SAMA to launch Basel III reforms implementation in January 2023

SAMA to launch Basel III reforms implementation in January 2023
SAMA to launch Basel III reforms implementation in January 2023

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Jeddah - Yasmine El Tohamy - UAE In-Focus: DXB set for 2m passengers over holiday season; AD Ports Group inks deal with Kazakh National Oil Co. subsidiary  

RIYADH: International will remain exceptionally busy over the remainder of the holiday season and well into the New Year, with nearly 2 million passengers expected to pass through the airport.  

The airport’s average daily passenger numbers are almost at pre-pandemic levels on the back of strong recovery throughout 2022, making this latest seasonal peak one of the busiest since 2019.  

Over the next eight days starting Dec. 27, nearly 2 million passengers are expected to pass through DXB, with average daily traffic reaching as many as 245,000 passengers. Jan. 2 is expected to be the busiest day with traffic exceeding 257,000 passengers.  

December has been very busy for the international airport due to a combination of factors including the seasonal influx of visitors, the recently concluded World Cup football event in Doha, and the strength of Dubai’s position as one of the world’s most popular tourist destinations.  

AD Ports Group signs deal with Kazakh oil firm  

AD Ports Group has signed a shareholder agreement with KMTF, a fully owned offshore logistics and services subsidiary of the Kazakh National Oil Co., to launch an exclusive joint venture, 51 percent owned by AD Ports Group and 49 percent owned by KMTF. 

The joint venture will provide offshore and shipping services for energy companies in the Caspian Sea.

The two parties have also signed an agreement to pool tanker resources. 

The joint venture will offer a broad range of services, including offshore support vessels, integrated offshore logistics, and subsea solutions.  

At a later stage, it will also offer container feedering, ro-ro and crude oil transportation in the Caspian Sea and the Black Sea. 

The enterprise will tender for a number of identified projects with estimated maritime contract values of more than $780 million.  

By combining AD Ports Group’s diverse portfolio of global maritime services and shallow water offshore expertise with the strong fleet, track record and local knowledge of KMTF, the joint venture will create an essential new entrant in the highly valued Caspian Sea and the Black Sea region.  

Falah Mohammed Al-Ahbabi, chairman of AD Ports Group, said that this new joint venture with KMTF opens the door to enormous opportunities in the Caspian Sea, which plays a key role in global energy production.  

Zimbabwe Business Council established 

Dubai Chamber of Commerce has announced the establishment of the Zimbabwean Business Council to promote the commercial interests of Zimbabwe and Zimbabwean businesses in the emirate. The business council also aims to promote Zimbabwe-owned UAE-registered companies as well as their goods and services in the UAE.  

The launch of the council is in line with the chamber’s plans to establish new country-specific business councils and expand their roles to boost Dubai’s foreign trade and promote cross-border business opportunities for member companies.  

Bilateral trade between the UAE and Zimbabwe witnessed strong growth between 2019 and 2021. The UAE’s imports from Zimbabwe reached $2.3 billion in 2021 compared to $1.5 billion in 2020 and $904 million in 2019, while the UAE exports to Zimbabwe accounted for $209 million in 2021.  

GCA publishes vertiports regulations  

The UAE General Civil Aviation Authority has published the world’s first national regulation related to vertiports to support rapid developments and continued worldwide investment in the UAE’s highly progressive and competitive aviation industry.  

The regulation covers the design and operational requirements of vertiports while ensuring a regulatory environment that supports the efficient and safe operation of vertical take-off and landing aircraft.  

The proposed amendments of the new draft regulation have been released for industry consultation, and it will be published later in its final version in the first quarter of 2023.  

The rapid and increasing development of electrical vertical take-off and landing aircraft has created an imperative for infrastructure, networks, and regulatory approaches.  

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