Latest news with #Dh200
Al Etihad
2 days ago
- Business
- Al Etihad
NMDC Energy commences fabrication at Ras Al-Khair yard, Saudi Arabia
29 July 2025 14:15 DAMMAM (WAM) NMDC Energy, a leading provider of engineering, procurement, and construction (EPC) services for offshore and onshore energy clients, has started fabrication at its advanced yard in Ras Al-Khair, Saudi located within the Ras Al-Khair Special Economic Zone, the 400,000 square metre fabrication yard is designed to serve both offshore and onshore projects, with an annual production capacity of 40,000 with advanced automation and digital systems, the facility delivers full-spectrum fabrication, rigging, maintenance, and modularisation services for complex energy Energy has invested Dh200 million to create productive and safe facilities at the Ras Al-Khair yard, with the aim of reducing emissions. By embedding advanced technologies, NMDC Energy is delivering advanced solutions that align with the energy sector's needs while helping to support of NMDC Energy, Mohamed Hamad Almehairi, said, 'The launch of fabrication activities in Ras Al-Khair represents a major step forward in our regional expansion strategy. With over 51 years of experience, NMDC Energy is proud to bring its legacy of excellence to the Kingdom, creating new opportunities for prosperity across Saudi Arabia, the UAE, and the wider region."The yard is already operational – with nine offshore jackets currently in production for long-standing client Aramco – as NMDC Energy continues to deliver complex fabrication in the Kingdom, in line with national industrial and localisation milestone broadens NMDC's client base across the Kingdom and supports Saudi Vision 2030 by adding strategic industrial enable seamless execution across projects, more than 1,800 experienced employees will be mobilised from Abu Dhabi to Saudi Arabia, ensuring rigorous quality control and the smooth delivery of advanced infrastructure Ras Al-Khair yard is central to NMDC Energy's Saudi strategy and localisation roadmap. Over the past five years, the company has reinvested billions of riyals into the Saudi economy and is on track to increase its In-Kingdom Total Value Add (iktva) score to 39 percent by 2025 and 51 percent by an anchor tenant in the Ras Al-Khair Special Economic Zone, NMDC Energy supports further trade, investment, and employment growth in Saudi Arabia. NMDC Energy plans to leverage the full capabilities of the Ras Al-Khair yard to enable joint innovations and shared prosperity across the energy and manufacturing sectors.
Al Etihad
08-07-2025
- Business
- Al Etihad
Abu Dhabi partners with Plenary Group to advance private sector engagement
8 July 2025 20:00 ABU DHABI (ALETIHAD)Abu Dhabi Projects and Infrastructure Centre (ADPIC) has formalised a Memorandum of Understanding (MoU) with leading developer, investor, manager of infrastructure and real assets Plenary Group to advance private sector engagement (PSE) in infrastructure projects across Abu of the key outcomes of the Abu Dhabi Infrastructure Summit that was hosted by ADPIC, the MoU established a collaborative partnership between the two organisations to plan, develop, and implement strategic PSEs within the efforts are part of a broader push to enable impactful PSE models across Abu Dhabi and are being driven in close collaboration with the Abu Dhabi Investment Office (ADIO), ADPIC's strategic partner in attracting private sector expertise and capital into priority infrastructure undertakes the review, supervision and monitoring of capital projects in Abu Dhabi, overseeing implementation and delivery to the highest standards of safety, quality and sustainability. It is currently managing initiatives worth approximately Dh200 Mahmoud Eid, Director-General of the Abu Dhabi Projects and Infrastructure Centre, said, 'Strengthening private sector engagement is vital to delivering resilient, efficient, and future-ready infrastructure. This partnership with Plenary reflects our commitment to fostering high-impact collaboration that unlocks long-term value for Abu Dhabi, while supporting innovation, economic diversification, and world-class project delivery." Paul Crowe, Plenary CEO, added, 'The MoU strengthens our strategic relationship with ADPIC, and reinforces our mutual commitment to advancing private sector engagements across the emirate. We look forward to collaborating with ADPIC on Abu Dhabi's strong pipeline of PSE projects.' Source: Aletihad - Abu Dhabi
Al Etihad
17-06-2025
- Business
- Al Etihad
Abu Dhabi takes the lead in building sustainable, community-focused infrastructure, say experts
18 June 2025 00:37 SARA ALZAABI (ABU DHABI)The UAE capital has brought together over 2,000 global leaders in the construction industry for the inaugural Abu Dhabi Infrastructure Summit (ADIS), a two-day event that emphasises the role of human-centred sustainable infrastructure in developing liveable and resilient and thought leaders at the summit highlighted how Abu Dhabi takes the lead in redefining infrastructure to prioritise quality of life, sustainability, and wellbeing over traditional development by the Abu Dhabi Projects and Infrastructure Centre (ADPIC), ADIS 2025 kicked off on Tuesday under the banner 'Future Cities: Rethinking Infrastructure for Better Lifestyles'.The summit opens up opportunities for investments and partnerships to key industry players from around the world, said Eng. Maysarah Mahmoud Salim Eid, Director General of ADPIC. In an interview with Aletihad , Eid emphasised the importance of fostering collaboration and innovation as part of Abu Dhabi's efforts toward realising its ambitious infrastructure agenda. "We are managing a massive portfolio of over 600 government-funded capital projects worth more than Dh200 billion. Delivering that alone is not easy — we need fresh partners and new blood to join us through investment or collaboration," he it comes to infrastructure, Abu Dhabi is distinguished by its human-centred approach, Eid said."The uniqueness of our infrastructure lies in its focus on social impact-developing what the community needs to enhance lifestyles, health, and wellbeing. As 2025 is the Year of Community, everything we develop is meant to elevate citizens, residents, and even tourists," he key projects, Eid noted: "We have a world-class housing programme, an upgraded transport network, and major tourism developments like Saadiyat Island, the Natural History Museum, Guggenheim Abu Dhabi, and the upcoming Disneyland." Prioritising Quality of LifeAbu Dhabi has been redefining infrastructure to create "liveable - and even lovable-communities", said Mahmoud Dandashly, Chief Business Officer of Lead Development for Jubail Island, who was also present at the summit. "Infrastructure today is no longer just about engineering and utilities," he said. "It includes both hard and soft infrastructure, supporting not only growth and mobility but also environmental quality and social wellbeing."The high-end, nature-focused Jubail Island - with 40 million square meters of mangrove forests and coastal areas - is a living testament to this vision, he said."The integration of sustainability, wellness, and liveability into national planning shows how deeply the leadership values quality of life," Dandashly emirate's sustainability vision extends across the construction sector. For example, Abu Dhabi-based Build Hub provides high-quality, sustainable building materials under one roof."Our goal is to make it easy for customers to find everything they need in one place," said Eng. Al Anood Al Ali, CEO of Build Hub, and Oday Al Ahmed, Project summit participant, real estate developer Reportage Group, praised the emirate's focus on people over skyscrapers."What makes Abu Dhabi stand out is the quality of life it delivers," said Sara Satari, Senior Global Communications Lead at Reportage Group. "It is about cleaner air, better living, and holistic wellbeing."Developer Bloom Holding also aligns its strategies with the emirate's ambitions. "Successful master developments are about human connection - where people feel rooted, inspired, and empowered," said Carlos Wakim, CEO of Bloom Holding. AI Platform for Construction IndustryAt the event, the Department of Municipalities and Transport (DMT) showcased how its AI-powered 'BINAA' platform has been streamlining Abu Dhabi's construction journey. Eng. Maryam Almheiri, Acting Section Head of Business Systems Development at DMT, said BINAA allows developers, contractors and engineers to monitor the progress of their projects in real time. "It improves transparency, speeds up processes, and enhances communication among all stakeholders." Features like 360-degree project views, compliance charts, and a firm directory make it easier for users to manage timelines and select partners based on verified data.
Time of India
17-06-2025
- Time of India
UAE: Sharjah court convicts school staff in death of 8-year-old Indian student Rashid Habib
CCTV footage showed 8-year-old Rashid Habib was left unescorted from the school bus and collapsed while walking alone to class/ Image: (File) A Sharjah court has convicted two school staff members of negligence in the death of eight-year-old Indian student Rashid Habib, more than a year after he tragically died following a fall at his school in Muwaileh. The Sharjah Federal Court of Appeal overturned an earlier acquittal by a lower court and ordered the defendants to pay Dh200,000 in legal blood money to the boy's family. Additionally, each staff member was fined Dh2,000. The court found that the two staffers had failed in their duty to escort and monitor students from the school bus to their classrooms. CCTV footage reviewed during the investigation showed that Rashid was left unaccompanied at the time of the incident. The Grade 1 student collapsed while walking alone to his classroom on 11 March 2024, the first day of Ramadan, shortly after arriving at the CBSE-curriculum school. He was rushed to Al Qassimi Hospital in a state of cardiac arrest but was declared dead despite resuscitation attempts. A forensic report from Sharjah Police stated that Rashid had sustained a bruise on his face, a fractured cheekbone, internal bleeding under the scalp, and severe brain injuries, including swelling and bleeding. Surveillance footage confirmed that no school staff were present with the children during the incident. The footage also showed that another child had attempted to hit Rashid moments before he fell. However, the crucial seconds capturing the exact moment of the fall were missing. The appeal court ruled that the staff's absence amounted to gross negligence, emphasising that the accident could likely have been prevented had the staff been present. Rashid's father, Habib Yasar, told Khaleej Times: 'Not a day goes by when we don't remember Rashid. Our lives have never been the same. We keep thinking of what could have been if someone had just been there to watch over him. Why was there no CCTV camera? A school is supposed to be like a second home, but it didn't take care of my child. This conviction brings some closure, but the pain remains. We lost a part of ourselves that day. ' The family had previously claimed Rashid was bullied and attacked during the missing seconds, a charge the school denied. Due to ongoing legal and administrative proceedings, the name of the school involved is being withheld.
Time of India
10-06-2025
- Business
- Time of India
Dh339 million in fines as UAE launches major money laundering crackdown
CBUAE recently fined six exchange houses Dh12.3 million for breaching AML regulations/ Image (X) The United Arab Emirates is ringing a stark new alarm for financial institutions, unleashing an intense crackdown on money laundering and terrorism financing. UAE regulators have recently imposed staggering penalties totaling over Dh339 million, targeting a spectrum of financial institutions including local exchange houses, international bank branches, and insurance companies. This robust enforcement sends an unmistakable signal across the Emirates: the fight against money laundering and terrorism financing is paramount, and there will be no leniency for those who fail to protect the financial system from exploitation. A String of Heavy Penalties and Enforcement Actions The Central Bank of the UAE (CBUAE) has been particularly active in its crackdown, issuing a series of substantial fines. Latest Actions: On Tuesday, the CBUAE imposed Dh12.3 million in fines on six exchange houses. These penalties followed inspections that uncovered multiple violations, specifically failures to comply with the country's anti-money laundering (AML) and counter-terrorism financing (CFT) framework. This move came just a week after the Central Bank had already issued a Dh3.5 million fine to another exchange house for similar shortcomings, with investigators citing significant lapses in the firm's adherence to AML/CFT policies and procedures. Earlier Major Fines: The intensity of the crackdown notably increased late last month. One exchange house was fined a staggering Dh100 million. Days before this, another exchange house received an even larger penalty of Dh200 million. In this specific Dh200 million case, the branch manager was personally fined Dh500,000 and permanently banned from working in any UAE-licensed financial institution, marking a strong stance against individual accountability. Broader Reach: Foreign banks have also been subject to scrutiny. The Central Bank recently penalized two UAE branches of international banks with a combined Dh18.1 million in fines; one received Dh10.6 million, and the other Dh7.5 million, both for failing to meet AML/CFT compliance standards. Earlier in February, an exchange house operating in the UAE was given a penalty of Dh3.5 million. Furthermore, in March, five banks and two insurance companies were fined a combined Dh2.62 million by the CBUAE. Across all these cases, regulators consistently identified a common issue: systemic weaknesses in how these institutions monitored and reported suspicious transactions, as well as in how they verified the identities of their clients and the true beneficiaries behind financial dealings. Expanding the Regulatory Net Beyond Traditional Banking The UAE's intensified crackdown is no longer limited solely to the traditional banking sector. Authorities are actively expanding their regulatory oversight to include other sectors that have historically been less regulated but carry a high risk for illicit activities. These include: Real estate Gold and jewellery trading Auditing firms Corporate service providers To boost the effectiveness of these expanded efforts, the UAE Ministry of Economy has teamed up with Dubai Police. Their collaboration focuses on tightening surveillance of suspicious transactions within these high-risk sectors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo A crucial part of this partnership involves creating direct and secure data-sharing channels, particularly for beneficial ownership details. This aims to clearly identify the true individuals who ultimately own or control corporate structures and financial dealings, making it harder to hide illicit funds. A Clear Message: Zero Tolerance and No Safe Haven With fines now reaching into the hundreds of millions of dirhams and strict bans being enforced at the individual level, the message from UAE regulators is unequivocal: there is absolute zero tolerance for institutions that fail to protect the financial system from abuse. As stated in a report by Justin Varghese, Your Money Editor, "The message from UAE regulators is clear: there is zero tolerance for institutions that fail to protect the financial system from abuse. " The UAE remains committed to enhancing its efforts to meet global compliance standards and avoid being placed on international watchlists. Consequently, businesses operating in any of these high-risk sectors are now under increased pressure to significantly upgrade their internal controls and procedures. Failure to do so could result in severe penalties, sending a strong deterrent message across the financial landscape.
