Daily Archives: January 5, 2020

ADIB provides US$80 million Shariah-compliant financing to Oman Shipping Company

ABU DHABI, The Abu Dhabi Islamic Bank, ADIB, a leading financial institution, has signed an agreement to provide a US$80 million Shariah-compliant Ijara facility to the Oman Shipping Company SAOC, OSC, a member of the ASYAD Group, for the financing of two VLCC (Very Large Crude Carriers) tankers within the OSC group.

The transaction represents the OSC’s first Sharia-based leasing “Ijarah”, as well as the ADIB’s ongoing commitment and ability to finance significant assets in the marine and energy sectors.

“The ADIB has significant experience and expertise working on Middle East shipping deals across the full range of industry segments. Over the years, we have been able to add significant value to partners across a wide range of innovative structures, in terms of both bilateral and syndicated facilities. Completing this transaction with the OSC is a testament to the hard work of our team, and we are well-positioned to build on our track record in this specialised business in order to assist our clients in 2020 and beyond,” said Christopher Phillips, Head of Ship Finance at ADIB.

Michael Jorgensen, Chief Financial Officer and Acting Chief Executive Officer at OSC, added, “It was important for us to find a trusted partner for our first Shariah-compliant Ijara facility. The ADIB team was able to provide a competitive Ijara facility which served our needs, allowing us to finance two VLCC tankers and further support our expansion plans.”

Source: Emirates News Agency

Number of registered trademarks in UAE increases by 30% in December 2019: Ministry of Economy

ABU DHABI, The number of trademarks registered in the UAE increased by 30.5 percent in December 2019 compared to November 2019, reflecting the country’s growing leadership as a regional business centre in the Gulf Cooperation Council, GCC, and throughout the Middle East.

The UAE is ranked first in the Middle East and second in the world in attracting new trademarks in the retail sector, according to the “How Global is the Business of Retail Report” issued by the CBRE.

Statistic from the Trademarks Administration at the Ministry of Economy highlighted an increase in the number of registered trademarks in the UAE in December 2019, totalling 1,589, which rose from 1,217 in November.

In 2018, specialist international organisations acknowledged the UAE’s distinguished stature as one of the major countries that attract global trademarks, following the success of its retail sector in attracting 63 trademarks, while leading the UK, which attracted 54 trademarks, Germany with 51, and Japan with 47.

The list of registered trademarks in the UAE include Microsoft, Airbus, Huawei, Samsung and other major companies.

The UAE and Saudi Arabia occupied first place in the Middle East in attracting key trademarks in the region in 2019, according to a report by Brands Finance on the top 50 trademarks in the region in 2019.

Source: Emirates News Agency

SCI inspects charity projects in Chad, Ethiopia and Cameron

SHARJAH, A delegation from Sharjah Charity International, SCI, headed by Mohammed Hamdan Al Zari, Director of Projects and Guarantees Department at SCI, inspected the SCI’s charity projects being carried out in Chad, Ethiopia and Cameron, in order to evaluate the progress of the ongoing work.

The inspection tour was also aimed at ensuring the commitment of the involved agencies towards maintenance operations of earlier projects, besides inspecting geographical locations to establish new projects that will serve many families and residents in remote areas.

The delegation was briefed about the project work in the three countries and reviewed the different services delivered to citizens in those countries. The delegation also learned more about the needs of the citizens.

Source: Emirates News Agency

UAE reviews plans to combat terrorism, money laundering in February

ABU DHABI, The UAE has presented its plan to combat money laundering for the upcoming month of February, during a joint review meeting held by the International Financial Action Task Force, FATF.

The meeting aimed to highlight the country’s commitment to the directives adopted by FATF and the Middle East and North Africa Financial Action Task Force, “MENAFATF,” along with the contributions from reforms to reaching internationally agreed targets.

In June and July 2019, FATF conducted a joint review of a reform package undertaken by the UAE, which is Law No. 20 for 2018 to combat money laundering and terrorism, along with its adoption of related regulations issued in 2019.

In July, the UAE delegation to the United Nations presented to the Security Council a clear picture of the country’s efforts to create the legal structure to combat terrorism and organised crime, along with a wide range of international cooperation agreements it signed to combat money laundering, which has maintained the UAE’s leading international status in the fight against corruption, money laundering and terrorist financing.

In December, the capital, Abu Dhabi, hosted the Eighth session of the Conference of the States Parties to the United Nations Convention against Corruption, with the participation of 3,000 experts and specialists from various countries.

The conference introduced the world to the UAE’s progress in modernising its legal structure to combat money laundering and assess risks, reinforcing its position as an international centre of business, financial and commercial services.

The Anti-Money Laundering Law for 2018, and its executive regulations for 2019, constitute a comprehensive reform document that supports the country’s business sector and local economy. The law includes frameworks for monitoring credit standing, disclosure, compliance and governance procedures in the operations of the Central Bank of the UAE, to ensure confidence in the national economy.

The law is supported by the advanced technical equipment of the Financial Intelligence Unit of the Central Bank of the UAE, which can analyse and investigate suspicious transactions.

Source: Emirates News Agency