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PRO Partner Group Regional News and Updates - Abu Dhabi, Dubai, Wider UAE, Oman & Qatar

  • UK and UAE to launch ambitious ‘Partnership for the Future’ -

    The UAE and the UK are expected to agree on an ambitious ‘Partnership for the Future’ today, building on the historic relationship between the two countries and setting a broad foundation for future cooperation, Downing Street said on Wednesday night.

    UK Prime Minister Boris Johnson will host His Highness Sheikh Mohamed bin Zayed Al Nahyan for a bilateral meetings at Downing Street, a military Guard of Honour and a UK-UAE business reception today.

    The UAE is already a key partner for the UK, with total trade between the two countries reaching £12billion in 2020.

    As part of the visit, the UK Office for Investment and the UAE’s Mubadala Investment Company are expected to sign a major expansion of the Sovereign Investment Partnership (SIP) agreed earlier this year. The deal will secure investments across the UK in life sciences, technology, energy transition and infrastructure. Johnson and Sheikh Mohamed bin Zayed will witness the signing of the expanded memorandum of understanding for the SIP at Downing Street.

    For the full article click here 

  • His Highness, Sheikh Khalifa bin Zayed Al Nahyan has issued a new law and government entity to enhance family life in Abu Dhabi -

    The Family Care Authority, part of the Department of Community Development has been established with the goal of strengthening ties and creating a standard process for handling family cases and services through a single channel.

    For the full article click here

  • EXPO 2020 visitors must show proof of vaccine or a negative PCR test on entry -

    Organisers have announced visitors aged 18 and over are required to present proof of vaccine recognised by their national government or a negative PCR test taken with 72 hours.

    Unvaccinated visitors can get a PCR test at the Expo 2020 site and will be free of charge when presenting any valid Expo 2020 ticket. This service will be available at selected sites across Dubai.

    Safety plans also require all staff to be fully vaccinated, two-metre social distancing on site, mandatory face masks inside and outside and sanitation stations.

    For the full article click here

  • UAE's second nuclear power plant unit successfully connects to grid -

    Barakah Nuclear Energy Plant's second unit was started up late last month just four months after commercial operations began using the first reactor.

    The announcement was made Tuesday by the Emirates Nuclear Energy Corporation (ENEC). A spokesperson said the first carbon-free megawatts of electricity have already been delivered to the grid.

    The unit was connected to the UAE grid by the plant's operations and maintenance subsidiary Nawah Energy.

    "With the Unit 2 grid connection successfully completed, the Unit is in preparation to adding a further 1,400MW of clean electricity capacity to the UAE grid, with the first megawatts of emissions-free electricity from this unit now being dispatched to businesses, schools and homes," a press release read.

    "This milestone takes ENEC and its subsidiaries another step closer to the half-way mark of its goal to supply up to a quarter of the country’s electricity needs 24/7, while driving reductions in carbon emissions - the leading cause of climate change."

    Now the second unit is connected, nuclear operators will begin to gradually raise the reactor's power levels, known as power ascension testing.

    Once the process is complete, Unit 2 will deliver thousands of megawatts of clean electricity for decades, and the plant will meet 25% of the UAEs electricity needs.

    For the full article click here

  • ADNOC Drilling IPO set to raise around $751m after pricing -

    Abu Dhabi National Oil Company (ADNOC) drilling subsidiary expects to raise approximately Dh2.76 billion ($751 million) from the planned listing of 7.5 per cent of shares in the company.

    ADNOC Drilling's shares have been priced at Dh2.3 per share, implying an equity value of $10 billion, the state energy company said in a statement on Monday.

    The subscription period for the offer opens today and will close on September 23 for UAE retail investors and on September 26 for qualified domestic and international institutional investors.

    ADNOC Drilling shares are expected to trade on the Abu Dhabi Securities Exchange on October 3.

    For UAE citizens and UAE residents wishing to take part in the IPO follow this link for more information: www.adnoc.ae/drillingIPO

  • Private sector companies in the UAE must ensure that 10% of their workforce is Emirati within five years -

    As part of the ‘Projects of the 50’ it was announced on Sunday that the UAE government plan to spend up to Dh24 billion ($6.53bn) to get 75,000 Emiratis into private sector jobs.

    The new announcements include grants for students and fresh graduates to take up private sector roles, an AED1bn graduate business development fund, a government-backed new private sector child allowance and unemployment benefit, as well as career break and early retirement schemes for Federal government employees starting new businesses.

    The programme will be managed by the newly created Emirati Talent Competitiveness Council, a body chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

    The initiatives include the Emirati Salary Support Scheme, a one-year salary support of up to AED8,000 per month paid to Emiratis to incentivise the recruitment and training of graduates in private sector companies. A monthly support of up to AED5,000 will be paid for up to five years.

    It will be interesting to see how this is implemented - whether this will affect all UAE companies, in the mainland and in the Freezone areas, and whether local ownership of companies will affect the Emiratisation requirements and incentives.

    For the full article click here

  • Saudi Arabia Lifts UAE Travel Ban in time for Dubai Expo -

    Saudi Arabia will allow citizens to travel to neighbouring United Arab Emirates, opening up a key market weeks ahead of the Dubai Expo 2020 trade fair.

    The lifting of restrictions came a day after Saudi Crown Prince Mohammed bin Salman spoke to Abu Dhabi Crown Prince Mohammed bin Zayed. The two discussed “the prospects of further consolidating the strategic cooperation” between the nations.

    The kingdom also lifted travel restrictions on South Africa and Argentina. Citizens will be able to travel to the three countries starting Wednesday.

    The move will be a boost for the Expo 2020 event. Saudi Arabia was the second-biggest source of tourists to Dubai in 2020 after India, according to Dubai Tourism.

    For the full article click here

  • Biggest Abu Dhabi wealth fund expands foray into private markets -

    The Abu Dhabi Investment Authority (ADIA) is giving itself more room to invest in private markets after a record year of dealmaking for its buyout division during the pandemic.

    The emirate’s biggest sovereign wealth fund, which oversees assets estimated at $686 billion, has raised its target allocation range for private equity and infrastructure, according to its 2020 annual review released on Wednesday.

    The fund’s private equity department committed more capital than ever before last year with 24 investments, up from 18 in 2019. Direct investments and co-investments represented 55 percent of its overall deployment for 2020, up from 45 percent in 2019, with the balance committed to funds.

    “ADIA’s investments in private equity and infrastructure have grown over a number of years and this has led to increases in the allocation bands for both asset classes,” said the fund’s managing director, Hamed bin Zayed Al Nahyan.

    For the full article click here

  • ADQ reveals plans to take Abu Dhabi Ports Company public -

    Shares in the government-owned port operator in the capital of the United Arab Emirates will be listed on the Abu Dhabi Securities Exchange. Abu Dhabi sovereign fund ADQ has revealed plans to take Abu Dhabi Ports Company public.

    Shares in the government-owned port operator will be listed on the Abu Dhabi Securities Exchange (ADX). According to a release on Tuesday, the listing will comprise a sale of a portion of existing shares to investors in the UAE.

    The proposed listing is expected to happen before the end of 2021, subject to market conditions and obtaining relevant regulatory approvals.

    There have been 14 listings already on ADX in 2021, with state energy company, Abu Dhabi National Oil Co. (ADNOC) announcing on Monday that it will go forward with an initial public offering of its drilling business and its shares will be listed for trading on the exchange.

    For the full article click here


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