Category: Trading

DUBAI: As part of the Dubai Social Agenda 33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, under the theme ‘Family: The Foundation of Our Nation’, the Dubai Police General Command and Dubai’s Department of Economy and Tourism – represented by the Mohammed Bin Rashid Establishment for Small and Medium Enterprises (Dubai SME)- signed a Memorandum of Understanding (MoU) for the launch of the ‘Dubai Retiree Projects Support’ programme’.

The programme offers Emirati retirees in Dubai benefits and incentives, including priority in being assigned to government projects, financing of their future projects, exemption from service fees for five years, and consultation support for their projects to ensure optimal returns.

The MoU was signed by Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police and Member of the Higher Committee for Development and Citizens Affairs in Dubai, and Helal Saeed Al Marri, Director-General of
the Dubai Department of Economy and Tourism.

The agreement reflects the two sides’ efforts to ensure the mental, social and financial stability of both retirees and employees approaching retirement.

The Dubai Retiree Project Support programme aligns with the objectives of the Dubai Social Agenda 33, which aims to create a more active and proactive social system that provides protection and empowerment, through a model that ensures equal opportunities and social welfare to all segments of the community and promotes social and humanitarian work to mitigate economic and social risks.

Operating under the umbrella of the Higher Committee for Development and Citizens Affairs, the programme aims to support projects launched by retirees through the Mohammed bin Rashid Fund for SME, in line with Dubai Social Agenda 33’s objective of turning Dubai into a hub for SMEs.

The Dubai Retiree Project Support programme targets two groups of Dubai citizens; existing retirees and employees approaching retirement. It aims to
utilise the expertise of these two groups to support Dubai’s development, helping them to contribute to the emirate’s ongoing achievements.

In addition to launching a council for retirees to facilitate communications with them, the programme will offer additional job opportunities for retirees and those approaching retirement. This is aimed at providing them an additional source of income to enhance their financial stability, while benefiting from their capabilities and expertise through their engagement in SMEs.

Lt. General Abdullah Khalifa Al Marri said, ‘The Dubai Retiree Projects Support programme translates the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and Chairman of the Higher Committee for Development and Citizens Affairs, to dedicate all available resources to improve the quality of life of our citizens. It also aligns with the goals of the
Dubai Social Agenda 33 to enhance their well-being and family stability.’

The programme, he noted, seeks to ensure stability and improved quality of life for retirees and sustain their ability to meaningfully contribute to Dubai’s development.

“The programme reflects the respect and value we hold for retirees and those nearing retirement. It reflects our trust in their capabilities, their wealth of experience, and the significant, positive influence they have within the business community,” he further added.

Helal Al Marri said, ‘The new programme turns the expertise and knowledge gained by retirees into investment and development opportunities that support the sustainability of Dubai’s economy, while bolstering innovation and diversity. It contributes to the objectives of the Dubai Social Agenda 33 as well as the Dubai Economic Agenda D33 which both place a high emphasis on SMEs and their role in economic diversification and growth.”

‘Dubai’s Department of Economy and Tourism is keen to support SMEs, rec
ognising their leading role in establishing Dubai as a global hub for business, tourism, entrepreneurship and the digital economy. SMEs represent a crucial driver of comprehensive and sustainable development. Encouraging retirees to engage in the field of entrepreneurship will help us utilise their long years of experience to support economic sustainability and social stability,’ he added.

Abdul Baset Al Janahi, CEO of Dubai SME, stated, ‘The programme reflects the vision and directives of our wise leadership to provide all the support we can to retirees and employees approaching retirement in a way that ensures their financial stability and wellbeing, while utilising their expertise and enhancing social solidarity. Such efforts will accelerate the achievement of the objectives of both the Dubai Social Agenda 33 and the Dubai Economic Agenda D33.”

‘Dubai SME offers a host of incentives and benefits to retirees wishing to launch their own projects in Dubai. These include financing, training, facilitating pro
cesses and technical consultation. The programme inspires retirees and those approaching retirement to take the lead and put their capabilities and expertise to work. It makes them partners in Dubai development projects and initiatives to support social sustainability,’ he added.

Retired Dubai citizens, and employees approaching retirement, can benefit from the services offered as part of the Dubai Retiree Projects Support programme by applying through Dubai SME. In addition to supporting their small and medium-sized businesses, the programme gives them priority in undertaking government projects and bids in coordination with relevant entities.

The Dubai Police General Command is launching a database that is regularly updated, to monitor the expertise and specialised skill of retirees and employees approaching retirement. This facilitates services that match their lines of experience and prepares them for entering the market through Dubai SME.

Other services delivered through the programme include consulta
tions to help beneficiaries plan for the next phase of their lives, ensuring a happier retirement and a continuation of their positive role in society. The programme also offers support for retirees and employees approaching retirement in collaboration with Dubai-based private sector companies.

In order to facilitate business processes and alleviate the financial burden of retirees, the programme exempts them from service fees for a period of five years. This encourages them to raise their competitiveness in the SME sector, a key pillar of national economy and a major driver of the transformation towards a robust knowledge economy.

The new programme joins a host of initiatives launched to ensure the stability of retirees in Dubai, utilise their expertise and drive social and national solidarity.

Source: Emirates News Agency

ABU DHABI: ADNOC Drilling has celebrated a major milestone in its decarbonization journey with the first of its brand-new hybrid-powered land rigs commencing operations in Abu Dhabi. The new rigs use a high-capacity battery and engine automation.

The hybrid power technology system stores energy in its batteries to use when there is a need for continuous power or to provide instant extra power when there is an increase in demand, reducing a rig’s greenhouse gas emissions by up to 15% compared to a traditional rig.

In 2023, the company acquired 16 such rigs for a combined $327 million investment, driving the organisation’s accelerated rig fleet expansion programme. The remaining 14 newbuild rigs are expected to join ADNOC Drilling’s operational fleet progressively throughout the year. The addition of these hybrid rigs to the fleet exemplifies the organisation’s vision that growth and decarbonisation can be realised simultaneously.

Enabling rig crews to optimise engine use and reduce fuel consumption, the hyb
rid systems employed on the new rigs will also help improve overall efficiency by allowing the crews to manage steadier loads and react quickly to fluctuating power demands. This, in turn, can significantly extend the operational life of the rig itself.

From an environmental standpoint, in addition to reducing overall emissions, hybrid rigs typically operate at lower noise levels, which helps to minimise their impact on the surrounding environments.

Commenting on this milestone announcement, Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said, ‘The addition of hybrid rigs into our fleet marks the latest endeavour undertaken by ADNOC Drilling in alignment with our ambitious target to reduce greenhouse gas intensity by 25% by 2030, as well as supporting ADNOC’s Net Zero by 2045 target. But it isn’t the only initiative that we have committed to within the last year.

‘Across our fleet, we have begun to incorporate battery energy storage systems, digital solutions aimed at optimising
energy distribution, and electrifying supporting operations, which combined have helped manage fuel usage and rig emissions. At the same time, we are working to introduce solar energy solutions across our camps to help further reduce our overall carbon footprint.’

ADNOC Drilling also contributed to carbon capture and storage (CCS) initiatives in recent years. In 2023, the company, on behalf of ADNOC, delivered the world’s first fully sequestered carbon dioxide (CO2) injection well in a carbonate saline aquifer.

Part of ADNOC’s $23 billion allocation towards low carbon solutions and landmark projects to decarbonise its operations, the well will permanently store a minimum of 18,000 tons of CO2 per year.

On top of accelerating ADNOC’s decarbonisation efforts, the project will enable the production of low-carbon ammonia to help our customers decarbonise.

Another similar carbon capture project involving ADNOC Drilling lies with the Habshan initiative. A further key component as part of ADNOC’s carbon manageme
nt strategy, the initiative aims to capture and permanently store 1.5 million tons of CO2 emissions annually in geological formations deep underground.

In terms of energy transition, in early 2023, the company joined forces with Masdar, the UAE’s flagship renewable energy company, to support its efforts to develop geothermal energy projects by leveraging its industry-leading drilling technical expertise. Focused on capturing heat generated from the Earth’s core, geothermal energy holds great potential as a stable and reliable source of energy when compared to other renewables.

Moving forward in 2024 and beyond, ADNOC Drilling will continue to not only prioritise reducing its environmental footprint but also seek out new opportunities to support its clients in achieving their respective decarbonisation goals.

Source: Emirates News Agency

DUBAI: Saeed Mohammed Al Tayer, MD CEO of Dubai Electricity and Water Authority (DEWA), has announced that DEWA has approved 120,409 No Objection Certificates (NOC) applications in 2023 as part of the Soqoor programme, achieving a 30.62 percent increase compared to 2022.

This reflects the increasing demand for electricity and water services, according to the highest international standards of efficiency, quality and availability. This in turn, highlights the economic growth and increase in population. The increase in approved applications enhances the competitiveness of infrastructure, and supports the Dubai Economic Agenda (D33) to double the size of Dubai’s economy over the next decade and to consolidate its position among the top three global cities.

Al Tayer added, ‘We are pleased with the increasing interest in the Soqoor programme, which supports DEWA’s efforts to enhance corporate performance and achieve the highest level of stakeholder happiness. We aim to provide an integrated, innovative, and valu
e-added experience, and make a difference in the types and quality of services. We attach great importance to our partners, including consultants, contractors and suppliers. These partners play a vital role in supporting DEWA’s efforts to strengthen Dubai’s advanced infrastructure, enhance its competitiveness, and meet the increasing demand for water and electricity according to the highest availability, reliability, efficiency, and sustainability standards.’

Hussain Lootah, Executive Vice President – Transmission (Power) at DEWA, said, ‘DEWA approved 120,409 applications for the NOC service submitted by 2,233 consultants and contractors until the end of December 2023. The Transmission Power division approved 60,089 applications whereas the Distribution Power division approved 40,700 applications; and the Water Civil division approved 19,620 applications.’

The Soqoor programme is a pioneering government initiative designed to assess consultants and contractors in Dubai and ensure their adherence to requirem
ents, standards, terms, and guidelines when submitting NOC service applications. Utilizing scientific methods to evaluate the quality of submissions and safeguard DEWA’s network, the programme encompasses NOC services, water network services, and electricity network services. Notably, outstanding consultants and contractors across different project categories will be honoured with the prestigious Soqoor award from DEWA. This initiative not only streamlines the approval process but also recognizes and rewards excellence in compliance and service delivery.

Source: Emirates News Agency

HONG KONG: More than 3,000 government officials, representatives of regulatory bodies and business heavyweights from across the world gathered in Hong Kong for the 17th Asian Financial Forum, which will be held from Wednesday to Thursday.

Themed “Multilateral Cooperation for a Shared Tomorrow”, the Forum will focus on issues including promoting global development, business opportunities and sustainable economic models.

Dr. Peter K N Lam, Chairman of the Hong Kong Trade Development Council, said, “This is the first time for the Forum to be held entirely in person since 2020. Yes, we are back to business and finance, to deal-making, and day-to-day and day-to-night networking – today, tomorrow and, I’m sure, long down the road.

“With more than 130 high-profile speakers participating, and an exhibition zone bringing together some 140 exhibitors from around the globe, I’m confident we’ll all come away better informed, and better prepared, for the opportunities and the challenges of 2024 – and well beyond.”

The
Asian Financial Forum (AFF) is the region’s premier platform that brings together influential leaders from government, finance, and business communities globally for ground-breaking discussions and exchange of insights on the global economy from an Asian perspective.

Source: Emirates News Agency

ABU DHABI: Home and business broadband services will soon get an uplift with a 50GPON network technology upgrade, which will deliver speeds up to 50Gbps.

etisalat by e have made this possible with successfully completing the Middle East’s first symmetric 50G PON (50-Gigabit-capable passive optical networks) broadband service.

PON is the fiber optic technology that delivers broadband connections of 1 Gigabit and beyond. The access speed of PON over a single wavelength has increased almost 100 times, and each generational upgrade in PON technology-expected every 8 to 10 years- is driven by the constant increase in bandwidth demand.

50G PON is defined by the International Telecommunication Union Telecommunication Standardisation Sector (ITU-T) as the next-generation PON after XG(S)-PON (10-Gigabit-capable passive optical networks). It is also a key technology for F5G-A (Fixed 5th Generation Advanced), defined by the European Telecommunications Standards Institute (ETSI).

Khalid Murshed, Chief Technology and
Information Officer, etisalat by e, said, ‘Currently, the mainstream technology is XG(S)-PON. However, with the rapid development of new digital services in recent years, such as glasses-free 8K 3D, ultra-fast cloud storage, and AR/VR, the research and development of next-generation access technologies has become increasingly important. Therefore, 50G PON emerges into a common choice in the industry. Compared to XG(S)-PON, 50G PON not only boosts an increase in the bandwidth by five times, but also reduces the latency by 10 times.’

As part of its transition to becoming a digital telco, etisalat by e has been continuously investing in its network and technologies. ‘By adopting the latest 50G PON solution, we are providing premium digital services to our customers at the same time, allowing them in the future to enjoy download speeds up to 50 Gbps, amplifying their overall experience,’ added Murshed.

etisalat by e conducted testing on various 50G PON capabilities and the network will be qualified to deploy 50
GPON. All indicators have reached an industry-leading level, with the maximum line rate approaching the theoretical limit defined in the 50G PON standard.

The optical power budget meets the Optical Distribution Network (ODN) application specifications in live networks and supports the coexistence of 50G PON and XG(S)-PON terminals, enabling the achievement of a single integrated network.

Source: Emirates News Agency