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Mashreq seals NeoPay stake sale to Arcapita, Dgpays for $385m

The deal will see Mashreq retain a minority stake in NeoPay, a payment solutions provider that offers a range of services, including point-of-sale terminals

Gulf Business
Gulf Business

06 January, 2025

Mashreq seals NeoPay stake sale to Arcapita, Dgpays for $385m
Image credit: Mashreq/ Supplied

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Dubai’s Mashreq has completed the sale of a majority stake in its payments business, NeoPay, to a consortium led by Arcapita Group and DgPays.

The deal, valued at $385m, will see Mashreq retain a minority stake in NeoPay, a payment solutions provider that offers a range of services, including point-of-sale terminals, e-commerce, mobile payments, and other non-cash payment methods.

Mashreq said in a bourse filing that the majority stake sale represents a milestone for NeoPay. The payments firm plans to scale its operations, enter new markets and advance its service offerings across the Middle East.

The Middle East leads the world in real-time payment growth, with transactions projected to surge to $2.6bn by 2027, an impressive 30.6 per cent compound annual growth rate, according to ACI Worldwide.

With a total annual processed payment volume of more than $30bn, NeoPay has pioneered key innovations in the payments space in the region. Mashreq carved out its payments arm into a new unit in March 2022 to focus on digital transactions.

NeoPay processed more than 400 million transactions in 2023 and is used by more than 10,000 merchants in the UAE.

Read: Joel van Dusen on how Mashreq is driving innovation in banking

Dubai attracts 16.79 million tourists between Jan to Nov 2024

Dubai’s strong tourism performance and sustained growth in both visitor numbers and hotel performance indicate the emirate’s resilience and appeal

Gulf Business
Gulf Business

06 January, 2025

Dubai attracts 16.79 million tourists between Jan to Nov 2024
Image: Dubai Media Office

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According to the latest data from the Dubai Department of Economy and Tourism’s 2024 Performance Report, the emirate experienced a 9 per cent increase in international tourist arrivals for the first 11 months of 2024, with a total of 16.79 million visitors between January and November, up from 15.37 million during the same period in 2023.

November saw 1.83 million international tourists, while January and February attracted 1.77 million and 1.9 million tourists, respectively.

Other months showed equally strong performance, with October reaching 1.67 million visitors.

Regional breakdown

Western Europe remained the top source region for international visitors to Dubai, contributing 20 per cent of the total arrivals with 3.3 million tourists. South Asia followed closely, accounting for 17 per cent of the total, with 2.86 million visitors.

The Gulf Cooperation Council (GCC) countries ranked third, contributing over 2.5 million tourists, or 15 per cent of the total, while the Commonwealth of Independent States (CIS) and Eastern Europe saw 2.35 million visitors, accounting for 14 per cent.

Other regions also made notable contributions: the Middle East and North Africa (MENA) accounted for 12 per cent with 1.93 million tourists, while Northeast and Southeast Asia contributed 10 per cent with 1.62 million.

Visitors from the Americas, Africa, and Australia made up 7 per cent, 5 per cent, and 2 per cent of total visitors, respectively, with figures of 1.12 million, 791,000, and 319,000.

Hotel industry performance

Dubai’s hotel sector has mirrored the tourism growth, with the total number of hotel rooms reaching 153,390 by the end of November, an increase from 149,685 at the end of 2023.

The growth of hospitality establishments was also reflected in a 3 per cent rise in hotel room bookings, which exceeded 39.19 million during the first 11 months of 2024, compared to 38.01 million in the same period the previous year.

The average length of stay for guests was recorded at 3.6 nights, suggesting continued demand for both short-term and extended stays.

The breakdown of hotel room categories shows a clear dominance of higher-end properties. Five-star hotels accounted for 35 per cent of the total rooms, with 53,977 rooms in 168 establishments.

Four-star hotels followed, with 43,345 rooms across 194 properties. Budget accommodations and mid-range hotels also contributed, with 29,701 rooms across 278 establishments in the one- to three-star category.

Also, Dubai’s luxury hotel apartments comprised 13,944 rooms in 80 establishments, while mid-level hotel apartments numbered 12,423 across 108 properties.

Dubai’s hotel sector has also benefited from rising rates. The average daily rate (ADR) for the first 11 months of 2024 was Dhs520, a 2 per cent increase from Dhs510 in the previous year.

The average revenue per available room (RevPAR) showed a 3 per cent rise, reaching Dhs405 compared to Dhs394 in 2023.

At a glance: Dubai’s 2024 tourism performance

  • Total international visitors (January-November 2024): 16.79 million
  • Monthly breakdown: November – 1.83 million, October – 1.67 million, January – 1.77 million
  • Top source regions: Western Europe (3.3 million), South Asia (2.86 million), GCC (2.5 million)
  • Hotel rooms available (end-November 2024): 153,390
  • Hotel bookings (January-November 2024): 39.19 million room nights
  • ADR: Dhs520 (up 2 per cent YoY)
  • RevPAR: Dhs405 (up 3 per cent YoY)

Dubai awards contracts for phase 2 of Al Mamzar Beach Development Project

The first phase of the development, work on which commenced in June last year, has achieved 45 per cent completion

Gulf Business
Gulf Business

06 January, 2025

Dubai awards contracts for phase 2 of Al Mamzar Beach Development Project
Image: WAM

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Dubai Municipality has awarded contracts for the second phase of Al Mamzar Beach Development Project.

The project, with a total cost of Dhs400m, aims to complete both phases by the end of 2025.

The development will enhance beach infrastructure, seamlessly connecting Al Mamzar Creek with the corniche to create a world-class beach tourism destination.

Focused on sustainability, the project will feature cutting-edge recreational, sports, and commercial facilities, along with a dedicated women’s beach for privacy and safety, including amenities for night swimming.

Spanning 125,000 square metres, the beach will also include a 1,000-meter network of running, walking, and cycling paths linking Al Mamzar Creek Beach and Al Mamzar Park.

Additional features include green spaces, a 5,000-square-metre area for seasonal events, a 2,000-square-metre skateboarding park and restrooms.

Smart technologies, including AI-supported surveillance and crowd management tools, will enhance visitor experience. The development also includes waterfront restaurants, food outlets, and recreational areas to support local businesses.

Bader Anwahi, CEO of Dubai Municipality’s Public Facilities Agency, highlighted the project’s role in Dubai’s future economic and tourism goals.

“The development of infrastructure projects for tourist and beachfront facilities is a key strategic objective of Dubai Municipality aimed at building a sustainable and attractive city that offers advanced tourism and recreational facilities. This enhances Dubai’s appeal, elevating the quality of life for all, and solidifies the emirate’s position as a leading global tourist destination.,” he said.

Al Mamzar Beach Development Project: Phase One highlights

The first phase of the project, which began in June 2024, is already 45 per cent complete.

This phase includes the construction of a 200-metre pedestrian pontoon bridge to connect both banks of Al Mamzar Creek, a 300-metre-long night swimming beach, and a five-kilometre walkway with dedicated running and cycling tracks.

Visitor facilities such as play areas, jet ski marinas, toilet blocks, and parking spaces are also being built, with 1,400 car parking spaces already included.

Decoding the future of health: How genetic testing at AEON Clinic is redefining longevity

With a focus on personalised medicine, AEON Clinic is redefining the way we approach health prevention and disease management

Gulf Business
Gulf Business

04 January, 2025

Decoding the future of health: How genetic testing at AEON Clinic is redefining longevity
Images: Supplied

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The UAE’s Department of Health has made a groundbreaking move by incorporating genetic testing into the Premarital Screening Programme, reflecting the nation’s commitment to advancing public health.

This initiative, which takes effect in January this year, aligns with the UAE’s dedication to utilising cutting-edge medical innovations to improve health outcomes.

In an age where prevention is increasingly prioritised over treatment, genetic testing is becoming a key tool in personalised and preventive healthcare. It provides individuals with invaluable insights into their genetic predispositions, enabling them to mitigate health risks before they escalate into chronic conditions.

AEON Clinic: Focused on a proactive approach

At the heart of this transformation is AEON Clinic, a leading healthcare provider located within the luxurious Atlantis The Royal.

Under the guidance of Dr Sabah Habibollah, Clinical Scientist in Genetics and Longevity, AEON Clinic is leveraging genomics to revolutionise healthcare, offering individuals a proactive approach to longevity and health optimisation.

Dr Sabah Habibollah, Clinical Scientist in Genetics and Longevity, AEON Clinic

Why genetic testing matters

Genetic testing is much more than a diagnostic tool; it is a proactive strategy for disease prevention.

By analysing an individual’s DNA, genetic testing identifies genetic variations and mutations that could increase the risk of conditions such as diabetes, cancer, cardiovascular issues, and neurological disorders.

Unlike traditional methods that detect diseases after symptoms arise, genetic testing uncovers potential health risks years before they manifest, allowing for early interventions, personalised treatment plans, and lifestyle adjustments.

“Genetic testing empowers individuals with knowledge about their unique health blueprint. This information allows us to tailor strategies for disease prevention and health optimisation, ensuring individuals are equipped to lead longer, healthier lives,” explained Dr Habibollah.

UAE’s vision: A healthier generation through prevention

The UAE’s decision to integrate genetic testing into the Premarital Screening Programme is a visionary step toward reducing the prevalence of hereditary diseases. By making genetic screening a prerequisite for marriage, the programme aims to:

  • Identify genetic risks early: Detect inherited conditions like sickle cell anaemia and thalassemia, helping to prevent them from being passed to future generations.
  • Empower informed decisions: Couples can make educated decisions about family planning with counselling based on their genetic compatibility.
  • Reduce disease prevalence: Early detection and management of genetic risks will help mitigate the spread of diseases, ultimately leading to better public health outcomes.

This initiative is not only a safeguard for future families but also a crucial part of the UAE’s strategy to promote a healthier, more resilient population.

Genomics at AEON Clinic: A complete approach to precision healthcare

AEON Clinic is setting the bar for comprehensive healthcare by integrating genetic testing with a full spectrum of precision health services.

Here’s a look at the advanced offerings available to clients:

  1. Genetic counselling
    AEON’s certified specialists provide personalised counselling to help individuals and families understand their genetic risks and conditions, empowering them to make informed decisions about their health and future.
  2. Genetic testing and interpretation
    Advanced genetic testing uncovers mutations linked to chronic conditions like cancer and cardiovascular diseases. AEON’s expert team interprets the results, offering actionable health strategies for prevention or treatment.
  3. Prognostic genetics and health risk assessment
    AEON provides personalised health risk evaluations based on genetic assessments, enabling patients to adopt lifestyle modifications or medical interventions to prevent disease onset.
  4. Integration of genomic data into clinical care
    AEON pioneers the integration of genomic insights into clinical treatment plans, ensuring that genetic data serves as the foundation for effective, long-term wellness strategies.
  5. Pharmacogenomics
    AEON uses pharmacogenomic testing to tailor treatment plans and optimise medication efficacy, reducing side effects and improving patient outcomes.
  6. Preconception and prenatal genetic counselling
    AEON offers genetic counselling for couples before conception and during pregnancy to assess carrier status and identify potential genetic risks for their children.
  7. Reproductive genetics
    AEON’s reproductive genetic services assess fertility-related factors and hereditary conditions to ensure healthier outcomes for future generations.
  8. Cancer genetics
    AEON’s cancer genetics testing identifies hereditary mutations linked to cancers like breast, ovarian, and colorectal cancers, helping patients take preventive measures.
  9. Cardiovascular genetics
    AEON uses genetic testing to detect inherited heart conditions, allowing patients to adopt preventive strategies and reduce their risk of cardiovascular diseases.
  10. Epigenetic analysis
    AEON helps individuals understand how lifestyle, environment, and behaviour impact gene expression, offering personalised recommendations to optimise health.

“At AEON Clinic, we bridge the gap between science and health. Genomic insights allow us to address health risks at their root, enabling personalised strategies that enhance longevity and quality of life,” said Dr Habibollah.

Embrace the power of genetic testing at AEON Clinic

AEON Clinic, located within Atlantis The Royal, offers advanced genetic testing and personalised genomics services for individuals seeking to take control of their health. By combining world-class expertise with cutting-edge technology, AEON helps clients unlock the secrets of their DNA and chart a path toward a healthier, longer future.

Contact Information:
Address: Atlantis The Royal, Level P, Sunrise Tower, Crescent Rd, Palm Jumeirah, Dubai.
Phone: +971 04 518 5777
Email: [email protected]
Website: www.theaeonclinic.com

India aims to strengthen ties with US, engage with Trump

India’s government and industry groups favour a broader trade and investment pact with the United States to help manufacturers integrate into global supply chains

Reuters
Reuters

03 January, 2025

India aims to strengthen ties with US, engage with Trump

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India is looking forward to strengthening its economic relationship with the United States by engaging with the incoming Trump administration, India’s trade minister Piyush Goyal told reporters in New Delhi on Friday.

“We are looking forward to a very deep and substantive engagement with the new US administration,” the trade minister said, noting that under Prime Minister Narendra Modi, India has bolstered bilateral relations with successive U.S. administrations, including those led by Barack Obama, Donald Trump and Joe Biden.

Bilateral trade between India and the United States, India’s largest trading partner, exceeded $118bn in 2023/24, with India registering a trade surplus of $32bn.

Industry estimates suggest that trade could grow by an additional $50bn within two to three years, underscoring significant potential for stronger economic cooperation.

The government and industry groups favour a broader trade and investment pact with the United States to help Indian manufacturers integrate into global supply chains while retaining policy flexibility to safeguard national interests.

Goyal said that India’s goods and services trade is projected to surpass $800bn in the 2024/25 fiscal year, ending March.

While aiming to protect its manufacturers from potential US tariff hikes on its exports, India is exploring ways to strengthen ties with Washington as Trump has threatened tariffs of 60 per cent and other curbs on imports from China.

AD Ports Group expands global presence, boosts financial performance in 2024

AD Ports Group continued its focus on digital transformation in 2024 with the acquisition of a 60 per cent equity stake in Dubai Technologies

Gulf Business
Gulf Business

03 January, 2025

AD Ports Group expands global presence, boosts financial performance in 2024
Image: AD Ports

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AD Ports Group has reported consistent expansion and a series of strategic investments in 2024.

AD Ports Group ended the year on a high note, marking a significant milestone with the inauguration of CMA Terminals Khalifa Port.

The new container terminal at Khalifa Port increases the port’s capacity by 23 per cent, further establishing it as one of the world’s fastest-growing and most efficient commercial hubs.

In addition, Khalifa Port’s Autoterminal saw a 30 per cent rise in vehicle traffic in H1 2024, bolstered by the rapid construction of 90,000 square meters of additional storage capacity.

This expansion enhances the terminal’s ability to support the growing automotive trade in the region.

Strategic expansion and international growth

The group’s integration of Noatum’s assets was another key development, aligning Noatum’s international brand equity with AD Ports Group’s growth strategy.

The acquisition streamlines operations and opens new product offerings and markets, cementing the Group’s position as a leading enabler of global trade and logistics.

AD Ports Group’s global expansion efforts also gained momentum in 2024 with the securing of a 25-year concession at Karachi Port in Pakistan. The group plans to invest $75m over the next two years to develop and manage the bulk and general cargo terminal at the port, further expanding its footprint in South Asia.

In Egypt, AD Ports strengthened its cruise operations by signing agreements with the Red Sea Ports Authority to develop and manage three cruise terminals in Safaga, Hurghada, and Sharm El Sheikh. This complements the group’s existing terminal in Aqaba, Jordan, enhancing its position in the regional cruise market.

The acquisition of Safina B.V. in Egypt extends AD Ports Group’s network to 15 Egyptian ports, facilitating increased trade through the Suez Canal. The group’s growth in Egypt also includes its previous acquisitions of Transmar and TCI, as well as a multipurpose terminal concession in Safaga.

The group’s expansion into Angola included a concession to operate and develop a multipurpose terminal at the Port of Luanda, a critical transhipment hub for Central and West Africa. The group also formed a joint venture in Tanzania with Adani, acquiring a majority stake in Tanzania International Container Terminal Services (TICTS).

In Georgia, AD Ports Group acquired a 60 per cent stake in Tbilisi Dry Port, an intermodal logistics facility, connecting the Middle Corridor route from Asia to Europe. This acquisition enhances the group’s logistics capabilities across the region, linking ports in Kazakhstan, Azerbaijan, Armenia, Georgia, and Türkiye.

Ad Ports Group: Financial performance and credit rating

The group delivered a strong performance in the first nine months of 2024, posting record revenue of Dhs12.72bn and net profit of Dhs1.29bn.

Growth was led by strong performances across core sectors: Ports (+13 per cent), Maritime & Shipping (+46 per cent), Economic Cities & Free Zones (+11 per cent), Logistics (+26 per cent), and Digital (+4 per cent).

The group’s strong financial performance and liquidity were further recognised by Moody’s, which assigned AD Ports an A1 credit rating with a stable outlook. The rating reflects its robust growth prospects and operational efficiency.

In addition to strong financial performance, AD Ports secured favourable refinancing terms, including the refinancing of a $2.25bn syndicated loan in September and the upsizing of its revolving credit facility (RCF) in December from $1bn to $2.125bn.

Technological advancements and sustainability

AD Ports Group continued its focus on digital transformation in 2024 with the acquisition of a 60 per cent equity stake in Dubai Technologies, a leading developer of intelligent ports’ operations management software. The acquisition strengthens AD Ports Group’s digital cluster, now rebranded as Maqta Technologies Group, which focuses on facilitating global trade through advanced digital solutions.

One of the Cluster’s key projects was a partnership with Jordan’s Aqaba Development Corporation to design a Port Community System for Aqaba’s port, marking the first export of AD Ports’ digitalisation solution.

Further showcasing its commitment to sustainability, AD Ports Group, in collaboration with NMDC Group, launched the state-of-the-art SAFEEN Green, an unmanned vessel designed to revolutionise marine surveys and inspections.

Additionally, its joint venture with Damen Shipyards Group set a Guinness World Record™️ for the world’s most powerful electric tugboat, Bu Tinah, which reduces emissions from marine operations.

Economic zones and industrial development

The group’s KEZAD Group, the largest operator of integrated economic zones in the region, achieved significant success in 2024 with multiple developments. A notable highlight was the Dhs367m investment to establish a modular fabrication facility with NMDC Energy, which is expected to create approximately 3,000 jobs in the oil and gas sector.

Additionally, Titan Lithium signed a 50-year lease agreement to build a lithium processing plant in KEZAD, positioning the UAE as a key player in the global lithium market. The plant, with an investment of Dhs5bn, will produce battery-grade lithium products.

KEZAD also secured a Dhs1bn commitment from Azizi Developments to build 12 factories, marking one of the largest land leases of the year. The zone is also expanding its warehousing capacity with a Dhs621m investment to add over 250,000 sqm of space, increasing total warehousing capacity by 43 per cent.

Looking ahead

Captain Mohamed Juma Al Shamisi, MD and group CEO of AD Ports Group, said: “In 2024, we have strengthened our position in global trade and logistics through strategic expansions and investments. With the recent inauguration of CMA Terminals Khalifa Port and the integration of Noatum, we are poised to further expand our international reach.”

Al Shamisi added: “Our ranking among the top 20 global container port operators for the first time, coupled with our ongoing expansion in Angola, Pakistan, Egypt, and Georgia, demonstrates the robust health of our core businesses and the success of our internationalisation strategy.”

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