Latest news with #AED3
Sharjah 24
8 hours ago
- Business
- Sharjah 24
CBUAE imposes financial sanction on exchange house
The financial sanction of AED3,500,000 has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with AML/CFT policies and procedures. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Fibre2Fashion
6 days ago
- Business
- Fibre2Fashion
ADNOC & partners to invest $817 mn in UAE manufacturing sites
ADNOC announced that its partners across its supply chain commit to invest AED3 billion ($817 million) in manufacturing facilities across the UAE. The announcement was made at the 'Make it in the Emirates' forum currently underway in Abu Dhabi. ADNOC and its partners will invest AED3 billion (~$817 million) in UAE manufacturing facilities, creating 3,500+ skilled jobs. Backed by ADNOC's ICV program, the projects support the 'Make it in the Emirates' initiative and include sites across major industrial zones. The move aligns with ADNOC's plan to locally produce AED90 billion (~$24.52 billion) in goods by 2030. The facilities are located across Industrial City of Abu Dhabi (ICAD), Khalifa Economic Zones Abu Dhabi (KEZAD), Dubai Industrial Park, Jebel Ali Free Zone (JAFZA), Sharjah Airport International Free Zone (SAIF Zone) and Umm Al Quwain. They will create more than 3,500 highly skilled private sector jobs and manufacture a wide range of industrial products including pressure vessels, pipe coatings and fasteners. The facilities have been enabled by commercial agreements ADNOC signed with the companies under its In-Country Value (ICV) program. The ICV program is providing a platform for businesses to capitalize on ADNOC's diverse commercial opportunities as it delivers on its plan to locally manufacture AED90 billion ($24.5 billion) worth of products in its procurement pipeline by 2030. Yaser Saeed Almazrouei, ADNOC Executive Director, People, Commercial and Corporate Support, said: 'We welcome our partners' commitment to advancing local manufacturing through their investments in these state-of-the-art facilities which will strengthen the UAE's industrial base and create highly skilled private sector jobs. These investments reflect ADNOC's ongoing drive to support the 'Make it in the Emirates' initiative and localize strategic industrial capabilities through our In-Country Value program. We look forward to working with our partners to ensure business continuity and unlock further opportunities for sustainable growth and economic diversification.' The facilities include newly operational sites, major expansions and investment commitments. The state-of-the art facilities are aligned with ADNOC's current and future procurement requirements, underscoring its support for the 'Make it in the Emirates' initiative. The announcement builds on the success of ADNOC's ICV program, which has driven AED242 billion back into the UAE economy and enabled 17,000 jobs for UAE Nationals in the private sector since 2018. Manufacturers, small and medium-sized enterprises (SMEs) and entrepreneurs are encouraged to explore the 'Make it with ADNOC' app, which provides businesses with visibility into the products ADNOC plans to purchase, offering a more streamlined and integrated procurement process. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Trade Arabia
23-04-2025
- Business
- Trade Arabia
Kleindienst unveils $816m Buddha-Bar projects
Kleindienst Group has announced a landmark partnership with George V Eatertainment to bring Buddha-Bar Hotel and Buddha-Bar Beach to The Heart of Europe on The World Islands in Dubai. Valued at approximately AED3 billion ($816.77 million), this visionary development is poised to set new global standards for lifestyle hospitality – anchored in innovation, sustainability and immersive guest experiences, said the company. The announcement will be officially unveiled by Kleindienst Group at the upcoming Arabian Travel Market (ATM) 2025, taking place from April 28 to May 1 at the Dubai World Trade Centre, where the group will be showcasing The Heart of Europe at their dedicated stand HC2210. The agreement marks the debut of the first-ever Buddha-Bar Hotel & Floating Villas in the MENA region, along with the launch of Buddha-Bar Beach Honeymoon Island, a world-class beach club, lounge and dining concept. The two flagship destinations will be constructed over a 24-month timeline, delivering a bold new statement in destination luxury. 'Our collaboration with George V Eatertainment redefines what a destination can offer,' said Josef Kleindienst, Founder and Chairman of Kleindienst Group. 'Together, we are creating not just places to stay or dine, but a fully immersive world, where the journey is as extraordinary as the destination. We are pioneers of sustainable, experiential living, driven by innovation. It's another milestone in our mission to transform The Heart of Europe into a living, breathing showcase of what's possible when visionary design and meaningful experiences converge.' A multisensory escape The 162-key overwater Buddha-Bar Hotel & Floating Villas is set to become a sanctuary of style, serenity and sensory delight. Guests can expect signature Buddha-Bar Hotel touches throughout – from immersive design to curated music, world-class gastronomy, a luxury spa and floating villas that define overwater living. Every element of the property reflects Buddha-Bar Hotel's DNA with afusion of architectural elegance, soulful music, global culinary artistry and effortless luxury. Combined with the destination's eco-conscious design and floating construction, the development reinforces The Heart of Europe's commitment to marine conservation and sustainable hospitality. Endless Summer Vibes A stone's throw from the hotel lies the future heartbeat of the island, Buddha-Bar Beach Honeymoon Island, where sun, sound and celebration converge. Designed as an all-day, all-night venue, it blends barefoot luxury with bohemian elegance, offering curated dining, creative mixology, Mediterranean-inspired design and electrifying entertainment. Whether it's sunrise yoga, beachfront dining, sunset sessions with world-class DJs, or late-night beach parties, this will be Dubai's definitive social escape, attracting jetsetters and experience-seekers from around the world. 'This launch is about raising the bar,' said Nabil Souhail, VP of Buddha-Bar International. 'From boat to beach to bed, every moment is designed to inspire. We're bringing the world's finest experiences to one place—and inviting Dubai to escape with us.' Set within the lush island escape of The Heart of Europe, the destination embodies the sustainable ethos of the development, integrating natural materials, renewable technologies and coral-safe marine practices. Transforming island living in Dubai The arrival of the Buddha-Bar Hotel & Beach concepts marks a significant evolution in Kleindienst Group's portfolio of ultra-luxury, innovation-driven projects. From underwater villas and climate-controlled streets to renewable energy systems and marine conservation programs, The Heart of Europe continues to break boundaries in hospitality. With more than 4,000 keys across 20 distinct hotels and resorts, the project aims to position Dubai as the world's premier destination for lifestyle-led tourism. 'This project speaks directly to the kind of hospitality that today's global traveller seeks – meaningful, memorable and deeply sensorial,' said Parisa Seif, Managing Partner at Kleindienst Group. 'From the curated music and refined mixology to the arrival experience and overwater villas, we're offering more than accommodation—we're crafting stories that unfold across every touchpoint. Buddha-Bar Hotel and Buddha-Bar Beach are a natural fit for The Heart of Europe's vision: daring, experiential and deeply connected to place.' 'We're not just building a resort,' adds Parisa Seif. 'We're creating a cultural movement. This project is about pushing the boundaries of design, storytelling and sustainability—creating something that has never been done before, anywhere in the world.' -
Sharjah 24
21-04-2025
- Business
- Sharjah 24
Abdullah bin Zayed appoints Sp. Envoy for Bus. and Philanthropy
The UAE has long championed a pioneering model where business, investment and philanthropy collaborate. Today, the UAE stands among the world's fastest-growing economies, as its non-oil sectors achieved an increase of 4.5 percent during the first nine months of 2024, representing 74.6 percent of real GDP. This is a testament to its robust private sector, thriving innovation and competitive ecosystem, and reflects the UAE's commitment to economic diversification. In 2024, the UAE ranked 9th globally in the World Giving Index, demonstrating its leading role - grounded in core values and strategic alliances - and highlighting the importance of leveraging partnerships to drive economic growth and societal benefit. As Special Envoy, Badr Jafar will work to strengthen the UAE's engagement with global business and philanthropic communities, enhancing the role of the private sector in addressing shared global priorities. By fostering significant partnerships and unlocking new avenues for investment and innovation, this role reinforces the UAE's position as a dynamic hub for economic diplomacy, sustainable finance, and social progress, reflecting the country's belief in the importance of cooperation, future vision and shared responsibilities, and aligned with the strategic vision of the 'UAE Centennial 2071'. In this regard, Badr Jafar said, "I am deeply honoured to serve as Special Envoy for Business and Philanthropy, a role that embodies our nation's unwavering commitment to multi-stakeholder collaboration. The global challenges we face demand bold solutions and collective action. By bridging the efforts of government, business and philanthropy, we can accelerate sustainable development and create lasting prosperity for all.' The UAE continues its efforts to promote sustainable economic development, aiming to double its GDP to AED3 trillion (US$817 billion) by the next decade, in line with the 'We the UAE 2031' vision. With a proven track record of leading global partnerships, the UAE remains steadfast in its mission to turn today's challenges into tomorrow's opportunities. About the Special Envoy for Business and Philanthropy The appointment by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, of a Special Envoy for Business and Philanthropy strengthens the country's diplomatic influence by integrating business and philanthropy into its global engagements. This champions a diplomacy-driven approach that leverages the power of multi-stakeholder partnerships to drive sustainable impact and shared prosperity. Strategic Objectives: 1. CONNECTING: Facilitating engagement and coordination between the private sector and governmental entities in the UAE, and with the private sector internationally. 2. MOBILISING: Enabling business and philanthropy stakeholders to support the UAE's diplomatic and strategic objectives 3. ADVOCATING: Promoting common understanding of the importance of public, private, and philanthropic coordination and collaboration and the opportunities that exist to put it into practice. The Special Envoy's mandate embodies the principles outlined in the UAE's national visions, including 'We the UAE 2031' vision and 'Centennial 2071,' aiming to position the UAE as a global leader in economic influence and philanthropic endeavours.
Arabian Business
10-04-2025
- Business
- Arabian Business
Sheikh Hamdan visits Bombay Stock Exchange during India Trip; rings opening bell
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, visited the Bombay Stock Exchange (BSE) today as part of his official visit to India. The Crown Prince was received by Sundararaman Ramamurthy, Managing Director and CEO of the BSE, at the exchange located in Mumbai, India's financial and commercial capital. Sheikh Hamdan opens trading Sheikh Hamdan rang the opening bell to mark the start of the day's trading session, the Dubai Media Office said in a statement on Wednesday. حمدان بن محمد يزور بورصة بومباي ويقرع جرس بدء تداولاتها، وتعتبر البورصة من الأكبر عالمياً من حيث عدد الشركات المُدرجة والقيمة السوقية، والأولى في آسيا إذ يعود تأسيسها إلى العام 1875. Hamdan bin Mohammed visits Bombay Stock Exchange and rings opening bell as part of his official… — Dubai Media Office (@DXBMediaOffice) April 9, 2025 During the visit, he received briefings on BSE operations, which ranks among the world's largest stock exchanges with over 5,600 listed companies. He was also informed about the exchange's ongoing efforts to enhance infrastructure and expand services supporting India's capital markets growth. 'Sheikh Hamdan underscored the UAE's keenness to deepen cooperation between its financial markets and international counterparts,' the statement said, adding that he noted both countries' efforts to enhance capital markets through digital innovation, including technologies such as artificial intelligence and blockchain. The Crown Prince highlighted that engagement with India's financial markets aligns with the UAE's strategy to build strategic ties with global exchanges, facilitate cross-border trading, and attract international investment. Hamdan bin Mohammed visits Bombay Stock Exchange and rings opening bell as part of his official visit to India. Located in Mumbai, India's financial and commercial capital, the BSE is one of the oldest stock exchanges in the world and the first in Asia, established in 1875. — Dubai Media Office (@DXBMediaOffice) April 9, 2025 Sheikh Hamdan also emphasised Dubai's economic ambitions as a regional and international hub for finance, business, and trade. These goals are reflected in the Dubai Economic Agenda D33, which aims to establish Dubai as one of the world's top four global financial centres and expand the emirate's capital markets to AED3 trillion. The Crown Prince expressed hope for increased cooperation between the Bombay Stock Exchange and Dubai Financial Market, which he said would enhance Dubai's role as a key link between eastern and western capital markets. The BSE, established in 1875, is Asia's first stock exchange and one of the fastest trading platforms globally. It has supported the growth of Indian companies for nearly 150 years by providing a platform for raising capital. In May 2024, the total market capitalisation of BSE-listed companies exceeded $5 trillion for the first time, demonstrating the strength of the Indian economy.
