Category: Trading

SHARJAH: Sharjah Shopping Promotions 2023, the annual promotional and entertainment event organised by the Sharjah Chamber of Commerce and Industry (SCCI), is set to launch on Friday across the Emirate of Sharjah under the slogan ‘Smile for the Promotions, Smile for Shopping’.

Numerous Sharjah shopping centres and retail stores are slated to participate in the activities, which will continue to 20th January 2024.

The opening festivities will kick off at City Centre Al Zahia, followed by an agenda packed with numerous marketing activities and entertainment programmes, organised in cooperation with the Shopping Centre Sector Working Group and in coordination with several of the emirate’s government departments and agencies.

In addition, the event will feature promotions and major discounts on an array of products, goods, and top brands.

Sharjah Shopping Promotions aims to boost Sharjah’s tourism and marketing appeal by setting up several events based on three essential elements: shopping, entertainment, and
big profits.

The event offers shoppers an impressive bundle of valuable prizes and gifts supplied by shopping centres, central markets, and retail stores spread throughout the emirate, in addition to sweepstakes and major discounts on products, clothing, perfumes, electronics, home appliances, kitchenware, outdoor equipment, and other items.

This year, Sharjah Shopping Promotions will feature heritage and folklore festivities at Sahara Centre, City Centre Al Zahia, and Mega Mall to enrich the shopping experience of Sharjah residents and visitors. Central Souk, Oasis Mall, and Al Majaz Amphitheatre will also host a special lineup of activities designed just for children and families, while winter festivities will be staged at unique destinations, attractions, and some of Sharjah’s famous premium shopping centres.
Source: Emirates News Agency

SHARJAH: United Arab Bank (UAB) announced the successful conclusion of its AED 735 million, 2-year Dual Tranche Club Term Loan facility.

The new facility further strengthens UAB’s balance sheet by enhancing its ability to support its clients as well as its own strategic growth goals. The successful closing also reflects the market confidence in UAB’s growth strategy and financial strength.

The dual tranche borrowing comprises a Conventional tranche and a Commodity Murabaha financing facility has been concluded at competitive pricing. The facility also includes a green-shoe option to increase the size up to AED 1.3 billion. Proceeds of the facility will be used for general corporate purposes.

The transaction was arranged by Abu Dhabi Commercial Bank PJSC, Emirates NBD, Emirates Islamic Bank, and First Abu Dhabi Bank as Initial Mandated Lead Arrangers and Bookrunners (IMLABs). Emirates NBD acted as the global Facility Agent.

Commenting on the transaction, Shirish Bhide, Chief Executive Officer at UAB, said,
‘We are delighted to announce this transaction that was done with support from leading financial institutions in the UAE. The transaction is testimony to the market confidence in the bank’s strong fundamentals, management strength and growth prospects. This facility helps UAB in diversifying its funding profile, as it executes a well thought through and sustainable business growth strategy. We thank all the participating Banks for their trust in us.’
Source: Emirates News Agency

KUWAIT: The price of Kuwaiti oil barrel dropped US$4.64 to US$74.38 per barrel (pb) on Tuesday compared with Wednesday’s US$79.02 pb, said Kuwait Petroleum Corporation (KPC) on Thursday.

According to the Kuwait News Agency (KUNA), in the international markets, the Brent Crude went up by US$1.02 to US$74.26 pb, whilst the West Texas intermediate dropped 86 cents to US$69.47 pb.
Source: Emirates News Agency

ABU DHABI: The Abu Dhabi Department of Energy (DoE) has entered into a new partnership agreement with the French-headquartered International Energy Agency (IEA) to accelerate the clean energy transition and climate action, through advanced policy action and low-emission technologies, both in Abu Dhabi and globally.

The IEA is a key global player in energy policy advocacy and research. The Memorandum of Understanding (MoU), which was signed at the UAE House of Sustainability Pavilion in the COP28 UAE Green Zone, demonstrates the DoE’s commitment to driving regional and global cooperation to shape a low-emission economy in Abu Dhabi and the wider UAE.

Signing this partnership agreement with the IEA at COP28 shows the DoE’s support for the UAE, as host of this annual United Nations summit, to unite the world in collective climate action. The MoU also highlights the importance of global collaboration in charting world-class decarbonisation pathways and sustainable energy policies that will drive renewable energ
y efficiency and low-emission technologies.

The DoE and IEA will collaborate on ambitious low-emission power generation targets (including nuclear power and renewables), reducing CO2 emissions, implementing an ambitious energy and water efficiency policy, and sustaining a cost-competitive electricity and water supply. In parallel, the DoE and IEA will work to balance the three imperatives of energy security, affordability and sustainability, on both the supply and demand side.

Outcomes from this agreement will support the Abu Dhabi Vision 2030, UAE Vision 2050 as well as the UAE’s Nationally-Determined Contribution and Net Zero by 2050 target in line with 2015 Paris Agreement.

Awaidha Murshed Al Marar, Chairman of the DoE, said, ‘This agreement will take us a step closer to our ambitions to lead a clean energy future that has global climate impact. The UAE was the first country in the region to commit to a Net Zero by 2050 goal. The Department of Energy is committed to supporting this goal and creating a r
enewable energy future in the Emirate of Abu Dhabi. We have already outlined our Clean Energy Targets that will see us adopt 60% clean electricity by 2035. We have also recently released our Abu Dhabi Energy Outlook 2050, which gives us pathways and scenarios to achieving our net zero goals. One of the pathways calls for a technological paradigm shift and to adopt all technological innovations – setting a new benchmark for a clean energy transition. By collaborating with the IEA, we will be able to advance our efforts to shape a low-emission Abu Dhabi for all.’

The new agreement outlines a cooperative plan to assess the rapidly evolving global energy market and determine more adaptive and sustainable energy policies and regulations. Specific areas of interest covered in the MoU include market design, liberalisation, and transition; energy efficiency and demand response; and various technological perspectives, such as the rising efficiency of green hydrogen production and storage methods.

These efforts will
help shape energy policy and regulatory frameworks to support stakeholders, drive innovation and deliver on Abu Dhabi’s vision to become a global hub for sustainable energy development.

Mary Warlick, Deputy Executive Director of IEA, said, ‘The steps Abu Dhabi has taken so far to decarbonise its power sector are encouraging. The Emirate’s development of low-emissions energy solutions has accelerated in recent years, driving progress towards its climate goals while increasing its overall economic competitiveness. The IEA is ready to support Abu Dhabi in its important contribution to the United Arab Emirates’ crucial journey to net zero.’
Source: Emirates News Agency

ABU DHABI: Pakistan Telecommunication Company Limited (PTCL), e’s listed operating company in Pakistan, today announced that it has signed a binding agreement with Telenor ASA (Telenor) to acquire a 100 percent stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan) for Enterprise Value of PKR 108 billion on a cash free, debt free basis.

The acquisition brings together the strengths and expertise of both PTCL and Telenor Pakistan, creating synergies that will drive innovation, bolster the market, and enable them to reach a broader customer base, accelerating their digital transformation journey.

The milestone will add to e’s strategic growth and market expansion in the region, solidifying its position as a key player in the Pakistan’s telecommunications industry.

Hatem Dowidar, Group CEO of e, said, ‘The strategic acquisition of Telenor Pakistan presents a significant opportunity for market consolidation, empowering us to invest more in creating the best next-generation network in Pakistan. This move reinfo
rces our commitment to the progress of the country’s telecom sector, delivering added value to our customers and shareholders. In shaping a telecom legacy where innovation and connectivity merge to explore future opportunities, we aim to accelerate digital transformation to better serve our customers and community.’

Hatem Bamatraf, President and Group CEO, PTCL Ufone 4G, added, ‘We are confident that the strategic synergies created by combining forces with Telenor Pakistan will result in enhanced value for our customers and stakeholders, as they are the ultimate beneficiaries of this transaction. Both PTCL and Telenor possess strong and talented teams dedicated to developing a culture of delivery and teamwork by adopting the best of both companies. The merged entity will serve as a best-in-class provider across all domains, offering better coverage, seamless data experience, massive reach and a wide range of products and services for customers.’

Hassan Nasir Jamy, Chairman PTCL Board, commented, ‘PTCL Group
has played a pivotal role in connecting the people of Pakistan. This commitment further solidifies our resolve to build a prosperous and digitally connected nation and to be the national champion to support Pakistan’s digital transformation. This agreement will go a long way in ensuring that we provide our customers with the most efficient and technologically advanced solutions.’
Source: Emirates News Agency