The agreement intends to provide digital transformation value-added services to ADDA and Abu Dhabi government entities through Cisco’s Country Digital Transformation programme.
The Department of Government Support, represented by the Abu Dhabi Digital Authority (ADDA), has signed a framework agreement with Cisco at GITEX Global 2022.
The agreement intends to provide digital transformation value-added services to ADDA and Abu Dhabi government entities through Cisco’s Country Digital Transformation (CDA) programme.
The CDA programme is aligned with the national agenda of the UAE to transform the country’s economic model towards sustainable growth by transitioning towards a digital economy. It aims to support digitisation efforts across various key industry sectors, fostering digital skills, and developing the innovation ecosystem in the country to achieve the UAE Centennial 2071 vision of digital transformation.
Within the framework agreement, Cisco is supporting the government's focus on cybersecurity – being one of the critical national sectors in the UAE and is collaborating with ADDA to create value-added initiatives to drive the Authority’s security strategy agenda for the Abu Dhabi government.
Dr. Mohamed Abdel Hameed Al Askar, Director-General of ADDA, said, “Through the ADDA-Cisco framework agreement, we continue to identify strategic pathways to strengthen, streamline and accelerate the digital transformation of Abu Dhabi. We remain focused on exploring more constructive collaborations that will aid the strategic growth of Abu Dhabi’s digital agenda.”
Mansoor Al Marzouqi, Executive Director of the Strategic Planning Sector at ADDA, said, “Enhancing the digital capabilities across Abu Dhabi Government entities is fundamental to what we do at ADDA. Our vision is to enable the digital transformation of all Abu Dhabi government entities, using emerging technologies and delivering pioneering government services and solutions.
Our partnership with Cisco will reinforce our commitment to creating a world-class digital ecosystem in Abu Dhabi enabled by innovative digital solutions which will unlock efficiencies at scale.”
Abdelilah Nejjari, Managing Director – Gulf region, Cisco, said, “We are delighted to sign the framework agreement with the Abu Dhabi Digital Authority. Through our CDA programme, we are proud to play a role in the national digitalisation agenda and create new value for the UAE, its businesses and residents.
Through the CDA programme, Cisco, in collaboration with ADDA, will arrange knowledge transfer webinars and events for Abu Dhabi government entities along with granting access to their full suite of digital transformation technologies, products, and services.
source: zawya
Cities in the UAE are now among the fastest-growing wealth markets in the world due to their strong oil and gas industries, with millionaire populations in Dubai, Abu Dhabi and Sharjah jumping double digits to reach close to 100,000 this year, new data showed.
In the six months to June 30, the total number of high-net-worth individuals (HNWIs) with fortunes of at least $1 million in Dubai rose by 18% to 67,900, making the emirate on track to break into the world's top 20 wealthiest destinations by 2030, according to the latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide.
In Abu Dhabi, the HNWI population jumped 16% to 23,800, while Sharjah's total number of wealthy residents went up by 20% to 3,700.
Overall, the combined HNWI population in the three cities surged to 95,400.
The report features data from global wealth intelligence firm New World Wealth. Overall, New York emerged as the wealthiest city on earth with 345,600 millionaires.
Second on the list is San Francisco Bay area, followed by London, Singapore, Los Angeles & Malibu, Chicago, Houston, Beijing and Shanghai in the top ten.
Strong oil and gas sectors
According to Andrew Amoils, Head of Research at New World Wealth, the millionaire population of Dubai is expected to break into the top 20 wealthiest cities by 2030.
"Cities with strong oil and gas industries are performing especially well this year, including the likes of Riyadh, Sharjah, Luanda, Abu Dhabi, Doha and Lagos," Amoils said.
"Others on the fastest-growing list include Lugano, a Swiss hotspot for affluent retirees, Bengaluru, the 'Silicon Valley of India' and Hangzhou, one of China's most scenic cities."
Residents with over $10 million wealth
Among Dubai's rich population, at least 3,170 are multi-millionaires with wealth of at least $10 million. The city is also home to 202 centi-millionaires with fortunes of at least $100 million, as well as 13 billionaires.
In Abu Dhabi, at least 1,120 are multi-millionaires, while 67 fall under the centi-millionaire segment. Three residents are billionaires. Sharjah accounts for 110 multi-millionaires and four centi-millionaires.
Source: Zawya
Abu Dhabi’s AD Ports Group, which is owned by sovereign wealth fund ADQ, posted a 41 percent year-on-year rise in net profit for the first quarter of 2022, as the company’s core businesses rebounded from supply chain bottlenecks.
Total net profit for the period ended March 31, 2022 reached 306 million dirhams ($83 million), compared to 218 million dirhams a year ago, the company reported on Friday.
Revenue rose 15 percent year-on-year to 1.047 billion dirhams, while adjusted EBITDA jumped 34 percent to 524 million dirhams.
“The Group’s core businesses are rebounding from the supply chain disruptions of the recent period,” said Mohamed Juma Al Shamsi, Managing Director and Group CEO at AD Ports Group.
Rated A+ by S&P, AD Ports has a portfolio of 10 ports and terminals and more than 550 square kilometres of economic zones.
The company also reported a 23 percent year-on-year growth in container volumes, with Ro-Ro and cruise passenger volumes showing healthy recovery post COVID-19 disruption.
Also during the quarter, the company’s new maritime business initiatives, such as feedering, transhipment, offshore logistics and supply, as well as vessel chartering services, grew by 167 percent, contributing around 168 million dirhams to total revenue.
source: zawya
Dubai's main share index followed suit, advancing 0.74% to 3541.6 points following 5,251 transactions worth $141.68mln
Abu Dhabi and Dubai twin bourses rallied for the second consecutive session, as investor sentiments continued to improve, driven by optimistic economic outlook.
The two markets gained a combined AED22bn during the first week of Ramadan, with Abu Dhabi Securities Exchange (ADX) breaking the 10,000 pts barrier for the first time amidst increased demand for IHC's Apex National Investment, which drew AED10.1 bn in transactions.
Dubai's main share index followed suit, advancing 0.74 pct to 3541.6 pts following 5,251 transactions worth AED520.5 million.
Abu Dhabi has launched a programme inviting all talented professionals, students and investors to settle down with their families in the UAE capital.
Called Thrive in Abu Dhabi, the initiative seeks to develop key sectors such as culture, healthcare, research and development (R&D), and real estate.
It offers long-term visas that may translate to the coveted UAE citizenship for talented expatriates in a safe, welcoming and supportive environment, while contributing to Abu Dhabi’s sustainable development.
“Creative talent are encouraged to be part of a global arts and culture hub, join the emirate’s dynamic media and the entertainment industry, or support the development of our understanding of the past among fellow academics, conservators and archaeologists,” an official release stated.
“The creative visa builds on the five-year Culture Sector Strategy for Abu Dhabi, unveiled in November 2019 by the Department of Culture and Tourism, which covers five strategic objectives: preserve and sustain its cultural heritage; increase awareness of, and engagement with, cultural heritage and the arts; stimulate creativity as a driver for education and social change; build and enable capacity in its culture sector; contribute to economic growth and diversification.”
Abu Dhabi has a thriving cultural and creative sector with strong global credentials. They include world-class museums, art centres, art fairs, music concerts, and a grassroots artistic community.
The Capital also boasts the Louvre Abu Dhabi, Manarat Al Saadiyat, Warehouse241, Abu Dhabi Art annual fair, Qasr Al Hosn and Cultural Foundation and the forthcoming Zayed National Museum and Guggenheim — not to mention international educational institutions supporting students to excel in creative activities such as NYU Abu Dhabi (NYUAD), Sorbonne Abu Dhabi, Berkley College, and CNN Academy.
Students especially have opportunities galore. Those pursuing a PhD or have promising scientific ability at either high school or university level, can expand their horizons and ensure exciting career paths by studying at one of a collection of world-class academic institutions in Abu Dhabi such as NYUAD, Sorbonne Abu Dhabi and Khalifa University.
Students can also learn the skills of the future, including in specialist areas such as artificial intelligence (AI), at the new Mohamed bin Zayed University for Artificial Intelligence, or coding at 42 Abu Dhabi.
They can participate in pioneering research in areas related to Covid-19 and farm technology at UAE University, or focus on tolerance and coexistence at the world’s first university dedicated to the human fraternity, the Mohamed bin Zayed University for Humanities.
Thrive in Abu Dhabi also invites innovators to turn their ideas into reality — with access to funding and incentives — as part of a dynamic R&D ecosystem that is pioneering new technologies to solve the global challenges of the future, from water security to food technology.
As part of Abu Dhabi’s accelerator programme, Ghadan 21, the Department of Education and Knowledge has launched academic research grants to award Dh40 million in competitive research funding to support R&D.
Details about the programme — including the long-term visas and paths to citizenship — can be found at https://tamm.abudhabi/en/Golden-Visa or by calling 02-6664442 (outside UAE) or 800 555 (within UAE).
source: zawya
In alliance with Microsoft, the Abu Dhabi Investment Office (ADIO) will offer owners of local startups the resources and tools to “scale their businesses”. Another tech entity, Plug & Play, is also part of this initiative.
“The partnerships are part of ADIO’s commitment to supporting innovation-focused companies,” said Dr. Tariq Bin Hendi, Director-General of ADIO. “We are providing strategic funding and support to the knowledge and tech experts to develop and run programmes that accelerate opportunities in Abu Dhabi for startups.”
Startup focussed
Microsoft will brings its Startups Programme, which provides technology, Azure cloud services, and business support tools to develop the required skillsets.
The first two are the Growth X Accelerator, a virtual accelerator programme with a focus on recruiting local and regional startups, and ‘Highway to 100 Unicorns’, an initiative to recruit high-potential startups for the Accelerator as well as future programmes by Microsoft and ADIO.
Further initiatives focused on entrepreneurship for Emiratis and UAE residents, as well as university students, are in the works.
“We are committed to deepening our support for investors and innovators in 2021,” said Bin Hendi.
“As the global economy looks to the future, Abu Dhabi’s ecosystem is well-positioned as the region’s foremost investment destination for big thinkers to realise their ambitions.”
source: gulfnews
Foreign Direct Investment Licences will enable investors in many sectors to hold 100% ownership of businesses in Abu Dhabi
The Abu Dhabi Department of Economic Development (ADDED) announced on Wednesday the implementation of the Foreign Direct Investment Law in the emirate.
It will start issuing Foreign Direct Investment Licences which will enable investors to hold 100 percent ownership of their businesses in Abu Dhabi.
The licence covers 122 different economic activities related to the agricultural, industrial and services sectors, and targets businesses with total capital ranging between AED2-100 million or higher.
Mohammed Ali Al Shorafa, chairman of ADDED, said in comments published by state news agency WAM: "The issuance... is part of the Department’s efforts to further promote positive investment climate and thereby achieve sustainable economic development in Abu Dhabi."
He said ADDED is committed to enhancing the local investment environment and strengthening the Abu Dhabi economy’s competitiveness through policies that provide more investment opportunities in various non-oil sectors.
Al Shorafa added that the new licence further consolidates Abu Dhabi's position as a global hub for investment and ease in doing business, saying it will encourage investors, spur business development for foreign companies as well as attract businesses in technology and advanced industries.
"The implementation of the FDI law in Abu Dhabi..contributes to achieving various objectives such as expanding the base of foreign investments, increasing the size of capital flows, enhancing and diversifying local production and increasing the emirate’s exports of goods and services," he said.
Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, said the procedures in securing the licence are "fast and easy" and business activities include the manufacturing of food and beverages, clothing and leather production, legal consulting, accounting, auditing and tax advisory services, architectural and engineering activities, medical and dental clinics, veterinary activities and research and development activities in science and technology.
A total of 13 activities are currently not covered by the newly-issued licence, including postal and telecommunications services, audio and video media related services, petroleum exploration and production, ground and air transportation services, banking and finance activities, insurance activities, employment of labour and water, electricity and fisheries services.
In July, the UAE was ranked 19th globally in the 2020 Kearney Foreign Direct Investment (FDI) Confidence Index, up from 21st place when it was last represented in the index in 2017.
The country’s ranking reflects positive investor sentiment based on the government’s commitment to economic diversification, innovation, infrastructure and ease of doing business – among other factors.
source: arabianbusiness
The fund will help early-stage Indian and Southeast Asian companies to set up base in Masdar City
ADQ, one of the region’s largest holding companies, launched a Dh1.1 billion venture fund to invest in early-stage Indian and Southeast Asian start-ups and help them set up a base in Abu Dhabi’s Masdar City.
Alpha Wave Incubation (AWI) Fund will be based at the emirate’s financial hub, Abu Dhabi Global Market, the company said in a statement on Wednesday. The programme will be managed by New York-based Falcon Edge Capital.
AWI will help the budding Asian businesses gain market access to the UAE and the broader Middle East North Africa region.
These companies will benefit from the “exceptional digital infrastructure” already in place as well as highly advanced regulatory frameworks and other R&D initiatives, it said.
“As a national champion for the Abu Dhabi government, we are working to embed a performance culture across our broad portfolio that includes many of our emirate’s most important strategic commercial entities,” Mohammed Hassan Alsuwaidi, chief executive of ADQ, said.
ADQ is looking to maximise long-term impact of its investment on society, and will invest in companies that are “pioneering cutting-edge technologies and developing new and innovative business models”, he said.
“Nurturing Abu Dhabi’s start-up ecosystem will attract entrepreneurial talent, create jobs and other opportunities, particularly for those working in data science, artificial intelligence and other knowledge-based industries,” Mr Alsuwaidi said.
Mayank Singhal, head of venture capital and technology at ADQ, said AWI will help the company invest in start-ups that will generate sustainable, long-term financial returns and bring young entrepreneurs to Abu Dhabi.
"We will aim to support them in ways that accelerate their development to create a new wave of winners in the tech landscape," he said.
"These start-ups will also benefit from access to ADQ’s leading companies in sectors such as healthcare, food and agri-business, utilities and FinTech.”
ADQ, formally known as Abu Dhabi Developmental Holding Company, has a portfolio of conglomerates, spanning key sectors of Abu Dhabi’s non-oil economy, including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services.
Its portfolio includes Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Abu Dhabi Health Services (Seha), insurer Daman, media companies Abu Dhabi Media and twofour54 and Abu Dhabi National Exhibitions Company, among others.
Last week ADQ agreed to acquire a 50 per cent stake in Al Dahra Holding, an Abu Dhabi-based multinational animal feed and essential food commodities specialist firm, as it expands its portfolio of food and agriculture businesses.
The move is part of state-controlled ADQ’s strategy to support the country's agri-foods sector ecosystem and boost sustainable and diversified food supply in the UAE, it said in a May 13 statement.
In April, ADQ fully acquired National Petroleum Construction Company after buying 30 per cent stake it did not control from minority shareholder Consolidated Contractors International Company for an undisclosed sum.
Abu Dhabi–based NPCC is an engineering, procurement and construction company involved in a number of oil and gas projects in the GCC, South Asia and Southeast Asia.
source: thenational
