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-Top News Dubai Investment

Dubai Announces 20% Annual Tax On Foreign Banks

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing…reports Asian Lite News

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks operating in Dubai.

The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC).

According to the law, foreign banks are subject to a 20% tax on their annual taxable income. However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing.

The law also outlines the rights of foreign banks and their branches licensed by the Central Bank of the UAE. It specifies the steps for notifying the results of the tax audit. Further, it allows the taxable entity to lodge objections with Dubai’s Department of Finance regarding the amount of tax or fines imposed on them, subject to certain conditions detailed in the law.

According to the Law, the Chairman of The Executive Council of Dubai will issue a decision on acts deemed as violations of this Law and penalties imposed for violations. The total penalties imposed should not exceed AED500,000. The fine will be doubled in case of repeat violations within two years up to a maximum of AED1 million.

This new Law applies to the tax year beginning after its enactment.

The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette.

The new Law annuls Regulation No. (2) of 1996 or any other legislation that may contradict it. Decisions and memos issued to implement Regulation No. (2) of 1996 will remain in place till the issuance of new decisions that replace it.

Law No. (1) of 2024 on taxation of foreign banks operating in Dubai is effective from the date of its publication in the Official Gazette.

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Gujarat India News Investment

GIFT City Attracts Global Investors at Vibrant Gujarat Summit

The Education Centre of Australia has submitted an Expression of Interest to become an academic infrastructure service provider to foreign universities in GIFT City…reports Asian Lite News

GIFT City, which has expanded into a major international financial hub in India, has attracted a host of global investors. Many of them have made a beeline to mark their presence and to take the first movers’ advantage.

GIFT City is billed as a world-class business district envisaged and built to cater to global and domestic business enterprises. It aims to set an international benchmark for finance and technology hubs worldwide. During the ongoing Vibrant Gujarat Global Summit, the Abu Dhabi Investment Authority decided to set up a one-of-a-kind sovereign fund in GIFT City. APEX Group, one of the leading fund administrators, decided to set up their office in GIFT City as a fund administrator and fund accounting service provider. APEX Group would employ around 1,000 people over 3 years.

Mizuho Bank becomes the second Japanese Bank to set up IFSC Banking Unit in GIFT IFSC. Deakin University inaugurated its campus in GIFT City, which is India’s first campus of a foreign-based university. Chancellor and Vice Chancellor of Deakin University, Iain Martin inaugurated the campus. Prime Minister Narendra also held a one-on-one meeting with Deakin University VC.

The Education Centre of Australia has submitted an Expression of Interest to become an academic infrastructure service provider to foreign universities in GIFT City. This will bring leading foreign universities to GIFT City. Through the new education policy brought in in 2020, India has opened floodgates for foreign educational institutes to set up brick-and-mortar infrastructure. Further, Transworld Group has announced plans to set up ship leasing and aircraft leasing activities in GIFT IFSC. Transworld is one of the leading UEA-based groups.

Moreover, Accenture has shown a keen desire to establish its presence in GIFT City. Stonex Group intends to set up a bullion trading desk in GIFT City IFSC. As part of the Vibrant Gujarat Global Summit 2024, Prime Minister Narendra Modi participated in the Global Fintech Leadership Forum held at GIFT City on Wednesday, the first day of the summit. The forum saw the participation of the chairman and CEOs of 26 prominent fintech companies worldwide, including Mukesh Ambani, Sanjay Mehrotra, and Lakshmi Mittal. The Prime Minister received recommendations from leaders of fintech companies to elevate GIFT City to an international standard and position India as a leading fintech country. PM Modi attentively listened to all the industrialists for nearly three hours. Addressing the gathering, Prime Minister Narendra Modi highlighted the significance of bringing together top industrialists in finance and technology to explore innovative solutions for the digital economy. The Prime Minister said that it is interesting to see how fintech will have a transformative impact on the world, and extended an invitation to industrialists to invest in GIFT City, aligning with the vision of making India a global leader in the financial sector. Hasmukh Adhia, Chief Advisor to the Chief Minister of Gujarat, Bhupendra Patel and Chairman of GIFT City, provided insights into the purpose behind organising the Global FinTech Leadership Forum. The forum was moderated by renowned businessman Uday Kotak. On Wednesday, Prime Minister Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar.

The theme of this year’s summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organisations. The Summit is also being used as a platform by the Ministry of Development of the North-Eastern Region to showcase investment opportunities in the North-Eastern regions. (ANI)

ALSO READ- Vibrant Gujarat Summit Seals 26.3L Cr Deals

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-Top News India News Investment

Indian investments are flourishing in Armenia, says Kerobyan

This two-way economic engagement not only reflects mutual trust and confidence but also signifies a commitment to fostering sustainable economic growth and development…reports Asian Lite News

Vahan Kerobyan, Minister of Economy for Armenia, took centre stage at the inauguration of the Vibrant Gujarat Global Summit 2024, emphasising the growing significance of trade and investments between India and Armenia.

Minister Kerobyan underscored the robust bilateral investment landscape as evidence of the strengthening of economic bonds between the two nations.

Kerobyan said, “A pivotal aspect of our economic narrative is the increasing movement of trade and investments between India and Armenia. This bilateral investment floor is a testament to the deepening economic ties between our nations. It’s heartening to see Armenian investments finding fertile ground in India and likewise, Indian investments are flourishing in Armenia.”

The Minister’s remarks shed light on the encouraging trend of reciprocal investments, with Armenian investments finding fertile ground in India and, reciprocally, Indian investments flourishing in Armenia.

This two-way economic engagement not only reflects mutual trust and confidence but also signifies a commitment to fostering sustainable economic growth and development.

India and Armenia share friendly relations rooted in historical ties between the people of the two countries. India recognized Armenia on 26 December 1991. With an aim to strengthen business relations and develop reciprocal cooperation, Investment Support Centre of the Republic of Armenia and Invest India signed an MoU on 28 June 2021. The objective of this MoU is to provide business solutions for stakeholders of both sides to promote the investment climate in Armenia and India and establish a practical framework for the development of stronger business relations between the two sides

As the Vibrant Gujarat Global Summit serves as a catalyst for international collaboration, Minister Kerobyan’s address highlighted the importance of such platforms in facilitating meaningful discussions and partnerships.

The Armenian Minister’s positive sentiments about the deepening economic ties align with the broader theme of the Vibrant Gujarat Global Summit- fostering economic growth through international collaboration.

The summit provides an opportunity for leaders and representatives from diverse nations to explore avenues for cooperation and investment.

The emphasis on bilateral investments as a crucial aspect of the economic narrative reinforces the commitment of nations to explore and strengthen economic relations for mutual benefit.

As discussions unfold during the summit, the focus on India-Armenia economic ties adds a unique dimension to the diverse array of partnerships being discussed.

Minister Kerobyan’s words resonate with the spirit of collaboration and mutual prosperity, underscoring the positive trajectory of economic relations between India and Armenia. (ANI)

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India News Investment Karnataka

Invest Karnataka Forum Plans Sectoral Sub-Groups for Focused Investment

Jindal said that being an industrialist residing in the state, he knew very well why Karnataka stands out as a preferred investment destination…reports Asian Lite News

Invest Karnataka Forum (IKF) Co-Chairman Sajjan Jindal on Monday pitched for setting up industrial parks in regions that are about two hours road drive from airports in the state.

Making the suggestion while participating online in the first-reconstituted IKF meeting chaired by Large and Medium Industries Minister M.B. Patil, he opined setting up such industrial parks would facilitate attracting increased investment.

Jindal said that being an industrialist residing in the state, he knew very well why Karnataka stands out as a preferred investment destination.

Responding to his suggestion, Patil said that the government also intended to set up industrial parks in an area of about 5,000-10,000 acres.

To enable the operationaling of industries, plug-in facilities will be established in such parks, he added.

Investments of Rs 55,000 crore have been confirmed in the present government and various proposals of about Rs 40,000 crore to Rs 1 lakh crore are in various stages of the process, Patil said.

It was also decided in the meeting to form sub-groups within the IKF to focus on sectoral investment. The meeting reviewed key developments in the last months and deliberated on framing the roadmap for going forward.

IKF Directors Geetanjali Kirloskar of Kirloskar Systems, and Vijay Krishnan Venkateshan of Kenna Metals were also present, while another Director, Ankith Fatehpuria of Zetworks participated online. Principal Secretary, Industries, S. Selvakumar, Commissioner Gunjan Krishna and CEO C.T. Muddukumara were also present.

ALSO READ-Indian investments are flourishing in Armenia, says Kerobyan

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-Top News Business Investment

TN Secures Investment Commitments of Rs. 6.64 Lakh Crore

Stalin said the clearances will be given under a single window system. The Chief Minister said the projects are proposed to be set up across the state so that there is a distributed growth…reports Asian Lite News

Several MoUs with an investment intention of Rs.664,180 crore have been inked between the Tamil Nadu Government and various industrial groups, said Tamil Nadu Chief Minister MK Stalin.

Speaking at the valedictory function of the Tamil Nadu Global Investors Meet, Stalin said the state has attracted investment proposals from varied sectors like automobiles, Electric Vehicle (EV), aerospace, Defence, footwear and others.

Stalin said the investment proposals can generate about 26.90 lakh direct and indirect employment opportunities.

He also said the government will take special effort to convert the MoUs into actual projects and a special group headed by Industries Minister TRB Rajaa and senior officials will look into it.

Stalin said the clearances will be given under a single window system. The Chief Minister said the projects are proposed to be set up across the state so that there is a distributed growth.

Giving an overall sector-wise break-up of the MoU’s, Stalin said the investment from the manufacturing sector was about Rs.3.79 lakh crore; energy Rs.1.35 lakh crore; Information Technology and Digital Services Rs.22,130 crore; MSMEs Rs.63,573 crore and others.

Some of the mega investment proposals are from the Adani Group Rs.42,768 crore (Adani Green Rs.24,500 crore, Ambuja Cements Rs.3,500 crore, Adani Connex Rs.13,200 crore and Adani Total Gas & CNG Rs.1,568 crore); Tata Power Renewable Energy about Rs.71,000 crore; Chennai Petroleum Corporation Rs.17,000 crore; Leap Green Energy Rs.22,842 crore; SembCorp Rs.36,238 crore; Salcomp Manufacturing India Rs.2,271 crore; Boeing (to set up global capability centre) Rs.309 crore; Ashok Leyland Rs.1,200 crore; Stellantis EV Rs.2,000 crore; Eicher Motors Rs.3,000 crore; Sify Technologies Rs.2,500 crore; JAM Infra (Jindal Defence) Rs.1,000 crore; Saint Gobain Rs.3,400 crore and several others.

Adani’s Mega Investment plans in Tamil Nadu

The multi-business Adani Group has decided to invest a whopping Rs 42,768 crore in Tamil Nadu in renewable energy, cement manufacturing, data centre, city gas distribution and generate 10,300 employment opportunities.

The Group announced this decision during the Tamil Nadu Global Investors Meet 2024 held on Monday.

A Memorandum of Understanding (MoU) was also exchanged at the investors’ meeting by Karan Adani, Chief Executive Officer of Adani Ports and SEZ Limited (APSEZ) and the Tamil Nadu government.

The break-up of the investments by different Adani group companies are as follows: Adani Green Rs 24,500 crore (employment 4,000), Ambuja Cements Rs 3,500 crore (5,000), Adani Connex Rs 13,200 crore (1,000) and Adani Total Gas & CNG Rs 1,568 crore (300).

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Business India News Investment

Chennai Emerges as South India’s Industrial Hub

The presence of industrial corridors, acting as an economic ecosystem, fosters heightened economic activity within the transportation corridor. Like a vital artery, it serves as the central hub of economic vitality in the region…reports Asian Lite News

Chennai is slowly but surely becoming the industrial hub of South India, if not the entire subcontinent. With the government’s plans to upgrade the highway roads, travel time will be reduced as well as vehicle operating costs. As a major seaport, the city’s proximity to raw materials, easy access to major seaports, airports, and different parts of Southern India has rendered it a major industrial hub.

The presence of industrial corridors, acting as an economic ecosystem, fosters heightened economic activity within the transportation corridor. Like a vital artery, it serves as the central hub of economic vitality in the region.

In 2022, the Government of India greenlit 8 projects to develop industrial corridors between major hubs in the country. These projects will take place under the National Industrial Corridor Development and Implementation Trust (NICDIT).

One of these projects is the 96-km Chennai-Bengaluru Industrial Corridor (CBIC). This project is already underway and is scheduled to be completed by 2025. With the completion of the project, the travel time between Chennai and Bengaluru will be cut to two to three hours.
“The project will also increase economic activity in the region by opening up new areas for industrial development. There is potential for manufacturing facilities, warehousing facilities along the corridor. Also, the project will be closer to the port and will facilitate easy cargo movement on the corridor,” Suresh Krishna, State President of CREDAI, Tamil Nadu, told The Hindu.

The CBIC will go through cover Chennai, Sriperumbudur, Ponnapanthangal, Ranipet, Vellore, Chittoor, Bangarupalem, Palamaner, Bangarpet, Hoskote, and Bengaluru.
CBIC: Prime Investment Destination

The Chennai Bangalore Industrial Corridor (CBIC) stands as an enticing prospect for investors, offering a multitude of advantages. Positioned at the onset of a major industrial corridor, Chennai promises abundant job opportunities. Escaping urban congestion, many are gravitating towards the city’s outskirts, lured by available land parcels, ideal for realizing their dream homes.

This burgeoning industrial landscape has given rise to a thriving economy, with job prospects that foster personal and professional growth. Renowned for its top-notch infrastructure and connectivity, Chennai boasts an exemplary transportation system. This includes ongoing initiatives, including metro expansions toward Parandur, which promise enhanced accessibility for suburban residents, significantly reducing travel times.
Furthermore, Chennai’s strong economic foundation, fueled by diverse industries like manufacturing, automotive, IT, and logistics along the CBIC, continues to bolster its status as the state’s economic hub.

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Business Investment

TikTok Partners with GoTo’s Tokopedia

The shopping features within the TikTok app in Indonesia will be operated and maintained by the enlarged entity…reports Asian Lite News

Chinese short-video making platform TikTok on Monday committed to invest $1.5 billion in Indonesian firm GoTo’s e-commerce unit Tokopedia to drive long-term growth for MSME sector and the country’s digital economy as a whole.

As part of the agreement, Tokopedia and TikTok Shop Indonesia’s businesses will be combined under the existing PT Tokopedia entity in which TikTok will take a controlling 75.01 per cent stake.

The shopping features within the TikTok app in Indonesia will be operated and maintained by the enlarged entity. The arrangement will allow both TikTok and GoTo to each serve Indonesian consumers and MSMEs more comprehensively, the companies said in a statement.

GoTo will benefit from the growth of the enlarged entity and will remain an ecosystem partner to Tokopedia, through its digital financial services via GoTo Financial and on-demand services via Gojek. GoTo will also receive an ongoing revenue stream from Tokopedia commensurate with its scale and growth.

“The transaction, which is expected to close in the first quarter of 2024, is in line with the GoTo Group’s strategy to strengthen its financial and strategic position by growing its total addressable market,” said the Indonesian firm.

The strategic partnership will commence with a pilot period carried out in close consultation with and supervision by the relevant regulators.

The first campaign will be the Beli Lokal initiative which will launch on December 12, coinciding with Indonesia’s National Online Shopping Day (Harbolnas).

Going forward, TikTok, Tokopedia and GoTo will transform Indonesia’s e-commerce sector, creating millions of new job opportunities over the next five years.

“More than 90 per cent of the combined business’s merchants are MSMEs and the companies will undertake a series of joint initiatives to support them,” they said.

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-Top News Investment

Mobile operators to invest over $30 bn in open radio access networks

The Open RAN-compliant radio market to date has been dominated by Asian vendors Samsung, NEC and Fujitsu…reports Asian Lite News

Mobile operators are likely to invest more than $30 billion in open RAN networks globally by 2030, representing a CAGR of 24 per cent for the period, according to a latest report.

Open RAN stands for open radio access network. An open RAN is made possible by a set of industry-wide standards that telecom suppliers can follow when producing related equipment.

Open RAN network investments have increased steadily in recent years, driven primarily by greenfield network operators in the Asia-Pacific and North American regions, according to Counterpoint Research.

However, following this period of rapid network build-outs, greenfield operators are looking to lower capex in 2023 and 2024 and focus on network monetization.

Some Tier-1 operators, notably Vodafone, have announced major plans recently to deploy open RAN, but most brownfield network operators remain very cautious about additional investments in 5G infrastructure, particularly Open RAN, due to the uncertain macroeconomic climate.

As a result, the Open RAN market will stagnate during this and the next year.

“Investments will start to increase YoY after 2025 with network operators investing a cumulative total of more than $30 billion between 2022 and 2030,” the report noted.

Although the Asia-Pacific and North American regions will remain the largest Open RAN markets for most of the forecast period, Europe is expected to record the fastest growth with a CAGR of 108 per cent between 2023 and 2030 as its Tier-1s finally start commercial deployments at scale, driven partly by the need to replace legacy Chinese 3G and 4G networks.

The Open RAN-compliant radio market to date has been dominated by Asian vendors Samsung, NEC and Fujitsu.

However, Counterpoint Research expects that their market share will be impacted during the forecast period as other incumbents start offering Open RAN-compliant solutions.

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Business India News Investment

Tata Consumer Products Ventures into Energy Drink Market with ‘Say Never’

This energy drink boasts two invigorating variants, namely, Red and Blue, each designed to provide a much-needed vitality boost for those who dare to pursue their dreams…reports Asian Lite News

Tata Consumer Products (TCP), a conglomerate unifying the Tata Group’s prominent food and beverage interests, has announced a bold foray into the rapidly expanding energy drink category with the introduction of ‘Say Never Energy Drink.’ In a strategic move to diversify its product range, this beverage aims to carve a niche in the dynamic world of energy drinks by celebrating the spirit of resilience and unwavering determination.

Priced affordably at just Rs. 10 for a 200 ml cup format, ‘Say Never Energy Drink’ is tailored for individuals who exemplify relentless determination and unwavering resolve in the face of adversities. The brand seeks to pay homage to those who persist, irrespective of the challenges they confront, and continue to push their limits.

This energy drink boasts two invigorating variants, namely, Red and Blue, each designed to provide a much-needed vitality boost for those who dare to pursue their dreams.

Speaking about the launch, Mr. Vikram Grover, Managing Director of NourishCo Beverages Limited, a subsidiary of Tata Consumer Products, stated, “With this launch, we aim to inspire and energize the doers, the dreamers, and the go-getters of the world. Say Never Energy Drink is not just a beverage; it’s a symbol of empowerment, a companion for those who dare to be different. The launch enhances and complements NourishCo’s overall product portfolio, and through this, we celebrate the heroes who chart their unique paths. This affordable caffeine-based energy drink is tailored for the younger generation, and we are here to fuel their journey.”

In its initial phase, ‘Say Never Energy Drink’ will be available at retail outlets in Karnataka and North Indian markets, priced at just Rs. 10.

Tata Consumer Products Limited is a focused consumer goods company that consolidates the principal food and beverage interests of the Tata Group. The company’s portfolio includes a wide range of products such as tea, coffee, water, ready-to-drink beverages, salt, pulses, spices, ready-to-cook and ready-to-eat offerings, breakfast cereals, snacks, and mini-meals. Some of its key beverage brands include Tata Tea, Tetley, Eight O’Clock Coffee, Tata Coffee Grand, Himalayan Natural Mineral Water, Tata Copper+, and Tata Gluco+. The company’s food portfolio comprises brands like Tata Salt, Tata Sampann, and Tata Soulfull. With a presence in over 201 million households in India, Tata Consumer Products leverages the Tata brand’s reputation in the consumer products sector. The company has achieved a consolidated annual turnover of approximately Rs. 13,783 crores, with operations spanning both domestic and international markets. For more information about the company, visit their website at www.tataconsumer.com.

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-Top News Investment UAE News

UAE’s Maritime Investments Expand Across 78 Countries

UAE was first elected to the International Maritime Organization (IMO) Council, category B, was re-elected in 2019, and received the highest number of votes in the 2021 elections…reports Asian Lite News

The United Arab Emirates (UAE) has further solidified its prominent position among the world’s premier maritime hubs, emerging as a key influencer in the global development of the maritime industry. The UAE’s practices, decisions, and legislative actions have been instrumental in the growth of the sector and the enhancement of international maritime safety standards, as well as the preservation of the global marine environment.

In 2017, the UAE was first elected to the International Maritime Organization (IMO) Council, category B, was re-elected in 2019, and received the highest number of votes in the 2021 elections. The UAE is looking forward to be re-elected for the fourth consecutive time in the elections that will take place from 27 November to 6 December 2023 in London. The UAE aims to continue its effective role in strengthening maritime legislation and regulations to serve the shipping sector and international trade.

Strengthening Global Leadership in Competitive Indicators

Commenting on the UAE’s role within the International Maritime Organization, H.E Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, said, “The UAE has become one of the world’s foremost maritime nations. In 2022, the maritime sector’s contribution to the UAE’s GDP surged to AED 129 billion, an impressive 18% increase compared to 2021. The country has achieved numerous accolades in global competitiveness indicators within the maritime sector. It was ranked 3rd globally in transport services trade and the Bunker Supply Index and claimed the 5th position as a major competitive maritime hub worldwide. The UAE’s ports are among the top 10 globally in terms of container handling volume. They handled over 19 million TEUs, with more than 25,000 port calls recorded in the UAE. Our concerted efforts in sea, land, railway, and air transport are harmonised towards achieving sustainability and reducing emissions. Globally, the UAE ranks seventh in the Logistics Performance Index.”

Al Mazrouei added, “Through the UAE’s membership in the IMO Council, we are committed to collaborating with other member states in advancing the global maritime sector and the shipping industry. Our collective mission is to promote the safety, security, and efficiency of maritime transport in clean oceans, in line with the IMO’s goals. The UAE has been actively engaged in introducing significant amendments to various decisions that contribute to the development and enhancement of the work system, ensuring alignment with global changes and modern technologies. These amendments are designed to alleviate the burden on ship owners and maritime companies, while also contributing to the safety, security, and protection of the marine environment worldwide.”

H.E Eng.Hassan Mohamed Juma Al-Mansoori, Undersecretary for the Infrastructure and Transport Sector at the Ministry of Energy and Infrastructure, said, “The UAE’s seaborne trade and transshipment efforts cater to most of countries such as China, India, the Gulf States, Central Asia, and extending to Eastern Europe. Our country is committed to fulfilling its responsibility in establishing a sustainable platform for sharing expertise among maritime nations and organisations, thereby promoting best practices and enriching technical and legal discussions within the IMO. We will continue to submit proposals aimed at enhancing regulations for safety, security, and the preservation of the marine environment.”

Al-Mansoori emphasised that the UAE’s dedication to the highest international standards, in its capacity as a major flag State, port State, and coastal State, enables it to address broader maritime issues on a global scale, providing support to the international maritime community.

Mohammed Khamis Al Kaabi, UAE Permanent Representative at the IMO, said, “The UAE is among the first countries in the region to declare a national climate neutrality strategy, with the aim of reducing emissions by 40% by 2030 and achieving net-zero carbon emissions by 2050. This will be achieved through a sustainable, science-based approach that involves government organisations, national ship operators, sea ports, shipyards, and research centres, in line with the Paris Agreement and the UAE’s 50-Year Charter. The Port of Fujairah is a significant provider of low-sulphur bunker fuel and offers facilities for liquefied natural gas bunkering in accordance with the MARPOL Convention, to combat air pollution from ships and align with the IMO’s objectives. Additionally, the UAE has established the Emirates Centre for Reducing Carbon Emissions, the first of its kind in the region and fourth globally. The UAE is a key proponent of developing clean alternatives and green hydrogen fuel. It has emerged as a global hub for conferences that bring together experts in clean energy from around the world, in pursuit of innovative solutions and advanced technologies to achieve the IMO’s goals of decarbonising the maritime shipping sector.”

Al Kaabi added, “Through its membership in the IMO, the UAE contributes to the development of strategies, policies, agreements, and standards governing the maritime sector. The UAE actively participates in all of the IMO’s activities, including the Council, main technical committees, sub-committees, and related working groups. We have also hosted several regional workshops and capacity-building activities to assist member states in implementing international maritime regulations and standards.”

Fostering a Comprehensive Investment Environment

H.E Eng.Hessa Al Malek, Advisor to the Minister for Maritime Transport Affairs at the UAE Ministry of Energy and Infrastructure, remarked, “The UAE’s role extends beyond the development of its internal maritime sector. It is one of the most significant contributors to the international maritime shipping sector through its maritime investments and active involvement within the IMO. The UAE has also supported the maritime sector, global trade, and supply chains through various projects, including the Blue Pass Project and the World Logistics Passport. The UAE’s national maritime investments span across 78 countries worldwide. These investments by leading UAE companies contribute to the development of ports and marine facilities in the countries where they operate, fostering trade connections, and advancing automation and digitisation within the maritime shipping sector and supply chain operations. These maritime projects are instrumental in establishing an integrated maritime business community, where everyone can serve as a service provider, fostering an environment where both orders and top-notch facilities are readily available. This will undoubtedly reshape the investment landscape in the UAE’s maritime sector and the wider region, offering attractive incentives for investors.”

Al Malek added, “Hence, the UAE is seeking to renew its membership in the IMO Council as it serves as a comprehensive model of a flag State, a port State, and a coastal State, and is one of the world’s largest energy producers. The UAE remains committed to upholding its role, dedicating its capabilities and unique resources to serve the maritime sector and support the objectives of the IMO.”

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