Emirates

GCC investors purchase 1% of EU’s issued bonds for Europe’s recovery: official

By Lina Ibrahim

ABU DHABI, 13th January, 2022 (WAM) — The European Commission hopes to attract more GCC investors and financial institutions to fund its €800 billion NextGenerationEU programme, than the current one percent, said Johannes Hahn, EU Commissioner for Budget and Administration.

NextGenerationEU is a temporary recovery instrument to help Europe repair the immediate economic and social damage brought about by the COVID-19 pandemic. Its focus is to direct investments mainly into green transition and digitalisation from now till the end of 2026.

Since June 2021, the European Commission has rolled out five issuances and raised around €71 billion in long-term EU-Bonds, and short-term EU-Bills.

"I have to admit that the engagement of the [GCC] region is still below our expectations. So far, the share on all these issuances [from GCC investors and financial institutions] is around one percent. There is much more potential as we are sharing same interests," Hahn, who was on a business trip to the UAE, told the Emirates News Agency (WAM).

The EU Commissioner explained that a potential lack of knowledge about the European Union and how it works, and its tasks and legislations could be the reason behind the slow response. However, "sharing the same assessment and views" when it comes to climate change and the need for green transition can be a driving force behind attracting more investors from the Gulf region.

"Talking to colleagues and partners at least for the time being here in the UAE, there is a huge interest in green bonds and green transition," Hahn explained.

"I think GCC countries go hand in hand with the EU to lead by example, to invest in green transition," he emphasised, adding that this can be a very profitable business with at least 2 million jobs expected to be created across Europe by 2026 because of the programme.

"It is about the future of sustainable investments and here in the Gulf region, they have similar approach and understanding. That’s why we should join forces."

On 12th October 2021, the European Commission issued its first-ever NextGenerationEU green bond, raising a total of €12 billion that will be used to fund green and sustainable investments across the EU members.

"The money we raised was by far the biggest amount of green bonds being raised in one issuance globally," Hahn said, adding that the Commission intends to raise at least €250 billion in green bonds out of the total €800 billion by the end of 2026.

He also highlighted the UAE’s key role in green transition as the host of COP28 in 2023.

"It’s not by chance that the UAE will host COP28 in 2023. For this, we have also discussed a closer cooperation. We have agreed about all the climate targets, but now we should focus on how to achieve these targets," the EU Commissioner said.

"That is only possible if we are all [the global actors] invest in green transition."

One of the EU’s targets is to make Europe the first climate-neutral continent by 2050. Meanwhile, the UAE’s response to climate change is to decarbonise its economy and achieve net-zero emissions by 2050.

According to Hahn, the NextGenerationEU’s €800 billion package, combined with the EU’s Multiannual Financial Framework (2021-2027) of €1.2 trillion, will see investments of at least 30 percent in green projects and 20 percent in digitalisation.

When asked about the impact of Brexit on EU’s finances, Hahn said that it has had a "significant" impact as the UK was the second largest economy and a net contributor to the budget.

"It is really a significant loss, and it is certainly damaging our general performance," he said, anticipating, however, that things should improve and both sides should return to good neighbouring relations soon.

Meanwhile, the US Federal Reserve has announced that it might raise interest rates this year to address inflation. When asked if this policy can affect Europe’s funding programme, the EU Commissioner ruled out that "at least in the short or medium terms".

"We have to see how things evolve. But in general, I think it will not have a big impact, at least in the short and medium term, for instance, on our bond issuing programme and the attractiveness of them," he said.

WAM/Ibrahim Shukralla

Emirates

Hamriyah and Deira ports record AED 12.133b in customs declaration value for first nine months of 2023

Dubai Customs plays a crucial role as the frontline defense for community security, consistently advancing its customs centers to safeguard and facilitate maritime trade. H.E. Ahmed Mahboob Musabih, Director General of Dubai Customs, CEO of
Ports, Customs and Free Zone Corporation, recently visited Creek Customs Center, Deira Port, and Hamriyah Port Customs Center to evaluate progress and oversee ongoing efforts for continuous customs service development. During this visit, several executive directors, department heads, and customs center managers were present.

Ahmed Mahboob Musabih, accompanied by Rashid Al Dhabah Al Suwaidi, Acting Director of Seae Customs Centers Management, conducted inspections at Khor Customs Center, Deira Port, and Hamriyah Port Customs Center. Managers Abdulaziz Ibrahim Al Salman and Majid Salem Al Tawilah provided insights into workflow progress and accomplishments. Over the first nine months of this year, 62,454 customs declarations were processed, totaling AED 12.133 billion, with 19 seizures recorded during the same period. A visit to Hamriyah Port Customs Center showcased an advanced container X-ray inspection device, supporting increased inspection operations.

Subsequently, visits to Khor Customs Center and Deira Port highlighted achievements, including a notable seizure called the “Wheelhouse,” which successfully prevented an attempt to smuggle 243 kilograms of narcotics into the country. Commending customs employees, Ahmed Mahboob Musabih emphasized the pivotal role of maritime customs centers in ensuring community security and facilitating trade. The department collaborates for efficient goods clearance and acknowledges employee efforts
during the COVID-19 pandemic, contributing to the department’s support for global efforts to revive maritime navigation and international trade.

Musabih clarified that the department’s advanced capabilities in monitoring and inspection enable it to keep pace with the UAE’s rapid foreign trade growth. Supporting Dubai’s economic agenda D33, the department aims to double foreign trade and enhance economic partnerships with key global markets. Efforts to boost customs inspector efficiency continue through training courses, ensuring their ability to thwart smuggling attempts. Continuous development of X-ray scanning
devices and the K9 customs dog unit further enhances contraband control achievements. Rasheed Al-Dabah explained that the forthcoming period will witness the advancement of new initiatives and mechanisms in the realm of inspection and examination. These initiatives are grounded in a forward-looking perspective to introduce cutting-edge technologies utilized in examining maritime transport vessels, wooden ships, and ships engaged in fish trade.

He remarked, “Our endeavors are harmonized to enhance performance in sea customs centers, concurrently focusing on bolstering monitoring, tracking, and technical support activities to yield optimal outcomes through continuous and productive collaboration among all specialized teams within the department. The Customs centers in Deira, Al Khor, and
Hamriyah Port Customs Center shoulder their vital responsibilities in safeguarding society and facilitating maritime trade through Dubai Creek and Hamriyah Port, supporting the ongoing growth of the national economy.”

Emirates

Dubai Customs Hosts Sharjah Housing Delegation to Strengthen Government Communication Ties

Dubai Customs, represented by the Corporate Communication Department, warmly welcomed a delegation from the Sharjah Housing Department. The purpose of the visit was to familiarize the delegation with the duties and responsibilities of the
Corporate Communication Department and its affiliated divisions. The delegation also aimed to explore the awards received by the department, notably the recognition as the Best Government Communication Team in the Sharjah Government Communication Award for 2023.

Khalil Saqer bin Gharib, Director of Corporate Communication Department, along with department managers, extended a cordial reception to the Sharjah Housing delegation, which included Dr. Ahmed Rashid Al Nuaimi, Director of Government Communication, Nada Sivan, Head of the Public Relations and Events Department, and Hamad Saleh Al Hamadi, Head of
the New Media Department. Bin Gharib highlighted the department’s commitment to strengthening communication with government entities to exchange practical experiences and knowledge. The delegation was briefed on Dubai Customs exceptional performance in customs operations and other facets.

The meeting delved into discussions on potential avenues for collaboration, with the Sharjah Housing delegation. Emphasis was placed on the crucial role played by Dubai Customs’ Corporate Communication Department, customs administrations, and centers in ensuring security and safeguarding society. The delegation was presented with an overview of the department’s working mechanisms, awareness campaigns, events, and activities conducted internally and externally, aligning with Dubai Customs esteemed reputation.

Furthermore, the Sharjah Housing delegation acquired an understanding of the best media practices adopted by the Corporate Communication Department, showcasing its outstanding performance in enhancing knowledge and media dissemination to all partners. This has resulted in the department establishing and fortifying relationships with local and international media
entities. The presentation also encompassed the factors contributing to the department’s receipt of the award for the Best Government Communication Team in the Sharjah Government Communication Award.

Dr. Ahmed Rashid Al Nuaimi, Director of Government Communication at Sharjah Housing, expressed appreciation for the efforts of Dubai Customs Corporate Communication Department, acknowledging its excellence and significant contribution to enhancing the department’s standing. Dr. Al Nuaimi affirmed Sharjah Housing’s commitment to fostering ongoing visits and meetings with Dubai Customs, aiming to achieve the highest level of coordination and benefit from the Corporate Communication Departmen’s experience in securing numerous local and international awards.

Emirates

Zayed Sustainability Prize opens submissions for 2025 cycle

The Zayed Sustainability Prize, the UAE’s pioneering global sustainability and humanitarian award, has officially announced that the 2025 cycle is now open for submissions. Submissions will be accepted until 23 June 2024 through the Prize’s online portal. Small to medium enterprises (SMEs), nonprofit organisations (NPOs) and high schools with sustainable solutions are invited to submit an entry for consideration in one of the six categories of Heath, Food, Energy, Water, Climate Action and Global High Schools. Commenting on the launch of the 2025 submissions cycle, H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Director General of the Zayed Sustainability Prize, and COP28 President, said: “Since 2008, the
Zayed Sustainability Prize has honoured the legacy of Sheikh Zayed by fostering inclusive sustainable and humanitarian development around the world. In this decisive decade for climate change, these values are more important than ever. I am optimistic that the Prize will contribute to global climate action in line with the UAE Consensus, which will pave the
way toward an effective response to the Global Stocktake decision.” In response to the pressing climate crisis, and to further support the UAE’s efforts to accelerate practical solutions needed to drive climate action and uplift vulnerable communities around the world, the Prize has increased its funds from US $3.6 million to US $5.9 million. The Prize will reward US $1 million to each winner in the organisational categories of Health, Food, Energy, Water and Climate Action. Within the Global High Schools category, which is split into six world regions, each school can claim up to US $150,000 to start or further expand their project. The six world regions of the Global High Schools category are The Americas, Europe and Central Asia, Middle East and North Africa, Sub- Saharan Africa, South Asia, and East Asia and Pacific. The most recent Zayed Sustainability Prize winners were recognised at an Awards Ceremony held during COP28 UAE. To encourage a broader range of organisations and high schools to participate, the Prize will be accepting submissions in multiple languages, including Arabic, Chinese, English, French, Russian, Spanish, and Portuguese. This will ensure that innovative solutions from diverse linguistic and cultural backgrounds can be recognised. For the Health, Food, Energy, Water and Climate Action categories, organisations should prove that they are improving access to essential products or services in their targeted communities and are able to implement a long-term vision for better living and working conditions. For the Global High Schools category, projects should be led by students, and must demonstrate innovative approaches to address sustainability challenges. The evaluation of each submission to the Prize consists of a rigorous, three-stage process. First, due diligence is conducted on all submissions to ensure that they meet the Prize’s evaluation criteria of Impact, Innovation, and Inspiration. This identifies the qualified entries and results in the selection of eligible candidates. Following this, evaluations are undertaken by a Selection Committee consisting of category-specific panels of independent international experts. From this shortlist of candidates, the finalists are chosen and then sent to the Prize Jury who unanimously elect the winners across all six categories. Winners of the Zayed Sustainability Prize will be announced at an Awards Ceremony during the 2025 Abu Dhabi Sustainability Week (ADSW).