Category: UAE News

The seventh session of the Abu Dhabi-Japan Economic Council (ADJEC) kicked off Thursday on a virtual platform to discuss ways of enhancing economic, commercial, and investment cooperation between Abu Dhabi and Japan in several economic sectors of mutual interest, considering the impact of the COVID-19 pandemic to the global economy.

Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Kiyoshi Ejima, Japan’s State Minister, Minister of Economy, Trade and Industry, co-chaired the Council’s 7th session in the presence of Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED and Nobuyori Kodaira, President, Japan Cooperation Centre for the Middle East (JCCME).

The session is a follow up to the implementation of decisions made during previous sessions that were held alternately in Tokyo and Abu Dhabi, including the implementation of key recommendations aimed at enhancing business cooperation between the two countries. The 7th session is also set to advance the interest of Japanese companies keen to expand their investment and commercial activities in Abu Dhabi and the UAE in general.

The ADJEC 7th session held joint group discussions focused on key sectors, including agri-tech, health services, biomedicine, information and communication technology (ICT), financial services, and tourism.economic development.

Also read:UAE chairs Arab Governors’ meeting within IMF, WBG

Al Tayer praised the WBG’s efforts in taking quick and appropriate measures to limit the repercussions of the spread of the COVID-19 pandemic…Reports Asian Lite News

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, chaired today the virtual Arab Governors’ meeting within the International Monetary Fund, IMF, and World Bank Group, WBG’s, Annual Meetings 2020.

David Malpass, President of the WGB, Mirza Hassan, Executive Director of the Arab Group at the WBG, and several governors and ministers of the WBG Arab Group member states attended the meeting.

In his opening remarks, Al Tayer praised the WBG’s efforts in taking quick and appropriate measures to limit the repercussions of the spread of the COVID-19 pandemic. He also stressed the importance of these meetings, as they are platforms to exchange experiences in the fields of government financial work and financial and economic policies, and to discuss views on the latest economic and social developments regionally and globally.

“The G20, under the Presidency of the Kingdom of Saudi Arabia, and with the support of the World Bank and the IMF, was swift and effective in implementing the Debt Service Suspension Initiative, DSSI. We realise that there is a need for an extension of the DSSI, therefore the private sector must participate in this initiative. Currently, the private sector accounts for over 40 percent of the long-term debt within DSSI participants.”He added

“This pandemic has disproportionally impacted women, most of whom are either employed by the informal sector, hold less secure jobs, or earn less. At only 20 percent in 2019, women participation in the labour force in MENA is less than half of that of the world. It is safe to assume that this rate has experienced a drop as a result of the pandemic. We, therefore, hope that the Bank tackle this issue urgently by mainstreaming women employment in its programs, and replicating initiatives such as the Women Entrepreneurs Finance Initiative, in which the UAE had the pleasure of participating.”He stressed

Also read:G20 Tourism Ministers mull over post-Covid revival plan

‘Middle East Entered New Era Towards Security, Prosperity’; GCC condemns Houthi drone attack towards Saudi; ‘Make Education of Girls Top Priority’; 39 Countries Rebuke China Over Human Rights Abuses; Pakistan Books PM of PoK For Sedition – all in Asian Lite daily Digital – please click here to read.

A recent report on the performance of listed commercial banks in the GCC has revealed that the profits of such banks in the UAE dropped an average 38.9% in the first half of 2020. The report published by KPMG says that the decline was mainly due to the higher-than-expected credit losses on loans and advances.

The losses in this regard increased by 125.8% on an average, compared to the previous year. The quality of credit exposures has also deteriorated, resulting in an increase in the non-performing loan ratio from 3.8% on 31 December, 2019, to 4.1% on 30 June 2020, for the UAE’s top banks.

Abbas Basrai, Partner and Head of Financial Services at KPMG Lower Gulf, commented: “KPMG’s analysis shows that the UAE banking sector has remained resilient, despite a challenging operating environment and a drop in net profits from the top 10 listed banks. Stakeholders’ focus is shifting towards stability, solvency, and liquidity. It remains to be seen whether this will trigger another wave of mergers and acquisitions in the region’s banking sector.”

The report also welcomed a USD 70 billion stimulus package announced by the Central Bank of the UAE (CBUAE). The package came out at a time when banks are facing an unprecedented demand for greater liquidity, says the report.

GCC governments and central banks also announced various economic support measures including payment holidays for borrowers and targeted liquidity support for banks. To maintain stability in the sector during unprecedented times, some regulators have also provided specific relief from capital norms and certain accounting guidelines.

Also Read: Arab youth choose UAE as the best place to live

Also Read: UAE to resume issuing work,entry permits

The UAE has been named as the “model nation” to aspire to by Arab youth for the ninth consecutive year.

In the 12th Annual ASDA’A BCW Arab Youth Survey, released Tuesday, the country was voted for by young Arabs ahead of other Western and Eastern nations, underlining the UAE’s reputation as one of the world’s top places to live. The survey polled 4,000 young Arab nationals aged 18 to 24 from 17 Arab states in the Middle East and North Africa with a 50:50 male female split.

When asked which country in the world they would like to live in, nearly half (46 percent) of all young Arabs select the UAE as their country of choice, followed by the US (33 percent), Canada (27 percent), the UK (27 percent), and Germany (22 percent).

Asked specifically what they associate most with the UAE, young Arabs cited factors including safety and security (44 percent), wide range of work opportunities (36 percent), generous salary packages (32 percent), a growing economy (31 percent) and a good place to raise a family (25 percent) as the top five reasons.

Underlining the strong reputation of the UAE across the Arab world, a vast majority (89 percent) of Arab youth see it as an ally of their country, in addition to being regarded as one of the top three rising powers that have most increased their influence in the Arab world, alongside Saudi Arabia and the United States of America.

Sunil John, President – Middle East of BCW and founder of ASDA’A BCW, said: “For years, the UAE has served as a beacon of hope in the region. The unique model of the nation, celebrating social, religious and cultural pluralism, continues to gain the admiration of young Arabs, who see the UAE as the top nation in the world, over Western and Eastern counterparts, to live in and emulate.

“This is a powerful statement on the positivity and progressive outlook of the UAE leadership and people.”

Also Read: UAE, Israel Foreign Ministers Hold First Review Meeting

Foreign Ministers of UAE and Israel held their first ever meeting, on Tuesday in Berlin. In the light to the recent peace accord between the countries, UAE Minister of Foreign Affairs and International Cooperation, Sheikh Abdullah bin Zayed Al Nahyan, and Gabi Ashkenazi, Israeli Minister of Foreign Affairs met at met at the Villa Borsig in Berlin.

The Ministers reviewed the prospects of growing cooperation and bilateral relations in the fields of economy, trade, investment, food security, technology, transport, aviation, health and culture.

They were welcomed upon arrival by Heiko Maas, German Minister for Foreign Affairs. The Ministers exchanged views over a number of regional and international issues of concern. The peace accord signed by the two countries was front-and-center in the meeting in light of its importance in establishing peace and stability in the region.

They also reviewed the global fight against COVID-19 and the exchange of knowledge and expertise between the two countries to establishing advanced testing systems aimed at developing a vaccine to the disease.

Sheikh Abdullah underlined the importance of building on the peace accord between the two nations in order to achieve just and comprehensive peace in the region.

“With the signing of the historic UAE-Israeli peace accord, the two nations are looking forward to cultivating prosperity and sustainable development and strengthening joint action in various fields to the best interests of the two nations’ peoples,” said Sheikh Abdullah.

The German top diplomat hosted a dinner banquet in honour of the two ministers and their accompanying delegations.

Sheikh Abdullah was accompanied by Hafsa Abdullah Al Olama, UAE Ambassadress to Germany, and Omar Saif Ghobash, Assistant Minister of Foreign Affairs and International Cooperation for Cultural Affairs

Also Read: UAE, Israel to step up ties through cultural exchange