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UAE announces ‘Stronger United’ commitments for 2022-2023 United Nations Security Council tenure on first working day

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NEW YORK, 5th January, 2022 (WAM) — The United Arab Emirates announced its "Stronger United" commitments for its term on the United Nations Security Council from 2022 to 2023. The commitments, which include securing peace, advancing inclusion, building resilience, and spurring innovation, will guide the UAE’s engagement with the Security Council and UN member states throughout its term.

"The UAE’s conduct on the UN Security Council will reflect who we are as a country and a people – tolerant, inclusive, and bound by the belief that we are stronger united," said Lana Nusseibeh, Permanent Representative of the UAE to the UN. "Diplomacy is about dialogue, seeking out diverse views, and charting a path towards consensus. We will seek a convergence of views and a unified Council voice so that its decisions are met with the broadest possible support. We look forward to working with our colleagues on the Council – and the wider UN membership – to build bridges, strengthen multilateralism, and deliver on the Council’s mandate."

As an elected member of the Security Council, the UAE is committed to identifying areas of convergence among members to better deliver on the Council’s mandate. The UAE will also serve not only as an Arab voice on the Council, but also as a voice for the wider membership of the UN. That commitment includes enhanced cooperation with regional organisations such as the League of Arab States and the African Union.

The UAE has also promised to champion cross-cutting issues on the Security Council, including women, peace and security; climate change; and the use of technology to promote peace. The UAE will also address a range of other issues on the Council, including counterterrorism and COVID-19 response and recovery.

During its two-year term, the UAE will serve as president of the Security Council twice, in March 2022 and June 2023. The Security Council president, which rotates each month, sets the Council’s agenda and chairs the Council’s standing committees.

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Emirates

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

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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.

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Mansour bin Zayed chairs Mubadala Investment Company board meeting

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ABU DHABI, 25th January, 2022 (WAM) — H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Vice Chairman of the Board of Directors of the Mubadala Investment Company, chaired the meeting of the Executive Committee of the company’s board, at Qasr Al Watan in Abu Dhabi.

The committee approved the company's work plan and the annual budget for 2022.

The committee also reviewed the work of the board’s sub-committees during the past year and discussed several topics on the agenda and took appropriate decisions in this regard.

The meeting was attended by Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs; Abdulhamid M. Saeed; and Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority (EAA) and Managing Director of the company.

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UAEU faculty member wins Ibn Battuta Prize for travel literature

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AL AIN, 25th January, 2022 (WAM) — Today, Zaki Nusseibeh, Cultural Adviser to the UAE President and UAEU Chancellor, met with faculty member Dr. Naeema Al Hosni to congratulate her on winning the 20th Ibn Battuta Prize for Travel Literature (Translated Journey).

Dr. Naeema, Assistant Professor of Cartography in the UAEU’s Department of Geography and Urban Sustainability, was granted the award for her translation into Arabic of the text, ‘Maps and Journeys: Traveling in Africa 1795 – 1797’ originally written by the Scottish geographer and explorer Mungo Park in the early 19th Century.

The organiser of the award, the Arab Centre for Geographical Literature, will publish the book in a new edition in co-operation with the Al Mutawassit Publishing House in Milan.

During the meeting Chancellor Nusseibeh expressed his best wishes to Dr. Naeema for taking advantage of the universities rich research environment to work on her translation.

He said, "The UAEU takes care to identify the support and infrastructure needed by faculty to produce research work of international calibre and competitive standing. We are honoured that Dr. Naeema has achieved high standards and widespread recognition for her research work, including this current prize. It is exceptional that she combines her research work with dedicated and prolific service to students and the community".

An established cartography scholar, Dr. Naeema is an expert in the science or practice of drawing maps. Dr. Naeema completed her MA and PhD at the University of Kansas, USA and joined the UAEU shortly afterwards. Since then, she has carved out a prominent and important role within the university, across scholarship, teaching, service and senior administrative positions in her department, within the College, and at the University level.

Dr. Naeema’s research has produced high-caliber publications, and she has been much in demand to make presentations to national, regional, and international conferences. She has won many grants and prominent accolades and has been honoured by the UAEU Provost for her research outcomes.

As a teacher, she is well known for her student-centred, interactive pedagogy and her use of inquiry-based methods. Describing her role in the classroom as being ‘a facilitator and guide in a challenging adventure designed to foster collaboration, discourse and discovery’, Dr. Naeema has played a pivotal part in curriculum development at UAEU.

She received the 2017 UAEU Award for Excellence in Teaching and the Khalifa Award for distinction in teaching.

Her record of community service includes partnerships with local universities and the Ministry of Education, the Ministry of Youth and Culture, the Ministry of Tourism, the Ministry of Presidential Affairs, and the Ministry of the Interior. She has launched many initiatives aimed at strengthening connections between UAEU's faculty and students and the UAE community through dialogue, outreach, and knowledge exchange. In 2021, she won the UAEU Award for Excellence in Service.

The Ibn Battuta Prize for Travel Literature is granted by the Arabic Centre for Geographic Literature "Irtiyad al-Afaq" and is bestowed to the best publications of travel writing and criticism, both in their original and in translation. The Arabic Centre for Geographic Literature publishes well-known classic and modern geography and travel literature, including texts authored by Arab Writers and by foreign travellers to the Arab world. The Centre recently began to compile a database of written voyages and has a new focus on publishing geographic journeys and studies dedicated to the United Arab Emirates.

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