CBI net profit increases by 65% to AED 34 million in Q1 2023

The Commercial Bank International (CBI) has released its financial results for the first quarter of 2023 in Dubai. The financial highlights include a 65% year-on-year increase in net profit from AED 20.6 million in Q1 2022 to AED 34 million in Q1 2023, a 33% year-on-year increase in net operating income from AED 111 million in Q1 2022 to AED 148 million in Q1 2023, and a 3% year-on-year increase in loans and advances from AED 11.8 billion in Q1 2022 to AED 12.2 billion in Q1 2023. Commenting on the Bank’s Q1 performance, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said, “Our commitment to client-centricity remains unwavering and we continue to prioritize providing the highest-quality services to our customers. By constantly striving to understand our customers’ evolving needs and leveraging innovative solutions to enhance our offerings, we are able to deliver exceptional customer service in line with solid business growth. Our customer experience focused business model has delivered a net profit of AED 34 million in the first quarter. As we move forward, we remain steadfast in our commitment to supporting the development of the UAE economy and helping our clients achieve their growth aspirations.” Tariq Al Fahaam/ Muhammad Aamir

Source: Emirates News Agency

Tourism Industry shows strong start to 2023, on track for full recovery

The World Tourism Barometer published its second report of the year, which showed that international tourism is making a strong comeback to pre-pandemic levels. During the first quarter of 2023, twice as many people traveled internationally than in the same period of 2022, with a total of 235 million estimated tourists. The report also revealed that international arrivals have reached 80% of pre-pandemic levels in the first quarter of 2023. Furthermore, revised data for 2022 demonstrates that tourism has been resilient in the face of the pandemic, with over 960 million tourists traveling internationally last year, recovering two-thirds (66%) of pre-pandemic numbers. The Middle East was the only region to exceed 2019 arrivals with a 15% increase, and it was also the first to recover pre-pandemic numbers in a full quarter. Europe reached 90% of pre-pandemic levels, driven by strong intra-regional demand, while Asia and the Pacific accelerated its recovery with 54% of pre-pandemic levels. The trend is expected to rise further now that most destinations, particularly China, have reopened. The UNWTO data also analyses recovery by sub-region and by destination: Southern Mediterranean Europe and North Africa have also recovered pre-pandemic levels in Q1 2023, while Western Europe, Northern Europe, Central America and the Caribbean all came close to reaching those levels. UNWTO Secretary-General Zurab Pololikashvili said, “The start of the year has shown again tourism’s unique ability to bounce back. In many places, we are close to or even above pre-pandemic levels of arrivals. However, we must remain alert to challenges ranging from geopolitical insecurity, staffing shortages, and the potential impact of the cost-of-living crisis on tourism, and we must ensure tourism’s return delivers on its responsibilities as a solution to the climate emergency and as a driver of inclusive development.” International tourism receipts grew back to hit the USD1 trillion mark in 2022, growing 50% in real terms compared to 2021, driven by the important rebound in international travel. International visitor spending reached 64% of pre-pandemic levels (-36% compared to 2019, measured in real terms). By regions, Europe enjoyed the best results in 2022 with nearly USD 550 billion in tourism receipts (EUR 520 billion), or 87% of pre-pandemic levels. Africa recovered 75% of its pre-pandemic receipts, the Middle East 70% and the Americas 68%. Due to prolonged border shutdowns, Asian destinations earned about 28%. The Q1 2023 results are in line with UNWTO’s forward-looking scenarios for the year which project international arrivals to recover 80% to 95% of pre-pandemic levels. UNWTO’s Panel of Experts expressed their confidence in a strong peak season (May-August) in the Northern Hemisphere, reflected in the latest UNWTO Confidence Index which indicates performance for the period is on track to be even better than 2022. However, tourism’s recovery also faces some challenges. According to the UNWTO Panel of Experts, the economic situation remains the main factor weighing on the effective recovery of international tourism in 2023, with high inflation and rising oil prices translating into higher transport and accommodations costs. As a result, tourists are expected to increasingly seek value for money and travel closer to home. Uncertainty derived from the Ukraine crisis and other mounting geopolitical tensions, also continue to represent downside risks.

Source: Emirates News Agency

MBZUAI and OurCrowd Arabia sign MoU to drive funding for AI startups and research

Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and OurCrowd Arabia, the Abu Dhabi based subsidiary of Israel’s OurCrowd, announced the signing of a Memorandum of Understanding (MoU) to jointly create and manage several initiatives aiming to accelerate and catalyze the growth of the AI technology ecosystem on the university’s campus in Masdar City, Abu Dhabi. The MoU outlines several initiatives, which include establishing an AI-focused venture capital investment fund to attract local and global AI technology firms to scale up globally from Abu Dhabi, fostering a strategic collaboration between MBZUAI and Integrated Data Intelligence (IDI) Limited (OurCrowd’s AI subsidiary in Abu Dhabi) for research projects in applied AI technologies across various industries, boosting Abu Dhabi’s AI innovation ecosystem by forming strategic partnerships with government and government-related entities, and providing job and internship opportunities to MBZUAI graduates via OurCrowd’s wide global network of technology startup companies and industry partners. Sultan Al Hajji, MBZUAI’s Vice President of Public Affairs and Alumni Relations, said, “Part of MBZUAI’s existence is to foster entrepreneurship and this partnership creates a mechanism for incubating startups and creating local opportunities for the university’s pipeline of talent. Through this strategic partnership with OurCrowd Arabia, MBZUAI is forging ahead with its mission to develop a dynamic, vibrant, AI ecosystem that will help to position Abu Dhabi as a global center for AI. Together, we will encourage funding to enable AI start-ups to scale up in the UAE’s capital, help to develop and commercialize AI research, and provide exciting opportunities in the field for young AI talent including graduates and researchers from MBZUAI. The proposed initiatives are a perfect complement to MBZUAI’s and OurCrowd Arabia’s areas of expertise.” OurCrowd Arabia Executive Chairman Sabah al-Binali added, “We are honored to have signed this MoU with MBZUAI to jointly grow the AI ecosystem in Abu Dhabi. OurCrowd Arabia continues to build on its strategic relationships having started with our partnership with ADIO under its Innovation Program announced in November 2022. We look forward to continuing to leverage OurCrowd’s global experience and relationships to support the Abu Dhabi and UAE startup ecosystems.” OurCrowd Arabia, which opened in the UAE capital in 2021, is also establishing a new VC investment center in Abu Dhabi to manage deals for its existing platform and cater to emerging markets.

Source: Emirates News Agency

Special Olympics UAE signs an MoU with GEMS Education to promote inclusion in school communities

Special Olympics UAE and GEMS Education have signed a Memorandum of Understanding (MoU) during a Unified Badminton event at GEMS Wellington Academy School – Silicon Oasis. Fatma Mohamed, Head of Strategy and Projects at Special Olympics UAE, signed the MoU with Zafar Raja, Chief Operating Officer of GEMS Education. Aimed towards progressing the concept of inclusion across school communities, the MoU comprises various areas of collaboration, based on the Unified Champion Schools programme model, which acts as a catalyst for People of Determination with intellectual and developmental disabilities, in mainstream education, to be included with their peers in schools. In line with this MoU, GEMS Education will be appointed as an Official Partner for the Special Olympics UAE. Selected GEMS Education schools will earn the Unified Champions Schools program title within a specific timeline, based on the performance of each school and the progress it achieves. Special Olympics and GEMS Education also agreed to appoint a coordinator for each school’s Unified Champions Schools program, to be the focal point of communication between both entities. The MoU terms also included promoting Unified Champions Schools program activities and events at GEMS Education schools, including social media platforms, the official website, and designed flyers. GEMS Education will also provide its school’s facilities to Special Olympics UAE for annual training and activities under the Unified Champions Schools program in Abu Dhabi. Talal Al Hashemi, National Director, Special Olympics UAE, said, “We are delighted to announce another fruitful collaboration, represented by this MoU with GEMS Education. Special Olympics UAE works with its strategic partners to create an environment of inclusion and acceptance in school communities and society across the UAE. We are positive that this MoU will enable more GEMS Education schools from the knowledge the Unified Champion Schools program presents to all students with different abilities.” He added, “Working together with our stakeholders provides many tools for students of different abilities within school communities. We believe that diversity and inclusion create the shortest way to achieve social harmony between individuals, and that is what we aim to implement across all school communities in the UAE.” Zafar Raja said, “We are delighted to work alongside the Special Olympics UAE on this wonderful partnership. Today’s signing ensures that all GEMS Education students across our schools are now eligible to take part in a Special Olympics’ United Sports event and we are sure that many will take advantage of this amazing opportunity to show their skills. We believe in the power of sports to develop our students in so many ways. Through sports, our students learn essential life skills such as teamwork, leadership, and resilience. They also develop physically and mentally, which contributes to their overall health and wellbeing. We are proud to have a long-standing record of promoting sports and inclusion throughout our schools as the UAE’s largest and longest established private school provider. It is the latest example of a long list of fruitful collaborations for GEMS with national entities in an area that is so important to us all completely inclusive education.” The Unified Champion Schools programme provides schools staff with development materials and resources to organise Unified Sports activities. The Unified Champions Schools Program also launched multiple seasons of the Unified Robotics Competition, the largest of its kind in the region. This competition promotes interaction and friendship between students of different abilities through teamwork in learning programming basics.

Source: Emirates News Agency