Page 18 - Uae

UAE announces plans to invest $54 bn in energy, triple renewable sources

The United Arab Emirates plans to triple its supply of renewable energy and invest up to USD 54 billion over the next seven years to meet its growing energy demands. Sheikh Mohammed bin Rashid Al Maktoum, the UAE's vice president and ruler of Dubai, announced the plans on Monday following a Cabinet meeting. They also include investments in low-emission hydrogen fuel and developing infrastructure for electric vehicles. He said the updated national energy strategy aims to triple the contribution of renewable energy over the next seven years and invest 150 billion to 200 billion dirhams (USD 40 billion to USD 54 billion) during the same period to meet the country's growing demand for energy. The major oil-producing nation has pledged to be carbon-neutral by 2050, without fully explaining how, and is hosting the COP28 climate summit later this year. The latest announcement included the formation of an Investment Ministry to be led by Mohamed Hassan Alsuwaidi. He currently serves as the

How Singapore leaped ahead of competitors after the Covid-19 pandemic

The other cities in the study according to rank are New York in fourth, followed by London, Tokyo, Sydney, Johannesburg, Paris and San Francisco

Fire engulfs residential building in UAE's Ajman, no reports of injuries

A fire tore through a high-rise residential building in the United Arab Emirates early Tuesday before being brought under control, according to videos circulating online. There were no immediate reports of injuries from the blaze in Ajman, one of the seven emirates that makes up the UAE, which also includes the futuristic cities of Dubai and Abu Dhabi. The footage showed a corner of the building engulfed in flames reaching from the ground level to the top, with debris falling to the street below. Ajman News, a local media outlet, later reported that the fire had been brought under control. Footage on its Instagram showed the blackened exterior of the building and firefighters on the street below. There was no immediate comment from UAE officials. The UAE has seen a number of similar fires in recent years that have been linked to flammable cladding on many of the country's ubiquitous high-rises. On New Year's Eve in 2015, a blaze raced through an upscale hotel and residential comp

Lulu Group to invest Rs 10,000 cr in India to complete ongoing projects

UAE-based Lulu Group will be investing Rs 10,000 crore in India on various ongoing projects over the next three years and the UAE-based conglomerate has invested over Rs 20,000 crore in the country, Lulu Chairman Yusuff Ali MA said here on Monday. He also said his aim is to provide employment to 50,000 people in India and so far his various enterprises have given over 22,000 jobs. Yusuff Ali also said the Lulu Group has committed about Rs 3,500 crore in investments in Telangana in the next five years in various projects including a Destination Shopping Malls (Rs 3,000 crore) here and also in other cities in the state. "We have got an investment of more than Rs 20,000 crore in different areas including shopping malls, hotels, and food processing units (in India). We will increase this," he said. "We have started the construction of a shopping mall in Ahmedabad. And also another one in Chennai we are coming up. A food processing plant is coming up in Noida and another one in Telangan

FM Sitharaman holds bilateral meetings on sidelines of Paris Summit

Finance Minister Nirmala Sitharaman on Friday held a series of bilateral meetings with her counterparts in France, Brazil and UAE on the sidelines of the Paris summit on the new global financing pact. Sitharaman met France's Minister of Economy, Finance and Industrial and Digital Sovereignty Bruno Le Maire and exchanged views on key G20 deliverables under Indian Presidency, including strengthening MDBs (multilateral development banks) and managing debt vulnerabilities, among other issues. Sitharaman expressed hope that the outcomes of the Paris Summit can provide political momentum to ongoing G20 and other multilateral efforts in the UN, World Bank and CoP28. Sitharaman also met Brazilian Minister of Finance Haddad Fernando and discussed the upcoming G20 India and Finance Track outcomes. "@Haddad_Fernando supported #G20India Presidency efforts and also appreciated the works under #G20India Presidency. FM Smt. @nsitharaman extended India's support to the upcoming #G20Brazil Preside

India, UAE sign pact for AEOs for faster customs clearances, says CBIC

India and UAE on Friday signed Mutual Recognition Arrangement (MRA) for authorised economic operators (AEOs) of both countries, the CBIC said. The AEO programme enables Customs administration to identify safe and compliant exporters and importers and to provide them better facilitation. UnderA, Customs authorities recognise AEOs of both countries, which in turn helps expedite customs clearances. "In pursuance of greater trade facilitation & ease of doing business, India & UAE signed the Mutual Recognition Arrangement for Authorised Economic Operators of both countries today, on sidelines of the 141st/142nd sessions of WCO Customs Co-operation Council meeting, in Brussels," the Central Board of Indirect Taxes and Customs (CBIC) tweeted. Earlier in September 2021, India and the US had signed aA AEO. The Customs authorities of both countries have already evaluated each other's AEO programme and is working to quickly implement the reciprocal arrangement for authorised economic ...

CWC Qualifier Day 4 Report: Scintillating Scotland lit up the tournament

Michael Leask played a blinder as Scotland defeated arch-rivals Ireland by one wicket in a last-ball finish at the Cricket World Cup Qualifier. In a West Asian derby, Oman beat UAE comprehensively

Plan in the works to hand over Karachi port terminals to UAE for funds

Finance Minister Ishaq Dar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions

CWC Qualifier Day 2 Report: Hasaranga rattles UAE, Oman upset Ireland

Playing as expected, Lanka breezed past UAE in their first match of the CWC Qualifier. Hasaranga took 6 wickets for the South Asian side. In another game, Oman upset the Irish with a brilliant win

CWC Qualifier Day 2 preview: Sri Lanka take on UAE, Oman challenge Ireland

After a thrilling opening day in group A of the Cricket World Cup qualifier, the focus now shifts to group B as the action moves to Bulawayo from Harare. Sri Lanka take on UAE while Ireland face Oman

CWC Qualifiers group B: Scotland, UAE, Oman challenge IRE for top 3 finish

CWC Qualifiers: Sri Lanka are the hot favourites to go through this group. However, two more spots are remaining from the group and four teams fight for them

UAE participates in seminar on water management policies and tech, in Korea

UAE has participated in a symposium on "Advanced Water Management Policies and Technologies'' in Seoul as part of the works of the Joint UAE-Korea Committee for cooperation in water resources

India's exports to UAE fall by 10.2% to $4.82 bn in April-May: Data

India's exports to the UAE contracted by 10.2 per cent to USD 4.82 billion during April-May this fiscal against USD 5.37 billion in the year-ago period, according to the commerce ministry data released on Monday. India and the UAE have operationalised a comprehensive free trade agreement since May 1 last year. According to the data, imports from the UAE too fell to USD 6.73 billion from USD 9.67 billion in April-May 2021-22. India's exports to the UAE in 2022-23 rose by 11.8 per cent to USD 31.3 billion, while imports from that country grew by 18.8 per cent to USD 53.2 billion in the preceding fiscal due to increased inbound shipments of oil. Exports to the US also declined by about 13 per cent to USD 12.47 billion. Imports from America decreased to USD 6.88 billion during the first two months of this fiscal as against USD 8.33 billion in the same period a year ago, the data showed. However, imports from China have marginally increased to USD 15.75 billion during April-May 2023-2

Road to ODI World Cup 2023: Know all about the Cricket World Cup Qualifier

ICC Cricket World Cup Qualifier 2023 (CWC Qualifier 2023) would begin on June 18 where 10 teams would compete for the final two spots in the 10-team World Cup, to be hosted by India later this year

India, UAE looking at ways to expand trade in value-added gold products

India and the UAE are looking at ways to increase trade in value-added gold and gold products, Commerce and Industry Minister Piyush Goyal said on Monday. A decision in this regard would be announced in due course, he said. He said that the UAE is one of the major suppliers of gold to India after Switzerland, and New Delhi would like to encourage that trade even further with the UAE. India has given certain duty concessions on the import of gold from the UAE under a free trade agreement, officially dubbed as CEPA (Comprehensive Economic Partnership Agreement) and it was implemented on May 1 last year. There were certain issues with regard to operationalising those concessions which have been sorted out now, he said. India has given customs duty concessions on imports of gold for up to 200 tonnes per year from the UAE. The import duty in general on gold is 15 per cent. Now this year, India hopes the UAE exporters would be able to ship the specified quantity of gold under the agree

India, UAE central banks discuss rupee-dirham trade progression: Goyal

Discussions between the central banks of India and UAE on promoting bilateral trade in the rupee and dirham to reduce transaction cost is progressing at a "very" fast pace, Commerce and Industry Minister Piyush Goyal said on Monday. As the top leaders of both countries are decisive, so one "can imagine good outcomes very soon" on this, he added. India and the UAE already implemented a free trade agreement (FTA) in May last year to give a boost to bilateral trade and economic ties. The central banks of both countries are discussing the standard operating procedures and modalities. These talks were started in March 2022, and now "it is about a year since then, but both the countries have made significant progress," Goyal told reporters here. The RBI and the Central Bank of the UAE have been in a "very active" dialogue, and the finance ministry here is also "very" supportive and handling the entire issue, he said. "I am sure that given the high level of engagement on both sides, not

India, UAE to raise non-petroleum trade to $100 bn by 2030: Piyush Goyal

India and the United Arab Emirates have mutually agreed to raise non-petroleum bilateral trade between the two countries to $100 billion by 2030, the South Asian nation's trade minister said on Monday

UAE emerges 4th-largest investor in India, FDI jumps over 3x in FY23

The United Arab Emirates (UAE), with which India implemented a comprehensive free trade agreement in May last year, has emerged as the fourth largest investor in India during 2022-23, according to government data. In the last fiscal, foreign direct investment (FDI) from the UAE to India jumped over three-fold to USD 3.35 billion from USD 1.03 billion in 2021-22, the data of the Department for Promotion of Industry and Internal Trade (DPIIT) showed. The UAE was the fourth largest investor in India in 2022-23 compared to the seventh in 2021-22. Singapore was the largest investor in India with USD 17.2 billion investment in FY23, followed by Mauritius (USD 6.1 billion) and the US (USD 6 billion). "The rapidly strengthening of bilateral ties and investment cooperation between India and United Arab Emirates (UAE) can be chiefly attributed to the strong bilateral relations between India and UAE, growth in investment commitments from UAE, and the policy reforms to further ease of doing ..

India, France, UAE begin two-day mega wargame exercise in Gulf of Oman

The navies of India, France and the United Arab Emirates have carried out a two-day mega wargame in the Gulf of Oman reflecting their growing cooperation to deal with challenges in the maritime sphere. It was the first edition of the wargame involving navies of the three countries, officials said on Thursday. Indian Naval ship INS Tarkash, French ship Surcouf, French Rafale aircraft and the UAE Navy's maritime patrol aircraft participated in the exercise that began on Wednesday. "The exercise featured a wide spectrum of naval operations such as surface warfare, involving tactical firing and drills for missile engagements on surface targets, helicopter cross deck landing operations, advanced air defence exercise and boarding operations," said an Indian Navy official. The official said the exercise aimed to enhance trilateral cooperation between the three navies and pave the way for adopting measures towards addressing traditional and non-traditional threats in the maritime environme

AstraZeneca announces launch of cancer medication Tremelimumab in UAE

AstraZeneca has announced the launch of its revolutionary cancer medication, IMJUDO (tremelimumab) in the UAE