Dubai Chamber of Digital Economy signs strategic partnership agreement with Enterprise Ireland
Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has signed a memorandum of understanding (MoU) to establish a strategic partnership with Enterprise Ireland, the Irish government’s trade and innovation agency and the number one VC in Europe by deal count.
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The new agreement will create a digital bridge between the two countries and ease the processes of attraction and expansion for Irish and Dubai companies.
The MoU was signed at Dubai Chambers headquarters in the presence of Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of Dubai Chamber of Digital Economy; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy. The Republic of Ireland was represented by Minister Dara Calleary, Minister of State for Trade Promotion, Digital and Company Regulation; Alison Milton, Ambassador of the Republic of Ireland to the UAE; and Leo Clancy, CEO of Enterprise Ireland.
The strategic agreement aims to connect companies in Dubai with Irish businesses to promote mutual cooperation and partnerships. The MoU will create rewarding opportunities for members of Enterprise Ireland, particularly in the fields of technology, manufacturing, and clean energy, as well as environmental, social, and governance practices. In addition, the agreement will strengthen the business, trade, and investment relations between Ireland and Dubai, stimulating economic and commercial ties and enabling Irish companies to expand into markets across the MENA region.
The MoU aims to create opportunities for small businesses between Ireland and Dubai, especially in the area of digital technologies, while providing a platform for businesses in both markets to explore the potential to increase bilateral exports. The agreement also seeks to develop a platform for cross-cultural training and capacity building for doing business across different cultures and languages.
Commenting on the significance of the strategic partnership, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “Dubai plays a pivotal role in the global business landscape and serves as a vital gateway for the growth and expansion of companies from around the world. The emirate is continuing to consolidate its position as an ideal platform that brings together creative ideas and innovative entrepreneurs – particularly in the field of modern digital technologies – creating more opportunities, building promising partnerships, and developing effective solutions and pioneering projects.”
Lootah added: “This partnership between Dubai Chamber of Digital Economy and Enterprise Ireland represents a significant step that will benefit the business communities in both Dubai and Ireland, including small and macro businesses and specialised tech projects. By sharing local expertise and exploring mutual opportunities, the agreement will increase the volume of mutual trade and investment and support the growth of the digital economy.”
Leo Clancy, CEO of Enterprise Ireland explained: “Demand for Irish innovation in Dubai and across the UAE is high, with exports continuing to rise year on year. Through this agreement with Dubai Chamber of Digital Economy, we aim to collaborate together to facilitate strong connections between Dubai Chamber members and Enterprise Ireland client companies for mutual benefit. By focusing on technology, manufacturing, and clean energy, this agreement aligns with our commitment to supporting Irish enterprises in expanding their global footprint. Together, we are unlocking opportunities that will drive growth, innovation, and success for businesses in Dubai and Ireland.”
Dubai Chamber of Digital Economy plays a critical role in consolidating Dubai’s status as a global hub for the digital economy. The chamber is committed to unlocking the full potential of the digital economy and driving Dubai’s ambitious future as a leading global centre for technology and innovation, in line with the goals of the Dubai Economic Agenda (D33).
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Total income was higher by 10% year-on-year (YoY) at AED 300 million in the six-month period
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United Arab Bank PJSC (UAB or “the Bank”) has announced its financial results for the six months ended 30th June 2024. UAB reported a net profit before tax of AED 152 million for H1 2024, a 26% increase compared to AED 121 million for H1 2023. The net profit after tax for H1 2024 stood at AED 139 million, up 15% from AED 121 million in the same period last year. Earnings per share rose to AED 0.07 in H1 2024 from AED 0.06 in H1 2023.
Total income increased by 10% year-on-year to AED 300 million for H1 2024, compared to AED 273 million for H1 2023, driven by a 26% increase in net interest income. The Bank’s capital position remains strong with a CET1 ratio of 13% and a total capital adequacy ratio (CAR) of 18%.
UAB‘s liquidity profile is robust, with advances to stable resources ratio of 75% and an eligible liquid asset ratio of 19%, both comfortably above regulatory thresholds. The Bank’s credit ratings were affirmed by Fitch and Moody’s at BBB+/Ba1, with stable and positive outlooks respectively.
UAB’s performance in the first half of 2024 demonstrates significant growth in total assets, increasing by 12% compared to December 2023, and reflects a strategic focus on quality and farsighted risk management. These results indicate that the Bank is well-positioned to continue its growth trajectory.
Commenting on the Bank’s performance, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: “UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves.”
He added: “As we move ahead into the second half of the year, we remain committed to enhancing our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy.
Shirish Bhide, Chief Executive Officer of United Arab Bank, commented: Our customer-centric approach and sustainable growth model has led to a 15% increase in net profit and a 12% growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
