Latest news with #EFG
Mid East Info
2 days ago
- Business
- Mid East Info
Dubai Investments' Glass Companies Record Strong Year-on-Year Growth - Middle East Business News and Information
Dubai Investments, the leading diversified investment company listed on the Dubai Financial Market, has announced strong year-on-year growth across its glass manufacturing portfolio under Glass LLC, with total production surpassing 14.8 million square meters in 2024. This milestone reflects the company's sharp focus on innovation, sustainability, and expanding demand driven by regional mega projects. Glass LLC, a wholly owned subsidiary of Dubai Investments, consolidates the Group's glass-related operations and currently comprises three core entities: Emirates Glass (EG), Emirates Float Glass (EFG), and Saudi American Glass (SAG). With a strong regional footprint and vertically integrated capabilities, these companies cater to a wide spectrum of sectors including construction, architecture, energy, and transport. 'The glass sector is a cornerstone of Dubai Investments' industrial platform—driving significant growth and reinforcing the Group's leadership in the GCC's high-performance materials market. As the region advances through mega projects and places greater emphasis on sustainability, Dubai Investments glass businesses are well-positioned to lead through innovation and product excellence. Continuous investments in cutting-edge technologies are sharpening the Group's competitive edge, enabling it to meet evolving industry needs while laying a strong foundation for long-term market leadership,' said Abdulaziz Bin Yagub Al Serkal, CEO, Industrial Platform, Dubai Investments. Emirates Float Glass (EFG), the only glass manufacturer in the GCC offering a full portfolio of float glass products, achieved full production capacity in 2024, delivering over 12.6 million square meters of glass across five continents. EFG's offerings include Clear Glass, Body Tinted Glass, and Reflective Glass (both online and offline coatings), as well as Low-Emissivity (Low-E) Glass. EFG is the only ICV-certified glass manufacturer in the UAE and is listed in the Golden List by the Abu Dhabi Department of Economic Development—recognizing its substantial contribution to the national economy. As an active participant in the UAE's Projects of the 50 and the Abu Dhabi Local Content Program, EFG's high ICV score underscores its commitment to local manufacturing, services, and workforce development. Its inclusion in the Golden List, curated by the Industrial Development Bureau (IDB) and Department of Government Support (ADGS), reinforces its position as a preferred supplier for government procurement. Emirates Glass contributed over 1.3 million square meters, marking an 8% year-on-year increase, with monthly growth peaking at 28% in December. Aiming to grow its market share from 23% to 27%, EG ramped up production through newly installed jumbo glass processing lines—including cutting, seaming, tempering, and lamination. The company also increased Bullet Resistant Glass production by 15% and launched fire-rated glass certified by Intertek. Additionally, EG commissioned a high-precision Glass Digital Printing unit to meet rising demand for customized architectural solutions. Saudi American Glass (SAG) on the other hand, recorded a 13% year-on-year increase, producing over 927,000 square meters—its highest-ever annual output. A surge in demand for digitally printed architectural glass drove production up by over 48%, with a 57% increase forecasted for 2025. This growth is supported by SAG's new brand, Elite Vitrage, which focuses on artistic glass solutions for interior applications, aligning with evolving design trends and premium requirements. This robust growth across Glass LLC is underpinned by the region's infrastructure boom—particularly in Saudi Arabia and the UAE—and an accelerating shift toward sustainability and energy efficiency, leading to increased demand for solar control and low-E coated glass. The rising adoption of façade and curtain walling applications in high-rise and commercial developments continues to drive momentum. 'Together, the companies under Glass LLC export to over 35 countries, with key markets including the GCC, Africa, Europe, and Asia. Emirates Glass and SAG are seeing sustained demand for double-glazed, laminated, and custom-coated units, while Emirates Float Glass anchors the supply chain as one of the region's most technologically advanced float glass facilities', added Abdulaziz Bin Yagub Al Serkal. Looking ahead, Glass LLC is investing in automation, capacity expansion, and next-generation glass technologies—aligned with Saudi Arabia's Vision 2030 infrastructure roadmap and the UAE's Net Zero 2050 ambitions. About Dubai Investments: Dubai Investments is a publicly listed UAE based multi-asset investment Group, managing a diverse portfolio of businesses, generating sustainable financial returns to its shareholders. Established in 1995, Dubai Investments is one of the leading investments Group in the UAE, initiating new businesses and partnering with dynamic entities, creating strategic investment opportunities across the region. With 15,956 shareholders, a paid-up capital of Dhs. 4.25 billion and total assets worth more than Dhs. 22 billion, the Group applies insight and experience to expand and be a reliable growth driver for businesses within sectors like real estate, manufacturing, healthcare, education, investments and services. The Group's diverse portfolio consists of wholly and partly owned companies and reflects the Company's continued focus on business diversification to drive growth in line with evolving industry trends. Focused on leveraging strengths with an interest in establishing existing and new business opportunities with a long-term, strategic and creative approach and with an emphasis on sustainable returns and capital growth, Dubai Investments collaborates on investment strategies meeting the changing needs of the economy and the societies in which it operates. Complementing the strategic objectives and creating value for stakeholders, the Group pursues growth through mergers and acquisitions and business expansions.
BBC News
2 days ago
- Politics
- BBC News
Mothers in legal contest over two-child benefit cap 'rape clause'
Two women who had children when they were in violent and controlling relationships are claiming they were unfairly denied child mothers, identified only as LMN and EFG, launched a challenge to the universal credit two-child cap at Leeds Administrative Court on Tuesday and the so-called "rape clause".The exception allows for financial support for a child conceived non-consensually if that child is the third or subsequent child, but does not apply to further children if a mother's first two children were conceived after Monaghan KC, representing the women, said the rule was "irrational" and breached the women's right not to be discriminated against. She told the court that both women were young and vulnerable when they began relationships in their teens and first became explained that they were subjected to regular violence and coercion, with one describing how she was choked to unconsciousness and raped multiple times. 'Anomaly in the rules' Ms Monaghan explained how LMN had older children in care and two living with her, but then one of the older children returned to her then had three children living in her home, but she was refused an exception to the two-child limit under these "ordering provisions" relating to non-consensual Monaghan said EFG had two children who were conceived non-consensually and then another from a consensual was initially paid the child element of universal credit for this third child, but this was later rescinded, after a fourth child was Monaghan told the judge, Mrs Justice Collins Rice, the state had an obligation under Article 3, which prohibits torture and inhuman or degrading treatment or punishment, to ensure that "women are not penalised" and "they have the resources to support themselves".The barrister said that, if this anomaly in the rules was rectified, "we are talking about a drop in an ocean", in the face of a £300 billion-plus national benefits of the women, whose representation is being provided by Child Poverty Action Group (CPAG), were in court on Tuesday. Galina Ward KC, for the Department for Work and Pensions (DWP), told the court that the exceptions to the two-child cap, which also include circumstances around kinship care and multiple births, were intended to "kick-in" when women are not able to make a choice about having a said this case was "fundamentally different" to one which was the subject of a 2018 High Court ruling that similar exception rules relating to children in kinship care arrangements were said the DWP also did not accept that women who have non-consensually conceived children and then choose to have another child "are making a fundamentally different choice" to women whose children are consensually case continues on. Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North
The Guardian
3 days ago
- The Guardian
UK mothers with children from abusive relationships discriminated against by benefits system, court told
Two mothers who conceived children while in physically abusive relationships have been discriminated against after being denied access to benefits, a court has been told. The women launched a challenge against the universal credit system after being denied an exception to the two-child cap. The cap typically has exceptions, one of which is the 'rape clause', which means that a child conceived through sexual assault will still be entitled to it. On Tuesday, however, Leeds administrative court was told that this rule only applies to third or subsequent children, meaning that some woman are unable to claim an exception if their first two children were conceived non-consensually. Karon Monaghan KC, representing the women, who can only be identified as LMN and EFG, said the pair had conceived their children when they were in their teens and vulnerable. Monaghan said that both women were regularly subjected to violence and coercion during their respective relationships, with one saying that she was choked until she lost consciousness and raped multiple times. The court was told that LMN had older children who were in care, as well as two children who lived with her. When one of her older children returned home, however, she was refused an exception to the two-child limit that she thought she had been entitled to. The other woman, EFG, had two children who were the conceived through rape and a third who was conceived through a consensual relationship. The court heard that EFG was initially paid for her third child, but that the payments were rescinded once her fourth child was born, with the Department for Work and Pensions telling her she could only claim for two children, not four, due to the 'ordering provisions'. Monaghan told the judge, Mrs Justice Collins Rice, that these ordering provisions are irrational and breach the women's right not to be discriminated against under article 14 of the European convention on human rights. She also told the court that the government had an obligation under article 3 of the convention, which prohibits torture and inhuman or degrading treatment or punishment, to ensure that 'women are not penalised' and 'they have the resources to support themselves'. 'It must ensure it doesn't take away benefits because the two children are the product of non-consensual sex', Monaghan said, while also claiming that the money these women could receive is only 'a drop in an ocean' of the £300bn-plus national benefits budget. The hearing, which neither woman attended in person, is due to continue tomorrow.
Yahoo
03-05-2025
- Business
- Yahoo
There's Not a Lot of M&A Targets Around, Says EFG CEO Pradelli
Swiss wealth manager EFG International CEO Giorgio Pradelli says there are not many acquisition targets at the moment despite "very active" interest. Last year, Pradelli had said he was looking at potential deals "north of 5 billion" Swiss francs ($6 billion), with Switzerland, the UK, Luxembourg and Monaco being potential places to deploy excess capital. EFG announced the purchase of smaller rival Cité Gestion earlier this year. While the financial industry has seen some mergers and acquisitions in the past few weeks, a broader global slump in dealmaking has spilled over to this year as investors remain on the sidelines to make sense of US President Donald Trump's tariff war. Pradelli spoke on "The Pulse with Francine Lacqua" on Bloomberg TV. Sign in to access your portfolio
Bloomberg
02-05-2025
- Business
- Bloomberg
There's Not a Lot of M&A Targets Around, Says EFG CEO Pradelli
Swiss wealth manager EFG International CEO Giorgio Pradelli says there are not many acquisition targets at the moment despite "very active" interest. Last year, Pradelli had said he was looking at potential deals 'north of 5 billion' Swiss francs ($6 billion), with Switzerland, the UK, Luxembourg and Monaco being potential places to deploy excess capital. EFG announced the purchase of smaller rival Cité Gestion earlier this year. While the financial industry has seen some mergers and acquisitions in the past few weeks, a broader global slump in dealmaking has spilled over to this year as investors remain on the sidelines to make sense of US President Donald Trump's tariff war. Pradelli spoke on "The Pulse with Francine Lacqua" on Bloomberg TV. (Source: Bloomberg)
