Category: Trading

SHARJAH: Expo Centre Sharjah (ECS) and the Italian Artex group, an institutional member of the World Crafts Council and organiser of the Italian stand at the 53rd Watch Jewellery Middle East Show, discussed expanding joint efforts to attract a higher number of Italian exhibitors to future editions of the Show, boosting participation at the stand to more than 60 companies. The two sides also touched on enhancing the Sharjah business community’s engagement in Italian exhibitions.

During the Watch Jewellery Middle East Show, hosted by ECS through February 4, Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, met with Sauro Servadei, Communication Director, Internationalisation Area, Artex, and several officials from both sides. The meeting reviewed the outcomes of Italian companies’ participation in the Show over the last several years and discussed the event’s role in boosting the presence of Italian companies in UAE markets, raising their market shares.

The officials also discussed organising joint events a
nd providing investors and exhibition visitors from both countries with high-level services and advantages. They explored the possibility of cooperating to encourage Italian exhibitors to take part in the second Emirates Perfumes and Oud Exhibition, which will be organised by ECS from October 4 to 13, 2024.

Saif Mohammed Al Midfa welcomed the visiting delegation, noting that Artex has been one of the Show’s main partners for over 20 years, playing a key role in increasing the turnout of Italian companies. Through participating, these companies have witnessed numerous successes and watched their sales grow. Al Midfa especially attributed this to the Italian jewellery sector’s famous gold craftsmanship and premium-quality jewellery, which make it a top choice for numerous Gulf and Emirati consumers.

For his part, Sauro Servadei expressed his pleasure in the magnificent turnout at the Italian pavilion, where Italy’s finest and most famous companies and brands have gathered alongside elite designers and big nam
es in Italian gold and jewellery. He highlighted the pavilion’s opulent jewellery selection, which reflects the refinement and excellence of the Italian industry.

Source: Emirates News Agency

DUBAI: dnata has announced that it partnered with Visit Barbados as it aims to attract more travellers from the GCC region.

The official tourism authority of the Caribbean island country is reporting an impressive 32 percent increase in travellers from the GCC in 2023, compared to the previous year.

Latest passenger arrivals demonstrate notable growth in travel to Barbados from the UAE, Saudi Arabia, and Qatar.

Visit Barbados has appointed Dubai-based dnata Representation Services as its exclusive sales, marketing, and PR representative in the GCC, to bring the latest news, exclusive rates, bespoke itineraries and more from the destination to travellers in the region.

Rakhi Purohit, Head of Representation Services at dnata, commented, ‘We are proud to partner with Visit Barbados and look forward to promoting the island as a high-value, sophisticated and multi-faceted destination.’

Barbados Minister of Tourism and International Transport, Ian Gooding-Edghill, said, ‘Barbados presents an alluring long-haul
holiday destination from the GCC.’

Source: Emirates News Agency

SHARJAH: In a commitment to fuel technological innovation and entrepreneurial advancement, the multinational real estate development company, EMAAR, has announced its partnership with the Sharjah Entrepreneurship Festival (SEF), organised by the Sharjah Entrepreneurship Centre (Sheraa), and taking place from 3-4 February 2024.

This multifaceted partnership includes sponsoring the ‘Startup Town’, one of 5 dedicated zones within the festival which will feature the ‘Founder Stage’, hosting talks and discussions from local and global experts. EMAAR will extend its partnership further by sponsoring the Tech Track for the anticipated SEF Pitch Competition, providing a platform for startups to showcase their ideas and ventures. Additionally, this renowned company will also be hosting one of the workshop halls at SEF 2024 providing specialised workshops and masterclasses from global authorities.

Mohamed Alabbar, founder of Emaar Properties, said: ‘We are thrilled to be a part of the Sharjah Entrepreneurship Festiva
l 2024. It’s more than just a partnership for us; it’s a chance to be at the heart of innovation and entrepreneurship. With EMAAR’s sponsorship of the ‘Startup Town’ and the Tech Track, we’re setting the stage for tomorrow’s business leaders. This is where ideas meet opportunity, and we’re proud to support these bright minds as they shape the future of business in the UAE and beyond.”

Najla Al Midfa, CEO of Sheraa, commented on the partnership, saying, ‘EMAAR’s contribution towards promoting entrepreneurship has been an instrumental force, and is a prime example of how corporate support can power the greater entrepreneurial ecosystem, igniting a vibrant culture of innovation and enterprise across the UAE and beyond. Their valued partnership is a crucial component of SEF 2024, the region’s largest entrepreneurship festival, and it is through such profound and enduring commitments that initiatives such as this festival thrive. SEF also provides a globally visible platform that shows the true impact that corpor
ate partnerships can have on entrepreneurship as we form collaboration through common goals, and collectively empower the growth of future-defining ventures.’

The ‘Startup Town’ at SEF 2024 will serve as a vibrant mini-ecosystem, featuring engaging discussions, pitch competitions, workshops, and direct feedback from industry leaders. Within this founder-focused space, dedicated areas will facilitate networking, mentorship, and showcase emerging startups from across the region, and the exclusive ‘Investor Lounge’ will offer startups unique opportunities for one-on-one conversations with leading investors and accomplished founders.

Additionally, EMAAR’s Startup Town will exemplify the power of collaboration through the ‘Canadian Pavilion,’ hosted by Toronto Metropolitan University’s ‘DMZ,’ and the ‘EDT Tech Pavilion ,’ hosted by ED Partners, dedicated to envisioning the future of the education sector, will showcase leading startups from Canada and the EdTech industry, respectively.

The Founder Stage will be
a nucleus of insightful talks, discussions, and activities, curated to revolve around founder-centric themes. Attendees will be able to gain invaluable knowledge on raising capital, scaling startups, cofounder dynamics, and industry-focused topics, presented by the world’s leading minds.

Notably, attendees have the unique privilege to glean insights from H.E. Mohamed Al Abbar, EMAAR’s founder, in a talk titled ‘Towering Success: What it Takes to Build a Business Empire,’ where he will share his journey to becoming a titan in the business world and what it takes to excel in creating a successful enterprise.

EMAAR’s influence will extend beyond established businesses, with sponsorship of the SEF Pitch Competition’s Tech Track, enabling emerging startups to pitch to industry experts for a chance to secure funding and support through a grant of AED 50,000, along with other exciting perks.

The five pioneering startups in the Tech Track will be HireSmart AI, AR Engineering, Holofair, Jalebi, and Viewit – embodyi
ng the technological ingenuity that will be showcased at SEF 2024, and a testament to EMAAR’s commitment to nurturing emerging talents and propelling them onto the global stage.

In a holistic approach, EMAAR will also sponsor one of the workshop halls at the SEF Academy, where experts from various fields impart essential skills to future leaders. Attendees can anticipate gaining practical insights, honing valuable skills, and navigating the nuances of entrepreneurship from industry experts. The workshop format aims to create an interactive and collaborative learning environment, fostering an exchange of ideas and experiences that will resonate with participants long after the festival concludes.

The 7th annual Sharjah Entrepreneurship Festival is set to captivate audiences from February 3-4 at the Sharjah Research Technology and Innovation Park (SRTIP). Under the theme of ‘Our Shared Canvas,’ this celebration of entrepreneurship promises an immersive experience as SEF 2024 becomes a hub of ideas and opportu
nities, featuring an impressive lineup of 200 speakers from 15 different countries. For more details and to secure your participation, please visit www.sharjahef.com.

Source: Emirates News Agency

DUBAI: The Drewry World Container Index (WCI), a composite index of container freight rates on eight major routes to/from the US, Europe, and Asia, decreased by 4% to US$3,824 per 40ft container this week. This level is still 88% higher than the same week last year. The decline this week comes after eight consecutive weekly gains.

Ocean freight rates saw significant increases during the last quarter of last year, ending the downward trend they had been on before that. Prices continued to rise, starting the new year with exceptional increases of over 100% on many routes.

The index level of US$3,824 per 40ft container is 169% higher than the 2019 average of US$1,420.

The average composite index since the beginning of the year is US$3,461 per 40ft container, which is US$778 higher than the 10-year average of US$2,684.

It is worth noting that average freight rates over the past few years have been inflated significantly during the COVID-19 pandemic between 2020 and 2022.

During the week, freight rates on Sha
nghai to Genoa decreased by 8%, or US$517, to US$5,848 per 40ft container, followed by rates on Shanghai to Rotterdam and Rotterdam to Shanghai, which decreased by 6% to US$4,661 and US$964 per unit, respectively.

Similarly, rates on Los Angeles to Shanghai decreased by 4%, or US$28, to US$734 per 40ft container.

On the other hand, rates on New York to Rotterdam increased by 3%, or US$20, to US$635 per container.

According to the Drewry index, freight rates on Shanghai to Los Angeles increased by 2%, or US$77, to US$4,421 per 40ft container, followed by rates on Rotterdam to New York, which improved by 1%, or US$13, to US$1,589 per container, while prices on Shanghai to New York routes remained stable.

Source: Emirates News Agency

ABU DHABI: The UAE Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AMLCTF) and Asia Pacific Group on Money Laundering (APG) announce that the UAE will host for the first time the 2024 APG Annual Meeting and Technical Assistance and Training Forum, taking place in the Emirate of Abu Dhabi Emirate at the Emirates Palace between 22nd-27th September 2024.

The APG is the largest FATF-Style Regional Body (FSRB) and its Annual Meeting is set to host a gathering of over 400 distinguished officials and experts to address critical global concerns surrounding the crimes and risks associated with money laundering and terrorism financing.

Commenting on the announcement of the hosting, Hamid Al Zaabi, Director-General of the EO AMLCTF, remarked that the UAE looks forward to extending a warm welcome to participants. He added, ‘The UAE has established itself as a global forum for international events and hosting the annual meeting of Asia-Pacific Group is a testament to our country’s continuou
s commitment and strategy for fostering constructive communication with international partners. The hosting of this important meeting also enhances the approach taken by the UAE for international cooperation and coordination to mitigate the risks associated with money laundering and terrorism financing crimes. The EO AMLCTF, in cooperation with all our esteemed partners, continues to strengthen the UAE’s national AML/CFT system. We look forward to hosting all the national delegations in Abu Dhabi this September’.

APG Co-Chairs Deputy Commissioner Ian McCartney and Assistant Deputy Minister Julien Brazeau jointly said, ‘The APG Annual Meeting is an important occasion for members and observers to discuss strategic issues, and we look forward to the 2024 meeting being hosted by the UAE as one of our newest observer jurisdictions. We welcome the opportunity to meet our delegates in person to discuss and adopt important mutual evaluation reports, achieve other key business outcomes, and to conduct the technical a
ssistance and training forum in parallel to discuss members’ priority technical assistance needs with donors.’

The agenda for the annual meeting will commence with a number of APG committee meetings and working groups from 22nd-23rd September, followed by a four-day plenary from 24th-27th September co-chaired by Australia and Canada.

Mutual evaluation reports for the Marshall Islands, Nauru, Papua New Guinea, Timor-Leste, and the joint FATF/APG/EAG mutual evaluation report of India will be reviewed and considered for adoption during the week. The APG will also take governance and organisational decisions on the future of the group and review significant projects taking place in 2024 and beyond.

The agenda also includes reviews of the FATF’s strategic direction for the next round of evaluations, with a focus on understanding its implications for the business of the APG. Alongside the four-day plenary meeting, APG members will conduct technical assistance coordination for many APG member jurisdictions aiming
to enhance their AML/CFT systems.

The APG consists of 42 member jurisdictions in the Asia-Pacific region, eight observer jurisdictions and 33 observer organisations. Notable among the observer organisations are the International Monetary Fund, World Bank, OECD, United Nations Office on Drugs and Crime, the UN’s Counter Terrorism Executive Directorate, Asian Development Bank, Commonwealth Secretariat, INTERPOL and the Egmont Group.

In 2023, the UAE was granted official observer status at the APG and an Emirati delegation led by Al Zaabi participated in the 2023 Annual Meeting held in Vancouver, Canada.

Source: Emirates News Agency