ADNEC Group promotes IDEX and NAVDEX 2025 at Eurosatory 2024

ABU DHABI: As part of its global promotional campaign for the 2025 International Defence Exhibition and Conference (IDEX) and Naval Defence and Maritime Security Exhibition (NAVDEX), ADNEC Group, through its subsidiary Capital Events, is showcasing the event at Eurosatory 2024.

This promotion takes place at the UAE National Pavilion, held under the patronage of the Ministry of Defence and Tawazun Council, and organised by the Emirates Defence Companies Council (EDCC).

Capital Events will be at the UAE National Pavilion to provide information about IDEX and NAVDEX 2025 to exhibitors, media, and top military officials expected to attend Eurosatory. IDEX and NAVDEX, organised by ADNEC Group in association with the UAE armed forces, are among the world’s largest defence exhibitions and are held at the ADNEC Centre in Abu Dhabi under the patronage of President His Highness Sheikh Mohamed bin Zayed Al Nahyan.

Several exhibitors from the Middle East region, including EDGE Group, Al Yah Satellite Communications
Company (Yahsat), and Key Technologies were also present to engage with experts and leading companies in defence and security field.

ADNEC Group, in cooperation with the Ministry of Defence, organises these exhibitions as international platforms to showcase the latest innovations in the international defence and security sectors and as global forums highlighting advanced technology and equipment and knowledge exchange. These major global events also facilitate strategic partnerships between leading companies specialised in the defence and military industries from around the world.

The previous edition of the IDEX and NAVDEX, and their accompanying conference were the largest to date. The event covered a substantial 165,000 square metres in area – a 24 percent increase on the previous edition in 2021 – while the total number of visitors grew to reach 132,000 overall. With 1,353 exhibitors from around the world present, this total represented a 50 percent increase on 2021. Among these exhibitors, the number o
f UAE companies doubled to 216 compared to the previous edition. In addition, the participation of 65 countries signified a 10 percent increase on those attending in 2021. The total value of deals made at IDEX/NAVDEX 2023 amounted to AED 23.34 (US$ 6.35) Billion.

Founded in 1967, Eurosatory is a premier international event for defence and security experts. Occurring biennially, it offers a distinctive platform for dialogue among manufacturers, startups, and prominent industry leaders.

Source: Emirates News Agency

ADIB, DIFC Innovation Hub forge strategic partnership to drive regional fintech growth

ABU DHABI: Abu Dhabi Islamic Bank (ADIB) announced a strategic collaboration with DIFC Innovation Hub, home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, to accelerate fintech adoption. The bank signed a strategic partnership agreement during the 2nd edition of Dubai FinTech Summit held on 6th-7th May 2024, at the Madinat Jumeirah, to participate as a “Principal Institution Partner” in DIFC Innovation Hub’s 2024 Innovation Scouting programme.

The ‘Innovation Scouting’ programme is designed to connect corporates and financial industry leaders with some of the most innovative fintech start-ups in the region to accelerate innovation adoption across verticals. The collaboration seeks to create Proof-of-Concept (PoC) projects, where DIFC Innovation Hub will provide support to ADIB in collaborating with the shortlisted fintechs to ensure successful implementation.

This collaboration establishes a dedicated programme to help ADIB discover and im
plement cutting-edge fintech solutions to accelerate innovation within their organisation and external offerings. As part of the programme DIFC Innovation Hub will hold highly customised and targeted discovery sessions with key stakeholders from ADIB to identify specific business needs for fintech innovation.

Leveraging its vast network, DIFC Innovation Hub will also help scout promising fintech start-ups with solutions that address these key areas. Following a rigorous evaluation process, ADIB will be introduced to shortlisted fintechs to ultimately create POCs for various use cases.

Fernando Plaza, Chief Digital Officer at ADIB, said, ‘This strategic collaboration with DIFC Innovation Hub underscores our commitment to embracing disruptive technologies and fostering a culture of innovation at ADIB. We are confident that this partnership will unlock new opportunities for growth and allow us to deliver an enhanced banking experience to our customers. Moreover, it will contribute to the advancement of the UAE
‘s financial sector, positioning the nation as a leader in fintech innovation on a global scale.’

Mohammad Alblooshi, Chief Executive Officer at DIFC Innovation Hub, said, ‘Innovation is the currency of progress, and within the banking sector, it is the key that unlocks doors to a future where financial services are not just accessible, but transformative. We are thrilled to welcome ADIB as a strategic partner and are positive that this collaboration will provide unprecedented opportunities to the fintech ecosystem in the region as well as enable ADIB to further advance their commitment to innovation and excellence.’

Source: Emirates News Agency

Deposit Rates in Qatar

Doha: Deposit rates at opening as issued on Sunday by Qatar National Bank (QNB) are as following: USD JPY CHF GBP 1M 5.45971 -0.25000 1.13000 5.19000 2Ms 5.53294 -0.20000 1.07000 5.20000 3Ms 5.60616 -0.20000 1.06000 5.21000 6M 5.70384 -0.15000 1.14000 5.21000 12Ms -0.15000 1.19000 5.22000 QAR SAR AED BHD 1M 5.90000 5.75000 2.05000 5.82000 2Ms 5.95000 5.55000 2.15000 5.76000 3Ms 6.00000 6.05000 2.40000 5.66000 6Ms 6.10000 6.00000 2.85000 5.73000 12Ms 6.25000 5.75000 3.15000 5.77000

Source: Qatar News Agency

Kuwait Bourse Closes Lower

Kuwait Bourse closed Sunday trading as the All Share Index lost 29.58 points to reach 7,008.90 points, a decrease of 0.42 percent.

As many as 169.14 million shares valued at KD 42.3 million (roughly USD 129 million) were traded via 10,563 transactions.

The Main Market Index went down by 50.76 points to reach 5,950 points, a decrease of 0.85 percent, through 69 million shares done via 3,952 transactions valued at KD 8.8 million (roughly USD 26.8 million).

The Premier Market Index lost 25.43 points to reach 7,628.15 points, a decrease of 0.33 percent through 100 million shares done via 6,611 transactions valued at KD 33.5 million (roughly USD 102 million).

Meanwhile, the bourse Main 50 Index lost 70.32 points to reach 5,776.29 points, a decrease of 1.20 percent, through stock volume of 50.7 million shares done in 2,678 deals at a value of KD 7 million (roughly USD 21.3 million).

Source: Qatar News Agency

QSE General Index Closes 0.21 Percent Higher

Doha: The Qatar Stock Exchange (QSE) index closed Wednesday’s trading gaining 19.86 points, or 0.21 percent, reaching a level of 9,686 points.

During the session, 92,867,939 shares were traded, with a total value of QR 312,559,514.176, resulting from the execution of 13,526 transactions across all sectors.

In today’s session, the shares of 22 companies increased, and the shares of 23 other companies decreased, while four companies maintained their previous closing prices.

The market capitalization at the end of the trading session stood at QR 562,714,032,617.480, compared to QR 561,472,582,115.630 in the previous session.

Source: Qatar News Agency

China Opposes UK Sanctions Against Chinese Firms

China on Wednesday voiced firm opposition to the United Kingdom’s decision to sanction five Chinese firms alleged Russian involvement.

Despite China’s representations and the sound development momentum of China-UK economic and trade relations, the UK insisted on listing Chinese companies in the latest round of sanctions against Russia. Such move will have a negative impact on the bilateral economic and trade relations, said a spokesperson of China’s Ministry of Commerce in response to a media query.

UK’s unilateral sanctions have no basis in international law and no mandate from the United Nations, which is a typical act of “long-arm jurisdiction,” said the spokesperson.

China urges the British side to bear in mind the overall interests of bilateral economic and trade cooperation, immediately correct its erroneous practices, and unconditionally cease the inclusion of Chinese enterprises on its sanctions list, said the spokesperson.

China will safeguard the legitimate rights and interests of Chinese enterp
rises resolutely, the spokesperson added.

Source: Qatar News Agency