News

UAE, Mexico hold discussions on strengthening economic cooperation

Source:WAM

Sultan bin Saeed Al Mansoori, UAE Minister of Economy, discussed ways to further develop economic cooperation frameworks with Mexico during a number of bilateral meetings held with Mexican ministers and other government officials, in connection with the UAE delegation’s participation in the “Mexico-UAE Business and Trade Forum” hosted by Mexico.

The UAE delegation to Mexico and Colombia, led by Al Mansoori, consisted of federal and local government officials and select business owners and representatives from the UAE’s private sector.

The visit was attended by Ahmed Hatem Al Menhali, UAE Ambassador to Mexico, and Francisca Elizabeth, Mexican Ambassador to the UAE, while the UAE delegation included Abdullah Bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, and Mohammed Nasser Hamdan Al Zaabi, Director of the Trade Promotion Department at the Ministry of Economy.

During Al Mansoori’s meeting with Miguel Torruco Marqués, Mexican Minister for Tourism, both sides discussed ways to boost tourism exchange between the UAE and Mexico by encouraging tourists.

Al Mansoori emphasised that tourism development is a major focus area for the UAE, in view of the sector’s potential to drive economic diversification efforts in order to achieve sustainable development.

Marqués welcomed the UAE delegation and pointed out that the ongoing construction of a new airport in Mexico City, set to be completed within two years will enable the UAE’s airlines to strengthen the network to Mexico and the Caribbean.

During his meeting with Ernesto Fernandez, Deputy Minister of Economy of Mexico, on behalf of the Minister of Economy, Al Mansoori discussed the development of joint action plans in the fields of agriculture, food security, renewable energy, industry, innovation, technology, and logistics.

Al Mansoori also held discussions on the importance of cooperation efforts between the two countries in priority sectors such as food security, innovation, renewable energy, SMEs, logistical services, and air transport with Alfonso Romo, Chairman of the Economic Development Council.

Al Mansoori met with Marcelo Luis Ebrard Casaubón, Mexican Minister of Foreign Affairs, to discuss the importance of enhancing coordination to familiarise stakeholders from government agencies and the private sector on both sides with prospects for cooperation, exchange of experiences, promotion of business opportunities and promising projects.

“The UAE government remains keen to develop and diversify aspects of cooperation with our partners in Mexico at the government level and also by encouraging Emirati investments and business activities in Mexican markets and the whole of Latin America,” he added.

Fernandez said in his speech that the UAE has become a model for progress, diversification of economic resources and accelerated development in the areas of investment and trade exchanges in the Middle East region.

Al Menhali expressed his optimism over the growth of bilateral relations and economic and trade ties between the UAE and Mexico spanning a wide range of vital sectors in the next phase.

During the forum, the UAE and Mexico discussed enhancing investment opportunities, the establishment of joint projects, boosting tourism exchanges, development of partnerships and the exchange of experiences in the field of SMEs and finding channels to connect business leaders from both countries.

The forum, which was attended by nearly 250 officials, investors and businessmen from both countries successfully hosted an array of B2B meetings between the representatives of Emirati companies and their Mexican counterparts.

Furthermore, it featured a set of presentations by the UAE and Mexico on the most prominent sectors of cooperation and partnership opportunities during the next stage. From the UAE’s side, Jamal Al Jarwan, Secretary-General of the UAE International Investors Council; Abdullah Al Maeeni, Director-General of Emirates Authority for Standardisation and Metrology; Ahmed Al Mutawa, Chief Executive Officer of Abu Dhabi Terminals; Mohammad Juma Al Musharrakh, Chief Executive Officer of the Sharjah FDI Office; Ahmad Hamza, Executive Director free zone, DMCC; and Astrid Shadid, Regional Director, Latin America and the Caribbean Affairs of Annual Investment Meeting, delivered presentations.

The UAE delegation included representatives of governmental, semi-governmental and private sector entities, most notably the Federation of Chambers of Commerce and Industry, Dubai FDI, Mubadala, and Emirates Global Aluminium, in addition to representatives of businesses in the food industry, general trade, consulting and services.

15% of global projects in the UAE free zones

Source: Emirates Today

The “FDI Intelligence” magazine confirmed that the free zones in the UAE are still the most attractive destination for foreign direct investment, as it accounts for 15% of all global investment projects.

“As in previous years, Chinese free zones were the second most attractive,” said the magazine of the British Financial Times.

She added: “Foreign investment in free economic zones around the world remained stable in 2019, as these regions received 351 foreign investment projects in the past year, which represents about 23.5 billion dollars.”

Free economic zones have unique economic regulations – such as tax incentives and simplified customs procedures – that differ from most other parts of the country in which they are located.

The Ministry of Finance launches the activities of the first day of its program for the month of Emirates Innovation

Source: Al-Watan newspaper

The Ministry of Finance launched the activities of the first day of its program for the month of Emirates Innovation 2020 under the slogan “Finance innovates 2020”, which will be held over two days at the Union Museum in the Emirate of Dubai.

His Excellency Younis Haji Al-Khoury indicated during the event that the United Arab Emirates has, over the past ten years, become, thanks to the insightful vision of its rational leadership, that foresees and manufactures the future, a pioneer in change at the world level, and a global center to attract and nurture talents, talents and creative minds, to build a generation of innovators Able to meet future challenges and simulate economies that depend on knowledge and innovation, stressing that the Expo 2020, which the country hosts within a few months, will be another testament to the firm desire of the UAE in the pursuit of creativity and innovation.

His Excellency said: “The Ministry of Finance is keen to continue working and launch many initiatives aimed at advancing innovation and creativity in all fields, to achieve the vision of the UAE government that directed the intensification of efforts and reviewing government policies, with the aim of creating a stimulating environment for innovation that brings the UAE to the first centers globally and makes it Among the world’s most innovative governments by 2021. The Ministry has therefore adopted an approach and made it an integral part of every practice, process, and service, and has endeavored to provide a stimulating and stimulating environment for innovation by launching initiatives, strategies, and programs that would Establishing and spreading the culture of innovation in the UAE.

The first day witnessed a keynote speech delivered by Mr. Jeff Hoffman, an award-winning entrepreneur, and CEO and an expert in the field of innovation and accelerated growth in entrepreneurship, who won the “Qarami Award”, and was distinguished by presentations on the elements of the Global Innovation Index (GII) and the performance of the United Arab Emirates Besides organizing a set of interactive workshops.

During the event, the Hackathon Challenge was announced, in which a group of entrepreneurs and members of the Mohammed bin Rashid Innovation Fund participated.

The high value of the dirham against the currencies of the top 10 import and export partners

Source: Emirates Today

The exchange rate of the dirham increased against the currencies of the top 10 import partners of the UAE from non-dollar-linked countries, by 0.1% on a quarterly basis, and by 0.34% on an annual basis at the end of 2019

The dirham exchange rate increased during the last quarter of 2019 against the currencies of the 10 most important export partners of non-dollar and non-oil-exporting countries, with a rise of 0.18% on a quarterly basis and 0.08% on an annual basis

The quarterly review report issued by the Central Bank, yesterday, showed that the bilateral exchange rates indicate a rise in dirhams on a quarterly basis against the currencies of the top 10 import partners from non-dollar countries, with the exception of the British pound, the Vietnamese dong, and the Korean won. These countries are, respectively, China, India, Japan, Germany, United Kingdom, Vietnam, Italy, France, Switzerland, and South Korea

The export partners are countries: India, Turkey, Kuwait, Iraq, Switzerland, China, Egypt, the Netherlands, Singapore, and Germany.

Promoting trade exchange between the UAE and Saudi Arabia

source: Al-Bayan

The Union Export Credit Company, a credit protection company, affiliated with the Federal Government in the Emirates, has entered into an agreement with the Saudi Fund for Development in the field of financing and securing credit for non-oil exports to the two countries, within the framework of the UAE and Saudi Arabia’s keenness to strengthen economic ties between them and enhance trade, diversify and create opportunities for companies operating in both countries.

This cooperation represents a vital step in strengthening trade relations between the two countries, and, accordingly, expanding the businesses of local companies in both countries, and creating more commercial opportunities for those companies working in the field of export and trade. This partnership agreement was concluded in the presence of senior officials from both sides.

Emphasizing that this cooperation between Etihad Export Credit Company and the Saudi Fund for Development will benefit Saudi exporters and companies based in the UAE, Massimo Valcyone, CEO of Etihad Export Credit Company, said: “The Etihad Export Credit Partnership is with the Saudi Fund For development, it serves as an affirmation of the strong ties that bind the UAE and Saudi Arabia.

And since both countries have declared 2020 as “a year of achievements” in strengthening their ties, they will work together, making their economy one of the best in the world. The Union Export Credit Company is confident that this cooperation will benefit companies based in the UAE, as it will have access to the latest in-depth information about the market, in addition to innovative commercial credit solutions, provided by the company to contribute to the growth and diversification of these businesses. Companies.

Dr. Khaled bin Sulaiman Al-Khudairi, Vice Chairman of the Board, Managing Director of the Saudi Fund for Development said: “We are pleased to cooperate with the Union Export Credit Company. Since the launch of the Saudi Fund for Development in the 1970s, the fund has successfully funded programs in various economic sectors, including education, health, transportation, agriculture, energy, and water.

Among the main objectives of the fund are participating in financing projects in developing countries, through granting development loans, technical assistance necessary to finance studies and institutional support, as well as financing and ensuring national non-oil exports in those countries. We believe that our partnership with the Union Credit Export Company will benefit the small and medium companies, which will be able to overcome the financial challenges that may prevent the growth of their business.

Under the partnership agreement, the Union for Export Credit will work closely with the Saudi Fund for Development in the areas of insurance and reinsurance, commercial information, exchange or credit opinions, cooperation in technical training programs, marketing activity, SME programs, and many other areas.

It is noteworthy that the strong ties between the UAE and Saudi Arabia are very evident in the development plans that the two countries have put in place in the long term, represented in the UAE vision 2021 and the Kingdom’s vision 2030, which aim to accelerate non-oil economic diversification and boost economic growth and investment in the region.

According to the non-oil foreign trade relations report issued by the Ministry of Economy in the UAE, the volume of UAE trade in the field of export and re-export to Saudi Arabia reached 79.6 billion dirhams in 2018, compared to 53.9 billion dirhams in 2017. The report also stated that the volume of trade between the Emirates And Saudi Arabia increased by 32% in 2018.

Preventing the import of tobacco and electric rolls without stamps on first of March

Source: Al-Bayan Newspaper

The Federal Tax Authority intensified its preparations to implement the decision to prohibit the import of all types of hookah tobacco and cigarette coils that are electrically heated and not defined by “digital tax stamps” from the beginning of next March, within the framework of the application of the second stage of the “distinctive signs on tobacco and its products” system, which aims to protect consumers from commercial fraud and poor quality products, as well as to combat tax evasion. In this regard, the commission clarified yesterday that within its plan to educate those concerned with the application of “distinctive signs on tobacco and its products”, the fourth awareness meeting was held to familiarize the tobacco producers, importers, and distributors of tobacco products and products with the mechanisms and goals of the system.

This came during the meeting, which was opened by Khaled Ali Al Bustani, Director-General of the Federal Tax Authority, with the participation of a large number of stakeholders in this sector in the local markets and free zones.

UNION FORTRESS 7

Stay tuned for the military parade at Union Fort 7 in the Corniche area in Umm Al Quwain Emirate tomorrow
The recreational village is open for families and children from ten in the morning until ten in the evening
The military parade begins at four o’clock in the afternoon

UAE participates in the meeting of senior officials of the ministers of economy in preparing the economic file for the Arab-African Summit

Source: Emirates News Agency

The United Arab Emirates participates in the work of the extraordinary session of the Arab Economic and Social Council, which began today at the headquarters of the General Secretariat of the League of Arab States at the level of senior officials of ministries of economy in the Arab countries in the presence of Ambassador Kamal Hassan Ali, Assistant Secretary-General of the Arab League and head of the economic affairs sector, to discuss the draft file Economic raised for the second joint meeting of Arab and African Ministers of Economy, Trade, and Finance for the Arab-African Summit at its fifth session, scheduled in the Kingdom of Saudi Arabia this year

The state will be represented at the meeting by His Excellency Mohamed Saleh Shalouah, Adviser to the Minister of Economy

Ambassador Kamal Hassan Ali stressed the importance of the two-day meeting to prepare the economic file for the summit, stressing the importance and depth of Arab-African relations that are characterized by many commonalities in all economic, social and political fields, as well as the volume of trade exchange and significant cooperation between the two sides, especially since there are ten African Arab countries

Ambassador Kamal Hassan said – in the speech of the General Secretariat of the Arab League during the opening session of the meeting – that the African continent is a large and promising market for commercial exchange, as the Arab region is rich in its resources, and therefore cooperation between the two regions will have fruitful and positive results on both sides, stressing the importance of good preparation for the summit until it comes out Worthy of the Arab world, the Kingdom of Saudi Arabia, and the Arab League

Ambassador Kamal Hassan pointed out that the economic file submitted to the second joint meeting of Arab and African ministers of economy, trade, and finance includes many important issues, indicating that the meeting will prepare a document in cooperation with the African Union to raise an agreed formula between the Arab League and the African Union for the second joint meeting of economic ministers Arab and African trade and finance for the summit

The draft file includes seven items that address the joint activities report of the Secretary-General of the League of Arab States and the Chairperson of the African Union Commission on follow-up to the implementation of the decisions of the Arab-African Summit at its fourth session held in Malabo 2016 regarding economic aspects, and the results of the implementation of the initiatives of the Emir of the State of Kuwait on soft loans and investment in Africa And Dr. Abdul Rahman Al-Sumait Award for Development Research in Africa

The file also deals with a draft preferential agreement between Arab and African countries, the Arab-African Bridges Program, and the results of the Arab-African Economic Forum

The draft file also includes coordination of financing joint Arab-African projects and ongoing preparations for the Arab-African Trade Fair

UAE is the best regionally in doing business 2020

Source: Al-Bayan Newspaper

UAE topped the countries of the Middle East and Africa as the most attractive destination for investors, and the best in doing business in 2020, ranking 12th globally, according to the report of the world’s best countries for investment and doing business 2020
the country excelled according to the report prepared by  magazine “Magazine CEOWORLD”
In old countries, including the Netherlands, Finland, Germany, Sweden, and Denmark, high stocks were recorded in the sub-institutional framework indicators (94.21 degrees), market potential (92.33 degrees), education and research (93.56 degrees), and market openness (90.4 degrees), which are almost close to degrees A number of the first ten countries, including France, Malaysia, and the United States, while its total score (79,447)

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