Saboor Ash's Blog

  Ukraine and the United Arab Emirates have reached a significant milestone by finalizing negotiations on a Comprehensive Economic Partnership Agreement. This agreement marks a historic moment in bilateral relations, as it encompasses various facets of trade, economic cooperation, and investment between the two nations. The agreement extends beyond mere access to the UAE market, offering Ukrainian businesses opportunities to tap into the global market through the Emirates' status as a trade, economic, and financial hub. With the Emirates boasting top-tier trade logistics, this partnership opens doors for enhanced connectivity and trade facilitation, benefiting both economies. Furthermore, unlike traditional Free Trade Agreements (FTAs), this agreement is comprehensive, covering not only goods and services but also investments, digital trade, and other aspects. Such a broad scope reflects a commitment to fostering deep and multifaceted economic ties that go beyond conventional trade...

  Jordan central bank aggressively raises key interest rates by 50 bps in an attempt to rein in surging inflation. The Central Bank of Jordan took aggressive action to combat rising price pressures by raising its key interest rates for the third time already this year. At an unscheduled monetary policy committee meeting, the bank decided to increase its lending rate by 0.5 percentage points to 4.25%, while also hiking its savings rate for banks by 0.5 points to 3.25%. This follows two previous rate hikes already in 2022, underscoring the urgent challenge of taming inflation that hit a new record high of 9.8% year-over-year in May according to official statistics. Central bank officials acknowledged inflationary threats to the economy from high global commodity prices and supply chain issues stemming from the Russia-Ukraine conflict. If inflation becomes entrenched, it poses risks to broader macroeconomic stability and Jordan's ability to spur sustainable growth. By making credit mo...

In a major step towards establishing the UAE as a leading Open Finance hub in the Middle East region, the Central Bank of the United Arab Emirates (CBUAE) has signed a strategic partnership deal through its Al Etihad Payments subsidiary to rollout open banking and open data initiatives nationwide. Al Etihad Payments has tapped Core42, the financial services division of Abu Dhabi-based AI company G42, to serve as the primary technology provider and consultant for the country's new Open Finance project.  Operating as part of the CBUAE's multi-year Financial Infrastructure Transformation program, the collaboration aims to develop common standards and protocols to allow secure and consent-based sharing of customer financial information between banks, fintechs, merchants and other authorized third-parties. Core42 will build and integrate the necessary open API infrastructure, while also advising on regulatory guidelines and industry best practices. UK open banking specialists Ozone ...

  President His Highness Sheikh Mohamed bin Zayed Al Nahyan's commitment to global species conservation receives a significant boost with an additional pledge of $40 million to the MBZ Fund. This generous contribution will amplify grassroots conservation efforts worldwide, bolstering the Fund's endowment to over $70 million by 2028. The decision reflects the President's deep-rooted passion for environmental stewardship and underscores the UAE's steadfast dedication to preserving biodiversity. Razan Al Mubarak, Managing Director of the Mohamed bin Zayed Species Conservation Fund, emphasized the President's profound interest in safeguarding the natural world. Since its inception in 2009, the MBZ Fund has championed over 2,750 projects across 170 countries, protecting 1,700 species and subspecies. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes' Affairs, lauded the Fund's remarkable glob...

 The recent deluge in the United Arab Emirates brought to light the vulnerability of even the most affluent and technologically advanced cities in the face of extreme weather events. Dubai, renowned for its iconic skyline and unparalleled infrastructure, was brought to a standstill as torrential rains inundated the city, causing widespread chaos and disruption. The unexpected severity of the storm exposed deficiencies in crisis management and infrastructure resilience, prompting calls for enhanced preparedness and adaptation measures. As Dubai struggled to cope with flooded streets, homes, and a crippled transportation network, the ramifications of the storm reverberated throughout the region. The significant impact on air travel, with thousands of flights canceled and passengers stranded, underscored the interconnectedness of global infrastructure and the urgent need for coordinated responses to climate-related disasters. Prominent voices within the UAE, including analyst Abdulkha...

  The United Arab Emirates (UAE) has announced a $50 million pledge to support the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a major multi-donor initiative aimed at lifting millions of people out of poverty. As per the report on the Khaleej Times website, LLF 2.0 is being implemented by the Islamic Development Bank to support critical projects focused on health, agriculture and social infrastructure in low and lower-middle income member countries of the bank.  Some of the key highlights from the report include: - The $50 million pledge from the UAE will be administered by the Abu Dhabi Fund for Development and adds to the $50 million already contributed by the UAE to the LLF since its launch in 2016.  - LLF 2.0 aims to deploy the funds towards projects targeting the root causes of poverty, food insecurity and poor health outcomes while also supporting 32 member countries in achieving 10 of the UN's 17 Sustainable Development Goals. - The funding is exp...

  Türkiye, Iraq, Qatar, and the United Arab Emirates sign memorandum of understanding to cooperate on the Development Road project in Baghdad, Iraq.  The Development Road project aims to link Iraq's southern port of Grand Faw on the Persian Gulf with Türkiye's border by developing a 1,200-kilometer road and rail infrastructure. This will allow Iraq to serve as a major transit hub connecting Asian and European trade between the Persian Gulf and the Mediterranean.  The memorandum of understanding was signed on April 22, 2024 in Baghdad by President Recep Tayyip Erdoğan of Türkiye, Iraqi Prime Minister Mohammed S. Al Sudani, Qatari Minister of Transport Jassim bin Saif bin Ahmed al-Sulaiti, and UAE Energy Minister Suhail Mohamed al-Mazrouei. The leaders were overseeing increased cooperation on the landmark $17 billion project, which is expected to consolidate the economic ties between Iraq and its neighbors.  Accompanying agreements signed during the visit focused on jo...

The UAE Ministry of Energy and Infrastructure (MoEI) has praised the country's effectiveness in dealing with the unprecedented heavy rainfall and flooding that occurred last week. In a statement, MoEI Undersecretary Hassan Al Mansoori noted that both government entities and private sector partners worked proactively and swiftly to protect lives and property and restore infrastructure and services quickly. Al Mansoori said that following directives from UAE President Sheikh Mohamed bin Zayed Al Nahyan to study weather impacts, MoEI conducted thorough assessments of damages alongside coordination with relevant authorities.  Seven teams were formed to immediately respond to emergencies on federal roads and dams. Dam gates were opened to reduce water pressure and pumps were installed on roads to drain floodwaters. MoEI also conducted technical tests on dams and cleared flood channels. Using the latest technologies at the Roads Command Center and in dam management, a rapid response was ...

  A new report from the Financial Times indicates that the US government is actively working to establish artificial intelligence (AI) partnerships between American tech companies and organizations in the United Arab Emirates (UAE). The goal of forging these alliances, according to sources familiar with ongoing discussions, is to provide the US with an advantage in its broad competition with China over the development and adoption of cutting-edge AI technologies on a global scale.   Microsoft's recent $1.5 billion investment in Abu Dhabi-based AI startup G42 as an example of the kind of partnership the US is aiming to foster, after the deal was finalized following months of negotiations between investors, companies and officials from both nations. US Commerce Secretary Gina Raimondo has directly facilitated conversations between the UAE and major American tech players like Microsoft, Google and OpenAI to lay the groundwork for cooperative projects.  Launching signifi...

  The Presidents of the UAE and France, Sheikh Mohamed bin Zayed Al Nahyan and Emmanuel Macron, discussed bilateral relations and ways to enhance them in various sectors during a phone call. They also explored the latest regional and international developments of mutual interest as well as many regional and global issues.  During the call, Sheikh Mohamed and Macron reviewed strategic cooperation between the UAE and France spanning various domains including economy, investment, energy, climate, space, security and defense. They reiterated their commitment to advancing cooperation between the two nations. The two leaders also exchanged views on several regional and international issues. They stressed the importance of supporting international efforts aimed at achieving stability, peace and development in the region and around the world. Sheikh Mohamed and Macron underlined the necessity of promoting tolerance, moderation and rejecting extremism to achieve security, peace and pro...

  The leaders of the United Arab Emirates (UAE) and Costa Rica witnessed the signing of a historic comprehensive economic partnership agreement between the two countries that is expected to boost bilateral trade and investment ties. UAE President Sheikh Mohamed bin Zayed Al Nahyan and Costa Rica President Rodrigo Chaves Robles were present as UAE Minister of Economy Abdulla bin Touq Al Marri and Costa Rica Minister of Foreign Trade Andrés Valenciano exchanged documents to finalize the pact in Abu Dhabi.  The UAE-Costa Rica Comprehensive Economic Partnership Agreement aims to liberalize trade in goods and services as well as promote investment flows between the trading partners. It includes provisions to eliminate customs duties on various product categories over a period of time in order to enhance market access. Rules have also been laid out regarding sanitary and phytosanitary measures, technical barriers to trade, customs procedures, intellectual property, government procur...

The UAE has been at the forefront of providing robust humanitarian assistance to Sudan and neighbouring countries affected by conflicts. As highlighted by Sheikh Shakhboot bin Nahyan, the total relief aid extended by the Emirates to those in need has surpassed $150 million. This includes critical supplies like food, medicine and relief materials. Furthermore, the UAE established a field hospital costing $20 million in Abéché city, Chad, to support Sudanese refugees - the second such facility opened by the nation. Through these tangible relief initiatives, the UAE has demonstrated its continuous commitment to alleviating human suffering and alleviating humanitarian conditions. Sheikh Shakhboot emphasized the unwavering support of UAE leadership for the brotherly people of Sudan. Ensuring unhindered delivery of aid has been a priority given the humanitarian challenges faced. The UAE also seeks to collaboratively address the root causes by facilitating an immediate and permanent ceasefire...

The Asia-Pacific Volunteer Sector and its partners are excited to announce that The AVPN Global Conference 2024 will take place in Abu Dhabi, United Arab Emirates from April 23-25.  The AVPN Global Conference 2024 will take place in Abu Dhabi from April 23-25, bringing the flagship event of Asia’s largest network of volunteer involving organizations back for its biennial gathering.  The conference is AVPN's premier platform for volunteer leaders, organizations, funders and partners to come together, learn from each other and advance collaborative solutions to development challenges across Asia and the Pacific. Over the past editions, it has brought together over 1,000 participants from more than 40 countries to network, share best practices and explore new ways of driving social impact through volunteerism. Abu Dhabi was selected as the host city for 2024 in light of the leadership's strong commitment to empowering communities and enabling partnerships across sectors. The insp...

  The World Bank has revised its forecasts for real GDP growth in the UAE over the next two years, according to their latest economic update on the Middle East and North Africa region. The World Bank now projects that the UAE economy will grow by 3.9% in 2024, up from their previous estimate of 3.7%. Growth is expected to accelerate further to 4.1% in 2025, versus the earlier projection of 3.8%.  The World Bank reports that the UAE's current account surplus is also expected to widen, reaching 8.4% of GDP in 2024 and 8.3% in 2025. Additionally, the country is forecast to realize a sizeable fiscal surplus of 5.1% of GDP this year and 4.8% next year. Overall growth in the MENA region is seen returning to pre-pandemic levels of around 2.7% in 2024, before picking up to an estimated 4.2% in 2025. Among GCC economies including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, growth is projected to strengthen to 2.8% in 2024 and 4.7% in 2025. This upturn reflects higher oil ou...

Prof. Yendry Ventura, Chief Executive Officer of Abu Dhabi Stem Cells Center (ADSCC), talking about the importance of stem cell research and how it has contributed to developing clinical therapies for serious diseases like cancer and heart conditions.   Prof. Yendry Ventura explains how researchers at ADSCC have discovered new properties of stem cells, such as their ability to treat diseases like stroke and heart disease thanks to their regenerative and healing properties. He elaborated on how this research has helped build new medical specialties like regenerative medicine. Prof. Ventura strongly advocates for continuing investment in scientific research for the significant benefits it brings to patients and advancement of healthcare services. The stem cell research conducted at ADSCC is helping develop breakthrough treatments by harnessing the power of stem cells for repair, regeneration and rejuvenation of damaged tissues and organs.  Under Prof. Ventura's leadership, ...

  The United Arab Emirates is hosting delegates from over 25 countries at the Sustainable Cities Roundtable Forum (SCRF) taking place in Dubai from April 12-14. The high-level forum aims to bring together experts, thought leaders, and policymakers to discuss innovative solutions for building more sustainable and resilient cities.  A total of 190 guests from diverse backgrounds are participating in the event, according to a report by WAM, the official news agency of the UAE. They include scientists, engineers, economists, architects, urban planners, as well as leaders from international organizations. The roundtable will see representatives from countries in the Middle East, Asia, Europe, Africa and the Americas exchange knowledge on topics like green infrastructure, renewable energy, smart mobility, waste management, and climate adaptation strategies. The UAE believes hosting such an impactful global dialogue will help enrich minds and catalyze meaningful action towards achiev...

  UAE President Sheikh Mohamed bin Zayed Al Nahyan has allocated $15 million to boost aid for Gaza. According to the article, the money will go towards the Amalthea fund set up by Cyprus to facilitate and coordinate the flow of aid arriving in Gaza.  Gaza's population is facing a severe humanitarian crisis with food insecurity and the risk of famine, according to UN assessments, as ceasefire talks between Israel and Palestinian factions remain stalled. The UAE's $15 million contribution is aimed at addressing this worsening situation by ensuring relief supplies can reach Gaza via land, air and sea routes.    UAE aid is the largest airborne humanitarian delivery to Gaza to date, with 125 tons of food, clothing and essential supplies dropped off recently in cooperation with the UAE and Egyptian air forces. This latest airdrop, ahead of the Eid al-Fitr holiday, brought the total UAE aid delivered via 'Operation Chivalrous Knight 3' to over 1,857 tons.  The funding ...

Majid Al-Futtaim, a leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, released its annual “State of the UAE Retail Economy” report for 2023. The report revealed that the UAE economy has remained resilient amid recent geopolitical tensions and economic headwinds, with the country’s gross domestic product expanding 3 percent on the back of a robust performance from non-oil sectors. Consumer spending in the retail economy displayed robust growth throughout the year, delivering a 13 percent increase in 2023 vs. 2022. While data showed a slowdown across the retail sectors in H2 2023 vs. H2 2022, this was found to be the result of a higher base effect from the previous year’s FIFA World Cup, which had given impetus to consumer spending due to a surge in tourism for that period. Overall, absolute consumer spend in 2023 was split evenly across the first half and the second half of the year, driven by a 14 percent increase in the UAE’s ret...

The UAE continues its humanitarian efforts globally. Under the directives of the UAE President, Sheikh Mohammed bin Zayed Al Nahyan, Sheikh Shakhboot bin Nahyan, Minister of State, has inaugurated an integrated field hospital in Chad to support Sudanese refugees.  The field hospital has been established in cooperation with the UAE aid and development agency, Emirates Red Crescent. It will provide critical medical assistance to thousands of Sudanese refugees who have fled ongoing conflict and turmoil in Sudan and taken refuge in eastern Chad.  The 100-bed capacity field hospital is fully equipped with state-of-the-art medical facilities and supplies. It includes departments for general medicine, surgery, obstetrics and gynecology, radiology as well as a laboratory. This will allow doctors and medical staff to efficiently diagnose, treat and care for patients suffering from various illnesses and injuries. Vaccinations will also be provided to prevent outbreak of communicable dis...

Leading food delivery platform talabat has teamed up with Dubai Cares to help raise funds for those in need in Gaza through their "Gaza In Our Hearts" campaign. Recognizing the dire humanitarian situation in Gaza and the desire among UAE residents to offer support, talabat is encouraging its customers to donate securely via the app this Eid Al Fitr holiday.  Donations will provide urgent items like hot meals, food baskets and weather-resistant tents to vulnerable communities impacted by the conflict. talabat's socially-driven partnership underscores its commitment to facilitating community donations and deploying technology for good causes. Dubai Cares will ensure the funds are channeled effectively to relief programs on the ground.  Through a quick and easy process on the talabat app, every contribution, regardless of size, can make a tangible difference. By joining hands for this noble cause during the spiritual month of Ramadan, talabat and Dubai Cares aim to extend ti...

  Dubai and other Emirates like Abu Dhabi have leveraged oil revenue to create a more open and diversified economy through globalization. Good governance and political foresight helped capitalize on opportunities.   Dubai saw major increases in business licenses (30% increase to 412,000 active licenses in 2023), new company registrations at the Dubai International Financial Centre (1,451 more for a 34% yearly increase), and new residents (over 100,000 in 2023 following 71,600 in 2022). Other Emirates like Abu Dhabi and Ras Al Khaimah also saw positive economic trends. The UAE proved remarkably resilient during the COVID-19 pandemic through its aggressive vaccination program and quick lockdown easing. It has since benefited from becoming an international vaccination destination and attracting wealthy residents through new visas. Geopolitical factors like tensions between the US and China also boosted its role. Questions remain about sustainability given the UAE's reliance ...

  Great news for students in UAE government schools! The President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, has ordered that all outstanding debts of public school students be paid off. According to a report by the UAE's state news agency WAM, unpaid dues totaling 155 million Dirhams will be cleared as part of this new initiative.  The goal is to provide further support to youth education across the country. All registered students living in the UAE who have debts from government schools up until the 2023-2024 academic year will benefit. The Emirates Schools Establishment will work with authorities to facilitate the payments.  This is a generous move that will undoubtedly relieve financial stress for many families. Education is considered a top priority in the UAE and this directive demonstrates the leadership's commitment to investing in the nation's youth and their futures. It allows students to continue focusing fully on their studies without the added burden of...

The meeting between UAE Ambassador Hamad Obaid Al Zaabi and Pakistan's Commerce Minister Jam Kamal Khan took place in Islamabad on Tuesday.   During the meeting, Jam Kamal Khan highlighted the historical bonds between Pakistan and UAE, and stressed the need to further strengthen commercial ties.  Both sides acknowledged the vast business opportunities and discussed ways to foster more people-to-people engagement to boost bilateral trade.   Ambassador Al Zaabi praised the unique relationship between the two countries and underlined UAE's desire to see Pakistan progress economically.  Despite current challenges, they agreed that trade volume between Pakistan and UAE is below potential and needs to be increased through collaborative efforts.  The dignitaries committed to exploring all avenues for enhancing cooperation across various economic sectors between the strategic partners and close allies. Increasing bilateral trade was a key topic of discussion as bot...

  The UAE central bank is forecasting strong GDP growth for the country over the next few years, with expansion projected to reach 5.2% in 2025. This optimistic outlook is underpinned by an expectation of rising non-oil GDP, which is predicted to grow by 4.7% annually from 2024-2025. The implementation of a federal corporate tax and overall healthy government finances will help further diversify the economy away from oil revenues.  The bank cites robust indicators that point to sustainable growth in the non-oil private sector. The manufacturing PMI has remained well above the expansion threshold of 50, showing ongoing business activity and demand. Strong domestic demand and investment in new projects will likely drive continued production growth across sectors. This diversification away from oil through business expansion has enhanced the UAE's economic resilience. While more conservative than the UAE central bank's projections, estimates from the World Bank still see steady a...

  Google is an American multinational technology company that specializes in Internet-related services and products. These include online advertising technologies, search engine, cloud computing, software, and hardware. Google was founded in 1998 by Larry Page and Sergey Brin while they were PhD students at Stanford University in California. What started as a research project called "BackRub" turned into the massive global company Google is today.  Google's main source of revenue comes from advertising on its search engine and owned properties like YouTube. Google runs one of the largest advertising networks in the world and helps connect companies to consumers searching for related products and services online. In addition to search, Google owns and operates many popular online services including Gmail, Google Maps, Google Docs, Chrome browser, Android operating system, and more. Billions of people worldwide use Google services every day in their personal and professiona...