Organisations & Operators,

The board of Dubai’s Emaar Properties (EMAR.DU), which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said on Monday.
The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in one of its real estate projects.
Emaar, known for building the world’s tallest tower, the Burj Khalifa, and other iconic parts of Dubai, bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.

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Prince Harry and his wife Meghan, the Duchess of Sussex, will visit the U.K. next month for the first time since they returned for Queen Elizabeth II ’s Platinum Jubilee celebrations.
A spokesperson for the couple said Monday that they will “visit with several charities close to their hearts” in the U.K. and Germany.
Harry and Meghan will travel to the northern English city of Manchester on Sept. 5 for the One Young World summit, a youth leadership event with hundreds of international participants from across the world. Meghan is expected to give the keynote address at the opening ceremony.
They will then head to Duesseldorf, Germany, for an event on Sept. 6 counting down to next year’s Invictus Games, the annual sporting event that Harry founded in 2014 for wounded and sick servicemen and women. The couple then return to London for an awards ceremony for the charity WellChild.

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Plastic waste and pollution is a challenging issue on Curacao. The island has more plastic waste than can currently be managed and an overburdened landfill site is expected to reach capacity by 2025. So the TUI Care Foundation, l social enterprise Green Phenix and Mambo Beach have joined forces in a new initiative to create a cleaner Curacao. By installing recycling stations along Mambo Boulevard, waste is collected and brought to a recycling facility where the plastic waste is turned to attractive new products. The facility employs people from vulnerable communities who guide tourists and create awareness of the global challenge of plastic pollution.
High volumes of waste are created every day at the popular tourist hotspot of Mambo Beach on Curacao. Previously, waste was unsorted and all ended up at the island’s landfill. Now, thanks to the new initiative, plastic bottles and aluminum cans are collected separately at six recycling stations placed along Mambo Boulevard. The waste is then recycled and upcycled to new products in a local facility by Green Phenix. The social enterprise not only collects waste from the Mambo Boulevard recycling stations, but it also sorts through the general waste bins to separate out items which can be recycled, especially after beach parties. This highlights the ongoing need to continue raising awareness about waste separation.
Visitors looking for a unique, sustainable experience can visit the facility and take an educational tour through the colourful journey of the plastic recycling process. A tour guide walks them through the process of sorting plastic by type and colour, shredding it into flakes and finally creating new, well-designed products that also make great holiday souvenirs. The educational tour also raises awareness of waste reduction and provides information and practical tips on how to create a more sustainable island.
Alexander Panczuk, Executive Director of the TUI Care Foundation: “Raising awareness of sustainable tourism to help local communities thrive is as the core of the ITUI Care Foundation’s work.. This initiative aims to tackle the challenge of plastic pollution on Curacao and raises awareness among visitors and locals of how they can help to keep the island and its beaches clean. It also creates new employment opportunities for people from vulnerable communities which makes it a good example of how tourism can bring positive change to a holiday destination.”
The project is part of TUI Care Foundation’s new Destination Zero Plastic programme, which aims to tackle the global plastic crisis by inspiring local communities and tourists to take action against plastic pollution, particularly in island destinations. It also cultivates the mindset that plastic can be re-used as a resource and supports innovative and community-driven solutions to collect, process and upcycle plastic into saleable products. The programme aims to create green jobs and accessible income opportunities for local people and to create eco-tourism experiences, including tours, to upcycling workspaces.ADVERTISEMENT

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In a bid to become a carbon neutral organisation by the end of 2023, the ground transport and accommodation specialists, CMAC Group, has announced a partnership with Trees4Travel, an initiative dedicated to neutralising traveller’s impact upon the environment through reforestation in developing countries.
As part of the collaborative project, CMAC’s clients can choose to decarbonise their ground travel and the company will facilitate reforestation projects on their behalf.
Trees4Travel will calculate and grow the necessary trees to neutralise the emissions, translating trips into trees. Each tree will absorb an estimated 164kgs of CO2 in its first 10 years. The scheme also aims to restore valuable ecosystems and biodiversity as well as creating employment opportunities to support local communities. CMAC has also announced that it will additionally pledge to compensate all internal CO2 emissions for travel and facilities before the end of 2023.
Further than this, the scheme goes beyond planting trees. Whilst precious habitat is given time to regrow, CMAC and Trees4Travel are eager to compensate for travel carbon emissions as soon as they can. Therefore, every tree planted will be assigned with a share of an investment into a United Nations Certified Emissions Reduction (CER) renewable energy programme.
The award-winning managed ground travel specialists, CMAC Group, is the partner of choice for many big-name brands. CMAC’s trusted team and reliable supply network safely transports nearly 6,000 travellers every day on behalf of clients, such as the Home Office, TUI, The AA, and G4S.ADVERTISEMENTCMAC’s extensive network of certified suppliers enables it to offer seamless, time critical ground transport for any business scenario, whether that be managing flight disruption for airlines, organising business travel for private and public sector clients, arranging crew travel for train and freight organisations, or providing onward travel for customers on behalf of breakdown companies.
This latest announcement exhibits the company’s commitment to investing in a sustainable and carbon neutral future and is part of a wider strategy which is working to keep environmental impact to the absolute minimum.
CMAC has adopted multiple sustainable working policies to become ISO 14001 accredited, installing green office equipment, such as push controlled taps to minimise water usage and introducing recycling stations to reduce waste. Rideshare opportunities are available for customers and with its global network of access to 2.5 million vehicles, CMAC is committed to cutting out unnecessary mileage to reduce emissions, by obtaining the nearest possible vehicle to their customer. Finally, CMAC has already mandated that employees with company cars will use electric or hybrid vehicles only.

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Emirates Islamic’s net profit jumped 23% to AED 701 million for the first half of 2022 on higher funded and non-funded income with a significant reduction in the cost of risk reflecting improved business sentiment.
Key Highlights – First Half 2022
Strong operating performance on higher funded and non-funded income coupled with disciplined cost management action
– Total income up 16% y-o-y driven by higher funded and non-funded income
– Expenses increased 13% y-o-y as EI invests for future growthADVERTISEMENT- Impairment Allowances reduced 12% y-o-y reflecting improved business sentiment
– Operating profit improved 19% y-o-y
– Net profit increased 23% to AED 701 million on the back of higher funded and non-funded income, coupled with lower impairment allowances
– Net profit margin at 2.92% reflecting the increase in profit rates in the first half of 2022
Strong capital and liquidity combined with a healthy deposit mix enabled the Bank to support customers
– Total assets grew strongly by 14% to AED 74 billion in H1 2022
– Customer financing at AED 47 billion, increased 11% from end 2021
– Customer deposits at AED 54 billion, increased 15% from end 2021 with CASA balances at 76% of deposits
– Credit Quality: Non-performing financing ratio improved to 7.1%. Coverage ratio strong at 120%
– Capital: Tier 1 ratio at 17.2% and Capital adequacy ratio at 18.3% reflect the strong capital position of the Bank
– Headline Financing to Deposit ratio at 87% reflects continued healthy UAE liquidity
Hesham Abdulla Al Qassim, Chairman said:
“We are delighted to announce a strong set of half yearly financial results, delivering a net profit of AED 701 million for the first six months of 2022. Our solid performance was based on higher funded and non-funded income, and higher customer financing reflecting the UAE’s positive economic sentiment. We have also benefitted from a significant reduction in the cost of risk supported by a strong economy.
We were pleased to support the TECOM and DEWA IPOs on the Dubai Financial Market (DFM) by enabling key clients to participate and benefit from these landmark listings in our role as Receiving Bank. Being a leading UAE bank and a prominent long-term player in the region’s banking sector, we were delighted to support the UAE leadership’s plans to list state-owned entities on the DFM, further boosting UAE capital markets.
We play a pivotal role in the UAE’s growing Islamic banking sector and remain committed to supporting the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, to make Dubai the global capital of Islamic economy. The Emirates Islamic Charity Fund continues to support various humanitarian causes in the UAE through charitable contributions.”
Salah Mohammed Amin, Chief Executive Officer said:
“Emirates Islamic’s total assets grew by 14% to AED 74 billion during the first half of 2022, demonstrating our support for a strong UAE economy.
Emirates Islamic was among the first Islamic banks to integrate digital innovation and our digital focus continues to reap us rich rewards in terms of customer loyalty and market share. In the first half of 2022, we further enhanced our digital channels and offerings across multiple fronts, including ATM / CDM transformation and added features on our Whatsapp Banking.
A superior customer experience is at the heart of everything we do. We proudly uphold the highest levels of customer excellence as we set new benchmarks for innovation-driven Islamic banking in the region. 
We expanded our product offerings with the launch of the Emarati Family Savings account, Emarati Business Account and Super Savings Etihad Guest Account. We continue to invest in new technologies and strengthen our offerings to expand our appeal across the wider UAE population.”

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