Page 8 - Uae

UAE opens its annual oil-and-gas summit, pledges to increase output

The United Arab Emirates opened its annual oil-and-gas summit on Monday with pledges to increase energy output even as global prices have fallen and world politics remain uncertain ahead of the US presidential election. The massive Abu Dhabi International Petroleum Exhibition and Conference comes after the UAE just last year hosted the United Nations COP28 climate talks. Those talks ended with a call by nearly 200 countries to move away from planet-warming fossil fuels the first time the conference made that crucial pledge. But the UAE as a whole still plans to increase its production of oil to 5 million barrels a day in the coming years as it pursues more cleaner energies at home. Meanwhile, UAE officials have made a point to dodge any questions about the US election while maintaining their close ties to Russia despite Moscow's war on Ukraine. Allow me to say that we in the United Arab Emirates will always choose partnership over polarisation, dialogue over division and peace ove

UAE to provide subsidised bread to Gazans under 'Chivalrous Knight 3' op

The continuous relief initiatives and campaigns implemented by the UAE aim to support displaced Palestinian families

UAE attends Global Alliance for two-state solution meeting in Riyadh

Ninety-four countries and international organisations joined the two-day conference in Riyadh from 30-31 October

Saudi, UAE, and other Middle East nations condemn Israel's strikes on Iran

This comes after Israel Defence Forces (IDF) on Saturday announced that its military had conducted precise strikes on Iranian military targets

France credit rating outlook cut to negative by Moody's on deficit woes

Moody's put the negative outlook on its Aa2 assessment, a rating France shares with South Korea and United Arab Emirates

UAE's sovereign wealth fund to invest $750 mn in debt of GMR Group

The investment will also allow the Indian company to reduce the pledged shareholding on its airports business

Rajasthan govt signs Rs 3 trillion green energy agreement with UAE

The Rajasthan government has signed an initial agreement with the United Arab Emirates for an investment of Rs 3 lakh crore in the field of renewable energy in the state. Officials said that the signing of the Memorandum of Understanding (MoU) was done in the presence of Chief Minister Bhajanlal Sharma and Investment Minister of UAE Mohammad Hassan Al Suwaidi. This investment will be made for setting up solar, wind and hybrid projects of 60 GW capacity in the western districts of the state. Chief Minister Sharma said that the central government has set an ambitious target of producing 500 GW of solar energy in the country. To achieve this target, Rajasthan will have to install 250 GW solar plants. He said that this partnership with UAE will prove to be an important step in achieving this target. This project will bring the desired change in energy production, according to an official statement. UAE Investment Minister Suwaidi and Principal Secretary of the Industry Department Ajit

UAE supermarket chain Lulu to offer 25% stake in IPO, list on Adx

Lulu plans to offer more than 2.582 billion shares in the IPO, which will run from Oct. 28 to Nov. 5

Dubai vs Sharjah and Abu Dhabi: Rent, living costs, pros & cons explained

With rising living costs and a housing crunch, is Dubai still the best option, or should you be thinking about other cities like Abu Dhabi or Sharjah

Abu Dhabi to host second relief aid collection drive for Lebanon on Oct 22

This is in continuation of the UAE stands with Lebanon campaign

UAE stands with Lebanon campaign launched, 200 tonnes of packages prepared

These initiatives affirm the UAE's leading global position to provide relief and stand in solidarity with Lebanon

India, UAE to set up food corridor at $2 bn investment: Piyush Goyal

India and the UAE will set up a food corridor with an expected investment of USD 2 billion which will cater to the UAE market and beyond and help Indian farmers earn higher income and create more jobs, Union Minister Piyush Goyal said on Monday. Addressing a press conference on the 12th meeting of India-UAE High-Level Task Force on Investment here, Goyal, who is the Minister for Commerce and Industry, said that a small working group comprising central government, state governments involved and the UAE has also been set up to take forward the establishment of food corridor between the two countries on a mission mode basis. "... Another area which was discussed in great detail was the setting up of food parks in India. The background work is largely completed, (this is) another area which will help farmers with higher income, provide jobs in food processing to thousands if not lakhs of our youth and will also ensure the food security of UAE," Goyal said. The minister said that ...

India eases certain conditions for UAE in bilateral investment treaty: GTRI

India has eased certain conditions for UAE in the bilateral investment treaty by including portfolio investments and reduction in the local remedies exhaustion period from five years to three years in the pact, economic think tank GTRI said on Monday. The India-UAE Bilateral Investment Treaty (BIT) came into force on August 31 this year. The model BIT requires investors to attempt to resolve disputes through India's legal system for at least five years before seeking international arbitration. In contrast, the India-UAE BIT reduces this period to three years, giving investors quicker access to Investor-State Dispute Settlement (ISDS). "While this makes the treaty more investor-friendly, it also weakens India's ability to settle disputes domestically, increasing the likelihood of arbitration cases that could challenge India's regulatory decisions," the Global Trade Research Initiative (GTRI) said in a statement. It added that local remedies exhaustion means that investors must firs

Sharjah emerges as alternative to the sky-high rents in neighbouring Dubai

It's the latest sign that Dubai is struggling to keep up with the soaring demand for housing after bankers, lawyers and other white-collar workers flocked to the emirate in recent years

EAM Jaishankar meets counterparts from Denmark, UAE, and Singapore at UNGA

The meetings centred around strengthening bilateral ties with each nation

COP hosts aim for 33% increase in combined oil and gas production by 2035

Azerbaijan, the UAE, and Brazil -- the past, current, and next hosts of the UN climate conference -- are set to increase their combined oil and gas production by 33 per cent by 2035, contradicting their commitments to lead global efforts for stronger climate action, according to a new analysis. The analysis, compiled by the US-based research and advocacy group Oil Change International using industry data, shows that the UAE and Brazil are on track to increase production by 37 per cent and 38 per cent, respectively, by 2035. Azerbaijan, which will host COP29 in Baku in November, is projected to see a four per cent rise in production. At the last UN climate summit in Dubai in November-December 2023, leaders made a historic commitment to transition away from fossil fuels, triple renewable energy capacity and double energy efficiency by 2030. Oil Change International said that the ongoing expansion of oil and gas investments undermines these commitments. Earlier this week, the ...

US, UAE discuss progress on India-Middle East-Europe Economic Corridor

US President Joe Biden and his counterpart from the United Arab Emirates Sheikh Mohamed bin Zayed discussed the progress of the landmark India-Middle East-Europe Economic Corridor (IMEC) and underscored its potential to usher in a "new era of international connectivity". The ambitious project was launched at the 2023 G20 Leaders' Summit in New Delhi, together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union. When complete, it would connect India by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece. At the meeting held at the White House on Monday, Biden and Zayed reaffirmed that the corridor will generate economic growth, increase efficiencies, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East, according to a joint statement. The two leaders underscored that the transformative partnership had the potential to usher in a

TSMC, Samsung discuss building new semiconductor factories in UAE

Executives from TSMC, the world's largest chipmaker, have visited the UAE recently to discuss building a plant complex

Oberoi Group exits UAE market, ends partnership with Al Zorah Resort

The management contract between EIH Holdings Ltd, a subsidiary of EIH Ltd, and Al Zorah Development Private Co Ltd will officially end on February 28, 2025

UAE makes women on board mandatory for private joint-stock cos from 2025

The United Arab Emirates on Wednesday announced mandating private joint-stock companies in the country to allocate at least one seat for women on their boards of directors after the completion of the current board's term. The United Arab Emirates' Ministry of Economy further announced that the implementation of this decision will commence in January 2025 and urged the private joint-stock companies to factor this requirement into their future board restructuring plans. This decision is a vital component of the nation's broader strategy to enhance diversity in the corporate sector and increase women's representation in leadership roles, the Ministry announced on Wednesday. The Ministerial Resolution 137 of 2024, which addresses the regulation of private joint-stock companies' governance and operations, follows a similar initiative previously applied to public joint-stock companies, it said, adding, the earlier decision has already yielded positive results, enhancing institutional ...