Category: UAE News

  • UAE, Swiss FMs review ties in key areas

    UAE, Swiss FMs review ties in key areas

    The meeting touched on the global fight against the COVID-19 pandemic and the efforts being made to confront its fallout…reports Asian Lite News

    Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Ignazio Cassis, Head of the Department of Foreign Affairs of Switzerland, reviewed the prospects of fostering the cooperation and friendship ties between the two nations across various fields.

    This came as the UAE top diplomat welcomed the Afghan minister today and discussed growing cooperation in the fields of education, AI, technology, health and economy in addition to exchanging views over a number of regional and international issues of interest.

    The meeting touched on the global fight against the COVID-19 pandemic and the efforts being made to confront its fallout.

    Sheikh Abdullah reaffirmed the UAE’s determination to further enhance the privileged relations with Switzerland across various domains to the best interests of the two countries’ peoples.

    The Swiss minister congratulated Sheikh Abdullah on the 49th UAE National Day, wishing the UAE continued progress and prosperity.

    Attending the meeting was Khalifa Shaheen Al Marar, Assistant Minister for Political Affairs.

    Also read:India expresses gratitude to the UAE for helping Indians

  • DIFC and FinTech-Aviv join hands for innovation

    DIFC and FinTech-Aviv join hands for innovation

    DIFC FinTech Hive, the largest financial technology hub in the Middle East, Africa and South Asia (MEASA) region, part of Dubai International Financial Centre (DIFC), has signed a landmark agreement with Israel’s FinTech-Aviv.

    FinTech Aviv was established in 2014 and serves the needs of the Israeli FinTech ecosystem and counts more than 6,000 startups and 300 research and development centres as members.

    The agreement is the first of its kind for the UAE and Israel, and strengthens DIFC’s position as MEASA’s number one FinTech hub and one of the world’s top 10 FinTech hubs. The agreement announced Saturday will enable DIFC to further support the UAE in facilitating economic growth from the technology and innovation sectors.

    Both parties will work together on events, knowledge sharing, talent development and facilitating mutual introductions and referrals for firms keen to expand in each respective jurisdictions.

    Since DIFC’s FinTech Hive launched in January 2017, the hub has grown to become a leading centre of innovation globally. More than 50 per cent of all FinTech businesses in the GCC now operate from DIFC. The first half of 2020 witnessed DIFC FinTech Hive triple in size with the opening of a larger space in Gate Avenue supporting start-ups, scale-ups and entrepreneurs.

    Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive said: “Like Dubai, Israel is well regarded for its approach to innovation and embracing FinTech so it is important to collaborate now to share knowledge and develop the sector further. We are pleased to have partnered with FinTech-Aviv as we can achieve great things together. DIFC is now home to more than 240 FinTech related firms and the opportunities for growth are endless.”

    Nir Netzer, the Chairman of FinTech-Aviv said: “In this unprecedented time, we’re honoured to initiate this unique collaboration in order to facilitate the export of Israeli technologies to new markets.

    “The FinTech-Aviv community and its 30,000+ Israeli and worldwide members, proudly hold the torch of this exciting initiative and are humbled to be leading Israeli FinTech companies towards the exploration of new horizons with our new business partners.”

    Also Read: ‘Global arrogance’: Iran blames Israel after top nuclear scientist assassinated

    Also Read: Israel PM to visit Bahrain

  • Abu Dhabi Ports to distribute COVID-19 vaccines

    Abu Dhabi Ports to distribute COVID-19 vaccines

    The move comes amid an expected rise in vaccine logistics demand. It is part of the Hope Consortium, an initiative that that will ease the distribution of COVID-19 vaccines across the world…reports Asian Lite News

    The Abu Dhabi Ports has enhanced its logistic capabilities to accommodate mass storage and distribution of the COVID-19 vaccine, state news agency WAM has reported.

    The move comes amid an expected rise in vaccine logistics demand. It is part of the Hope Consortium, an initiative that that will ease the distribution of COVID-19 vaccines across the world.

    The logistics facilitator has dedicated a 19,000-squar- meter temperature-controlled warehouse facility in Khalifa Industrial Zone Abu Dhabi.Arab news reports

    The facility can store vaccines and other pharmaceutical products in extreme conditions, the report said.

    Also read:Asian Lite Daily Digital Dubai – November 27, 2020 – India Cements Ties With…

  • UAE suspends visas to Pak, 12 other countries

    UAE suspends visas to Pak, 12 other countries

    The source did not say what those concerns are but said the visa ban is expected to last for a short period…reports Asian Lite News

    The United Arab Emirates (UAE) has stopped issuing new visas to citizens of 13 mostly Muslim-majority countries, including Pakistan, Afghanistan, Iran, Turkey, Syria and Somalia, among others.

    An immigration document said that applications for new employment and visit visas have been suspended until further notice for nationals outside the UAE from countries including Afghanistan, Libya and Yemen.

    The visa ban also applies to citizens of Algeria, Kenya, Iraq, Lebanon, Pakistan and Tunisia, the document said. It is not clear if there are any exceptions to the ban, Al Jazeera reported.

    The report said that a source briefed on the matter said the UAE has temporarily stopped issuing new visas to Afghans, Pakistanis, and citizens of several other countries over security concerns.

    The source did not say what those concerns are but said the visa ban is expected to last for a short period.

    Last week, Pakistan’s foreign ministry had said that the UAE had stopped processing new visas for its citizens and those from some other countries.

    Islamabad said it is seeking information from the UAE on the reason for the suspension but that it thought it is related to the coronavirus pandemic.

    Also read:UAE implements major corporate law rejig

  • SCCI, China to boost economic and investment ties

    SCCI, China to boost economic and investment ties

    The MoU was inked by Abdullah Sultan Al Owais, Chairman of the SCCI, and Li Aishung, Vice President of the China Council for the Promotion of International Trade in Shanxi Province, in the presence of Mohammed Ahmed Amin Al Awadi, Director-General of SCCI, and senior officials from both sides….reports Asian LIte News

    The Sharjah Chamber of Commerce and Industry, SCCI, has signed a Memorandum of Understanding with the China Council for the Promotion of International Trade in Shanxi Province, as part of the SCCI’s participation in the Shanxi-Middle East Economy and Trade Cooperation Conference, which was held virtually on Monday with the participation of economic organisations and institutions from the UAE and the region.

    The agreement stipulates the establishment of a partnership between the two sides and the strengthening of economic cooperation in various fields that serve the common interests to achieve the development goals of the two sides. According to the MoU, the two sides are also committed to exchanging experiences and knowledge, organising forums, seminars, specialised meetings, and professional training, and exchanging information on best practices in the interests of the business community of both friendly countries.

    The MoU was inked by Abdullah Sultan Al Owais, Chairman of the SCCI, and Li Aishung, Vice President of the China Council for the Promotion of International Trade in Shanxi Province, in the presence of Mohammed Ahmed Amin Al Awadi, Director-General of SCCI, and senior officials from both sides.

    “The MoU is a step in the right direction towards prosperous economic partnerships, as part of Sharjah’s keenness to strengthen its diverse relationships at the global level to serve the local business community,” said Al Owais, adding the emirate is always looking to provide all necessary facilities that help attract foreign investment and enhance the competitiveness of companies operating in foreign markets.

    The SCCI Chairman commended the SCCI’s bilateral relations with Shanxi Province and the mutual visits between the two sides, the last of which was the visit of a high-level business delegation of 18 businessmen, stressing that the agreement marks the outcome of the comprehensive strategic partnership and bilateral cooperation between the two friendly countries and new prospects for joint action in various sectors.

    Li Aishung expressed happiness at the cooperation with the Sharjah Chamber, underlining the fact that the MoU will help strengthen existing ties and establish a new phase of cooperation and trade exchange with Sharjah which was and still has the same attractiveness to Chinese investments in all domains.

    He stressed that the economic and trade relations between China and the UAE are witnessing a remarkable development, especially that China attaches special importance to investment in the emirate of Sharjah.

    Also read:UAE, UK join hands to boost trade ties

  • UAE, UK join hands to boost trade ties

    UAE, UK join hands to boost trade ties

    The agreement, which was signed by Massimo Falcioni, CEO of ECI, and Louis Taylor, CEO of UKEF, aims to provide a robust turnkey platform, which the two parties can utilise to draw new business opportunities and identify areas for future collaboration to foster a greater trade alliance between the UAE and the UK…reports Asian Lite News

    Etihad Credit Insurance, ECI, the UK Export Finance, UKEF, have announced the signing of a reinsurance agreement to enhance the competitiveness, scale and scope of both countries’ export industry through strategic partnership and cooperation.

    The agreement, which was signed by Massimo Falcioni, CEO of ECI, and Louis Taylor, CEO of UKEF, aims to provide a robust turnkey platform, which the two parties can utilise to draw new business opportunities and identify areas for future collaboration to foster a greater trade alliance between the UAE and the UK.

    ECI and UKEF entered into this agreement to work towards pursuing strategic collaboration in areas such as exploration of mutual opportunities for insurance, reinsurance, co-insurance services for export of goods in a third country; investments and services to assist and support insured exporters; facilitation of access for SMEs; mutual exchange of good practices; organisation of joint events; and identification of specific solutions in the export insurance field, amongst others.

    The export communities in both countries stand to gain from this partnership, as it aims to provide ease of access to a range of export credit, as well as financing and investment insurance products.

    Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of the Board of Directors of ECI, highlighted the significance of this solid agreement on the UAE’s export industry, saying, “The UAE and the UK have always had strong trade relations over the years, and this agreement reflects the keenness of both nations to enhance the competitive advantage of our respective business sector in the international market. We are pleased to enter this partnership with UKEF, with our strong confidence that this will further help ECI propel UAE businesses towards greater heights. This alliance will prove instrumental in advancing the UAE’s national economic non-oil diversification programmes, in line with the vision of our wise leaders.”

    UK Minister for Exports, Graham Stuart, said, “This partnership is a boost to our trading relationship and to businesses in both countries. The UAE is diversifying its exports away from oil and gas into renewable energy and its goals to reduce its dependency on fossil fuels align with our own. As the world’s fifth largest exporter, we are determined to help businesses across the UK access the finance they need to take advantage of new opportunities uncovered by UKEF across the world.”

    Also read:Israel ratifies visa exemption deal with UAE

  • Abu Dhabi discovers 22bn barrels of crude oil

    Abu Dhabi discovers 22bn barrels of crude oil

    The UAE has the sixth-largest crude oil reserve in the world, from 4.2 million barrels in the early 1980s to about 98 billion barrels at present…reports Asian Lite News

    An estimated 22 billion barrels of non-conventional and recoverable crude oil was recently discovered in Abu Dhabi, the capital of the United Arab Emirates (UAE), it was announced.

    In the announcement on Sunday, Abu Dhabi’s Supreme Petroleum Council (SPC) said that the latest major onshore discovery could increase the country’s conventional oil reserves by 2 billion barrels, the official WAM news agency reported.

    The SPC also approved on the same day to increase the capital investment in Abu Dhabi National Oil Company to 448 billion dirhams ($122 billion) from 2021 to 2025, reports Xinhua news agency.

    The move is expected to re-inject 160 billion dirhams ($43 billion) into the local economy.

    The UAE has the sixth-largest crude oil reserve in the world, from 4.2 million barrels in the early 1980s to about 98 billion barrels at present.

    Among the seven emirates comprising the UAE, Abu Dhabi has most of the oil with 92 billion barrels while Dubai has 4 billion barrels and Sharjah has 1.5 billion barrels.

    Also read:Israel ratifies visa exemption deal with UAE

  • Israel ratifies visa exemption deal with UAE

    Israel ratifies visa exemption deal with UAE

    The deal comes as Israel and the UAE are working to warm up their ties after signing a US-brokered deal on September 15 to normalize relations…reports Asian Lite News

    The Israeli cabinet has ratified a mutual visa exemption deal with the United Arab Emirates (UAE), the Jewish state’s first such move with an Arab country.

    “We have approved a visa exemption agreement between Israel and the United Arab Emirates,” Xinhua news agency quoted Prime Minister Benjamin Netanyahu as saying in a tweet on Sunday.

    The deal bolsters economic ties and reciprocal tourism between the two countries, according to Netanyahu.

    “This is the first Arab country with which we have signed such an agreement. Of course, this will develop and strengthen ties between the countries as well as economic links.

    “I believe that every citizen of Israel, the entire world, sees the great change that we are bringing to our region in every field,” The Times of Israel quoted the Prime Minister as saying to reporters also on Sunday



    The deal comes as Israel and the UAE are working to warm up their ties after signing a US-brokered deal on September 15 to normalize relations.

    Sunday’s development came after Ministers voted unanimously to approve the treaty, which was signed in Tel Aviv last month.

    The UAE government reportedly ratified the agreement on November 1, which means that it will enter into force in 30 days.

    The UAE-Israel visa exemption agreement will mean that citizens will be allowed to enter each other’s countries without having to go through the hassle of applying for a visa first.

    It is the first such arrangement between the Jewish state and an Arab country.

    Even Israel’s closest ally, the US, has so far refused to sign a visa exemption agreement with the Jewish state.

    Also read:UAE, Indonesia ink AEO Action Plan

  • UAE, Indonesia ink AEO Action Plan

    UAE, Indonesia ink AEO Action Plan

    On UAE side, Suoud Salem AlAqroobi, Director of International Relations, Federal Customs Authority, FCA, signed the action plan with R. Syarif Hidayet, Director of International and Public Affairs Department, Indonesian Customs on the Indonesian side…reports Asian Lite News

    Via teleconference, the United Arab Emirates and the Republic of Indonesia signed an Action Plan for a mutual recognition arrangement on the Authorised Economic Operator Program, AEO, in a step to facilitate inter-countries trade, effective and swift implementation of program mutual recognition agreement under the umbrella of the agreement on cooperation and assistance in customs affairs executed by both countries on 24 July 2019.

    On UAE side, Suoud Salem AlAqroobi, Director of International Relations, Federal Customs Authority, FCA, signed the action plan with R. Syarif Hidayet, Director of International and Public Affairs Department, Indonesian Customs on the Indonesian side.

    Companies registered under the AEO program in UAE counted 81 companies while efforts are exerted to sign AEO mutual recognition agreements with South Korea, KSA and China, and India is underway to execute the agreement. Such agreements cover 29.8% of State aggregate non-oil trade globally.

    Ahmad Abdullah Bin Lahej Alfalasi, Director General of FCA, said that UAE is keen to bolster economic and trade relations with the Republic of Indonesia, and leverage such relations to highest levels based on the historical ties between both the country since the establishment of the federation, in addition to the soaring magnitude of trade exchange and economic cooperation between the countries.

    He highlighted that the action plan with the Republic of Indonesia represents a milestone on customs relations between the two countries while the plan serves as an essential step to implement AEO program mutual recognition, which will positively affect inter-countries trade movement in addition to securing numerous advantages to authorised companies under the program in both countries.

    Also read:UAE builds mosque named after Indonesian President

  • UAE lauds Saudi Arabia ahead of G20 summit

    UAE lauds Saudi Arabia ahead of G20 summit

    Saudi Arabia assumed the G20 presidency in December last year, but as the Covid-19 pandemic crippled the world economies and health systems, it was decided to hold the summit on a virtual platform…reports Asian Lite News

    The UAE’s Minister of State for Foreign Affairs, Anwar Gargash, has praised Saudi Arabia ahead of the G20 summit which will be hosted in the Kingdom over the next two days.Arab News Reports

    In a tweet posted on Friday, Gargash said Saudi Arabia’s hosting of the summit “confirms the central role of Riyadh in the region.”

    And he added that it had “always been linked to stability, prosperity and concern for the Gulf, Arab and Islamic interests.”

    The minister’s tweet finished adding “and from the UAE all sincere wishes for the success of the Riyadh summit for the sake of the world and humanity.”

    Saudi Arabia is gearing up to host the upcoming two-day virtual summit of G20 leaders, an international forum for the governments and central bank governors, from 19 countries and the European Union (EU) from November 21.

    In 2021, Italy will host the G20 Summit and in 2022 India will host the summit, when the country celebrates its 75th year of Independence.

    Saudi Arabia assumed the G20 presidency in December last year, but as the Covid-19 pandemic crippled the world economies and health systems, it was decided to hold the summit on a virtual platform.

    In December 2019, Saudi Arabia had unveiled an ambitious theme for its G20 presidency, namely ‘Realising Opportunities of the 21st Century for All’.

    The three pillars of the theme included empowering people, safeguarding the planet and shaping new frontiers.

    The Saudi Arabia G20 presidency has been driving harmonious efforts to address social and economic inequalities between men and women with the aim of ‘Realising Opportunities of the 21st Century for All’.

    Also read:Greek PM visits largest mosque in UAE