Debts Settlement Fund
Last February, 13 national banks waived the debts of 3,310 Emirati citizens from loans totalling $98.28 million
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Gulf Business
3 hours ago
- Gulf Business
Abu Dhabi: ADGM assets under management show 33% YoY rise in Q1
Image: ADGM Abu Dhabi Global Market (ADGM) has recorded a strong start to 2025, posting significant year-on-year growth across its ecosystem in Q1, as investor confidence and international interest in the UAE capital's financial centre remain high. Backed by major regulatory developments, global engagement and jurisdictional expansion, 'ADGM's Q1 2025 performance marks the beginning of another landmark year,' said Ahmed Jasim Al Zaabi, chairman of ADGM. 'This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions. 'ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors.' At a glance: ADGM's key growth areas in Q1 Assets under management (AUM): AUM grew 33 per cent from Q1 2024. A total of 119 fund and asset managers now manage 184 funds. Licences: The number of new licences issued increased by 67 per cent year-on-year. Entities: Operational entities surged 43 per cent to 2,781. Financial services entities rose 26 per cent to 367. Workforce: More than 29,000 people are now employed on Al Maryah Island, up 17 per cent from the previous year. Work permits: 3,509 new work permits were issued for businesses establishing on Al Reem Island. Expanded international presence and strategic engagements In January, an ADGM delegation attended iConnections Global Alts in Miami, held bilateral meetings in New York and Washington, and joined a panel titled 'Abu Dhabi: The Capital of Capital'. In February, ADGM participated in a high-level UAE-China delegation led by ADDED, supporting efforts to deepen bilateral economic ties. In April, ADGM conducted nearly 30 strategic meetings in Japan with institutions focused on private banking, wealth management and family businesses. Al Reem Island integration and new incentives More than 600 new businesses established on Al Reem Island and 500 existing firms migrated to ADGM licensing during Q1. ADGM revised its fee structure in January, slashing commercial licence fees by 50 per cent or more for non-financial and retail businesses. A flat licence fee of Dhs1,000 was introduced to boost SME access. Digital and blockchain developments In March, ADGM signed an MoU with Chainlink to enable compliant tokenisation frameworks. Stacks Asia and Bitgrit joined ADGM under its DLT Foundations framework. ADGM launched an all-in-one mobile app offering compliance tools, licence renewals and regulatory updates. A new digital real estate platform was introduced, enabling fully virtual sale and purchase transactions. Read: Focus on sustainable finance The Abu Dhabi Sustainable Finance Declaration reached 170 signatories, including Aquila Capital, Century Financial, Oryx Global Partners, PwC and Olive Gaea. The initiative continues to promote ESG integration in the region's financial sector. Human capital and UAE National empowerment ADGM Academy created 800 job placements for UAE Nationals across nine career tracks. Signed strategic MoUs with Arab Youth and the Federal Tax Authority to support upskilling in technology and finance. Published six research papers on the impact of AI in the UAE financial sector via the ADGMA Research Centre. As the financial centre continues its expansion and regulatory innovation, it expects further growth in 2025, particularly from financial markets in Europe and Asia.
Khaleej Times
5 hours ago
- Khaleej Times
UAE: Energy drinks from date pits? Emirati maker proves it's possible
Pastries, rice, energy drinks, cosmetics, soups, and more. Emirati maker Noora Al Mazroui creates all of these using one item only: date pits. Al Mazroui has always believed that every part of the palm tree has value. Her journey started with a question: Why are date pits thrown away after eating the fruit? "The palm tree begins with a pit and ends with a pit," the 60-year-old Al Mazroui told Khaleej Times. As a child, she liked sewing and taking care of trees, and her father taught her how to care for palm trees and other plants. Balancing motherhood with work In the 1980s, she and her husband received their share of farmland from the late Sheikh Zayed, the UAE's founding father, who allocated land to citizens. She began planting palm trees and wondered why the pits were not being utilised. This question prompted her to conduct research and experiment with new ideas. Al Mazroui, a mother of eight, spent her free time crafting traditional items from palm fronds. She created 'Sarood', which consists of mats for placing food, baskets for carrying dates, and umbrellas made from palm fronds. "In 2004, I participated in the Liwa Date Festival. I wanted to showcase something unique. I made date pickles (Achar), kohl (eyeliner), charcoal, and incense from date pits. I also combined 'Sarood' with 'Talli' to create new designs," she explained. Food and drinks from the pit When she discovered that date pits are not waste and can be utilised, Al Mazroui started creating products using only date pits. One of her innovations is flour made from date pits, which she uses to prepare pastries, pasta, crackers, biscuits, cakes, and even rice. In addition to food, she also made beverages, including coffee, tea, soups, energy drinks, and soda. 'When I sent the drink to the lab, they informed me that it qualifies as an energy drink," she said. Al Mazroui also utilises date pits in various ways. She creates products that enhance skin beauty, including kohl, body scrubs, and skincare items. "My work focuses on transforming by-products into food, medicine, care products, and beverages without harming nature,' Al Mazroui explained. Her efforts aligned with establishing a circular economy. She draws inspiration from Sheikh Zayed, who emphasized the importance of farming by stating, "We focused on farming because we want to live well and rely on ourselves." "Everything contributes to reducing waste and protecting the environment. It also preserves the legacy of the palm tree. This is not merely a product; it represents progress for our country, land, and future generations." Simple process Al Mazroui described her process of transforming date pits into valuable products. She begins by gathering them from known sources. After washing, boiling, and drying the pits, she grinds them in two stages until they become powdered. She noted, "This powder is sent to a laboratory to ensure its safety before being packaged in sealed containers. " What makes it special is not just the production process but the ingredients it contains. The pit is rich in fibre, minerals, and antioxidants, aiding digestion and contributing to the body's overall strength. 'Making these products benefits the economy by converting waste into useful products. It enhances food safety by providing options sourced from the UAE," she stated. Al Mazroui used basic tools in her home to create unique dishes. She began by experimenting with local ingredients and introduced date pit flour to her recipes. She incorporated it in small amounts into pasta, coffee, and tea. She sent these products to laboratories for testing to ensure their safety. " I would never offer anything to people unless I knew it was safe," she stated. 'Hoping to grow and teach' As her recipes proved successful, she meticulously documented each step and method. "I wanted to keep track of it all and maybe share it one day," Al Mazroui shared. When she participates in exhibitions and requires larger quantities of products, she collaborates with factories to produce them, as her home tools are insufficient for those needs. She hopes her work can educate children in the future. She aims to grow her project to create more food, care, and health items derived from the land and the story of the UAE, all crafted with care and scientific principles.
The National
13 hours ago
- The National
No sheep, no flour, no ceasefire: Gaza struggles to celebrate Eid in the shadow of war
Eid Al Adha in Gaza and the streets echo not with celebration, but with heartbreak. The sacred Takbirat (the recitation of 'Allahu akbar') of Eid plays softly through cracked windows and half-destroyed alleys, one of the few remaining signs that the Muslim world's second holiest festival has arrived. There is no traditional Eid Kaak, no laughter of children in new clothes. Open markets are eerily empty. Goods sit on dusty shelves, far beyond the reach of a population crushed by war, displacement and deepening poverty. For many, this Eid is the harshest in memory. With continuing Israeli bombardment, widespread hunger and total economic collapse, Gazans long to the joy that once defined this holiday. Alaa Mohammed, 43, lives in Gaza city in a house that is partially destroyed, but she refuses to let her children face Eid in complete despair. 'There are no materials to make the traditional Kaak for Eid,' she tells The National. 'I decided to make biscuits for my children. Even that wasn't easy. I couldn't find the ingredients, so I used a dietary supplement made from bean butter, something meant to be in the aid packages, but people are selling it in the market.' She mixes it with flour and baking powder and shapes it into biscuits. 'It's better than nothing. At least my children smiled for a moment," she adds. There's no food, no signs, nothing that tells you Eid is here Hala Aboud, Gaza resident Hala Aboud, 40, has not left her home on Nasser Street in Gaza city for three weeks. 'It's not just the Israeli air strikes,' she tells The National. 'It's the chaos everywhere, gunfire in the streets, thieves roaming freely. There is no sense of safety any more.' She says she almost forgot Eid was coming. 'There's no food, no signs, nothing that tells you Eid is here. We eat rice and macaroni when we can find it. Vegetables aren't even available most of the time. I've lived through wars before, but nothing like this.' 'Worst Eid' In Khan Younis, southern Gaza, Doha Ahmad, 30, tries to keep some semblance of celebration for her daughter 'She kept crying, asking me to buy her new clothes for Eid,' Ms Ahmad tells The National. 'But everything is so expensive, I couldn't afford anything. Still, I took her to the market just to look. I ended up buying her just a T-shirt.' Her daughter was happy with it. But for Ms Ahmad, the moment was bittersweet. 'This is the worst Eid. Even last year, during the war, it was better. We could find food. We made cake. This year, we have nothing.' The item that is missing the most from Eid this year is meat – a crucial part of its sacrifice tradition – with no animals to slaughter and no money to buy meat even if it were available. 'I am not a fan of meat, but I feel now that I really miss meat, and I want to eat meat, as we are deprived from it for more than two months,' Ms Aboud says. The war has stripped Eid of any colour or joy. What remains is only survival, a mother making biscuits out of aid supplements, a single T-shirt, or a quiet moment of prayer before another day of struggle begins. 'I will keep being grateful that I didn't lose anyone and I keep praying for their safety, and really feel sad for the people who lost their beloved one, I hope this war ends soon, so people can keep what remains from their lives,' Ms Mohammed says. And yet, under the rubble and loss, Gaza clings to faith. The Takbirat still echo. Mothers still bake what little they can. Children still smile, even if only for a moment. In a land where everything has been taken, resilience is the one thing that still remains. 'We are abandoned and we are alone. All we want now is for the war to end and to rebuild our lives again,' Ms Ahmad says.
