Economy

Tourism

Dubai to get ‘world’s first’ football theme park

  Dubai Parks and Resorts revealed the name of their latest park addition – RealMadrid World – in a press statement on last week.The new park is touted as the first ever football theme park. The football cluband the entertainment destination signed a deal in 2022, but details of theopening are yet to be announced.A ‘world-first’ addition to Dubai Parks and Resorts, the theme park is set toengage sports fans, families, and children, contributing to Dubai’s status as aleading tourism destination.Fans of the club will be taken on a timeless journey to experience the past,present and future of the club. The destination promises that guests will comeface to face with icons from across different eras and share the passion ofsome of the heroic comebacks and greatest achievements that have created thelegend of Real Madrid, both on and off the pitch.Real Madrid World will have adrenaline-pumping rides, family-friendlyattractions, themed food and dining, as well as unique retail stores featuring acollection of official Real Madrid merchandise, celebrating the club’s histor

Banking & insurance

Moody’s upgrades United Arab Bank’s outlook from ‘stable’ to‘positive’

Moody’s Investors Service (Moody’s) has reaffirmed United Arab Bank’s long-termdeposit ratings and improved the outlook on their ratings from stable to positive,reflecting solid capital, liquidity buffers and deposit-based funding. The upgrade has been driven by Moody’s view that the bank’s stronger financialfundamentals, in particular recent improvements in asset quality and profitability,increase the likelihood of a rating upgrade. The positive outlook also signals a potentialimprovement in the bank’s governance-related practices and risk mitigating measures. Shirish Bhide, chief executive officer of UAB, said: “We are pleased that Moody’srecognizes the progress UAB has made. Moody’s comments are reflective of ourstrategy and priorities for the period ahead. We will continue to strengthen and deepenour existing client relationships and carefully expand our client base in all the businesssegments, in line with our risk appetite. We always strive to provide our clients withproducts and solutions that helps them achieve their financial goals.” Moody’s has acknowledged the progress achieved by UAB in resolving legacy assetquality issues, with a significant decline in the non-performing (NPL) ratio which is nowbroadly in line with the local average for the UAE as well as enhanced loan loss buffers.Return to profitability in 2022 was driven by growth in revenue on higher margins, lowerprovision charges as well as improved efficiency.“We strongly believe in the continuous adoption of technology to make banking simplerand convenient and this ethos remains at the heart of every product and serviceproposition of ours,” Bhide said.

Aviation

Elevating Excellence: Dubai Airport’s2023 Soar to New Heights!

include Pakistan with 3.1 million passengers, the US (2.7 million) and Russia (1.8million). The top cities by traffic were London (2.7 million passengers) and Riyadh (1.9million), closely followed by Mumbai (1.8 million) and Jeddah (1.7 million passengers).PerformanceDXB’s baggage handling system processed a total of 57.5 million bags in 2023 with asuccess rate of 99.8% – a rate of 2.5 mishandled bags per 1,000 passengers – no meanfeat for the world’s biggest hub for international traffic. In terms of baggage delivery onarrival, 91% of all baggage was delivered within 45 minutes to the guests. The baggagevolume in 2023 represents 106.07% of the 2019 baggage volume at DXB.The average waiting time at passport control queues was less than 11 minutes for96.4% of the arriving passengers and 95.1% of passengers queued for less than sixminutes at departure passport control. The average queue times at security-check ondepartures was less than four minutes for 98.4% of total passengers. Cargo Cargo continued to gain momentum in the third quarter registering a surge of 12.3% year on year, to reach 446,400 tonnes. The strong performance this year has helped level out a double-digit contraction in cargo recorded at the end of last year. The hubrecorded 1.3 million tonnes of cargo in the first nine months of the year, registering aminor decline of under 1%. Flights Flight movements in Q3 surged by 5.1% in the third quarter to reach 106,000. DXB handled 308,000 in total flight movements between January and September, up 25.2%year-on year.

Auto

Chinese Cars To Revolutionize The Rental Car Market

Vehicles offer advanced features with safety and entertainment options The rental car industry is undergoing a transformative shift as entry-level sedans and mid-level Chinese SUVs gain immense popularity due to their impressive features and cost-effectiveness compared to traditional manufacturers. These vehicles are not only offering an array of advanced features but also capturing the hearts of customers, reshaping the landscape of the car rental market. In recent years, SUVs have emerged as the preferred choice in the car rental market, showcasing exceptional performance and versatility. These vehicles come packed with a wide range of features that appeal to renters looking for both safety and entertainment options. Unlike traditional manufacturers, many of these entry-level sedans and SUVs offer comparable safety features, with some top-tier models even surpassing their traditional counterparts in terms of digital connectivity and in-car entertainment. What sets them apart is their affordability. These vehicles are available at lower rental rates, thanks to their lower purchase costs. This affordability factor is driving their rising popularity in the market, making them an attractive choice for cost-conscious consumers. “It’s worth noting that Chinese manufacturers are poised to dominate the automotive market soon. Their vehicles are increasingly known to surprise you with its superior quality that can come very close to European or Japanese manufacturers. Chinese manufacturers have significantly improved their overall build quality, comfort, luxury, and vehicle features, including safety components. Their availability at highly competitive prices makes them the preferred choice for both entry-level and mid-level buyers,” said Soham Shah, CEO of Selfdrive.ae. The coming years are expected to witness Chinese manufacturers establishing a dominant presence and garnering greater acceptance among consumers. This market shift is likely to bring about significant disruptions in the automotive industry, reshaping the way people perceive and choose rental vehicles. As the market evolves, Selfdrive.ae seeks to provide its customers with a diverse fleet of vehicles that cater to their needs and preferences. The company continues to closely monitor industry trends and adapt to the changing landscape to ensure that its customers have access to the latest and most attractive options in the rental car market

Economy

DEWA taps power of sustainability to keep up with surging demand projections for utility services

  The circular economy model that meshes economic gains with a sustainability ethos is the buzzword for Dubai Electricity and Water Authority (DEWA) even as it keeps pace with burgeoning demand for new infrastructure and services. At the heart of the utility major’s growth strategy is a vision to transform into a globally leading sustainable innovative corporation committed to achieving Net Zero by 2050. Illustrating DEWA’s focus on sustainability, His Excellency Saeed Mohammed Al Tayer, MD and CEO of DEWA, said: “In accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, DEWA is committed to achieving the highest levels of sustainability across its operations while meeting development goals. “DEWA places a high priority on supporting the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of the energy production capacity from clean energy sources by 2050. We are proud of DEWA’s contribution to reducing net carbon dioxide emissions in the Emirate of Dubai by 19% in 2022 compared to 2010. This mitigation also supports objectives of the Carbon Abatement Strategy to reduce carbon emissions by 30% by 2030.” His Excellency Al Tayer added, “DEWA’s strategy for the circular economy constitutes a comprehensive framework for determining its directions towards expanding the scope of current applications and adopting the best international practices in supporting the circular economy.” There have been numerous initiatives DEWA has been implementing over the years in this shift to a greener style of operation. Greater efficiencies of grids and generation units, significant emissions reductions and recycling efforts are all part of an elaborate plan to slash the carbon footprint significantly. DEWA has made a significant achievement in improving electricity and water production efficiency by 37.78% in 2022 compared to 2006. This is equivalent to a cumulative reduction of 82 million tons of carbon dioxide emissions. DEWA’s Circular Economy Strategy seeks to optimize use of resources while enriching social, economic, and environmental value, thus promoting sustainability. The strategy is based on five cardinal principles, namely Circular Design and Use of Circular Materials; Optimized Asset Management; Value Retention and End-of-Life Treatment; Renewable Energy, Energy and Water Efficiency; and Circular Partnerships. The strategy highlights DEWA’s value chain, including smart users, circular procurement, and supplier engagement. It being the Year of Sustainability in the UAE and amid intense preparations to host the 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28) at Expo City Dubai later this year, DEWA is intensifying its efforts to promote the adoption of the circular economy model and its applications across its various divisions, while simultaneously encouraging community participation in ensuring the sustainability of development plans. DEWA is always looking to enhance employee engagement in sustainability initiatives through international events and gatherings it organizes year-long, encouraging them to actively contribute to sustainable development. These events include the Water, Energy, Technology and Environment Exhibition (WETEX) and Dubai Solar Show (DSS). DEWA is organizing the 25th WETEX and DSS from 15 to 17 November 2023. The exhibition is a standout event in the global sustainability calendar, being the largest of its kind in the region and one of the largest specialized exhibitions anywhere in the world. There are several other ways in which DEWA promotes sustainability practices within its offices and operations. It is among the first organizations in Dubai to spearhead the concept of green buildings. In 2019, DEWA notched a first with getting for Dubai the platinum rating by LEED (Leadership in Energy and Environment Design) for Cities, from the US Green Buildings Council (USGBC), becoming the first city in the Middle East and North Africa to be awarded this prestigious certificate. DEWA currently boasts several green buildings that have earned LEED ratings, including the Sustainable Building in Al Quoz, the largest government building in the world to receive USGBC’s Platinum Rating for green buildings. In addition, DEWA inaugurated the green data center of DEWA’s Data Hub Integrated Solutions LLC (Moro Hub) at the Mohammed bin Rashid Al Maktoum Solar Park. It is recognized as the world’s largest solar-powered data center by the Guinness World Records. DEWA works in consonance with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 and its efforts have contributed to reducing carbon emissions in Dubai by 19% in 2022, when compared to 2010. DEWA is a committed partner in Dubai’s ambitious plan to achieve carbon neutrality in the next 30 years, boosting efforts to achieve the Dubai Carbon Abatement Strategy to reduce emissions by 30% by 2030. DEWA is fully tuned in to the Dubai 2040 Urban Master Plan through a whole host of global projects, programmes and competitions that contribute to accelerating the shift towards zero-energy buildings, and establishing a sustainable energy-saving model. DEWA is also partnering with the Emirates Green Building Council and various government and private entities, thus underscoring its pivotal role in supporting Dubai’s mission to reduce carbon emissions. Energy efficiency focus The efficient, effective and economical management of energy used internally has also been another focus of DEWA’s sustainability blueprint and it constantly bids to improve energy efficiency within its premises. Towards this goal, it has implemented a number of energy efficiency initiatives and projects, including retrofitting of office buildings, transmission substations, pumping stations, reservoirs and power generation plants. The retrofitting exercise included the installation of sensors to facilitate illumination control, and the incorporation of Treated Sewage Effluent (TSE) water plants for landscape irrigation, among others. In addition, DEWA has also installed photovoltaic panels on rooftops of buildings and carports at various office premises. The implemented projects of this nature have achieved cumulative power and water savings of about 52 gigawatt-hours (GWh) and 2.5 million imperial gallons (MIG), respectively through 2022. These figures are equivalent to AED22.76 million in savings and carbon dioxide mitigation of 20,899 tones. Starting from March 2020, DEWA has transformed all its customer happiness centers

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