Abu Dhabi Global Market, the emirate’s financial free zone, signed a cooperation agreement with the Beijing Financial Street Services Bureau, another financial centre, as part of the UAE’s commitment to China’s $5 trillion-plus “belt and road” initiative.
“By strengthening its collaboration with the Chinese government and relevant enterprises, ADGM is able to better cater to the investment and financing needs of the China market and serve as the Belt-and-Road centre for the Middle East and Africa region,” the free zone said in a statement on Saturday.
The agreement signed on September 6 between ADGM chief executive Richard Teng and Mr Li Yi, the deputy district mayor of Xicheng District People’s Government of Beijing Municipality, aims to promote the development of financial centres in both countries and increase industry engagements as part of the belt and road initiative. Other areas of cooperation include investment facilitation, joint research on relevant areas and collaboration on major belt and road investment and financing projects in Beijing and Abu Dhabi.
Launched in 2013 as “One Belt, One Road”, the initiative involves China underwriting billions of dollars of infrastructure investment in countries located along the old Silk Road linking it with Europe. China is spending around $150bn per year in the 72 countries that have signed up to the scheme. All of the six GCC countries, including the UAE, have signed up.
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Read more:
[ China's Xi assures African leaders Belt and Road is no 'debt trap' ]
[ DIFC Courts in bid to support firms trading on China’s Belt and Road ]
[ UAE-China investment fund commits $1bn for potential investments ]
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China is the UAE’s biggest trading partner, with UAE-China bilateral trade crossing $35bn in the first nine months of 2017. The two countries are seeking increased economic collaboration since the UAE introduced visa-on-arrival for Chinese tourists last year and China reciprocated at the start of 2018. The UAE received Chinese President Xi Jinping on a three-day state visit in July.
The Dubai International Financial Centre, or DIFC, is also increasing efforts to engage China on investment strategies. In May, DIFC Courts said it signed an early-stage agreement with the University of Oxford to research legal and contract issues hindering Arabian Gulf and other investment in the belt and road.
The Beijing Financial Street Services Bureau represents organisations including the People’s Bank of China, China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission.
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
The specs: 2024 Mercedes E200
Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
Transmission: 9-speed auto
Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
The specs
Powertrain: Single electric motor
Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
Price: From Dh129,900 (GS); Dh149,000 (GF)
On sale: Now
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
The specs
Engine: 6.2-litre supercharged V8
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Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
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The specs
Engine: 2.3-litre 4cyl turbo
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Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
On sale: Now
Price: From Dh157,395 (XLS); Dh199,395 (Limited)
World Food Day
Celebrated on October 16, to coincide with the founding date of the United Nations Food and Agriculture Organisation, World Food Day aims to tackle issues such as hunger, food security, food waste and the environmental impact of food production.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
