GULF STATES – ECONOMICS & FINANCE
Khidmah wins 14 contracts across the UAE
Khidmah has won 14 new contracts in Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah, following a highly competitive bid process. In Abu Dhabi, Khidmah won five contracts from the master-developer Aldar Properties in Al Saadiyat Island including the Provision of Hard and Soft FM Services for Mamsha Al Saadiyat, Jawaher, Cranleigh Abu Dhabi School Accommodation, Saadiyat Beach Retail and Marsa Al Bateen. Aldar Properties has also retained Khidmah for the provision of FM Services for a number of premium commercial properties including Aldar Headquarters, Al Mamoura, Baniyas Towers, Daman House and Motor World. Khidmah also won a 3-year contract from the Ministry of Education to provide Maintenance & Facilities Management services to its various assets. Similarly, Khidmah will also provide its services to International Capital Trading, after securing a contract to cover Operations, Maintenance & Repair of various Civil & Electromechanical Works for Nation Towers. In Dubai, Khidmah will provide its FM services to the gated community Nada Al Sheba Villas, while in Sharjah and Ras Al Khaimah, Emirates National Schools will be the latest additions to be added to Khidmah’s roster of clients.
Al Ain real estate exhibition concludes
W Capital, a real estate brokerage companies in the UAE, has concluded its real estate exhibition in cooperation with Mag Development, which showcased units of Mag City’s Project. The fully gated residential compound comprises of townhouses and apartments in Mohammed Bin Rashid City, Al Meydan, District 7. Located in the most sought after area, Mohammed Bin Rashid City is a very important location for its proximity to Dubai International Airport and Down Town Dubai. The project offers residents the opportunity to experience high-end amenities, stylish interiors and a good ventilation systems ,so that everyone can enjoy a comfortable and luxurious life. The prices seem reasonable in one of the most important areas in the future of the city. Walid Al Zarouni, chairman of W Capital Real Estate Brokerage, said: “This exhibition is one of the important events being organised by the company on a regular basis on the local real estate events agenda. It has become an upscale platform for marketing certain real estate projects, providing access to a variety of real estate investors. Under the agreement signed with Mag Development, W Capital has exclusive rights to market Mag projects specifically to UAE citizens with easy payment plans.”
UAE offers safe, trusted and stable investment environment
The UAE offers safe, trusted and stable investment environment. The country has the power to transform the global economy and make a big difference in the fight against climate change, industry’s top officials said during Bloomberg Capital Markets Forum in Abu Dhabi. Dr Sultan Al Jaber, Minister of State and ADNOC Group CEO, highlighted the need to strengthen existing relationships and forming new partnerships for economic growth. “ADNOC is seizing opportunities together with partners to create new revenue streams across the value chain. In the last few months, we have completed a series of transactions that leverage our core capabilities,” he said counting partnerships with Baker Hughes, Eni, OMV and OCI, acquisitions of stakes in VTTI and others. Sultan Jaber said ADNOC is attracting ‘significant investments’ to enhance operations and exploring creative opportunities for new partnership. “Alongside our partners we are investing $45 billion to create one of the largest refining and petrochemical complexes in the world,” he said referring to Al Ruwais project. “The door is very open for additional investments to create a full integrated manufacturing hub that will feed the fast growing demand for higher value products worldwide. We welcome all those who share our values to consider Abu Dhabi your home for stable, sustainable and long-term investment.”
Sanad Aerotech signs Dh422m financing agreement
Sanad Aerotech, a maintenance, repair and overhaul (MRO) provider for aircraft engines wholly owned by Mubadala Investment Company, has signed a Dh422 million financing agreement with Mashreq Bank. Sanad Aerotech will use the new bank facilities to implement its ambitious expansion plans resulting from the significant growth in the services it provides to major airlines globally and international aerospace OEM’s. “We are pleased to partner with Mashreq Bank and this successful transaction underscores the confidence that the banking community has in our business. We are delighted to have strong support as we execute our strategy and position Sanad Aerotech for a strong future. The recognition for our credit is a testament to Sanad Aerotech’s operational excellence and strong business outlook,” said Kashish Kohli, CFO at Sanad Aerotech. Ahmed Abdelaal, head of Corporate and Investment Banking at Mashreq Bank, said: “We are delighted to provide a structured financing facility to Sanad Aerotech, one of the fastest growing MRO service providers in the region. The new financing facility is a testament to our ability to offer innovative and tailor made solutions to our clients across diverse industries and support them in their business plans. We believe the Middle East region is witnessing significant growth in the MRO industry and our financing facility will serve an important market need.” Sanad Aerotech recently signed a landmark agreement with Rolls-Royce to become a Rolls-Royce Trent 700 Authorised Maintenance Centre (AMC). The agreement, which is valued at Dh23billion, will see Sanad Aerotech provide complete overhaul services for Trent 700 engines – including component repair – to operators globally, over a nine-year period (2019-2027).
Emirates’ A380 makes debut at Cairo international airport
Emirates’ A380 made its debut at Cairo International Airport (CAI) on wednesday as the airline brought its popular aircraft to Egypt for the first time. The landing demonstrated the airport’s readiness to accommodate the A380, the world’s largest commercial passenger jet. Welcomed with a ceremonial water cannon salute, the A380 flight was led by Egyptian Captain Hesham Essawy and UAE National First Officer Abdullah Alyammahi. The flight was welcomed by key officials including General Ahmed Maher Geneina, chairman of Egyptian Holding Company for Airports and Air Navigation, and Ahmed Fawzy, chairman of the Cairo Airport Authority. Travelling on the flight from Dubai was Adel Al Redha, Emirates’ chief operating officer, as well as prominent members from the UAE business community. “This day has been in the making for some time, and the Emirates A380’s grand debut in Cairo is the culmination of a lot of planning and hard work. We mark a new chapter in our long-relationship with Egypt by bringing our flagship aircraft to the country. We hope to play a part in Egypt’s success by supporting trade and tourism, and bringing the country closer to the world. We would like to thank the Egyptian government, the Ministry of Transport and the government authorities who have been invaluable in making Emirates’ first A380 service a tremendous success. We look forward to operating the A380 on a scheduled basis to and from Cairo,” said Adel Al Redha.
UAE to issue new commemorative coin in honour of Hazzaa
The Central Bank of the UAE will issue a commemorative currency in celebration of Major Hazzaa AlMansoori, the first UAE national to travel to space. The Central Bank said the UAE’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, may his soul rest in peace, played a pivotal role in the success of Hazzaa and the UAE. “For back in the 1980s, fuelled by a strong desire to have the UAE be a key player in space missions, he sat with Nasa astronauts and shared with them his vision. His successor, UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, spared no costs in building on his father’s goals and driving UAE’s progress. This initiative from the Central Bank aims to pay tribute to UAE’s visionary leadership and to recognise Major Hazzaa AlMansouri’s heroic efforts in realising their ambitions,” it said. Mubarak Rashed Al Mansoori, Governor of CBUAE, stated: “It is an important milestone in the UAE’s history and it is essential to commemorate Major Hazza Al Mansouri and to recognise his immeasurable contribution to his country”. “This commemorative edition marks our immense pride and solidifies the UAE’s place in the global front of space exploration,” he added.
Amlak wins Dh780m arbitration case, shares jump nearly 15pc
Dubai-listed mortgage firm, Amlak Finance, on Tuesday said it has been awarded Dh780 million in an arbitration case, pushing its shares up by nearly 15 percent. The company said the impact of the ruling on its financial statements will not materialise this year. “Amlak Finance has been awarded Dh780 million in an arbitration administered by the Dubai International Arbitration Centre since 2013. The ruling has also awarded Amlak Finance its legal costs and additional compensation,” it said in a statement posted on Dubai Financial Market, where it is listed. Its shares jumped 14.7 per cent or Dh0.044, becoming the biggest gainer of the day to close at Dh0.454 on Tuesday. It was the most active stock as its counter recorded 36.39 million shares worth Dh12.18 million. The, company, however, didn’t disclose name of the other party in the arbitration case. “Amlak will proceed with the legal proceeding to execute the ruling and recover the amounts due according to judgement. The impact of the ruling on the financial statements of Amlak will not be in 2019. It will depend on the speed of the execution of the ruling,” said the statement. The company reported a net profit of Dh4 million in H1 2019 compared to Dh11 million net profit during H1 2018, a drop of 63 per cent. Total revenues for H1 2019 amounted to Dh215 million, an increase of six per cent.