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‘Madayn and Sadad Gateway collaborate to offer electronic payment services for investors’

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June 3, 2024

‘Madayn and Sadad Gateway collaborate to offer electronic payment services for investors’

Madayn Signs Agreement with Sadad Electronic Payment Gateway

The Public Establishment for Industrial Estates, known as Madayn, recently signed a significant agreement with Sadad Electronic Payment Gateway during the Comex Global Technology Show 2024. The aim of this partnership is to introduce electronic payment services for investors and business owners, making transactions within the Sultanate more secure and efficient.

Through this collaboration, investors and business owners will have access to Sadad Gateway’s comprehensive payment platform, facilitating seamless transactions. As part of the agreement, self-service payment machines will be installed at Masar Service Centres located in various industrial cities under Madayn’s supervision. These services, which include payment kiosks and mobile applications, will offer users convenient and secure payment options, ultimately enhancing their experience with Madayn’s services.

The agreement, signed by Khalid bin Sulaiman Al Salehi from Madayn and Eng. Ibrahim bin Abdullah Al Hosni, CEO of Sadad Gateway, aims to increase efficiency and productivity by implementing self-service payment machines. This will streamline payment processes and reduce the need for investors and employees to physically leave their premises for transactions. Furthermore, the agreement will support digital transformation by promoting advanced technologies and electronic payment systems, aligning with global trends and improving customer satisfaction through smoother payment methods.

In addition, the agreement includes provisions for training national cadres in the maintenance of electronic payment machines, money collection, and FinTech software. It also offers maintenance opportunities for small and medium-sized enterprises (SMEs), further contributing to the growth and development of the digital economy in the Sultanate.

Medical Company Acquires Edwards’ Critical Care Unit for .2 Billion

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June 3, 2024

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Medical Company Acquires Edwards’ Critical Care Unit for .2 Billion

Becton Dickinson & Company Acquires Edwards Lifescience’s Critical Care Business for .2 Billion

In a significant move, Becton Dickinson & Company has announced the acquisition of Edwards Lifescience’s Critical Care Business for .2 billion. This acquisition marks a strategic decision for both companies and is expected to be finalized before the end of the year.

Prior to this acquisition, Edwards Lifescience had revealed plans to spin off its Critical Care Business late last year. The reasoning behind this move was to allow the company to shift its focus towards its structural heart offerings, particularly transcatheter aortic valve replacement procedures.

BD highlighted Critical Care as a key player in advanced patient monitoring with sophisticated AI algorithms. The company emphasized that Critical Care pioneered the hemodynamic monitoring category and its solutions are currently utilized in over 10,000 hospitals worldwide. These solutions provide real-time insights into the cardiovascular condition of critically ill patients, ultimately leading to improved outcomes.

With approximately 4,500 employees primarily based in Irvine, California, Critical Care generated over 0 million in revenue in 2023. BD views this acquisition as an opportunity to enhance its portfolio of smart connected care solutions, complemented by Critical Care’s innovative monitoring technologies and AI-enabled clinical decision tools.

Tom Polen, the chairman, CEO, and president of BD, expressed optimism about the acquisition, stating that it aligns well with BD’s core innovation and business strategies. He believes that the combination of both companies will unlock various avenues for growth and value creation, ultimately benefitting shareholders.

The acquisition of Critical Care by Becton Dickinson & Company signifies a strategic move to strengthen its position in the healthcare industry and expand its offerings in advanced patient monitoring and AI technologies.

Dubai Civil Aviation Authority Participates in Future Aviation Forum in Riyadh – PRWire

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June 3, 2024

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PRWire:

Dubai, UAE, 3 June 2024: The Dubai Civil Aviation Authority (DCAA) took part in the third edition of the Future Aviation Forum held at the King Abdulaziz International Conference Centre in Riyadh, Saudi Arabia. This event focused on the future of the aviation sector, emphasizing the importance of global collaborations, innovation, and sustainable air transport.

The DCAA delegation was led by H.E. Mohammed Abdulla Lengawi, Director General of Dubai Civil Aviation Authority, accompanied by Saood Abdulaziz Kankazar, Executive Director of the Air Transport and International Affairs Sector. During the forum, the DCAA held a high-level meeting with H.E. Abdulaziz bin Abdullah Al-Duailej, President of the General Authority of Civil Aviation (GACA), and Ali Mohammed Rajab, Executive Vice-President for Air Transport and International Cooperation. The discussions centered on enhancing cooperation and promoting bilateral relations in civil aviation between Saudi Arabia and Dubai.

H.E. Mohammed Abdulla Lengawi expressed his delight at participating in the Future Aviation Forum, which he described as a leading platform for exchanging ideas and visions on the latest innovations and developments in the global aviation sector. He highlighted the forum’s role in shaping the future of aviation, noting the high level of participation and the volume of deals and partnerships forged during the conference. This underscores the Kingdom’s prominent position in global aviation.

He further stated, “At the Dubai Civil Aviation Authority, we believe that strengthening international collaboration and participating in local and regional events to exchange experiences and expertise is the best approach to address future challenges and achieve long-term growth in this vital industry.”

The high-level meeting with the Saudi General Authority of Civil Aviation focused on examining best practices and establishing a framework to improve air transport partnerships, reflecting the strong historical ties between Saudi Arabia and Dubai, especially in civil aviation.

DCAA’s involvement in this forum reaffirms its leadership position in the aviation industry and its commitment to elevating Dubai’s status as a global aviation hub, aligning with its vision of “Dubai as the World’s Airport.” The authority is dedicated to building relationships with international partners, identifying opportunities for collaboration and growth, and ensuring a safe and connected aviation sector.

Dubai Civil Aviation Authority Participates in Future Aviation Forum in Riyadh – PRWire

News

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June 3, 2024

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PRWire:

Dubai, UAE, 3 June 2024: The Dubai Civil Aviation Authority (DCAA) took part in the third edition of the Future Aviation Forum held at the King Abdulaziz International Conference Centre in Riyadh, Saudi Arabia. This event focused on the future of the aviation sector, emphasizing the importance of global collaborations, innovation, and sustainable air transport.

The DCAA delegation was led by H.E. Mohammed Abdulla Lengawi, Director General of Dubai Civil Aviation Authority, accompanied by Saood Abdulaziz Kankazar, Executive Director of the Air Transport and International Affairs Sector. During the forum, the DCAA held a high-level meeting with H.E. Abdulaziz bin Abdullah Al-Duailej, President of the General Authority of Civil Aviation (GACA), and Ali Mohammed Rajab, Executive Vice-President for Air Transport and International Cooperation. The discussions centered on enhancing cooperation and promoting bilateral relations in civil aviation between Saudi Arabia and Dubai.

H.E. Mohammed Abdulla Lengawi expressed his delight at participating in the Future Aviation Forum, which he described as a leading platform for exchanging ideas and visions on the latest innovations and developments in the global aviation sector. He highlighted the forum’s role in shaping the future of aviation, noting the high level of participation and the volume of deals and partnerships forged during the conference. This underscores the Kingdom’s prominent position in global aviation.

He further stated, “At the Dubai Civil Aviation Authority, we believe that strengthening international collaboration and participating in local and regional events to exchange experiences and expertise is the best approach to address future challenges and achieve long-term growth in this vital industry.”

The high-level meeting with the Saudi General Authority of Civil Aviation focused on examining best practices and establishing a framework to improve air transport partnerships, reflecting the strong historical ties between Saudi Arabia and Dubai, especially in civil aviation.

DCAA’s involvement in this forum reaffirms its leadership position in the aviation industry and its commitment to elevating Dubai’s status as a global aviation hub, aligning with its vision of “Dubai as the World’s Airport.” The authority is dedicated to building relationships with international partners, identifying opportunities for collaboration and growth, and ensuring a safe and connected aviation sector.

Franchise Group acquires GPEA and associated companies

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June 3, 2024

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Franchise Group acquires GPEA and associated companies

The Property Franchise Group, a lettings and estate agency, has announced the acquisition of GPEA and its associated companies, known as The Guild of Property Professionals and Fine & Country, for a total of approximately £20.0m.

This acquisition, split with £15.0m payable in cash upon completion and £5.0m payable on the first anniversary of completion, represents around 5.7x FY23 audited underlying earnings.

The Property Franchise Group revealed that The Guild and Fine & Country serve a total of 1,036 outlets, generating audited revenues of £13.2m, audited underlying earnings of £3.5m, and a pre-tax profit of £3.3m in 2023. Furthermore, 73% of FY23 revenues were derived from recurring memberships and licences.

With the addition of GPEA, TPFG anticipates post-acquisition leverage below 1x FY23 pro forma adjusted EBITDA and immediate earnings enhancement. CEO Gareth Samples expressed excitement about the acquisition, emphasizing the strategy to broaden and deepen the company’s network while enhancing recurring revenue streams.

At 1050 BST, Property Franchise shares saw a 7.37% increase, reaching 434.86p.

This strategic move highlights TPFG’s commitment to growth and providing additional benefits to its network.

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Keywords: lettings, estate agency, acquisition, The Property Franchise Group, GPEA, The Guild of Property Professionals, Fine & Country, recurring revenue streams, growth

UAE Real Estate Market Forecast: Trends and Projections for 2024-2026 – PRWire

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June 3, 2024

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PRWire:

The UAE real estate market, particularly in Dubai, has demonstrated resilience and dynamic growth over recent years. The market outlook for 2024 to 2026 continues to show promise, supported by strong economic fundamentals, government initiatives, and sustained demand, especially in prime locations. However, challenges such as affordability and supply constraints remain. This article provides a comprehensive analysis of rental and sales price trends, economic factors, and expert insights to forecast the future of the UAE real estate market.

Current Market Performance

Dubai’s real estate market has experienced significant growth. In 2023, residential property prices surged, with some areas witnessing increases of up to 35.6%. Prime locations like Palm Jumeirah and Emirates Hills have seen substantial capital appreciation, driven by high demand and limited supply (MordorIntelligence). Rental prices have also increased significantly, with new contracts rising by over 30% in some prime areas (CBRE) (AGBI) (Media-Report).

Rental Price Trends

Moderation Expected: The rapid increase in rental prices is expected to moderate from 2024 onwards. The market will likely see a slower rate of rental growth due to the increased supply of new housing units and a more balanced demand-supply dynamic

Sustained Demand in Prime Areas: Despite the expected moderation, prime areas such as Palm Jumeirah, Emirates Hills, and Dubai Hills Estate will continue to experience high demand, maintaining elevated rental prices. The forecast suggests a continued but moderate increase in rental rates, driven by strong demand and limited new supply in these regions

Sales Price Trends

Continued Upward Trend: Sales prices are projected to continue their upward trajectory, though at a slower pace compared to recent years. From 2024 to 2026, property prices in Dubai are expected to increase by approximately 10-15% annually (MordorIntelligence) (CBRE) . This growth is supported by robust economic fundamentals, ongoing infrastructure projects, and sustained foreign investment.

Affordable Housing Initiatives: There is a growing focus on developing affordable housing to cater to the middle class, which has been increasingly priced out of traditional middle-class areas. Government initiatives and public-private partnerships are expected to support this segment, potentially stabilizing prices in these areas

Economic and Market Factors

Economic Growth: The UAE’s GDP growth is expected to remain positive, driven by the non-hydrocarbon sector. Despite global economic headwinds and challenges in the hydrocarbon sector, the overall economic outlook for the UAE remains robust, supporting the real estate market.

Government Policies: Policies such as long-term visas, reduction of transaction fees, and other investor-friendly measures continue to attract foreign investment. These policies are expected to sustain market growth and maintain investor confidence

Supply and Demand Dynamics: The balance between new housing supply and demand will be crucial. While new developments will help meet demand, prime locations will continue to experience high demand and limited supply, maintaining upward pressure on prices in these areas

Expert Insights

Moderate Growth Expected: According to Maurice Gravier from Emirates NBD and Julien Lafargue from Barclays Private Bank, the market is “running hot,” but there are no immediate signs of a bubble. They emphasize that the current growth is driven by solid demand and controlled leverage, differentiating it from the conditions that led to the 2008 crash (AGBI)

Potential for Affordability Issues: As rental and sales prices continue to rise, affordability becomes a concern. Many middle-class residents find it increasingly challenging to buy or rent properties in traditional middle-class areas. Government initiatives focused on affordable housing are crucial to address this issue.

Long-Term Outlook

The UAE real estate market is set for continued growth up to 2026, with moderated but positive trends in both rental and sales prices. The focus on affordable housing and government initiatives will be key in ensuring that the middle class can still access quality housing options. The overall outlook remains optimistic, supported by economic stability and strategic investments.

Rental Market: Rental prices are expected to stabilize, offering some relief to tenants. However, prime areas will continue to see higher rental rates due to sustained demand and limited supply

Sales Market: Sales prices will continue to rise, driven by economic growth, infrastructure projects, and foreign investment. The market will likely see a shift towards more affordable housing options, supported by government initiatives and public-private partnerships.

Economic and Policy Support: Strong economic growth, particularly in the non-hydrocarbon sector, and investor-friendly policies will continue to support the real estate market. The government’s focus on attracting foreign investment and developing infrastructure projects will also contribute to market growth.

Conclusion

The UAE real estate market is poised for continued growth up to 2026. While the rapid price increases of recent years are expected to moderate, the market remains robust, particularly in prime and luxury segments. Rental prices will stabilize, providing some relief to tenants, while sales prices will continue their gradual ascent. The focus on affordable housing will be critical in ensuring that the middle class can still access quality housing options.

For a detailed analysis and further insights, consulting comprehensive reports from sources like CBRE, Knight Frank, and Media-Report is recommended. The overall outlook remains positive, supported by strong economic fundamentals, government initiatives, and sustained demand.

UAE Real Estate Market Forecast: Trends and Projections for 2024-2026 – PRWire

News

theconverser.com

-

June 3, 2024

0

PRWire:

The UAE real estate market, particularly in Dubai, has demonstrated resilience and dynamic growth over recent years. The market outlook for 2024 to 2026 continues to show promise, supported by strong economic fundamentals, government initiatives, and sustained demand, especially in prime locations. However, challenges such as affordability and supply constraints remain. This article provides a comprehensive analysis of rental and sales price trends, economic factors, and expert insights to forecast the future of the UAE real estate market.

Current Market Performance

Dubai’s real estate market has experienced significant growth. In 2023, residential property prices surged, with some areas witnessing increases of up to 35.6%. Prime locations like Palm Jumeirah and Emirates Hills have seen substantial capital appreciation, driven by high demand and limited supply (MordorIntelligence). Rental prices have also increased significantly, with new contracts rising by over 30% in some prime areas (CBRE) (AGBI) (Media-Report).

Rental Price Trends

Moderation Expected: The rapid increase in rental prices is expected to moderate from 2024 onwards. The market will likely see a slower rate of rental growth due to the increased supply of new housing units and a more balanced demand-supply dynamic

Sustained Demand in Prime Areas: Despite the expected moderation, prime areas such as Palm Jumeirah, Emirates Hills, and Dubai Hills Estate will continue to experience high demand, maintaining elevated rental prices. The forecast suggests a continued but moderate increase in rental rates, driven by strong demand and limited new supply in these regions

Sales Price Trends

Continued Upward Trend: Sales prices are projected to continue their upward trajectory, though at a slower pace compared to recent years. From 2024 to 2026, property prices in Dubai are expected to increase by approximately 10-15% annually (MordorIntelligence) (CBRE) . This growth is supported by robust economic fundamentals, ongoing infrastructure projects, and sustained foreign investment.

Affordable Housing Initiatives: There is a growing focus on developing affordable housing to cater to the middle class, which has been increasingly priced out of traditional middle-class areas. Government initiatives and public-private partnerships are expected to support this segment, potentially stabilizing prices in these areas

Economic and Market Factors

Economic Growth: The UAE’s GDP growth is expected to remain positive, driven by the non-hydrocarbon sector. Despite global economic headwinds and challenges in the hydrocarbon sector, the overall economic outlook for the UAE remains robust, supporting the real estate market.

Government Policies: Policies such as long-term visas, reduction of transaction fees, and other investor-friendly measures continue to attract foreign investment. These policies are expected to sustain market growth and maintain investor confidence

Supply and Demand Dynamics: The balance between new housing supply and demand will be crucial. While new developments will help meet demand, prime locations will continue to experience high demand and limited supply, maintaining upward pressure on prices in these areas

Expert Insights

Moderate Growth Expected: According to Maurice Gravier from Emirates NBD and Julien Lafargue from Barclays Private Bank, the market is “running hot,” but there are no immediate signs of a bubble. They emphasize that the current growth is driven by solid demand and controlled leverage, differentiating it from the conditions that led to the 2008 crash (AGBI)

Potential for Affordability Issues: As rental and sales prices continue to rise, affordability becomes a concern. Many middle-class residents find it increasingly challenging to buy or rent properties in traditional middle-class areas. Government initiatives focused on affordable housing are crucial to address this issue.

Long-Term Outlook

The UAE real estate market is set for continued growth up to 2026, with moderated but positive trends in both rental and sales prices. The focus on affordable housing and government initiatives will be key in ensuring that the middle class can still access quality housing options. The overall outlook remains optimistic, supported by economic stability and strategic investments.

Rental Market: Rental prices are expected to stabilize, offering some relief to tenants. However, prime areas will continue to see higher rental rates due to sustained demand and limited supply

Sales Market: Sales prices will continue to rise, driven by economic growth, infrastructure projects, and foreign investment. The market will likely see a shift towards more affordable housing options, supported by government initiatives and public-private partnerships.

Economic and Policy Support: Strong economic growth, particularly in the non-hydrocarbon sector, and investor-friendly policies will continue to support the real estate market. The government’s focus on attracting foreign investment and developing infrastructure projects will also contribute to market growth.

Conclusion

The UAE real estate market is poised for continued growth up to 2026. While the rapid price increases of recent years are expected to moderate, the market remains robust, particularly in prime and luxury segments. Rental prices will stabilize, providing some relief to tenants, while sales prices will continue their gradual ascent. The focus on affordable housing will be critical in ensuring that the middle class can still access quality housing options.

For a detailed analysis and further insights, consulting comprehensive reports from sources like CBRE, Knight Frank, and Media-Report is recommended. The overall outlook remains positive, supported by strong economic fundamentals, government initiatives, and sustained demand.

Potential Role of CBDCs in Cross-Border Trade Acknowledged by China and UAE

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June 3, 2024

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Potential Role of CBDCs in Cross-Border Trade Acknowledged by China and UAE

China and the United Arab Emirates (UAE) have recognized the significant impact of central bank digital currencies (CBDC) on cross-border trade and investment. Both countries have affirmed their dedication to strengthening bilateral and multilateral cooperation regarding their CBDCs. China commended the UAE for their successful direct cross-border payment transaction using CBDC, specifically the digital dirham. The transaction, totaling .6 million (50 million dirhams) with an Asian country, was facilitated through the multilateral CBDC bridge platform. This milestone is poised to bolster trade and investment between the two nations, fostering closer ties and facilitating economic growth.

New Methanol-Powered Cable Laying Vessel Debut

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June 3, 2024

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New Methanol-Powered Cable Laying Vessel Debut

NKT Names Second Cable Laying Vessel NKT Eleonora

Danish subsea cable and services firm NKT has unveiled the name of its second cable laying vessel (CLV) as NKT Eleonora. This new vessel has been specifically designed to operate on methanol, marking a significant step towards sustainability in the offshore industry.

NKT Eleonora, which means shining light, is set to enhance the company’s offshore cable laying capacity and will be one of the world’s first cable laying vessels designed to run on methanol. With three turntables and a power cable-laying capacity of 23,000 tonnes, NKT Eleonora will also be equipped with various subsea tooling for precise installation and servicing of offshore cables.

The vessel’s design was created by Salt Ship Design and construction is currently underway in collaboration with the Norwegian shipyard VARD. NKT Eleonora will have a length of 176 meters and a breadth of 32 meters, featuring Wärtsilä 32 methanol engines.

Expected to be operational by 2027, this dual-fuel vessel will have the capability to run on methanol as well as HVO/marine diesel oil. According to Darren Fennell, Executive Vice President and Head of HV Solutions Karlskrona in NKT, the decision to construct a vessel designed to run on methanol reflects the company’s commitment to sustainability and creating a greener world through their power cable solutions.

In addition to the vessel construction, NKT is also expanding its site in Karlskrona with a new high-voltage offshore cable factory. This move aligns with NKT’s mission to enhance its installation capacity and capabilities in order to efficiently execute projects and meet the evolving demands of their clients.

New Suite of AI-Powered Features Released by Aspire

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June 3, 2024

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New Suite of AI-Powered Features Released by Aspire

Aspire, a leading tech company, has recently launched an enhanced suite of AI-powered features. These features, powered by OpenAI, are designed to help businesses streamline their financial processes and reduce the time spent on manual financial work by up to 75%.

This new suite of features aims to revolutionize how businesses handle financial tasks, providing them with more efficient and accurate solutions. By leveraging AI technology, Aspire is paving the way for businesses to optimize their financial operations and focus on growth and innovation.

With these new AI-powered features, businesses can expect to see significant improvements in productivity, accuracy, and overall financial performance. Aspire’s commitment to innovation and technology is evident in this latest launch, and they continue to be a frontrunner in bringing cutting-edge solutions to the market.

Overall, the launch of these enhanced AI-powered features marks a significant milestone for Aspire and sets a new standard for the industry. Businesses looking to stay ahead in today’s fast-paced digital landscape can benefit greatly from integrating these innovative solutions into their financial processes.