EPA Board Holds Second Meeting, Reaffirms Commitment to Sustainable Publishing Industry and Emirati Publishers' Empowerment
The meeting commenced with the approval of the minutes from the General Assembly and the previous Board meeting, paving the way for discussions on the Association's key achievements over the past period. The Board reviewed EPA's most significant milestones in 2024 and the first half of 2025, in addition to examining the action plan for the second half of the current year and upcoming cultural participations in international book fairs — most notably the Beijing International Book Fair.
The Board reaffirmed its commitment to advancing the growth and prosperity of the national publishing sector and solidifying its sustainability by empowering Emirati publishers, establishing direct channels with relevant global institutions and organisations, as well as exploring opportunities for joint cooperation. It also emphasised the importance of building literary bridges with publishers around the world through direct meetings focused on the sale and acquisition of publishing and translation rights. The Board underscored its dedication to continuing the cultural journey led by the Emirates Publishers Association since its inception.
Commenting on the outcomes of the meeting, Amira Bukadra, President of the EPA Board, said: 'This meeting served as a strategic milestone in shaping the next phase of our efforts, through which we aspire to expand the reach of Emirati cultural influence across the global publishing landscape and further develop the sector in ways that positively contribute to the growth of the UAE's creative economy — a key pillar of the nation's vision for a more diversified and sustainable future. In this context, we reaffirm our commitment to continuing our work in line with the guidance of Sheikha Bodour bint Sultan Al Qasimi, Founder and Honorary President of the EPA, whose determination and innovation inspire every step we take to enrich the national cultural scene. Her leadership continues to motivate us to build upon our achievements and explore new pathways to strengthen the global competitiveness and impact of Emirati publishers'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
10 hours ago
- Mid East Info
Fertiglobe Reports Resilient Q2 2025 Results, Reinforces Shareholder Commitment with At Least $131 million in Cash Returns for H1 2025
Fertiglobe reported Q2 revenues of $566 million (+14%, Y-o-Y), adjusted EBITDA of $176 million (+26%, Y-o-Y) and adjusted net profit attributable to shareholders of $12 million (+68% Y-o-Y). Fertiglobe demonstrated resilience in Q2 2025 despite external factors in Egypt. Fertiglobe's Q2 2025 own-produced sales volumes were 10% lower compared to the same period last year, while H1 2025 own-produced sales volumes were only 1% lower compared to last year. Excluding external factors and turnarounds, Q2 2025 own-produced sales volumes would have been up 4% Y-o-Y, while H1 2025 own-produced sales volumes would have increased 7% Y-o-Y. 2025 maintenance capex expected towards lower end of previous guidance ($145–170 million), reflecting the deferral of turnarounds following the completion of critical maintenance works during the downtime in Egypt. H1 2025 revenues were $1.26 billion (+20% Y-o-Y), adjusted EBITDA was $437 million (+36%, Y-o-Y) and adjusted profits attributable to shareholders were $85 million (-18% Y-o-Y or +3.5x Y-o-Y excl. one-off FX gains in H1 2024). In line with Fertiglobe's commitment to creating shareholder value, management proposes H1 2025 dividends of at least $100 million (4.4 fils per share), subject to Board approval in September and payment in October. Including $31 million in share buybacks in Q2 2025, total H1 2025 shareholder returns would amount to at least $131 million. Fertiglobe is set to realize $10 million annual run rate interest savings (6% EPS accretion), following the recent repricing of the $1.1 billion term loan in June 2025, reducing its interest margin to 90bps, the refinancing of its $300 million loan and credit rating upgrades. On track to deliver $15-21 million of cost savings by year-end, supported by ADNOC's commitment to optimize Fertiglobe's costs, showing early progress on the Grow 2030 Strategy. As part of its digital transformation, Fertiglobe deployed MEERAi, ADNOC's AI-powered board advisory tool, at its most recent Board meeting to support faster, data-driven decision-making through real-time insights. Market outlook: Urea prices are up 20% versus the Q2 2025 average to $488/t, supported by tight industry supply and emerging demand from key buying regions. Longer term, limited supply additions and growing demand across agricultural, industrial and emerging segments are expected to support prices. Fertiglobe is poised to capitalize on the recent recovery in urea prices, supported by a strong order book. Abu Dhabi, UAE – August, 2025: Fertiglobe (the 'Company') (ADX: FERTIGLB), the world's largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East and North Africa region and ADNOC's low carbon ammonia platform, today announced its financial results for the three-month and six-month periods ended 30 June 2025 ('Q2 2025' and 'H1 2025', respectively). In the second quarter of 2025, Fertiglobe reported revenue of $566 million, reflecting a 14% year-on-year increase, while adjusted EBITDA grew 26% to $176 million, with adjusted net profit attributable to shareholders stood at $12 million, representing a 68% increase compared to Q2 2024. In the first half of 2025, Fertiglobe reported revenue of $1.26 billion, reflecting a 20% increase year-on-year increase. Adjusted EBITDA for the period stood at $437 million, up 36% year-on-year, while adjusted net profit attributable to shareholders stood at $85 million, representing an 18% decline compared to the prior year, driven by a one-off FX gain in H1 2024. Ahmed El-Hoshy, CEO of Fertiglobe, commented: 'This quarter demonstrated Fertiglobe's growing operational resilience, with an adjusted EBITDA increase of 26% Y-o-Y. Fertiglobe remains strategically placed to deliver robust performance and maintain operational continuity amid challenging conditions and I am proud of how our team continued to execute with agility, discipline, while maintaining an unwavering focus on safety and long-term value creation. We capitalized on the downtime in Egypt to perform critical maintenance activities, successfully extending the turnaround cycle, with maintenance capex expected towards the lower end of our previous guidance at $145 million. Notably, excluding external factors and turnarounds, our own-produced sales volumes for the second quarter of 2025 would have been up 4% Y-o-Y, while H1 2025 own-produced sales volumes would have increased 7% Y-o-Y. Building on our strengthened platform and robust commercial capabilities, Fertiglobe is poised to capitalize on the recent recovery in urea prices, which are approximately 20% above Q2 2025 levels0F[1]. This pricing rebound is supported by robust import demand from key markets such as India and Ethiopia. In line with our commitment to deliver value to our shareholders, we propose H1 2025 dividends of at least $100 million (4.4 fils per share), subject to Board approval in September 2025 with payment in October 2025. Including the $31 million worth of shares bought back in Q2 2025, Fertiglobe provides one of the highest total return metrics in the industry at the combined $131 million cash returns to shareholders for H1 2025. With the continued support of ADNOC, we remain confident in our strategic path to become a globally integrated nitrogen champion and creating long-term value for shareholders, while continuing to innovate and differentiate our solutions that support global food security and enable the energy transition. We remain committed to our recently announced Grow 2030 Strategy to become a $1bn+ EBITDA global nitrogen champion by 2030. This strategy is anchored on four key pillars: operational excellence, customer proximity, nitrogen production expansion, and disciplined low-carbon growth. This includes Project Harvest – a 1 mtpa lower carbon ammonia facility currently under construction – which remains a core part of our decarbonization roadmap. In parallel, we continue to evaluate the development of Project Baytown in collaboration with ADNOC and ExxonMobil, as part of our broader efforts to advance low-carbon ammonia solutions globally. While Fertiglobe remains dedicated to advancing its low-carbon project portfolio, the Company recognizes that the global low-carbon ammonia market remains in the early stages of development, with regulatory frameworks and demand signals continuing to evolve. As such, and in line with Fertiglobe's disciplined approach to capital deployment across its low-carbon ammonia project pipeline, Fertiglobe has taken the decision to rephase Project Rabdan1F[2], a 1 mtpa low-carbon ammonia project and associated auto-thermal reformer. This decision reflects the Company's prudent investment strategy and commitment to timing capital allocation effectively and is consistent with the broader objectives of the Grow 2030 Strategy, particularly its focus on disciplined low-carbon growth. In addition, Fertiglobe expects its recently announced proposed acquisition of the distribution assets of Wengfu Australia to play a key role in strengthening its downstream presence in high-netback markets, in line with its strategic focus on customer proximity. Wengfu Australia's distribution assets are also projected to enhance supply chain resilience and unlock long-term distribution synergies. The transaction is subject to regulatory approvals and is anticipated to close in H2 2025.' Dividends and capital structure: In line with Fertiglobe's commitment to creating and returning shareholder value, Fertiglobe's management proposes H1 2025 dividends of at least $100 million, subject to Board approval in September 2025 with payment in October 2025. Additionally, Fertiglobe continues to execute on its announced 2.5% Share Buyback Program, aimed at opportunistically capitalizing on the stock's attractive valuation. As of 1 August 2025, Fertiglobe repurchased 55 million shares, representing 0.66% of total outstanding shares. As of 30 June 2025, Fertiglobe reported a net debt position of $909 million, implying a consolidated net debt to LTM adjusted EBITDA ratio of 1.0x. This strong financial position enables the Company to effectively balance growth investments and shareholder distributions, supported by robust free cash flow generation and a solid balance sheet. Fertiglobe is also set to realize $10 million of annual run rate interest savings in 2025, following credit rating upgrades by S&P, Fitch, and Moody's and driven by ADNOC's acquisition of a majority stake in Fertiglobe. These savings are further underpinned by the refinancing of our $300 million loan through the internal ADNOC bank and the recent repricing of a $1.1 billion term loan, supporting lower financing costs and contributing to earnings accretion in the quarter. Investor and Analyst Conference Call On 4 August 2025 at 3:00 PM UAE (12:00 PM London, 7:00 AM New York), Fertiglobe will host a conference call for investors and analysts. To access the call please dial Investors can access the call and ask live questions by dialing one of the following numbers using the code: 464259 International: +44 808 189 0158 UAE: +971 800 03570 4553 UK: +44 808 189 0158 / +44 808 189 0158 (toll-free) United States: +1 646 233 4753 / +1 855 979 6654 (toll-free) Participants may also join via the webcast. Please pre-register and join here. About Fertiglobe: Fertiglobe is the world's largest seaborne exporter of urea and ammonia combined, and an early mover in sustainable ammonia. Fertiglobe's production capacity comprises of 6.6 million tons of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt and Algeria, making it the largest producer of nitrogen fertilizers in the Middle East and North Africa (MENA), and benefits from direct access to six key ports and distribution hubs on the Mediterranean Sea, Red Sea, and the Arab Gulf. Headquartered in Abu Dhabi and incorporated in Abu Dhabi Global Market (ADGM), Fertiglobe employs more than 2,700 employees. Fertiglobe is listed on the Abu Dhabi Securities Exchange ('ADX') under the symbol 'FERTIGLB' and ISIN 'AEF000901015.
Mid East Info
19 hours ago
- Mid East Info
Conclusion of the Liwa Ajman Dates and Honey Festival 2025 - Middle East Business News and Information
The Liwa Ajman Dates and Honey Festival, organized by the Ajman Department of Tourism Development ADTD, under the patronage of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, concluded its 10th edition, which was held in the Emirates Hospitality Center from July 30 to August 3. The current edition witnessed wide Gulf participation, led by the Kingdom of Saudi Arabia, the Sultanate of Oman, Jordan and Egypt, in addition to an elite group of participants from governmental and private entities, promoting the festival's position as a leading regional platform for celebrating agricultural and heritage production, and enhancing cultural communication between the peoples of Arab countries. The festival's latest edition features an eclectic array of events such as art performances and competitions across diverse categories and age groups. The agenda also included educational sessions on palm cultivation and beekeeping methods, along with a series of training workshops on local handicrafts, and a children's corner for hosting artistic events, competitions and educational activities. H.E. Mahmood Khaleel Alhashmi, Director-General of ADTD said: 'In its tenth year and with its remarkable success today, the Liwa Ajman Dates and Honey Festival proves its importance as a cultural platform that consolidates the local heritage and supports farmers, beekeepers and local project owners, strengthening the emirate's position as a prominent destination for traditional events.' He added: 'At the Ajman Department of Tourism Development, we are keen to expand and diversify the agenda of events with each session, developing content and achieving broad local and regional community participation. This reflects our dedication to highlighting Ajman's role as an emirate that preserves the Emirati identity and authentic values and seeks to transfer them to future generations.' The 10th edition hosted a series of workshops, most notably drawing on palm trunk, medal making using weaving techniques, the diamond coloring workshop, Suroud decoration workshop, Al Jafeer decorating workshop, and many others. It also held daily auctions for dates, honey and various traditional artefacts, part of the proceeds of which will be allocated to charity, in addition to traditional events that highlighted the Emirati culture. The event attracted widespread participation from the country's emirates, through its unique contests featuring various categories, including the Emirates of Ajman, North Emirates, Other Emirates, Citrus & Fruits, and Hoey Contest. Date contests covered the most well-known types, such as Khalas, Berhi, Lulu, Khenaizy, and Ajman Palms, while honey contests included types like Sumar, Crystallized, Sidr, Beeswax, and many others and Fruit contests included lemon, mango, and almond, figs, and Citrus. The 10th Liwa Ajman Dates and Honey Festival featured 61 exhibitors from across the nation, including farmers, beekeepers, entrepreneurs and business owners, in addition to representatives from various government and private entities. This dynamic gathering in a unique cultural environment contributes to safeguarding Ajman's rich heritage while enhancing its authentic identity and consolidating its pioneering position as a leading tourist and cultural destination, both regionally and globally.
Mid East Info
2 days ago
- Mid East Info
28,000 beneficiaries from 85 awareness activities conducted by the Federal Tax Authority across all UAE emirates during the first half of this year
FTA continues plans to support the objectives of the second cycle of the Zero Government Bureaucracy Programme Abu Dhabi,August 2025: The Federal Tax Authority FTA has reaffirmed its continued efforts to enhance and diversify its awareness campaigns and communication channels to effectively reach all stakeholders involved in tax implementation. This aims to strengthen engagement with taxpayers and beneficiaries across all emirates of the UAE, while highlighting the Authority's continuously expanding range of services. The FTA stated that over the past year and the first half of the current year, several innovative campaigns, programmes, and activities have been launched to meet the tax awareness needs of the business community and various segments of Emirati society. The FTA announced that it conducted 85 awareness activities during the first half of 2025, benefiting 28,000 participants, marking a 21% increase compared to 70 activities held during the same period in 2024. The increased number of workshops aims to ensure there are no gaps in tax-related knowledge. According to the Authority, 53 virtual events were conducted in the first half of 2025, compared to 43 in the same period in 2024, while 24 in-person events were held, down slightly from 27 events during the first half of last year. The FTA confirmed that it continues to advance its plans in support of the second cycle of the Zero Government Bureaucracy Programme. These efforts are focused on enhancing digital integration with relevant authorities, continuously improving users' digital experiences. The Authority also explained that its awareness activities including its Customer Councils, which are held across all emirates focus on organising consultative sessions and dialogues with representatives from the business community and stakeholders. These sessions are designed to gather input and suggestions regarding the FTA's initiatives and projects aimed at reducing unnecessary tax procedures, eliminating repetitive or redundant requirements, enhancing government integration, promoting data sharing. Zahra Al Dahmani, Director of Taxpayer Services at the FTA, stated: 'As part of our ongoing efforts to diversify awareness tools and communication channels in line with current needs, we continue to engage the business community by incorporating their ideas and suggestions into the FTA's sustainable development plans. These efforts are aimed at maintaining the highest levels of efficiency, quality, and flexibility while simplifying and streamlining procedures.' She added: 'The FTA has launched new awareness campaigns and programmes to introduce its services and initiatives and has continued to expand its core awareness activities. Key initiatives introduced include the 'Tax Talks' workshops, which benefited 72 participants through three sessions; two workshops on 'Tax Certificates', which served 1,330 participants; six workshops on the 'EmaraTax' digital tax services platform, which attracted 2,044 participants; and two workshops on 'Tax Updates', with 1,824 participants during the first half of 2025.' Al Dahmani emphasised that the FTA's awareness efforts highlight the ongoing legislative and procedural developments in the tax system, as well as the various digital transformation projects launched by the Authority. These projects aim to accelerate service delivery, reduce paper-based processes, minimise documentation requirements, and provide more accessible and efficient services all with the goal of delivering tangible results in a short timeframe. About Federal Tax Authority: The Federal Tax Authority was established under Federal Decree-Law No. (13) of 2016 with the aim of supporting the UAE's strategy to diversify the national economy and increase non-oil revenues. The FTA is responsible for the administration and collection of federal taxes based on international best practices and standards. Since its inception in 2017, the FTA has worked in collaboration with competent authorities to build a comprehensive and balanced tax system, making the UAE one of the first countries in the world to implement a fully electronic tax system that encourages voluntary compliance. The system offers streamlined procedures from registration to filing tax returns and paying due taxes through the Authority's website:
