Category: Trading

DUBAI: etisalat by e and Cisco, two of the leading giants in the telecommunications and technology sectors, announced the signing of a Memorandum of Understanding (MoU) to collaborate on advanced connectivity solutions and services for businesses in the UAE.

The MoU outlines the principles by which the companies intend to collaborate on go-to-market activities, serving enterprises and SMB business customers by enhancing engagement, co-developing innovative products, and strengthening managed services capabilities.

Masood M. Sharif Mahmood, CEO, etisalat by e UAE, said, “This MoU marks an important step in our vision to create a more connected and sustainable UAE. The agreement is driven by a mutual desire to develop new value propositions and enhance existing solutions. Through our collaboration with Cisco, we endeavour to deliver pioneering connectivity and managed services solutions that enable our clients’ digital transformation journeys, and contribute to the success of their business objectives.”

Reem
Asaad, Vice President Middle East and Africa at Cisco, said, “Our collaboration with etisalat by e underscores Cisco’s dedication to delivering innovative solutions to businesses in the UAE. Together with etisalat by e, we aim to enable digital transformation while helping our customers achieve their sustainability objectives. By combining our expertise, we will provide the advanced foundation for businesses to accelerate their journey towards digitally advanced operations in UAE.”

This strategic alliance leverages the strengths of both organisations, combining etisalat by e’s extensive reach and robust infrastructure with Cisco’s innovative technology solutions. The collaboration is set to deliver more efficient and effective advanced connectivity solutions, which shall ultimately enhance customer experience while enabling their growth and transformation.

In addition, the collaboration will see the companies working together to develop a broad range of consultancy services for various commercial segments,
such as business continuity, disaster recovery, tech-refresh framework, and sustainable tech-enabled solutions.

Mahmood added, “We firmly believe that advanced connectivity is vital for enduring business success. With such partnerships, we’re poised to help our customers reach their business objectives as well as remain committed to sustainability and digital transformation. This will pave the way for operational efficiency, and growth of various companies, along with a positive impact on the UAE economy and society.”

Source: Emirates News Agency

SHARJAH: The Sharjah Shopping Promotions, organised by the Sharjah Chamber of Commerce and Industry (SCCI) in collaboration with various government and private sector partners, is experiencing a significant increase in sales across participating stores and malls.

The notable growth in sales is attributed to the continued influx of shoppers drawn to the attractive discounts and offers available this season across the emirate’s cities and regions.

Since its launch on 15th December, Sharjah Shopping Promotions has captivated both local and visiting audiences with enticing deals and raffle opportunities on a broad array of international merchandise and brands.

Shopping malls throughout the emirate are set to continue this trend, offering a variety of live entertainment, promotional events, and significant discounts as part of their winter offers until 20th January.

Abdulaziz Shattaf, Assistant Director-General for Communication and Business Sector, SCCI, stressed that the Sharjah Shopping Promotions this seas
on is reaping rewarding returns and contributing significantly to the retail sector’s recovery.

‘This success is a testament to the effective collaboration between the Sharjah Chamber and its strategic partners from both the public and private sectors. Our goal is to stimulate economic momentum in the emirate and enhance the retail and tourism sectors. These offers not only present major discounts and entertainment events that delight families and visitors but also play a pivotal role in highlighting the landmarks and diverse opportunities in Sharjah’s tourism sector,’ Shattaf said.

He urged both residents and visitors of the emirate to seize this excellent opportunity and visit the participating malls to take advantage of the discounts and enjoy a variety of entertainment offerings.

The Sharjah Shopping Promotions has seen thousands of shops participate, offering a series of discounts, draws, prizes, and valuable gifts across a wide range of products and international brands.

Accompanying these are herit
age and folkloric events across various commercial centres in the emirate, including City Centre Al Zahia, Sahara Centre, and Oasis Mall. Additionally, major events are part of this season’s Sharjah shows, with notable activities at Al Majaz Theatre and ongoing attractions at Al Bataeh Park, all of which continue to welcome a steady stream of visitors.

Source: Emirates News Agency

MANAMA: The Kingdom of Bahrain will host the fourth meeting of the Higher Committee of the Integrated Industrial Partnership For Sustainable Economic Development, to discuss the latest developments in the work strategy within the industrial partnership, projects and agreements between member states.

The Integrated Industrial Partnership’s membership includes the Kingdom of Bahrain (host country), the Hashemite Kingdom of Jordan, the United Arab Emirates, the Arab Republic of Egypt, and the Kingdom of Morocco.

The meeting is chaired by Abdulla bin Adel Fakhro, Minister of Industry and Commerce of Bahrain, with the participation of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology of the UAE; Yousef Mahmoud Al Shamali, Minister of Industry, Trade, and Supply of the Hashemite Kingdom of Jordan; Ahmed Samir Saleh, Minister of Industry and Trade of the Republic of Arab Egypt; and Riad Mazour, Minister of Industry and Trade of the Kingdom of Morocco.

The fourth meeting will witness the
announcement of several new partnerships and agreements, which will contribute to enhancing the industrial sector in member states and increase its contribution to the gross domestic product.

The agenda includes meetings of the Executive Committee of the Partnership, headed by Omar Al Suwaidi, Under-Secretary of the UAE Ministry of Industry and Advanced Technology, which will be held on Wednesday, 10th January 2024, with the participation of the heads and members of the committee, in addition to representatives of industrial companies in Bahrain, UAE, Jordan, Egypt and Morocco.

The Executive Committee will prepare a final report on the latest developments and achievements to strengthen the industrial sector in member states to be presented to the Higher Committee of the Partnership.

?The Integrated Industrial Partnership For Sustainable Economic Development was launched in Abu Dhabi in May 2022, with the participation of the UAE, Egypt and Jordan, while Bahrain joined during the second meetings of the High
er Committee in Cairo in July 2022.

?The Partnership aims to achieve integration in resources, capabilities and experiences owned by the partnership countries, which provides industrial opportunities that contribute to diversifying the economy and increasing the competitiveness and flexibility of the industrial sector. Furthermore, it aims to strengthen partnerships between countries by contributing to the industrial sector with all the factors that guarantee its development and improvement.

Source: Emirates News Agency

RIYADH: Saudi Arabia achieved first rank across MENA for the first time in terms of the amount of Venture Capital (VC) funding in 2023, according to MAGNiTT, the MENA-based venture data platform.

According to the Saudi Press Agency (SPA), this achievement reflects the development the Kingdom is witnessing in various economic and financial sectors in light of the Saudi Vision 2030 and its goals to strengthen the national economy.

The Kingdom captured the highest share of total VC funding in the MENA region in 2023, accounting for 52% of the total capital deployed, up from 31% in 2022.

The funding deployed into Saudi Arabian startups grew by 33% in 2023 versus 2022. This confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdom’s economy as the largest economy in MENA and its leading position globally as a G20 country and a member of the ‘BRICS’ group, which represents one of the strongest economic blocs in the world.

Source: Emirate
s News Agency

ABU DHABI: Mubadala Investment Company, the Abu Dhabi sovereign investor, through its issuing entity Mamoura Diversified Global Holding (MDGH), announced the successful secondary listing of its dollar- and dirham-denominated bonds totalling US$4.5 billion and AED 750 million respectively, with a bell ringing ceremony at the Abu Dhabi Securities Exchange (ADX), one of the fastest growing exchanges in the world.

The listings on ADX included Mubadala’s highly oversubscribed debut Green Bond and Mubadala’s inaugural dirham-denominated bond, the first such dirham bond by a corporate in the United Arab Emirates. The listing of Mubadala’s green bond marks the seventh listing of a green debt instrument on ADX.

With interest from both local and international investors, the listing of Mubadala’s bonds on the ADX helps contribute to the growth of ADX’s bond market, diversifying financing resources and providing safe investment alternatives for investors.

Commenting on the listing of the bonds, Abdulla Salem Al Nuaimi
, Chief Executive Officer of ADX, said, ‘We are delighted to see the listing of Mubadala’s Dollar and Dirham bonds on ADX, alongside their debut green bond, marking a great addition to our diverse bond offering. The strong interest in this listing demonstrates the confidence that investors have in the UAE’s thriving capital markets. At ADX, we are committed to providing a robust and dynamic platform for companies like Mubadala to achieve their capital raising and investment objectives.’

Carlos Obeid, Chief Financial Officer of Mubadala Investment Company, said, ‘This remarkable achievement strongly aligns with the Government’s strategic economic vision and objective of diversifying the economy of Abu Dhabi and making it globally integrated. It also underscores the resilience and dynamism of Abu Dhabi’s ever-evolving Capital Markets.

‘We recognise the significant role that the ADX plays in fostering economic development in Abu Dhabi and we are immensely proud to be contributing to the vibrancy and robustness
of our financial markets through these new listings, which builds on our first ADX listing back in 2021’

Source: Emirates News Agency