Latest news with #Dh3.5
Arabian Post
4 days ago
- Business
- Arabian Post
UAE Regulator Intensifies Scrutiny with Dh3.5 Million Penalty
The Central Bank of the UAE has levied a Dh3.5 million fine on an unnamed exchange house for breaches of anti-money laundering and counter-terrorism financing regulations. This action is part of a broader enforcement initiative targeting financial institutions failing to meet compliance standards. The penalty was imposed under Article 14 of Federal Decree Law No. of 2018, which governs AML/CFT measures in the UAE. An examination by the CBUAE revealed that the exchange house failed to implement adequate policies and procedures to detect and prevent illicit financial activities. This enforcement follows a series of similar actions by the CBUAE. On May 29, the regulator imposed a Dh100 million fine on another exchange house for significant failures in its AML/CFT framework. Earlier in May, a separate exchange house faced a Dh200 million penalty, and its branch manager was fined Dh500,000 and barred from holding any position in licensed financial institutions within the UAE. ADVERTISEMENT The CBUAE has taken action against foreign banks operating in the country. Two branches were fined a total of Dh18.1 million for AML/CFT violations, with individual penalties of Dh10.6 million and Dh7.5 million, respectively. These measures reflect the UAE's commitment to strengthening its financial regulatory framework and aligning with international standards. The country was previously placed on the Financial Action Task Force grey list in 2022 due to concerns over its AML regime but was removed in 2024 after implementing significant reforms.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
MIITE 2025: The powerhouse for global industrial excellence
EMSTEEL has emerged as a key enabler of the UAE's National In-Country Value (ICV) Programme and views its contribution not just as a compliance obligation, but as a strategic enabler for investing in the growth and resilience of the national industrial ecosystem. In 2024, EMSTEEL invested nearly Dh3.5 billion in local procurement, engaging over 1,365 UAE-based suppliers and directing 48.2 per cent of its procurement spending towards local businesses. Furthermore, 86 per cent of new suppliers in the Group's Steel Division and 34 per cent in the Cement Division were ICV-certified, reflecting the company's deliberate efforts to enhance local sourcing and amplify the multiplier effect across the national economy. The company currently commands a significant share of the UAE's industrial output, contributing 10 per cent to Abu Dhabi's non-oil manufacturing sector and holding a 60 per cent share of the national steel market. Through the integration of advanced manufacturing technologies, the company produces high-quality steel and building materials that serve the needs of the construction, engineering, and energy sectors both locally and globally. Aligned with the UAE's Operation 300bn strategy, EMSTEEL has launched comprehensive initiatives to support Emiratisation and nurture the next generation of industrial leaders. The company is proud to report an Emiratisation rate of 52 per cent across leadership, operational, and strategic planning roles. The strong representation of UAE nationals highlights EMSTEEL's dedication to creating sustainable and aspirational career pathways for Emiratis in the manufacturing sector. As a key player in the UAE's industrial transformation and the first steelmaker in the world to capture part of its CO2 emissions, EMSTEEL continues to set benchmarks for sustainable innovation and performance, building a stronger, more resilient future for the country's economy.
Al Etihad
11-05-2025
- Business
- Al Etihad
Khaldoon Al Mubarak: Mubadala an Emirati success story, inspiring the world
12 May 2025 02:14 HAMED RUAAB (ABU DHABI)Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala, said that over the course of nearly 20 years, Mubadala has successfully written an Emirati success story that inspires the world. It has evolved into a global investment powerhouse with assets totalling Dh1.2 trillion, covering 11 vital future-focused sectors and operating in 88 countries an interview with Aletihad, Al Mubarak stated that Mubadala's success, from its initial projects in 2004 to the present day, reflects the wise leadership's vision and the progress of the UAE across all fronts. It represents a new chapter in the UAE's record of accomplishments and leadership regionally and globally. He emphasised that Mubadala's role extends beyond financial returns — it plays a central role in advancing economic diversification and developing national talent to lead the explained that the company was among the early investors in sectors that have proven essential to the global economy, such as clean energy, healthcare, life sciences, advanced manufacturing, semiconductors, and artificial intelligence (AI), which is now a top priority. The UAE stands today among the world's most advanced and engaged nations in AI. 20 Years of Growth Al Mubarak began by reflecting on Mubadala's beginnings, stating: 'Great achievements stem from visionary ideas, and those ideas originate from wise leadership.' He praised the solid foundations laid by the UAE's leadership and emphasised that the vision and guidance of President His Highness Sheikh Mohamed bin Zayed Al Nahyan have always charted the path for development, innovation, and recalled how Mubadala's first projects in 2004 involved only two sectors and Dh3.5 billion in assets, launched in alignment with the vision of His Highness Sheikh Mohamed bin Zayed — prioritising human development, securing a dignified life for UAE citizens, building a diversified and globally integrated economy, and enhancing competitiveness and Mubarak noted that thanks to this vision, and under the leadership of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of Mubadala, the investment powerhouse continues to move forward with determination to achieve its goals and added that Mubadala has, since its inception, been committed to driving economic diversification, cementing the UAE's position as a global hub for future industries, establishing leading national companies, and investing early in sectors that shape the future of the UAE and the world — such as renewable energy, space, advanced technology, semiconductors, aerospace, life sciences, healthcare, and infrastructure. It has also forged global partnerships with leading companies and investors. These achievements reflect the UAE's journey, marking significant milestones in its track record of global leadership. Investing in People Al Mubarak stressed that Mubadala's success isn't limited to generating strong financial returns but also includes its contributions to national talent development. Quoting the UAE's Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, he said: 'A country's greatest investment lies in building generations of educated and knowledgeable youth.'He explained that this philosophy remains central to Mubadala, with continued guidance from His Highness Sheikh Mansour bin Zayed, who places nurturing Emirati talent on high emphasised that Mubadala is committed to enhancing the capabilities of its national workforce — its 'true investment' — by providing opportunities for leadership development, exposure to world-class teams and expertise, and skill-building to prepare future national leaders across various sectors. Future-Focused Sectors On Mubadala's forward-looking investment strategy, Al Mubarak said the company has long focused on sectors that have now become central to the global economy, such as clean energy, healthcare, life sciences, advanced manufacturing, and semiconductors. He emphasised the belief that building capabilities and laying the foundation for innovation in these promising sectors is a long-term investment in future generations and will significantly advance the UAE's position cited examples of leading Mubadala companies — Masdar, GlobalFoundries, M42, Emirates Global Aluminium, and Strata — that exemplify the company's long-term value creation strategy aligned with national priorities and in partnership with global industry leaders. Artificial Intelligence Al Mubarak highlighted that AI is currently the most dynamic and transformative field globally, impacting every aspect of life and reshaping how we engage with the world. The UAE has been a global frontrunner in adopting AI, driven by the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. This has elevated the UAE's global standing in the field, with significant achievements in 2024 under the leadership of His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security also noted Mubadala's role, in partnership with G42, in establishing MGX, a national leader investing in sectors where AI can drive significant economic impact, including semiconductors, infrastructure, software, tech-based services, life sciences, and AI infrastructure. Strength and Competitiveness On Mubadala's financial performance, Al Mubarak stated that beyond generating sustainable returns and forming strategic global partnerships, Mubadala has become a leading, responsible investor operating competitively in a dynamic international environment. It plays an active role in shaping the future through strategic investments across critical sectors. He affirmed that Mubadala is now stronger, more effective, and more competitive than ever, ranking among the world's best-performing sovereign wealth pointed to Mubadala's asset value reaching Dh1.2 trillion ($330 billion), with a five-year cumulative return of 10.1%. In 2024 alone, Mubadala deployed Dh119 billion ($32.5 billion) in new investments, diversifying and strengthening its portfolio and achieving a 10% year-on-year revenue increase to Dh109 billion ($30 billion). Abu Dhabi as a Global Business Hub Asked about Abu Dhabi's role as a global investment destination, Al Mubarak stated that the emirate has become a premier international business and investment hub focused on future sectors. This progress is guided by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, who is committed to reinforcing Abu Dhabi's position as an innovation and investment Mubarak emphasised that Mubadala's global success must go hand in hand with the UAE's development journey — fostering investment, business growth, innovation, and international partnerships for the benefit of the country. This principle is central to Mubadala's investment noted that Mubadala now has a dedicated investment unit for the UAE, acting as the company's national investment arm. Its goal is to accelerate economic growth by investing in globally leading national firms, developing strategic industrial and commercial clusters, and forming partnerships with global continues to grow its portfolio in key sectors — energy, mining, aerospace, technology, healthcare, real estate, and infrastructure — while launching new initiatives to attract investment partners and build economic clusters within the UAE. Notably, Masdar — founded years ago as an early bet on a vital global sector — has made Mubadala a global leader in clean and renewable energy, with investments and partnerships across 40-plus countries on six continents, generating over 51GW of power. Leading National Companies Al Mubarak also highlighted investments in Emirates Global Aluminium and Strata, both national champions that have strengthened local manufacturing and trained skilled Emirati talent. Mubadala has also advanced the UAE's healthcare sector by establishing Cleveland Clinic Abu Dhabi and M42 — two world-class healthcare platforms. He noted Mubadala's role in enhancing pharmaceutical manufacturing and life sciences capabilities, as well as bolstering the security of medicine referenced Mubadala's role through the Hub71 platform in building a global tech ecosystem connecting startups, investors, entrepreneurs, and government entities. Mubadala is also showcasing its leading national companies through platforms like the 'Make it in the Emirates' Forum, while the Abu Dhabi Investment Council — its indirect investment arm — continues to boost investment in funds and co-investment vehicles with top global asset managers, helping diversify Mubadala's portfolio. Confidence in the Future On future prospects amid global economic uncertainty, Al Mubarak acknowledged the fast-paced, complex transformations affecting the world. Despite the resulting ambiguity in global investment landscapes, he expressed confidence in Mubadala's ability to overcome challenges and realise its reaffirmed the company's long-term investment mindset and sees strong growth potential across various sectors and geographies. Mubadala will continue pursuing high-value opportunities, maintaining its commitment to strategic consistency. What has been achieved so far is only a fraction of the company's ambition, Al Mubarak said. With the guidance of the UAE's leadership, support from its board, global partners, and dedicated team, Mubadala will continue shaping the next chapter in its pioneering national journey, he concluded.
Gulf News
05-05-2025
- Business
- Gulf News
Gold prices spike in Dubai: Why UAE shoppers should wait until Thursday
Dubai: The Dubai Gold Rate has risen by Dh3.5 a gram to start the week, with a gram of 22K selling at Dh365 (and Dh394 for 24K), in what will be a huge disappointment for shoppers who were expecting prices to soften. Today's rate is still lower than last Monday's (April 28) Dh371, but all through last week the trend was for the local gold rate to drop. On May 1, it was at Dh359. 'Shoppers would have been expecting gold to slip to around Dh350-Dh355 levels, so to see prices around Dh365 will be a huge blow to sales this week if this trend continues,' said a jeweller. 'Even tourist demand will come in lower. The only hope is that some of the planning wedding purchases materialize.' 'Wait until Thursday' This week, gold buyers/investors will be better off waiting to see the outcome of the next US Federal Reserve Meeting, which will decide on whether retain interest rates at current levels or cut them. (President Trump has been vocal about the need for lower interest rates, which added to the market turbulence seen last month.) Hoping for gold demand spike in June The UAE gold trade is also hopeful that closer to June, there will be some pick up in gold buying activity, especially with a sizable section of the resident base planning their holiday trips after schools close. (At those times, buying gold and then selling them at a profit in their home countries has been a traditional pattern.) In fact, all trends suggest there should be some weakening in gold prices short-term. All that frenzied market movements over Trump tariffs have subsided to a good extent. The US dollar's still on the lower side but still at levels seen last week. Currently, in the global metals market, gold is trading at $3,266 an ounce, up nearly $30 so far. US Fed meeting Gold analysts say that today's rise has everything to do with the US Federal Reserve meeting scheduled for Wednesday. In recent times, there has always been a gold price spike ahead of such meetings.
Al Etihad
24-04-2025
- Business
- Al Etihad
Hub71 startups raised Dh8.02 billion in funding in 2024
25 Apr 2025 00:30 MAYS IBRAHIM (ABU DHABI)Hub71's startups have raised a cumulative Dh8.02 billion in funding and generated Dh4.5 billion in revenue in 2024, according to its 2024 Impact Report. The latest funding figure marks a 44.7% year-on-year increase from Dh5.4 billion in 2023, demonstrating strong investor confidence in Abu Dhabi's innovation economy. The revenues, which were up from Dh3.5 billion the previous year, reflected the sustained commercial traction across priority ecosystem is home to 371 startups spanning 24 sectors, of which 276 are onboarded in its programmes. Its community is notably diverse, with founders representing 60 nationalities and 67 female entrepreneurs actively contributing to the innovation capital pipeline into the ecosystem remains strong, with Dh1.2 billion raised via Hub71's venture capital partners and affiliates, and Dh948 million sourced from Abu Dhabi-based growth is underpinned by 106 partners – comprising 57 fund partners and 49 family offices – working collaboratively to fuel the UAE's innovation 2024 alone, 91 corporate deals worth Dh103 million were signed through 33 market partners. Specialist verticals are gaining momentum as well: Hub71 now hosts 29 Digital Assets startups and 26 ClimateTech startups under its 'Hub71+ Specialist Ecosystems' initiative. These sector-specific ecosystems are part of the broader mission to align with Abu Dhabi's economic vision and develop focused tech ecosystem's collaborative infrastructure continues to mature, with 23 government entities and 10 talent partners supporting growth across key CEO Ahmad Ali Alwan attributed much of Hub71's success to its collaborative model and regulatory agility'Our real value as Hub 71 is through the network of partners or through the network of opportunity we offer them through our partners, through access to capital, access to talent, access to market, and a great business and regulatory environment. And to that end, our partnerships continue to grow,' he said during a media roundtable hosted on Thursday to mark the report's 2024, Hub71 received over 3,100 applications from entrepreneurs representing more than 20 countries, highlighting the growing global appetite to build from the UAE capital. Of the 46 startups selected, approximately over 70% came from international markets, with more than half in the Seed or Series A stages. Startups from the US, UK and Germany, made up nearly 63% of Cohort 16, cementing the city's reputation as a gateway between established tech hubs and high-growth emerging markets. Looking ahead to 2025, Hub71's top priority will be strengthening Abu Dhabi's value proposition as a tech hub – through regulatory ease, faster market access, and an ever-growing network of partners, Alwan told Aletihad . 'Our focus continues to be largely in line with what started the mission; it's to continue creating an environment where we'll see globally enduring tech companies continue to thrive and scale out of Abu Abou Hachem, Head of Growth and Strategy, highlighted the deliberate push into sector-focused ecosystems. He described the success of Hub71+ Digital Assets, launched in 2022, as a key milestone: over 1,000 startups applied to join, making it Hub71's most popular funnel. This vertical attracted interest from major international players due to its alignment with ADGM's regulatory had also launched Hub71+ ClimateTech in conjunction with COP28 to provide a unified platform for green innovation by bringing together entities like ADNOC, ADIO, and UN Capital under a single AI revolution also catalyzed another major expansion in 2024: Hub71+ AI. Backed by powerhouses such as Google, NVIDIA, AWS, and Core42, this initiative aims to make Abu Dhabi a top global destination for AI AlBadi AlDhaheri, Head of Value Creation, detailed how Hub71 is enabling startups to scale globally through tailored support. In 2024, capital partners invested Dh238 million into startups, including new funds aligned with ClimateTech. Tech Barza, Hub71's private capital club, expanded by 10%, and the new angel investor package supported eight startups with early-stage market access, over 70 curated meetings were held between startups and top corporates such as FAB, ADNOC, Siemens Energy, and Bayer. Collaborations with entities like Emirates Development Bank and Abu Dhabi Islamic Bank are helping fintechs and Emirati founders gain traction both locally and also noted that Hub71 is a key player in leading the regulatory sandbox initiative, in collaboration with ITC, ADAFSA, enabling 11 startups to test their technologies in a controlled environment and navigate it through compliance Al Kaabi, Head of Operations and Corporate Services, shared Hub71 startups success stories from 2024, including a deal involving 44.01, which secured $37 million in Series A funding led by Sharouf Funnels, alongside Amazon's Climate Pledge Fund and Equinox Ventures. Meanwhile, Fuse and Bit2Me have teamed up to enhance their digital infrastructure, facilitating the adoption of their solution across multiple marketplaces. Fuse, which primarily operates in the MENA region, and Bit2Me, based in Latin America, are now collaborating to expand their reach into both markets, Al Kaabi explained.
