Category: Business

The group CEO of the UAE’s satellites solutions company intends to treble the amount of oil rigs that it now connects.

As soon as its Thuraya-4 subsequent-generation Satellite (NGS) launches next year, Al Yah Satellite Communications, also known as Yahsat, plans to provide a wide range of new applications and services, including telemedicine.

According to Ali Al Hashemi, the company’s group chief executive, the satellite is expected to start providing commercial services by 2025.

According to him, the UAE-based provider of satellite solutions anticipates shortly twice the number of drilling rigs to which it presently supplies satellite access.

“By 2025, we anticipate beginning to provide a new aerial service with Thuraya-4 that will provide a variety of services, including telemedicine. According to Mr. Al Hashemi, Thuraya-4 would have 20 fresh applications, including both government and commercial ones.

The maritime, governmental, & IoT [Internet of Things] consumer groups, in particular, will benefit from the diverse platform of over 20 capabilities that this satellite will provide. It will be a significant strategic step that will propel us toward profitability and growth.
Mubadala Investment Company’s subsidiary, founded in 2007, provides multi-mission satellites services in more than 150 nations throughout Europe, the Arabian Peninsula, Africa, South America, Asia, and Australasia. Mubadala Investment Company is the sovereign investment arm of Abu Dhabi.

The infrastructure sector, which continues to be the group’s largest business division and provides customized solutions to government bodies, performed well, helping the company record a 5% increase in first-half earnings this year.

Thuraya, its mobility division, provides satellite-based mobile devices solutions to a variety of clientele, including fishing communities.

The corporation intends to raise investments even further in its commercial business segments, which include marine, education and health care, and oil and gas. To address the need for satellite access, it also plans to provide mobile and fixed satellite services.

Beyond the fishing sector in Vietnam & the Philippines, which are its main customers, the company is also attempting to bring its Thuraya MarineStar service to other countries like Indonesia through its mobility arm Thuraya.
The firm is currently preparing for an explosive growth path with a good amount of cash on its balance sheets and no debt, he said.

“The Internet of Things, direct-to-device, and satellite imagery are the three big growth narratives that we are looking at very closely,” said Mr. Al Hashemi.

We believe that 6G-based IoT networks will support enormous data-driven applications as well as grow our user base because the the next-generation 6G wireless communication networks are anticipated to launch shortly and incorporate artificial intelligence.

The fourth European regional office of the Dubai International Chamber, among the three organizations functioning under the Dubai Chambers umbrella, has been formally opened in the Netherlands. The new office, the chamber’s 25th overseas location overall, was opened yesterday evening in Amsterdam during a formal ceremony.
Mohammad Ali Rashed Lootah, the president and chief executive officer of Dubai Chambers, commented on the opening, saying: “The establishment of our fourth place office in Europe signifies another crucial step toward attaining our strategic targets. As part of the wise leadership’s economic goals, our Amsterdam office will be crucial in assisting Dubai-based businesses in effectively entering important European markets, luring foreign direct investment, as well as fostering the expansion of bilateral commerce.

The new office will give Dutch businesses looking to enter the emirate, develop into the Middle East, and go global targeted on-ground help. The trade association has also discovered lucrative chances for joint partnerships in sectors including agriculture, chemicals, and creative industries.

In 2022, bilateral non-oil trade among Dubai and Netherlands was worth AED 11.5 billion. In the initial eight months of 2023 alone, 236 Dutch businesses registered as members of the Dubai Chamber of Commerce, bringing the overall number of Dutch members to 1,520. This shows the Dutch business community’s keen interest in Dubai as it reflects an outstanding 35% growth over the same period in 2022.

Due to its advantageous location and top-notch logistical infrastructure, Dubai has become a favoured trading hub for Dutch businesses with international aspirations. The Emirate of Dubai serves as a point of entry for companies in the Netherlands & the rest of Europe wishing to increase their global reach by providing simple communication with over 2.2 billion customers.

One of three chamber operating under the Dubai Chambers umbrella, the Dubai International Chamber, was created to promote Dubai as a major international commercial centre, draw multinational corporations, and strengthen the emirate’s trade links with developing markets. The chamber is charged with achieving His Highness Sheikh Mohammed’s goal of doubling Dubai’s exports form AED 1.4 trillion to AED 2 trillion by the year 2026.

Access to capital, workspaces, and other growth possibilities will be provided under the Business Development in Dubai initiative.
As the emirate advances with its goal of becoming a digital economy powerhouse, Dubai’s Chamber of Digital Economy officially launched a new platform targeted at attracting and assisting digital-focused start-ups.

The business incubator in Dubai program, which was initially unveiled in June, has been marketed as a centralized location that will close access gaps for start-ups to capital, workspaces, and other chances for growth.

Together with public and commercial organizations, the program also strives to increase their economic contribution to Dubai.

Seven additional partners are included in the initiative: the Dubai World Trade Center, telecom provider du, Dubai Islamic Bank, Mashreq, the Commercial Bank of Dubai, Tecom Group’s in5 start-up incubator, and workspace provider Letswork.

A preliminary agreement had been signed by their most senior managers at the event on Monday to formally confirm their participation.
The new partners include existing ones including Telr and Safexpay, as well as telecom provider e& (formerly known as Etisalat), Dubai Commercial City, and.

The Business in the United Arab Emirates program is built on two main pillars: a company-matching service that will pair businesses with partners, investors, and clients, and a wide range of institutional amenities provided in collaboration with the partners of the Dubai Chamber.

Additionally, incentives will be included to entice additional domestic and foreign digital start-ups to locate in the emirate.

Companies with a digital focus are “extremely important,” thus we work to meet their needs. Although we are aware of Dubai’s positive support for its citizens, Ahmad bin Byat, the vice president of the Dubai Business Chamber of the Digital Economy, said reporters at the conference that businesses need certain assistance.

According to him, the initiative’s partner banks will form specialized teams to help startups.

It won’t just be cost-effective; it will also be more effective. These businesses can access our platform and obtain the services instead of traveling to several locations, and our crew is also accessible to assist.

Dubai Islamic Bank (DIB) has chosen its HPE GreenLake edge-to-cloud system to update their core banking system in order to provide improved customer experiences and introduce fresh services and digital products, according to a statement released by Hewlett Packard Enterprise, Inc. (NYSE: HPE) today. Additionally, the implementation of a full suite of HPE Aruba Network wireless solutions will improve network security overall as well as DIB’s connection and mobility capabilities.

The biggest Islamic bank around the United Arab Emirates and the second biggest in the world, DIB was founded in 1975. By delivering a personalized and interesting experience, DIB seeks to instill simplicity and ease in all of its offers. This goal is driven by the bank’s customer-centric strategy and its dedication to sustainable digital transformation.

Maintaining a high level of agility and providing the best solutions whenever and wherever is one of DIB’s main priorities. In order to maintain this level of agility, the bank needs an IT infrastructure that is adaptable and easily scaleable as well as extensive visibility across the estate. As a result, DIB will be able to estimate future resource needs as they increase and optimize corporate operations and processes.

Hewlett Packard Enterprise’s managing director for the United Arab Emirates, Ahmad Alkhallafi, said, “We are proud of supporting DIB in their efforts to deliver the best possible level of customer experience.”

“With HPE GreenLake the the HPE Aruba Networks secure Wi-Fi technology, DIB will improve their capacity to provide consumers with distinctive services by giving their staff the resources, frictionless connectivity, and computing they need to foster teamwork. As they develop fresh enjoyable experiences, this will foster the bank’s long-term efficiency and growth.

DIB will be enabled to centrally handle its computer systems with ease and thorough oversight thanks to the HPE GreenLake on Aruba services. A cloud-native architecture, the HPE Aruba Network Edge Services Platform (ESP) provides automated network administration, unified border-to-cloud security, and predictive AI-powered insights.

Abu Dhabi’s clean energy company will also develop 500 megawatt-hours of battery storage at sites across the country.

Abu Dhabi’s clean energy company Masdar has signed a joint development agreement with Uzbekistan’s Ministry of Energy and Ministry of Investments, Industry and Trade to develop more than 2 gigawatts of solar and wind projects in the Central Asian country.

The company will also develop 500 megawatt hours of battery energy storage at multiple sites across the country, Masdar said on Friday.

The deal is part of Uzbekistan’s push to generate 25 per cent of its energy from renewables, comprising 7 gigawatts of solar and 5 gigawatts of wind capacity by the end of the decade.

“The UAE is fully committed to supporting countries to decarbonise,” said Dr Sultan Al Jaber, Cop28 President-designate, UAE Minister of Industry and Advanced Technology and chairman of Masdar.

“Uzbekistan is a key strategic partner, and we continue to work together to deliver renewable energy projects that power homes and businesses, while crucially cutting emissions. The world needs to triple global renewable energy capacity by 2030 to reach the goals set out in the Paris Agreement.”

Investment in renewable energy technology globally hit a record of $1.3 trillion last year.

However, that figure must rise to about $5 trillion annually by 2030 to meet the key Paris accord target of limiting temperature increases to 1.5°C above pre-industrial levels, Abu Dhabi-based International Renewable Energy Agency said in its World Energy Transitions Outlook 2023 preview in March.

Renewable capacity must grow from about 3,000 gigawatts currently to more than 10,000 gigawatts in 2030, an average of 1,000 gigawatts annually, it said.

“As we prepare to host Cop28 in the UAE, we believe ambitious partnerships with countries like Uzbekistan are vital in helping to meet this target,” Dr Al Jaber said.

Masdar, which nearly doubled its clean energy capacity to 20 gigawatts in two years, has been active in Uzbekistan since 2019, with the 100-megawatt Nur Navoi solar project — the nation’s first successfully financed independent solar project. The plant has been operational since 2021.

The company’s growing portfolio in the country also includes the 500-megawatt capacity Zarafshan plant, the largest wind farm in Central Asia as well as three solar projects in Jizzakh, Samarkand and Sherabad, which have a combined capacity of about 900 megawatts.

Once fully operational, the planned projects will generate enough electricity to power over one million homes, while displacing around one million tonnes of carbon dioxide annually, according to Masdar.

The new agreement “marks an exciting new chapter in Masdar and Uzbekistan’s shared journey”, said Mohamed Al Ramahi, chief executive of Masdar.

Masdar is active in more than 40 countries and has invested or committed to invest in projects worth more than $30 billion.

The company, which is jointly owned by Adnoc, Mubadala Investment Company and Abu Dhabi National Energy Company, better known as Taqa, is targeting a renewable energy capacity of at least 100 gigawatts and an annual green hydrogen production capacity of up to one million tonnes by 2030.

Abu Dhabi investment arm received nearly $29bn in proceeds during the year by monetising assets at strong valuations as assets swelled to $276bn.

Mubadala Investment Company, Abu Dhabi’s strategic investment arm, said it invested Dh107 billion ($29.13 billion) last year across sectors and received proceeds of Dh106 billion ($29 billion) by monetising assets at strong valuations.

The investments were made in sectors including life sciences, renewable energy and digital infrastructure, in line with the company’s strategy to invest in industries shaping the future, Mubadala said on Friday.

Assets under management across the group stood at Dh1.01 trillion ($276 billion).

Growth was supported by a strong performance in real estate, infrastructure and alternative investments, including private equity and private credit, Mubadala said.

The company did not, however, disclose its total comprehensive income for 2022, but that figure stood at Dh122 billion in 2021.

“Despite global headwinds affecting financial markets and investor sentiment, we outperformed benchmarks, staying the course with our long-term strategy of investing in key markets and sectors,” said Khaldoon Al Mubarak, Mubadala’s managing director and group chief executive.

“Although the macroeconomic environment remains uncertain we are focused on investing for the long-term based on our convictions.”

He added that Mubadala sees significant investment potential in Asia in sectors including technology, digital infrastructure and energy transition.

The company “will continue its active monetisation programme to recycle capital into high-potential sectors and geographies”, Mr Al Mubarak said.

Mubadala, which invests on behalf of the Abu Dhabi government, is at the heart of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil.

The sovereign fund’s investment portfolio spans six continents. It has interests in multiple sectors and asset classes, including aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas and petrochemicals.

“We continue to focus on our capital deployments in line with our strategy, supported by prudent management of our finances, underlining the strength of our business and investment approach,” said group chief financial officer Carlos Obeid.

Last year, Mubadala backed two of the 10 biggest deals in health care, investing alongside EQT in Envirotainer, a provider of cold chain solutions for the pharmaceuticals industry and, together with Warburg Pincus, in the $2.6 billion purchase of Informa Pharma Intelligence — a data and software company for clinical trials and drug development.

In renewable energy, Mubadala said it invested $525 million together with BlackRock Real Assets in Tata Power Renewables, one of the largest renewable energy companies in India, supporting the growth of Mubadala’s clean energy portfolio.

Along with co-investors including Global Infrastructure Partners Mubadala also acquired a 100 per cent interest in Skyborn Renewables, the world’s largest private offshore wind developer.

The investment included a stake in GIP’s 50 per cent interest in Bluepoint Wind, a 1.6 gigawatt project off the coast of New Jersey and New York.

Mubadala last year also invested in sectors providing stable financial returns, such as real estate and hard infrastructure, according to Mr Al Mubarak.

“We increased our exposure to other alternative investments, including private equity and private credit, to help weather the disruption to traditional asset classes,” he said.

This included starting to deploy capital into European real estate credit via a new joint venture with Ares, an alternative investment company.

A $2.1 billion private equity partnership transaction was also carried out by Mubadala’s wholly owned asset management subsidiary, Mubadala Capital, with France’s Ardian.

There was also a partnership with KKR to jointly invest across performing private credit opportunities in the Asia-Pacific region.

During the year, Mubadala invested heavily in digital infrastructure, with $350 million investment into Princeton Digital Group, a pan-Asia data centre company focused on expanding world-class data centre services to meet increasing demand across Asia. Mubadala also invested £800 million ($997.23 million) in CityFibre, the UK’s largest independent full-fibre platform.

Earlier this month, Mubadala said it was investing $500 million in US-based broadband and telecoms services company Brightspeed, alongside investment funds managed by affiliates of New York-listed Apollo Global Management.

Meanwhile, Mubadala’s proceeds in 2022 included the sale of a 24.9 per cent stake in Borealis, the Austrian market leader in base chemicals and fertilisers.

The group and global commodity trader Trafigura completed the sale of Minas de Aguas Tenidas (Matsa) for $1.87 billion.

Mubadala also sold its remaining shares in Glencore, it said.