Under the sales gas pipeline network enhancement (ESTIDAMA) programme, the new pipeline will extend ADNOC Gas’ existing pipeline network from approximately 3,200 kilometres (km) to over 3,500km, enabling the transportation of higher volumes of natural gas to customers in the Northern emirates of the UAE.

This strategic pipeline extension will drive further growth for ADNOC Gas as it continues to supply sustainable gas supplies in the UAE to support the company’s strategy to increase its market share and enhance its customer base.

Ahmed Mohamed Alebri, Chief Executive Officer of ADNOC Gas, said, “Our strategic network expansion will bring the advantages of lower-cost, sustainable and cleaner gas to more locations across the UAE by enhancing industrial access to natural gas, a cost-competitive and lower-carbon intensive fuel. The expanded pipeline will drive further growth for ADNOC Gas and our shareholders as we deliver on our mandate to achieve gas self-sufficiency for the UAE.”

As part of ADNOC’s highly successful In-Country Value (ICV) programme, which aims to enhance the UAE’s local value chain by encouraging local manufacturing and supporting local industries, over 70% of the contracts’ value is expected to flow back into the UAE economy.

The ESTIDAMA programme comprises several packages, with the first one awarded in 2021 for early modification works on existing pipelines and completed in 2023. The second and third packages, which are being awarded now, include the construction of new pipelines and a gas compression plant in Habshan that will help deliver essential feed gas to key customers across the Emirates.

ADNOC’s integrated gas masterplan connects all parts of the UAE’s gas value chain, ensuring a sustainable and economical natural gas supply to meet local and international demand. The plan includes innovative approaches and technologies to increase gas recovery from existing fields and develop untapped resources.

The post ADNOC Gas Awards $1.34 Billion In Contracts For New Natural Gas Pipeline To Northern Emirates first appeared on Abu Dhabi Property Guide.

The domestic economy’s resilience, which has passed through the stage of recovery from the consequences of the Covid-19 pandemic, is reflected in the positive forecasts of international institutions and banks, including the IMF and World Bank.

Such international recognitions speak for the UAE economy’s durability in the face of global geopolitical turmoil and adverse economic conditions, therefore verifying the success of the UAE leadership’s forward-looking vision.

“The UAE is poised for positive economic growth as it is projected to achieve a 3.6 percent increase in its gross domestic product this year, driven by robust domestic activity,” said the International Monetary Fund, recently.

Following an impressive growth rate of 7.9 percent in 2022, the UAE’s economy is expected to maintain its upward trajectory in 2023, benefiting from sustained tourism activity and higher capital expenditure, the IMF said in its 2022 Article IV assessment.

For its part, the World Bank has projected that the real GDP of the UAE will grow by 2.8 percent in 2023, as the non-oil sector is expected to achieve strong growth of 4.8 percent, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.

In a press conference held in Dubai recently to announce the new World Bank Gulf Economic Update (GEU) titled, “The Health and Economic Burden of Non-Communicable Diseases in the GCC”, the bank officials said that the current account balance in the UAE is expected to rise to 11.7 percent in 2023, as well. The report expected the UAE to achieve a surplus in public finances of 6.2 percent in 2023.

These international testimonies are consistent with the forecasts of the Central Bank of the UAE in its quarterly economic review, wherein the apex bank said that the UAE economy continued to grow at a solid pace in Q1 2023, “reflecting a strong performance of the non-oil sector, partially offset by a moderation in the oil segment of the economy. For 2023, growth has been revised down by 0.6 percentage points to 3.3%, reflecting oil production cuts agreed among OPEC+ members. The non-oil sector is expected to continue to support aggregate output, albeit at a more modest pace compared to 2022.”

The UAE economy is expected to grow further this year for a variety of reasons, including a rise in the purchasing managers’ index to its highest level in five months, namely May this year. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index– a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – posted 55.5 in May, indicating a robust improvement in the sector’s performance. Despite dropping from 56.6 in April to a three-month low, the index remained above the 50.0 no-change mark and its long-run average.

According to the S&P Global, the strong rise in new business underlined growing confidence across surveyed firms about economic prospects. Expectations towards activity over the next year improved for the fifth consecutive month in May to the highest level since late-2021.

The UAE’s progress in implementing comprehensive economic partnership agreements will help to improve trade and integration into global value chains, as well as attract more foreign direct investment, boosting national economic growth.
Such partnerships are significant drivers for economic growth that create trade and investment opportunities and contributes to the vitality of regional and global trade and investment flows.

The post UAE Economy Poised For Stronger Growth In H2-23 first appeared on Abu Dhabi Property Guide.

The Ministry of Finance has issued Ministerial Decision No. 43 of 2023 on Exception from Tax Registration for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”).

The decision is issued in accordance with Article 51 of the Corporate Tax Law which requires taxable persons to register for Corporate Tax with the Federal Tax Authority, except in certain circumstances.

The Ministerial Decision on the Exception from Tax Registration sets out who would be excluded from registering for Corporate Tax.

Certain exempt persons such as government entities, government-controlled entities, as well as extractive businesses and non-extractive natural resource businesses that meet the necessary conditions under the Corporate Tax Law are not required to register for Corporate Tax purposes. 

A non-resident person will also not be required to register for Corporate Tax if they only earn UAE-sourced income and do not have a Permanent Establishment in the UAE.

The exception stipulated in the decision is in line with international best practices, whereby persons exempted from Corporate Tax such as the federal government, UAE government departments and authorities, other public institutions, and other categories referred to above are excepted from tax registration because they are not subject to tax. Therefore, there is no need for these entities to register with the Federal Tax Authority as long as they continue

AD Ports Group today announced that it has completed the acquisition of Noatum, a global integrated logistics services provider with a presence across 26 countries, after receiving approvals from all relevant regulatory bodies.

AD Ports Group received the final approval from Spanish Authorities, after it attained regulatory clearance from the European Commission earlier in the year. The total purchase consideration (Enterprise Value) for 100% ownership of Noatum amounts to AED 2.65 billion using the EUR: AED rate of 4.01 on the day of the signing (EUR 660 million), implying a Last Twelve Months EV/EBITDA of 5.9x..

The Spain-headquartered company generated revenue and EBITDA of AED 6.4 billion (EUR 1.6 billion) and AED 448 million (EUR 111.6 million) in the last twelve months, respectively, performing in line with expectations since the transaction has been announced, and held a net debt position of AED 220 million (EUR 54.9 million), as of May 31, 2023.

Full consolidation of Noatum has started since the day of signing on 30 June 2023.

The milestone and transformative acquisition brings together two major industry players, each with its strengths and capabilities, to form a global powerhouse in the trade and logistics space.

Given its significant scope of services, experience, and capabilities, Noatum will assume leadership of AD Ports Group’s Logistics Cluster, with the process of integrating its businesses and team of 2,800 professionals into the Cluster’s operations commencing immediately.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “We are delighted to have obtained regulatory approval for the acquisition, and on behalf of AD Ports Group, I would like to welcome Noatum and its entire team to our extended corporate family. This landmark acquisition is a testament to our wise leadership’s enduring support and aligns seamlessly with our long-term growth strategy. We look forward to leveraging our integrated cross-Cluster business model and working together to unlock unprecedented value for our respective customers, partners and stakeholders. The future of trade and logistics relies on integration, resilience and innovation, and by taking this transformative step together we are charting a path to realising our collective mission of becoming one of the top global trade and logistics providers.”

For its part, Noatum brings significant growth potential and scalability thanks to its asset light operating model and presence in all major global markets, including Europe, Asia, Africa, North America and South America. Combining its maritime, ports and logistics businesses, the company operates a comprehensive portfolio of trade and logistics services, with presence in 26 countries, alongside a comprehensive network of its 143 international offices.

In particular, Noatum’s maritime business offers shipping agency services, inclusive of outsourcing, ancillary, and cargo solutions such as liquid bulk, breakbulk cargo, reefer, and dry cargo, while its ports business includes bulk, container, reefer, ro-ro and multi-purpose terminal operations located across 16 ports in Spain and the UAE, alongside dedicated depots and warehouses. Its logistics arm provides complete end-to-end services inclusive of multi-modal freight management, contract logistics, customs clearance and trade compliance, global supply-chain management, project cargo, and e-solutions.

The portfolio supports a spectrum of industry sectors including automotive and aerospace, chemicals, construction, renewable energy, FMCG, industrial manufacturing, oil and gas, mining, healthcare and life sciences, and retail.
Antonio Campoy, Chief Executive Officer, Noatum, said: “We are thrilled to join the AD Ports Group family.

Throughout our 60-year history as a company, our goals have always been to build strong long-term projects, create new opportunities for the future, and grow alongside our clients, our people, and our stakeholders. Today, as part of AD Ports Group, these objectives are more meaningful than ever, as together we are going to build one of the most robust logistics companies in the world.”

Aside from significantly expanding AD Ports Group’s global reach and scope of services, the acquisition of Noatum will generate several important synergies, including revenue enhancement, cost savings, joined purchasing, transfer of best practices, market expertise, and adoption of cutting-edge technology.

AD Ports Group’s intent to acquire Noatum was initially announced in November of 2022, and has been pending the necessary regulatory approvals.

e to meet the exemption conditions, noted in the relevant articles of the Decree-Law.

All Cabinet Decisions and Ministerial Decisions issued relating to the Corporate Tax Law are available on the Ministry of Finance’s website: www.mof.gov.ae.

The post AD Ports Group Completes Landmark Noatum Acquisition first appeared on Abu Dhabi Property Guide.

The owner and operators of the emirate’s five airports expects to serve almost 65,000 passengers on these dates, according to a press statement.

The post Over 900,000 Passengers Expected To Pass Through Abu Dhabi International Airport During Eid Holiday first appeared on Abu Dhabi Property Guide.

Instead, consider visiting destinations where you can enjoy cooler temperatures and even play in the snow.

When the temperature is high, finding places that offer a refreshing environment, a connection with nature, and a cool breeze to help you find inner peace is essential.

Let’s discover the stunning indoor destinations in Dubai to visit this summer; all made easy with a simplified payment experience.

Indoor Activities to Do in Dubai During Summer

Dubai has places for all seasons, be it summer or winter, and it is full of entertaining and adventurous activities for all age groups. Let’s explore

Ski Dubai

Located in the Mall of the Emirates, visitors can enjoy a one-of-a-kind indoor skiing experience that includes snowboarding and playing in the snow at this chilly retreat.

Green Planet

This place is a tropical rainforest that features bio-dome houses, as well as different kinds of plants and animals. You can fully experience the beauty of a green environment here.

Dubai Dolphinarium

Experience the grace and intelligence of dolphins in action at this place. Witness acrobatic performances and interactive shows, providing a unique opportunity to get up close with these magnificent creatures in the heart of Dubai.

Museum of Illusions

Explore the captivating realm of illusions and optical illusions at an interactive museum featuring mind-bending exhibits.

Bounce

With a range of trampolines, ninja courses, and challenging obstacles, it’s the perfect destination for thrill-seekers and fitness enthusiasts to unleash their energy and have a bouncing and chilling good time.

Dubai Aquarium and Underwater Zoo

As you walk through the tunnel or enjoy a boat ride or cage snorkeling experience, you will be awestruck by the extraordinary display of marine life.

Coastal Charms: Beach Destinations to Cool Off

Discover the perfect coastal getaways this summer with these five stunning beach destinations. Immerse yourself in the tranquil beauty of Jumeirah Beach, ride the waves at Kite Beach, soak up the lively atmosphere of La Mer, uncover the hidden treasure of Black Palace Beach, or relax in luxury at Palm Jumeirah. Let the gentle sounds of the ocean waves refresh and rejuvenate you this season.

Tips for Staying Cool and Comfortable

• Stay hydrated by drinking plenty of water throughout the day.
• Protect your skin from the sun’s harmful rays by applying sunscreen with a high SPF.
• Opt for refreshing fruits and light meals to keep yourself nourished.
• Take a 15-minute break between air-conditioned and non-air-conditioned areas to allow your body to adjust.
• Avoid outdoor activities between 12 PM and 4 PM when the sun is at its peak.

Conclusion

The combination you can never afford to miss vacations, chilled places to visit, and family. Who are you waiting for? Plan now and give your mind chillax mode for a while!

The post Top Summer Getaways To Beat The Heat In Dubai first appeared on Abu Dhabi Property Guide.

The addition of the latest cohort has increased the size of Hub71’s vibrant community to over 240 startups.

In the latest cohort, 67 percent of the selected startups are headquartered outside the UAE, reinforcing the increasing global status of Abu Dhabi as a robust innovation hub where tech entrepreneurs can access capital, a growing community, and a business-friendly environment. The 15 startups originate from the UAE, USA, New Zealand, Egypt, the Netherlands, and the UK.

Among the startups joining Hub71 are two HealthTech startups making a significant impact in healthcare, Exsurgo, and Ovasave. Exsurgo raised $10.5 million (AED 38.6 million) and delivers non-pharmaceutical treatments for neurological conditions using neuroscience and data analytics. Meanwhile, Ovasave leverages innovative solutions to provide women with seamless access to fertility and egg-freezing services through a vetted network.

The cohort also includes FinTech startups such as Subsbase, backed by notable investors including Global Ventures and Plug and Play, who are simplifying recurring payments for businesses and Inovat, which offers a digital VAT refund solution, enabling travelers to save over 20% on shopping without paperwork or airport queues.

Hub71 received a substantial 70 percent increase in applications to join the startup community compared to the previous cohort, including a significant increase in high-quality early-stage startups choosing Abu Dhabi as a long-term base to expand.

As Hub71 supports the growth and development of tech startups at all stages, founders benefit from generous incentives, programs, and access to investors, corporations, government entities and academic institutions as part of its ecosystem in Abu Dhabi.

Ahmad Ali Alwan, Deputy CEO of Hub71, said, “Each startup has undergone a rigorous selection process, having been selected based on their unique capabilities and potential to grow as a global tech company out of Abu Dhabi. Our first cohort of 2023 is comprised of companies that have showcased a competitive edge in building differentiated tech platforms and products.”

He added that the objective is to attract and support startups that offer solutions capable of making a positive difference in people’s lives, thereby contributing to the growth of Abu Dhabi’s economy and society and solidifying Abu Dhabi’s position as a prominent global innovation hub.

The post Hub71 Adds 15 Startups To Join Abu Dhabi’s Tech Ecosystem first appeared on Abu Dhabi Property Guide.