Heads of Lebanese business councils in GCC countries condemn minister’s disrespectful statement against Coalition

ABU DHABI, The presidents and chief executives of the Lebanese Business Councils (LBCs) in the Gulf Cooperation Council (GCC) have strongly condemned the statements made by the Lebanese Information Minister against the Saudi-led Coalition to Support legitimacy in Yemen.

In a joint statement issued today, they affirmed their rejection of turning Lebanon into a platform for attacking and insulting brotherly countries and threatening their security and sovereignty by being a source of contraband smuggling.

“We renew our rejection to this approach and call on the Lebanese leadership to take all necessary steps to return Lebanon to its normal position and into the Arab fold and to maintain the country’s strong relations with the GCC countries,” the statement said.

The Lebanese expatriates, the statement continued, will not tolerate any attempts to jeopardise the future of their businesses and families by such derogatory and unacceptable remarks against our brotherly peoples of the Gulf.

Source: Emirates News Agency

Statistics Centre – Abu Dhabi: Big Data highly impact statistical work

ABU DHABI, The Statistical Training Institute (STI) of the Statistics Centre – Abu Dhabi (SCAD) recently held a virtual seminar titled ‘The Data Revolution and Big Data in Official Statistics’, as part of the Abu Dhabi Data Dialogue series, organised by the STI.

Representatives from Abu Dhabi government entities and statistical centres at the state level participated in the seminar, which was presented by international experts in statistics, data and artificial intelligence (AI) – aiming to raise government employees’ awareness of the importance and impact of the latter on life aspects in contemporary society, especially on the economic and social aspects.

The seminar deliberated the ‘Big Data’ revolution in official statistics and its future around the world, and the prerequisites for starting big data projects, both from the perspective of national statistical offices and data producers. This is considered a vital topic, especially with the Abu Dhabi government’s tendency to benefit from big data and AI in decision-making for the benefit of society.

Dominik Rozkrut, President of Statistics Poland, was a speaker at the virtual session and shed light on the latest developments in big data at the United Nations and the European Union. He also disucssed the impact of global data revolution, as it reduces the cost and burden in official statistical operations, while expediting analysis and completion.

Dominik Rozkrut said: “Big data is the future of official statistics and the core of decision-making, and there is no alternative to that because big data and AI offer the most modern, accurate and reliable information that is available in a timely manner. This trend requires joining efforts of the scientific community and researchers with statisticians, who demonstrate the methodologies, frameworks, quality and accuracy of data, and whom efforts are needed to devise new methodologies and frameworks to link the different systems of big data – given the change of the statistical system worldwide. Statisticians are responsible to support the society by being creative in statistical work, so as the society must support statisticians by adhering to laws, regulations and facilitating access to information.”

On the Polish experience, Dominik Rozkrut said: “The challenge we faced was that we were ordered to count agricultural crops from space within three years only, and we succeeded in that, and now we can determine everything about agricultural crops from space for every 10 square meters.” He stressed that they “did not imagine the extent and size of the extrapolation that is found in big data,” noting that “in one of the livestock projects that I went through, the automatic milking machine was connected to 600 sensors per udder,” wondering: “Is it possible to imagine the amount of information that can be obtained in all economic and social sectors by relying on sensors?”

Dominik Rozkrut answered a question about the maritime transportation when he said: “By recognising the ship’s engine model, fuel and speed, algorithms can determine the weight of the ship’s cargo and the nature of its mission and whether it is legal or not. The internal transportation system can also be stimulated through all means to transport the cargo in the fastest and cheapest ways. Algorithms can also determine the volume of emissions and pollution, and many other data, and devise future plans for the transportation sector based on these real-time data.”

Expert Yacoub Nuseibeh from SCAD also participated in the virtual session, and reviewed SCAD’s recently-launched Insights and Foresights Platform, a leading product in the region, where statistical data and big data are used to provide real-time analyses and future visions.

Yacoub Nuseibeh said: “The Insights and Foresights Platform is one of the successful projects in statistics and big data. There are many projects that rely on big data and AI, but they provide their information from one angle or one sector, while this platform is unique as it is a central point where data, statistics and big data meet, to be processed via AI algorithms, to extract real-time analyses and future insights.”

Nuseibeh added: “The platform uses around 3,000 indicators to produce about 300 new interactive indicators, including consumer spending, employment rates, consumer prices, and real estate market data, in addition to the platform’s ability to conduct simulation scenarios.” Nuseibeh noted that the platform integrated various sources of data to come up with new, highly-accurate indicators tailored to Abu Dhabi, relying on SCAD’s data as a reference, because data quality is key to success in this field.

Nuseibeh mentioned that exchanging experiences worldwide in the field of big data and statistics is one of the objectives of SCAD’s seminars. Therefore, international parties are keen to participate in SCAD’s STI activities.

Source: Emirates News Agency

Abu Dhabi’s Lebanese Business Council condemns Lebanese Information Minister’s statements against Arab Coalition to Support Legitimacy in Yemen

ABU DHABI, The Lebanese Business Council in Abu Dhabi has strongly condemned the statements of the Minister of Information of Lebanon against the Saudi-led Arab Coalition to Support Legitimacy in Yemen.

In a statement today, the council said, “The Lebanese people, who believe in the historical relations with the Gulf Cooperation Council countries, cannot accept that Lebanon turns into a platform for attacking or offending the fraternal countries or interfering in their foreign policies, which have always been of help to Lebanon and its people over the years.”

It added, “Hence, we renew and emphasise our categorical rejection of the continuation of this approach. We call on the officials in Lebanon to take everything that would bring Lebanon back to its Arab incubator and to enhance the Lebanese-GCC relations and return them to their previous era.”

In conclusion, the statement said, “We, as a Lebanese community in the UAE, consider ourselves part of the fabric of this society. We live among our family and brothers in harmony and solidarity partners, and we will not allow a few to disturb our fraternal relations or offend them.”

Source: Emirates News Agency

MOJ conducts inspection visits on owners and professions of designated nonfinancial businesses

ABU DHABI, As part of the UAE’s efforts to confront the risks associated with financial crimes, the Anti-Money Laundering and Combating the Financing of Terrorism Section at the Ministry of Justice carried out extensive inspection visits to owners and professions of designated non-financial businesses to ensure their compliance with registration in the approved government systems to counter money laundering and combat the financing of terrorism and regulations and follow the due diligence procedures that enable them to file reports of suspicious activities.

Inspection field visits resulted in the violation of a number of law firms for not following the registration procedures and measures necessary to counter money laundering, as 41 law firms were violated, and 108 violations estimated at a value of one million 450 thousand dirhams were monitored, for violating 7 items of the executive regulations of Decree-Law No. (20) of 2018 regarding countering money laundering crimes and combating terrorism and illegal organizations, and Cabinet Resolution No. (16) of 2021 regarding the unified list of violations and administrative fines imposed on violators of anti-money laundering and counter-financing of terrorism procedures subject to the supervision of the Ministry of Justice and the Ministry of Economy.

Counselor Abdullah Ahmed Jassim Al-Rashid, Head of the Anti-Money Laundering and Combating the Financing of Terrorism Section at the Ministry of Justice, confirmed that the ministry held more than 4 awareness workshops during 2021 in cooperation with the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control, the Financial Intelligence Unit, and the Abu Dhabi Global Market. , in order to raise the level of awareness of the advocacy sector, where the attendance by law firms for the year 2021 was 2,757, compared to 1,014 who attended in 2020, which indicates the presence of great interest by the advocacy sector, and their compliance with the legislation of money laundering and combating the financing of terrorism, noting that violations may be appealed within the legal period specified for 15 days from the date of notification of the violation in accordance with the aforementioned Cabinet Resolution No. (16) for the year 2021.

He pointed out that the Anti-Money Laundering and Combating the Financing of Terrorism Section at the Ministry of Justice provides through the official website all information, laws and circulars, in addition to electronic links, explanatory videos, and instructions for registration regarding money laundering and combating terrorist financing procedures

Source: Emirates News Agency

RAK Properties’ net profits surge 383 pct to AED197.9 million in Q3 2021

Ras Al Khaimah, RAK Properties today announced its Q3 net profit surged 383 percent to AED197.9 million compared to AED40.97 million in the corresponding period last year.

“Profits increased during the third quarter of this year, reaching AED197.9 million, compared to AED 40.97 million in Q3 of 2020, reflecting the company’s successful strategy in overcoming the challenges,” the company said in a statement today.

Revenues of the real estate firm, listed on Abu Dhabi Stock Exchange, reached AED424.37 million in the third quarter of 2021 compared to AED177.54 million in the same period of 2020. The total comprehensive income rose to AED184.33 million, compared to AED27.15 million in the third quarter of last year.

Value of assets increased to AED6.18 billion, a step up from AED5.8 billion, as a result of increased investments in the development of hotel and residential projects.

Abdulaziz Abdullah Al Zaabi, Chairman of the Board of Directors of RAK Properties said: “We are pleased with these positive results that prove, once again, the strength of the real estate market in the UAE. The country has numerous available investment opportunities that overcome all challenges, with great support from wise and forward-thinking leadership, whose decisions and directives regarding facilities and incentives are aimed at enhancing the competitiveness of the country and providing an attractive investment environment. The real estate market is on the verge of more exceptional performance during the coming period, with more projects to be delivered soon.”

RAK Properties announced the continuation of construction operations in five-star hotel projects, as the Intercontinental Mina Al Arab Resort and Hotel is expected to commence operational activities during the last quarter of 2021. The Anantara Mina Al Arab Hotel and Resort is expected to open during 2022, and will successively contribute to improving the company’s revenues for subsequent years through periodic revenues generated by the assets of the hospitality sector.

The company is currently working to accelerate work on the final stages of the Marbella Villas project on Hayat Island in Mina Al Arab, which includes 205 villas and townhouses. The Julphar Residence project on Al Reem Island in Abu Dhabi is another project under works, and includes 266 apartments. Julphar Residence is in its last stages of preparation for delivery during the current year.

Source: Emirates News Agency