Connect with us

Emirates

UAE participates in International Export Forum ‘Made in Russia’

Published

on

ABU DHABI, 13th December, 2021 (WAM) — The UAE participated in the international export forum "Made in Russia", which is being held in the Russian capital Moscow, through a delegation led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

The forum witnessed the participation of Russian and foreign ministers and officials, investors and business leaders.

Dr. Al Zeyoudi stressed the UAE and Russia have profound and deep-rooted ties that constitute an outstanding example of international relations, noting Russia is a key economic partner of the UAE.

The economic cooperation between the two countries have advanced in size and diversity in recent years in many vital sectors, such as renewable energy, space, modern technology and the Fourth Industrial Revolution, and through the launch of several successful joint investment projects by companies from both countries in the areas of real estate, industry, food security, infrastructure, petrochemicals, ports and aviation, he added.

The UAE is continuing to work with its partners in Russia to enhance their economic cooperation, in line with the "Projects of the 50", Dr. Al Zeyoudi noted.

Al Zeyoudi then showcased the recent key developments related to the UAE’s economy, including modernising its economic legislation, allowing full foreign ownership of local companies, maintaining openness and flexibility in trade and investment policies, and launching the Projects of the 50, which is a proactive roadmap for its future economy.

Russia is a priority market for the UAE in the field of trade and exports, in addition to nine other key markets in Asia, Europe and Oceania, he further added, noting the country’s new economic environment offers pioneering incentives for companies to increase their presence in the UAE's market and forge fruitful partnerships in sustainable sectors.

The development of the UAE’s business environment has made it an attractive one for international companies, Dr. Al Zeyoudi affirmed. He noted that the UAE was ranked second globally as one of the most secure countries, and for its advanced technological infrastructure, which enabled it to be ranked first globally on the list of best e-infrastructures in the Global Competitiveness 2020 Index.

Al Zeyoudi briefed the forum’s participants about the UAE’s efforts in the gold sector, most notably the issuance of the UAE Good Delivery Standard for refineries, which references the quality and technical specifications of country’s refineries and gold production facilities.

He then called on the forum’s participants to capitalise on the UAE’s economic developments and leading exports capacities and explore potential partnership opportunities.

The country’s delegation included Dr. Mohammed Al Jaber, UAE Ambassador to Russia; Rashid Abdul Karim Al Balooshi, Under-Secretary of the Department of Economic Development – Abu Dhabi; Saed Al Awadi, CEO of Dubai Industries and Exports; Mohammed Obaid bin Majid Al Alili, Director-General of the Department of Industry and Economy in Fujairah; and Mohammed bin Salmin Al Arian, Member of the Board of Directors of the Ajman Chamber of Commerce and Industry.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Emirates

Mohamed bin Zayed receives King Hamad of Bahrain, discusses UAE-Bahrain relations

Published

on

ABU DHABI, 25th January, 2022 (WAM) — His Majesty King Hamad bin Isa Al Khalifa of Bahrain arrived in the UAE today on a visit to the country.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received King Hamad upon his arrival at the Presidential Terminal at Abu Dhabi International Airport.

During the meeting held at Qasr Al Bahr, Sheikh Mohamed and King Hamad exchanged cordial talks that embody the depth of the deep-rooted brotherly relations between the UAE and the Kingdom of Bahrain, and ways to enhance them to drive sustainable development in their countries and achieve the aspirations of their peoples and serve their mutual interests.

His Highness Sheikh Mohamed also conveyed to King Hamad the greetings of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and his sincere wishes for health and happiness, and wellbeing and prosperity to the kingdom and its brotherly people.

They also exchanged views on several Gulf, regional and international issues of mutual concern, and discussed the latest developments with regard to the terrorist attack that targeted civil areas and facilities in the UAE and the measures taken by the UAE in response to this cowardly attack, which violates all international laws and norms and human values.

His Majesty King Hamad expressed the Kingdom of Bahrain’s condemnation and denunciation of the terrorist attack carried out by the Houthi militia, stressing the Kingdom’s support for the UAE against all threats to its sovereignty, security and stability.

He also reiterated the Kingdom's solidarity with the UAE and its full support of all measures taken by the UAE to counter the Houthi militia's attacks and ensure the safety of its citizens and residents, adding that any attack on the UAE is considered an attack on Bahrain.

Furthermore, King Hamad underscored the support shown by many countries for the UAE in light of the terrorist attack, which evidences the UAE's stature in the international community. He commended the UAE's successful efforts, which contributed to the issuance of the United Nations Security Council’s unanimous decision condemning the Houthi militia's terrorist attack and affirming the UAE’s legal right to defend its sovereignty, security, stability and interests.

King Hamad also expressed his wished continued peace and security for the UAE, and extended his best wishes to President His Highness Sheikh Khalifa bin Zayed Al Nahyan His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, wishing further prosperity and progress to the UAE and its people.

The meeting was attended by H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, H.H. Sheikh Tahnoun bin Mohammed Al Nahyan, Abu Dhabi Ruler’s Representative in Al Ain Region, H.H. Sheikh Nahyan bin Zayed Al Nahyan, Chairman of the Board of Trustees of the Zayed Charitable and Humanitarian Foundation; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Sheikh Sultan bin Hamdan bin Zayed Al Nahyan, UAE Ambassador to Bahrain.

Continue Reading

Emirates

Mohamed bin Zayed meets with President of Iraq’s Kurdistan Region

Published

on

ABU DHABI, 25th January, 2022 (WAM) — His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has met with Masrour Barzani, Prime Minister of the Iraqi Kurdistan Regional Government.

During the meeting held at Qasr Al Bahr, Sheikh Mohamed and Barzani discussed the cooperation and relations between the UAE and Iraq, particularly the Kurdistan Region, across various economic, investment, development and humanitarian fields.

They also exchanged views on developments in the Middle East and efforts to achieve peace, stability and prosperity for its peoples towards a better future founded on cooperation and coexistence.

Barzani expressed his condemnation of the terrorist attack carried out by the Houthi militia on civil areas and facilities in the UAE, and said that it is a serious violation of international laws and norms and a grave threat to regional security.

He also emphasised the importance of aligning international stances to put a stop to this militia and any other terrorist groups and their supporters.

Continue Reading

Emirates

Dubai Mercantile Exchange gained oil producer confidence, consolidated its position as region’s most reliable source of oil pricing: Maktoum bin Mohammed

Published

on

DUBAI, 25th January, 2022 (WAM) — H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, affirmed that the Dubai government provided all support needed for the growth of the financial markets operating in the Emirate through developing legislatives framework and infrastructure to allow exchanges to consolidate their presence regionally and globally.

Sheikh Maktoum added that Dubai Mercantile Exchange (DME) was able to gain the confidence of major oil producers and consolidate its position as the most reliable source of oil pricing in the region.

During the meeting, Sheikh Maktoum praised the achievements of DME during the last stage, marking that the successful exchange strategy contributed in the growth of trading volume and enhanced its ability to benefit from the steady growth of crude oil trading in the Middle East and Asia regions.

H.H. Sheikh Maktoum reviewed with the DME board of directors the latest regional and global developments in the sector, especially during the rapid changes experienced by the energy market, and the great growth opportunities that it holds.

Also, Sheikh Maktoum reviewed the qualitative achievements of DME during the last period, as the number of companies using the exchange platform for physical delivery reached 60 companies, and the number of barrels of oil delivered through the DME mechanism reached 2.5 billion barrels. An equivalent of 17 billion barrels was traded, while the number of barrels of oil that are priced according to the Oman Crude Oil Futures Contract on a daily basis is 5.2 million barrels.

DME lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for about 170 million barrels of crude oil per month since 2018, after it was limited to pricing about 30 million barrels per month.

The meeting was attended by Ahmad Sharaf, Chairman and Dubai Holding independent rep.; Nasser Al Jashmi, Secretary-General of Oman's Ministry of Finance; Abdullah Al Harthy, Under-Secretary of Oman's Ministry of Finance, Derek Sammann, Senior Managing Director and Global Head of Commodities, Options and International Markets, CME Group, and Raid Al Salami, DME Managing Director.

DME Oman is pricing more than 170 million barrels of crude oil per month since 2018 compared to around 30 million barrel per month prior to Saudi, Kuwait and Bahrain switch. The contract is regarded as the most reliable crude oil futures price benchmark, due to the quality of Oman Blend, which represents the majority of the GCC crude oil grades.

DME is the first operator of international energy futures and commodities exchange in the Middle East. The company focuses on bringing fair and transparent price discovery and efficient risk management regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a recognised body by the Dubai Financial Services Authority (DFSA) thus, addresses the growing market need for price discovery of sour crude oil.

DME is a joint venture between Dubai Holding, Oman Investment Authority and CME Group. In addition to its core shareholders, global financial institutions and energy trading firms such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Shell, and Vitol have taken equity stakes in DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.

DME is located within the Dubai International Financial Centre (DIFC), a financial free zone designed to promote financial services within the UAE. DME is regulated by the Dubai Financial Services Authority and all trades executed on DME are cleared through and guaranteed by CME Clearing. CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a Recognised Body by the DFSA.

Continue Reading

Trending