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Dubai Electricity and Water Authority (DEWA)’s Research and Development (R&D) Centre has filed a new patent for an innovative method for improving the performance of electrodes in lithium-ion (Li-ion) batteries, sodium–sulfur batteries, and electrolyte distribution batteries.
This is achieved by treating the electrodes chemically using a polymer to increase the number of active groups on the surface of the electrodes, which leads to improving their performance. The low-cost, environmentally friendly method requires low temperatures and ensures stable battery performance. This is part of the centre’s efforts to promote the technologies of energy production and storage.
The patent supports the pilot project for energy storage that DEWA has inaugurated at the Mohammed bin Rashid Al Maktoum Solar Park using Tesla’s lithium-ion battery solution. The project has a power capacity of 1.21 MW and an energy capacity of 8.61 MWh with a life span of up to 10 years. This pilot project is the second battery energy storage pilot project by DEWA at the solar park. The first project was implemented in collaboration with AMPLEX–NGK to install and test a sodium sulphur (NaS) energy solution with a power capacity of 1.2 MW and an energy capacity of 7.5 MWh. This was the first utility-scale energy storage pilot project in the region.
Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, “Our strategies and plans are inspired by the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to ensure energy security and sustainability, as well as improve energy efficiency. DEWA relies on research and innovation to support the development of energy storage technologies and increase the share of clean and renewable energy. This supports the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai’s total power production capacity from clean energy sources by 2050. DEWA is working on other energy storage projects, including using Concentrated Solar Power (CSP) at the 4th phase of the Mohammed bin Rashid Al Maktoum Solar Park, the 250MW hydroelectric power plant in Hatta with a storage capacity of 1,500 megawatt-hours, and the Green Hydrogen project to produce and store hydrogen using solar power.”
“DEWA’s R&D Centre is a global platform that provides innovative solutions and technologies for the operations and services of the utility sector worldwide. This maintains DEWA’s worldwide leadership and enhances Dubai’s position as a global hub for research and development in solar power, smart grids, water, energy efficiency, and capacity building in these sectors. The R&D Centre improves the services provided by DEWA to customers by developing the latest technologies and sustainable solutions for energy and water and conducting applied research,” Al Tayer continued.
“The R&D Centre at the Mohammed bin Rashid Al Maktoum Solar Park enriches the scientific community in the UAE and the world. This is through disseminating knowledge and nurturing the talent of Emirati researchers,” Waleed bin Salman, Executive Vice President of Business Development and Excellence at DEWA, added.
Acquisition marks company’s first foray into UK market.
Abu Dhabi-based PureHealth has signed an agreement to buy British hospital operator Circle Health Group for 4.41 billion UAE dirhams ($1.2 billion), Emirates News Agency reported.
PureHealth is the UAE’s largest healthcare provider and the acquisition marks its first foray into the UK market.
According to the report, Circle Health Group has the UK’s largest network of private hospitals and was the first European healthcare provider to enter the Chinese market.
Under the agreement, PureHealth will acquire 100 percent of the group’s portfolio, which includes orthopedics, oncology, cardiothoracic surgery, ophthalmology, neurosurgery and general surgery, as well as the UK’s first purpose-built rehabilitation hospital.
“This acquisition marks an important milestone in our journey toward creating a global healthcare network which revolutionizes patient care,” PureHealth Group CEO Farhan Malik said.
“Our mission at PureHealth is to drive scientific innovation to unlock longevity and greater quality of life for humankind. Through integrating the expertise of both organizations, we positively impact the lives of patients globally.”
The MICHELIN Guide marked its debut in the Middle East with a full selection of the MICHELIN Guide Dubai 2022.
This very first selection highlights 69 restaurants, covering 21 cuisine types; 14 restaurants get a Bib Gourmand, 9 receive a MICHELIN Star and 2 Two MICHELIN Stars.
Michelin has unveiled the 2022 selection of the MICHELIN Guide Dubai — the first-ever edition in the United Arab Emirates — celebrating Dubai’s spectacular culinary map, that is as vibrant and diverse as it is energetic. A total of 69 restaurants, which covers 21 cuisine types, have been selected and recommended by the anonymous MICHELIN Guide inspectors.
In its inaugural edition, the MICHELIN Guide Dubai 2022 recognizes two 2 MICHELIN Stars restaurants, nine 1 MICHELIN Star restaurants and 14 Bib Gourmand restaurants.
“This very first Dubai selection of restaurants marks a historical moment for the MICHELIN Guide and the Middle East,” says Gwendal Poullennec, International Director of the MICHELIN Guide. “What makes Dubai’s culinary landscape so distinctive is its reflection of the more than 200 nationalities that call the city home, delivering an epicurean kaleidoscope. One thing all the restaurants in this fast paced dynamic and elegant city have in common is they are brimming with passion and enthusiasm. Today, Dubai is settled as an inspiring gastronomic destination and we have no doubts that gourmets from all over the world will be seduced by its very unique energy.”
Two Restaurants awarded Two MICHELIN Stars
Il Ristorante – Niko Romito receives Two MICHELIN Stars for its modern Italian fare, which comes with balance, purity and clarity. Top quality ingredients are flown in from Italy, with highlights including fish and pasta dishes.
Set in a colonial-style property at The Palm, STAY by Yannick Alléno impresses with its less-is-more approach, which results in precise, sophisticated dishes that are skillfully crafted with French cooking as the base.
9 Restaurants awarded One MICHELIN Star
Showcasing the excellence, talent and creativity of Dubai’s culinary landscape, 9 restaurants serving a diverse array of cuisines, from Portuguese to Indian, Japanese and Chinese, receive One MICHELIN Star. 11 Woodfire by chef-owner Akmal Anuar, who is of Malay origin, offers a global variety of vegetables, seafood and meats grilled to perfection over oak, hickory or hay.
Led by Saverio Sbaragli, who had honed his craft at Three MICHELIN Starred Arpège, Al Muntaha sits atop the architectural masterpiece of Burj al Arab and offers sophisticated and refined French cuisine with Mediterranean influences.
Armani Ristorante presents precise, modern Italian cooking at the Burj Khalifa, where beautifully decorated dishes are met with attentive, enthusiastic service. Italian favorites such as agnolotti del plin, filetto di scorfano and agnello al mirto showcase the chefs’ mastery.
First opened in London in 2001, the Dubai outpost of Hakkasan at the Atlantis Hotel offers reimagined Chinese dishes that are exclusive to Dubai, including the lychee lobster with yuzu pearl.
Höseki is a nine-seat omakase restaurant helmed by a sixth-generation sushi master, Masahiro Sugiyama. Set on the fourth floor of the Bulgari Hotel, it offers a bespoke omakase experience using fresh ingredients imported daily from Japan.
Located in the basement of the Atlantis Hotel next to the aquarium, Ossiano is a world for creative fare, and its “Metanoia” menus gain inspiration from chef Gregoire Berger’s childhood memories, featuring dishes that come with fine texture contrasts and impressive clarity of flavour.
The first international outpost of world-renowned Portuguese chef José Avillez, Tasca by José Avillez in the Mandarin Oriental Hotel is set around an open kitchen, where the talented kitchen team combines fresh, great quality produce with Portuguese dishes that are vibrant, innovative, and great for sharing.
Owned by internationally acclaimed chef Massimo Bottura, Torno Subito set within the striking W Hotel on the Palm offers Italian classics, pasta dishes and desserts with a twist.
Trèsind Studio is the brainchild of Himanshu Saini, which offers original and precisely executed multi-course tasting menus featuring herbs and flowers grown on its rooftop terrace setting, with highlights such as the ghee-roasted crab, tandoori chicken dumpling and morel pulao with Assam tea dashi.
14 restaurants receive a Bib Gourmand
The 2022 edition of the MICHELIN Guide Dubai also spotlights 14 Bib Gourmand restaurants that offer a value-for-money gourmet experience for an average price of 250 AED for a 3-course meal.
Part-restaurant, part-museum, Al Khayma focuses on simple rustic Emirati cooking, slow cooked meats, Arabic spices and fresh bread cooked in the courtyard. Named after chef patronne Salam Dakkak’s mother Maryam, Bait Maryam serves up delicious, home-style Levantine dishes cooked with love. Brasserie Boulud provides a little piece of France in a classically styled brasserie, offering everything from escargots and canard rôti to tarte Tatin and île flottante. Helmed by the 25-year-old chef Sara Aqel and run by a near all-female kitchen team, Fi’Lia celebrates the culinary knowledge passed down through generations of women with a menu of artisan pizzas to contemporary twists on traditional Italian dishes.
Folly offers an ingredient-driven menu that focuses on precise, modern dishes cooked from a kitchen counter where diners can watch the chefs in action. Goldfish is a funky, buzzing sushi and yakitori concept by chef Akmal Anuar, and sharing plates and wagyu steak are the order of the day. With great views of the beach from the beautiful terrace, Ibn Albahr is home to a fresh fish counter where diners can choose what to eat and enjoy ingredient-driven fare.
Indya by Vineet is the destination where street food meets sharing plates, with colourful dishes from the earth (vegetarian), land (meat) and sea. At Kinoya, five ramen dishes underpin the menu, while Japanese classics including sushi, sashimi, robata and tempura are on offer. The design at Ninive reflects a bedouin tent with low tables and cosy sofas, which sets the tone for the tasty, well-priced dishes from all over the Middle East and North Africa. Owned and run by three Syrian brothers, Orfali Bros is set in a striking, two-storey open kitchen, where playful Mediterranean small plates with global influences, such as the imam bayildi alongside burgers, caviar and wagyu beef, are served.
Helmed by Singaporean chef-owner Reif Othman, REIF Japanese Kushiyaki focuses on robata-cooked, street food-style snacks along with a wide range of well-priced sushi, ramen and creative desserts. The oldest Persian restaurant in Dubai, Shabestan has been around since 1984 and offers traditional Persian dishes, marinated meats, freshly baked breads and mezze. Teible is the cool, minimalist bakery-cum-restaurant that showcases seasonal, local and occasionally fermented ingredients in great value dishes.
One restaurant awarded a MICHELIN Green Star for sustainable gastronomy
The MICHELIN Guide is delighted to highlight establishments that are at the forefront of sustainable gastronomy. This year, one Dubai restaurant is recognized for its outstanding efforts and remarkable commitment to sustainability. Lowe, a MICHELIN-recommended restaurant by culinary duo Kate Christou and Jesse Blake, is the first and only restaurant in Dubai to receive a MICHELIN Green Star. The kitchen team cook on fire, practice nose-to-tail cooking and procure ingredients as locally as possible. As part of their efforts towards zero food waste, the restaurant’s “Waste NOT” dinners offer eight to ten courses of would-be waste products, saved over the previous months.
MICHELIN Special Awards
As MICHELIN Guide inspectors dine at and observe restaurants, they keep an eye on service professionals to unearth talents that are worthy of the MICHELIN special awards.
This year, the Young Chef Award goes to Solemann Haddad of MICHELIN-selected restaurant Moonrise. Born and bred in Dubai with a French mother and Syrian father, Solemann’s fascination with food and Japan began at a very early age. Mostly self-taught, this eloquent, passionate and thoughtful chef is only too happy to explain his dishes, their origins, and even divulge the secrets of how he executes them. Taking the best, mostly local, ingredients and fusing them with his heritage, he delivers an exciting omakase menu that is a blend of Japanese Kaiseki with Middle Eastern ingredients.
Danijela Tesic of Ossiano takes home the Sommelier Award for her passion and enthusiasm for wine pairing, demonstrating knowledge of the wines in a very relaxed, unpretentious style. Her choices showcase an interesting range of wines from the classic regions with a thought-provoking mix of varietals. With a delightfully friendly approach, she engages with the diners and makes the wine an integral and stimulating part of the dining experience.
The Welcome and Service Award is given to the team at Bait Maryam. Our inspectors were immediately taken by the warmth of the welcome they received when they dined here. Salam and her family showed genuine hospitality to everybody. Service is relaxed and cheerful with all the team working perfectly together to ensure diners really enjoyed their experience. From helpful recommendations of dishes to prompt and efficient service, Bait Maryam is offering some of the most charming service in the city in a restaurant that wants everybody to feel very much at home.
The MICHELIN Guide Dubai 2022 at a glance:
2 restaurants with Two MICHELIN Stars
9 restaurants with One MICHELIN Star
1 restaurant with a MICHELIN Green Star
14 Bib Gourmand restaurants
44 MICHELIN-selected restaurants
The replay of the MICHELIN Star Revelation Ceremony and other highlights are available on the official MICHELIN Guide Dubai Facebook page and the MICHELIN Guide Global YouTube channel.
The full selection of the MICHELIN Guide Dubai 2022 is available on the MICHELIN Guide website https://guide.michelin.com/en and on the MICHELIN Guide app, available free of charge on iOS and Android.
About Michelin Headquartered in Clermont-Ferrand, France, Michelin is present in 177 countries, has 124,760 employees and operates 68 tire production facilities which together produced around 173 million tires in 2021. (www.michelin.com)
SOURCE The MICHELIN Guide
source/content: prnewswire.com
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Gwendal Poullennec and Issam Kazim announcing the MICHELIN Guide Star Revelation 2022 at Dubai Opera
Abu Dhabi National Oil Co. has bought a 30 percent stake in Azerbaijan’s Absheron gas and condensate field in a further extension of bilateral energy partnership between the UAE and the Asian country.
The State Oil Company of Azerbaijan, known as SOCAR, and TotalEnergies both have 35 percent shares in the field.
The investment is part of ADNOC’s growth strategy to meet growing global demand for lower-carbon energy, and the first gas from Absheron was successfully delivered in early July 2023, according to press release from the firm.
As part of their expanding partnership, ADNOC and SOCAR also signed a memorandum of understanding that will see both companies evaluate potential areas of collaboration across renewable energy, low carbon solutions and upstream projects in the UAE, Azerbaijan and internationally.
Musabbeh Al-Kaabi, executive director of low carbon solutions and international growth at ADNOC, said: “We believe this strategic partnership with SOCAR and TotalEnergies, unlocks the potential of the Caspian region for decades to come, and complements a broader energy collaboration between the UAE and Azerbaijan that will accelerate the growth of the global renewable energy sector, as both countries take bold steps to transition towards a lower-carbon future.”
SOCAR President Rovshan Najaf praised Azerbaijan’s “favorable investment climate” for attracting foreign investors in the energy sector.
He added: “This particular deal underscores our commitment to strengthening the relations with our partners and reaffirms Azerbaijan’s position as a reliable partner in the energy sector. We are excited to embark on this journey with ADNOC along with TotalEnergies, building upon our shared vision and complementary strengths.”
In March, ADNOC offered with BP to jointly acquire 50 percent of Israeli offshore natural gas producer NewMed Energy for about $2 billion, marking their entry into Israel’s growing energy sector.
The firm has sharpened its focus on the gas market as competition for liquefied natural gas has ramped up following Russia’s invasion of Ukraine in February 2022, with Europe in particular needing large amounts to help replace gas piped from Russia.
ADNOC listed its gas business in March after raising $2.5 billion from an initial public offering, which was the world’s biggest in the first quarter.
The General Council of the WTO has elected Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as Chair of the World Trade Organisation’s 13th Ministerial Conference (MC13).
The Ministerial Conference, attended by leading representatives from the 164 countries and customs blocs that make up the WTO, will take place in Abu Dhabi in February 2024.
MC13 comes at a critical time for world trade, and the conference will build on the outcomes of MC12, review the performance of the multilateral trading system, make decisions on the future work of the WTO, and set up the roadmap for MC14.
“This is a pivotal moment for world trade,” commented Al Zeyoudi. “As a Ministerial Conference, we have to tackle pressing issues and challenges, consider all the forces shaping the future of trade and come up with clear solutions, and challenge ourselves to take actionable decisions that move the needle on making trade more efficient, inclusive and sustainable.
“At the heart of all of this is the need to modernise trade and embed technology across supply chains, and we look forward to working closely with all the members of the WTO to make real progress at MC13. Our goal must be driving forward momentum for more change at the conference in Abu Dhabi next year, but also in the years to come, and I have the utmost confidence in our collective ability to make this happen.”
The announcement was made during the WTO General Council in Geneva, Switzerland, where he met with the WTO Director-General, Ngozi Okonjo-Iweala.
During their meeting they discussed the preparations for MC13, in addition to the landmark inclusion of trade as a thematic day at COP28, which is set to take place in Dubai later this year.
Dr. Thani delivered his first address as Chair at the General Council, where he stressed the importance of building resilient trade frameworks to tackle today’s challenging landscape.
In his address, he called for focused and decisive deliberations amongst WTO members ahead of MC13, and commented, “Trade policy extends far beyond the scope of trade itself; it is about shaping our common future. It is our collective responsibility to contribute to a predictable, rules-based, and open trade and investment environment that creates prosperity for all – and this is precisely why the success of MC13 is so imperative.”
According to the World Bank, the UAE has maintained its place among the list of countries with the highest per capita income based on the Atlas method.
The UAE ranked seventh in the world in terms of per capita national income, according to the latest World Bank data.
The UAE’s per capita income increased by $10,781 from 2021 to $87,729 in July 2022, based on purchasing power parity in current international dollars.
The international dollar is a virtual currency that is used for evaluating the purchasing power of various countries.
It is based on the US dollar, but it has the same purchasing power as each country’s local currency.
According to the World Bank, the UAE has maintained its place among the list of countries with the highest per capita income based on the Atlas method while also using current US dollar prices.
Using the Atlas method, the World Bank breaks down the world’s economies into four income groups: low, lower middle, upper middle and high.
The categorizations are revised annually depending on the previous fiscal year’s per capita income.
The UAE’s per capita national income in current US dollars rose to $48,950 in 2022 from $43,460 in 2021, surpassing the pre-COVID-19 level of $46,210.
The Atlas method, which was developed in its current form in 1989, is used to express gross national income in US dollars.
source/content: arabnews.com (headline edited)
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The UAE ranked seventh in the world in terms of per capita national income, according to the latest World Bank data. (Shutterstock/File Photo)
The managerial ability of Pep Guardiola was backed by Sheikh Mansour’s long-term project as City won a historic treble.
When Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Minister of Presidential Court, bought Manchester City in 2008, the club was languishing in the mid-table of the English Premier League.
It had just finished the previous season in ninth position, 32 points behind Manchester United, the champion of England and its famously successful city rival.
United then was brimming with world-class talent.
A team featuring Cristiano Ronaldo, Wayne Rooney, Carlos Tevez, Ryan Giggs, Paul Scholes, Rio Ferdinand, Patrice Evra, Nemanja Vidic and Edwin van der Sar, United had also won the Champions League in 2008.
It was Sir Alex Ferguson’s second European triumph with United as manager following the famous treble-winning season in 1999.
So it was a couple of months after United enjoyed one of its greatest seasons that Sheikh Mansour made his foray into English football with a club that was never able to sit alongside the elites in the sport.
But the visionary UAE leader went on to change the footballing landscape in such a way that City is now football’s ultimate aristocrat.
So how did City, who completed a historic treble by winning the Premier League, FA Cup and the Champions League this season, become the most dominant team after Sheikh Mansour took over the club?
Long-term goal
Brazilian star Robinho joined Man City from Real Madrid in 2008. — Twitter
City did not become successful overnight despite the takeover from Sheikh Mansour in 2008.
It made a slow and steady progress and one that was backed by Sheikh Mansour in every step.
In the first season after the takeover, City could only finish 10th in the league despite acquiring a big-name player from Real Madrid, Robinho, the Brazilian superstar.
But City made gradual improvement and next season in 2010, the team became stronger after the arrival of Emmanuel Adebayor, Carlos Tevez and Kolo Toure.
Chelsea, United, Arsenal and Tottenham were the top four teams that season as City finished fifth, narrowly missing out on a place in the Champions League.
FA Cup triumph
The next season in 2011, City finally ended its trophy drought. A Carlos Tevez-inspired City won the FA Cup that season with a 1-0 win over Stoke City in the final – it was the team’s first major triumph since 1976.
City had reached the final with victory over United in the semifinal, the club’s first success in a knockout game against the bitter rival since 1975.
City then went on to finish third in the league, qualifying directly for the Champions League in what was another landmark for the club.
Premier League ecstasy
After breaking into the top-three of the Premier League, City turned on the style in England.
Sergio Aguero had just joined City from Atletico Madrid and the Argentina star made an instant impact.
City thrashed Tottenham 5-1 and humiliated United 6-1, signalling its arrival on the big stage as the big contender for the title.
The battle for the league title, though, was not easy with United bouncing back only to fall again.
It went to the last day with City needing a win against the Queens Park Rangers to pip United for the title.
But City was trailing 2-1 until the 91st minute in the dramatic last game of the season.
The Blues though scored an equalizer in the 92nd minute before Aguero found the winner in the last minute of injury time with a moment of magic, sparking wild celebrations on the field and in the stands.
It was City’s first league title in 44 years and it was the start of a golden era for the club.
Guardiola arrives
City had added one more Premier League title in 2014. Two years later, the club hired Pep Guardiola, who famously led Lionel Messi’s Barcelona to glorious triumphs during his four-year stint as manager of the Catalan club.
Guardiola arrived in City after a two-year spell at Bayern Munich.
A man famous for building teams that play eye-catching football, Guardiola was entrusted with the responsibility of making City a serial winner as well as an aesthetically pleasing team.
The Spanish coach imposed his style on the team and it won the league in 2017-2018 by collecting the highest points for a season.
City retained the Premier League title next season, its first successful defence of the title in history.
With world-class players in the team, City was producing mesmeric football as it also won two more league titles in 2021 and 2022.
But the biggest dream — the Champions League title — remained unfulfilled after defeat to Chelsea in the 2021 All-England final.
Historic treble
Sheikh Mansour’s Manchester City was finally rewarded in Europe for its perseverance.
City produced another masterclass in beautiful and brilliant football as Guardiola’s team won its third straight Premier League title, overcoming a spirited challenge from Arsenal.
The club then beat city rival United in the final to win the FA Cup.
And once it outplayed Real Madrid, the most dominant team in the history of European football, in the Champions League semifinal, City became the overwhelming favourite in the final against Inter Milan.
The Italians put up a big fight in the Istanbul final, but the superior quality of City made the difference as Rodri’s sumptuous goal separated the victor from the vanquished.
City’s wait to be European champion was finally over as it also became the first team since Manchester United to complete the treble.
It has taken the team 15 years since the takeover from Sheikh Mansour to scale the highest peak.
The long-term vision of Sheikh Mansour helped City become the king of European football.
The club has won seven Premier League, three FA Cup, six League Cup and the 2023 Champions League title in these 15 trophy-laden years under Sheikh Mansour’s leadership.
“One of the main reasons why this club became what we are is because of the people from Abu Dhabi, Sheikh Mansour, took over the club,” Guardiola said. “Without that, we would not be here.”
The biggest tribute City can pay to Sheikh Mansour now is by becoming the first team since Real Madrid to defend the Champions League title.
Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Minister of Presidential Court, attends the Champions League final. — Reuters
Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, rang the market-opening bell to celebrate and mark listing the domestic Dirhams Islamic Treasury Sukuk (T-Sukuk) on Nasdaq Dubai.
The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer and in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced launching dirham-denominated Islamic Treasury Sukuk (T-Sukuk), with a benchmark auction size of AED1.1 billion.
The launching of Dirham-denominated Islamic Treasury Sukuk (T-Sukuk) includes a series of issuances, in order to attract a new category of investors and support the sustainability of economic growth.
Total issuance of AED1.1 billion
The issuance of T-Sukuk is aimed at enhancing the UAE’s economic competitiveness by providing high-quality Islamic assets at competitive prices. This will support the Central Bank of the UAE in managing liquidity within the banking sector and boosts the size of financial investments, which will reflect positively on the country’s economy, investment environment, per capita income, and gross national income.
The bell-ringing ceremony was attended by a number of senior officials from the Ministry of Finance, Central Bank of the UAE, Nasdaq Dubai, and the CEOs of the eight banks that were onboarded as primary dealers, in addition to other senior officials from various relevant authorities.
The inaugural issuance of the Dirham-denominated Islamic Treasury Sukuk programme witnessed a strong demand through the eight primary bank dealers, with bids received worth AED8.3 billion, and an oversubscription by 7.6 times.
The strong demand was across both tranches, with a final allocation of AED550 million for the two-year tranche, and AED550 million for the three-year tranche, with a total issuance of AED1.1 billion. Other tranches of Islamic Treasury Sukuk will be issued with various tenures of up to five years initially, followed by a 10-year sukuk at a later date.
Reaffirming UAE’s position in Islamic economy
Al Hussaini noted that issuing the T-Sukuk contributes to expanding the scope of Islamic banking and is one of the most important tools for managing monetary policy and liquidity to finance development programmes and projects.
The T-Sukuks are Sharia-compliant financial certificates for trading in the secondary market along with the main distributors, reflecting the current return on investment. These sukuk will also contribute to stimulating the securities market and strengthening the base of Islamic securities, providing safe and rewarding investment alternatives, and attracting new segments of local and international investors.
He emphasised that the success of the first auction is another testament to the UAE’s creditworthiness as one of the most advanced and competitive economies in the world, reaffirming its position as a leading investment hub in the field of the Islamic economy.
Al Hussaini said, “The issuance of Islamic Treasury Sukuk is a new step towards achieving the comprehensive and sustainable economic and social development objectives of the UAE. It contributes to the development of the financial market and the investment environment in the country by attracting financial investments and rejuvenating the local financial and banking sector to diversify funding sources, which cements the UAE’s position as a global hub for the Islamic economy.”
Efficiency of UAE’s financial sector
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said, “The T-Sukuk programme’s first issuance, denominated in UAE Dirhams, reinforces the UAE’s competitive position as a developed global financial centre.
The programme has succeeded in diversifying financial markets activities, enhancing infrastructure to support Sharia-compliant investment options and alternatives, and strengthening the resilience and stability of the financial system. This milestone will also support in bolstering financial investments and promoting greater confidence among local and international investors in the UAE’s financial system, leading to further strategic growth across the sector and fortifying the UAE’s role in the global Islamic economy.”
He added, “The remarkable success of the first auction for the issuance of T-Sukuk denominated in UAE Dirhams is a testament to the soundness of the financial and economic policies, the robust creditworthiness, and the efficiency of the UAE’s financial sector. It also supports the UAE’s stimulating investment environment globally to diversify investment and financial alternatives and continue sustainable growth underpinned by future visions and plans. We are pleased to have partnered with the Ministry of Finance in enhancing the UAE’s financial markets and improving the investment environment in the country.”
Dubai as global centre for Sukuk listings
Hamed Ali, CEO of Dubai Financial Market and Nasdaq Dubai, said, “The issuance of the T-Sukuk is an important development for the UAE capital markets attracting diversified investment categories to the country and providing an important investment tool for Islamic banking. The listing today further strengthens Dubai’s position as one of the largest centres for Sukuk listings globally with US$77.67 billion total value of Sukuk listed in Dubai.
This opens the path for regional and international investors to strengthen their links with the UAE government as well as to expand their investment options in the UAE. At Nasdaq Dubai, our mission supports the UAE Central Bank’s ambitious strategy to develop a strong fixed-income market in the UAE by providing investors with investment opportunities in sovereign issuances and a more effective yield curve gauge in debt instruments.”
The Ministry of Finance onboarded eight banks, namely Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank PJSC (ADCB), Emirates NBD, First Abu Dhabi Bank (FAB), HSBC, Mashreq, and Standard Chartered as Primary Dealers to participate in the T-Sukuk primary market auction and to actively develop the secondary market.
Dewa Sat-2 will help further improve Dubai’s utility network.
Dewa’s second nanosatellite was launched on Saturday morning on a SpaceX rocket from Vandenberg Air Force Base in California.
After several postponements due to bad weather, Falcon 9’s launch of the Transporter-7 mission took place shortly before 11am UAE time.
The launch is the seventh dedicated smallsat rideshare mission for SpaceX with 51 payloads on the flight, including CubeSats, MicroSats, hosted payloads, and orbital transfer vehicles carrying spacecraft to be deployed at a later time.
Dewa’s 6U nanosatellite — Dewa Sat-2 — comes a year after it launched its first satellite and will help further improve Dubai’s utility network.
The nanosatellite (or cubesat) features a high-resolution camera (4.7 metres) that will be used for Earth observation missions.
It was designed and developed at Dewa’s R&D centre, in co-operation with NanoAvionics in Lithuania, and is part of Dewa’s Space-D programme that it announced in 2021.
The programme aims to improve operations, maintenance and the planning of its networks by using nanosatellite technology, the Internet of Things and remote sensing technologies.
This involves launching a nanosat constellation that will support Dewa’s primary satellite.
Utility companies like Dewa can use satellite technology to monitor and map their infrastructure as well as track the environmental impact their operations have. The data can also help these companies improve their services.
Dewa is the first utility in the world to launch nanosatellites to improve its operations.
The high-resolution camera on Dewa Sat-2 will provide continuous line-scan imaging in seven spectral bands from approximately 500km orbit.
The satellite is also equipped with infrared equipment to measure greenhouse gases.
Marking a significant contribution to the preservation of Arab and Islamic cultural heritage, H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has directed the restoration of eight rare Arabic books housed at El Escorial Library in Spain.
The restoration project is part of His Highness’s efforts to preserve the global heritage and manuscripts of El Escorial, particularly those related to Arab and Islamic cultures. The initiative continues Sharjah’s endeavors in preserving the cultural legacy of the region and underscores His Highness’s commitment to cultural and intellectual exchange on a global scale.
The books slated for restoration include Ibn Arjomand’s Al-Ajrumiyyah, three copies of the Holy Quran from 1257, 1402, and 1397, Abu Al-Fida’s book on human history summaries, Tarikh Al Mukhtasar Fi Akhbar Al Bashar; Al-Asfahani’s book of songs, Al Aghani; Al-Milal Wa Al-Nihal; and Kharidat Al-Ajaib Wa Faridat Al-Ghraib.
Through this initiative, Sharjah is making the first global contribution to the preservation of the rare and invaluable books and manuscripts at El Escorial Library that document Arab and Islamic history. His Highness visited the library in 2019, resulting in collaborations between the emirate and the library in various fields, including restoring and showcasing rare Arabic books to interested parties.
The restoration project coincides with the opening of “The Arabic Manuscript Collection of El Escorial” Exhibition at the Sharjah Book Authority (SBA).
The event, held in collaboration with El Escorial library, showcases 14 rare manuscripts from the 13th to 16th centuries and runs from 2-9 April. Sharjah is also the first city to host an exhibition of the largest collection of rare Arabic artifacts from the El Escorial Library outside of Spain.
