Abu Dhabi Ports Group, which operates ports, industrial cities and free zones in the emirate, signed multiple strategic partnership agreements with Jordan’s Aqaba Development Corporation on Sunday with an aim to develop tourism, logistics, transport and digital infrastructure in Aqaba.
These include deals to develop King Hussein International Airport, Marsa Zayed cruise terminal and an advanced digital port community system, in addition to developing and modernising a multipurpose port, AD Ports Group said in a statement.
“Collectively, these mega-projects represent one of the most significant integrated transport, logistics and tourism development programmes announced in the Hashemite kingdom of Jordan in recent years,” said Capt Mohamed Al Shamsi, group chief executive of AD Ports Group.
These ambitious projects will significantly expand the facilities available to travellers and businesses via sea, land and air
Capt Mohamed Al Shamsi,
group chief executive of AD Ports Group
“These ambitious projects will significantly expand the facilities available to travellers and businesses via sea, land and air. This in turn will help grow the trade and tourism sectors, while strengthening Aqaba’s status as a major regional hub and support the kingdom’s economic development plans.”
The deal comes close on the heels of AD Ports partnering with Aqaba Development Corporation in September to establish a cruise terminal at Marsa Zayed in Aqaba, which will serve as a gateway for passengers visiting the Red Sea. It will be the first project to be developed by AD Ports Group in Jordan and its first cruise facility outside the UAE.
AD Ports Group owns and manages 11 ports and terminals in the UAE and Guinea, including Khalifa Port, Zayed Port, Mussaffah Port, Fujairah Terminals, Kamsar Port and Abu Dhabi Cruise Terminal. It operates more than 550 square kilometres of industrial zones within Khalifa Industrial Zone Abu Dhabi and ZonesCorp, the largest integrated trade, logistics and industrial business group in the Middle East.
Maqta Gateway, the digital arm of AD Ports Group, signed a joint venture deal with Aqaba Development Corporation to establish Maqta Ayla to develop and operate an advanced ports community system. The system will oversee communication among the Port of Aqaba and terminal operators, as well as the Aqaba Special Economic Zone Authority, Aqaba Development Corporation, Jordan Maritime Commission and other stakeholders within the port’s ecosystem, AD Ports Group said.
The system is expected to complete about two million digital transactions per year, generate considerable cost and time savings, reduce carbon emissions and streamline services, it said.
The agreement to develop King Hussein International Airport in Aqaba is aimed at increasing volumes of international and domestic tourism, ensuring a seamless journey for passengers between the airport and the Aqaba Cruise Terminal, according to the statement.
Stressing the importance of its collaboration with AD Ports Group Aqaba Development Corporation’s chief executive Hussein Alsafadi said the strategic partnership will help in “creating investment and job opportunities, while also advancing the role of Aqaba as a key regional hub in trade, logistics, and maritime and air transportation”.
Abu Dhabi Ports’ owner, ADQ, revealed plans to list it on the Abu Dhabi Securities Exchange, subject to market conditions and regulatory approvals.
In the past few months, AD Ports Group has signed a number of deals across the region strengthening co-operation in transport and maritime sectors.
In September, the company signed an agreement with the General Company for Ports of Iraq to explore investment opportunities.
In November, the UAE company signed an agreement with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation, to develop and operate a multipurpose terminal in Safaga Port on the Red Sea.
New partnerships, business diversification and volume growth led to AD Ports Group reaping revenue of Dh2.79 billion ($760 million) during the first nine months of 2021, a 22 per cent increase over the same period last year.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
COMPANY%20PROFILE%20
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Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
BANGLADESH SQUAD
Mashrafe Mortaza (captain), Tamim Iqbal, Liton Das, Soumya Sarkar, Mushfiqur Rahim (wicketkeeper), Mahmudullah, Shakib Al Hasan (vice captain), Mohammad Mithun, Sabbir Rahaman, Mosaddek Hossain, Mohammad Saifuddin, Mehidy Hasan Miraz, Rubel Hossain, Mustafizur Rahman, Abu Jayed (Reporting by Rohith Nair in Bengaluru Editing by Amlan Chakraborty)
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
