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ADDED unveils a platform to enhance manufacturers’ access to financing

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Sahfy Sahfy
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ADDED unveils a platform to enhance manufacturers’ access to financing
ADDED unveils a platform to enhance manufacturers’ access to financing

The Abu Dhabi Department of Economic Development (ADDED) has launched ‘Business Financing Facilitation Platform’ to enhance manufacturers’ access to financing as part of its initiatives to achieve objectives of the Abu Dhabi Industrial Strategy (ADIS) aiming to strengthen the Emirate’s position as the region’s most competitive industrial hub.

The ‘Business Financing Facilitation Platform’ is a new addition to the Financial Ecosystem Programme, designed by ADDED’s Industrial Development Bureau (IDB) to serve as a gateway for industrial investors, offering streamlined access to a diverse array of financing solutions and products. 

The ‘Business Financing Facilitation Platform’ enhances the efficiency of the financial process, allowing investors to choose tailored services and products from a wide range of financial and banking partners with just a few clicks.

IDB has partnered with multiple public and financial and development institutions including the Abu Dhabi Securities Exchange (ADX), Abu Dhabi IPO Fund (ADIPOF), Khalifa Fund For Enterprise Development, Emirates Development Bank (EDB), and Strategic Development Fund (SDF). In addition, the Financial Ecosystem Programme’s partners include export agencies such as the Etihad Credit Insurance (ECI) and Abu Dhabi Export Office (ADEX) as well as 14 leading banks. 

Eng. Arafat Al Yafei, Executive Director of Industrial Development Bureau (IDB), said: “The ‘Business Financing Facilitation Platform’ provides a unified platform enabling industrial investors to connect with multiple agencies, ensuring a seamless user experience, and enhancing their access to finance. It aligns with the broader objectives of ADDED to develop the industrial sector, which plays a vital role in Abu Dhabi’s next phase of economic diversification”. 

“A key component of ADIS, the ‘Financial Ecosystem Programme’ underscores the Emirate’s commitment to developing the industrial sector and enhancing its competitiveness. We believe facilitating industrial companies’ access to financing, and providing support at every stage of their development, will enable them to benefit from ample, promising opportunities in our business-friendly ecosystem to grow and expand out of Abu Dhabi, the region’s most competitive industrial hub”.

The ‘Business Financing Facilitation Platform’ and its impact on the industrial sector serves as a catalyst for a many positive socioeconomic benefits by fostering industrial growth, creating jobs, promoting innovation and technological advancement, growth of entrepreneurship and small businesses, and contributing to the economic development in Abu Dhabi.

The Programme is part of the initiatives devised by ADDED’s Industrial Development Bureau (IDB) to develop the industrial sector’s value chain through transformational programmes. 

Abu Dhabi is investing AED10 billion in six programmes including Industry 4.0, Circular Economy, Talent Development, Ecosystem Enablement, Homegrown Supply Chain, and Value Chain Development to more than double the contribution to GDP of its manufacturing sector to AED172 billion, create 13,600 skilled jobs and increase the emirate’s non-oil exports to AED 178.8 billion by 2031.

Abu Dhabi-based manufacturers can access the Business Financing Facilitation Platform 

on TAMM, the Abu Dhabi Government Services portal.

https://shorturl.at/cjrWX

Open Letter to the Lebanese Government, represented by President Najib Mikati

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Sahfy Sahfy
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Open Letter to the Lebanese Government, represented by President Najib Mikati
Open Letter to the Lebanese Government, represented by President Najib Mikati

as Al Habtoor Group We address the Lebanese government, represented by Prime Minister Najib Mikati, with this open letter to express our deep concern about our investments and projects in the Lebanese Republic.

Despite the promises, encouragement, and facilitations pledged to us by successive Lebanese governments to protect and support our investments in Lebanon, as Al Habtoor Group in particular, and Gulf investments in general, we, without hesitation, contributed substantial funds and investments to the Lebanese economy, believing in this beloved country and supporting its good people. Unfortunately, we have consistently observed with great concern and regret explicit hints about the potential threat to Gulf investments in Lebanon. This has caused considerable frustration and concern for us and all investors from the Gulf Cooperation Council countries, not to mention the “detention” of our group’s funds and Gulf and foreign investment funds illegally in Lebanese banks. This has been done with the cover of the Lebanese government and the Central Bank of Lebanon. The massive losses we incurred are due to the instability in the political, economic, financial, and social situation that the Lebanese Republic has reached. This is exacerbated by the control of certain militias over the state’s resources, security, and economy. Furthermore, these armed militias have involved the Lebanese state in pointless wars, worsening the economic situation further and leading to the current dire state.

Here, we can only emphasize our position by holding the Lebanese state fully responsible for compensating us for all the massive losses we have suffered to date. We urge the Lebanese authorities to take immediate and necessary measures to ensure the protection of these investments and properties.

Therefore, the Lebanese state must confront the sources of threats and take preventive measures to guarantee the state’s protection of these investments and properties against such risks.

The role of the Lebanese government in protecting our investments in Lebanon and compensating us for these losses is not just a request but a duty. It is not only a moral duty but a legal obligation imposed on the Lebanese government by agreements and international treaties signed with the United Arab Emirates in particular. Therefore, the consideration of this option stems from the investment nature of the Al Habtoor Group, being Emirati in its registration and senior management. Additionally, our companies in Lebanon are registered in Lebanon, have bank accounts there, and are part of the mentioned group both factually and legally.

The reality is that the investment option is protected by a highly important bilateral agreement signed on May 17, 1998, between the United Arab Emirates and the Lebanese Republic. This agreement aims to encourage and mutually protect investments and was ratified by the Lebanese Parliament under Law No. 61 dated March 31, 1999.

The successive Lebanese governments’ need to attract foreign capital led to the attraction of foreign funds and the granting of all economic, political, and legal guarantees to foreign and Arab investors, signing more than 50 agreements in this context. This confirms Lebanon’s adoption of an investment approach based on the “open-door policy,” and its regional commitments are absolute to provide foreign and Emirati investors with complete reassurance about recovering their funds without any restrictions or conditions.

According to this agreement, Lebanon commits to protecting the investments, properties, and funds of all investors holding UAE citizenship, ensuring fair and equitable treatment, the highest priority, free transfer of funds, non-expropriation of ownership, compensation for subsequent damages, and the unconditional right to resort to international and regional settlements.

Therefore, the Lebanese state is urgently required to:

  1. Take all necessary measures to stop and limit the militias that, due to their reckless actions, involve the Lebanese state in futile conflicts that only bring destruction and instability to the Lebanese state, its economy, and its people.
  2. Guarantee and protect these investments and properties and ensure compensation in case of external aggression.
  3. Respect international agreements and treaties, compensate us for all the damages and losses we have suffered to date, and lift the freeze on all our funds held forcibly in Lebanese banks to avoid complicating and escalating the current situation, moving to other legal and political stages.

Asharq Documentary Award at the Red Sea International Film Festival 2023

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Sahfy Sahfy
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Asharq Documentary Award at the Red Sea International Film Festival 2023
Asharq Documentary Award at the Red Sea International Film Festival 2023

 Asharq Documentary, the recently launched Arabic free-to-air factual documentary channel under SRMG, announced the inaugural edition of its ‘Asharq Documentary Award’, during the third Red Sea International Film Festival (Red Sea IFF) award ceremony held at the Ritz Carlton Hotel in Jeddah.

The ‘Asharq Documentary Award’ represents the channel’s dedication to supporting the filmmaking industry and nurturing aspiring talent in the MENA region. The award aligns with the channel’s mission to provide a platform for creators to showcase their stories and productions, especially given its plans to offer in-house produced content to complement licensed and acquired content.

In this first-year edition, the ‘Asharq Documentary Award’ featured eight films, showcasing talented documentary filmmakers from around the world. The entries included three Iraqi films: ‘Hiding Saddam Hussein,’ ‘Iraq’s Invisible Beauty,’ and ‘The Dalkurd Story’; ‘Four Daughters’ from Tunisia; ‘The Mother of All Lies’ from Morocco; ‘Donga’ from Libya; ‘Copa 71’ from the United Kingdom; and ‘In the Shadow of Beirut’ from Ireland.

The winning film ‘Four Daughters’, directed by Tunisian filmmaker Kawthar Ben Haniyeh, explores a story of pain and its impact on a mother and her four daughters in a society suffering from the aftermath of extremism and terrorism. In her film, Ben Haniyeh showcases a modern cinematic style, adeptly merging reality with fiction as she draws inspiration from a true story to create a compelling narrative. 

Mohammed Al Yousei, General Manager of Asharq Documentary said: “We are pleased to present the Asharq Documentary Award for the first time at the third edition of the Red Sea International Film Festival. This award marks the beginning of several initiatives we have planned to recognise and reward filmmaking talent, while supporting the regional film industry. A defining aspect of Asharq Documentary is its dedicated, in-house production capabilities, offering exclusive access to regional documentary films for our audiences.” 

Shivani Pandya Malhotra, Managing Director of the Red Sea International Film Festival said that the launch of the Asharq Documentary Award during the third edition of the Festival is an important addition to the awards, as both organizations share the same objective of empowering the art of storytelling and supporting the filmmaking industry. Commenting on the winning film, Pandya added: “I congratulate the Tunisian director Kawthar Ben Hania on winning this award in its inaugural year, particularly as we celebrate creative women in film directing, acting, and writing in this edition.”

Asharq Documentary aims to become the leading platform, offering a deep dive behind the headlines of hard-hitting topics such as politics, business and economics, and history. It also offers unique insights and in-depth analysis on the latest trends, events, and influential figures shaping the world today. Asharq Documentary is accessible through its dedicated television channel and social media accounts, as well as through live streaming and on-demand services via Asharq NOW.

 

ICD Convenes Experts to Explore Private Sector’s Role in Mitigating Climate and Poverty

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Sahfy Sahfy
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ICD Convenes Experts to Explore Private Sector's Role in Mitigating Climate and Poverty
ICD Convenes Experts to Explore Private Sector's Role in Mitigating Climate and Poverty

The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IsDB Group), hosted a side event titled “Climate, Poverty and Finance: The Role of the Private Sector” during the 2023 United Nations Climate Change Conference (COP28) in Dubai, the United Arab Emirates. The event aimed to explore how the private sector can contribute to addressing issues of climate change, and poverty with a focus on financing.

Moderated by Dr. Mohammed Alyami, Director Development Effectiveness Office at ICD, the event featured prominent speakers, including Dr. Mahmoud Mohieldin, UN Climate Change High-Level Champion for COP27, Dr. Susanna Gable, Deputy Director, Development Policy and Finance at the Gates Foundation, and Dr. Vera Songwe, Co-chair, High Level Expert Panel on Climate Finance, COP28.

The event highlighted the urgent need for private sector involvement in addressing climate change and poverty, as these challenges pose significant threats to global sustainability and development. Private sector participation can bring innovative solutions, financial resources, and expertise to support climate change adaptation and mitigation efforts, while also contributing to poverty reduction and economic growth.

In his keynote address, Dr. Mohieldin emphasized the critical role of the private sector in accelerating climate actions and achieving the Sustainable Development Goals (SDGs). He urged private sector leaders to adopt sustainable business practices and invest in climate-resilient technologies that can simultaneously address climate change and poverty. He also encourages a stronger partnership to mobilize resources locally, MDBs advisory support, and bilateral funding.

Dr. Gable echoed Dr. Mohieldin’s call for private sector action, emphasizing the need for collaboration between public and private actors to scale up investments in sustainable development projects. She highlighted the direct link between climate investing and poverty alleviation and Gates Foundation’s commitment to supporting innovative partnerships that leverage private sector expertise to address climate change and poverty.

Dr. Songwe emphasized the importance of aligning financial flows with climate and poverty reduction goals. She called for a paradigm shift in the financial system, moving towards a focus on sustainable and inclusive investments that can deliver both environmental and social benefits.

The side event served as a valuable platform for exchanging insights and fostering collaboration among key stakeholders in the fields of climate change, poverty reduction, and private sector development. The discussions highlighted the potential of the private sector to play a transformative role in addressing these interconnected challenges and shaping a more sustainable and equitable future for all.

ICIEC Partners BOAD to Boost Sustainable Investment and Prosperity in West Africa

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Sahfy Sahfy
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ICIEC Partners BOAD to Boost Sustainable Investment and Prosperity in West Africa
ICIEC Partners BOAD to Boost Sustainable Investment and Prosperity in West Africa

In a significant move at COP 28, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a leading multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have inked a Memorandum of Understanding (MOU). This collaboration marks a milestone in promoting economic integration and sustainable development in West Africa.
The MOU, signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Serge EKUE, President of BOAD, lays the groundwork for a synergistic partnership facilitating large-scale investments and bolstering economic and social development across common member states of ICIEC and BOAD. The core focus of the partnership is to address key areas such as climate change adaptation and communication projects.
This collaboration has been strengthened by the alignment of BOAD’s mission to advance existing infrastructure and contribute to the economic integration of West Africa with ICIEC’s objective of enlarging trade transactions and investment flows. Both institutions aim to leverage this partnership to encourage direct investments and enhance the economic landscape of their common member states.
Speaking on this momentous occasion, Mr. Oussama Kaissi, CEO of ICIEC, stated, “This MOU with BOAD is a significant stride towards upscaling our shared goal of promoting economic growth and sustainable development in our common membership in West Africa. Our collaboration is set to unlock new avenues for investment and trade, enhancing our capacity to support impactful initiatives. By working together, we are not just aiming for economic growth but also nurturing a resilient and sustainable future for our member states.”
Mr. Serge EKUE, President of BOAD highlighted” “
The focus will be on ICIEC providing insurance and credit enhancement solutions in common member states and supporting BOAD’s financing operations. Additionally, a capacity-building plan related to credit insurance, particularly within ICIEC’s proposed solutions, is a key component of this collaboration.

14 Leading Financial Institutions, Representing Over $450billion, Confirm Setup in Abu Dhabi in One Week

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Sahfy Sahfy
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14 Leading Financial Institutions, Representing Over $450billion, Confirm Setup in Abu Dhabi in One Week
14 Leading Financial Institutions, Representing Over $450billion, Confirm Setup in Abu Dhabi in One Week

Abu Dhabi Global Market (ADGM), the leading international financial centre of the UAE’s Capital, today announced 14 major financial institutions representing a total AUM of USD 452bn have committed to establishing new operations in ADGM. A year into Abu Dhabi’s “Falcon Economy”, these announcements, coinciding with the second edition of Abu Dhabi Finance Week (ADFW), reaffirm the emirate’s rapidly increasing appeal to global finance and ADGM’s strategic role and contributions towards the significant growth of the “capital of capital” and its emergence as a global financial powerhouse.

In a resounding signal of confidence in the financial centre’s pivotal role across the global and regional financial landscapes, the world’s largest bank, JP Morgan, reiterated its commitment to the capital in an upgraded licence, to operate its payment and banking business. 

Jamie Dimon, Chairman and Chief Executive Officer, JP Morgan, said: “The determination of the emirate that is forging ahead with its reform agendas is extremely impressive, be it their economic, financial, and social agendas. These are not easy changes but there is clear progress on all fronts towards the goal to create a safe and secure society and a dynamic Falcon Economy. We have continued to add to the team this year and have submitted an application to upgrade our operating licence to a full category one banking entity, signalling our intent and commitment to the size of the opportunity here.”

This is in addition to the world’s largest independent financial services group, Rothschild & Co, who have expanded their strong two-decade presence across the Emirates via a newly granted ADGM licence as part of the firm’s broader expansion strategy and commitment to the region, and the World Bank renewing their long-term presence in the financial centre.

Saeed Al Awar, Partner and Head of Middle East, Rothschild & Co, said: “We are delighted to have received our licensing approvals from ADGM. This is an expansion of our existing presence in the UAE where we have been operating for nearly two decades which reaffirms our commitment to our clients in Abu Dhabi and the UAE and is part of our broader expansion strategy and commitment to the region.”

The attractiveness of ADGM as a holistic financial hub, which stands as the sole jurisdiction in the region to adopt the direct application of English common law, has resulted in renowned global firms establishing themselves in the nation’s capital, including BNY Mellon venture Alpheya, GQG Partners, Joy Capital, Apeiron Group Investments, The Children’s Investment Fund (TCI), Copper, Vibrant Capital, Centricus, and Eiffel Investment. The UAE’s capital international financial centre also recorded six further announcements made by emerging growth firms, bringing the total to 23. 

Commenting on the “Falcon Economy’s” impressive flight, Ray Dalio, Founder, Co-Chairman and Co-Chief Investment Officer, Bridgewater Associates said: “We’re talking today about how the world order is changing, and how Abu Dhabi and the whole GCC region are becoming a renaissance state.”

Echoing his fellow fund manager’s sentiment, Alan Howard, Co-founder, Brevan Howard Asset Management, said: “Abu Dhabi’s robust regulation, rule of law and favourable taxation, represent a lure for financial firms moving to the capital of the United Arab Emirates. Out of this place, you can see the Bank of Japan at the beginning of the day and at the end of the day, you can see the Fed. As soon as you get more top hedge funds coming here, that can lead to the banks having to send their best people.” 

Commenting on Abu Dhabi and ADGM’s positive developments, H.E. Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council & Chairman of the Abu Dhabi Department of Economic Development (ADDED) and ADGM, said: “What we are witnessing in Abu Dhabi today, with major global players choosing the capital city to base their business operations is proof of a unique global opportunity being seized by future thinking institutions. We warmly welcome their presence and support in the growth and diversification of the ‘Falcon Economy’. This is the most successful week in ADGM’s history.” 

The market announcements were released during the second edition of Abu Dhabi Finance Week (ADFW) held under the theme “Investing in the Transition Era”, this edition of ADFW welcomed over 17,000 attendees from over 100 countries.

The flurry of positive announcements surrounding ADFW amplifies ADGM’s effective role as a major contributor to the economic diversification plans of Abu Dhabi.

ADDED unveils ‘SME Finance Facilitator’ to boost growth

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Sahfy Sahfy
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ADDED unveils ‘SME Finance Facilitator’ to boost growth
ADDED unveils ‘SME Finance Facilitator’ to boost growth

 The Abu Dhabi Department of Economic Development (ADDED) has launched the ‘SME Finance Facilitator’ programme, in partnership with  the Emirates Classification Society “Tasneef” and support of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and leading banks, to improve SMEs access to financial services and enable them to grow further and play a greater role in the sustainable development.

The new initiative is part of ADDED’s ongoing efforts to enhance the business ecosystem for ADDED unveils ‘SME Finance Facilitator’ to boost growth as a key driver of a vibrant, diversified, and sustainable economy. It is a result of research, analysis, and active engagements with SMEs, financial institutions, and other stakeholders to address challenges facing SMEs.

The ‘SME Finance Facilitator’ programme is designed to improve access to financial services by facilitating the process for opening bank accounts and accessing credit facilities to support working capital needs and long-term growth.

The programme will assign financial facilitators to assist in understanding financial health checks, preparing financial and non-financial requirements, and fostering trust between SMEs and financial institutions, leading to a transparent communication and collaborative credit assessment. Working closely with participating banks, the assigned financial facilitator will also support qualified Abu Dhabi-based SMEs with preferential rates and fees for banking services and products.

SMEs is one of the vital sectors in Abu Dhabi’s economy; it accounts for 98% of businesses, employs 46% of the workforce, and contributes 42.8 % to Abu Dhabi’s non-oil GDP.

Mrs. Mouza Obaid Al Nasri, Executive Director of SMEs Sector at ADDED, said: “We are forging ahead with our efforts to empower SMEs and enhance their role in the next phase of our diversification strategy by contributing to non-oil GDP, creating new job opportunities in the knowledge-based economy, and increasing exports. To equip SMEs with a conducive business ecosystem to grow and expand, we have conducted thorough research, analysis, and conversations with key stakeholders to identify improvement areas”. 

“The ‘SME Finance Facilitator’ programme is a valuable addition to our initiatives as access to finance is a major challenge facing SMEs to grow and enhance their role in Abu Dhabi’s economy. We believe the programme will provide a suitable solution to meet the financing needs of this vital sector, unleash its growth, and bring about extended ripple effects across various economic sectors”.

Mr. Khalfan Al Saadi, General Manager at Tasneef Business Assurance said: “The SME Finance Facilitator programme holds a pivotal role in evaluating, preserving, and overseeing the quality of services offered by Finance Facilitator service providers. Tasneef’s involvement in this programme is a testament to its unwavering commitment to upholding the highest standards of business ethics and regulatory compliance”.

“Tasneef, operating as a provider of Business Assurance services within the SME Finance Facilitator Service, recognises the indispensable role of SMEs in propelling economic growth. We stress the significance of expertise, quality, transparency, and punctual service delivery as fundamental pillars for the prosperity of this programme”.

As part of ADDED’s efforts to improve the SME business ecosystem, it has rolled out various initiatives including the recently launched ‘Abu Dhabi SME Champions programme’ to enable SMEs identify and increase their share of procurement opportunities from private large companies and government related entities (GREs).

Abu Dhabi-based SMEs interested to join the programme can access it via Abu Dhabi SME Hub

(https://togetherwecan.adsmehub.ae/iluvldbi?L=Full+Page)

Fortune Global Forum kicks off Tomorrow in Abu Dhabi

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Sahfy Sahfy
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Fortune Global Forum kicks off Tomorrow in Abu Dhabi
Fortune Global Forum kicks off Tomorrow in Abu Dhabi

The Fortune Global Forum will bring the CEOs and leaders of the world’s largest multinational companies, policy makers, and investors together in Abu Dhabi between 27 to 29 November 2023, to discuss major challenges faced by the global economy and develop tomorrow’s business strategies.

The forum will bring together a distinguished assembly of global decision-makers and business leaders to explore the future of business in today’s dynamic global landscape. The line-up of speakers include H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade; H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications; H.E. Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED); Natarajan Chandrasekaran, Chairman of Tata Sons; Ray Dalio, Founder, CIO Mentor, and Member of  Operating Board of Bridgewater Associates; Jenny Johnson, President and CEO of Franklin Templeton; Peter Orszag, Chief Executive Officer of Lazard; Paul Hudson, CEO of Sanofi, Laura Cha; Chairman of  Hong Kong Exchanges and Clearing; Raj Subramaniam, CEO of FedEx; Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), and Denis Machuel, Chief Executive Officer of Adecco Group.

H.E. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “Hosting the Fortune Global Forum for the first time in MENA is part of our efforts to encourage cooperation among key players and contribute positively to the international business development, building synergies, and ensure a brighter future for all”. 

“We are looking forward to welcoming decision makers, economists, CEOs and thought leaders to engage in constructive conversations on most pressing topics at the global stage and identify mutually beneficial opportunities, with sustainability and human development at its core. As the catalyst for Abu Dhabi’s economic growth and diversification, we are forging ahead with efforts to build on our strong fundamentals and continue to flourish as the most competitive destination for industry, trade, and finance by further enhancing our business-friendly ecosystem to support businesses to grow and expand out of Abu Dhabi”.

Organised by the Abu Dhabi Department of Economic Development (ADDED), the Fortune Global Forum 2023 will centre around the theme “New Era of Business” featuring conversations on major geopolitical, economic, and technological developments.

The world-class event, being held for the first time in the Middle East and North Africa (MENA) region, will address core themes influencing global business today, including market and trade dynamics, geopolitical tides, emerging technologies, talent shortages and workplace shifts, climate risk, and consumer trends.

Abu Dhabi’s growing role as a business, economic and cultural hub make it an ideal location for the 2023 Fortune Global Forum.  Being organised few days before the United Nations Climate Change Conference (COP28) to be hosted by the UAE, the Fortune Global Forum provides a suitable platform for business leaders and CEOs of largest companies to elaborate on their global footprints.

Diaa Rashwan: Truce in Gaza

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Sahfy Sahfy
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Diaa Rashwan: Truce in Gaza
Diaa Rashwan: Truce in Gaza

Diaa Rashwan, chairman of the State Information Service (SIS), confirmed that the Egyptian communications and consultations are continuing with all parties regarding the truce agreed in Gaza Strip.

Rashwan explained that what is currently being consulted on, are the detailed executive procedures required to be implemented and adhered to by the two sides of the armistice agreement.

SIS chairman confirmed that it is expected, according to the path of these Egyptian contacts and consultations, that the truce, with all its conditions, will enter into force starting from tomorrow, Friday.

 

UAE’s Comprehensive Economic Partnership Agreements to double non-oil foreign trade to AED4 trillion by 2031

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Sahfy Sahfy
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UAE’s Comprehensive Economic Partnership Agreements to double non-oil foreign trade to AED4 trillion by 2031
UAE’s Comprehensive Economic Partnership Agreements to double non-oil foreign trade to AED4 trillion by 2031

The Ministry of Economy (MoE), in partnership with the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Abu Dhabi Department of Economic Development (ADDED), has hosted a workshop to increase the Abu Dhabi business community’s awareness about importance of the Comprehensive Economic Partnership Agreement (CEPA) programme – which is securing deeper trade relationships with major economies around the world and cementing the UAE’s status as a global trade and logistics hub.

The workshop, held today at Park Hyatt, Saadiyat Island, is part of ongoing efforts to promote opportunities for the business community in the emirate and provide platforms for insightful and interactive conversations. Today’s workshop highlighted the key benefits of the UAE’s CEPAs, which include the elimination or reduction of customs duties, the removal of technical barriers to trade and improved market access for merchandise and services exporters. The session also highlighted the opportunities provided to Abu-Dhabi-based businesses to enhance economic cooperation and explore joint ventures in these important markets. 

ADDED’s workshop, which was attended by more than 250 representatives of key businesses in Abu Dhabi, was addressed by H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, H.E. Ahmed Jasim Al Zaabi, Chairman of ADDED, H.E. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, H.E. Dr. Ali Saeed bin Harmal Al Dhaheri, First Vice Chairman of the Abu Dhabi Chamber, H.E. Alia Al Mazrouei, CEO of Khalifa Fund for Enterprise Development, and H.E. Raja Al Mazrouei, CEO of Etihad Credit Insurance (ECI).

To date, the UAE has signed CEPAs with seven nations and is in advanced negotiations with 12 more. The programme was a major component of the “Projects of the 50”, which was launched in September 2021 to strengthen the UAE’s position as a global trade, business and investment hub. The CEPAs have also been designed to support greater foreign direct investment (FDI) flows as UAE aims to attract $150 billion in foreign investment by 2031 and rank among the top 10 countries globally in term of attracting FDI. In 2022, the UAE attracted $23 billion in FDI, ranking 16th globally.

The agreements will also support the UAE’s ambition to double non-oil foreign trade by 2031, rising from the AED2.2 trillion recorded in 2022 to beyond AED4 trillion. The CEPAs inked so far will pave the way to increase the UAE non-oil bilateral trade volumes with theses trade partners to more than $170 billion (AED625.6 billion) in the coming five years, up 46% from $116.1 billion (AED427 billion) in 2022.

His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “The United Arab Emirates’ Comprehensive Economic Partnership Agreement program has opened up a world of opportunities for our exporters, investors, and entrepreneurs by securing stronger, deeper trade ties with a number of dynamic, high-growth economies – including India, Türkiye, South Korea, and Indonesia. By lowering tariffs, removing barriers to trade, supporting SMEs and accelerating investment into priority sectors, we are driving a new era of global exchange, with the UAE at its center. Today’s event is an important step in ensuring our private sector is fully equipped with the knowledge and information to fully leverage these partnerships and help us meet our long-term economic objectives. I look forward to the impact these conversations will have on our non-oil foreign trade – and, by extension, our national growth.”

H.E. Ahmed Jasim Al Zaabi, Chairman of ADDED, said “Trade has always been a key driver of socio-economic development. Our strategic location and business-friendly mindset, approaches, and policies have positioned us as a global trade, business, and investment hub.

“We have set bold goals for expanding our non-oil trade and boosting key sectors. To this end, we are forging ahead with efforts to facilitate trade and ensure ease of doing business. Coupled with our world-class infrastructure, connectivity, trade platforms, policies, and solutions, CEPAs provide businesses with ample, promising opportunities to grow and expand out of Abu Dhabi.”

For his part, His Excellency Dr. Ali Saeed bin Harmal Al Dhaheri, First Vice Chairman of the Abu Dhabi Chamber, underscored in a speech he delivered during the workshop the pivotal role of the comprehensive economic partnership agreements (SEPAs) in fortifying the UAE economy and securing its position on the world economic map.

“CEPAs have ushered in a new era of growth and sustainable development by unlocking untapped potentials for investors and entrepreneurs, enabling them to access international markets by reducing or eliminating tariffs and streamlining customs procedures,” he said, expressing the Chamber’s commitment to empowering businesses in Abu Dhabi, facilitating their utilisation of CEPA benefits, and supporting their expansion globally while exploring new investment opportunities across various economic sectors, thereby contributing significantly to the economic diversification process in Abu Dhabi.

Abu Dhabi’s trade facilitation solutions, including the Advanced Trade and Logistics Platform (ATLP), have simplified procedures, reduced time, and cost, supporting increased trade volumes.

In 2022, Abu Dhabi non-oil exports grew by 26%, while the average annual growth rate of Emirate’s non-oil exports between 2016 and 2022 was 6% across all sectors.              Abu Dhabi aims to increase its non-oil exports by 143% over the next decade.

The workshop highlighted CEPAs main targeted areas, including goods, services, rules of origin/preferential certificate of origin, and safeguard measures. By eliminating or reducing tariffs and customs duties with key trading partners, CEPAs make it easier and cost-effective for businesses to export goods and services abroad. This increased access to foreign markets will attract investment, create jobs, and spur the growth of our economy. 

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