The total foreign currency deposits held by the UAE national banks amounted to around AED409 bn by August, a growth of 7.3 percent, according to the statistics of the Central Bank of the United Arab Emirates.
These account for 30 percent of the total deposits held by the Emirati banks, valued at AED1.346 trillion by the end of August. They grew to AED366.8 bn in Q2 from AED381 bn in December 2019, before rising to around AED395 bn in July.
The foreign deposits held by all national banks in the UAE comprise around 40 percent of deposits of all terms; account for 12.6 percent of saving deposits and 24.3 percent of demand deposits.
They represent around 81.3 percent of total foreign deposits held by all banks operating in the UAE, according to the statistics.
Al Mheiri said one of the reasons Brazil’s partnership with her country is so successful is that Brazil complies with food security standards, and the UAE provides a good business environment….reports Asian Lite News
Mariam Hareb Almheiri, Minister of State for Food Security, has underlined the growing prospects for cooperation between the UAE and Brazil in the field of food security and agricultural technology.
“The statistics reveal how Brazil’s output is important to global food security,” said the Mariam Hareb Almheiri, Minister of State for Food Security, in her inaugural address of the third day of the Economic Forum Brazil & Arab Countries alongside Brazil’s Minister of Agriculture, Livestock and Supply, Tereza Cristina.
The day’s discussions revolved around food security. Al Mheiri said one of the reasons Brazil’s partnership with her country is so successful is that Brazil complies with food security standards, and the UAE provides a good business environment.
As a case in point, she mentioned the processing plant that Brasil Foods, BRF, has in Abu Dhabi. It is the biggest such facility in the entire Middle East. “Those industries are crucial to enabling innovation and adding value to production chains,” she said.
“Our national strategy provides for a 30 percent improvement in productivity through agricultural technology, with an eye to making the UAE a world-class innovation hub.”
To that end, Al Mheiri said, Brazilian AgTechs (agricultural technology) startups that are popping up more and more in Brazilian farming – are essential.
The two top diplomats of the two countries signed the minutes of meeting of the 3rd round of the UAE-Turkmenistan Joint Committee which ran over eight days…reports Asian Lite News
Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, led the UAE’s participation in the third round of UAE-Turkmenistan Joint Committee, which convened on October 14th-21st via video conference. Rashid Meridov, Deputy Prime Minister, Minister of Foreign Affairs of Turkmenistan, represented his country’s in the session.
Addressing the committee, the UAE top diplomat said: “I would foremost like to thank you and the Turkmen delegation for participating in the third round of the UAE-Turkmenistan Joint Committee.
The convening of this Joint Committee, testifies to the deep bonds of friendship that exist between our two countries’ leaderships and peoples. It complements the bilateral efforts and the continuous meetings that brought us together during the last period, and underlines both sides’ keenness to enhance mutual cooperation and promote bilateral relations in various sectors of common interest. “
Sheikh Abdullah added that the bilateral relations between the two nations have witnessed “remarkable development since the establishment of diplomatic relations between the two countries 25 years ago, which paved the way for the launch of bilateral political, economic, cultural and development cooperation.” “Our strong relationship has been embodied by high-level visits, such as the visit of President Gurbanguly Berdimuhamedov to the UAE in March 2018, and the visit of your Excellency to the country in November 2019. Furthermore, I would like to commend the outcomes achieved from the fifth round of the Political Consultations that were held via video conference in May 2020.”
The two top diplomats of the two countries signed the minutes of meeting of the 3rd round of the UAE-Turkmenistan Joint Committee which ran over eight days.
Attending the virtual meeting were Ahmed Ali Al Sayegh, Minister of State, and Abdulnasser Alshaali, Assistant Minister for Economic and Trade Affairs at the Ministry of Foreign Affairs and International Cooperation along with a number of executives from both countries.
The Ministry expressed hope that this step would end the long years of isolation and the political and economic suffering to which Sudan has been subjected…reports Asian Lite News
The UAE has welcomed the understanding between the Republic of Sudan and the United States, which led to the announcement of US President Donald Trump on the near removal of Sudan’s name from its list of countries that sponsor terrorism.
In a statement, the UAE Ministry of Foreign Affairs and International Cooperation expressed its support for all efforts to complete the procedures to remove Sudan from this list, stressing its support for everything that contributes to enhancing Sudan’s security, stability and prosperity in a way that achieves the aspirations and hopes of the Sudanese people for development, prosperity, and stability.
The Ministry expressed hope that this step would end the long years of isolation and the political and economic suffering to which Sudan has been subjected and boost peace, security, and stability in its territories in a way that will benefit the Sudanese people and the region.
According to the company, the flights, the price of which will start at $149 for a one-way ticket, will cover the distance between Tel Aviv to Dubai in three to four hours…reports Asian Lite News
Arkia, Israel’s second-largest airline, has announced direct flight services to Dubai, which will begin from January 3, 2021.
The announcement on Tuesday is the first made by an Israeli airline for direct commercial flights to the United Arab Emirates (UAE) since the US-brokers normalization deal signed between the two countries on September 15, The Times of Israel reported.
According to the company, the flights, the price of which will start at $149 for a one-way ticket, will cover the distance between Tel Aviv to Dubai in three to four hours.
In a statement, Arkia CEO Oz Berlowitz said: “The decision to start a flight line to Dubai was made after increasing requests from our customers, private business clients and many requests from groups organizing conferences.”
Besides Dubai, the airline was also Sharjah, another major city in the UAE, as well as Bahrain.
Also on Tuesday, Etihad Airways Flight EY9607, the first commercial shuttle from the UAE to Israel, landed at the Ben-Gurion International Airport outside of Tel Aviv, The Times of Israel reported.
The flight came a day after the two countries agreed to enable 28 weekly direct flights between their territories.
The flight arrived without passengers but later ferried an Israeli travel and tourism delegation to Abu Dhabi.
On Tuesday, a senior UAE delegation made a landmark visit to Israel, saying it wished to facilitate the reciprocal opening of embassies in Tel Aviv and Abu Dhabi “as soon as possible”.
During the meeting, both sides presented their experiences in combatting the COVID-19 pandemic….reports Asian Lite News
The second edition of the political consultations committee between the UAE’s Ministry of Foreign Affairs and International Cooperation and Australia’s Ministry of Foreign Affairs and Trade began Tuesday, held remotely via video conferencing.
The Emirati delegation was led by Khalifa Shaheen Al Marar, Deputy Minister of Foreign Affairs and International Cooperation for Political Affairs, while the Australian side was led by Tony Sheehan, Deputy Secretary of the International Security, Humanitarian and Consular Group of Australia.
During the meeting, both sides presented their experiences in combatting the COVID-19 pandemic. The Emirati side explained the UAE’s related humanitarian efforts and its support for affected countries while highlighting the importance of international cooperation and solidarity in countering the virus.
The two sides also discussed ways of enhancing bilateral ties and joint cooperation, as well as current regional and international developments and topics, which will help them convey their viewpoints to the international community.
The MoU concerns mainly developing the game in the two countries and exchanging technical and administrative experiences for the next three years….reports Asian Lite News
The UAE Football Association, UAEFA, renewed the memorandum of understanding, MoU, with the Japanese Football Association, which concerns mainly developing the game in the two countries and exchanging technical and administrative experiences for the next three years.
The MoU renewal ceremony, which took place on Tueday via video call, was witnessed by Sheikh Rashid bin Humaid Al Nuaimi, President of the UAE Football Association, Kozo Tashima, President of the Japanese Football Association, JFA, as well as Mohammed Abdullah Hazzam Al Dhaheri, Secretary-General of the UAE Football Association, and Kiyotaka Suhara, Secretary-General of the Japan Football Association.
Sheikh Rashid Al Nuaimi said, “We have a long relationship with the Japan Football Association, characterised by a lot of respect and professionalism, and we are looking forward to renewing the MoU that the Football Association had previously signed, which would improve and expand areas of cooperation.”
In turn, Kozo Tashima, President of JFA, expressed his great happiness at the renewal of this memorandum, which is the nucleus of the joint work between the two Associations spanning long years, and which adds a lot of professionalism in the work between the two countries.
The memorandum of understanding, after its renewal for a period of 3 years, includes several areas, most notably technical areas, coaching education, physical training programs, referees’ education, camps, administrative, media and marketing programs, youth development programs and friendly matches.
The meeting was chaired by the Secretary-General of the UAE Federation of the Chambers of Commerce and Industry, Humaid Ben Salem, as part of the UAE’s Chairship of the Indian Ocean Rim Association…reports Asian Lite News
The UAE hosted the 25th meeting of the Indian Ocean Rim Business Forum, IORBF on Tueday. The event, which was held virtually as part of the Annual Investment Meeting under the theme of “Pathways to Prosperity: Regional Integration and Opportunities for the Private Sector,” aims to promote economic growth, trade, and investment in the Indian Ocean region.
The meeting was chaired by the Secretary-General of the UAE Federation of the Chambers of Commerce and Industry, Humaid Ben Salem, as part of the UAE’s Chairship of the Indian Ocean Rim Association, IORA, for 2019-2021.
The meeting brought together business representatives from IORA Member States and Dialogue Partners to discuss modernising trade and investment in the Indian Ocean and the future of the IORBF in a post-COVID-19 world.
The IORBF is the primary IORA body for business representatives to advise IORA ministers and officials on business issues and ways to accelerate intra-regional trade and increase foreign direct investment flows in the region. IORBF membership is comprised of senior members of chambers of commerce and the business community who can effectively represent the national business interests of their economies.
The UAE joined IORA in 1999 and assumed chairship of the association during the 19th IORA Council of Ministers meeting held in Abu Dhabi on 7th November 2019 under the theme of “Promoting a Shared Destiny and Path to Prosperity in the Indian Ocean.”
The IORBF, which is convened annually, last took place in Durban, South Africa on 18th June, 2019.
Through this fund, the UAE, the US International Development Finance Corporation, and Israel will mobilise more than $3 billion in private sector-led investment and development initiatives…reports Asian Lite News
The United Arab Emirates, the United States of America, and Israel, have announced the establishment of the Abraham Fund, which fulfils a commitment made in the Abraham Accords.
Through this fund, the UAE, the US International Development Finance Corporation, and Israel will mobilise more than $3 billion in private sector-led investment and development initiatives to promote regional economic cooperation and prosperity in the Middle East and beyond. The partners welcome participation from other countries to advance these objectives.
This initiative is an integral part of the historic peace accord signed by the UAE and Israel with the United States’ support, and demonstrates the benefits of peace by improving the lives of the region’s peoples. It is a manifestation of the new spirit of friendship and cooperation between the three countries, as well their common will to advance the region.
The countries will trilaterally open a development office based in Israel to identify and initiate strategic projects with a high developmental impact, including those that catalyse economic growth, improve standards of living, and create high-value, quality jobs.
The Abraham Fund will bolster regional trade, enable strategic infrastructure projects, and increase energy security through the provision of reliable and affordable access to electricity. The fund also aims to improve agricultural productivity and facilitate reliable and efficient access to clean water in the region.
“The Abraham Fund will tackle challenges facing the region and increase economic opportunity for everyone,” said Adam Boehler, CEO of the US International Development Finance Corporation. “We are excited to take this historic partnership to the next level to promote shared prosperity.”
Tuesday’s developments come a day after the UAE and Bahrain on Monday gave parliamentary approval to their respective normalization agreements with Israel…reports Asian Lite News
Following the September 15 US-brokered normalization deal between Israel and the United Arab Emirates (UAE), the two countries have signed four agreements on Tuesday during the first high-level visit from the Gulf state to Tel Aviv
This will be first time that Israel signs such agreement with an Arab country, The Times of Israel reported.
The treaty was signed during high-level meetings and a ceremony in Tel Aviv attended by Prime Minister Benjamin Netanyahu, US Treasury Secretary Steven Mnuchin and two senior UAE ministers.
This is also the maiden visit of a high-level delegation from the UAE to Israel.
— Benjamin Netanyahu – בנימין נתניהו (@netanyahu) October 20, 2020
Under the new visa exemption agreement, citizens of both the UAE and Israel will be allowed to enter the countries without having to apply for a visa first.
However, it will enter into force only after it is ratified by both countries, a process that will require a vote in the Israeli Parliament or Knesset.
Earlier on Tuesday, Etihad Airways Flight EY9607, the first commercial shuttle from the UAE to Israel, landed at the Ben-Gurion International Airport outside of Tel Aviv.
The flight came a day after the two countries agreed to enable 28 weekly direct flights between their territories.
The flight arrived without passengers but later ferried an Israeli travel and tourism delegation to Abu Dhabi.
Israel currently has normalization agreements with four Arab countries, Egypt, Jordan, Bahrain and the UAE, but so far only the latter has agreed to allow Israelis to visit without a visa.
The US is also yet to sign a visa exemption agreement with Israel.
Tuesday’s developments come a day after the UAE and Bahrain on Monday gave parliamentary approval to their respective normalization agreements with Israel.
