by admin | May 25, 2021 | Muslim World
Dubai : The General Civil Aviation Authority (GCAA) of the United Arab Emirates (UAE) and a high-level delegation from Saudi Arabia on Thursday discussed ways of strengthening cooperation in the air transport sector.
Both sides discussed the mechanisms of registration and licensing of drones and helipads and the tools of supervision and management by the GCAA.
Saif Mohammed Al-Suwaidi, GCAA Director-General, said the meeting also covered global best practices and recommendations “that contribute to raising the level of aviation safety”.
“The leading position of the two countries and the large size of their aviation industry require cooperation for continuous development of the region and the world,” he added.
The GCAA is the federal authority that manages and regulates the UAE’s airspace and the aviation sector in order to serve the public in a dynamic and thriving aviation environment.
—IANS/WAM
by admin | May 25, 2021 | Muslim World
By Hassan Istiila,
Mogadishu, Somalia: The lower house of Somalia’s parliament voted Monday to ban a United Arab Emirates’ state-owned ports operator from the African country, declaring it a threat to Somalia’s sovereignty, independence, and unity.
A crushing majority of 168 lawmakers in the 170-seat parliament rejected all agreements signed with DP World to operate the ports of Berbera and Bosaso.
Earlier in March, DP World signed a deal with Ethiopia and Somalia’s breakaway region of Somaliland for the operating rights to Berbera.
According to the Dubai-based firm, the deal would give the Ethiopian government a 19 percent stake in the port of Berbera while DP World would retain a 51 percent stake and Somaliland would get 30 percent.
In April 2017, DP World signed a deal with the semi-autonomous northeastern region of Puntland to develop and operate the port of Bosaso.
—AA
by admin | May 25, 2021 | Business Summit, Events, Muslim World
Abu Dhabi : Moroccan Prince Moulay Rachid chaired the opening ceremony of the 3rd annual “Morocco in Abu Dhabi” event, which will last until March 19.
With the ultimate goal of reinforcing ties between Morocco and the UAE, “Morocco in Abu Dhabi” offers UAE communities a glimpse on the Moroccan culture, heritage, and its ability to preserve craftsmanship throughout generations.
The Prince visited many pavilions set up in Morocco in Abu Dhabi event, “which is an opportunity to highlight the different facets of the authentic Moroccan heritage,” according to Maghreb Arab Press (MAP).
The National Foundation of Museums will showcase for the first time outside Morocco unique masterpieces from different museums of Morocco.
The event’s attendees will also have the chance to explore an original artistic stand devoted to young artists, “whose modern and creative works are inspired by the authentic Moroccan heritage,” added MAP.
The event, which is being held under the patronage of King Mohammed VI, is organized by the ministry of tourism.
In addition to enhancing political, economic, scientific, touristic and cultural relationships, the event also aims to educate future generations on the importance of preserving the heritage and instill principles of tolerance, Morocco World News reported.
The event is being marked by the attendance of several Moroccan officials, including Minister of Tourism, Air Transport, Handicrafts and Social Economy Mohamed Sajid, and Ambassador of the King to the United Arab Emirates Mohamed Ait Ouali, in addition to the Chairman of the National Foundation of Museums Mehdi Qotbi, Director General of the House of Craftsmen Abdellah Adnani, and Acting Director General of the Moroccan Tourism Office Rachid Hamzaoui.
—SM/UNA-OIC
by admin | May 25, 2021 | Islamic Banking, Islamic Finance, Muslim World, News
Dubai : Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced recently that the meeting approved the distribution of 45 fills per share as cash dividend for 2017, closing another year with strong returns to shareholders since the bank embarked on a growth agenda four years ago.
The general assembly also approved the bank’s 2017 financial statements. For the year 2017, DIB reported a net profit of AED 4.5 billion, an increase of 11 percent compared to AED 4.05 billion in 2016. Other agenda items discussed at the AGM included the review of the Fatwa and Shariah Supervisory Board Report and the reappointment of the bank’s external auditors.
The AGM has also approved DIB’s capital increase by way of a rights issue to bolster the bank’s CET1 further and facilitate credit expansion in 2018. The rights will be offered after obtaining the required approval from relevant regulatory authorities, CPI Financial News reported.
“The year 2017 has been yet another remarkable period of growth for the bank as we continue to make great strides towards our expansionary agenda in both local and international markets. Despite challenges stemming from the global economic slowdown and across the region, the bank’s continued to display its resilience to external factors with double-digit growth in profitability. As we move forward into 2018, we remain in full alignment with Dubai and the UAE’s plans of building a diversified economy and an attractive global hub for Islamic Finance,” said Director-General of the Ruler’s Court of Dubai, and Chairman of Dubai Islamic Bank Mohammed Ibrahim Al Shaibani, commenting on a fourth consecutive successful financial year.
DIB’s evolution in the last four years has witnessed a complete transformation in the size and scale of its business. With the balance sheet and related key metrics of financing and deposits nearly doubling or more during the period, the profitability has risen by an unprecedented three times with both returns on equity (ROEs) and returns on assets (ROAs) recording significant jumps as well. The last few years have also seen a complete reconstitution of the bank’s business model which now boasts a significantly more diversified portfolio with vastly reduced concentration risks.
“The bank has showcased another remarkable year. Our focus on returns to the shareholders continues with ROE at 18.7 percent and dividend payout of nearly 50 percent. Growth 2.0 is on course with the AGM approving the capital increase special resolutions. The continuous market leading performance that you have witnessed DIB give since 2014 has come from a very clearly defined strategic plan, which has focused on the franchise’s strengths effectively limiting the impact of market conditions over the last few years. I thank the shareholders for their continuous support throughout the recent growth phase and look forward to the same as we continue to strive for greater heights in the years to come,” said Dr. Adnan Chilwan, Group CEO of DIB.
—SM/UNA-OIC
by admin | May 25, 2021 | Muslim World
Beirut : A UN official on Tuesday praised the efforts by the United Arab Emirates (UAE) in empowering Emirati women.
Abdul Salam Sayed Ahmad, Regional Representative of the UN Human Rights Office of the High Commissioner in the Middle East and North Africa, praised the UAE for granting women their rights to become a key and effective partner in building the society.
Ahmad said the election of the UAE as a member of the UN Human Rights Council was a confirmation of the country’s efforts in promoting the principles of humanity.
His comments came during his meeting with Hamad Saeed Sultan Al Shamsi, the UAE Ambassador to Lebanon, where they discussed the extent of the UAE’s commitment to international treaties and conventions.
Ambassador Al Shamsi emphasised the country’s interest in the human rights field to make a positive impact on the global level through constructive action to support the implementation of the principles of the Universal Declaration of Human Rights.
He said that the UAE had taken an important step in this regard as its foreign policy pillars were based on the principles of justice, equality, respect for the rights of workers on its territory, as it attracts more than 200 nationalities.
—IANS/WAM
