Dubai, United Arab Emirates, 16 December 2018, (AETOSWire): SHUAA Capital, the UAE’s premier financial services Group, is pleased to announce the commencement of its post-acquisition integration and consolidation efforts with Kuwait based Amwal International Investment Company (“Amwal”), following the recent completion of the public tender acquisition process, and Amwal shareholders’ General Assembly that was held on 12th December 2018. As part of the General Assembly’s outcome, Amwal announced a new Board of Directors consisting of Bader Al Reizhan, Fawad Tariq Khan, Khaleefa Al Mheiri, Oliver Lee, Ali Tariq, Adil Mustafa and Abdullah Galadari.
The acquisition of Amwal aligns perfectly with SHUAA’s vision of delivering long-term shareholder value, in addition to the prospects of meaningful synergies between SHUAA Capital’s existing capital markets business and Amwal’s key subsidiary, ‘Noor Capital Markets’.
Noor Capital Markets is the region’s leading homegrown online FOREX, Commodities and Contract for Difference (“CFD”) trading platform that is highly regarded for being the best in class service offering and quality execution.
Fawad Tariq-Khan, Chief Executive Officer of SHUAA Capital, said: “The commencement of this consolidation exercise represents the culmination of our efforts in establishing a broad geographic footprint across the region’s strongest markets. From our heritage in the UAE, and now in our six well-placed jurisdictions, we are well positioned to tap into a diverse range of growing markets. We are excited about the potential to take our expertise into Kuwait, Turkey and Jordan, as well as bringing Noor Capital Markets’ services and offerings to our home territories. We believe that we have a winning combination which will support our continued transformation on the path to sustainable profitability”.
Fawad explains further, “Ultimately, it is our clients who will benefit from our ability to deliver a broader range of services and synergies that we will realize between SHUAA Capital , Amwal and Noor Capital Markets. This combination clearly demonstrates SHUAA’s ability to identify, structure and complete complex Mergers and Acquisitions transactions to complement SHUAA Capital’s organic growth plan. We continue to carefully appraise selected opportunities that we believe will generate incremental revenue and will deliver long term shareholder value.”
Mr. Khurram Sayeed, CEO of Noor Capital Markets, said “SHUAA Capital is a natural fit, for our trading business Noor Capital Markets, when you consider its diversified regional presence and experience. Clear synergies can be delivered with our combined efforts and business verticals across new markets including Kuwait, Jordan and Turkey. For Noor Capital Markets, we have built a successful industry-leading business in a relatively short period of time and are excited by the tremendous prospects of delivering a combined business plan alongside SHUAA Capital”.
In addition to the above, Kuwait’s promotion to the FTSE Russell Emerging Markets Index in September is expected to attract significant inflows of investment. In Jordan and Turkey, regulatory reforms are being implemented to support their capital markets’ growth and their implications on broader economies. For instance, despite a challenging economic backdrop in Jordan, last year Foreign Direct Investment inflows totaled USD 1.6 billion, representing growth of 7.5%. Meanwhile, in 2017, Turkey’s Boursa Istanbul recorded growth of 43% year-on-year in terms of the market value of stocks traded, demonstrating its regional significance and appeal. Boursa Istanbul is one of the largest exchanges in Europe with over c. USD 2 billion traded daily on average.
Amwal International Investment Company holds an investment company license regulated by the Capital Markets Authority in Kuwait and a lending license regulated by the Central Bank of Kuwait. Financial earnings are expected to be consolidated during Q4 2018.
About SHUAA Capital psc: Established in 1979, and often considered to be the most recognized financial advisory and investment firm in the Middle East, SHUAA Capital psc (‘SHUAA’) is an integrated financial services firm headquartered in the United Arab Emirates. The firm services corporate and institutional clients, governments, family businesses and high-net-worth-individuals with expertise in the areas of Asset Management, Investment Banking, Capital Markets, Securities Brokerage and Credit. SHUAA is a public shareholding company with its shares listed on the Dubai Financial Market. The firm is regulated as a financial investment company by the UAE Central Bank and the Emirates Securities and Commodities Authority.
The firm owns and operates subsidiaries based in the Kingdom of Saudi Arabia, Kuwait and the Arab Republic of Egypt. They are SHUAA Capital - Saudi Arabia which operates as a Saudi Capital Markets Authority licensed investment bank, Gulf Finance UAE making up its Lending division, along with Gulf Finance Saudi Arabia its SAMA-regulated Shari’ah-compliant lending arm, Amwal International Investment Company- a CMA licensed financial services institution and SHUAA Securities – Egypt specializing in brokerage services for institutional, corporate and retail clients with seamless access to regional markets. www.shuaa.com
Ras Al Khaimah, United Arab Emirates, 9 December 2018, (AETOSWire): The Department of International Programs and Partnerships of the American University of Ras Al Khaimah (AURAK) participated in the global "International Education Week" by promoting cultural understanding with a series of events and activities, introducing students to the opportunities at AURAK for Study Abroad and Student Exchange.
AURAK is a public, non-profit, independent, coeducation institution accredited by the UAE Ministry of Higher Education and Scientific Research devoted to delivering an integrated American-style, undergraduate and graduate education strongly focused on the native culture.
The “International Education Week” is a three-day extravaganza encouraging student involvement in the international travel opportunities offered at AURAK. The Dean of the Office of Academic Support Services, Professor Steven Zani, launched off the first day with a welcoming speech of anecdotes of his college study abroad experiences, illustrating how “It changes your life.” He emphasized differences between tourism and travel. Tourism is a short trip resulting in a superficial view of the country and travel is an extended stay in which a person experiences day-to-day cultural traditions. Study abroad and exchange programs allow students this extended experience, providing an authentic cultural experience, teaching tolerance, and changing lives forever.
Day one continued with a presentation differentiating between the study abroad and exchange programs and describing the requirements for each. American visiting student, Tyler Kleinsasser, and French exchange student, Radostina Trifonova, presented over their Ras Al Khaimah and AURAK experiences. Tyler reported about his preconceived apprehensions about living in the culture, but he learned quickly that his fears were unfounded and has felt right at home. He already has plans for future international travel. The day ended with a potluck lunch featuring several international dishes. The rest of the week was filled with international games and a movie, celebrating AURAK's variety of identities and nations.
AURAK President, Professor Hassan Hamdan Al Alkim, is enthusiastic about student involvement in this program, “The more we learn of each other’s cultures, the more we understand, and the less we fear one another. Programs like these enables us to break the chains of fear and live fuller, more enterprising lives.”
Jeddah, Saudi Arabia, 9 December 2018, (AETOSWire): Saja Hotels & Resorts, the leading Saudi hotel and condominium management and operation company, has recently celebrated the first anniversary of its Saja AlMadinah Hotel in Madinah, Saudi Arabia, marking a successful year of astounding services provided to visitors to the holy city of Madinah.
Strategically located in the Northern side of the central area of Madinah; the four-star hotel is just steps away from the Prophet's (PBUH) Mosque in the city.
Mr. Mohannad Bin Nabeel Khogeer, Chief Executive Officer of Saja Company commented, “We are extremely proud to celebrate the first anniversary of Saja AlMadinah Hotel, the renowned national brand in Saudi Arabia. The past year demonstrated our success in providing visitors to Madinah with the best convenient accommodation in the city, making their Hajj and Umrah trips an unforgettable experience.”
“Our long standing experience in hospitality that exceeds 40 years was a game changer in creating our success during the first year of operations. We have set future expansion plans that include managing and operating other hotels in different cities, and utilize our expertise in providing management services for hotels for further plans. Our efforts in this regard are in line with the Kingdom’s Vision 2030 that aims to increase the number of pilgrims and Umrah visitors,” he added.
With its 544 rooms, an executive floor, relaxing lounge, gym and a dedicated restaurant serving delicious international cuisine options; Saja AlMadinah Hotel was able during the past year to welcome more than 350,000 Guests, achieve a record number of more than 110,000 room bookings, serve around 120,000 meals, receive guests from over 80 nationalities and obtain the Hazard Analysis & Critical Control Points (HACCP) certification.
Notably, Saja AlMadinah Hotel boasts high-quality integrated hospitality services to assist visitors perform their religious rituals in the holy city with ease and comfort. It also provides them with the convenience of being close to the Prophet's (PBUH) Mosque in Madinah, in a hotel that enjoys a unique blend of luxurious economy and authenticity, which stands out among other four-star hotels. Saja AlMadinah’s professional multi-lingual and highly trained team helps break down the language barrier and meet the needs of visitors from around the world with high quality services.
Empowering sustainability is going to be an essential
component of rebuilding economy efforts in Iraq, notes Frost & Sullivan’s Energy Practice
Dubai, United Arab Emirates, 09 December 2018, (AETOSWire): Blessed with an abundance of solar and wind resources, Iraq is now seeking to diversify its energy dependency away from fossil fuels within the next decade, and enhance the energy mix. The country is expected to supply over 10% of its energy needs by 2028 from sustainable resources, by opting to build large-scale Solar, Wind and Biomass facilities.
The war-torn country suffers from serious electricity shortage due to insufficient generating capacity and constantly increasing demand which is now outpacing capacity expansion. The ISIS aggression in June 2014 reduced the available generation capacity from 28,680 MW to about 24,020 MW. While demand is 17,000 MW, the output of electricity averaged less than 11,300 MW in 2017. Power supply availability is less than 15 hours/day from the public network. This has forced Iraqi citizens to rely on private diesel generators to fill the gap. Considering the current electricity demand growth rate of 6%, the country needs an additional capacity of 20,000 MW to serve demand of over 32,500 MW by 2028.
“To move towards a sustainable economy, Iraq’s electricity infrastructure requires significant investment in capacity expansion, efficiency improvements through retrofits, and renewables-based generation capacity. There is also a pressing need to repair and upgrade transmission lines and substations, to cut down on transmission and distribution losses. This kind of electricity development programme in Iraq requires over USD 50 billion of capital within 2018-2028, presenting significant opportunities for companies that supply to this industry” said Ali Mirmohammad, Sr. Consultant and Business Development Manager at Frost & Sullivan.
For more information on this analysis and to access the infographics, click here.
Iraq holds large reserves of natural gas that can be used for the development of combined-cycle gas turbine plants. Besides, an average irradiation of 5.6 kWh/m2/day with over 3000 hours of bright sunshine per year offers significant opportunities for development of solar energies across the country.
With great efforts, Iraq is on the path to end the practice of flaring gas from its southern oil-producing fields and is also expected to install more gas processing facilities to not only cut gas imports but also provide more feedstock to power generation plants from 2021 onwards. The country’s renewable and energy efficiency development programmes have now received strong support from the International Renewable Energy Agency (IRENA), United Nations Development Programme (UNDP) and the Regional Centre for Renewable Energy and Energy Efficiency (RCREEE), besides the World Bank.
By 2028, Iraq is expected to have an installed capacity of over 5 GW of solar energy, about 1 GW of wind Energy and around 0.2 GW of Bioenergy. This would present great opportunities for private investors and technology providers to get involved in capacity expansions, upgrades and localisations, said Mirmohammad.
As far as the federal budget deficit is concerned, the government of Iraq is simply unable to self-fund the necessary investments in the renewable energy sector. To involve the private sectors and boost FDI, the government offers significant incentives and initiatives to investors in this sector. This includes tax holidays, customs incentives, investor-favourable tariffs, land rights and infrastructure, NIC support in obtaining permits and licenses, and some guarantees for eligible projects identified by the Ministry of Finance (MoF).
Wind energy in Iraq is still to be tapped. No significant activity has been carried out in this sector, in contrast to the focus solar energy has received from both government and private sectors in Iraq. However, the Kurdistan Regional Government is planning to augment its much needed electricity from wind and hydropower sources. The KRG ministry has proposed wind farm feasibility studies in all of its three northern Iraq provinces, apart from three hydropower feasibility studies. All the wind sites will be selected at Iraq's Dohuk, Erbil and Sulaimaniya provinces.
Use of Rooftop photovoltaics (PV) in Iraq among home and shop owners has increased significantly within the past two years especially in northern area of Iraq to smoothen power outages. “Iraq presents a strong potential for deployment of off-grid, and distributed solar PV solutions at a micro level. These solutions would present a valid replacement for the extensive deployment of diesel gensets that are currently being used all over the country” notes Abhay Bhargava, Frost & Sullivan’s Director for Industrial Practice, Middle East Africa region.
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Dubai’s A-list Celebrity Gala is organised to raise funds supporting women’s education in Haiti’s poorest regions
Dubai, United Arab Emirates, 6 December 2018, (AETOSWire): CosmeSurge has appointed self-made Londoner Caroline Stanbury, as their ambassador. CosmeSurge, who support charitable causes noted the philanthropic efforts of the media tycoon, who will be co-hosting BOVET 1822’s charitable gala in Dubai this month. The natural competitive drive toward luxury and excellence, paired with a flair for giving back, brought CosmeSurge & Mrs. Stanbury together, in a dynamic relationship.
Caroline; 42, is a predominant figure in the world of fashion and design, renowned as a socialite, entrepreneur and media personality. She has been best recognised for her role in ‘Ladies of London’ as the dominant and astute alpha female of the cast. Caroline has used her popularity for altruistic pursuits which include a fundraising dinner-event at the opulent Grand Millennium Hotel, Business Bay, Dubai, which will be held on the 7th of December this year. Sponsored by BOVET 1822, APJ’s ‘Brilliant is Beautiful’ event, will see Mrs. Stanbury standing alongside A-list figures including comic actor Ben Stiller, Academy Award winning actress Susan Sarandon, and the Duchess of York; Sarah Ferguson. Each star is an activist in their own right, and 2018’s edition of APJ will be Caroline’s third appearance at the former London-based gala. Brilliant is Beautiful seeks to alleviate global poverty, focusing on providing the women in Haiti’s poorest communities with access to adequate training and education, geared toward creative industries.
Feeling she has accomplished everything she has wanted in London, Caroline spoke about being endorsed by CosmeSurge. ‘Taking care of your body is a form of self- care and love, when you take care and feel good about yourself it reflects in all aspects of your life. Cosmetic surgery has been life-changing for countless people, and the UAE has been exceptionally forward thinking toward personal enhancement. CosmeSurge stand at the top of their field, changing the way people view aesthetic treatments, so I’m excited to be an ambassador for a recognised brand backed by an elite team of medical professionals. We are helping people be the best versions of themselves. I promote comfort and confidence and that all starts with how we look and feel in our own skins’, noted Caroline.
Her following and reputation have made a strong pairing for CosmeSurge, who recruited Mrs. Stanbury to aid them in becoming the internationally preferred centre of aesthetic care. In addition to the over 100 doctors, surgeons, aestheticians and on call medical staff currently employed, Caroline will be bringing reputable American doctors to the UAE who will join the brand. CosmeSurge offers comprehensive, bespoke treatments including surgical and non-surgical enhancements ranging from augmentation to laser therapy to name but a few. All staff have access to the best medical equipment available in the world of cosmetic surgery, and considerable acumen in their respective fields. The level of care, variety of procedures, and professional consulting from experienced doctors make CosmeSurge the exemplary choice for all cosmetic surgeries and treatments.
Founded in 2002, CosmeSurge is one of the region’s most trusted brands for cosmetic and aesthetic procedures. It offers modern, high quality dermatology and plastic surgery treatments, in addition to dentistry services at thirteen clinics located all across the GCC. In the UAE, CosmeSurge’s clinics are located at Dubai, Sharjah, Abu Dhabi, Al Ain, Ras Al Khaimah, and Fujairah. Outside the UAE, the clinic has its presence across Oman-Muscat, as well as on London’s Harley Street. Continuing its expansion, CosmeSurge aims to forge partnerships with leading experts in Los Angeles and other overseas cities.
While each clinic is staffed with highly qualified plastic surgeons, dermatologists and aestheticians, the state-of-the-art facilities at CosmeSurge provides over sixty cosmetic treatments for different areas of the body.
New Green Banking MENA programme prepares to enhance investment opportunities in the renewable energy and energy efficiency markets in Egypt, Jordan, Morocco and Tunisia
BERLIN--(BUSINESS WIRE/AETOSWire)-- The Renewables Academy AG (RENAC), an international training provider for green energy technologies, announces the start of the scholarship application phase for one of the trainings under its 18-month programme “Green Banking MENA - Capacity Building on Green Energy and Climate Finance”. The programme comprises a total of three training courses, a Train-the-Trainer seminar, an Applying Green Energy Finance Programme and an Online Training. The main objective of the programme is to sustainably improve capacity for renewable energy (RE) and energy efficiency (EE) financing options in Egypt, Jordan, Morocco and Tunisia.
The agreement signed in Paris during the United Nations Climate Change Conference (COP21) is proof of the key role renewable energy and energy efficiency play in international climate change mitigation efforts. While green markets keep gaining momentum, Egypt, Jordan, Morocco and Tunisia enjoy the necessary natural resources for widespread implementation of renewable energy and energy efficiency projects. Local professionals with the appropriate know-how will be able to profit from new business opportunities in a growing industry, which additionally presents manifold benefits (reduction of greenhouse gas emissions, energy security and job creation, among many others).
Currently, RE and EE projects face substantial blocks to external financing from banks, which is usually characterized by high interest rates. The trainings are intended to tackle these circumstances. Through the “Green Banking MENA” programme, professionals from private and public financial institutions involved or interested in financing green energy projects will gain specific knowledge in technologies, financial schemes, risk evaluation, mitigation measures and international climate finance options. Interested professionals from Egypt, Jordan, Morocco and Tunisia can apply here until 15 January 2019 for the first part of the scholarship programme, the Train-the-Trainer seminar at RENAC’s Training Centre in Berlin, Germany.
“Green Banking MENA” is a scholarship programme as part of the project DIAPOL-CE - Policy dialogue and knowledge management on low emissions development strategies in the MENA region. DIAPOL-CE is funded by the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) within the German International Climate Initiative (IKI) and implemented by GIZ.
Since 2015, RENAC’s award-winning Green Banking programme has been successfully implemented in South-East Asia and is now being transferred to other regions, such as MENA. To ensure that the content of the programme meets local requirements, capacity needs assessment trips took place in winter 2017 in cooperation with the Regional Center for Renewable Energy and Energy Efficiency (RCREEE). “The Green Banking Train-the-Trainer seminar is a great opportunity to learn from one of the world’s top renewable energy countries as well as obtain efficient didactical methods”, said Nguyen Thi Cam Tu of Vietnam Public Joint Stock Commercial Bank, who participated in the scholarship programme in Vietnam. In addition to the Train-the-Trainer seminar at RENAC’s Training Centre in Berlin to build up local trainers, the programme’s activities include a face-to-face training in the partner countries and an online training.
The Renewables Academy AG (RENAC) based in Berlin, Germany, is one of the leading international providers for training and capacity building in renewable energy and energy efficiency. Since 2008, more than 10,000 participants from over 140 countries have joined RENAC’s training programmes. For further information, please visit RENAC’s website. Interested professionals can apply until 15 January 2019.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181206005296/en/
Dubai, United Arab Emirates, 25 November 2018: Accountancy professionals will be increasingly required to broaden their skill-set and take ownership of their personal development if they are to succeed in an ever-changing, dynamic world, states the Association of Chartered Certified Accountants (ACCA).
As found in a report launched by ACCA, Learning for the Future, the accountancy profession, like many other professions, faces several significant challenges from social and technological trends and developments. Digital innovations in finance and accounting can present both an opportunity for accountants to move up to more value-adding roles and responsibilities, but could also mean others are at risk of getting marginalised if they are not open to change.
ACCA brought together over 100 individuals to discuss the future of work and learning at an event supported by RAKBANK. Attendees heard from Deloitte Middle East on how the profession is evolving in the UAE; with a concluding presentation from BDO who highlighted the skills of the future.
Lindsay Degouve de Nuncques, Head of ACCA Middle East states:
“Many of the traditional perceptions of work are being challenged by evolving business models, giving way to more flexible and dynamic team based structures. Instead of developing staff in existing roles, many organisations are now embracing the gig-economy and ‘borrowing’ talent over a specific period of time to cover a certain phase in growth. Also, many societies are facing the reality of four generations in the work place and strategic organisational design needs to ensure all generations are able to work together and leverage each other’s strength and experiences.”
ACCA’s executive director, strategy and development – Alan Hatfield, says:
“ACCA sees the successful accountant of the future being one who realises the need to develop their skills on a continuous basis. They take full responsibility for their own development and accept no one will do this for them. While they need to be technically competent, they also need to have the softer skills required for the value added aspects of their role. As the pace of change progresses so we need to ever more refresh and build upon our skills to remain relevant.
‘It’s also vital for employers to maintain a culture that supports continuous learning in the workplace and recognise that employee development is a longer-term project. Effective mentoring and coaching from peers, colleagues and fellow professionals is also essential in that regard, which is why ACCA recently introduced its own online mentoring programme to facilitate those important connections across our global membership.
‘The learning and development community should endeavour to move away from being providers and rather become curators of learning content. Organisation-wide learning is probably a thing of the past and a one-size fits all approach can never effectively address the variety of needs. They must step in and provide guidance and support on how to achieve the most from the range of developmental programmes available.’
This report is based on surveys, roundtables and interviews with ACCA members and students and those from the learning and development communities, including employers and education providers. The event was attended by ACCA members, affiliates and students based in the UAE.
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com