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UAE Expresses Deep Concern over Iran Helicopter Accident

Al Zaabi emphasised the UAE’s position of standing in solidarity with the neighbouring Iranian nation in light of these critical circumstances…reports Asian Lite News

The UAE is following with deep concern media reports on the tragic accident of the helicopter carrying the Hon. Dr Ebrahim Raisi, President of Iran, His Excellency Hossein Amir-Abdollahian, Minister of Foreign Affairs, and a number of officials.

In a statement, Saif Mohamed Al Zaabi, UAE Ambassador to the Islamic Republic of Iran, expressed his sincere wishes of success to the search and rescue operation, and extended his prayers for the well-being of the Hon. President and H.E. Amir-Abdollahian, and their accompanying delegation.

Furthermore, Al Zaabi emphasised the UAE’s position of standing in solidarity with the neighbouring Iranian nation in light of these critical circumstances.

Al Zaabi stressed that the embassy has received instructions and directives from the wise leadership of the UAE to assist Iran, and to be immediately available to support in every possible way the search and rescue operations. (WAM)

ALSO READ-Rescue Teams Locate President Raisi’s Helicopter

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Rescue Teams Locate President Raisi’s Helicopter

Without giving further detail, Kolivand said that “the condition is not good.”…reports Asian Lite News

 The chief of Iranian Red Crescent Society (IRCS) has confirmed that rescue and search teams have identified President Ebrahim Raisi’s crashed chopper. The chopper also had Foreign Minister Hussein Amirabdollahian and seven others on board.

After a search operation lasting several hours, the emergency services were still around 2 kilometres away from the site and had identified the helicopter, head of IRCS, Pir-Hossein Kolivand, said on state television on Monday morning.

Without giving further detail, Kolivand said that “the condition is not good.”

“73 rescue teams are present in the search area of the helicopter in Tawal village with advanced and specialised equipment,” he added.

However, there are no signs of survivors, as per reports.

Rescue workers in Iran continued their search on ground on Sunday for the helicopter carrying nine people including the Iranian President and Foreign Minister, after it went missing in the mountainous terrain, state media reported.

A total of 65 rescue teams, including those from the Iranian armed forces, had been deployed to East Azerbaijan Province in Iran’s northwest, where the helicopter has been located.

ALSO READ-Rescue Teams Scour Area for Missing Helicopter Carrying Raisi

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UAE Reaches out to Flood-Hit Brazil

The plane has been dispatched under the directives of President Sheikh Mohamed bin Zayed Al Nahyan….reports Asian Lite News

The UAE today sent the first relief plane carrying 100 tonnes of food, medical supplies, and relief aid to help the victims of the floods and heavy rains that recently swept Brazil.

The plane has been dispatched under the directives of President Sheikh Mohamed bin Zayed Al Nahyan.

Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation, said that the UAE’s robust monitoring systems track a wide range of natural disasters, including floods and their aftermath.

When these disasters strike and cause damage, the UAE is quick to provide urgent humanitarian relief through its foreign assistance programmes.

This aid helps people in affected countries recover from the devastation, especially vulnerable groups like women, children, and the elderly.

The minister indicated that the plane flown today is carrying 100 tonnes of relief, medical, and food aid, with two more aircraft scheduled to be sent over the next two days carrying 200 tonnes of aid, bringing the total aid to be provided to around 300 tonnes in line with the UAE’s relief efforts. (ANI/WAM)

ALSO READ: UAE lining up with Israel, US on demanding Palestinian reform

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India, UAE hold talks on India Middle East Europe Economic Corridor

Indian Embassy in Abu Dhabi stated, “The visit, which took place within three months of signing the Agreement, reflects the importance both governments attach to the IMEEC project…reports Asian Lite News

The first inter-ministerial delegation from India held meetings from May 15-17 under the Intergovernmental Framework Agreement between the two countries concerning cooperation for the empowerment and operation of the India-Middle East-Europe Economic Corridor (IMEEC).

According to the Indian Embassy in Abu Dhabi press release, the IMEEC will provide effective alternate supply routes generating efficiencies and reducing costs. Indian Ambassador to UAE Sunjay Sudhir led the discussions with key entities like DP World UAE, AD Ports Group and UAE’s Federal Customs Authority.

“The Indian delegation comprised of senior officials from Ministry of Shipping, Ports & Waterways, Ministry of Commerce and Industry, Central Board of Excise and Customs and Deendayal Upadhyay Port, Kandla,” the press release stated.

“They visited Khalifa Port, Fujairah Port and Jebel Ali Port where they held detailed discussions with the respective Port authorities for facilitating the movement of goods between India and the UAE and beyond. They also held meetings with UAE Customs Authorities,” it added.

Indian Embassy in Abu Dhabi stated, “The visit, which took place within three months of signing the Agreement, reflects the importance both governments attach to the IMEEC project. The Corridor will provide effective alternate supply routes generating efficiencies and reducing costs. Both sides agreed to continue discussions for early implementation of the Agreement.”

In a post on X, the Indian Embassy in Abu Dhabi stated, “India Middle East Europe Corridor (IMEEC) takes shape with the 1st visit of n Inter-Ministerial Delegation to for Intergovernmental Framework Agreement on IMEEC. Amb @sunjaysudhir led the discussions with key UAE entities like @DPWorldUAE @ADPortsGroup @CUSTOMSUAE.”

On February 13, India and UAE signed the framework agreement in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan in Abu Dhabi, according to the press release. The Agreement provides for cooperation towards the development of IMEEC and exploring potential joint investment and technical collaboration towards this objective.

Earlier in February, PM Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan held a meeting and discussed the India-UAE bilateral relationship and witnessed the exchange of eight agreements. The two leaders met during PM Modi’s two-day visit to the UAE.

“The two leaders discussed the India-UAE bilateral relationship, which was formally elevated to a Comprehensive Strategic Partnership during the visit of Sheikh Mohamed bin Zayed Al Nahyan to India in 2017. They expressed satisfaction on the progress achieved in various sectors, noting that the partnership between the two countries has been significantly expanding over the years,” the joint statement read.

The agreements signed between India and the UAE are the Bilateral Investment Treaty, the Inter-Governmental Framework Agreement on the India-Middle East-Europe Economic Corridor (IMEEC), the MoU for cooperation on Digital Infrastructure Projects, the MoU in the field of Electricity Interconnection and Trade, the MoU for cooperation with the National Maritime Heritage Complex, Lothal at Gujarat.

India, the US, UAE, Saudi Arabia, France, Germany, Italy and the European Union signed the Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor (IMEEC) during the G20 Summit held in New Delhi in September last year. (ANI)

ALSO READ-UAE lining up with Israel, US on demanding Palestinian reform

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UAE lining up with Israel, US on demanding Palestinian reform

Behind the scenes, tensions have escalated as the Emirates blocked a proposed resolution to allocate USD 100 million monthly to the PA, citing concerns about corruption and ineffective leadership…reports Asian Lite News

The United Arab Emirates is emerging as a hardline critic of the Palestinian Authority at the annual Arab League summit in Bahrain, refusing to back a significant budget until Ramallah makes sweeping changes such as halting payments to terrorists and ending incitement.

“In this way, the Emirates is aligning itself with the American position that strives for a new Palestinian Authority,” a high-level Arab diplomat told The Press Service of Israel.

Behind the scenes, tensions have escalated as the Emirates blocked a proposed resolution to allocate USD 100 million monthly to the PA, citing concerns about corruption and ineffective leadership. The Emiratis also demanded measures for PA financial transparency and preventing corruption in the PA, which infuriated the Palestinian delegation.

“The Emiratis practically emptied the initiative to budget the Palestinian Authority of any content,” the diplomatic source explained to TPS-IL. “The refusal of the Emiratis to budget a corrupt authority should not surprise anyone.”

The UAE’s stance challenging President Mahmoud Abbas’s leadership has garnered support from Israeli Defence Minister Yoav Galant, who would recognise PA authority in a post-war Gaza. However, the PA continues to boycott the US, and Secretary of State Anthony Blinken, following the US veto of a UN Security Resolution that would have given the Palestinians full UN membership.

“The Emirates have openly decided to align themselves with the Biden administration, which repeats and claims that only a new and reformed Palestinian Authority can be a partner in the eyes of the Americans the day after the war in the Gaza Strip,” the source told TPS-IL.

“The Emiratis have decided to teach the Palestinian Authority a lesson, and they are demanding from it a long series of reforms that will transform it from a Palestinian Authority into a completely different entity. Only when the Palestinian Authority is not Palestinian will it be kosher in the eyes of the Emirates,” he added mockingly.

The UAE is backing Abbas rival Muhammed Dahlan. In conversations with several Arab sources, Dahlan’s name repeatedly comes up as someone who would win their support in managing post-war Gaza.

Dahlan, once a high-level figure within Fatah, was the PA’s “strong man” in Gaza when Hamas violently seized control of the Strip in 2007. But as Dahlan regained influence within Fatah, he fell out with Abbas and was expelled from the party in 2011. He was later tried in absentia in Ramallah on charges of corruption, which Dahlan denies.

TPS-IL has learned that during a recent conference of Arab diplomats on Zoom in April, participants voiced opposition to Abbas’s rule. Palestinians have not held national elections since 2005 and Abbas is now in the 19th year of what was supposed to be a four-year term. Since then, Abbas has cancelled several attempted elections amid Fatah-Hamas disagreements, most recently in 2021.

The US has been pressuring Abbas to reform the PA as a precursor to taking responsibility for the administration and reconstruction of Gaza.

Reforms include cutting down the PA’s bloated and inefficient bureaucracy, replacing diplomats representing the PA abroad, and initiating an internal self-investigation mechanism within the Palestinian Preventive Security.

Ramallah is hoping to satisfy US demands with, among other things, a Palestinian technocratic government that includes “softcore” Hamas members and indirect “pay-for-slay” funding.

However, nobody in Ramallah believes Abbas will see the reforms through. A March survey by the Palestinian Centre for Policy and Survey Research found 81 per cent of the Palestinians polled in Judea, Samaria and Gaza dissatisfied with Abbas’s leadership and 84 per cent said they wanted him to resign.

Palestinians have not held national elections since 2005 and Abbas is now in the 19th year of what was supposed to be a four-year term. Since then, Abbas has cancelled several attempted elections amid Fatah-Hamas disagreements, most recently in 2021.

At least 1,200 people were killed and 240 Israelis and foreigners were taken hostage in Hamas’s attacks on Israeli communities near the Gaza border on October 7. Around 30 of the remaining 132 hostages are believed to be dead. (ANI/TPS)

ALSO READ-UAE sending flood aid to Brazil

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UAE sending flood aid to Brazil

His Highness instructed the dispatch of urgent relief aid from the UAE to support those impacted by the flooding and heavy rains in Brazil….reports Asian Lite News

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has received a phone call from His his Brazilian counterpart Luiz Inácio Lula da Silva.

During the call, Sheikh Mohamed expressed his deepest condolences and sympathies to the President and the people of Brazil, as well as to the families of the victims of the recent floods that have affected the country. He also wished a swift recovery to those injured.

His Highness instructed the dispatch of urgent relief aid from the UAE to support those impacted by the flooding and heavy rains in Brazil.

In response, President Lula thanked His Highness and expressed his appreciation for the kind sentiments towards Brazil and its people. He also offered his condolences to His Highness and the Al Nahyan family on the recent passing of Sheikh Hazza bin Sultan bin Zayed Al Nahyan.

The two leaders also discussed strengthening various aspects of UAE-Brazil cooperation and collaboration within the framework of the strategic partnership between the two countries, particularly in the fields of economy, technology, development, renewable energy, and food security.

Additionally, His Highness and the Brazilian President exchanged views on regional and international issues and joint efforts to support peace and stability in the Middle East and the world.

ALSO READ: Sheikh Mohammed meets Kuwait PM in Manama

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Dubai Int’l Chamber attracts 7 big firms during Q1

Dubai International Chamber also supported the expansion of 21 local companies into new global markets during Q1 2024 through various programmes and initiatives…reports Asian Lite News

Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has announced details of several notable achievements during Q1 2024 in attracting foreign direct investment to Dubai and supporting the efforts of local companies to expand into global markets, in line with the objectives of the Dubai Economic Agenda (D33).

The chamber achieved a year-over-year (YoY) growth of 48% in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate, which increased from 25 in the first quarter of 2023 to 37 during Q1 2024. This impressive increase reflects Dubai’s growing attractiveness among global investors and position as a leading destination for businesses operating across diverse sectors.

The companies attracted during the first three months of this year included eight MNCs, which increased from five in Q1 2023, representing YoY growth of 60%. A total of 29 SMEs were attracted to Dubai in Q1 2024, an increase of 45% compared to the 20 that were attracted during Q1 2023.

Dubai International Chamber also supported the expansion of 21 local companies into new global markets during Q1 2024 through various programmes and initiatives. The chamber assisted these companies with exporting to new countries, establishing their presence overseas, and engaging in joint ventures with local businesses in their target markets. The number of companies assisted with international expansion increased by 200% compared to Q1 2023’s figure of seven businesses.

Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, commented, “We are continuing to step up our efforts to attract international companies and investors to the emirate, while advancing the expansion of local companies into promising global markets. These activities form a key part of our drive to contribute to advancing sustainable development and achieving the objectives of the Dubai Economic Agenda (D33).”

He added, “The chamber’s growing network of 31 international representative offices plays a central role in promoting Dubai as an ideal city for global talent, high-net-worth individuals, and companies of all sizes across diverse sectors. Our offices are central to our plans to consolidate Dubai’s position as a leading global destination for foreign direct investments and a launchpad for expansion into new markets worldwide.”

ALSO READ: Sheikh Mohammed meets Kuwait PM in Manama

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World’s biggest AI prompt engineering challenge in Dubai

The Dubai Centre for Artificial Intelligence, overseen by the DFF, announced that the final stage of the championship will feature 30 participants across three main categories…reports Asian Lite News

The Global Prompt Engineering Championship, the world’s biggest AI prompt challenge, will be held at Emirates Towers and the Museum of the Future from 20th-21st May under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council, and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF).

The Dubai Centre for Artificial Intelligence, overseen by the DFF, announced that the final stage of the championship will feature 30 participants across three main categories: Art, Literature, and Coding. These participants were selected from thousands of entries from around 100 countries and will compete for a total prize fund of AED1 million.

The judges for the Global Prompt Engineering Championship were also announced. In the art category, they will include Benedetta Ghione from Art Dubai, Saeed Kharbash from Dubai Culture, and Mazen Abu Najm from Microsoft.

In the literature category, the judges are Mustafa Al Rawi from International Media Investments (IMI), Ahlam Al Bolooki from Emirates Literature Foundation, and Ramesh Chander from Google.

The coding category judges are Ashraf Khan from IBM, Abdul Rahman Al-Mahmoud from the UAE Artificial Intelligence Office, and Ahmed El Sayed from Google.

Saeed Al Falasi, Director of Dubai Centre for Artificial Intelligence, said, “Hosting this global championship in Dubai underscores the importance of nurturing promising talents in generative AI. The competition provides them with a global platform for showcasing their skills and abilities. The Global Prompt Engineering Championship has attracted significant global interest, with thousands of entries from around 100 countries, illustrating the widespread impact of AI across sectors, from manufacturing and science to art and culture.”

On the first day of the Championship participants will compete across four rounds in each category. They will be judged based on speed, quality, innovation, creativity and the accuracy of their content. The top three challengers from each category will qualify for the final stage, which will take place on the second day, where they will compete for a total prize fund of AED1 million.

ALSO READ: Sheikh Mohammed meets Kuwait PM in Manama

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GCC Banks’ profitability to remain strong

The central banks of most Gulf countries typically mirror the FRB’s interest rate movements to maintain their currency peg…reports Asian Lite News

Standard & Poor’s Credit Ratings Agency (S&P Global) said the profitability of GCC Banks will remain strong in 2024, and their asset quality will stay robust despite higher-for-longer rates, due to supportive economies, contained leverage, and a high level of precautionary reserves.

In its related report, S&P stated that the US Federal Reserve Board (FRB) could begin cutting interest rates in December 2024, anticipating that most Gulf central banks will follow suit to maintain their currency pegs.

The FRB is likely to accelerate the pace of monetary easing in 2025, as economic growth slows below its potential, S&P said, predicting that the FRB will cut interest rates by 100 basis points throughout 2025, bringing them down to between 4 and 4.25 percent at year-end.

The central banks of most Gulf countries typically mirror the FRB’s interest rate movements to maintain their currency pegs, the agency added, noting that delaying interest rate cuts would boost their profitability.

Gulf banks have benefited from rising interest rates over the past two years and are expected to continue reaping these benefits in 2024, it further added.

By the end of 2023, the average return on assets for the largest 45 banks in the region reached 1.7 percent, up from 1.2 percent at year-end 2021, S&P said in conclusion.

ALSO READ: UAE-made MBZ-SAT approved for launch in October

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UAE-made MBZ-SAT approved for launch in October

The MBZ-SAT is scheduled for launch no earlier than October 2024 on a SpaceX rocket, and will further solidify the UAE’s position in the global space industry…reports Asian Lite News

Crown Prince of Dubai H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who is also the President of the Mohammed Bin Rashid Space Centre (MBRSC), officially approved the MBZ-SAT for launch no earlier than October 2024, marking a significant milestone in the UAE’s space endeavours.

Sheikh Hamdan was briefed on the latest updates and upcoming phases of MBZ-SAT, the most advanced satellite in the region, and the latest addition to the UAE Satellite Programme, during his visit to the headquarters of MBRSC.

The briefing covered the satellite’s development, its capabilities, and the strategic plan for its deployment.

“We are on the brink of a transformative era in space exploration, and the upcoming launch of MBZ-SAT marks a pivotal moment that affirms the UAE’s growing influence as a significant global contributor to the field of space technology,” Sheikh Hamdan said.

“Through our innovative endeavours and the dedicated efforts at the Mohammed Bin Rashid Space Centre, we are committed to not only advancing our nation’s capacity in space technology but also contributing valuable knowledge and insights that will benefit the wider region and the international community,” he added.

He further visited the clean room holding the MBZ-SAT and signed off on a plaque bearing the logo of the satellite. During the visit, he engaged with the team responsible for the satellite’s development, and was updated on the technical details and objectives of MBZ-SAT.

Following the successful development of MBZ-SAT, the upcoming phase involves environmental testing, which is crucial to ensuring its resilience and functionality in the harsh conditions of space.

Once the environmental testing is successfully completed, the final launch preparations will commence.

The MBZ-SAT is scheduled for launch no earlier than October 2024 on a SpaceX rocket, and will further solidify the UAE’s position in the global space industry and its commitment to advancing space science and technology.

MBZ-SAT, 100% fully developed and built by a team of Emirati engineers, represents a leap forward in technological prowess.

he development of the satellite has played a key role in enhancing the sustainable space economy in the UAE.

By involving local companies in the manufacturing of nearly 90% of its mechanical structures and most of its electronic modules, the satellite has significantly advanced the localisation of aerospace manufacturing in the region.

Additionally, equipped with one of the most powerful cameras ever developed in the region, the MBZ-SAT can capture high-resolution images with unprecedented clarity, covering areas less than one square metre in size.

ALSO READ: UAE mourns death of Sheikh Hazza