twofour54 announces agreement with Stillfront Group to sell Jawaker for AED750 million

ABU DHABI, Media and entertainment hub twofour54 Abu Dhabi today confirmed that Stillfront Group has agreed to purchase leading MENA mobile gaming studio Jawaker for AED753 million, representing a key milestone in the Group’s regional expansion plan in what is thought to be the largest acquisition in the Arab world’s booming gaming sector.

In 2011, twofour54 signed a financial investment agreement with Jawaker, the first Middle Eastern card games website. The site, founded in 2009, enables players to connect with their friends and build new friendships without having to download an application.

Under the deal confirmed today, Stillfront will acquire 100 percent of the shares in Jawaker FZ from its owners, which include twofour54, and will pay 74 percent in cash and 26 percent in 8,540,092 newly-issued shares in Stillfront.

Michael Garin, CEO of twofour54, said, “twofour54 has been at the forefront of creating an attractive and stimulating environment for game developers in the Middle East, as well as its strategic investments and providing support in all its forms to entrepreneurs and start-ups.

“These investments not only create financial value but also contribute significantly to building Abu Dhabi’s gaming infrastructure and developing homegrown talent capable of driving the growth and development of the sector and creating content that expresses the aspirations of Arab youth.”

James Hartt, Director, Strategy & Business Development for AD Gaming, said, “With investments in leading online gaming companies such as Jawaker, twofour54 is truly demonstrating that it is a pioneer of the regional gaming industry.

“This deal clearly demonstrates that the emirate’s gaming sector is moving from strength to strength, and through the AD Gaming initiative, we remain committed to driving its growth in the years to come to reinforce Abu Dhabi’s position as the Arab world’s capital for game developers.”

Among twofour54’s prominent initiatives to support the growth of the regional gaming industry is The Gaming Centre of Excellence, which will be located at Yas Creative Hub. The centre will provide unparalleled on-the-ground support to students, professionals and small businesses throughout the Middle East and Africa. The centre is part of a 10-year landmark partnership with Unity Technologies, the world’s leading platform for creating and operating interactive, real-time 3D (RT3D) content.

Source: Emirates News Agency

UAE’s non-oil trade surges to AED1.403 trillion in 2020

ABU DHABI, The value of the UAE’s non-oil foreign trade surged to AED1.403 trillion in 2020, reflecting the robust business momentum of the country’s trade exchanges despite the pandemic’s fallout.

According to the data released by the Federal Center for Competitiveness and Statistics (FCSA), the UAE commands a coveted position globally and regionally in merchandise trade, with its non-oil exports growing 10.1 percent in 2020 to AED254.6 bn as compared to 2019.

The imports hit AED785.1 bn, accounting for 56 percent of total merchandise trade, with re-exports comprising 26 percent, or AED363.4 bn, of the total trade volume in the reference year.

China retained its top rank as the main trading partner of the UAE, with the bilateral trade value reaching AED174 bn, followed by Saudi Arabia at AED104 bn, with India in the third place at AED102.5 bn. The US was the fourth largest trade partner at AED80.2 billion and then Iraq at AED53 billion. The five countries account for 36.6 percent of the UAE’s non-oil foreign trade, as compared to 44.1 percent in 2019, thus corroborating the improved competitiveness status boasted by the UAE in terms of diversifying into multiple markets.

Switzerland topped UAE’s export markets with AED29.2 bn, receiving 11.5 percent of the UAE’s non-oil exports, followed by Saudi Arabia, AED25.6 bn, India, AED19.7 bn, then Turkey, AED18.4 bn and Italy, AED18.2 bn.

China is the UAE’s top import partner, with a total value of AED144.4 of non-oil commodities, followed by the US, AED60.5 bn, India, AED60.5 bn, Japan, AED34.7 bn and Germany, AED26.7 bn. The five countries account for 41.6 percent of the UAE’s imports.

In terms of re-exports, Saudi Arabia comes first with a total value of AED54.6 bn, followed by Iraq, AED40.6 bn, Oman, AED23.3 bn, India, AED22.3 bn, and then China, AED19.6 bn.

Source: Emirates News Agency

Abu Dhabi Chamber, Embassy of Indonesia discuss boosting cooperation

ABU DHABI, Abdulla Mohamed Almazrui, Chairman of Abu Dhabi Chamber of Commerce and Industry, has received Husin Bagis, Ambassador of Indonesia to the UAE, at the Chamber’s headquarters in Abu Dhabi, and discussed with him ways of boosting economic and trade cooperation between the two sides.

Mohamed Helal Al Mheiri, Director General of Abu Dhabi Chamber, attended the meeting.

Almazrui, emphasised on the awareness of the Chamber to provide all the services necessary to strengthen trade and investment relations, forming partnerships between businesses and attract investors, noting that Indonesia is one of the advanced markets in the Asian continent while increasing its capabilities to reach European and African markets.

Ambassador Bagis expressed his delight for visiting the Abu Dhabi Chamber, praising its readiness to extend cooperation bridges between businesses in both countries.

He added that Indonesia is interested in increasing the rate of trade and investment exchange and in introducing Indonesian businesses on the key investment opportunities in the UAE which pose huge potential for economic and social development in both countries.

Source: Emirates News Agency

UAE advancing towards prosperous future in various sectors: Abu Dhabi Chamber Director-General

ABU DHABI, Mohamed Helal Al Mheiri, Director-General of the Abu Dhabi Chamber of Commerce and Industry, has said the UAE is steadily advancing towards a prosperous future in various sectors, most notably the economic sectors, in line with its leading international stature, through launching major projects for the next 50 years.

In an interview with the Emirates News Agency (WAM), Al Mheiri stressed the UAE’s hosting of the Expo 2020 Dubai on 1st October, 2021, will showcase many investment opportunities to the owners of small and medium-sized enterprises (SME) and entrepreneurs in the country.

The UAE’s adoption of necessary preventive measures is the leading and direct reason for its success in maintaining public health and driving the national economy, enabling it to overcome the repercussions of the coronavirus (COVID-19) pandemic and return to normalcy, he added.

Al Mheiri affirmed the Expo 2020 Dubai is an opportunity to connect minds and shape the future amidst widespread global participation, noting it will be an ideal platform for exchanging views, discussing cooperation opportunities and exploring recent innovations.

The event will also provide opportunities for SMEs and entrepreneurs from all sectors, as well as facilitate direct interactions between companies, the private sector and investors, he further added, noting the significant economic gains from the event will be reflected by the strength of the Emirati economy and will help boost its global stature and gain the trust of investors in the country’s investment environment.

The UAE has proven to be an inspiring model of readiness and proactiveness for the world countries in terms of addressing the pandemic, which helped it attract foreign direct investment and support many vital sectors, including tourism, real estate and aviation, as well as encourage talents to move to the country and support its digital economy, in general.

The chamber plans to hold several direct meetings with investors and entrepreneurs from around the world to be their link to companies in Abu Dhabi, and it will have a permanent office at the expo that will provide information about the investment environment and available opportunities in the emirate, Al Mheiri said in conclusion.

Source: Emirates News Agency

Bin Touq affirms significant growth in UAE-Israeli business relations since signing of Abraham Accords

ABU DHABI, Abdullah bin Touq Al Marri, Minister of Economy, has held a virtual dialogue session with the American Atlantic Council, a non-partisan think tank headquartered in Washington.

The meeting reviewed the growth of UAE-Israeli relations nearly a year after the signing of the Abraham Accords.

Bin Touq said that the Abraham Accords provided a constructive ground for achieving exceptional growth and significant achievements in the economic partnership between the two countries and the launch of trade and investment cooperation ties between the UAE and Israel at a rapid pace in record time. He added that it is an important catalyst in achieving further growth and prosperity in the UAE-Israeli relations and in the region.

He said that the UAE, under the directives of its wise leadership, believes that the future of regional security depends on strong multilateral economic partnerships and a shared commitment to achieve stability and prosperity, and the Abraham Accords help fulfil these aspirations.

Bin Touq added, “The Abraham Accords generate wide and diversified economic opportunities for both the UAE and Israel, and within one year a good non-oil trade exchange rate of nearly US$700 million was achieved. In addition, nearly 60 major agreements between the concerned authorities in the two countries were signed at the government and private sector levels, apart from academic, cultural, research and other institutions. They cover a number of important future sectors that play a great important role on the economic agenda of the two countries, such as science and technology, artificial intelligence techniques, tourism, logistics, transportation, healthcare, energy, environment, research and development, modern agriculture, water solutions and irrigation.

“The efforts of the two countries in this regard are continuing and the next stage will witness more agreements and memoranda of understanding to further expand the scope of economic, trade and investment cooperation between the two countries and to achieve new levels of progress in the growing relations between them,” he continued.

Furthermore, Bin Touq pointed out that the growth of economic and commercial activity, and the increase in tourism exchange and the flow of investments between the two countries would enhance growth and opportunities on a broader regional scale by pushing for greater economic integration among the countries of the region. This includes all sectors and will contribute to increasing opportunities for youth and laying the foundations for a more prosperous and sustainable future in various countries of the region.

Bin Touq also underlined that the UAE’s hosting of Expo 2020 Dubai next month is an opportunity to give a great boost to UAE-Israeli relations and to attract larger numbers of businessmen and companies from Israel to showcase their products, services and innovations in various sectors. “It will also serve as a platform to better inform them of various business and investment opportunities at the regional and global level through direct communication with global companies and delegations at Expo 2020 Dubai. The event will also contribute to attracting more Israeli tourists to the UAE and increase the rates of tourism and cultural exchange between the two countries, which will support their common interests.”

Bin Touq explained that the UAE has fully completed its preparations to receive world delegations Expo 2020 Dubai while fully maintaining health and safety standards and precautionary measures against COVID-19 in accordance with the best international standards. He noted that the UAE is among the world’s top 10 countries in the world with regards to the rate of vaccination against COVID-19, and among the world’s leading countries in terms of the number of daily COVID-19 screenings per capita.

Bin Touq further affirmed that all facilities will be provided to the UAE’s guests, including ensuring the full readiness of the infrastructure, the hospitality sectors, hotels and services, including digital services and ICT applications, to ensure a unique and distinct experience for Expo 2020 Dubai attendees, including companies, businessmen, tourists and others.

The virtual session took place on the sidelines of an official visit by a high-level economic delegation from the UAE to the USA, headed by Bin Touq, that aimed to set new frameworks for cooperation in all fields. The visit is also aimed at creating broader trade and investment paths to drive the efforts of the two countries in accelerating economic recovery and restoring growth rates in the post-COVID-19 phase.

Source: Emirates News Agency