The involvement of Emirati officials highlights the UAE’s commitment to excellence in event management and safety protocols, demonstrating a strong national presence in the world of motorsports. Their expertise and dedication to ensuring a seamless experience are vital components of the success of the Formula 1 Grand Prix, making it an event to remember.
Among those are Heba Abbas Bahaj and Shuhab Ahmed Al Shehhi, who will both play a crucial role across all of the practice sessions, qualifying, and races this weekend. As members of the Emirates Motorsport Organisation (EMSO) team, their responsibilities include helping to ensure the drivers’ safety on track and that the public stays at a safe distance.

Heba, who has 16 years of experience, will have the best seat at the venue where the chequered flag will be waved and the race lights going off. As the Chief Flag Official at the Start and Finish line, one of her responsibilities will include monitoring the start and finish of all motorsport events during the race weekend, liaising closely with Race Control to ensure the chequered flag is displayed at the right time, to mark the end of sessions, and to the winning driver of each race.
“A lot of preparation goes into what is essentially the biggest motorsport event in our race calendar,” said Heba, 41, who first volunteered at the first Abu Dhabi Grand Prix in 2009 before starting her career as an EMSO official and later becoming part of the F1 Start and Finish team.

“For my position, the training sessions include ‘Flag Refresher’, ‘Communication, and ‘Pit Lane’, and they span over two months, culminating in a practical shakedown session at the end. We had to pass a written exam to be ready for the event.”
From Friday to Sunday, Heba say she is expecting to get approximately four hours of sleep each day, which will see her leave her house at 6am every morning and return late at night. Despite the hectic and tiring days, it’s a job that she loves doing and is looking forward to playing her part in making the event a success.

She said: “Yes, we have the best seat at the Abu Dhabi Grand Prix, but it’s not all glamour and easy. As officials, it’s our responsibility to ensure everyone is safe as well as the safety of the track section we are responsible for. Therefore, we need to be vigilant and attentive at all times, which means standing on our feet for long periods of time, monitoring, and reporting on incidents we see that might affect the safety or integrity of the race.

“As Start and Finish line officials, we need to be super attentive and monitor what’s going on track, especially when it’s a close finish and the leader is approaching our location.
“Now, imagine having to do all of this under the watchful eyes of millions of people — yes, it’s a fun and enjoyable time, but it’s also a lot of pressure and responsibility.”

Joining Heba on the EMSO team of officials is her compatriot, Shuhab Ahmed Al Shehhi. With 12 years of experience, the 38-year-old enters the F1 season finale as the event’s F1 Sector Chief.

His main priorities during race week include ensuring his team has the correct equipment and understand their roles before going trackside, monitoring areas for hazardous materials, and attending the daily debriefing meeting with key chiefs.
He said: “I am really excited about this week’s Abu Dhabi Grand Prix, although it will be a busy period. I always try to pass on positive vibes to people that I meet as that is very important and sets the tone ahead.

“Having been in this field for 12 years, what pleases me the most is the dedication of each official and their determination to do their job to the best of their ability, and I believe anyone who wants to be an EMSO official marshal in the future must be willing to learn, be a team player, and be honest.

“More importantly, they must possess a deep passion for motorsports. I recall the first time I sat in an F1 car many years ago, which ignited my love for the sport. Now, I am serving as a race official for the Abu Dhabi Grand Prix in my home country.”
Robust team
Mahir Badri, Chief Executive at EMSO, added: “Since the inaugural Formula 1 Abu Dhabi Grand Prix in 2009, our collaboration with Ethara and ADMM has been instrumental in developing a robust team of officials. Today, we are proud to say that our UAE teams are among the best in the world — highly skilled and respected internationally.

The presence of Formula 1 in Abu Dhabi has made this profession increasingly attractive, and we’re especially proud of our Emirati officials and the diverse community of residents who form the UAE’s EMSO team. They consistently go above and beyond, dedicating their time and energy to ensure the success of major motorsport events.

Just days ago, we concluded the Dubai International Baja, a challenging event that tested the endurance and commitment of our officials, who delivered exceptional results under tough desert conditions.With over 6,000 active race officials within EMSO, our team not only excels locally but also plays a significant role internationally, supporting prestigious motorsport events across the globe. Their dedication and professionalism continue to be the backbone of our motorsport community.”

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Umm Al Quwain Police said the offer was being given on the occasion of the 53rd UAE National Day.
Police said the decision to reduce the fines by 50 per cent was made in order to give motorists a chance to renew their registration and pay the accumulated fines. The decision includ the cancellation of vehicle impoundments and recorded traffic points, except for serious violations.
Police urged all motorists concerned to take advantage of this grace period and renew the registration of their vehicles.

The discount in fines applies to all traffic fines before December 1,2024. The decision also includes owners of vehicles who registered their cars in other emirates. The official clarified the grace period applies to traffic violations committed in the emirate only.

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The decision will be accompanied by the launch of a unified platform for drone operations to streamline registration and operation procedures.
The announcement was made during a press conference held at the Police College in Abu Dhabi, in collaboration with the National Emergency Crisis and Disasters Management Authority (NCEMA) and the General Civil Aviation Authority.
MoI revealed that the unified platform for drone operations will simplify registration and operation processes for companies and government entities.
The first phase of the platform will cater exclusively to companies and government entities, with future phases planned to include additional drone-related services, such as operations for amateur enthusiasts. These will be announced in due course.

A Ministry of Interior source stated that a comprehensive evaluation highlighted strong compliance by drone operators with safety protocols, which played a pivotal role in the decision to gradually resume drone operations.
What is the background?
In 2022, the Ministry imposed a ban on the use of drones and light sports aircraft for owners, practitioners, and enthusiasts following incidents of misuse. In February 2022, the Ministry extended the suspension of drone operations, including light sports aircraft, air sports, and paragliding, until further notice. This was done in coordination with the General Civil Aviation Authority (GCAA), pending a review and update of regulations governing drone use within the UAE’s airspace.
At the time, the Ministry emphasised the importance of public compliance with directives issued by it and the GCAA to safeguard lives, property, and airspace from unsafe or improper usage of drones.
The ban exempted certain entities under strict conditions, clarifying that companies and organisations with contractual or commercial projects reliant on drones needed to obtain necessary permissions from the GCAA to continue their operations without affecting project timelines.

Legal implications
The Ministry of Interior had previously warned that any unauthorised drone operations would lead to legal accountability under Article 176 of Federal Decree Law No. 31 of 2021 concerning the UAE Penal Code. This law prescribes imprisonment ranging from six months to five years, a fine of no less than D100,000, or both, for anyone violating airspace restrictions, including unauthorised drone flights. Attempted violations are also punishable by imprisonment or fines.

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This platform is a key component of the country’s strategy to modernise its financial infrastructure, accelerate digital transformation, and establish a unified legal framework for customer identity verification. It enhances transparency, ensures compliance with financial regulations, and strengthens national efforts to combat financial crime.
Established under Federal Decree-Law No. 30 of 2024, the KYC platform is a pivotal step in bolstering the national economy. By providing a secure framework for verifying customer identities, the platform fosters greater trust in the UAE’s business and financial systems. Furthermore, it enhances the nation’s global fintech standing through advanced technological solutions tailored to the financial, banking, and insurance sectors, ultimately promoting a stable and sustainable economic environment.
A significant step
The launch of the KYC platform is a significant step in strengthening the leadership of the UAE’s banking sector, positioning it among the world’s top banking industries. By adopting cutting-edge digital solutions, the platform provides an integrated mechanism for verifying customer identities and ensuring compliance with regulations. This enhanced transparency in financial transactions, facilitated by the platform’s accurate and comprehensive data, empowers users to make informed decisions.

Furthermore, the KYC platform ensures the legal and regulated collection and use of customer data, streamlining information exchange between relevant authorities and bolstering cooperation in combating financial crime.
Pursuant to the Decree-Law, a new company will be established in the UAE to develop and manage the KYC platform, possessing the legal authority to conduct its operations. This entity will be responsible for building and overseeing the platform, including managing the collection, storage, analysis, categorization, use, exchange, and sharing of KYC data in accordance with national cybersecurity policies and standards.
Additionally, the company will issue KYC reports as stipulated by the Decree-Law’s executive guidelines and collaborate with data providers to streamline KYC data acquisition, among other relevant duties.

Safeguarding customer data
The Decree-Law establishes a strict legal framework for safeguarding customer data, permitting disclosure only under specific conditions. All involved parties are obligated to protect this data from loss, damage, and unauthorised access, requiring prior customer or legal entity approval for any data use or sharing. Customers also have the right to access their KYC report details, as outlined in the executive regulations or guidelines issued by the Central Bank.
Breaching KYC data confidentiality regulations will result in severe penalties, including a minimum two-year prison sentence and a fine of at least AED 50,000. These penalties apply to any unauthorized disclosure of customer data or attempts to obtain KYC reports through illegal means or fraudulent information. Misuse of customer data by a public official or an employee of the platform management company is considered an aggravating factor.

The Central Bank of the UAE will oversee and regulate the operations of the company managing the (KYC) platform. It will set the regulations under which the company conducts its activities and provides services, as well as establish a code of conduct for data providers and users.

The Central Bank will also define the standards for systems used to store, process, and safeguard data, and specify the customer data that the company can request from data providers.

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According to the National Center of Meteorology (NCM), foggy weather is expected in these areas till 9.30am today.Fog was reported over Abu Dhabi – Dubai road, Al Smeeh, Arjan, Sweihan in Al Ain, Al Wathba, Al Ain International Airport, Remah, Ghyathi Ajban, and Madinat Zayed in Abu Dhabi.

Foggy conditions extended to some parts of Dubai including the Al Maktoum International Airport and Madinat Hind, both in the western part of the emirate.
“A chance of fog formation with a deterioration in horizontal visibility, which may drop even further at times over some internal and coastal areas… till 9.30am, Saturday,” an alert read.

There were no reports of fog in other parts of the country. According to the NCM, today’s weather is expected to be pleasant, with clear to partly cloudy skies.
“[The weather will be] partly cloudy at times, with the probability of some convective cloud formation Eastward, may become convective by afternoon,” the NCM forecast read.

While temperatures saw a slight increase on Friday, with the maximum temperature hitting 35°C and the lowest at 14.5°C, the weather will be slightly cooler today.

“Temperatures tend to decrease gradually,” the NCM report added.Humidity will incease by night and early Sunday morning, increasing the probability of early morning fog or mist formation over some internal areas.

The sea will be slight to moderate and rough at times Westward in the Arabian Gulf and relatively calm in the Oman Sea.

Early morning temperatures across the country were around 19°C. The weather is expected to be pleasant today with maximum temperature in the country expected to reach around to 32°C today.
Temperature highs in coastal areas by afternoon will be between 28 and 32°C. In the internal areas, maximum temperatures will be between 29 to 33°C, and 24 to 19 °C in the mountainous regions.

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Motorists have been advised to use alternative routes and exercise caution while driving.
Fog alert in UAE
Heavy fog and poor visibility across the emirates on Saturday morning have caused slow-moving traffic. Abu Dhabi Police have advised drivers to maintain a safe distance between vehicles due to the reduced visibility.
The police also emphasised the importance of following instructions on smart signs and advised motorists to stay updated with social media alerts to navigate safely through the fog. Drivers were further encouraged to check weather forecasts and prepare for adverse driving conditions.

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“Building on the long-standing relationships BlackRock has built with clients in Abu Dhabi and across the region over more than 20 years, the new office reflects BlackRock’s continued commitment to the UAE, and its dedication to fostering strong relationships with clients and partners in the country,” said a statement.
The US headquartered company has assets under management of $11 trillion plus.

Earlier in the year, BlackRock appointed Mohammad AlFahim as Head of the UAE. Ben Powell relocated to the region to serve clients as BlackRock Investment Institute’s first Chief Middle East & APAC Investment Strategist.

“Our presence in ADGM will enable us to better serve our clients around the world on whose behalf we engage with sovereigns, wealth managers and specialist investment vehicles based in Abu Dhabi, operating in sectors such as infrastructure, renewable energy, and technology,” said Charles Hatami, Head of Middle East and Global Head of the Financial & Strategic Investors Group, BlackRock.

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On his official X account, Sheikh Mohamed said: “On the occasion of Omani National Day, I extend my sincere congratulations to my brother Sultan Haitham bin Tariq and the people of Oman.”

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The event, presented by Singapore-based consultancy Sesameed Education in partnership with Gulf News, took place at the Grosvenor Hotel on Sunday evening, and saw an outpouring of interest from a wide cross-section of parents from the city.

“Boarding schools, by their very nature, are expensive, so in order to make it work, you need a city where there’s a critical amount of families who can pay for this service. Dubai checks that box,” says Daniel Szeto, Founder and Head of Sesameed. “Parents here have the means to pay, so there is a demand for a better quality education and a willingness to invest a little more for it.”

The boarding school advantage
The fair was aimed at students in grades 5 to 10, providing them an opportunity to receive a truly international, holistic and immersive education, in addition to the best college prep for entry into top American universities.

“We have 226 boarders from 30 different countries, so we’re an incredibly global institution,” says Luke Heywood, Director of Enrollment Management at The Stony Brook School, a 102-year-old boarding school in Long Island, New York. “We believe strongly in sharing culture, building global competency and exposing our young people to a variety of options of academic, social and athletic offerings.”
Beyond excellent results, the core mission of the school, he says, is character formation – teaching independence, integrity, and critical thinking from a young age.

This appears to be one of the major reasons for parents looking at boarding schools as an option for their middle and high schoolers.“The families I’ve spoken to in the UAE seem to be looking for a more holistic approach, a more character-based education,” says Laura Burgess, Dean of Enrollment Management at the King’s Academy in Jordan. “Boarding schools are known for bringing kids from different backgrounds together and helping them understand each other and grow into adults who have those skills.”

Founded by King Abdullah II in 2007, the school is modelled after the Deerfield Academy, Massachusetts, where he himself studied, and provides an idyllic environment for students, surrounded by olive groves, vineyards, and peach and cherry orchards, and powered entirely by solar electricity. “They have an incredible exposure to nature and sustainable living,” says Burgess.
Other schools provide students with the tools needed for innovation and creativity from a very early, formative stage. “One of our models is unbounded thinking, which translates into entrepreneurship, innovation, looking at the world with a different lens, building and creating something that people haven’t thought about before,” says Taylor B. Stockdale, Head Emeritus of The Webb Schools in Claremont, California. “This part of the world embodies that; it is what Dubai is all about, so I think it’s a perfect match for Webb.”
Multi-cultural visitors
The parents and children visiting the fair cut across cultural boundaries, with families from South Asia, the Middle East, Africa and Europe. What they all had in common was a desire to give their children the sort of exposure only these boarding schools can provide.
“We want our child to have that experience of being alone, doing things by herself, learning to be responsible and disciplined,” says Rohit Razdan about his 10-year-old daughter. “We might shift to the US in a few years, so that is also a consideration.”

For Wasiu Kazeem, a Nigerian national, the consideration is more academic. “Eventually we want our daughter to go to college in the US,” he says. “Currently she’s in the 8th grade in a British school in Abu Dhabi, but we want her to have a good transition to an American university, and since we are based here, obviously that means that she has to go to boarding school.”

This was the case with Russian 11th grader Mark Koginov and his family as well. “We’re looking for schools that will be good for entering engineering college,” he says.

The fair helped these families get answers to the questions they had through both one-on-one conversations with representatives as well as seminars on topics such as Why American boarding, What US boarding schools look for in student, How to select the right fit for your child and Interview tips.

Encouraging turnout
“The turnout has been very encouraging for a brand-new market,” says Szeto. “All the schools said that when the parents spoke to them, they were hungry and eager to learn more. The exhibitors felt the fair was great, and are looking forward to coming back to the UAE next year.”

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Baku: During its participation at COP29 in Azerbaijan’s capital Baku, the UAE, host of COP28, aims to present a renewed vision focused on accelerating global climate action to limit global warming to 1.5°C.

The 2024 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC (COP29) will be held from November 11 to 22.On Sunday, at the two-day coordination meetings of the G77 and China, Hana Alhashimi, Chief Negotiator for COP28 and the UAE, and Omar Al Braiki, Deputy Chief Negotiator of COP28 and the UAE delivered opening interventions, where they thanked the group for its commitment to addressing the pressing challenges of climate change and ensuring that outcomes at COP28 addressed the needs of developing countries in line with science and equity.
The UAE is committed to work with the G77 and China to support the COP29 Presidency, to build on the historic UAE Consensus and deliver ambitious outcomes in Azerbaijan.
The UAE’s participation in COP29 builds on its efforts that culminated in COP28, where the historic ‘UAE Consensus’ was announced. This participation provides a strong boost to enhancing collective ambitions and conveying the ideas and demands of relevant parties to enable a new phase of climate action that contributes to building more effective global resilience.

In line with the UAE’s efforts to push the international community toward increased climate finance, especially to support the Global South, developing countries, and communities most vulnerable to climate impacts in adapting to climate change, the ‘Global Climate Finance Framework’ holds a central position on the COP29 negotiation table.
The UAE’s support for Azerbaijan continues since the announcement of Azerbaijan’s hosting of COP29, with the UAE contributing to Baku’s leadership in efforts to strengthen cooperation and collective action towards building a more optimistic and resilient climate future.

During its participation in COP29, the UAE will showcase its pioneering journey toward sustainability and climate neutrality through an interactive national pavilion. The pavilion will highlight the UAE’s significant efforts in achieving sustainable development and its innovative strategies aimed at balancing economic growth with environmental preservation, as well as its work in enhancing international cooperation to tackle the impacts of climate change.

COP28, hosted by the UAE last year, succeeded in establishing a shared global approach to setting climate priorities through the UAE Consensus and the climate action agenda. This contributed to engaging diverse voices from around the world to lead a new, inclusive model for addressing climate issues, reflecting a fresh vision for unifying efforts to build global resilience and ensure a sustainable future.
Agenda
According to the UN, a top priority for negotiators in Baku will be agreeing on a new climate finance goal, one that ensures every country has the means to take much stronger climate action, slash greenhouse gas emissions and build resilient communities. The aim is for the conference to help unlock the trillions of dollars that developing countries need in order to mitigate harmful carbon emissions, adapt to climate change and cope with the loss and damage it has caused.

As ever, there will be a packed schedule of negotiations, speeches, press conferences, events and panel discussions at the conference site, divided into a Green Zone – which is overseen by the COP29 Presidency and open to the public – and a Blue Zone managed by the UN.
In 2015, at COP21 in Paris, a landmark climate agreement was reached in which countries agreed to reduce global warming to well below 2 degrees Celsius above pre-industrial levels and pursue efforts to limit it to 1.5 degrees. The Paris Agreement works on a five- year cycle of increasingly ambitious climate action by countries. The next updated national climate action plans – known as Nationally Determined Contributions, or NDCs – are due in 2025. This process has led to incremental but important improvements, in terms of reduced emissions and measures to promote the adoption of renewable energy sources.

Each year, negotiators build on progress made at the previous year’s COP, strengthening aspirations and commitments, and pushing for new agreements, based on the latest scientific findings on the climate, and the role of human activity in the crisis.

The COP29 Presidency stresses the importance of operationalising the Loss and Damage Fund to support vulnerable communities, particularly in Small Island Developing States (SIDS) and Least Developed Countries (LDCs). It calls for enhanced Nationally Determined Contributions (NDCs) in line with 1.5°C targets and urges the submission of NDCs by 2025.

On adaptation, the Presidency calls for all countries to have National Adaptation Plans (NAPs) by 2025 and emphasises the need for scaling up adaptation finance. In addition, COP29 encourages global financial institutions and the private sector to increase climate finance and foster investment in green innovation.

Blue and Green Zones
COP29 has officially released its comprehensive programming for both the Blue and Green Zones, offering a glimpse into the diverse range of events, discussions, and exhibitions that will shape the global climate agenda.

The programming covers both the Blue Zone, where the formal negotiations and decision-making take place, and the Green Zone – a space open to the public that features a variety of exhibitions, workshops, and cultural events related to climate change. The programming for both zones include a diverse range of topics, such as climate finance, adaptation, mitigation, technology, and climate finance.

Visitors in the Green Zone will be able to experience and participate in panels, workshops, keynote speeches, and fireside chats, also aligning with each thematic day. The COP29 official partners will use the opportunity in the Green Zone to inspire climate conversation and facilitate action amongst stakeholders from both the public and private sectors.

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According to the latest data released by the Central Bank of the UAE (CBUAE), the sector’s capital and reserves witnessed a substantial year-on-year growth of 10.5 per cent, rising from Dh454.9 billion in July 2023 to Dh502.6 billion in July 2024.

Furthermore, the sector’s capital and reserves experienced a notable increase of approximately Dh13.3 billion during the first seven months of 2024, growing from Dh489.3 billion at the end of 2023.

According to the apex bank, these figures exclude subordinated borrowings and deposits but include current year profits.

National banks have the lion’s share accounting for 86.3 per cent of the total capital and reserves, reaching Dh433.7 billion by July 2024, reflecting a year-on-year growth of 10.4 per cent.

Foreign banks also played a significant role, contributing 13.7 per cent to the total capital and reserves, amounting to Dh68.9 billion by the end of July, marking an 11.1 per cent year-on-year increase.

This remarkable achievement highlights the strength and resilience of the UAE’s banking sector, solidifying its position as a key driver of the nation’s economic growth and stability.

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The annual rankings put out by the global marketing services consultancy Kantar assign a dollar value for the kind of influence the brands possess. E&’s brand value is at $7.28 billion while that for Emirates is $6.23 billion.

There were also places for Emaar, ADNOC Distribution, du and ADCB in the Top 10 UAE positions, with Aldar, Emirates NBD and hospital operator Burjeel occupying 8th, 9th and 10th spots.

e& – which has just unveiled a new campaign ‘Go for More’ campaign featuring likes of Shah Rukh Khan, Jason Statham and Lewis Hamilton – has been working towards expanding its visibility in key overseas markets. In the UAE, it has widened coverage into new consumer- and enterprise-focused spaces, which have proved a boost for top-line numbers.

In Saudi Arabia, Al Rajhi Bank emerged the most influential Saudi brand for the first time. The Kingdom’s telecom giant stc and Saudi National Bank followed in second and third spots.

“Over the last five years, the sustained growth achieved by top Saudi and Emirati brands has reached an incredible $47 billion,” said Amol Ghate, Managing Director MENAP, Insights Division at Kantar.

“In terms of being ‘meaningful’ and ‘different, these brands have surpassed the global brand average, which is a clear testament to their brand strength.

“Yet, more than 60% of brands in the region still have low meaning amongst their consumers and are not seen as different. Brands that can better understand consumer needs and connect their brands in relevant and unique ways will find growth.”
Change at the top in Saudi rankings
Through the last four years, it was the stc that topped the charts. This time, Al Rajhi took over the mantle.

“Considering how many new entrants have crowded into the Saudi telecom industry in recent years creating price wars, retaining a top position is a huge achievement for this powerhouse that continues to reinvigorate and inject new life into its brand,” said Kantar.

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“On the second day of the UAE Government’s Annual Meetings in Abu Dhabi, we launched the UAE Investment Strategy, aiming to triple cumulative FDI to Dh2.2 trillion by 2031. As part of the meetings, we honoured a number of outstanding entities, which demonstrated excellence in the application of artificial intelligence. We also witnessed honouring a constellation of intellectuals and innovators in the country,” Sheikh Mohammed said.
“The second day featured specialised sessions, agreement signings and various networking meetings between different government bodies within the country. The annual meetings bring together the nation’s top 500 officials, united as one team with a shared vision for the future and a deep love for the nation. We look forward with optimism to a new government year filled with hard work, achievements and the realisation of national goals,” the Vice-President added.

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Prof. Sabih Gatea Khisaf, the infrastructure lead engineer for the Mena region at Hyperloop TT, UAE, noted that a feasibility study for the Abu Dhabi-Al Ain Hyperloop system has been submitted to local authorities.
“We are the only company to have conducted a feasibility study for Abu Dhabi-Al Ain between 2016 and 2018. It has been completed,” Prof. Khisaf told Gulf News.

In 2016, the Department of Municipalities and Transport and HyperloopTT inked an agreement to conduct a study to connect Abu Dhabi and Al Ain using the Hyperloop system.

Prof. Khisaf, who served as the design lead for the study, confirmed that the results were promising. “We have shown that it’s feasible, can be implemented, and is cheaper than high-speed trains. Travel between Abu Dhabi and Al Ain would take just from 10 to 20 minutes.” Following the feasibility study, Hyperloop TT — a leading transportation and technology company, proposed building a demonstration track. In 2018, an agreement was signed with Aldar for the world’s first commercial Hyperloop system, a 10-km stretch in a key location between Abu Dhabi and Dubai.
“We were given the Alghadeer project. We completed the concept design, but then COVID-19 hit, and we haven’t progressed since. Hopefully, it will happen,” Prof. Khisaf said on the sidelines of the International Geotechnical Innovation Conference.

Despite the delays, Prof. Khisaf remains optimistic about the Hyperloop’s potential in the UAE.“It is the future of transportation. I hope to see it implemented in my lifetime and would love to see it here in the UAE,” he noted.

He revealed that there have been talks with authorities in Dubai and other emirates, though plans have yet to advance.

Meanwhile, Hyperloop TT has completed a feasibility study in Italy for a section connecting Venice-Mestre and Padua. “We are now progressing to the next stage of tendering and design,” he noted.

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The net profit margin came to 7.6%. In the recent past, PureHealth has invested in the US and UK as well as added to its healthcare interests in the Northern Emirates.

Strong deal flow
On the deal side, it closed the acquisition of Circle Health Group, the UK’s largest private hospital network, and that of Abu Dhabi-based Sheikh Shakhbout Medical City, the UAE’s largest tertiary care hospital.

There were also strategic sales. PureHealth divested its investments in YAS Clinics Group and Abu Dhabi Stem Cells Centre (ADSCC), which came into effect last April.

“With a focused M&A strategy and continuous asset optimization, we are well-positioned to sustain our growth trajectory,” said Shaista Asif, CEO. “Our recent acquisition and associated integration have strengthened our healthcare network, enhanced operational efficiency, expanded market presence, and advanced patient care.”
Assets and debt load
Total assets by end September had gone up 72% to Dh48.4 billion. “This expansion also led to a corresponding increase in total liabilities to Dh29.1 billion,” the company said in a statement. This includes bank debt rising to AED 1.9 billion. (Excluding lease liabilities, the group has reported a net cash position of Dh6.7 billion as of end September.)

Overall hospital bed capacity has risen to around 4,800 (an increase of 82% year-on-year), along with a ‘considerable expansion in the number of physicians to support increased demand’.

More deals coming?
There has been increased talk in analyst and healthcare sector about PureHealth closing in on another major deal in the UAE. On ADX, the stock is trading at Dh3.5. The highs and lows have been in the Dh3.26-Dh6.05 range.

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Considering the price band in the IPO, the market value of Lulu Retail is between 2,004 crore and 2,107 crore dirhams. That is up to Rs 48,231 crore ($546-574 crore). Lulu is selling 25% of its shares (258.2 crore shares) through a three-phase IPO that runs from today to November 5. 89% of these shares are held by Qualified Investment Institutions (QIBs). 10% shares are reserved for small (retail) investors and one percent shares are reserved for eligible employees.

Investment institutions to buy shares

Abu Dhabi Pension Fund, Bahrain Mamtalakat Holding Company, Emirates International Investment Company and Oman Investment Authority have already indicated they will bid for a Lulu Retail stake. The shares they buy will have a 180-day lock-in period. Shares can be sold only after 180 days. Demand for increased IPO allocation for retailers is strong. Lulu may take a decision on this soon.

Application and Listing

Retail investors can submit a minimum application of Dh5,000 (roughly Rs 1.14 lakh). Later you can apply for multiples of Dh1,000 (Rs 22,800). Retail investors and QIBs will get a minimum of 1,000 shares. It is 2,000 shares for eligible employees. The minimum amount that QIBs can spend is Dhs 50 lakh (Rs 11.44 crore).
The deadline for retail investors and institutional investors to apply for shares in the IPO is November 5. The final share price will be announced on November 6. Retail investors will receive an SMS regarding the allotment on November 12. Refund will be given on 13th November. The shares will be listed on the Abu Dhabi Stock Exchange (ADX) on November 14.

Dividend will be considered

Lulu Group is considering paying out 75% of its after-tax profits as dividends. This may also attract investors to the IPO. Dividend will be distributed twice every year. The dividend for the 6 months ending December 31, 2024 will be distributed in the first half of 2025. Meanwhile, the final decision regarding the payment of dividend will be based on the market conditions, performance and the decision of the Board of Directors.

Can be bought from India

Lulu Retail shares can be bought from India. All you have to do is have the NIN required to transact on the Abu Dhabi Stock Exchange. Also should have bank account in UAE or international bank account. Applying for shares will also be subject to laws in India. Those interested in buying shares can apply to one of the receiving banks of the IPO. Banks will have facility for this online and in branches. You can also buy through mobile banking. The receiving banks are First Abu Dhabi Bank, ADCB, Dubai Islamic Bank, Emirates Islamic, Emirates NBD and Mashtech.

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This comes after the engineering and marine services company recorded Dh2.19 billion in net profit for the first nine months of 2024, a substantial 45% rise over the year before. Revenues totaled Dh18.51 billion, with the NMDC Group benefiting from a steady stream of new contract awards, both in its home market and outside. (Net profit for the third quarter was Dh731 million, an increase by Dh99 million over 2023.)

There was also the successful floating of its subsidiary NMDC Energy on ADX. A well-received IPO, it was oversubscribed 31.3 times to reach Dh88 billion in August.

The project pipeline in the UAE’s energy and related sectors continues to run strong. By end September, its project backlog was at Dh70 billion plus.

Cash flow situation
The group raised its free cash flow in Q3-2024 by Dh1.4 billion, helped by ‘significant collection’. But when it comes to the nine-month comparison, the cash flow is negative, ‘largely due to higher working capital investment in the business, given the substantial growth during the period’.
“Our results highlight NMDC Group’s sustained momentum and ability to capitalize on market shifts, both regionally and globally,” said Yasser Zaghloul, CEO of NMDC Group. “We are creating value not just for today, but for the future of the industries we serve. We will continue to branch out— vertically and horizontally—through diversification strategies aimed at maximizing added value and driving sustainable company growth.”

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