Business

UAE continues to mobilise support for its re-election Category-B membership in IMO Council

DUBAI, 30th November, 2021 (WAM) — The UAE continues its efforts to mobilise support of the International Maritime Organisation (IMO) member states for its re-election to the IMO Council Category-B membership.

The elections will be held in December 2021 in London, UK. The UAE seeks to highlight its pioneering role and unremitting efforts in strengthening the national maritime sector and supporting the maritime and logistics industry worldwide.

The UAE also underlines its pivotal role in developing strategies, policies and agreements that enhance safety standards and protect the marine environment.

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, emphasised that the UAE is one of the key maritime countries regionally and globally. Aside from having the support of many world countries, he explained, all maritime organisations and bodies commend the UAE’s role in facilitating maritime trade worldwide, especially during the COVID-19 pandemic.

Al Mazrouei added, "Through its membership in the IMO Council Category-B, the UAE has played an active role and succeeded in developing the maritime industry. This was achieved by formulating strategies and policies, setting standards regulating the work of the maritime sector, and strengthening maritime legislation and regulations to serve the shipping sector and international trade. The UAE has also introduced fundamental amendments to many decisions that have development and improved the work system to keep pace with global developments and mobilise efforts for the safety, security and protection of the marine environment worldwide. We hope to continue this role, in close cooperation with the other member states, to advance the global maritime sector and the shipping industry, as well as enhance maritime safety and security and protect the marine environment worldwide."

Hessa Al Malek, Advisor to the Minister for Maritime Transport Affairs, UAE Ministry of Energy and Infrastructure, said, "The UAE actively participates in all IMO activities, main technical committees, sub-committees, and related working groups. The UAE hosted several regional workshops to assist IMO to deliver capabilities in implementing international maritime regulations and standards. We exert all efforts to rally support for the UAE’s re-election to the IMO Council Category-B to continue its role in serving the maritime sector and enhance women’s participation in the maritime sector. The UAE contributed to drafting several IMO resolutions for women empowerment, gender equality and enhancing women’s participation in the maritime sector. It also took part in preparing a proposal to add a reference to women empowerment in IMO’s strategic direction. This was unanimously approved by the Council. Additionally, the IMO Council decided to establish the International Day for Women in Maritime, to be observed on 18th May every year."

Mohammed Khamis Al Kaabi, UAE Permanent Representative at the IMO, said that the UAE is highly commended by IMO member states for its key role in supporting global trade. The country was ranked 3rd worldwide in transport services trade and fifth as a key competitive maritime hub.

Al Kaabi added, "The UAE is intensifying its efforts to mobilise support for its re-election to the IMO Council Category-B for the third time in a row. We continue to meet with representatives of IMO member states to highlight the UAE’s achievements in the maritime sector and its efforts since its election to the IMO Council for the time in 2017. We also talk about the UAE’s contributions to support the reforms undertaken by IMO ad well as its seaborne trade and transhipment efforts to cater to about two billion people in China, India, the GCC States to Eurasia and all the way to Eastern Europe."

In 2017, the UAE was elected to the International Maritime Organisation (IMO) Council under category B and was re-elected in 2019. The UAE is seeking re-election for the third consecutive time.

Election will take place from 6th to 15th December, 2021 in London. The UAE aims to continue its active role in strengthening maritime legislation and regulations to serve the shipping sector and international trade.

Business

Iraq boosts gold reserves by two percent in single day in gradual buildup

Iraq’s central bank boosted its gold reserves by about 2 percent in a single day last week as part of what it calls a gradual plan to stock up on the precious metal that’s seen as a traditional haven in times of economic distress.

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Iraq bought 2.5 tons of bullion on Thursday to bring its reserves to 132.73 tons, Mazin Sabah, director general of the central bank’s investments department, said in an interview in Baghdad. The strategy is to acquire more gold in the second half of the year, Sabah said.

“Our current plan is to buy small quantities over multiple times, not a big quantity in one go, Sabah said.

Central banks around the world are expanding their holdings of bullion amid escalating geopolitical and economic risks. Iraq, OPEC’s second-biggest oil producer, resumed gold purchases in 2022 after a four-year hiatus, under a program to diversify its roughly $100 billion in foreign assets.

Iraq’s central bank bought 34 tons of gold last June, a one-time increase of 35 percent in its holdings. It stores bullion with the Bank of England and the Bank of France.

Sabah said the central bank’s approach is to add to its gold reserves whenever the precious metal’s price reaches a level that matches the investment department’s guidelines.

Gold, which was within touching distance of a record earlier this month, had its third consecutive weekly loss as signs of resilience in the US economy increased the likelihood that the Federal Reserve will keep raising interest rates. The metal is more appealing to investors for returns when rates are low.

Gold demand from central banks fell to 228.4 tons in the first quarter, down 40 percent from the preceding three months, according to a report from the World Gold Council. While that’s still strong, it’s the second straight quarter of decline, a sign the institutions’ historic bullion binge may be coming to an end.

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Ambani-backed EV maker is said to weigh raising $85 mln

Altigreen Propulsion Labs Pvt Ltd. is considering raising about 7 billion rupees ($85 million) in a new funding round as the Indian electric cargo vehicle maker looks to ramp up its production and invest in new models, according to people familiar with the matter.

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The company, which counts billionaire Mukesh Ambani among its backers, is seeking a valuation of around $350 million in the new round, said one of the people, who asked not to be identified as the information is private. Some of its existing investors could tag along and sell their shares, the people said.

Deliberations are at an early stage and details of the fundraising could still change, the people said. Altigreen Chief Executive Officer Amitabh Saran confirmed to Bloomberg News that the company is in the midst of fundraising and targets to wrap it up by July.

Founded in 2013, Altigreen designs and manufactures electric cargo three-wheelers and has an annual production capacity of 55,000 vehicles, according to its website.

The firm raised around 3 billion rupees in a series A round last year that was led by Sixth Sense Ventures. Ambani’s Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated.

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Binance taps Teng to run all regional markets in swift ascension

Binance tapped Richard Teng to head all its regional markets outside of the US, a swift and steady ascension for the executive that joined the world’s biggest crypto exchange just under two years ago.

Teng’s new position, effective Monday, is an expansion of his previous role leading Asia, Europe, Middle East and North Africa, according to a company spokesperson. He joined the firm in August 2021 as Chief Executive Officer of Singapore, and rapidly climbed the ranks amid a tumultuous time in the digital assets sector.

Teng’s expanded responsibilities comes at a time when Binance is under fire from US authorities over compliance issues. Outside of the US, there have been a flurry of developments.

It is launching a new platform for Japan residents after buying a local crypto firm, and its joint venture in Thailand recently secured licenses for a digital exchange. In Australia meanwhile, the permit for its derivatives business has been canceled pending a review of its local operations.

“Richard’s international experience and regulatory background as well as global relationships will be an asset to Binance as it seeks to navigate the complexities of the global regulatory landscape, said Chia Hock Lai, board chairman of the Blockchain Association Singapore.

Teng’s additional responsibilities, which he shared on LinkedIn on Monday, comes just over a month after he took charge of Asia on top of leading Europe, the Middle East and North Africa.

Before joining Binance, Teng held other senior positions in the traditional financial sector. These include being CEO of Abu Dhabi Global Market, chief regulatory officer at the Singapore Exchange Ltd. and director of corporate finance at the Monetary Authority of Singapore, according to his LinkedIn profile.

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