Sudan News Gazette

DUBAI: Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, chaired the fourth meeting of the UAE Council for Climate Action held this year.

The Council conducted an online meeting to review the national efforts towards climate ambition, the outcomes of the 28th UN Climate Change Conference (COP28) hosted by the UAE, and other related matters.

Almheiri highlighted the success of COP28, which has marked a new phase in the UAE’s journey in climate action, both locally and globally. ‘The achievements of the UAE during the conference are a result of the hard work and cooperation of all concerned parties, including the private sector, academic and research sectors, and all members of society. Our country is committed to following the vision and directives of the wise leadership to ensure a sustainable future for the next generation,” she said.

She added, “The COP28 was a landmark event to address and adapt to climate change. The conference resulted in a historic “UAE Consensus” which m
arked a renewed commitment to accelerate climate action and keep our North Star – 1.5°C – within reach in order to protect the planet Earth. The conference was able to raise approximately $85 billion to launch a new phase of climate action around the world. Additionally, the conference activated the Loss and Damage Fund and mobilised approximately $800 million to help the countries that are most affected by climate change. The conference also produced 11 declarations covering various areas of climate action, which received widespread support from dozens of countries.”

She continued, “COP28 was a successful event that concluded this year. We hope to continue building on the results achieved in the coming years, in order to strengthen the UAE’s position in global climate action. We aim to create a leading global model for sustainability across various national sectors and achieve the goals of the UAE Net Zero 2050 strategy. We believe that taking climate action will provide an opportunity to achieve more susta
inable economic growth and prosperity for the people of the UAE.”

During the meeting, attendees reviewed the achievements made in the declarations issued at COP28, including the “COP28 Global Renewables and Energy Efficiency Pledge”. This pledge aims to triple the production capacity of renewable energy sources and double global energy efficiency. Additionally, they discussed the “COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action”.

The Council reviewed the progress of several national initiatives approved in December 2023 by the UAE government, including the UAE Net Zero 2050 strategy, long-term emission reduction, and the National Carbon Registry. In addition to various projects and initiatives currently being implemented, such as the UAE’s National Monitoring, Reporting, and Verification (MRV) system and the National Adaptation Action Programme.

The meeting included discussions on the National Dialogue for Climate Ambition, the Climate-Responsible Companies Pled
ge, the Climate Ambassadors Programme, and the COP28 Frontline Staff Training Initiative.
Source: Emirates News Agency

ABU DHABI: Abu Dhabi Fund for Development (ADFD) participated in the inauguration ceremony at the fishing port of Tanit in Mauritania of an ice factory that would enhance the port’s efficiency. The Fund also supervised the project, carried out for AED24 million (US$6.5 million) by the Emirati company Talc Investment, which is keen to invest in Africa and Latin America.

The project was inaugurated by Mohamed Ould Cheikh El Ghazouani, President of Mauritania, with the ceremony attended by Hamad Ghanem Hamad Al Muhairi, Ambassador of the UAE to Mauritania, and Mauritanian officials.

Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development, said that the objective of the strategic initiative is to enhance the operational efficiency of the port, raise the quality of its services, and improve fishermen’s living standards through the provision of better access to local and international markets. The ice factory would contribute to the stability of production and increase export capacity, th
ereby supporting the country’s economy.

Highlighting ADFD’s role in supporting economic development in Mauritania, he noted that the Fund had financed various strategic projects across the country’s main sectors such as industry, agriculture, transport, and renewable energy. He expressed hope that the latest project would strengthen the country’s port infrastructure, create jobs, and contribute to Mauritania’s overall prosperity.

Mokhtar El Houssein Lam, Minister of Fishing and Marine Economy of Mauritania, acknowledged ADFD’s role in the development of Tanit Port. ‘The support provided by the Abu Dhabi Fund has transformed the port, enabling it to manage more than 60 ships monthly and unload approximately 20,000 tonnes of fish each year, encompassing both industrial and traditional fishing operations,’ he said.

Lam also emphasised the strategic goals of the port’s development plan, including integrating the sector into the national economy to generate employment, increase state revenues, advance continent
al fishing and fish farming, and enhance the country’s food security through the provision of wider access to fish in Mauritanian provincial capitals. ‘This initiative marks a significant step towards comprehensive and sustainable growth in the fishing industry,’ he added.

Fishery constitutes a cornerstone of the Mauritanian economy. Representing approximately 58 percent of the country’s exports, the fishing sector contributes 8 percent to the overall GDP. Mauritania’s fish exports reach around 900,000 tonnes annually.

The Tanit fishing port, with a capacity to handle 400 small- or medium-sized boats, plays a crucial role in supporting this economic activity. The fishing industry itself provides 260,000 jobs, including 66,000 direct positions, highlighting its strategic importance to the country’s workforce.

ADFD began its development work in Mauritania in 1977. The fund has financed projects worth AED891 million, spanning strategic sectors like agriculture, health, transport, wind energy, and industry.
So
urce: Emirates News Agency

ABU DHABI: UAE stocks bolstered their gains on Wednesday, with their market capitalisation rising by over AED2.84 billion.

The market capitalisation of listed stocks grew from AED3.609 trillion yesterday to AED3.612 trillion by the close of today’s trading, divided into AED 2.932 trillion for stocks listed on the Abu Dhabi Securities Exchange (ADX) and AED 680.7 billion for stocks listed on the Dubai Financial Market (DFM).

DFM saw AED 2.04 billion in market gains, while ADX’s stocks logged AED 803.5 million.

Local stocks attracted about AED 1.52 billion in liquidity, split into AED 1.21 billion in Abu Dhabi’s market and AED 313.8 million in Dubai’s market. Trading involved approximately 762.3 million shares across over 19,700 deals.

The FTSE ADX Growth Market Index (FADGMI) closed higher by 0.1 percent, rising 9.2 points to settle at 9526.14 points. The FADX 15 index rose by about 0.1 percent, gaining around 9.5 points to close at 9301.94 points, while DFM’s General Index grew by 0.23 percent or the equi
valent of 9.44 points, settling at 4038.32 points.
Source: Emirates News Agency

ABU DHABI: The Ministry of Economy launched a unified registry for family businesses, highlighting four new cabinet resolutions that will enhance the governance of family companies and support the competitiveness of the legislation governing the sector in the country. The initiative is also aimed at ensuring family businesses’ sustainability and leadership in accordance with a clear vision to solidify the UAE’s position as a leading destination for local, regional, and global family companies.

Abdullah bin Touq Al Marri, Minister of Economy, emphasised the outstanding role of family businesses in promoting the growth and sustainability of economies around the world. According to estimates, family businesses account for 70 percent of the private sector companies globally, 60 percent of the total workforce and 70 percent of the global GDP. In the UAE, the sector contributes 40 percent of the national GDP, making up 90 percent of the total number of private companies in the country. This underscores its importa
nce and key role in supporting the achievement of the national goal to double the country’s GDP to AED 3 trillion by the next decade in accordance with the ‘We the UAE 2031’ vision.

Bin Touq said, “Thanks to the UAE’s wise leadership’s vision, a solid foundation has been laid to ensure the sustainability of family businesses and the growth of their businesses in the coming decades. The development of the family businesses sector in the UAE is being carried out in accordance with international best practices in this regard, through the promulgation of several legislation, proactive policies, initiatives and pioneering programmes, most notably the ‘Thabat’ programme. It is designed to ensure the sustainable growth of family enterprises in the country’s markets across successive generations and encourage them to expand into new economic sectors by taking advantage of all the opportunities and possibilities offered by the programme.”

He added, “The UAE’s family businesses are one of the main drivers promoting t
he growth and sustainability of the national economy, thus supporting the country’s transition towards a knowledge-based, innovative future economy. The launch of the unified registry for the sector is an important step forward in strengthening its governance and regulating registration procedures. This is necessary to build an integrated work system for family enterprises in the UAE in addition to the advanced legislation and technology infrastructure they currently benefit from. The introduction of the Family Charter is also key to the success and continuity of future generations of family companies, as it defines the rules of family ownership, goals and values, including mechanisms for assessing quotas and distribution of profits.”

Abdullah Ahmed Al Saleh, Under-Secretary of the Ministry of Economy, said, “The UAE continues to develop sustainable economic policies for the development of the family businesses sector given its significance as a key driver of national economic growth, while also strengthenin
g its competitiveness regionally and globally. We focus on two main pillars for the development of an integrated family business ecosystem in the country: the first is the legislative aspect and the development of robust legislation for family enterprises through the promulgation of proactive laws and leadership policies at the regional and global levels. The Federal Decree-Law No. 37 of 2022 on Family Businesses is an example, which established a roadmap for the governance of family enterprises and the regulation of their ownership and operations in the country.”

He continued, “The second area of focus is the launch of several policies, initiatives and programmes to facilitate the expansion of family companies. ‘Thabat,’ a first-of-its-kind programme in the Middle East, was launched to bring about a qualitative shift in the country’s family businesses sector and encourage them to shift towards new economic sectors.”

He added, ‘Over the past few days, we witnessed the largest gathering of first-generation f
amily businesses under the umbrella of the programme, which aims to transform 200 family projects into fast-growing startups by 2030.’

Al Saleh added, ‘As part of the UAE’s continuing efforts to enhance the governance of the family businesses sector and to elevate it to new, more competitive and diverse levels, we are launching the unified registry for family businesses today. This registry serves as a comprehensive and unified database containing all information related to family companies in the country, under the supervision of the Ministry of Economy.’

The Undersecretary explained that the launch of the registry falls in line with the Cabinet Resolution No. 109 of 2023 on the registration of family businesses. It includes the registration of family businesses, the issuance and revocation of their leadership certificates, and continuous updates on the status of family businesses. This resolution specifies a set of controls and requirements related to the registration of the family business in the registr
y. For example, a family business should be one of the types of companies that are not exempted from the scope of the Family Business Law Decree, and the majority of its shares should be owned by individuals from a single family. The partners who own the majority of the shares of the family business decide to register it in the registry.

How to register a family business in the unified registry

The registration process for a family business in the unified registry involves five steps, namely:

The majority shareholders of the family-owned company apply for registration in the official registry through the relevant authority in each emirate.

The relevant authority in the emirate, which also covers free zones, verifies that the family company meets all the specified regulations and requirements.

The relevant authority is in charge of connecting and sharing the mentioned data with the family-owned company, and any changes or updates made to it are communicated to the Ministry of Economy.

The Department of t
he Unified Registry at the Ministry, after receiving the required data and documents, is responsible for managing the registration of the family company, and a certificate is issued thereof.

If there is no digital connection for data sharing between the Ministry and the relevant authority, the data must be shared using any other coordinated method between the two parties within three working days.

Procedures Requirements for Deregistering a Family Company

The resolution also stipulates the procedures and conditions for deregistering a family company from the Unified Registry upon its request. Partners owning at least three-quarters of the family company’s capital can request the Ministry of Economy or the relevant authority to deregister the company. Upon receiving the request, the competent authority shares it with the Ministry of Economy. Subsequently, the Ministry cancels the family company’s registration certificate and informs the competent authority of the cancellation.

As per the cabinet decision,
there are two scenarios that call for the deregistration of a family company: either at the request of an interested party or by a decision from the competent authority. This can happen due to a drop in the family members’ share ownership to a point below the majority or the specified percentage in the family company’s founding contract, or if the family company is found to have submitted inaccurate information or documents that could lead to its deregistration as a family business. Those concerned have the right to object to deregistration by submitting a grievance to the Ministry within 15 working days.

Furthermore, Al Saleh highlighted three new resolutions issued by the Ministry of Economy to support the creation of a sustainable environment that ensures the growth and global leadership of family businesses. These include Cabinet Decision No. 106 of 2023 on the registration of the family charter, which mandates online registration of the charter on the Ministry’s website. The charter establishes specific
rules on ownership, objectives, family values, as well as mechanisms for evaluating shares and methods of dividends.

Al Saleh explained that Cabinet Decision No. 107 of 2021 regarding the family companies purchasing their shares complies with the provisions of Article No. 11 of the Family Businesses Law, as it stipulates a set of mechanisms to implement the purchase process, as follows:

The family company’s general assembly has approved the purchase process and authorised the board of directors or the family company manager, as necessary, to proceed with the purchase request.

Then, the family company applies to the relevant authority to seek approval for the purchase, providing a commitment from the company to adhere to the obligations set by the authority. Additionally, it needs to obtain consent from the relevant government bodies if the company’s activities fall under their jurisdiction, along with any other documents requested by the authority.

The family company applying for the purchase is committed
to executing the purchasing process within the period specified by the competent authority in approving the purchase request.

After that, the relevant authority will make its decision to approve or reject the request within 15 business days from the date of the request, provided that all the required data and documents are met.

The Cabinet Decision No. 108 of 2023 on the conditions and terms related to the multiple categories of shares of family companies establishes controls for the issuance of multiple categories of shares by the family company, which include the articles of association or the bylaws of the family company, depending on the circumstances, specifying the rights and privileges allocated to each category of shares, and that the shares should be of one category if all the rights and privileges allocated to them are equal.

According to this resolution, the family company has the right to modify or revoke share categories or their associated rights. It can also establish rules and conditions fo
r making such changes in the founding contract or the bylaws, as necessary. Furthermore, the resolution specifies that if the rules and conditions for modifying or revoking share categories or their associated rights are not defined in the founding contract or the bylaws, a resolution to make changes must be approved by a 75 percent or more majority vote of the partners with voting rights, as outlined in the founding contract or the bylaws.

Al Saleh confirmed that these new resolutions will offer greater flexibility and facilitation for the operations of family businesses in the UAE, supporting the expansion of their operations across various sectors. National efforts to enhance the UAE’s attractiveness for family businesses, aligning with the objectives of the next fifty years, will continue.
Source: Emirates News Agency

SHARJAH: The Sharjah Economic Development Department (SEDD) has released its ninth annual Business Licenses Report for 2022, offering a comprehensive snapshot of the emirate’s economic landscape and insights into investment and commercial activity. SEDD actively fosters and nurtures the growth of these businesses, driving performance across Sharjah.

Hamad Ali Abdalla Al Mahmoud, SEDD Chairman, stated that this report encompasses all key variables for understanding Sharjah’s business landscape. Moving beyond license numbers, it delves into crucial indicators like sector activity, geographical spread, legal structures, and foreign investment distribution, enabling investors to navigate the market with clarity and confidence.

Al Mahmoud explained that SEDD, through reviewing business data over the past years, has developed the business sector and improved all statistical and electronic services it provides based on customer and investor experiences. In addition, SEDD focuses on the current trend in studying th
e market, works on building economic indicators, pays attention to setting proactive visions, concentrates on the time and accuracy of transactions, facilitates procedures for incorporation contracts, while also provides more data and informational linkage with customer service centres and data governance in the Department. These are all procedures that serve the investors and provide them with the means of work and investment with the least possible effort as well as economic and capital cost. They also go in line with the orientations and wise directives of H.H. Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the pursuit of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council, to allocate all services and facilities to serve economic development at the level of the main industrial and commercial economic sectors in the emirate, especially encouraging the citizens of the emirate to be part
of the economic formation and benefiting directly from the significant economic development gains and savings that the emirate has achieved in the recent period. Al Mahmoud added that any establishment that has a license issued by SEDD plays a vital role in the growth of the emirate’s domestic product.

He noted that the Department has more than 72,000 active licenses, expecting the emirate’s GDP to reach AED140 billion by the end of 2023, compared to AED136 billion in 2022, a growth rate of 4%-5%.

Furthermore, the SEDD Chairman emphasised that the analysis conducted on the economic sectors indicates growth this year in three sectors, which are the wholesale and retail trade sectors, vehicle repair, the transportation and storage sector, and the accommodation as well as food services sector, which achieved growth of 10%, 9.5%, and 9.1%, respectively. Additionally, the volume of capital investment increased by 37.3% in the construction sector, while the manufacturing sector hit a growth rate of 21%, whereas t
he wholesale and retail trade sector grew by 15.8%. Moreover, the Department conducted transactions on 174,439 major activities at the level of the emirate, whereby the growth rate of such transactions on economic activities hit 5% in 2022. Such thing reflected in the growth of important sectors in the emirate that achieved significant output, led by the wholesale and retail trade sector, whose size exceeded AED31 billion, the manufacturing sector, which exceeded the value of AED22 billion and 17% of the gross domestic product, and the construction sector, whose size exceeded AED12 billion in 2022, which was reflected in the growth of the emirate’s GDP.
Source: Emirates News Agency

DUBAI: Dubai’s real estate market recorded 494 sales transactions worth AED2.18 billion on Wednesday, in addition to 101 mortgage deals totalling AED1.07 billion, and 42 gift deals amounting to AED787.19 million, data released by Dubai’s Land Department (DLD) showed.

The sales included 446 villas and apartments worth AED1.09 billion, and 48 land plots worth AED1.09 billion.

The mortgages included 85 villas and apartments worth AED372.3 million and 16 land plots valued at AED701.12 million, bringing the total realty transactions of today to over AED4.04 billion.
Source: Emirates News Agency

SHARJAH: The participants in the first Arab Financial Forum for the Sharjah Award for Public Finance have emphasised the use of technology, modern techniques, and digital transformation solutions to improve financial operations, simplify administrative procedures, achieve efficiency, as well as investing in developing infrastructure to enhance services and increase efficiency in financial resource management. They also highlighted the use and application of financial information systems to collect and analyse financial data in an organised and efficient manner.

This came at the forum sessions in the Egyptian capital, Cairo, which was organised by the Arab Organisation for Administrative Development affiliated with the Arab League, in collaboration with the Board of Trustees of the Sharjah Award for Public Finance, under the theme “Leading Experiences and Practices in Public Finance to Address Contemporary Challenges.” The forum took place over two days on December 24th and 25th at the Triumph Hotel in Cairo.

The forum, which included five sessions including a main session and a concluding one, attracted distinguished participation from senior officials, experts, and specialists in public finance and financial management in a number of Arab countries. The event was attended by Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Finance Department and Secretary-General of the Sharjah Award for Public Finance, and Dr Nasser Al Hatlan Al Qahtani, Director General of the Arab Organisation for Administrative Development.

Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Finance Department and Secretary-General of the Sharjah Award for Public Finance, affirmed that organising the forum is a continuation of the award’s journey as the first Arab award to honor excellence in public finance among entities and individuals. He noted that the forum is one of the effective activities of the award in developing government financial work to achieve financial balance and sustainability in the public and government s
ectors. This enables the government and institutions to provide basic services and achieve social and economic goals effectively, preparing them for their vital and pivotal role in supporting the economy, investing money to serve people, and sustaining a decent life.

Sheikh Rashid bin Saqr Al Qasimi expressed his confidence that the forum represents an ideal platform for disseminating the best experiences and practices in public finance in Arab countries, reviewing the most successful experiences despite the current economic challenges. It also provides a valuable opportunity to exchange knowledge and discuss issues and challenges related to managing financial resources in both the government and public sectors, ultimately supporting and serving the objectives of the award and continuing its engagement with outstanding individuals to disseminate their distinguished experiences and practices for the benefit of meeting societal needs and developing requirements.

Dr Nasser Al Hatlan Al Qahtani, Director Genera
l of the Arab Organization for Administrative Development, delivered a speech in which he emphasised that the organisation, as one of the organizations of the Arab League, is a specialized organization seeking to contribute to achieving sustainable administrative development in Arab countries through providing integrated services that meet the beneficiaries’ aspirations. These services include training programs, events (conferences, forums, seminars, and workshops), advisory studies, intellectual production, scientific publishing, and award management.

He pointed out that the Sharjah Award for Public Finance is a leading and unique Arab award specialised in public finance, aiming to disseminate the best practices and applications in public finance management to achieve sustainable development and optimize government financial resources. The award also seeks to encourage researchers and specialists in public finance management to sustainably develop and implement best financial practices.

It was stated in th
e concluding statement of the forum, which was delivered by Dr. Azam Armeli, advisor to the Arab Organisation for Administrative Development, that providing continuous support to implement the recommendations that emerged from the forum will contribute to improving public financial management and enhancing financial sustainability in Arab countries. These recommendations include enhancing transparency, combating corruption, adopting digital solutions, using technology and innovation, improving revenues and expenditures, enhancing investment attractiveness, focusing on financial sustainability, as well as promoting international cooperation and exchange, supporting research and studies, and enhancing professional training and development.

At the conclusion of the event, Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Finance Department and Secretary-General of the Sharjah Award for Public Finance, expressed his appreciation for the significant interest and keen attention shown by the participating s
peakers during the forum sessions. They enriched the discussions with the topics and issues facing public finance amidst current challenges and developments in the economic, social, and other fields. He affirmed that the forum has added value to the goals and endeavors of the Sharjah Award for Public Finance, motivating the continued organisation of such quality forums and the review of the best Arab experiences and practices in the field of public financial management.
Source: Emirates News Agency