VIDEO: Olam Agri backed by Saudi PIF secures $1.85bln dual-tranche financing facility
The funding comprises a $1.6 billion conventional facility and a $250 million Islamic tranche. Watch the Zawya video here:
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Dubai Eye
2 hours ago
- Dubai Eye
H.H. Sheikh Maktoum reviews Ministry of Finance's 2024 report
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has reviewed the 2024 annual report of the Ministry of Finance (MoF) titled "Financial Sustainability and Global Leadership". The report documents the MoF's key achievements, standout financial data and national initiatives as well as projects undertaken by the ministry throughout the year. It also highlights positive outcomes of the ministry's regional and international engagements, showcasing the role it plays in reinforcing the UAE's position as a leading player within the global financial and economic landscape. The report was reviewed during a meeting chaired by H.H. Sheikh Maktoum at the ministry's office in Dubai. Present during the meeting were Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; as well as Assistant Undersecretaries and senior officials from the ministry. His Highness emphasised that in a world where changes are unfolding faster than ever with new economic challenges emerging every day, the UAE stands out as an attractive and leading hub for stability and growth thanks to the country's leadership, which has always placed emphasis on a forward-looking vision and adaptability to global shifts as the foundational elements of its development journey. He stated, 'In line with the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE is committed to building an integrated economic system that promotes diversification and continuous development, with people at the heart of the process, as its primary driving force.' He added: 'The Ministry of Finance has made significant progress in boosting governmental fiscal management and enhancing its contribution to the national economy through proactive financial policies that promote sustainable growth. In 2024, it took strategic steps to realise the leadership's aspirations and enhance the UAE's global reputation.' Sheikh Maktoum stressed that the continued success of the UAE's dirham-denominated government T-bond issuance programme and Islamic T-sukuk issuance programme reaffirms the ministry's keenness to develop innovative financing solutions that bolster the national economy and reinforce the UAE's position as a leading global hub for financial investment. These programmes, he noted, demonstrate the country's ability to respond to market needs while ensuring financial liquidity in a balanced and sustainable way. He also pointed out that the consistent sovereign credit ratings accorded to the UAE by international agencies such as Fitch and Moody's is a testament to the country's economic stability and the global confidence in its financial policies. Such ratings serve as key indicators of the UAE's capability to meet its financial obligations, further solidifying its appeal as a secure and stable investment hub. Sheikh Maktoum said that the ministry continues to play a key role on the global stage in shaping international financial policies, actively participating in G20 and BRICS summits as well as meetings of the International Monetary Fund (IMF) and the World Bank. 'Our participation in such events goes beyond just being present to making a tangible impact, contributing to shaping the global financial agenda and reinforcing the UAE's position as a key player in the international financial system. Through these platforms, the UAE seeks to map out innovative strategies to address global economic challenges and fosters international cooperation to advance sustainable development goals,' he added. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the Ministry of Finance continues to remain at the forefront among government entities promoting excellence and innovation across their operations. Al Hussaini added that the ministry will continue to play a fundamental role in driving sustainable economic development, in line with the UAE's ambitious vision to be among the world's most developed nations, as outlined in the UAE Centennial 2071 vision. 'As global economic challenges continue to grow, the need has emerged for a comprehensive framework of policies and procedures aligned with international best practices to keep pace with these changes. Throughout 2024, the ministry achieved a series of remarkable milestones, successfully implementing innovative strategies that strengthened the country's position both regionally and internationally,' he added. He added that such achievements include key initiatives to promote the sustainable management of financial resources, and comprehensive policies on asset management, inventory, and leasing within the federal government, as well as efforts to enhance overall resource efficiency. The Ministry has made significant progress in maximising the value and impact of public assets. Building on these foundations, the ministry has intensified its efforts to boost transparency and accountability in financial operations while simultaneously demonstrating exceptional performance in its journey toward comprehensive digital transformation, in line with the UAE Digital Government Strategy 2025 and the 'We the UAE 2031' vision, His Excellency Al Hussaini said. He emphasised that the ministry is making steady progress towards fulfilling the vision of the leadership to build a sustainable and diversified national economy. Over the course of 2024, the Ministry of Finance achieved a series of significant milestones, as part of its strategic objectives to establish a comprehensive financial system driven by innovative policies and forward-looking programmes. The ministry's report also highlighted the sustained success of the Islamic T-Sukuk issuance programme, denominated in UAE dirhams. Since its launch in May 2023, the programme recorded successful outcomes across all 14 auctions conducted until the end of 2024, reaching a record issuance size of AED1.1 billion and a total nominal value of AED17.1 billion. In terms of public debt management, the report noted that the total outstanding domestic public debt reached AED23.45 billion by the end of 2024. This includes an outstanding balance of AED6.35 billion under the government treasury bond programme following the repayment of the first tranche of two-year bonds valued at AED4.85 billion and AED17.1 billion under the Islamic Treasury Sukuk programme. The report highlighted that 2024 was a landmark year for upgrading the UAE's legislative and financial framework. It featured a series of major developments, from approving the federal general budget and adopting the 2023 consolidated financial statements to introducing major updates to anti-money laundering and tax laws aimed at improving compliance. Additionally, several decisions were issued concerning leasing policies, inventory systems, and fixed asset management. As part of its commitment to revenue diversification and fiscal sustainability, the report outlined the ministry's continued efforts to develop forward-looking fiscal policies aimed at improving the efficiency of government spending, achieving a sustainable fiscal balance, and supporting strategic investment in economically vital sectors. Highlighting the UAE's journey toward digital transformation, the report noted that the Ministry of Finance launched a series of advanced digital initiatives designed to boost the efficiency of financial operations, transparency, and accelerated service delivery. From providing integrated solutions for managing government financial resources to adopting artificial intelligence and data analytics in shaping future fiscal policies and expanding digital services for investors and entrepreneurs to providing a more agile business environment, the ministry has made significant strides in every aspect. In addition to streamlining procedures and reducing bureaucracy, these efforts have resulted in greater efficiency and transparency. The ministry's digital transformation also led to the development of '2.0' services that proactively address customer needs and consistently exceed expectations. The annual report also sheds light on the ministry's growing global presence, referring to its success in promoting regional and international partnerships throughout 2024. By actively participating in the G20 and BRICS and engaging in high-level meetings with the International Monetary Fund and World Bank, the UAE played a vital role in shaping global financial policies. The ministry also contributed to improving cooperation on sustainable finance and investment and signed a series of international agreements aimed at improving investment flows and facilitating global trade. The annual report also documented the UAE government's efforts to boost the country's global competitiveness. By the end of 2024, the total number of agreements to avoid double taxation on income reached 146, while the number of investment protection and promotion agreements rose to 116. These milestones reflect the country's commitment to enhancing financial stability and supporting a thriving business environment. The report also outlined the Ministry of Finance's forward-looking vision to sustain financial excellence by embracing cutting-edge financial technologies, reinforcing the sustainability of revenues, and deepening international partnerships. These priorities were designed in line with the objectives of the 'We the UAE 2031' vision to further solidify the country's position as a globally recognised hub for finance and investment.
Khaleej Times
3 hours ago
- Khaleej Times
UAE employees outpace EMEA peers in cyber confidence, study reveals
The UAE workforce is ahead of its EMEA peers across several indicators of cyber-readiness, underscoring the country's progress toward its national vision for digital resilience and AI-enabled defence, a study showed. According to research by Cohesity, a company specialising in AI-powered data security and resilience, 86 per cent of UAE employees expressed confidence in recognising a cyber threat—compared to 81 per cent in the UK, 80 per cent in Germany, and just 62 per cent in France. Nearly nine in ten (89 per cent) UAE respondents also said they trust their organisation's ability to prevent and recover from attacks. Beyond awareness, the study reveals encouraging signs of action-oriented behaviour. Two-thirds of UAE employees say they would report suspicious activity to their cybersecurity team, showing an apt response, in comparison to respondents from the UK (61 per cent), Germany (53 per cent), and France (48 per cent). Amongst other UAE employees, over half would notify their IT department. This instinct to act is supported by ongoing education: 66 per cent have received some form of cybersecurity training in the past year. However, the research also highlights areas where further progress is needed. A small but notable group of employees say they would either attempt to resolve a threat on their own (15 per cent) or turn to personal contacts first (19 per cent), indicating a gap in internal reporting clarity, and a potentially risk to the entire organisation that mis-understanding of how important it is that reporting through the correct processes is critical to the quickest resolution of any potential risk of cyber attack . Among those hesitant to report incidents correctly, the leading reasons include fear of blame or confusion (46 per cent), a belief that it isn't their responsibility (27 per cent), and worry about overreacting (14 per cent). Johnny Karam, Managing Director and Vice President, International Emerging Region at Cohesity, commented: 'The findings reflect the UAE's clear leadership in cybersecurity readiness across the EMEA region. With initiatives driven by the UAE Cybersecurity Council and a strong national focus on AI and digital transformation, it's no surprise that employee awareness is rising in step with enterprise investment.' 'What stands out is not just awareness, but the willingness to act. The next step is closing the gap—equipping employees with the tools, clarity, and – perhaps most importantly - confidence to respond without hesitation. If we educate all employees of the serious risks to the organisation of not correctly reporting any potential cyber risks they see, encouraging a mentality that they will not get in trouble for doing so, and highlighting their individual capability to maximise the speed of response all UAE organisations can be more resilient. At Cohesity, we believe true cyber resilience is built on both technology and a culture of empowered people,' Karam added. The UAE's continued investment in cybersecurity infrastructure, most recently through advanced threat detection systems activated under the direction of the UAE Cybersecurity Council, demonstrates a firm national commitment to securing the digital landscape. The study shows that employees are already aligning with this vision: ● Two-thirds of the respondents have undergone cybersecurity training, with 39 per cent participating in multiple sessions in the past year. ● Over half (51 per cent) would report a suspicious incident to IT, while 67 per cent would notify a cybersecurity team, demonstrating a willingness to escalate issues through formal channels. ● 77 per cent are familiar with the term 'ransomware', showing widespread awareness of key threat types. Awareness of cyber threats is on the rise in the UAE, with 77 per cent of employees familiar with the term 'ransomware'. This strong baseline offers an ideal foundation to build upon. By expanding education beyond surface-level awareness to include real-world examples and practical training, companies can empower their teams with the confidence and clarity needed to respond effectively. While confidence in reporting and escalating potential ransomware threats within the organisation is high, the study reveals opportunities to further strengthen internal reporting behaviour. Around 15 per cent say they would attempt to resolve a threat themselves, and 19 per cent would first alert their personal contacts, These responses highlight a proactive mindset, which organisations can harness by further strengthening internal reporting protocols and promoting awareness of the appropriate escalation paths. Among the smaller group of employees who expressed hesitation in reporting a potential incident, the most common reasons included: ● UAE employees showed a strong sense of fear of blame or not understanding the issue (46 per cent), while EMEA employees had a more neutral perspective (UK - 26 per cent, Germany - 20 per cent, and France - 15 per cent). ● 27 per cent of the UAE respondents believed it wasn't their responsibility, showing a much bigger gap to appreciating their role in their organisations cyber safety as compared to their EMEA counterparts (UK -10 per cent, Germany - 12 per cent, and France 19 per cent). ● 14 per cent UAE employees feared overreacting, in-tune with 18 per cent of German respondents 15 per cent from the UK and 11 per cent of French respondents showing similar sentiment. With the UAE government actively advancing national cybersecurity capabilities and frameworks, the country is uniquely positioned to lead by example. Employees are ready and willing: confidence is high, training is widespread, and the instinct to act is evident. To fully unlock this potential, organisations must ensure that every employee, from the frontline to the C-suite, knows their role in safeguarding the business. Mark Molyneux, CTO, EMEA at Cohesity, added: 'These findings confirm what we're seeing across the region: employees are increasingly aware of cyber risks and are willing to step up, which is largely due to the UAE Cyber Security Council's approach to increasing security awareness across the Emirates. But this awareness must be matched with action. The future of cybersecurity will be defined by how quickly organisations can enable secure, informed decisions at every level. That means embedding cyber resilience into daily operations, investing in smart automation, closing the gap between detection and response, and instilling a culture that supports employees in raising concerns early in a safe space. In fast-moving threat environments, AI-powered data security is not a luxury, it's an operational necessity.'
Arabian Business
4 hours ago
- Arabian Business
Dubai real estate broker programme tops $136m in deals amid Emiratisation drive
The Dubai Land Department (DLD) has revealed that its Dubai Real Estate Broker Programme has driven more than AED500m ($136.1m) in real estate transactions since its launch, as the initiative continues to exceed expectations in boosting Emirati participation in the sector. Designed to develop national talent and promote sustainable economic growth, the programme has now trained and licensed a new generation of qualified Emirati brokers, achieving over 180 per cent of its annual target by the end of April 2025. In total, 231 new real estate brokerage firms have been officially registered under the programme so far. Dubai real estate Emiratisation As part of the initiative, Emirati participants undergo specialised training delivered in collaboration with accredited academic institutions. Graduates receive a three-year broker licence that allows them to operate legally within Dubai's regulatory framework. DLD noted that this has already translated into significantly improved broker performance and greater deal volumes. The programme forms a strategic part of the Dubai Social Agenda 2033, which aims to increase the share of Emiratis working in the real estate brokerage sector to 15 per cent within the next three years. DLD is calling on developers and brokers not yet involved in the programme to participate and contribute proposals. The initiative is built on strong public-private collaboration, with more than 71 strategic partners (including 26 real estate development firms, 38 brokerage companies, and four training institutes) working closely to support its objectives. To further incentivise firms, DLD will soon launch a points-based rewards system for brokerage companies that employ Emiratis. This system will boost participating firms' rankings within the DLD's evaluation framework, improving their competitiveness in the market.
