Central News Hub

Category: UAE News

  • Abu Dhabi ranks among top 3 fastest 5G capitals worldwide

    Abu Dhabi ranks among top 3 fastest 5G capitals worldwide

    Abu Dhabi ranks among the fastest capitals globally in the 5G network index, with the fastest median download speeds (421.26Mbps) in the first half of 2021…reports Asian Lite News

    According to Telecommunications and Digital Government Regulatory Authority, not only Abu Dhabi has emerged among the top three fastest 5G capitals in the world, but is also home to the fastest mobile network on earth on an overall basis, reports Asian Lite Newsdesk

    Abu Dhabi ranks among the fastest capitals globally in the 5G network index, with the fastest median download speeds (421.26Mbps) in the first half of 2021, according to the latest data from Ookla, a global leader in fixed broadband and mobile network testing applications, data and analysis.

    This recent achievement is yet another feather in the UAE’s cap as not only Abu Dhabi has emerged among the top three fastest 5G capitals in the world, but is also home to the fastest mobile network on earth on an overall basis, the Telecommunications and Digital Government Regulatory Authority (TDRA) said on Thursday.

    Majed Sultan Al Mesmar, Director General of the TDRA, said this global achievement is a testimony to UAE leadership’s vision and commitment in bringing the country to the forefront, taking a lead in the ICT sector while being the most advanced country in digital innovation.

    “5G is a huge leap forward and a powerful catalyst for digital transformation bringing new opportunities to various industries and the country. The availability and access to the super-fast speeds on 5G is a huge accomplishment that reflects the continuous efforts of both operators and their innovative approach during today’s extraordinary times,” he said.

    He also thanked the service providers in the UAE (Etisalat and Du) for the deployment of 5G networks.

    “With the UAE leading as the fastest fixed network in MEA [the Middle East and Africa] and fastest mobile network globally, this further highlights the country’s readiness to attract the best in world-class talent and global conglomerates from across sectors, showcasing the significance of an advanced state-of-the-art telecom infrastructure contributing to UAE’s economic growth and leadership on a global platform,” Al Mesmar said.

    According to Hatem Dowidar, CEO of Etisalat Group, the deployment of 5G across industries and sectors leads the way to digital transformation in UAE, pushing it to the forefront with a network that is future-ready for the next generation of mobile technologies.

    “The continuous support of wise leadership of the UAE has played a critical role throughout Etisalat’s journey and the development of the telecom sector, setting a great motivation for us to continue deploying the latest innovative technologies and enriching the digital experience of customers while transforming communities,” he said.

    Fahad Al Hassawi, CEO of Emirates Integrated Telecommunications Company (EITC), said, “du aims to upgrade the telecommunications sector and develop digital infrastructure in line with the directives of UAE leadership to consolidate the position of the UAE as a global centre for technology, innovation and business.

    He added, “5G technology, and its enormous potential, is key to pioneering the digital economy and keeping pace with the requirements of smart transformation, as it supports a variety of solutions, applications and other technologies that enable better services to residents and business communities.”

    Another noteworthy achievement recorded in the UAE was both Abu Dhabi (421.26Mbps) and Dubai (417.07 Mbps) median download speeds featuring in the special ‘Global 5G Benchmark Report’ that focused on major cities globally measuring 5G performance and availability in the first half of 2021.

    With vertical and horizontal city expansion in the UAE, high mobile indoor penetration enhancement enabled the deployment of in-building solutions and small cells for better mobile availability anytime, everywhere.

    Ookla uses Speedtest Intelligence data to see which world capitals have the best 5G speeds and availability, based on locations with commercially available 5G during Q1-Q2 2021.

    ALSO READ: UAE Starts Granting Golden Visas to Resident Doctors

  • Expand Summit to attract venture capitalists for financing start-ups

    Expand Summit to attract venture capitalists for financing start-ups

    The summit will witness the largest gathering of VCs and start-ups in the region, with 500 VCs and 1,000 tech start-ups expected to participate…reports Asian Lite News

    The Dubai Chamber for Digital Economy, one of the three chambers under the newly formed Dubai Chambers umbrella will be hosting the “Expand Summit”, the first-of-its-kind summit in the region in January 2022 to attract Venture Capitalists (VCs) for financing start-ups.

    The summit will witness the largest gathering of VCs and start-ups in the region, with 500 VCs and 1,000 tech start-ups expected to participate in the two-day programme which will include events, seminars, presentations, demos, pitches and meetings.

    It will host some of the most prestigious and well-known VC firms and leaders around the world to build a network of dedicated international and local relationships with entrepreneurs, technology companies and specialised funding agencies, to help start-ups and entrepreneurs transform their creative ideas.

    The summit will be held during Expo 2020 Dubai, and will be organised in coordination with Expo 2020 Dubai, Dubai World Trade Centre, Dubai Future Foundation, and Dubai Department of Tourism and Commerce Marketing, and is expected to witness wide participation.

    Speaking about the mandate of the Dubai Chamber of Digital Economy and this Summit, Omar Sultan Al Olama, Chairman of Dubai Chamber of Digital Economy said, “The Summit will serve as a catalyst to help Dubai Chamber of Digital Economy achieve its goal of accelerating the growth of Dubai’s digital economy and doubling the number of digital companies operating in the emirate in the coming years.”

    There will also be a global conference, business networking events, demo-days, investment presentations, as well as roundtable discussions on important global topics such as social capital, impact investing and environmental, social and corporate governance. The summit will also feature an accelerators unit that will allow VC firms and start-ups to fast-track the establishment of their businesses in Dubai.

    In 2018, the Dubai Chamber conducted a study on the biggest challenges for technology start-ups and “access to finance” was rated as the second most difficult challenge, specifically in the early stages. In respect of that, this summit will provide an opportune stage for start-ups to identify sources of funding and link up with VCs from around the world.

    UAE and Dubai start-ups usually attract 50 percent of total funding raised in the MENA region. Dubai Chamber’s Dubai Start-up Hub has played a key role in helping entrepreneurs navigate the funding ecosystem, and has been receiving close to 50 individual requests from VCs globally, including from North America, Russia and India, about investing in Dubai start-ups.

    The Dubai Chamber for Digital Economy is focused on transforming the Emirate of Dubai into a global centre for the digital economy. According to the latest statistics, the digital economy contributes about 4.3 percent of the GDP in the UAE, which is equivalent to AED100 billion. There are more than 1,400 start-ups in the country, with AED1.5 billion allocated to them. There are 90 investment funds in the digital sector and 12 business incubators and the total value of start-ups in the country is estimated to be AED90 billion.

    ALSO READ: Agreement signed to boost UAE’s industrial sector

  • Etihad launches IATA Travel Pass to 7 cities

    Etihad launches IATA Travel Pass to 7 cities

    IATA Travel Pass is available for guests on all Etihad flights between Abu Dhabi and Bangkok, Barcelona, Geneva, Madrid, Milan, New York and Singapore…reports Asian Lite News

     Etihad Airways has expanded IATA Travel Pass on flights between Abu Dhabi and seven destinations across its network as it continues to implement digital solutions to simplify the travel experience in the wake of the pandemic.

    IATA Travel Pass is available for guests on all Etihad flights between Abu Dhabi and Bangkok, Barcelona, Geneva, Madrid, Milan, New York and Singapore and offers the convenience of a one-stop platform for managing COVID-19 documentation.

    Mohammad Al Bulooki, Chief Operating Officer at Etihad Aviation Group, said, “The feedback from the IATA Travel Pass trial has been positive, with Etihad’s guests appreciating its ease-of-use and data security. Etihad is pleased to now make IATA Travel Pass available on flights to and from seven major global cities, providing more guests with the option of simplifying their journey and airport experience.”

    Nick Careen, IATA’s Senior Vice President for Operations, Safety and Security, said, “Etihad’s decision to expand IATA Travel Pass based on positive customer feedback is a strong endorsement of the solution. IATA Travel pass was designed to provide a one-stop-shop solution for travellers to safely and efficiently manage their COVID-19 documentation and generate an ‘OK to Travel’ which airlines can trust. It’s great to see the app in use facilitating the restart of international travel.”

    Etihad Airways was one of the first airlines globally to begin testing IATA Travel Pass in April 2021 in support of a global, standardised solution for travellers to validate their documents and navigate COVID-19 travel requirements.

    To access the IATA Travel Pass, guests need to download the IATA Travel Pass app for Android or iOS, where they can add their Etihad Airways travel itinerary, view their travel requirements and securely share their PCR test results.

    The IATA Travel Pass app also includes functionality to upload vaccination certificates, opening up opportunities for travel where vaccination is a requirement. Currently the app is able to accept EU Digital Covid Certificates issued by all 27 member states of the European Union plus Switzerland, Iceland, Norway, and Lichtenstein as well as vaccine certificates from Singapore and Qatar.

    As vaccines continue to roll out globally, more and more travellers around the world will be able to upload their government issued COVID vaccine certificates to facilitate seamless travel.

    ALSO READ: Agreement signed to boost UAE’s industrial sector

  • UAE Starts Granting Golden Visas to Resident Doctors

    UAE Starts Granting Golden Visas to Resident Doctors

    This golden visa will grant doctors and their families a 10-year residency, enhancing their job and living stability, and driving the development and innovation of various sectors, especially healthcare, reports Asian Lite Newsdesk

    The United Arab Emirates government has invited doctors to apply for the golden visa in recognition of their efforts and sacrifices, and being the frontline heroes, as per the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to grant golden visas to those with scientific competencies and distinguished expertise.

    This golden visa will grant doctors and their families a 10-year residency, enhancing their job and living stability, and driving the development and innovation of various sectors, especially healthcare.

    This initiative promotes a motivational work environment and high-quality living standards by attracting and retaining the top talents in the medical field, and providing opportunities for medical staff to work and reside in the UAE.

    This will strengthen the national healthcare sector and makes it a global model in terms of efficiency and quality of medical services.

    All doctors licensed by the UAE health regulatory bodies can apply for the golden visa between July 2021 to September 2022 through the website (smartservices.ica.gov.ae).

    Dubai-licensed doctors may apply through (smart.gdrfad.gov.ae). The concerned government departments will receive and review the applications to issue the golden visa for those who qualify.

    Moreover, seven offices, affiliated with the Federal Authority for Identity and Citizenship (ICA), will be established across the Emirates for doctors who wish to apply for the golden visa in person.

    ALSO READ: UAE asserts strong climate action equals strong economic growth

    The UAE Government recently announced the start of the golden visa application process for coders through the National Programme for Coders, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum to grant golden visas to 100,000 coders, available for both residents and non-residents of the UAE.

    The UAE has applied the conditionally-renewable long-term residence visa for 5 or 10 years for certain categories, including investors, entrepreneurs and specialised talents.

    The system allows UAE residents and foreigners with their families who wish to work, live and study in the country, to have a long-term residence visa without the need of an Emirati sponsor.

    Last November, the Cabinet headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the approval of major procedural changes for residents to obtain the golden visa.

    The Cabinet also approved the inclusion of new categories eligible for the 10-year golden visa, including all doctorate degree holders, doctors, engineers in the fields of computer engineering, electronics, coding, electricity and biotechnology, as well as outstanding students with a GPA of 3.8 or higher in accredited universities across the country.

    According to Cabinet Resolution No. 56 of 2018 on Regulating the Residence Permits for Investors, Entrepreneurs and Specialised Talents, the Resolution organised the granting of residence permits for investors, entrepreneurs, specialised talents, researchers in the various fields of science and knowledge, and brilliant students.

    The qualified talent categories for the 10-year golden visa include specialised talents and researchers in the fields of science and knowledge, such as doctors, professionals, scientists, inventors, and innovators.

    ALSO READ: Agreement signed to boost UAE’s industrial sector

  • Abu Dhabi launches new portal on waterbird populations

    Abu Dhabi launches new portal on waterbird populations

    EAD provided financial support for the development of the portal, which was launched at a global webinar, organised by Wetlands International…reports Asian Lite News

    The Environment Agency – Abu Dhabi (EAD) and Wetlands International have launched the Waterbird Populations Portal (WPP), an online interactive platform containing the most recent data on the status and distribution of the world’s waterbird populations.

    EAD provided financial support for the development of the portal, which was launched at a global webinar, organised by Wetlands International in partnership with the agency.

    The discussion featured a leading international panel including representatives from the Ramsar Convention on Wetlands, the Convention on Migratory Species, the Convention on Biological Diversity, African Eurasian Migratory Bird Agreement, East Asian – Australasian Flyway Site Network, West/Central Asian Flyway Site Network, and Western Hemisphere Shorebird Reserve Network, who represent the major users of the new portal.

    Dr. Salim Javed, Acting Director of the Terrestrial Biodiversity Division of EAD, was also part of the panel.

    With over 870 waterbird species, the newly launched Waterbird Populations Portal will provide the latest population size estimates and trends of over 2,500 populations. These range from the Greater Flamingos, which are regularly seen in the coastal and inland wetlands of the UAE, and the Sarus Crane that stands at over 1.5m tall, making it the tallest flying bird inhabiting wetlands and rice fields in South East Asia and Australia.

    Pic credits @EADTweets

    It also includes other waterbirds species from Sandpipers to Plovers, including the Crab Plover, which is currently breeding on two of Abu Dhabi’s offshore islands. Conservation of all these species requires easily accessible information on their status and trends to help governments and people take action.

    “The new portal makes access of key waterbird information much easier for management authorities, such as EAD, and will certainly help us to prioritise sites for consideration as new Ramsar Sites,” stated Dr. Shaikha Salem Al Dhaheri, EAD Secretary-General.

    ALSO READ: Israel appoints first ambassador to UAE

    The portal will be useful for users, ranging from governments to scientists and conservationists, in the UAE and across the globe, she added.

    Ahmed Al Hashmi, Acting Executive Director, Terrestrial & Marine Biodiversity Sector of EAD, who also participated in the launch, urged governments, NGOs and experts worldwide to provide their feedback to confirm how the portal practically supports their work and suggestions for improvements in the future.

    While speaking as a panellist, Dr. Javed said, ‘‘Interactive maps and the latest 1% threshold of each population will allow us to identify and prioritise sites for local-level planning and inclusion within protected area networks, as well as the declaration of sites as wetlands of international importance under the Ramsar Convention.

    “EAD also coordinates the International Waterbird Census (IWC) in the UAE, a long-standing citizen science initiative that allows volunteers to visit important wetlands across the UAE and collect data on waterbirds. Information from a dedicated group of volunteers allows collection of useful data on waterbirds, which feeds into the estimation of waterbird populations,’’ elaborated Dr. Javed.

    The WPP provides links to 160 threatened waterbird species, as per the IUCN Red List of Threatened Species. It will also support the development and actions of the Ramsar Convention, the Convention on Migratory Species, and the Convention on Biological Diversity, as well as major regional/flyway initiatives.

    The new portal replaces the Waterbird Population Estimates Portal that was launched at the Ramsar Conference in 2012 and was intensively used by governments, NGOs, researchers, and others from around the world over the last decade.

    ALSO READ: UAE asserts strong climate action equals strong economic growth

  • Agreement signed to boost UAE’s industrial sector

    Agreement signed to boost UAE’s industrial sector

    Omar Suwaina Al Suwaidi, Under-Secretary of MoIAT, and Massimo Falcioni, CEO of ECI, inked the MoU formalising the collaboration….reports Asian Lite News

    The Ministry of Industry and Advanced Technology (MoIAT) and Etihad Credit Insurance (ECI) on Tuesday signed a Memorandum of Understanding (MoU) to inject capital into the UAE’s industrial sector and support local industrialists.

    The new MoIAT-ECI partnership offers a package of financial incentives to support UAE exports, offer financing facilities for manufacturers and advanced technology projects, guarantees for industrial loans, an umbrella insurance for small and medium enterprises (SMEs), and assistance in securing intellectual property rights for startups.

    Omar Suwaina Al Suwaidi, Under-Secretary of MoIAT, and Massimo Falcioni, CEO of ECI, inked the MoU formalising the collaboration.

    Under the terms of the agreement, the two entities aim to provide products and facilities to support key industrial sectors with a focus on the priority areas of Operation 300bn – MoIAT’s National Strategy for Industry and Advanced Technology. They will also form a permanent taskforce to implement initiatives that contribute to driving the growth of the industrial and advanced technology sectors in the UAE.

    The Ministry seeks to promote ECI’s trade solutions – including trade credit insurance, trade finance, export finance, project finance, loan repayment, equity insurance for startups and micro-SMEs, and ‘Click & Cover’ online solution for SMEs – through the Make it in the Emirates campaign. ECI, in turn, will contribute to attaining Operation 300bn’s goal of enhancing the competitiveness of UAE industrial companies in international markets.

    The collaboration will also involve other financial institutions and development banks in improving the current offerings and developing innovative products that meet the needs of the industrial and advanced technology sectors.

    https://twitter.com/MoIATUAE/status/1419945442377351170

    Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, said that the partnership is “an important step in boosting the global competitiveness of the UAE’s industrial sector”.

    “The array of financial incentives and facilities offered through the new partnership will help stimulate innovation and entrepreneurship among the UAE’s leading industrialists as they seek to fully integrate advanced technologies and Fourth Industrial Revolution (4IR) solutions into their production lines,” he added.

    Dr. Al Jaber noted that the agreement is fully aligned with the UAE leadership’s vision of making the industrial sector a key driver of sustainable future economic growth.

    ALSO READ: Israel appoints first ambassador to UAE

    “Cooperation with a major national institution such as ECI will make products made in the UAE easier to access for new global markets while enhancing their competitive advantage and improving the performance of local industry. It will also help forge new economic sectors and consolidate the UAE’s position as a global hub for innovation and a leader in industries of the future,” he added.

    Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI Board of Directors, said, “Easing access to trade and project financing will help advance Operation 300bn and Make it in the Emirates to generate more than double the value of the output of the national manufacturing and industrial sector in the next ten years.

    “We believe this collaboration will play a crucial role in boosting the confidence of UAE businesses, thereby enabling them to increase the contribution of the industrial sector in the country’s non-oil GDP.”

    Falcioni, in turn, stated that this agreement will enhance industrial sector and attract local and international investment. ECI has always been a catalyst in expanding UAE’s business sector through a range of export credit, financing, and investment insurance products. “As the UAE Federal export credit company, our suite of innovative trade credit and project financing solutions and services can play a vital role in supporting the ‘Operation 300bn’ and ‘Make it in the Emirates’ initiatives by the government,” he said.

    As of May 2021, ECI enhanced the competitiveness of the UAE non-oil trade and export by issuing 4,039 revolving credit guarantees in excess of AED2.5 billion, equivalent to AED7.5 billion worth of non-oil trade to over 85 countries and eased trade and project finance through guarantees for AED1.16 billion.

    A detailed review of the performance has revealed that among the sectors that benefited from ECI’s guarantees include cable, steel, petrochemicals, building materials, packaging, automotive, energy, utilities, healthcare, and food.

    Despite the economic challenges caused by the COVID-19 pandemic, ECI’s continued support of UAE trade and export has helped to protect businesses’ cash flows and eased SME’s access to trade finance, accelerating economic recovery during this period. These measures provided access to new markets to UAE’s exporters and re-exporters.

    ALSO READ: UAE asserts strong climate action equals strong economic growth

  • Visit Abu Dhabi launches first official tourism profile

    Visit Abu Dhabi launches first official tourism profile

    The innovative format will allow the destination to share its story with the next generation of travellers, tapping into a new demographic awaiting to discover the beautiful landscape…reports Asian Lite News

    The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has announced the launch of the first official Public Profile for a tourism board on leading social media platform Snapchat – giving potential travellers the chance to explore everything that the UAE capital has to offer in a new and immersive way.

    Acting as a portal to unlock everything the region has to offer, the Visit Abu Dhabi Public Profile will provide subscribers with exclusive travel information for Abu Dhabi, showcasing the wide variety of things to do during a stay in the emirate, whilst bringing the beauty of the destination to life in a new interactive format.

    At a time when travel is slowly opening up, the new official Public Profile is ideal for those planning an upcoming trip to Abu Dhabi, offering a glimpse of the destination from the comfort of their own homes – and phones. There will be a wealth of content to explore, be it uncovering the beauty of Al Ain via the Highlights section or simply experiencing the capital in real-time via Stories or Community Snaps.

    Public Profiles were launched by Snapchat in 2020 and have had great success in bringing a brand’s story to life. The move from DCT Abu Dhabi marks the launch of the first official tourist board profile and it’s likely other tourist boards will follow suit as they look to welcome tourists back. Social channels have been a popular vehicle to engage potential travellers – inspiring wanderlust by making global destinations accessible to everyone.

    The innovative format will allow the destination to share its story with the next generation of travellers, tapping into a new demographic awaiting to discover the beautiful landscape, culture, entertainment and adventure that comes with a trip to Abu Dhabi.

    ALSO READ: Yusuffali appointed vice-chairman of Abu Dhabi Chamber

  • ADFD hailed for playing key role in sustainable development

    ADFD hailed for playing key role in sustainable development

    Through its development and investment activities, the fund has financed thousands of strategic projects in 97 countries, while the volume of its development funds and investments has doubled to reach about AED150 billion, reports Asian Lite Newsdesk

    UAE has effectively contributed to supporting the implementation of the 2030 Agenda for Sustainable Development in developing countries, stated the ministers and government officials on the occasion of the 50th anniversary of the Abu Dhabi Fund for Development (ADFD).

    They highlighted the crucial role of the ADFD in establishing the UAE as the world’s largest donor of development aid relative to national income by financing a host of pioneering initiatives and projects across the globe.

    Through its development and investment activities, the fund has financed thousands of strategic projects in 97 countries, while the volume of its development funds and investments has doubled to reach about AED150 billion.

    Congratulating the ADFD on its 50th anniversary, Ahmed Juma Al Zaabi, Minister of Federal Supreme Council Affairs, said, “The fund’s golden jubilee coincides with the celebrations of the 50th anniversary of the establishment of the UAE by Sheikh Zayed and his brothers, the Founders of the Union. President His Highness Sheikh Khalifa bin Zayed Al Nahyan continues on the path the leaders laid out for our nation, which has enabled the country to achieve outstanding results in all vital sectors and strengthen its prestigious global standing.”

    “Under the direction of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the ADFD Board of Directors, the fund has contributed to conveying the UAE’s message of solidarity to the world,” he added.

    International Cooperation Ambassador Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, said, “Since its establishment, the ADFD has been one of the leading global institutions in driving comprehensive sustainable development in developing countries, one of the most important pillars of the UAE’s foreign relations and the nation’s ambassador of international cooperation.”

    “The ADFD’s projects and programmes also contributed to achieving the Millennium Development Goals until 2015,” she added.

    Promoting Economic Development Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said, “The ADFD drives economic development locally and globally by financing projects and fostering investment partnerships. The fund also contributes to implementing Abu Dhabi’s and the wider UAE’s policy of supporting development plans in the infrastructure, energy, education and healthcare sectors in cooperation with international institutions. Furthermore, it plays a key role in strengthening the national economy by promoting the use of locally manufactured products in its projects through Abu Dhabi Exports Office (ADEX).”

    ALSO READ: Israel appoints first ambassador to UAE

    Addressing Climate Change Challenge Dr. Abdullah Belhaif Al Nuaimi, Minister of Climate Change and Environment, said, “For five decades, the ADFD has been integral to the UAE’s journey of driving global development. The fund actively participates in the UAE’s efforts to confront the climate change challenge by promoting the deployment of renewable energy solutions in developing countries.”

    Driver and Catalyst of National Economy Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said, “The ADFD’s pioneering achievements over five decades demonstrate the wisdom and foresight of Sheikh Zayed bin Sultan Al Nahyan. As a landmark national entity, the ADFD has continually supported sustainable development across the globe.

    “With the launch of the new strategy of the Ministry of Industry and Advanced Technology, the UAE is set to emerge as a regional and global hub of advanced industries, while fulfilling the country’s development goals in the next fifty years and beyond,” he added.

    Strengthening Role of Private Sector Mohamed Helal Al Mheiri, Director-General of the Abu Dhabi Chamber of Commerce and Industry (Abu Dhabi Chamber), commended the ADFD for launching ADEX, a pioneering economic entity that has achieved a qualitative leap in advancing the UAE’s economic diversification, reducing dependence on oil as a source of income, enhancing the competitiveness of national exports in foreign markets and consolidating the country’s position on the global trade map.

    The Abu Dhabi Chamber was the first to sign a cooperation agreement with ADEX, aimed at assisting national companies in developing their export activities.

    Renewable Energy Solutions In addition to the $350 million ADFD/IRENA Project Facility, the fund contributed to financing initiatives to support clean energy projects with a total value of $100 million in 27 Pacific and Caribbean countries.

    ALSO READ: UAE asserts strong climate action equals strong economic growth

  • EDB applauds achievements in H1 2021

    EDB applauds achievements in H1 2021

    The EDB Board reviewed the Bank’s achievements in the past six months including the launch of its credit guarantee and co-lending programme…reports Asian Lite News

    Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, held its fifth Board meeting to discuss the bank’s progress in its strategy roadmap for the first six months of 2021.

    The EDB Board reviewed the Bank’s achievements in the past six months including the launch of its credit guarantee and co-lending programme with five partner banks; partnership activation with the Ministry of Industry and Advanced Technology, the onboarding of anchors to the National Supply Chain Finance platform, and the issuance of its second bond of AED 750 million which was oversubscribed four times.

    Dr. Sultan bin Ahmed Al Jaber, Chairman of the EDB Board of Directors and Minister of Industry and Advanced Technology, said, “EDB has taken strong strides in its strategic roadmap to support the country’s economic diversification efforts in line with the vision of the country’s wise leadership. The steps taken in such a short span of time, since the launch of our new strategy, augurs well for our long-term plans as a key contributor to the achievement of our leadership’s objectives.”

    The meeting was attended by Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs and EDB Deputy Chairman; Younis Haji Khoury, Under-Secretary of the Ministry of Finance; Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development among other officials.

    The meeting also discussed the implementation of the bank’s H2 2021 plan, along with key initiatives to deploy assets in the developmental space, as well as to further the digitisation agenda across the Bank.

    “We have made considerable progress in H1 of 2021. Our partnerships with government entities, partner banks and anchor buyers are significant milestones in our journey as they highlight our commitment to provide an all-encompassing business ecosystem to SMEs and unlock immense potential for them,” Ahmed Mohamed Al Naqbi, CEO of EDB, said.

    “As we progress through the rest of the year, our immediate priority is to ramp up efforts so that EDB delivers best-in-class solutions to a wider customer base.”

    In the first half of 2021, EDB has signed credit guarantee and co-lending programmes for SMEs in the UAE with five partner banks, including Commercial Bank of Dubai, RAKBANK, National Bank of Umm Al Qaiwain, Mashreq Bank, and the First Abu Dhabi Bank. As part of the MoUs, the partner banks can offer up to AED 10 million financing to a SME, and 50 percent of the facility amount will be either guaranteed or co-lent by EDB.

    ALSO READ: ‘India-UAE flights to remain suspended till Aug 2’

  • UAE asserts strong climate action equals strong economic growth

    UAE asserts strong climate action equals strong economic growth

    The London meeting was aimed at achieving consensus and building momentum on several topics to be addressed at COP26, including mitigation, adaptation and climate finance….reports Asian Lite News

    Dr. Sultan bin Ahmed Al Jaber, the UAE’s Special Envoy for Climate Change and Minister of Industry and Advanced Technology, met his counterparts in London for high-level talks ahead of November’s COP26 climate change summit in the UK.

    During the ministerial gathering, which included ministers from 40 countries, and in meetings with UK officials and business leaders on the sidelines, Dr. Al Jaber took the opportunity to advance the UAE’s progressive agenda on climate action tied to economic growth.

    Dr. Al Jaber said, “Our leadership firmly believes that proactive climate action is a powerful engine of economic growth. In line with this vision, the UAE has always been a regional leader, as the first the first country in the region to sign and ratify the Paris Agreement and the first in the region set an economy-wide reduction in emissions by 2030, as part of our second nationally determined contribution (NDC).”

    He said UAE is keen to partner with the rest of the world to share best practices, technology and innovation, “ensuring we fast track efforts to mitigate and adapt to climate change in ways that deliver real and substantial social and economic benefits.”

    The London meeting was aimed at achieving consensus and building momentum on several topics to be addressed at COP26, including mitigation, adaptation and climate finance.

    At the meeting, Dr. Al Jaber discussed global efforts to enhance climate change resilience and adaptability, as well as efforts to leverage clean technologies to enhance global growth. In particular he referenced the Agriculture Innovation Mission for Climate (AIM-C) initiative, announced at the Leaders Summit on Climate in Washington last April.

    AIM for Climate, of which the UAE is a founding member, alongside the United States, aims to significantly increase innovation and R&D spending on agri-tech initiatives aimed at enhancing food and water security, reducing emissions from agriculture and providing new climate friendly industries.

    He also reaffirmed the UAE’s offer to host COP28 in 2023, underlining the UAE’s commitment to a consultative multilateral process aimed at speeding consensus. In May, the country announced its bid to host the 28th Session of the Conference of the Parties (COP28) to the UNFCCC in Abu Dhabi in 2023.

    The move received a positive response worldwide given the UAE’s track record on clean tech innovation and the country’s considerable expertise as a global climate action convener. He also noted that the UAE would ensure that COP28 is a springboard for progressive climate action that delivers both social and economic dividends.

    On the sidelines, Dr. Al Jaber also held bilateral meetings with COP26 President Alok Sharma, US Special Presidential Envoy for Climate, John Kerry, United Nations Framework Convention on Climate Change Executive Secretary Patricia Espinosa, Md. Shahab Uddin, MP, Minister of Environment, Forest and Climate Change, Bangladesh and Jong-Moon Choi, Vice Foreign Affairs Minister of the Republic of Korea.

    In those meetings, he highlighted the UAE’s keenness to partner for progress, leverage climate action for economic opportunity and play a constructive role through multilateral cooperation within all relevant international forums, including the UNFCCC.

    ALSO READ: Israel appoints first ambassador to UAE