Hans Fraikin (left) and James Spence (right) of the Libra Project - the world's first private democratised and tokenised green utility. Chris Whiteoak / The National
When Abu Dhabi renewable energy company Libra Project first set up in 2017, its founders never imagined that two years down the line they would be mistaken for one of the biggest companies in the world.
Libra Project plans to develop, fund and operate renewable energy power plants that provide clean electricity in developing parts of the world by using blockchain to reduce the cost of funding. The start-up’s goal to improve 100 million lives by 2030 will be funded by selling a security token that allows investors to choose which projects to build based on their positive impact as well as profits.
How often does one of the biggest companies in the world create a spin-off that happens to have the same name as your brand.
Hans Fraikin, Libra Project
How often does one of the biggest companies in the world create a spin-off that happens to have the same name as your brand.
Hans Fraikin, Libra Project
So when Facebook unveiled its digital coin Libra on June 18, a reserve-backed digital currency pegged to a basket of government-issued currencies set to go live in 2020, it left Libra Project's founders in a spin.
Both Facebook and Libra Associatoin, a membership organisation founded by Facebook's subsidiary Calibra and 27 other organisations that will govern the cryptocurrency, declined to comment.
As well as sharing a name, Facebook’s Libra will allow customers to make purchases or send money with zero fees, while Libra Project will roll out its fully compliant digital token later this year – similarities that caused confusion.
Hans Fraikin, founder and chief executive of Libra Project, says while some team members considered Facebook’s concept “a threat”, he saw it “as an opportunity – an incredible piece of serendipity if not cosmic luck”.
“How often does one of the biggest companies in the world create a spin-off that happens to have the same name as your brand that you registered in the UK, the US and Europe a year and a half before? The way I saw it was that all of a sudden this increased our brand value exponentially.”
James Spence, founding partner of the venture, says Libra Project's website experienced a 2,000 per cent spike in the first three days after Facebook's announcement. While some visitors registered names and contact details, the company was also trolled by anti-Facebook campaigners.
“We don’t want people to affiliate us with Facebook,” says Mr Spence. “They have some trust issues, so we’ve had to reach out to our partners and assure them that we are not Facebook. We are the Libra Project, we own our name and have registered and they should have no concerns about doing business with us.”
Libra Project was first set in motion when Mr Spence and co-founder and chief technology officer Alexander Alzamora brainstormed ideas on how to fund renewable energy projects.
Mr Alzamora, who has worked in the sector for 10 years, was finding traditional fundraising mechanisms challenging, prompting Mr Spence, with a background in financial services, to suggest a different way to drive capital to projects.
“We looked at the traditional fund model and did not like the middle man mentality – with the lack of choice and the decisions being made for profit rather than for the actual impact they are going to make,” says Mr Spence. “We then looked at using blockchain as a way to give a vote to the token holders about which projects would be built."
Mr Spence says any impact delivered by the projects is transmitted transparently onto blockchain along with the financial transactions and the returns. The impact will be measured by using Internet of Things devices that capture data such as levels of air pollution at a project’s source.
The clean tech impact investor will operate in line with the United Nation’s Sustainable Development Goals, by building biomass, solar, waste heat recovery and waste-to-energy projects in the Asia Pacific and Middle East and Africa regions - growth areas for energy consumption.
In Southeast Asia, for example, the population is set to increase to 715 million people in 2025 from 615 million in 2014, according to United Nations Conference on Trade and Development. In turn, electricity demand will grow 4 per cent annually, doubling demand from today according to the International Renewable Energy Agency ’s 2018 ASEAN Remap report, as governments increasingly look for renewable options.
One initiative, Libra Project, is considering is a waste heat recovery system at a Philippines cement plant. When the plant is active, it prevents 35,000 people living in nearby villages from accessing power, Mr Spence says.
“By putting a waste heat recovery system on that cement plant – that’s funded by the tokenisation system – instead of becoming a consumer of electricity off the grid, it becomes a generator of clean energy electricity and it’s self-sufficient,” says Mr Spence. “We are selling electricity to the cement plant and the investors own the equipment providing that electricity and they own the revenue coming back.”
To fund the company, the founders reached out to friends and family for the Series A round of $500,000 (Dh1.8 billion) in 2018. While the holding company, Libra Project Asset Management, is registered in London, UK, the operation and maintenance arm to oversee the projects is registered in Abu Dhabi’s Masdar City and the Digital Securities issuance company is registered in Abu Dhabi Global Market (for the international market) and in Delaware (for the US market).
The company has seven projects in the pipeline and is currently closing a deal on the acquisition of three biomass plants in Thailand, which will help approximately 10,000 homes in the area receive electricity with a carbon offset of 87,253.9 tonnes annually.
“We are launching globally but the US is the toughest financial market from a security point of view in line with SEC [US Securities and Exchange Commission] regulation,” says Mr Spence. “Once we have the sign-off in the US, that’s pretty good to take to the rest of the world. There will be a few changes for the UK, Europe and this market but the bulk of the work is done."
Libra Project hopes to roll out the digital token in the third quarter of this year, however, Mr Spence says Facebook’s Libra coin “delayed” the launch and the company's Series B funding while it took “a step back to assess the situation”.
“We’ve now decided we are good to move forward," Mr Spence says.
Of the $1.5m Libra Project is looking to raise, about $500,000 is already reserved, with about $925,000 left to sell at $100 a share, which offers investors equity in the holding company and a corresponding amount of tokens.
It was in January this year that Libra Project first heard that another entity was interested in their name. They were contacted by a law firm, which said it was representing an anonymous partner. The partner wanted to buy some of Libra Project’s domains.
“When we opened the company we registered 32 domain titles to try and secure our IP so that other people could not clone our site as we grew,” says Mr Spence.
“We told the lawyer we had certain domains we wanted to keep but there are others we might be willing to part with if the price was right as long as there was no conflict with what the other company was doing."
Facebook and Libra Association, which has one domain, Libra.org, as its official site, declined to comment on any past or future plans to purchase additional domains.
While Libra Project has not sold any domain names yet and is not considering legal action over the name, there has been some crossover.
Facebook’s coin is called Libra but many media outlets have referred to the venture as Libra project.
“That is causing some confusion for people trying to buy [our token] when we’re not selling it yet," says Mr Spence.
Last month Facebook said it would not proceed with the launch of its cryptocurrency until regulatory concerns are addressed, as the US Treasury Secretary Steve Mnuchin took the unusual step of saying he had serious concerns it could be used for illicit activity.
Ultimately, Libra Project hopes Facebook may want to tie up with them in the future.
Mr Spence adds: "I hope Facebook look at what we are doing and the environmental and social impact we are trying to create and come in to support us.”
$100. That is a lot cheaper than most investments in impact – for those you will be asked to place $10,000 for 10 years.
It's like any digital security; if you need your money back tomorrow then you just sell it at the market price. And we won’t be charging a fee. A lot of platforms charge a 5 per cent bid spread on the buy and sell price – ours will be at the market rate.
When people first buy our digital security there will be a lockaway period; we can’t have people buying and selling coins until the projects are built. Once the project starts generating a revenue, we’ll put it out there for the retail market to resell. The length of the lock-in period is yet be fully discussed and disclosed.
You won’t specifically own assets in one project, you’ll own a share of the whole company — so multiple projects that are all generating a revenue. You are getting returns on your $100 share — as your percentage over the whole of the company.
We are looking at funding the first couple of projects alternatively so that we already have a working revenue model before the investors come in. That takes away a lot of the risk if we already have an income coming into the company.
With any investment in the world you can lose your money. But when you buy the security you own the physical assets. If there had to be a liquidation ... [the physical assets] would get sold and the investors would get priority for any disbursement.
We’re not going to the retail market yet. We’re going to accredited investors to start off … the retail market will take some time. It costs a lot to be signed off by all the regulators globally for the retail segment. By the time we get to that stage, we will already have most of the power projects built through the accredited investors.
National Reference Laboratory (NRL), part of Mubadala’s network of world-class healthcare providers, today announced that it has signed a Laboratory Referral Services Agreement with United Eastern Medical Services (UEMedical) Group, one of Abu Dhabi’s leading private healthcare operators.
NRL will become the exclusive provider of referral laboratory testing to all facilities of the UEMedical healthcare network in the UAE, including its flagship hospital Danat Al Emarat for Women & Children, HealthPlus Network of Specialty Centers, HealthPlus Fertility Centers and Moorfields Eye Hospital Abu Dhabi. Patients of UEMedical network will benefit from NRL’s high-quality standards, specialized logistics solutions and comprehensive menu of more than 4,700 tests, one of the largest test menus globally thanks to NRL’s partnership with LabCorp, the world’s leading diagnostics company.
Abdulla Abdul Aziz Al Shamsi, Head of Mubadala Healthcare, said: “Mubadala has built a network of world-class healthcare providers and we are continuously looking for opportunities to partner with private healthcare providers. This partnership allows us to deliver better results and outcomes for the patients, to provide unified laboratory services across all healthcare facilities of UEMedical, and, ultimately, to have a positive impact on the healthcare sector across the country and the region.”
Commenting on the collaboration, Mohammed Ali Al Shorafa Al Hammadi, CEO & Managing Director of UEMedical, said: “As one of the emirate’s leading healthcare providers, our partnership NRL, one of the most experienced providers of laboratory solutions in the region, will complement our group laboratory department with additional services and improved deliverables. NRL’s expertise will be very well received by our network of physicians and patients, who are eager to gain access to best-in-class laboratory referral services. This collaboration will help us make another significant stride towards achieving our goals to provide the highest levels of care to the residents of the UAE and support the nation’s healthcare transition to innovative, patient-centric services.”
Patient samples from all of UEMedical’s facilities across the UAE will now be exclusively handled by NRL and tested either in-country by NRL or by LabCorp in the USA.
Abdul Hamid Oubeisi, Chief Executive Officer of NRL, added: “We are very pleased that UEMedical has agreed to partner exclusively with NRL for laboratory referral services. This new partnership further demonstrates the trust that healthcare providers place in our services and quality. We look forward to providing UEMedical’s facilities with advanced, best-in-class laboratory diagnostic services across a wide range of disciplines, ensuring optimum and seamless treatment journeys for all their patients.”
Majd Abu Zant, Chief Operating Officer of UEMedical said, “Across our different facilities in the UAE, we serve over 200,000 patients who will be benefiting from our collaboration with NRL offering now the full spectrum of laboratory tests complementing the performed tests in our in-house laboratory. We are indeed joining hands today to deliver high end diagnostic services to the community of Abu Dhabi and beyond.”
NRL’s robust logistics solutions will guarantee sample integrity and timely sample transport from UEMedical’s facilities across the UAE, and will deliver reliable and fast test results. Additionally, best-practice connectivity solutions, including a web-portal and a two-way real-time interface between NRL’s Laboratory Information System and the Electronic Medical Records (EMR) of UEMedical, will ensure an accurate and efficient process for test ordering and results delivery. This paper-less system will help reduce the risk of human error and work duplication, and will greatly enhance quality and patient outcomes. Via the interface connection, physicians will be able to access and order from NRL’s comprehensive test menu 24/7. Laboratory results will be reported in real-time and automatically stored in each patient’s unique EMR.
NRL operates the largest network of laboratories in the Middle East accredited by the College of American Pathologists (CAP), widely recognized globally as the leading accreditation body for clinical laboratories. Its network of laboratories in the UAE encompasses a total of 10 facilities, including two reference laboratories owned by NRL and 8 on-site laboratories managed by NRL on behalf of its hospital or medical center clients. In addition, NRL offers referral testing services to a host of clients in the country and the region.
04 July 2019. Makateb Business Center (Makateb) joins the Canadian Business Council (CBC) Abu Dhabi as Gold Member. Makateb is a group of business centers that offer a full range of serviced offices, tailored to any arrangement required. MBC have the expertise required to meet the needs of their clients and they make sure that they continue to be their partners of choice. Makateb currently operates two business centers, in Ajman and Abu Dhabi.
With a view to expanding in the GCC, Makateb is looking to partner with investors and or building owners for mutual benefit through its Franchise offering or Management Contracts.
To learn more of the services MBC are offering, please go to their website at www.makatebgcc.com
Abu Dhabi Securities Exchange (ADX) announced today that it is reducing its trading commission fees starting 1st of July 2019 thus making ADX among the MENA region’s least expensive stock markets with regards to trading commissions. This initiative is designed to reduce costs on investors, build confidence, increase liquidity, as well as attract more investors into the Exchange.
The new initiative not only reinforces ADX’s competitive position, it is also a key step towards achieving the Ghadan 2021 plan's objective of removing barriers and lowering the cost of doing business in Abu Dhabi. The seeds of the initiative were first sown in June 2018 with the announcement by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces of a three-year, AED 50 billion stimulus package for Abu Dhabi.
ADX continuously seeks to launch new initiatives aimed at diversifying investment products available to its stakeholders. This approach helps facilitate the expansion and diversification of the Emirate’s economy. It will also allow Abu Dhabi to compete as a primary center for attracting FDI as well as contributing to the Emirate’s sustainable development goals.
Commenting on this initiative, H.E. Khaleefa Al Mansouri - ADX Acting Chief Executive said: “Through this initiative and the introduction of other investment opportunities, the Abu Dhabi Securities Exchange (ADX) is providing additional incentives for both local and international investors to invest on the Exchange providing liquidity into the market and helping to finance listed companies’ projects which will support the of expansion their business.”
The ADX is reducing its trading commission with a range from 50% up to 90%. ADX cost for annual transactions of less than AED 250 million will be 5 basis points (0.05%) of the transaction value. For transactions in excess of AED 1 billion over the period of 1 year, the cost will range to one basis point.
In other words, an investor who trades AED 500 million a year will be charged 5 basis points over the first 250 million and then a commission lower than 250 million during the year. The Exchange’s trading commission has also been reduced for transactions exceeding AED 1 billion by 90% from the previously implemented transaction fees which makes ADX one of the region's least expensive stock markets in terms of trading commission. Prior to the implementation of this new initiative, ADX has set up a number of awareness sessions for the stakeholders in order to familiarize them with the new mechanism.
The number of institutional investors in the Abu Dhabi Securities Exchanges (ADX) at the end of May 2019 was 8395, including 6318 foreign investors. During the first five months of this year, institutional investors traded AED 1.5 billion compared to AED 890 million in the same period of 2018, an increase of 73%. This shows a positive trend on a medium to long term basis.
Mohammed Ali Al Shorafa Al Hammadi
CEO and Managing Director
United Eastern Medical Services (UEMedical)
Mohammed Ali Al Shorafa Al Hammadi brings a host of strengths to his role as the CEO and managing director of UEMedical with his track record and proven abilities in strategic planning, policy implementation, financial investments and innovative management skills.
He is also a board member in the Strategic Partnership Council of the Department of Health - Abu Dhabi, as well as a board member and chairman of the Healthcare Working Group of the UAE-UK Business Council.
With UEMedical’s investment in the healthcare sector reaching over $1.15bn (AED4.2bn) and employing 3,000 staff, Al Hammadi aspires to redefine the definition of healthcare in the UAE by promoting quality services that meet international standards.
By strategically partnering with leading international players, Al Hammadi aims to create an unbeatable healthcare proposition that combines exceptional services, highly-qualified medical teams and innovative technologies to create a reassuring and welcoming patient-centric environment across the UEMedical portfolio in the UAE and the wider region, including Danat Al Emarat Hospital for Women & Children, HealthPlus Fertility Centres in Abu Dhabi, Dubai and KSA, HealthPlus Network of Specialty Centres and Family Clinic, Moorfields Eye Hospital in Abu Dhabi and Al Muhaidib Dental Group that includes over 60 dental centres across KSA. He serves as a board member in a number of leading organisations throughout the region, which include UPI and Baniyas Concrete.
He is also the vice chairman of United Eastern Group (UEG) and Gulf Contractors Company (GCC). Prior to launching UEMedical, Al Hammadi worked for more than nine years at Abu Dhabi Investment Authority (ADIA) before taking up his current role in the healthcare sector.
CCC: Where Fast Fashion Meets Miracle Prices
UAE, June 20, 2019: CCC, Europe’s Most Wanted Footwear brand, with over 1,500 stores across Europe, added another feather to its cap by launching its first store in the UAE at World Trade Center Mall, Abu Dhabi.
H.E. Robert Rostek, Ambassador of the Republic of Poland to the UAE and Talal Al Dhiyebi, Chief Executive Officer at Aldar inaugurated the grand launch event of CCC’s first store on June 19th, 2019 along with Nilesh Ved, Chairman of Apparel Group.
Spread across 8,583 square feet of retail space, the CCC store provides customers with a range of products for every occasion – from casual and sports to elegant leather footwear as well as bags and accessories.
CCC boasts a collection of over 30 brands under one roof including Adidas, Skechers, Vans, Reebok, Asics, Jenny Fairy, Lanetti, Lasocki, Bassano, Action Boy, K-Swiss, Berastogi and Anta to name a few. Many of the brands are CCC’s very own and have been introduced to the UAE market for the first time.
The core values of CCC are, ‘Fast Fashion’ and ‘Value for Money,’ ensuring their customers receive thousands of product lines, styles, colors and fashions at value prices living up to their name of Cena Cyzni Cuda - ‘Price Makes Miracles.’
About Apparel Group LLC
Apparel Group is a global fashion and lifestyle retail conglomerate residing at the crossroads of the modern economy – Dubai, United Arab Emirates. Today, the Apparel Group caters to thousands of eager shoppers through its more than 1750+ stores and 75+ brands across all platforms employing 12,000 multicultural staff covering four continents.
Apparel group has carved its strong presence not only in the UAE, Kuwait, Bahrain, Oman, and Saudi Arabia but opened thriving gateways to market in India, South Africa, Poland, Singapore, Jordan, Indonesia, Thailand and Malaysia. Additionally, clear strategies are in place to enter emerging markets such as Hungary, Pakistan, Egypt and Philippines
Apparel Group Operates Brands from around the world, originating from USA, Canada, Europe, Australia, Asia and include leading names in Fashion, Footwear & Lifestyle such as Tommy Hilfiger, Juicy Couture, Skechers, Nautica, Aldo, Nine West, Aeropostale to name a few and other key brands include Tim Hortons, Cold Stone Creamery, Inglot, Rituals etc..
The Apparel Group owes its amazing growth to the vision and guidance of its dynamic Chairman, Nilesh Ved, who has taken the company from strength to strength since its inception in the last two decades. www.appareluae.com
The board of directors of United Eastern Medical Services (UEMedical) announced the second phase of the expansion project of Danat Al Emarat Hospital for Women and Children in Abu Dhabi.
The second phase includes the construction of a new tower with a capacity of 100 beds, at a total cost of AED300 million. The new tower will be adjacent to the current hospital building located in Abu Dhabi Gate City and will be operational by mid 2020.
H.E. Mohamed Hamad Al Hameli, Undersecretary of Department of Health Abu Dhabi (DOH) said, “The Department of Health supports expansions of services and operational facilities that are aligned with the current market needs and in line with the capacity gaps study that was published by DOH recently which identifies the most needed medical services in the Emirate of Abu Dhabi.”
He added that the second phase of Danat Al Emarat Hospital for Women and Children will be a new addition to women and children healthcare services, increasing the overall capacity of beds, especially number of advanced NICU beds, as well as bringing in pediatrics subspecialties and improving the services provided to women and children in the Emirate.
Mr Mohammed Ali Al Shorafa Al Hammadi, CEO and Managing Director of UEMedical said “Construction will begin in the next three months, adding that with the completion of the second tower, the total number of hospital beds will increase to 225 beds covering various specialties. With that, UEMedical's assets will increase to 2.5 billion AED. The design project has been awarded to the renowned American architectural firm HKS, who designed the existing tower of Danat Al Emarat in addition to Amar Golden Design.
He pointed out that the expansion project of Danat Al Emarat Hospital for Women and Children followed detailed studies in cooperation with the Department of Health Abu Dhabi, identifying specialties needed, capacity gaps and beds required especially in the fields of pediatrics and obstetrics and gynecology.
“Danat Al Emarat Hospital is considered as a referral center for high-risk pregnancies, encompassing a full fledge department of fetal medicine, level III Neonatal Intensive Care Unit, pediatric surgery and pediatrics subspecialties needed for newborns and older children up to adolescence such as pediatric cardiology, speech language therapy, pediatric allergy and more. The hospital also encompasses an advanced center for women's laparoscopy and minimally invasive gynecology surgery; and a Bariatric and Metabolic Center, specialties that are highly needed," he said.
He added that such an expansion comes in line with the growing interest in maternal and child healthcare services, which are highly supported by H.H. Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, GWU, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, FDF.
“With the completion of the second phase and the operation of the new building, the number of beds at the Neonatal Intensive Care Unit will be doubled to 40 beds equipped to the highest international standards. Pediatric subspecialties including pediatric orthopedics, pediatric gastroenterology, pediatric pulmonology and pediatric neurology, in collaboration with the renowned The Hospital for Sick Children (SickKids), Toronto, Canada, will be further expanded,” Mr Al Shorafa further added.
“We have considered expanding services and departments that are high in demand, taking into consideration the agreements we have signed recently with international medical institutions such as SickKids, which require providing new specialties and increasing the number of beds in some specialties. Overall, 50 new beds will be added for children in the new tower besides our current pediatric ward, in addition to further expanding our Pediatric ICU to 10 PICU beds.”
He avowed that the new expansion of the hospital also includes the addition of 50 new beds for women, in addition to adding new service lines for women. Moreover, 3 new digital operating rooms will be added bringing the total number of operating rooms to 8 rooms; and 10 additional delivery rooms will also be opened making the total number of delivery rooms 20.
Mr. Al Shorafa pointed out that these expansions will be accompanied by an increase in the number of medical and technical staff recruiting over 500 new employees including 100 doctors in different specialties and 200 nurses who would join during the final stages of the project. He noted that, after the second phase, the hospital is expected to attract over 50 thousand new female patients, and children, which currently cares for more than 100 thousand registered patients since it first opened in October 2015.
Bombardier is pleased to announce that it has signed an agreement with JETEX for the establishment of a new Line Maintenance Station in Dubai, further complementing the tip-to-tail maintenance services provided by Bombardier’s Service and Support Network in the Middle East and around the globe.
The new Line Maintenance Station will initially offer unscheduled maintenance services and build toward scheduled maintenance operations in the coming months. The technical engineers supporting the line station are certified for all Challenger series and Global series business jets, including Bombardier’s flagship Global 7500 aircraft.
“This expansion is an integral part of our overall mission to enhance OEM support for our operators in the Middle East – and we are very pleased to be working with highly-respected business aviation leader JETEX in the development of this project,” said Jean-Christophe Gallagher, Vice-President and General Manager, Customer Experience, Bombardier Business Aircraft. “As a part of our commitment to offering an exceptional customer experience, we are delighted to offer our customers expanded support, more resources and increased flexibility closer to their base of operations.”
“The shared vision between Bombardier and JETEX to provide a comprehensive and exceptional experience makes this new service expansion an exciting venture for us,” said Adel Mardini, President and CEO of JETEX. “This is a significant boon for our customers who rely on our services to give them the peace of mind that they have trusted partners ready to go the extra mile around the clock and around the globe.”
The introduction of the new Line Maintenance Station in Dubai comes on the heels of the announcement of major Bombardier customer experience enhancements worldwide including: a new customer service super centre at Miami Opa-Locka Executive Airport in Miami, Florida; a major expansion of the Singapore Service Centre at the Seletar Aerospace Park, quadrupling the current service centre footprint; the addition of five new trucks to the Mobile Response Team (MRT) network throughout the U.S.; a new Paris Line Maintenance Station at Paris-Le Bourget Airport bolstering customer service offerings in Europe; and the addition of a dedicated Challenger 300 Mobile Response Team aircraft based in Frankfurt, Germany, to provide additional parts shipping and response to Bombardier aircraft operators in the region.
The new Line Maintenance Station in Dubai will join Bombardier Business Aircraft’s award-winning network of nine service centres and a total of 30 Customer Response Team mobile units around the globe, all equipped to support Bombardier Learjet, Challenger and Global business aircraft. The network’s approximately 1,000 dedicated technicians share best practices to provide industry-leading maintenance and care. Bombardier Business Aircraft customers also have access to a broad network of 38 Authorized Service Facilities around the world.
Note: This important agreement will be celebrated with a photo opportunity at EBACE in Geneva, with details to follow.
PAL Aerospace is proud to announce that it has been ranked 8th by Canadian Defense Review Magazine in its annual Top 75 ranked aerospace and defence companies in Canada. The recognition is a testament to the hard work and commitment of PAL Aerospace's dedicated employees.
Source: PAL Aerospace twitter
Abu Dhabi - MENA Herald: Corodex Industries has picked up two separate awards for the excellent performance of its operations in various water purification and wastewater treatment plants.
The company was recognized for its excellence in quality and innovation in the manufacturing sector and was awarded the prestigious Sheikh Khalifa Excellence Awards (SKEA)-Gold Category hosted by Abu Dhabi Chamber of Commerce and Industry (ADCCI) at a ceremony held recently at Emirates Palace.
Corodex Industries has adapted world-class practices on quality and excellence and has evolved to become a leader in the water, wastewater and the odor control industry offering a diverse portfolio of products and services including operation and maintenance services.
Mahmoud Awad, Managing Director of Corodex Industries said: “We are honoured to be bestowed with the recognition of the highest standard of quality and excellence carrying the name of our leader, His Highness Sheikh Khalifa bin Zayed bin Sultan Al Nahyan.
“Receiving the Sheikh Khalifa Excellence Award is a testament to our 40 year unwavering commitment to quality of services and furthering best practices in the environment sector of the United Arab Emirates.”
SKEA recognizes organizations across a range of sectors that demonstrate high performance and continuous improvement to support a healthy economy and unify their management practice in a balanced holistic model. It uses the European Foundation for Quality Management (EFQM) model to assess the participating entities and the winners are the ones who have successfully implemented the parameters as recommended by the model.
Corodex Industries was also declared the national winner of the ‘Water Project of the Year’ in UAE at the 2019 MEED Quality Awards for Projects for its work on the Dubai Industrial Park (DIP) Wastewater Treatment Plan.
The winners were selected based on evidence of engineering and construction excellence, as well as the economic, social and environmental impact of the project. The results were audited by accounting and consultancy firm Grant Thornton.
“We are grateful to accept this prestigious award from MEED. This has further cemented our position as one of the leaders in the water purification and sewage treatment sector.
“We implemented an effective Sewage Treatment Plant that mitigates water shortage, improves productivity and minimizes any adverse impact the industrial park may have.”
The sewage treatment plant set up by Corodex Industries at DIP currently produces a 2000 m3/d (cubic meter per day) of treated water per day that is reclaimed for applications such as urban irrigation, utilities or lavatory purposes.
“We have always set high quality standards to better our systems and processes. These recognitions underscores our promise to deliver game-changing systems in the water treatment sector by partnering with key players to introduce technologies that propel the UAE as a leader in the industry,” Mahmoud said.
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