Dubai Integrated Housing Center. Designed to offer UAE citizens a streamlined and hassle-free home-building experience, the Center will offer 54 services, bringing together resources from four government entities and two private sector partners, all under one roof,’ he said.

He added that the Center will provide comprehensive support, including consultancy for design selection, guidance on cost-saving measures and assistance with financing through banks. The goal is to create a comfortable environment with convenient access, ensuring a seamless, easy and efficient home-building experience for citizens.

‘Constructing a family home can be a challenging experience for many young individuals, demanding specific expertise and financial and legal awareness. Our aim is to transform this experience for citizens. The Center is set to commence its operations and deliver services starting next month,’ Sheikh Hamdan s
aid.

‘We will continue to launch new projects in the next phase, reflecting our commitment to fostering stable families and ensuring the highest quality of life for them,’ he added.

The Center aims to achieve the primary objective of the Dubai Social Agenda 33, aiming to position Dubai as a global benchmark for housing services. The initiative aligns with one of the agenda’s specific targets, ensuring the provision of land and a residential loan to every new Emirati family within a year of application.

The Dubai Integrated Housing Center will provide comprehensive housing services, encompassing personalised design and budget planning tailored to family size, assistance in selecting interior design and colour schemes, consultation on construction and financial planning and the estimation of project costs.

Additionally, the centre addresses the diverse needs of citizens, with a specific focus on housing, construction and land services, including the selection and allocation of residential lands.

During a t
our of the Dubai Integrated Housing Center, His Highness visited the construction exhibition hosted by Sobha Realty, which showcases elements of design for citizens seeking to construct their houses.

The government entities offering services through the Center include the Mohammed Bin Rashid Housing Establishment; Dubai’s Roads and Transport Authority, Dubai Municipality and Dubai Land. Additionally, two private partners, Emirates Islamic Bank and Sobha Realty, are also contributing to the array of services offered.

Mattar Al Tayer said that fully fledged centre reflects Dubai Government’s commitment to provide comprehensive housing services to citizens in line with the Dubai 2040 Urban Master Plan.

Dawood Al Hajri, Director General of Dubai Municipality, said that the Center plays a vital role in delivering outstanding housing services that cater to the needs of citizens. It facilitates their housing and construction procedures with high efficiency, he noted.

Sultan Butti bin Mejren said that the close c
ollaboration between various entities through the Center will enhance the efficiency of services provided to citizens.

Omar Hamad Abdullah Hamad Bu Shehab said that the Center provides top-tier services and solutions for housing and construction. He added that the concept of the centre is a product of ongoing collaboration among various entities, aiming to achieve the highest levels of happiness and welfare for citizens.

Early January, His Highness Sheikh Mohammed bin Rashid launched a AED208 billion Dubai Social Agenda 33 to double the number of Emirati families in the emirate within a decade. He also set out plans to increase housing standards, health care and quality of life for citizens.

Source: Emirates News Agency

WORLD CAPITALS: Gold prices declined during today’s trading, losing about US$7 in spot trading.

As of 09:41 UAE time, the yellow metal fell by 0.34 percent or $7.01 to reach $2047.95 per ounce.

Gold futures for February 2024 declined 0.38 percent or $7.7 to reach $2051.3 per ounce.

Source: Emirates News Agency

DAVOS: Despite the challenges of 2023 and escalating geopolitical tensions, business leaders remain surprisingly optimistic for 2024, according to new research from Economist Impact and DP World, unveiled today at the World Economic Forum.

The primary driver is a growing belief that technology will transform the efficiency and resilience of supply chains. Amid escalating concerns about protectionism, global fragmentation and political instability, businesses are reassessing risks within their supply chains and pivoting towards friendshoring and dual supply chain strategies.

The fourth annual Trade in Transition study, commissioned by DP World and led by Economist Impact, captured the perspectives of trade experts and senior executives across a variety of regions and sectors. This period of unprecedented transformation – heightened geopolitical risk, the urgent realities of climate change and significant advancements in technologies – is causing businesses to face complex challenges, ‘Yet there are also oppo
rtunities’.

The global survey of 3,500 company executives found technologies that improve supply chain efficacy and resilience to be the main source of optimism for business leaders when asked to assess the future of global trade. At the core of this sentiment is the widespread adoption of AI, with 98% of executives already using AI to revolutionise at least one aspect of their supply chain operations.

From solving inventory management issues and reducing trade expenses to optimising transport routes, executives are taking advantage of integrating AI. A third of businesses are utilising AI to deliver a reduction in overall trade operation costs and the same amount to enhance resource and supply chain planning. Over one-third of companies view boosting the use of digital tools for enhanced inventory management as the most effective strategy in cutting overall trade and supply chain costs.

Businesses expect to ramp up their technological adoption further this year, a proactive approach that underscores a com
mitment to deploying innovation to navigate the evolving business landscape with increased efficiency and resilience. Of those surveyed, a third will focus on advanced automation and robotics for logistics efficiency; 28% will turn to blockchain for enhanced traceability and data security; and 21% will embrace artificial intelligence, big-data analytics and predictive analytics for real-time insights and disruption forecasting.

In the new era of globalisation, a landscape of heightened geopolitical risk is shaping the contours of global trade as businesses attempt to reduce risks across their supply chains. More than a third of companies are using friendshoring to shape trade and supply chain operations, while 32% are creating parallel supply chains or dual sourcing.

In addition, more than a quarter are opting for fewer suppliers – a 16-percentage point increase from the previous year – as businesses weigh the advantages of consolidation against diversification and control against resilience.

Concerns that
political instability, rising trade friction and global fragmentation could hamper growth are increasing. A fifth of businesses are concerned with higher tariffs, or uncertainties around tariffs, in key markets they export to or import from. In fact, 22% of executives emphasised the challenge of political instability in their sourcing markets, while almost a quarter (23%) are concerned about heightened geopolitical uncertainty.

Economist Impact conducted a quantitative trade analysis through the Global Trade Analysis Project (GTAP) platform to estimate the potential global output loss from hypothetical scenarios of further ‘geo-economic fragmentation.’ In a scenario focused on significantly increased trade barriers on high-tech goods – a focal point in the current geopolitical climate – Economist Impact projected a 0.9% decline in worldwide GDP.

Speaking at the launch of the report at the World Economic Forum in Davos today, DP World Group Chairman and CEO Sultan Ahmed bin Sulayem said, ‘The findings in thi
s report reveal a remarkable optimism, despite businesses having to operate in an increasingly uncertain environment. Governments can maximise the significant economic benefits of trade by providing the predictability that businesses need, while reducing trade friction. This entails not only tariff reduction, but also collaborating with the private sector to roll-out technological advancements – most notably in digitalisation, automation and AI – that enable greater efficiency, visibility and adaptability.’

John Ferguson, Global Lead, New Globalisation, Economist Impact, stated, ‘In 2024, amidst heightened geopolitical risk and the rising impact of climate change, there is an observable increase in the variability of approaches businesses are taking to their supply chains. This reflects a growing understanding that no single strategy will meet the needs of different businesses. What’s clear is that technology is being implemented across supply chains to ensure business can adapt faster and smarter.’

Source
: Emirates News Agency

DUBAI: Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, has revealed a rebranding of its visual identity incorporating a new logo.

Going forward, the Corporation will be known by its acronym ‘ICD’, with its visual identity reflecting its dynamism and evergreen commitment to the pursuit of growth, development, and excellence. The change further signals ICD’s preparedness to adapt to the ever evolving global investment landscape.

Utilising the best practices in design, the new sleek and bold brand mark takes on a fresh aesthetic, positively reflecting the corporation and its mission, while remaining instantly recognisable.

Mohammed Ibrahim Al Shaibani, Managing Director of ICD, said, ‘As we continue to evolve and grow, our new identity will reflect the spirit and mindset with which we exist in the world today. We lean on our past, as we embrace the future’.

He added, ‘ICD will continue to build on its successes, embracing a forward and future-focused outlook as
it strives to maximise value for the long-term benefit of the Emirate of Dubai.’

The rebranding coincides with ICD’s move to its new headquarters in Dubai’s newest, record-breaking architectural landmark, One Za’abeel, developed and owned by ICD.

Source: Emirates News Agency