The Iran nuclear deal was struck in 2015 but paralyzed by the US withdrawal in 2018…reports Asian Lite News.
As Russian Foreign Minister Sergei Lavrov mentioned, Vienna n-deal talks are really “encouraging signs” as it foresees a compromise and returning to the Iran nuclear deal.
The Joint Commission of the Joint Comprehensive Plan of Action (JCPOA), known as the Iran nuclear deal, resumed talks here again, with the lifting of sanctions on Iran and nuclear implementation measures on top of the agenda.
The European External Action Service (EEAS) said in a press release earlier on Friday that participants would “take stock of the discussions held at various levels this week, including the relevant expert groups, in the view of a possible return of the United States and to ensure the full and effective implementation of the JCPOA by all sides”, Xinhua news agency reported.
The joint commission started the talks on Tuesday, which have drawn public attention as representatives from the United States are in Vienna to save the deal.
The Iran nuclear deal was struck in 2015 but paralyzed by the US withdrawal in 2018.
The US and Iranian negotiators are expected not to meet face-to-face, but will hold indirect talks with the intensified help of the coordinators, according to a statement previously released the by EEAS.
The talks are chaired by Enrique Mora, the deputy secretary general and political director of the EEAS, on behalf of EU High Representative for Foreign Affairs and Security Policy Josep Borrell. Representatives from China, France, Germany, Russia, Britain and Iran are attending.
The most popular Korean K-POP groups including MAMAMOO, B.I.G, ASTRO, NCT DREAM, THE BOYZ, and aespa and Emirati Opera singer Fatima Al Hashmi performed at the virtual event…reports Asian Lite News.
Festivals in 2021 really calling back the past power packed celebrations before Covid era. The Korea-UAE Festival, which was organised by the Korean Ministry of Culture, Sports and Tourism, in partnership with the Korean Creative Content Agency (KCCA) and the Korea Foundation for International Culture Exchange (KOFICE), attracted 2.73 million viewers.
The festival celebrated the cultural dialogue between the UAE and South Korea in 2020 and 2021 through various activities, most notably the “Korean Content Festival,” which presented Korean content to the Middle East, as well as K-Pop events that featured six K-Pop stars and Emirati opera singer Fatima Al Hashemi.
Noura bint Mohammed Al Kaabi, Minister of Culture and Youth, stated that the festival highlighted the profound friendship between the two countries, which dates back to over 40 years.
“We are looking forward to a new era of dialogue in the upcoming period, which we aim to reinforce through several initiatives taking place this year that will celebrate our mutual values, such as tolerance, coexistence and openness,” she said.
Hwang Hee, Minister of Culture, Sports and Tourism of South Korea, said, “There is an Arab proverb stating that those spending time with people for 40 days will become one of them, and now that the friendship between our countries has lasted for over 40 years, we can say that we have become close and loyal friends.”
“We are delighted to gather the peoples of our countries today in a K-Pop performance, in celebration of the cultural exchange year. Music is a common human language that exceeds linguistic and ethnic differences,” he added.
During the Korean Content Festival, virtual seminars were held via video conferencing featuring 24 speakers and suppliers from the Middle East, as well as 28 Korean companies. Some 43 business consultations also took place among the participants.
The most popular Korean K-POP groups including MAMAMOO, B.I.G, ASTRO, NCT DREAM, THE BOYZ, and aespa and Emirati Opera singer Fatima Al Hashmi performed at the virtual event. In particular, a collaboration between the Korean K-POP group and the local singer made the KOREA-UAE K-POP FESTIVAL more spectacular.
UAE and US have announced cooperation to make investments in financing decarbonisation across Middle East and North Africa (MENA) and beyond, reports Asian Lite News
The United Arab Emirates and the United States have announced their joint commitment to tackle the climate challenge stressing the importance and urgency of raising global climate ambition.
Both countries announced their intent to cooperate on new investments in financing decarbonisation across the MENA region and beyond, and to focus on assisting the most vulnerable adapt to the effects of climate change.
“Together with the U.S., the UAE has affirmed that decisive, proactive climate action can be an engine for economic growth and sustainable development,” said Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and the UAE’s Special Envoy for Climate Change.
“Building on the legacy and experience of the UAE, which has demonstrated a longstanding commitment to sustainable development and today operates three of the world’s largest solar facilities, we will focus, together with the U.S., on joint efforts on renewable energy, hydrogen, industrial decarbonisation, carbon capture and storage, nature-based solutions, and low-carbon urban design.”
He said that UAE is rich in opportunities with the world’s lowest solar power costs, and significant carbon capture investments. “We look forward to sharing our experience with the international community to turn climate action into economic opportunity,” he added.
Noting the progress made by many leading companies, both countries also agreed to work closely with the private sector to mobilise the necessary investment and technology resources needed to stem the climate crisis and support the economy.
They also confirmed the intent to work towards decarbonising their economies according to their national circumstances and economic development plans, including reducing carbon emissions by 2030.
Both countries have stressed their commitment to the implementation of the Paris Agreement and promote the success of the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow.
The UAE Regional Dialogue for Climate Action was held on April 4 that convened climate leaders from across the MENA region and unveiled a new era of cooperation in the region for a future focused on prosperity through climate policy, investment, innovation, and sustainable economic growth.
The Dialogue drew the participation of high-level dignitaries from across the region as well as critical global partners and organisations.
Participants included COP26 President-Designate Alok Sharma, US Special Envoy for Climate John Kerry, together with Ministers and high level representatives from the UAE, Oman, Kuwait, Bahrain, Qatar, Egypt, Jordan, Morocco, Iraq, Sudan and the International Renewable Energy Agency (IRENA).
The event further reinforced the UAE’s regional climate leadership, providing a common ground for participating nations to build a shared vision for climate action ahead of COP26.
EDB’s move to provide support to businesses and start-ups set to drive the national economy, reports Asian Lite News
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved the Emirates Development Bank (EDB) Strategy to provide a sizeable AED30 billion financial support to businesses and start-ups in a major step to drive the national economy.
Launched to support “Operation 300bn”, the EDB Strategy aims to leverage the Bank’s role as a key driver of the national economy to provide the largest support network for the industrial sector.
Sheikh Mohammed bin Rashid Al Maktoum said, “Advancing the national economy is a top priority that requires a joint effort of all our economic entities in the coming phase.”
He added, “We must adopt a distinctive vision that meets global trends and sustains development to maximise the industrial sector’s revenue and boost the broader economy. The Emirates Development Bank Strategy presents a giant leap that will leverage the bank’s role as a key driver of the national economy. Providing effective financial solutions will support the role of SMEs as main players in shaping our national economy.”
The EDB Strategy was launched in the presence of H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; and H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, among other delegates and officials.
Sheikh Mohammed bin Rashid had launched Operation 300bn earlier in March as a 10-year comprehensive strategy to more than double the industrial sector’s contribution to the country’s GDP, positioning the UAE as a global industrial hub by 2031.
Supporting Operation 300bn Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB, presented the Bank’s strategy pillars and objectives.
Under the strategy, the Bank allocated a portfolio of AED30 billion to support priority industrial sectors over a period of five years, which will contribute to financing more than 13,500 SMEs and creating 25,000 jobs.
Al Jaber noted that the launch of the strategy is based on the Bank’s role as a key driver of the national economic development that provides a large support network for the industrial sector in line with the Industrial Strategy 2021-2031 objectives.
He said, “Operation 300bn is a comprehensive national programme aimed at enhancing the contribution of the industrial sector to the UAE’s sustainable economic growth. Through close collaboration, the Ministry of Industry and Advanced Technology and the Emirates Development Bank will extend support to large corporations, SMEs and entrepreneurs across various industries including healthcare, infrastructure, food security and technology.”
Al Jaber noted that EDB will act as a critical financial engine for the national industrial strategy Operation 300bn, alongside its continued mandate to provide Emiratis with housing finance. “The new EDB strategy will help accelerate industrial development and the adoption of advanced technology through dedicated financing programmes and will also provide dedicated investment funds that will support entrepreneurs, start-ups and SMEs.”
In addition to providing flexible housing solutions, EDB will complement its offering to companies and entrepreneurs with training, counselling and guidance for UAE citizens and residents. “EDB aims to cultivate a spirit of innovation, with a focus on the industries our leadership have identified as critical to the nation’s long-term sustainable growth,” he said.
Al Jaber noted, “EDB will provide other tools including supply chain support, project financing, long-term financing, business accelerators, equity capital financing, and a business growth support fund.”
He added that maintaining and furthering sustainable economic development in the post-COVID-19 era is a priority for the UAE’s leadership.
Indian Prime Minister Narendra Modi with Vice President and Prime Minister of UAE Mohammed bin Rashid Al Maktoum in Dubai
“We are grateful to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for approving the Emirates Development Bank’s new strategy, which aims to stimulate entrepreneurship and innovation across the UAE’s vibrant industrial sector by providing financing solutions to large companies, entrepreneurs and SMEs. Through the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE continues to reinforce its global reputation for progress and ingenuity as it prepares for the next 50 years.”
He added, “His Highness Sheikh Mohammed bin Rashid Al Maktoum is confident our country will reach many important milestones in the next 50 years. And His Highness Sheikh Mohamed bin Zayed Al Nahyan has emphasised the need for a unified national effort, calling on the entire country to multiply their efforts ten-fold to ensure the nation’s ambitious goals are met.”
Al Jaber stated that “Alongside the close cooperation between the Ministry and the EDB, Operation 300bn is the result of a tremendous collaborative effort with our stakeholders, which has in turn enabled and allowed us to develop practical, integrated solutions that we can begin implementing right away.” The Bank will also launch an AED1 billion investment fund for start-ups and SMEs in 2022 and targeting industrial companies in priority sectors that need financing and investment
The UAE Ministry of Economy has adopted strategies to protect consumer rights ahead of the holy month of Ramadan 2021…reports Asian Lite News
The UAE Ministry of Economy announced on Sunday that price hike will not be allowed during the month of Ramadan.
The Ministry plans 420 inspection visits to outlets and markets nationwide before, during and after Ramadan, which is likely to begin on April 13 depending on the moon sighting.
The Ministry of Economy (MoE) has organized a media briefing on consumer protection measures in the UAE, especially the preparations and efforts that have been made ahead of the holy month of Ramadan 2021.
The media briefing covered a number of measures and preparations made by the Ministry and its strategic partners to ensure best practices for consumer protection throughout the year in general, and in Ramadan in particular.
The new Consumer Protection Law, No. 15 of 2020, which was issued last year further strengthened the UAE’s consumer protection landscape by ensuring the quality of products and service provided to the consumer.
These measures ensure the correct pricing of goods and preserve the health and safety of the consumer when purchasing the goods or upon receiving and using them. Furthermore, they encourage proper consumption patterns, as well as the adoption of the ideal regulatory and supervisory standards in the markets to ensure their stability and prosperity, establish a balanced relationship between merchants and consumers across various markets of the country including smart trade and online shopping platforms. Besides, they provide mechanisms dedicated to protecting consumers in unprecedented and emergency circumstances.
During the session, Marwan AlSboosi, Director of the Competition and Consumer Protection Department at the Ministry of Economy, reviewed a number of initiatives that the Ministry is working to implement in cooperation with its partners from various federal and local authorities and the cooperative and private sectors in all the emirates. These are designed to enable sound business practices, consumer protection and raise the consumer awareness in the country.
AlSboosi explained that the Ministry of Economy, represented by the Competition and Consumer Protection Department, held approximately 29 meetings since the beginning of 2021 until now, targeting traders of rice, flour, sugar, meat, poultry, fish, dairy products and juices and the like. These meetings were aimed at raising the level of communication and coordination with all suppliers and traders; exchanging information on markets that are exporting to the country; and reviewing their plans to ensure the availability of goods and meet the needs of the markets.
Dubai Lamcy Plaza(Wikipedia)
The discussions focused on preparations for Ramadan, ensuring stability of prices and preventing any unjustified price hikes. During the meetings, suppliers confirmed their commitment to addressing the needs of the local markets in terms of commodities and product requirements and taking the necessary measures to avoid any shortage of basic commodities throughout the year, especially during the Ramadan season.
He underlined that the relations between the Ministry and the suppliers of goods or sales outlets are long-term partnerships supported by mutual efforts for coordination and cooperation in a way that serves the interests of both parties. It helps maintain the availability of goods and ensure market stability and thus contributes to the balance of the national economy and serves the country’s strategic economic objectives.
The Hayat-Vax is the first indigenous vaccine in the region that will be manufactured by a newly created joint venture between Sinopharm CNBG and G42, reports Asian Lite News.
In a historic move in the global fight against the Covid-19 pandemic, the United Arab Emirates announced the commencement of the manufacturing of Covid-19 vaccine in the country.
The vaccine, called Hayat-Vax [Hayat means life in Arabic], is the first indigenous Covid-19 vaccine in the region that will be manufactured by a newly created joint venture between Sinopharm CNBG, one of the largest pharmaceutical companies in the world that has supplied over 100 million doses of the Covid-19 vaccine globally, and G42, the leading technology company based in Abu Dhabi.
The announcement was witnessed by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Wang Yi, State Councilor and Minister of Foreign Affairs of China, during a high-profile ministerial event in Abu Dhabi, in the presence of dignitaries from the two nations.
The occasion also served to launch a purpose-built research and development hub for life sciences, biotechnology and vaccine production – the first-of-its-kind in the Arab world – that is being set up in KIZAD, the integrated trade, logistics and industrial hub in Abu Dhabi. Last year, G42 and Sinopharm CNBG successfully collaborated on conducting 4Humanity, the world’s first phase III clinical trial of inactivated vaccines across the Pan Arab region with over 43,000 volunteers participating from over 125 nationalities.
The new vaccine plant in KIZAD will become operational this year and over its phased development will have a production capacity of 200 million doses per annum across three filling lines and five automated packaging lines. The JV is already producing Hayat-Vax with its partner, Julphar in the UAE with an initial capacity of 2 million doses per month.
In his comments on the landmark move by the UAE to commence vaccine production, His Highness Sheikh Abdullah bin Zayed Al Nahyan said, “The advancement in Life Sciences and Vaccine Manufacturing in our country is UAE’s contribution towards global efforts to address the Covid-19 pandemic that has affected the whole world,” stressing that “the UAE, with the guidance of its wise leadership, believes in the importance of strengthening collective international action.”
Attending the ceremony through video conference, Liu Jingzhen, Chairman of Sinopharm, said, “When Covid-19 began to spread rampantly last year, the UAE and its leading technology company G42 explored the possibility of hosting the clinical trials of a Covid-19 vaccine in the country. Sinopharm has undertaken the mission of fighting this pandemic and thanks to the close collaboration with the UAE, Sinopharm’s vaccine has been now administered to millions of people in the country, the region, and the world in a fundamental step towards defeating this virus. We are proud to partner with G42 in this new Joint Venture that will play a vital role in combatting Covid-19 globally, making an indelible contribution to the health of our communities.”
Elaborating on the Hayat-Vax vaccine and the new JV plans, Mr. Peng Xiao, CEO of G42, said: “The launch of the vaccine manufacturing capabilities in the UAE is a momentous step in the fight against Covid-19. We are grateful to the shared vision of the UAE and China, their true partnership and collaboration to make this a reality. This initiative in the UAE is a strategic advancement to future proof the population health of our nations. Our JV is also actively looking to bring our capabilities to new markets around the world.”
Hayat-Vax is the same Sinopharm CNBG’s BiBP inactivated vaccine that was officially registered by the UAE Ministry of Health and Prevention (MOHAP) on 9th December 2020 and subsequently in China by the Chinese Center for Drug Evaluation (CDE) on 30th December 2020 following the updated Sinopharm interim results submitted in China showing 79.34% efficacy.
Twelve days ago, the UAE national vaccination programme achieved the vaccination of over 52% of the country’s population. This first ever ‘Made in UAE’ Hayat-Vax Covid-19 vaccine will turbo charge the UAE’s leading vaccination programme across 205 medical centres nationally.
Chinese FM pointed out that the cooperation between China and the UAE are based on mutual trust and deep-rooted traditional friendship…reports Asian Lite News
Visiting Chinese State Councillor and Foreign Minister Wang Yi has held a meeting with his counterpart of the United Arab Emirates (UAE) Sheikh Abdullah bin Zayed al-Nahyan, during which the two sides agreed to deepen cooperation in varied fields.
Noting that the two peoples are “good friends, good partners and good brothers,” Wang stressed that the relations between China and the UAE are based on high level of mutual trust and deep-rooted traditional friendship.
China supports the UAE in safeguarding its national security and stability, independently exploring a development path in line with its own national conditions, combating religious extremism, and playing a positive role in international and regional affairs, Wang said on Sunday.
He said that China appreciates the UAE’s strong support on the issues concerning China’s core interests.
The phase-3 trial of the Covid-19 vaccine, jointly carried out by China and the UAE, has set a record for multi-nationality and large-scale clinical trials, and made important contribution to promoting international anti-coronavirus cooperation, the Chinese diplomat said, adding that China is willing to continuously innovate the models and expand the scope of cooperation with the UAE.
Wang said that China is willing to work with the UAE to enhance connectivity of the Belt and Road Initiative and the UAE’s 50-year national development plan, expand mutually beneficial cooperation in such fields as energy, high and new technologies, finance and investment, and jointly promote international mutual recognition of health code.
The two sides also need to strengthen cooperation in anti-terrorism and de-radicalization, Wang said, adding that China will offer full support for the UAE to host the World Expo in Dubai and will work with all parties to ensure the success of the 2022 Beijing Winter Olympic Games.
Wang said China is willing to strengthen communication and coordination with the UAE in multilateral institutions such as the United Nations, jointly safeguard true multilateralism, promote democratization of international relations, support diversity of civilizations, give play to the central role of the United Nations, and defend the authority of international law and international treaties.
China and Arab states have reached an agreement on jointly proposing a data security cooperation initiative, indicating that both sides are willing to actively participate in formulating the rules of the global digital economy, the Chinese diplomat said.
China has put forward a five-point initiative for achieving security and stability in the Middle East, and hopes that regional countries will uphold the spirit of independence, explore a security framework that meets regional needs, and find a development path that suits their national conditions, Wang added.
H.H. Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, UAE
For his part, Sheikh Abdullah said the Chinese people should be proud of China’s remarkable development achievements and its success in containing the Covid-19 pandemic, adding that the UAE is also proud of having such a strategic partner as China.
He expressed the UAE’s support to the one-China policy, China’s endeavors to safeguard the diversity of world civilizations, and China’s leading role in promoting global common development.
The UAE hopes to deepen its cooperation with China in the fields such as health, agriculture, science and technology, tackling climate change, and preventing desertification to achieve mutually beneficial results, the UAE diplomat said.
He said the UAE is willing to work together with China to combat terrorism, and in particular, to make more efforts in the field of de-radicalization, so as to safeguard peace and stability in the Middle East.
Around 10% of world trade flows through the canal, which is particularly crucial for the transport of oil, reports Asian Lite News.
A giant container ship remained stuck sideways Friday in Egypt’s Suez Canal, as authorities race to free the vessel and reopen traffic in a crucial East-West waterway for global shipping.
The Ever Given, a Panama-flagged ship that carries cargo between Asia and Europe, ran aground Tuesday in the narrow, man-made canal dividing continental Africa from the Sinai Peninsula.
The ship, owned by Japanese firm Shoei Kisen KK, has blocked traffic in the canal, leaving dozens of smaller ships stranded in the Mediterranean and Red Seas.
The vessel’s bow was touching the eastern wall, while its stern appeared lodged against the western wall – an extraordinary event that experts said they had never heard of happening before in the canal’s 150-year history.
The ship ran aground some 6 kilometers north of the southernly mouth of the canal, near the city of Suez, an area of the canal that’s a single lane.
The Suez Canal Authority, which operates the waterway, has deployed several tugboats in efforts to refloat the massive vessel, including a specialized suction dredger that is able to shift 2,000 cubic meters of material every hour.
As of Friday morning, the vessel remained grounded in the same position, with tugboats and dredgers still working to free it, according to Canal service provider Leth Agencies.
It reminded unclear when the route would reopen.
An Egyptian canal authority official called the refloating a “very sensitive and complicated” operation which needs to “be handled very carefully.” They want to avoid “any complications” that could extend the canal closure. The official spoke on condition of anonymity as he wasn’t authorized to talk to journalists.
NASA image of the Suez Canal, taken by the MISR instrument on the Terra satellite (Wikipedia)
A team from Boskalis, a Dutch firm specialized in salvaging, started working with the canal authority Thursday. The rescue efforts have focused on dredging to remove sand and mud from around the port side of the vessel’s bow.
The canal authority said late Thursday that they would need to remove between 15,000 to 20,000 cubic meters (530,000 to 706,000 cubic feet) of sand to reach a depth of 12 to 16 meters (39 to 52 feet). That depth is likely to allow the ship to float freely again, it said.
It wasn’t immediately clear what caused the Ever Given to become wedged on Tuesday. GAC, a global shipping and logistics company, said the ship had experienced a blackout without elaborating.
Evergreen Marine Corp., a major Taiwan-based shipping company that operates the ship, said in a statement that the Ever Given had been overcome by strong winds as it entered the canal from the Red Sea, but that none of its containers had sunk.
The Suez Canal also blamed bad weather for the incident.
The blockage has caused headaches for global trade. Around 10% of world trade flows through the canal, which is particularly crucial for the transport of oil. The closure also could affect oil and gas shipments to Europe from the Mideast.
At least 150 ships were waiting for the Ever Given to be cleared, including vessels near Port Said on the Mediterranean Sea, Port Suez on the Red Sea and those already stuck in the canal system on Egypt’s Great Bitter Lake, Leth Agencies said.
Using data from Automatic Identification System trackers on ships at sea, data firm Refinitiv shared an analysis with the AP showing over 300 ships remained en route to the waterway over the next two weeks.
Some vessels could still change course, but the crush of ships listing the Suez Canal as their destination shows that an even-greater backlog looms for shippers already under pressure amid the coronavirus pandemic.
An initial ₤800m commitment from Mubadala to invest in UK life sciences over five years is the first focus for the SIP, reports Asian Lite News.
Abu Dhabi’s Mubadala Investment Company — world’s leading sovereign investors, and the Department for International Trade and the Prime Minister’s Office’s have established an UK Office for Investment.
An initial ₤800m commitment from Mubadala to invest in UK life sciences over five years is the first focus for the SIP. The sum will be deployed alongside the UK’s ₤200m Life Sciences Investment Programme announced last year. This will act as a pool to enable more UK life sciences businesses to scale and grow. The OfI and Mubadala will work together to identify commercially viable opportunities for investment into the sector.
This is the first agreement of its kind for the UK and the Office for Investment and will deepen existing UK-UAE trade and investment ties that were worth ₤32 billion in 2019.
The UAE-UK Sovereign Investment Partnership (SIP) will serve as a coordinated investment framework to grow a future-focused relationship between the two nations, driving economic recovery, jobs and growth.
Combined, these funds will provide much needed stable investment into the next generation of life science companies around the country. The industry, which generates ₤80 billion turnover a year within the UK and employs more than 250,000 people, is expected to benefit from stronger links in life sciences research, education and closer ties between the UAE and UK.
Over a five-year period, the SIP will invest across several tech and innovation-led sectors such as energy transition and infrastructure that will support job creation in both nations, strengthen national research and development capabilities and develop new areas of investment collaboration.
Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala commented, “The UAE and UK are aligned on the importance of global action on critical priorities such as healthcare innovation and delivery, climate change and the sustainable growth of high-skilled industries.
“Coordination on investment and global innovation ecosystems is vital to enabling progress against these challenges and presents a significant post-COVID economic opportunity for the UK and UAE.
“Mubadala is already a long-term investor in UK innovation and growth, and our new partnership now provides a platform to allocate stable capital to priority sectors as part of a future-focused investment relationship.”
UK International Trade Secretary Liz Truss said, “The UAE is an important trading partner for the UK and home to some of the world’s largest and most experienced investment companies. It’s fantastic that we are collaborating more closely in the industries of tomorrow like science, tech and green growth, so we can build back better and deliver an investment-led, jobs-led recovery from coronavirus.
“This is a major win for the Office for Investment and shows how the UK is an investment destination of choice. From Liverpool and Edinburgh to Oxford and Nottingham, our world class life sciences clusters and innovative businesses will see the benefits of this partnership.”
Gerry Grimstone, UK Minister for Investment said, “This partnership will enable the UK life sciences sector to develop cutting-edge technologies and research while retaining homegrown innovation and jobs. It will also leverage the UK and UAE’s mutual priorities in building better and stronger economies through investment.
“Attracting and enabling strategic international investors to operate effectively in the UK is vital to job creation and our growth as a world leader in life sciences, clean growth, tech and innovation. Mubadala is exactly the calibre of investor that we want to partner with to enable vital pillars of our economy to advance.”
Mubadala will also connect UK industries to research and innovation initiatives across its global portfolio spanning more than 50 countries, which has a major focus on innovation and technology-led sectors, including composite manufacturing, semiconductors, renewable energy, biotech and urban mobility. The UAE-UK partnership will build on the investment model Mubadala has established in other geographies.
The SIP’s inaugural life sciences investments are expected to complete later this year.
UAE President Khalifa bin Zayed ordered that flags be flown at half-mast across the country until Saturday to mark three days of mourning…reports Asian Lite News
https://www.youtube.com/watch?v=ghqdeK_ryug
United Arab Emirates’ Finance Minister and deputy ruler of Dubai, Hamdan bin Rashid Al Maktoum, has died on Wednesday, the Dubai media office said.
He was the brother of Mohammed bin Rashid Al Maktoum, UAE Prime Minister and ruler of the emirate of Dubai. Hamdan, who was 75 years old, had been finance minister since 1971, when the country was founded.
UAE President Khalifa bin Zayed ordered that flags be flown at half-mast across the country until Saturday to mark three days of mourning, according to a statement by the official news agency WAM, DPA news reported.
