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UAE emphasizes role as trade hub, sees ties with West unbroken after BRICS invite


Joining the BRICS bloc of emerging economies by the United Arab Emirates won’t come to the detriment of its ties with western nations, a top UAE official said, amid concern that China and Russia are expanding the group to counterbalance US and European influence.

The UAE is looking to its membership as an opportunity to devel-op trade and plans to commit more capital to the New Development Bank, the lender created by BRICS that the Gulf state joined two years ago, Economy Minister Abdulla bin Touq Al Marri said in a Bloomberg Television interview.

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“We are actually going to push more and will “indeed inject capital into the bank,” the minister said on Monday, without specifying an amount.

The UAE was among six countries to receive invitations last week to join China, Russia, India, Brazil and South Africa in the group, its first expansion since 2010.

The UAE, one of the few countries to manage over $1 trillion in sovereign wealth capital, represents a potentially deep-pocketed contributor for the NDB, the BRICS bank set up to lend to devel-opment projects in emerging markets.

OPEC’s third-biggest producer can give more financial muscle to the BRICS lender formed as a counterweight to the International Monetary Fund and the World Bank.

The Shanghai-base NDB has authorized capital of $100 billion, according to its website. Since the bank’s establishment, it’s approved projects for a cumulative of almost $32 billion.
The Gulf Arab region’s second-biggest economy is continuing to develop trade with the West while boosting commerce with lesser-developed countries of the Global South, according to Al Marri.

The UAE pegs its currency to the dollar and hosts US forces at its air base.

“There is huge work that we’re going to do, and we are going to focus on the West as well,” Al Marri said. “We want peace and prosperity and with that comes the economy and comes trade.”

Over the past couple of years, the Gulf country has clinched trade deals with countries including Indonesia, Turkey, and Israel, and agreed with India to use local currencies for cross-border transactions. China and India were the UAE’s biggest trade partners in 2022, followed by Japan and the US.

“Going to the Global South, that’s the most important aspect where we are focusing on at the moment, and that will grow,” Al Marri said. “While we double down on trade, that will be what we focus on.”

While the UAE has explored conducting commerce in currencies other than the greenback, the minister said his country is making “a differentiation between the reserve currencies and between the trade currencies and continues to do a lot of business in dollars.”

The focus is on “what makes it easier for trade hubs, what makes it easier to trade globally,” he said.

The inclusion of the UAE, alongside Saudi Arabia, in the BRICS alliance brings several of the largest energy producers with the developing world’s biggest consumers.

With most of the world’s energy trade taking place in dollars, the expansion could also enhance the bloc’s ability to push more trade to alternative currencies.

The BRICS membership is “huge to the UAE,” Al Marri said. “Joining BRICS will add a lot to the UAE multilateral support to the world. We are focusing on our global trade, the UAE has always been a global hub.”

Read more:

Brazil’s Lula says BRICS group not meant to challenge G7, US

BRICS to admit six new members including Saudi Arabia, UAE next year
Saudi Arabia appreciates BRICS’ invitation, will take ‘appropriate decision’: FM

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Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

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At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

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US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

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