UAE In-Focus — $92.5 million disbursed to social assistance; DP World receives global vaccine logistics award

The UAE government has disbursed $92.5 million to recipients of social assistance across the country, in honor of Ramadan. (AFP)
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Updated 24 April 2022
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UAE In-Focus — $92.5 million disbursed to social assistance; DP World receives global vaccine logistics award

DUBAI: The government has disbursed $92.5 million (340 million dirhams) to recipients of social assistance across the country, in honor of Ramadan, according to Minister of Community Development, Hessa bint Essa Buhumaid.

The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohamed bin Zayed Al Nahyan, has directed that 340 million dirhams be distributed to beneficiaries of social assistance across the country.

As part of the social assistance provided to all eligible categories in the nation, Sheikh Mohamed’s gesture is in addition to the monthly assistance provided to the recipients.

“The UAE leadership’s directives translate our endeavors to provide all forms of support and empowerment, to ensure a decent life for the beneficiaries and all segments of society,” Buhumaid said in a statement.


DP World receives global vaccine logistics award

The Vaccine Industry Excellence Awards 2022, held in Washington, DC, honored Dubai Properties World with the Best Logistics Technology & Cold Chain Delivery award, according to the Government of Dubai Media Office.

DP World received this award for its work over the last two years in addressing vaccine delivery challenges and supply chain bottlenecks.

Over the past 21 years, the World Vaccine Congress has evolved into the world’s leading vaccines congress, with a scientific advisory board to shape the agenda.

Group Chairman and CEO Sultan Ahmed Bin Sulayem said in a statement: “We must learn lessons from this pandemic to ensure equal and fair access to critical supplies, regardless of wealth or geography.”

The overcoming of these obstacles has relied heavily on technology and partnerships to pool expertise and resources. Global health, freedom of movement, and economic recovery are all hampered by the absence of a unified worldwide response.

UAE Eid Al Fitr week-long holiday 

The UAE public sector will have a week-long holiday to celebrate Eid Al Fitr, which marks the end of Ramadan.

The break was confirmed this weekend by Dubai, Abu Dhabi, Sharjah, and Ras Al Khaimah following a decision by the federal HR authority on Thursday.

There will be a nine-day break, including weekends, from Saturday, April 30, to Sunday, May 8, with work resuming on Monday, May 9. The other three emirates are expected to confirm the same dates.

In the private sector, employees will have a holiday from Saturday, April 30 to either Tuesday, May 3, or Wednesday, May 4, depending on moon sightings.
 


New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries

Updated 13 sec ago
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New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries

RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued today.

The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.

It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.

The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.

They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.

The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.

It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.

Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.

This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.