Latest news with #AED
Sharjah 24
4 hours ago
- Business
- Sharjah 24
Mansour bin Zayed visits Liwa Date Festival
The festival - organised by the Abu Dhabi Heritage Authority under the patronage of His Highness - considered one of the most prominent agricultural and heritage festivals in the UAE. The event reaffirms the Authority's commitment to celebrating one of the UAE's most enduring cultural and agricultural traditions. During his tour, His Highness reviewed several pavilions of government and private entities showcasing their services and innovations in the agricultural sector. He also listened to explanations about the festival's various competitions and activities, which highlight the social and economic value of the palm tree and its products. The event also underscores the tree's contribution to food security and the enhancement of agricultural sustainability. His Highness Sheikh Mansour emphasised that the agriculture and food production sector is witnessing significant growth in the UAE, thanks to the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and his continuous support for empowering farmers, producers, and manufacturers to ensure sustainable food production and strengthen national food security. He affirmed that the festival reflects the Emirati citizen's deep connection with the land and reinforces national identity by celebrating the palm tree as a cultural symbol. Supporting local agriculture and empowering farmers contributes to a balanced economic distribution and sustainable development aligned with the national goal of achieving food self-sufficiency. His Highness also praised the festival's role in boosting economic activity in the Al Dhafra Region by attracting thousands of visitors annually and serving as a platform that brings together farmers, experts, and pioneers in the agricultural industries—cementing the agricultural sector as a vital contributor to the national economy. Accompanying His Highness on the tour were Faris Khalaf Al Mazrouei, Chairman of the Abu Dhabi Heritage Authority, and several officials from the authority. The Liwa Date Festival features numerous competitions with total prizes exceeding AED 8.7 million. It includes a range of heritage activities that aim to preserve the legacy and status of the palm tree as a symbol of the past and a blessing of the present. It also strengthens family and community bonds, ensures intergenerational continuity, and promotes values of cooperation, belonging, and cultural heritage preservation—supporting the goals of the UAE's 'Year of the Community.' The festival also plays a vital role in supporting the local community and productive families in the region through the traditional market, which includes stalls for selling fresh dates, date products, palm-related items, factories, and nurseries. It also hosts pavilions of participating sponsors and supporters.
Al Etihad
5 hours ago
- Business
- Al Etihad
Mansour bin Zayed visits Liwa Date Festival, stresses importance of supporting farmers in enhancing food security
14 July 2025 23:18 LIWA (WAM)His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, today visited the 21st Liwa Date Festival in Liwa City, Al Dhafra festival - organised by the Abu Dhabi Heritage Authority under the patronage of His Highness - considered one of the most prominent agricultural and heritage festivals in the UAE. The event reaffirms the Authority's commitment to celebrating one of the UAE's most enduring cultural and agricultural his tour, His Highness reviewed several pavilions of government and private entities showcasing their services and innovations in the agricultural sector. He also listened to explanations about the festival's various competitions and activities, which highlight the social and economic value of the palm tree and its products. The event also underscores the tree's contribution to food security and the enhancement of agricultural Highness Sheikh Mansour emphasised that the agriculture and food production sector is witnessing significant growth in the UAE, thanks to the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and his continuous support for empowering farmers, producers, and manufacturers to ensure sustainable food production and strengthen national food Highness affirmed that the festival reflects the Emirati citizen's deep connection with the land and reinforces national identity by celebrating the palm tree as a cultural symbol. Supporting local agriculture and empowering farmers contributes to a balanced economic distribution and sustainable development aligned with the national goal of achieving food Highness also praised the festival's role in boosting economic activity in the Al Dhafra Region by attracting thousands of visitors annually and serving as a platform that brings together farmers, experts, and pioneers in the agricultural industries—cementing the agricultural sector as a vital contributor to the national His Highness on the tour were Faris Khalaf Al Mazrouei, Chairman of the Abu Dhabi Heritage Authority, and several officials from the Liwa Date Festival features numerous competitions with total prizes exceeding AED 8.7 million. It includes a range of heritage activities that aim to preserve the legacy and status of the palm tree as a symbol of the past and a blessing of the present. It also strengthens family and community bonds, ensures intergenerational continuity, and promotes values of cooperation, belonging, and cultural heritage preservation—supporting the goals of the UAE's 'Year of the Community.' The festival also plays a vital role in supporting the local community and productive families in the region through the traditional market, which includes stalls for selling fresh dates, date products, palm-related items, factories, and nurseries. It also hosts pavilions of participating sponsors and supporters.
Yahoo
6 hours ago
- Business
- Yahoo
AM Best Upgrades and Withdraws Credit Ratings of Union Insurance Company P.J.S.C.
LONDON, July 14, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to "bbb" (Good) from "bbb-" (Good) of Union Insurance Company P.J.S.C. (Union) (United Arab Emirates). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best's interactive rating process. The ratings reflect Union's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The rating upgrades reflect the demonstrated improvements in Union's corporate governance, internal controls and risk management practices. The company's management has taken corrective actions in recent years to reduce balance sheet risk and improve regulatory solvency metrics. As at year-end 2024, the company continues to report a stable solvency coverage ratio of 143% (144% at year-end 2023), which remains in excess of 140% following the first three months of 2025. AM Best expects Union to manage its capital position prudently to maintain a comfortable buffer above regulatory solvency requirements. Union's very strong balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), at the strongest level in 2024 and is expected to remain at this level prospectively. The assessment also incorporates the company's reduced exposure to investment risk, following management's derisking of the equity and real estate portfolios since 2021, with proceeds reinvested largely in cash and deposits. A partially offsetting factor is Union's high dependence on reinsurance, albeit the associated elevated credit risk is managed through the use of a well-rated reinsurance panel. Union has a track record of adequate operating performance, generating profits in three of the past five years (2020-2024). Union reported a profit of AED 38.3 million (USD 10.4 million) in 2024, driven by positive underwriting and investment returns, with continued profits of AED 13.1 million following the first three months of 2025. AM Best expects greater stability in operating results following the derisking of the asset portfolio and continued focus on underwriting profitability. Union retains its position as a mid-tier composite insurer in the UAE market, where in 2024 it ranked 15th, as measured by insurance revenue of the listed national insurance companies. Despite a well-balanced distribution network, insurance revenue is concentrated in the highly competitive UAE market, where the company originates the majority of its business. Union's top line contracted in 2024, the result of Union's exit from the Oman's life insurance market and its selective underwriting approach. The company has outlined several growth opportunities to compensate partially for lost revenue. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Emily Thompson Senior Financial Analyst +44 20 7397 0291 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Dubai Eye
8 hours ago
- Business
- Dubai Eye
Over 3.5 million illegal excise goods seized in Dubai operation
In a major crackdown on tax evasion, inspectors from the Federal Tax Authority (FTA) have seized over 3.5 million illegal excise goods from a facility in Dubai. The raid uncovered tobacco and beverage products that were fraudulently packaged and smuggled into the UAE market—hidden inside shipments of clothing and footwear. Among the confiscated items were 1.56 million cigarette packs, 1.77 million electronic smoking devices, and thousands of packs of raw tobacco, hookah tobacco, and excise beverages. The total tax due on the goods is estimated at AED 133.2 million. All products have been confiscated, fines issued, and legal action taken against the violators. The FTA says the raid is part of ongoing efforts to tackle tax fraud and protect consumers. It emphasized the use of digital tax stamps and high-tech control systems to track excise goods—and urged all producers and importers to comply with UAE tax laws to avoid severe penalties.
Mid East Info
8 hours ago
- Automotive
- Mid East Info
Enova and Schneider Electric Join Forces to Advance Energy Solutions in the Gulf - Middle East Business News and Information
Partnership combines Schneider Electric's advanced technologies with Enova's energy performance services to deliver smart, data-driven, and future-ready energy systems Collaboration is aimed at empowering organizations to meet evolving sustainability goals Enova – a premier provider of integrated energy and multi-technical solutions and a Majid Al Futtaim and Veolia joint venture has entered a strategic collaboration with Schneider Electric, a global leader in the digital transformation of energy management and automation. This collaboration brings to the fore Schneider Electric technologies — including microgrids, photovoltaic (PV) systems, and electric vehicle (EV) charging infrastructure — with Enova's deep expertise in energy efficiency strategies and advanced asset management systems. As the region intensifies efforts to decarbonize its economy and transition toward cleaner and more resilient energy systems, the collaboration will focus on driving impactful outcomes in energy efficiency and emissions reduction. Renaud Capris, Chief Executive Officer of Enova, commented, 'As we accelerate our progress towards a sustainable energy future in the Gulf, our collaboration with Schneider Electric enables us to integrate advanced technologies and energy efficient solutions and to optimize our service portfolio and enhance value for our clients. Since its establishment in 2002 as a joint venture between Majid Al Futtaim and Veolia, Enova has enabled clients across the region to achieve more than AED 530 million in total energy cost savings and reduce carbon emissions by over 580,000 tons. Capris added, 'Together, we are uniquely positioned to enable our clients across diverse sectors optimize their energy use and decarbonize operations in alignment with Enova stakeholders' environmental objectives – including Veolia's GreenUp strategic program – while making a meaningful contribution to the region's environmental goals.' Amel Chadli, President of Gulf Countries at Schneider Electric, said: 'As the region places greater urgency on decarbonizing its economy and building more resilient energy systems, it has become increasingly important for businesses, of various sectors, to optimize energy consumption, maintain a healthy and productive environment, and update aging facilities.' She added: 'Our collaboration with Enova builds on our commitment to set a new standard for decarbonization in the region through the convergence of technology and expertise. Our shared goal is to support organizations in driving meaningful transformation through sustainability, innovation, and operational resilience.' The collaboration will drive the adoption of smart technologies and support the integration of renewable energy into core business operations. The initiative empowers businesses to contribute meaningfully towards regional goals to scale clean energy and efficiency, through Schneider Electric's EcoFit and EcoCare programs, aimed at modernizing aging systems and ensuring circularity. By integrating Schneider Electric's connected technologies with Enova's on-the-ground capabilities in asset management and technical operations, the two companies will deliver future-ready solutions that respond to clients' evolving sustainability requirements. About Schneider Electric: Schneider's purpose is to create Impact by empowering all to make the most of our energy and resources, bridging progress and sustainability. At Schneider, we call this Life Is On. Our mission is to be the trusted partner in Sustainability and Efficiency. We are a global industrial technology leader bringing world-leading expertise in electrification, automation and digitization to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our deep domain expertise, we provide integrated end-to-end lifecycle AI enabled Industrial IoT solutions with connected products, automation, software and services, delivering digital twins to enable profitable growth for our customers. We are a people company with an ecosystem of 150,000 colleagues and more than a million partners operating in over 100 countries to ensure proximity to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaningful purpose of a sustainable future for all. About Enova: Enova is the regional leader in integrated energy and multi-technical services, offering comprehensive and performance-based Energy and Facilities Management solutions to its clients to help achieve their financial, operational, and environmental targets. With more than 5,700 highly trained and multi-skilled employees, Enova serves a wide portfolio of clients in the public, residential, commercial, industrial, and healthcare sectors across the region. Enova was created in 2002 as a joint venture between Majid Al Futtaim and Veolia. Majid Al Futtaim is the leading shopping malls, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia. Veolia is a global leader in optimised resource management; designing and providing water, waste, and energy management solutions which contribute to the sustainable development of communities and industries.
