Entrepreneurs
ICD’s Billion-Dollar Empire
The Investment Corporation of Dubai played a central role in establishing and implementing the ambitious strategy of Dubai, catapulting the emirate to the global investment stage. Established back in 2006, ICD has developed into a solid foundation for the financial and economic dynamics of Dubai, successfully managing a rich and diversified portfolio of companies across various sectors and geographies. With an asset base value of $320 billion as of 2022, this government-owned entity has played a transformative role in shaping Dubai’s success story by strategic investments, mergers, and acquisitions that stretch across six continents.
ICD is the principle investment arm of the Government of Dubai and carefully crafts investment strategies to be at par with the vision of sustainable long-term economic growth for the city. ICD’s diversified portfolio in oil and gas, real estate, finance, and hospitality balances risks against global opportunity. The corporation is based out of Dubai: With robust governance and strategic oversight for all subsidiaries, it continues to entrench the strong business hub status of Dubai. Investments are a reflection of ambition and pragmatism-that supports economic development with robust governance.
Since its incorporation date in 2006 through Law No. 11, issued by Mohammed bin Rashid Al Maktoum, ICD has been fundamentally involved in the creation of wealth for the government and its residents. In its original context, the company held shares in some of Dubai’s most legendary business ventures, including Emirates Airlines, dnata, Emirates National Oil Company (ENOC), and Emaar Properties. It integrated the financial sector of Dubai by merging Emirates Bank International (EBI) and the National Bank of Dubai in 2007 to create Emirates NBD—a company today considered one of the most important banks in the region. Borse Dubai was also created as a means to ensure control over the Dubai Financial Market as well as over the city’s interest in major global exchanges, including the London Stock Exchange.
High-profile acquisitions and divestments have been the strategic path of the corporation for further expansion. Notable in the transactions is that ICD acquired Atlantis The Palm and also got a majority stake in Mandarin Oriental New York, with the firm establishing its focus on luxury hospitality. It would also add a point for having gone into diverse markets as part of its portfolio by acquiring South Korean construction company Ssangyong Engineering and expanding operations in Montenegro by taking over the Porto Montenegro marina and resort. Icd over the years has transformed from only collecting the assets to realigning the portfolios with economic trends of the world.
ICD has existed beyond the confines of mere financial management as it can be observed that it also participates in initiatives such as ESG (environmental, social, and governance) tools. In 2020, it rolled out its ESG framework and ISO-certified carbon management policies, which clearly manifests commitment towards sustainability growth. A corporation with such investments in terms of sectors like aviation and free zones, like Dubai Silicon Oasis and Dubai Multi Commodities Centre, represents the focus placed by the state of Dubai to turn into a regional leader of technology and commerce. ICD, being committed to international sustainability standards, is not only focused on profitability but also responsible investment directed toward the betterment of its economy and environment.
The governance at ICD is equally robust with Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum as its chairman. Dubai’s broader economic vision is aligned through the board of leaders like Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum and Mohammed Ibrahim Al Shaibani. This leadership team has enabled ICD to be resilient amidst changing market conditions worldwide by making strategic decisions that balance growth and fiscal responsibility.
Its financial impact spreads in various areas because ICD has huge investments in the banking, aviation, oil and gas, and real estate sectors. Major financial investment includes Emirates NBD, Dubai Islamic Bank, and Commercial Bank of Dubai which amount to 23% of this portfolio. 25% of ICD’s net assets corresponds to the aviation business, which is represented by the three businesses Emirates Airline, Flydubai and Dubai Aerospace Enterprise. This gives an account of how the company will not compromise on ensuring that Dubai is known as a world aviation hub. Industrial investments in Emirates Global Aluminium enhance the ICD portfolio, while hospitality investments with One&Only and Atlantis boost Dubai’s appeal to global tourists.
Over the past years, ICD has reoriented its strategy to adapt to the new economic realities. It sold some of the assets such as Ssangyong Engineering and W Washington D.C. Hotel and consolidated its core operations. Examples are the Dubai Airport Freezone Authority and Dubai Silicon Oasis Authority merger into Dubai Integrated Economic Zones Authority with an objective of streamlining them to operational efficiency to contribute better to the bottom line. Hence, this adaptable approach will ensure that the corporation continues to hold leading positions across global markets and adds to Dubai’s development into a futuristic, innovative economy.
ICD remains the determining factor in its destiny. This company is one that discovers all the new emerging world opportunities as they create local businesses. Be it strategic mergers, expansion into new markets, or sustainable agenda, ICD undoubtedly represents the ambitions of Dubai to be ahead of the curve and lead the world. Long-term value creation has become the corporation’s single-minded focus and will continue to play a pivotal role in building a prosperous future for the emirate and beyond.
Entrepreneurs
The Economical Printing Press: 40 Years of Printing Excellence in Dubai
For over more than 40 years, since the establishment of The Economical Printing Press as the second commercial printing press in Dubai, the company has been one of the pillars in the prosperous business climate of the emirate. From a small beginning in the newly established city, The Economical Printing Press became an anchor of the media and print industries in Dubai through the adjustment of its goals to the requirements of the market, maintaining quality and service to customers.
The Economical Printing Press was founded by Hassan Fahmi Saleh AlShunnar, a holder of an architectural engineering degree, who arrived in Dubai in the early 1960s. It did not take long for The Economical Printing Press to be recognized within the business environment of the locality. Entry by AlShunnar into printing marked a time when Dubai was growing fast, and businesses needed reliable and efficient printing services to complement their growth. As an engineer by profession, AlShunnar brought a new dimension to the business, which had precision and innovation at the heart of it.
Economic Printing Press was a name that had gained immense recognition decades after decades of business in ATL and BTL media solutions. The business specialized itself in the creation of print advertisement, marketing materials, packaging, and much more for the businesses ranging from start-ups to giant corporates. Delivering quality with low cost allowed the company to carve an early niche in what was already a fairly competitive field. This ATL and BTL marketing specialization played a big role in their success as businesses continued using them for marketing and promotional requirements.
The Economical Printing Press, like most other businesses in Dubai was not spared by the global economic recession of 2008-2009. The downturn came knocking harder on Dubai than anywhere else prompting large-scale exodus of expatriates and grinds to near halt business activities. Downsizing and employees cutting was the measuring scale for survival for The Economical Printing Press. Many businesses were obliged to close up shop, but this successful business through strategic planning and flexibility managed to survive the crisis and come out leaner yet stronger. This characteristic of resilience has been one of the marks of the company’s success, speaking to an ability to navigate the ebbs and flows in Dubai’s dynamic economy.
The Economical Printing Press has, throughout the years, kept its evolution in order to cater to modern businesses. The firm relocated its headquarters to Al Quoz industrial area as it’s the prime location that will allow them to reach clients better by serving them all over Dubai. Al Quoz has also been described as the hotspot for a number of creative and industrial businesses; in this regard, it was the perfect location for a printing press servicing all sorts of industries. Its strategic move ensured that the company was close to the businesses it served.
The Economical Printing Press has giant ambitions for further expansion in the future. With more than four decades of experience in this field, this company plans to open five new branches in different regions within the UAE. This is a very explicit sign of an increase in the demand for the services offered by this organization and ensures a place for it in the printing field. Their newly opened branches will enable them to reach a greater audience, thus making services accessible to businesses all over the country.
This is exactly what has kept The Economical Printing Press in a business that has transformed dramatically because of both technological innovation and business practices. Under the digital media spotlight, it’s amazing how the requirement for conventional print services has not diminished. The Economical Printing Press has captured the innovation in printing technology while yet maintaining the craftsmanship and personal touch that defined their brand over 40 years.
Whereas each city has witnessed new ventures sprouting up and then vanished, one venture will discover its lifetime in that wave of change. The Economical Printing Press is the epitome of perseverance and adaptability, and it remains a committed partner to businesses in the UAE and its economy through good times and bad economic times. Through decades closely interwoven with the evolution of the city, The Economical Printing Press is so much more than a company-it’s part of history. As they keep on growing and expanding, their story is far from over and will continue contributing to the business landscape in Dubai for many years to come.
Entrepreneurs
Global Financial Expertise: How FFA Private Bank is leading in Capital Markets and Advisory Services
FFA Private Bank is registered and operates from the acclaimed DIFC, which positions it at the centre of the Middle East’s financial hub. Being under the stricture of the Dubai Financial Services Authority assures the regulated compliance of all practices carried out by the bank with stringent financial regulations and best practices. This regulatory oversight further adds yet another layer of security and confidence for its clients, which could range from private investors to corporations seeking tailored financial services.
FFA Private Bank is a subsidiary of FFA Group Holding Ltd that is headquartered in Dubai but registered in DIFC. The parent entity controls several lines of ventures, including FFA Real Estate Ltd, which is very engaged in real estate development and management in Europe, especially through its German subsidiary, FFA Real Estate GMBH. International expansion into real estate, as in the German subsidiary for FFA Group of Companies, also speaks to the increasing influence of the group as well as its capacity to manage a broad array of assets spread across different markets.
The strength behind FFA Private Bank’s success is its provision of a full range of financial services to clients. It specializes in capital markets and offers its clients the best investment opportunities-in equities, fixed income products, and alternative investments. With a team of experienced financial professionals, supported by state-of-the-art technology, FFA Private Bank positions its clients for market trend realization and for the highest possible return on investments.
FFA Private Bank has superiority in wealth management. As such, the bank offers specialized investment strategies with a focus and particular attention to the financial goals of each client, be it the preservation of wealth for future generations or growing assets through diversified portfolios. Bank advisors therefore hand-in-hand work with clients to ensure that every financial decision is moved on a bedrock rooted in profound market insights and far-reaching vision. FFA Private Bank offers advisory services into the full spectrum of its client’s financial planning needs. These range from estate planning, tax optimization to a vast list of complex financial challenges that the banker’s experts are equipped to handle. Whether advising companies on mergers and acquisitions or working with families and inheritance planning, advisory services from FFA Private Bank are grounded in deep knowledge of domestic and international financial rules and regulations.
One of the cornerstones of the diversified service offering of FFA Private Bank is their partnership with FFA Real Estate Ltd. FFA Real Estate has been aggressive in promoting advancement in real estate development and management, especially in Europe. The company, through its subsidiary in Germany, FFA Real Estate GMBH, undertakes property management using residential, commercial, and mixed-use developments portfolios. This foray into real estate complements the financial services offered by the bank as well as providing clients with opportunities to invest in promising real estate markets across Europe.
Over the years, growth of the bank reflects adaptation by the bank as the financial environment changed. Ever since its inception, FFA Private Bank grew to be a reliable partner for clients who would seek tailor-made financial solutions. When embedding a global perspective with roots in the Middle East, this bank will be in a position to provide an area and international markets unique view of itself for its respective clients.
FFA Private Bank demonstrates its high standards by the solidity of its client relationships, the current respects for regulatory standards and its ability to innovate financial solutions. As the financial climate continues to change, FFA Private Bank is well placed to lead the future as clients face ongoing changes in the rapidly globalizing economy and are set to thrive.
Entrepreneurs
Erinys International: The Unsung Heroes of Global Security and Risk Management
Erinys International, the UK-based private security company, claims a keen edge in protecting personnel and assets in a few of the most highly risk-prone regions worldwide. Hailing from Dubai, but now with offices all over the world, Erinys stands up to the task of full-spectrum, tailored security solutions-from safeguarding critical infrastructure in Iraq to carrying out risk assessments in Africa. But what is lurking in this powerful security company, and how did it gain its international authority?
The History of Erinys International: Founded in 2001 by Jonathan Garratt, former British Army soldier, Erinys International was born. At first glance, nothing seems to differentiate this firm from any other, but appearances are misleading. The company registered in the British Virgin Islands, expanded rapidly establishing headquarters in Dubai with subsidiary offices in the UK, South Africa, and the Republic of Congo. Specifically, Erinys South Africa became a major contender in supplying evaluation of countries and projects, in particular on the African continent, while the global offices continued securing vital infrastructure and personnel.
The name “Erinys” itself embodies the company mission. It’s borrowed from Greek mythology, where the Erinyes are avenging deities who punished those criminals that had escaped justice. This background forms a genuine promise in securing safety and security where it is most needed, with regards to restive and conflict situations.
Global Reach and Impact: Erinys International spans well beyond the borders of its offices spread across the globe. Subsidiary offices are maintained in countries like South Africa, Iraq and Nigeria, and partnerships are held both by the Democratic Republic of Congo and the Republic of Congo, and the firm has built a history of dealing with issues of security on a professional and potentially high-stakes level. One primary subsidiary, Erinys Iraq Ltd, was created in 2003 with a contract to secure Iraq’s oil infrastructure as the nation became increasingly embroiled in conflict. The company trained and operated an Oil Protection Force of over 16,000 Iraqi personnel; these protected critical pipelines and facilities at 282 sites.
The work of the company did not stop there. The US Army Corps of Engineers needed security escort services from Erinys. These are meant to ensure civilian personnel, who are engaging the reconstruction of Iraq, are safely escorted. The company also provided nationwide radio communications that enhanced management and control of the country’s infrastructure at a time when it was desperate for stability. The success of these high-level security operations by Erinys proved that the company is such a valuable asset during the reconstruction period in Iraq.
Expanding Horizons and Challenges: the transcontinental expansion has allowed Erinys to be diversified in its operations. In South Africa, the company acquired Strategic Concepts Pty Ltd, which provided risk assessment services, further fortifying its position it has made in assessing and mitigating risks for various industries of Africa. This marked Erinys’ competencies in carrying out operations in volatile regions as well as stable ones, only that they would have adapted their services to the particular requirements of the environment.
But despite all those great successes, controversies in various ways have always dogged Erinys International. Late last year 2004, allegations of mistreatment of Iraqi prisoners landed the firm in the center of the media storm. Then, images of the alleged mistreatment of a 16-year-old Iraqi prisoner while being restrained with tires came out as part of the controversy regarding his treatment during interrogation. Though Erinys denied the allegations, stating that the boy was released unharmed, it still cast shadows on the reputation of one of its members whose involvement was suspended. The case did not stop Erinys from carrying out its operations and maintaining its commitment to high-level security services despite criticism.
Erinys’ Heritage and Future: Erinys International has been able to survive some of the toughest conditions around the world by taking a bold stance on security and risk management. From being an exotic security provider in its infancy to its current status as the global leader, Erinys has played a very important role in protecting critical infrastructure, ensuring personnel safety, and providing specialized risk assessments to corporations and governments across the globe.
With the constantly changing security landscape, Erinys can look toward a very bright future. Global threats are constantly evolving, and therefore continues to innovate strategies and add services in its pursuit of being at par with the expectations and best practices of the private security industry. Erinys International continues to dedicate itself to security, risk management, and international collaboration, placing it at the forefront of global protection for generations to come.
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