Dubai Chamber of Commerce and Industry will make an initial contribution of AED10 million to the Community Solidarity Fund Against COVID-19, launched by the Islamic Affairs and Charitable Activities Department. His Excellency Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry, added that this will be followed by a series of additional initiatives that seek to empower the business community to minimise the negative impact of the Coronavirus in the emirate. “The Chamber will work closely with all relevant government entities to dedicate the Fund’s proceeds to supporting the private sector in Dubai,” H.E. Buamim added. “We have…
Author: Kasun Illankoon
Equitativa (Dubai) Limited (“Equitativa”), the largest REIT manager in the GCC and manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), announced today its end of year operating and financial results for Emirates REIT, for the year ended 31 December 2019 and its response to COVID-19. Emirates REIT’s 2019 full-year results recorded an increase of 5.1% in rental income, 4.2% in total property income, and 10.2% in net property income, while the year saw a decrease of 14.9% in the portfolio’s total property expenses. EBITDA for the year marked a 2.5% year-on-year increase, to USD 33.4 million. The…
The Power Transmission & Distribution Business of L&T Construction has bagged orders in India and abroad. In Kuwait, a prestigious order has been awarded to upgrade substations and related power facilities in KNPC’s Mina Al Ahmadi oil refinery. The revamped network of distribution substations with latest technology will enhance reliability of power supply and facilitate expansion. The business has won a 400 kV Grid Station order in Oman which will be a crucial element in the Sultanate’s major transmission initiative to interconnect the grids in the south and north with the PDO Area in Egypt, an order to Design, Supply,…
The Department of Municipalities and Transport (DMT) and its subsidiaries announced the completion of more than 1.1 million digital transactions during the first quarter of this year, which represents 84% of its total transactions for the period. The three municipalities under DMT’s umbrella achieved more than 223,000 digital transactions (93% of their total transactions) during Q1 2020 verses 97,000 digital transactions (50% of their total transactions) during Q1 2019. The Integrated Transportation Center completed approximately 896,000 digital transactions during the first quarter of 2020, accounting for 82% of the Center’s total transactions during this period. The Center’s digital transactions included…
The Kingdom of Bahrain is to support the wages of 100,000 of its citizens working in the private sector with a US$570 million relief initiative covering April, May and June 2020. Employers can register for the aid via an online portal launched today (Wednesday April 8 2020). The Kingdom’s Minister of Labour and Social Development, Jamil Humaidan, said the government guarantee is part of liquidity for the private sector to help mitigate the social and economic impacts of the current global health crisis. The assistance will also maintain the growth of the private sector and enhance its vital role in…
Keeping up its unwavering commitment to deliver food, medical supplies and other essential commodities to markets across the world during the Covid-19 pandemic, Emirates SkyCargo has rapidly scaled up its cargo services to connect an increasing number of global destinations. The air cargo carrier currently operates flights to 51 destinations globally, out of which 19 cities are served by the Emirates SkyCargo Boeing 777 freighter aircraft offering up to 100 tonnes of capacity per flight and 38 destinations are served by dedicated cargo flights on Emirates’ Boeing 777 passenger aircraft offering up to 50 tonnes belly capacity. (For a full…
As a novel coronavirus known as 2019-nCoV continues to spread, the world witnesses massive changes in all business sectors, the real estate sector in particular. The crisis demonstrates an urgent need to adopt and implement new marketing methods that are in line with the requirements of this time, especially since it is no longer possible to rely on traditional methods of marketing. The real estate market in Dubai has come to terms with the harsh reality that viewings, meeting, site visits, holding open houses or even handshakes are not possible anymore. Dubai, at the forefront for adapting latest technologies in…
Scania Trucks are currently playing a vital role despite the challenges in logistic operations for transporting essential commodities and performing on time deliveries in the Kingdom of Saudi Arabia. Scania’s customers, Nova Water is transporting approximately 3 million water bottles everyday across the Kingdom of Saudi Arabia. During these challenging times, Nova Water has stepped up to ensure that drinking water is readily available with the highest safety and standards at the customers’ doorstep. Additionally, Scania trucks are also being used by Linde Gas to supply Medical gases to hospitals in major cities of the Kingdom of Saudi Arabia. Linde…
In response to the current situation and the directives of the business sector and educational and health authorities in the United Arab Emirates, SJR Group has launched the ‘Interact Safely’ initiative. the UAE-based SJR is specialised in providing integrated Information Technology (IT) services as well as marine and maritime products. The ‘Interact Safely’ initiative aims to create a flexible work environment and ensure the highest levels of productivity by implementing the best technologies that facilitate doing business safely and efficiently. Smart technologies have become one of the most important tools in managing crises. They save time and effort as well…
Decisive action, solid economic foundations and a multi-billion-dollar stimulus package has made Saudi Arabia better equipped than other countries in the region to recover from the COVID-19 pandemic, according to new research in the Kingdom. A new survey conducted in the country by global communications agency APCO Worldwide has shown that the clear majority – 81 percent – is confident that Saudi Arabia will recover more quickly than other countries in the region. The research among 500 Saudi nationals showed there was a high level of confidence in the strong and decisive action taken by the government in closing malls,…