by admin | May 25, 2021 | Muslim World
Abu Dhabi : The UAE on Tuesday approved an economic package worth over $13 billion aimed at accelerating economic growth in Abu Dhabi over the next three years, WAM reported.
In addition to the approval, Crown Prince Sheikh Mohammed bin Zayed launched 10 new economic initiatives to create 10,000 new jobs for nationals over the next five years. This is aimed at improving businesses in the capital, as well as accelerating work experience for citizens, residents, and investors.
“I have approved a 3-year 50 billion dirham economic stimulus package to support Abu Dhabi’s economic development,” Sheikh Mohammed said on Twitter late Tuesday.
He said he has asked the emirate’s executive council to draw up a working plan for allocations within three months.
The plan will also boost competitiveness within Abu Dhabi’s private sector, and will be made of a set of initiatives that covers projects in infrastructure, industrial, social, and legislative sectors.
Two weeks ago, the UAE announced new incentives to lure foreign investors that included a 100 percent ownership of companies and a 10-year visa for professionals and investors.
—AG/UNA-OIC
by admin | May 25, 2021 | Muslim World
Abu Dhabi : The United Arab Emirates (UAE) has donated AED 258 million ($70 million) to support the Palestinian people on the directives of President Sheikh Khalifa bin Zayed Al Nahyan.
The two-part aid — the first valued at AED 74 million ($20 million) — will be allocated to the Islamic Waqf Support Programme in Jerusalem to preserve the Arab-Islamic identity of the city.
The second, valued at AE 184 million ($50 million) will be dedicated to the UN Relief and Works Agency for Palestine Refugees to support the educational sector in Gaza.
The assistance followed the Jerusalem summit in Dhahran, which represented the unified Arab stance in support of the Palestinian people.
Over the last five years (2012-2017) the UAE has given AED 6.17 billion ($1.68 billion) in assistance towards the cause.
—IANS
by admin | May 25, 2021 | Muslim World
Abu Dhabi : The UAE has announced financial support of $200 million to be split equally between the Lebanese armed and the security forces to contribute to the stability and welfare of the country.
The UAE Ministry of Foreign Affairs and International Cooperation on Friday reiterated the country’s keenness to ensure security and stability of Lebanon, which emanates from the strong bonds among the Arab countries and from the UAE’s responsibility to maintaining regional and international security and peace.
“It is a priority for the UAE to see strong and tenacious military and security institutions in Lebanon at these critical times as this will help in reinforcing its stability and in enabling it to play its key role in the region,” it said.
—IANS
by admin | May 25, 2021 | Muslim World
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Washington : The national security advisors of the US, Saudi Arabia and the United Arab Emirates (UAE) met at the White House on Friday to discuss joint efforts to counter the “Iranian regime’s malign influence and provocative behavior.”
The White House said in a statement that security officials of the three nations talked about issues of strategic importance to the three countries.
Senior officials from the US Departments of State, Defense, the Treasury and the intelligence community participated in the meeting, Xinhua reported.
The leaders agreed to meet trilaterally on a regular basis to develop and implement joint frameworks to mitigate threats to regional security and to bring greater peace, stability and prosperity to the Middle East.
“Additionally, the National Security Advisor of Afghanistan joined a session focused on discussing ways the US, Saudi Arabia and the UAE can partner with Afghanistan to support the Afghan government and set conditions for an enduring peace settlement,” said the White House.
Also on Friday, the US sanctioned an Iranian entity and 10 individuals over “malicious cyber-enabled activities,” saying the hackers worked at the behest of the Iranian Revolutionary Guard Corps.
Iranian Foreign Ministry said on Saturday that the US measures were “illegal and provocative,” proving the US inherent hostility against Tehran.
It also condemned Saudi Arabia’s allegations that Iran “is the source of terror and extremism,” saying that Saudi Arabia itself was the “essential source and cause of terrorism and extremism.
—IANS
by admin | May 25, 2021 | Finance, Islamic Finance, Muslim World, News
Dubai : The Dubai Financial Market General Index (DFMGI) closed at 3,115.16 on Sunday, the lowest point since the end of February, 2016.
Shares of Dubai’s bellwether Emaar Properties, the developer of the world’s tallest building Burj Khalifa, dived by 2.72 per cent, while regional logistics giant Aramex lost 3.70 per cent.
Selling pressure piled up on the Dubai trading floor as Friday and Saturday marked the Islamic weekend and the market remained closed, Xinhua reported.
Experts of the United Arab Emirates (UAE) argued that the decline was due to the fear of a global trade war triggered by US President Donald Trump’s recent tariff campaigns on steel and aluminium imports as well as against China.
Despite warnings from business groups and trade experts, US President Donald Trump signed a memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China and restrict Chinese investments in the US This fuelled fears that the world’s two largest economies could be sliding towards a trade war.
Trump kept his protectionist campaign promises by imposing tariffs on aluminium and steel earlier and now on intellectual property products on the pretext of “unfair practices,” which may trigger a trade war, said Nasser Saidi, former chief economist of the Dubai International Financial Center.
This poses “a clear risk that the Trump trade war will disrupt the global trade engine and derail the ongoing global economic recovery,” he said.
Despite the fall, shares of Emaar Malls, the developer of the world’s biggest shopping centre in relation to Dubai Mall, bucked the downtrend, gaining 0.47 per cent.
Despite a slowdown in the growth of the retail industry, there have been signs in Dubai and the regional retail sector that shopping is picking up, partly because of the increase in online retailing, said Elie Otaki, CEO of Global Retail Alliance in the Middle East and North Africa region.
—IANS
