The Authority has distributed various projects under different financing programs, such as the In-Country Value Programme, Industrial Projects Financing Programme, Service Projects, Working Capital Financing Programme, Incubated Institutions and Business Accelerators Financing Programme, Handicraft Products Financing Programme, Home and Production Works, Street Vendor Works, mobile commercial activities, contract financing program, and financing for small and medium enterprises awarded contracts by companies affiliated with Oman Investment Authority.

Out of the 244 projects, 161 were industrial, commercial, and service projects, and 44 were contract projects.

The contract financing program specializes in financing contracts (tenders or purchases) based on the work award letter from the awarding entity.

Meanwhile, 29 projects were working capital financing projects, which cover the daily needs of an organization’s operational expenses.

This includes costs such as purchasing raw materials, semi-manufactured goods, merchandise, warehouses, spare parts, salaries and wages, transportation expenses, and other costs necessary to maintain the continuity of the production process from purchasing raw materials to selling the product.

Most of the funded projects were in Muscat Governorate, with 108 projects worth more than OMR 10 million.

This was followed by North Al Batinah Governorate, which financed 31 projects worth more than OMR 3 million, and South Al Batinah Governorate, which financed 19 projects with a total value exceeding OMR 1 million.

The Dhofar Governorate had 19 funded SME projects, South Al Sharqiyah Governorate had 15, Al Dhahirah Governorate had 18, Al Dakhiliyah Governorate had 13, North Al Sharqiyah, Al Wusta, and Buraimi Governorates had six projects each, and Musandam Governorate had three projects.

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Dubai’s 81st meeting of the Supreme Council of Energy was chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, the council’s Chairman.

The meeting was held virtually and attended by Saeed Mohammed Al Tayer, the Vice Chairman of the Dubai Supreme Council of Energy.

Other attendees included Ahmed Buti Al Muhairbi, the Secretary-General of the Dubai Supreme Council of Energy, and board members from various organizations.

The council discussed the Demand Side Management Strategy for 2030 and 2050, which aims to reduce water and electricity consumption through green building activities, building retrofits, efficient operation of industrial and government facilities, and the use of treated wastewater, external lighting, and cooling.

The council is committed to making Dubai a leading example in efficient energy and water demand management.

Al Tayer mentioned that the council regularly reviews programs to reduce water and electricity consumption with the participation of public and private organizations, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to promote a green economy and sustainable development.

The council’s efforts aim to achieve standards and mechanisms that demonstrate the effectiveness of implementation and the percentages achieved in energy resource management.

Al Muhairbi noted that updating the council’s existing strategies reflects the degrees of achievement of the set goals to ensure the effectiveness of the existing programs, aligned with the desired goals in the areas of sustainable development for Dubai.

The council also discussed recommendations to increase the infrastructure for electric vehicle charging stations across the Emirate.

The council looks forward to supporting private companies in building and installing charging stations in line with the public-private partnership model.

As of the end of January, the number of electric and hybrid vehicles in Dubai reached 49,300, and more than 390 charging stations were installed.

The number of charging stations will increase in the coming years.

More on Visions:

vision2030.

vision2040.

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Shell has recently released its first progress report on energy transition, after the implementation of its Powering Progress strategy in 2021.

During the Capital Markets Day event in June 2023, Shell emphasized how its strategy is designed to generate more value while producing fewer emissions, with a particular emphasis on the “more value” aspect.

This energy transition update focuses on how the strategy effectively delivers “fewer emissions.”

Shell aims to achieve net-zero emissions across all operations and energy products by 2050, which marks a significant shift for the business.

The company is confident that this commitment aligns with the ambitious objectives of the Paris Agreement, which aims to limit global warming to 1.5°C above pre-industrial levels.

Shell’s approach advocates for a balanced and orderly transition from fossil fuels to low-carbon energy solutions, ensuring that energy remains secure and affordable.

According to Wael Sawan, Shell’s CEO, “Energy has significantly contributed to human progress, enabling many worldwide to lead more prosperous lives. Currently, the global community faces the dual challenge of meeting increased energy demands while addressing the pressing issue of climate change. The swift advancements in energy transition observed in recent years across various countries and technologies bolster my firm belief in our strategic direction.”

Sawan further remarked, “Our investment of $10-15bn between 2023 and 2025 in low-carbon energy solutions positions us as a major player in the energy transition.

“Moreover, in 2023, our expenditure on low-carbon solutions reached $5.6bn, accounting for over 23% of our total capital investment” He added.

Shell’s investments in emerging technologies, including electric vehicle charging infrastructure, biofuels, renewable energy, hydrogen, and carbon capture and storage, are instrumental in reducing emissions for both Shell and its customers.

More on Shell:

The company aims to scale these technologies to ensure they become an economical option for consumers.

Shell’s advocacy efforts are now focused on pivotal areas deemed essential for the energy transition, such as supporting policies that align with national net-zero goals, including carbon pricing, providing the secure energy supply the world requires, influencing demand shifts, and expanding low-carbon solutions.

In 2023, Shell surpassed 60% of its objective to cut emissions from its operations in half by 2030, relative to its 2016 levels.

This exceeds the commitments made by the signatories of the Oil and Gas Decarbonization Charter established at COP28.

Shell was among the pioneers in setting a goal for near-zero methane emissions by 2030.

In 2023, the company attained a methane emissions intensity of just 0.05%, well below its target of 0.2%. Additionally, Shell contributed to the World Bank’s Global Flaring and Methane Reduction Fund in 2023, further endorsing collective efforts to minimize methane emissions and flaring.

“In 2023, we met our objective to lower the net carbon intensity of the energy products we offer, achieving a 6.3% reduction from 2016 levels – marking the third year in a row we’ve reached our goal,” Sawan observed. “To further the decarbonization of the transport sector, we’ve set a new goal to reduce emissions from the use of our oil products by 15-20% by 2030, in comparison to 2021 divs.

He exclaimed that “We are expanding our power business, including renewable energy ventures, in regions such as Australia, Europe, India, and the USA, and have ceased direct energy supply to residential homes in Europe.”

More on vision2030:

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Dubai has been recognized as one of the best cities in the world for work and being livable.

According to the latest Global Expat Index, Dubai has secured the 9th spot with a score of 6.80, surpassing other popular destinations such as Toronto, Sydney, and Lisbon.

Additionally, the emirate has been ranked as the third most preferred city in Asia for expats, with a score of 6.81, while Abu Dhabi has landed on the 8th spot with a score of 6.09.

As per the report by Preply, an online language learning marketplace, Dubai is known for its luxurious lifestyle, however, its cost of living is relatively high, standing at $3,787 per month.

Nevertheless, the average tax-free salary in Dubai is the second highest among all Asian cities, with a figure of $3,894.

Moreover, the UAE’s favorable tax laws, which include no income tax, can benefit those earning more than $64,000 annually.

Dubai has also scored high on the safety index, with a score of 83.40, making it the third-safest city in the ranking.

Meanwhile, the average cost of living in Abu Dhabi, Dubai’s neighboring emirate, was $3,501, with the tax-free salary averaging $3,597.

Abu Dhabi has also been ranked as the safest livable city in Asia, with a score of 86.71.

Other top expat cities

Tallinn, Estonia topped the list with the highest overall expat score of 7.35 out of 10, making it the best city for work and living.

Estonia’s capital city also scored a high safety index of 77 out of 100, placing it among the top 10 safest cities for expats. Bern, Switzerland ranked second with a score of 7.32, followed by Singapore and Basel, Switzerland, jointly occupying the third spot with a score of 7.08.

Toronto and Sydney jointly ranked 11th on the list with a score of 6.76, while Lisbon was at 16 with a score of 6.54

On the Asia index, Singapore took first place as the ideal city for expats looking for the best-suited areas to move to in 2024, with a score of 7.20.

The top three positions were rounded off by Bangkok in second place with a score of 6.96, followed by Dubai at 6.81.

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• Tahakom
• Dahua Technology.
• Carrier Corporation
• Softbank Group.

These companies have decided to collaborate towards accelerating the adoption of sustainable manufacturing processes, to reach carbon neutrality in their output.

Amit Midha, the global CEO of Alat, emphasized the company’s commitment to transforming the manufacturing industry through sustainable energy practices.

By utilizing renewable energy sources such as solar and wind power, as well as green hydrogen, Alat plans to revolutionize manufacturing by integrating artificial intelligence and technology from the fourth industrial revolution.

Alat has partnered with the following groups to achieve its goals:

• Softbank Group: to establish an industrial automation business in Saudi Arabia.

This joint venture will concentrate on developing innovative industrial robots, with an initial investment of up to $150 million.

The aim is to launch a fully automated manufacturing and engineering facility by December 2024.

• Carrier Corporation: a partnership to establish an innovative manufacturing and research and development facility.

The facility will be dedicated to advancing energy efficiency and reducing emissions in buildings.

This collaboration will bring about the latest HVAC solutions and generate more than 5,000 job opportunities in the local area.

• Dahua Technology Ltd: Alat and Dahua Technology will establish a joint venture, Alat AIVisio Technology Co. Ltd., to manufacture technology products for safety and surveillance applications.

A $200 million investment will support the creation of a state-of-the-art manufacturing facility in Saudi Arabia, focusing on vision-centric products for intelligent cities and enterprises.

• Tahakom: Collaborating with Tahakom, Alat seeks to advance smart mobility and intelligent city solutions aligned with Saudi Arabia’s Vision 2030.

This partnership will drive innovation in Intelligent Transportation Systems (ITS) and Artificial Intelligence (AI), fostering technological advancement in urban development.

Alat plans to innovate across seven business units, encompassing semiconductors, smart devices, smart buildings, smart appliances, smart health, advanced industrials, and next-gen infrastructure.

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Amana, a neo-broker launched an incentivizing offer to promote MENA stocks and introduce the people of the region to the stock market.

The offer includes no commission fees on over 1,000 stocks that originate from the Middle East and North Africa up to the first 100,000 investment capital.

This approach resembles the Robinhood model in the USA and UK which attracted more customers than any other previous method did in the last decade.

Amana aims to capitalize on the USD4 trillion market the region has attracted by the IPOs which are one of the highest in the world.

Only 5% of the region is involved in the stock market which is way below the average of major investment countries like the USA, UK and Canada.

Amana deals with clients from over 80 countries with access to the global financial markets.

Local stocks aside Amana also offers no commission fees on US stocks, gold, commodities, currencies, crypto and indices.

As a neo-broker, Amana functions mostly online, offering ease of use and access to investors.

QUOTES by Amana:

CEO of Amana, Muhammad Rasoul said Our initiative will provide more investors and traders across MENA access to local equity markets – in a cost-effective, fractionalized method, for everyone. We believe the MENA opportunity is big, and everyone should be able to participate in that growth opportunity.”

He added “This move exemplifies Amana’s core values. As a locally built broker, our mission extends beyond being a part of this emerging region’s growth; it’s about ensuring that as many people as possible can share in the economic potential of this once-in-a-generation regional transformation.”

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The Kingdom of Saudi Arabia at the end of 2022 was responsible for 52% of the total capital deployed in the region, an increase of 21% from 2022.

SVC which is a subordinate company of the SME bank, aiming to assist in developing and financing startups and SMEs (Small and Medium Enterprises) announced that Saudi Arabian startups received a 33% increase in funding by the end of 2023.

The Kingdom of Saudi Arabia has been showing increasing interest in VC (Venture capital) with Vision2030 being the focus point, aiming to diversify the Saudi economy with a sustainable future.

CEO of SVC, Dr. Nabeel Koshak said “We are proud that SVC’s strategy contributed to the development of the Venture Capital ecosystem as It was ranked fourth in the region in terms of the amount of Venture Capital funding in 2018, to be the top country in the region last year.

He also stated that the funding invested in 2023 is (x21) the amount of funding for the year 2018 when SVC was launched.

“We, at SVC, are committed to leading the development of the venture capital ecosystem in Saudi Arabia. We aim to stimulate private investors to provide support to startups and SMEs, enabling them to achieve fast and high growth. This will help diversify the national economy and ultimately achieve the goals of the Saudi Vision 2030.” he added.

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Established in 1975, DIB is the largest Islamic bank in the UAE and the second largest in the world. Driven by the bank’s customer-centric approach and its commitment to sustainable digital transformation, DIB aims to instill simplicity and convenience in all their offerings by providing a personal and engaging experience.

“As we aim to become the most progressive Islamic financial institution in the world and align with the UAE Government’s vision for innovation and modernized services, we constantly refine our services and develop new solutions, taking into account our customers’ needs throughout their journey with DIB. With this in mind, we’re continuously shaping our banking experience to be more intuitive, straightforward, and personalized,” said Obaid Al Shamsi, Chief Operating Officer at DIB. “We have dedicated ourselves to provide banking that is simple to understand. Consequently, we set the same standard for all technology we deploy. In partnership with HPE, we are delivering an easy-to-use solution with cloud-experience in a secure and compliant environment. As a result, we’re not just enhancing our operational efficiency, but also contributing towards the UAE’s economic diversification and industrial transformation.”

One key focus for DIB is to stay highly agile, delivering optimal solutions, whenever and wherever needed. To ensure this kind of agility, flexible and easily scalable IT as well as broad visibility across the estate is needed, so the bank can quickly respond to the constantly evolving business requirements. This will enable DIB to optimize internal operations and processes and predict future resource requirements as they grow.

“We are proud to support DIB in their efforts to provide the highest standard of customer experience,” said Ahmad Alkhallafi, managing director for UAE, Hewlett Packard Enterprise. “With HPE GreenLake and the HPE Aruba Networking secure Wi-Fi platform, DIB will boost their ability to offer customers unique services, by providing their employees with the tools, seamless connectivity, and compute they need to strengthen collaboration between the teams. This will drive long-term efficiency and growth for the bank as they create new satisfying experiences.”

With the HPE GreenLake for Aruba services, DIB will be able to centrally manage its network with ease and comprehensive oversight. HPE Aruba Network Edge Services Platform (ESP) is a cloud-native architecture that offers automated network management, integrated edge-to-cloud security, and predictive AI-powered insights.

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