Dr Sultan Al Jaber and Khaldoon Al Mubarak at the signing ceremony between Omar Suwaina Al Suwaidi and Abdulnasser bin Kalban. Photo: MoIAT
Dr Sultan Al Jaber and Khaldoon Al Mubarak at the signing ceremony between Omar Suwaina Al Suwaidi and Abdulnasser bin Kalban. Photo: MoIAT
Dr Sultan Al Jaber and Khaldoon Al Mubarak at the signing ceremony between Omar Suwaina Al Suwaidi and Abdulnasser bin Kalban. Photo: MoIAT
Dr Sultan Al Jaber and Khaldoon Al Mubarak at the signing ceremony between Omar Suwaina Al Suwaidi and Abdulnasser bin Kalban. Photo: MoIAT

EGA joins UAE’s in-country value programme and seeks to double economic impact by 2040


Alvin R Cabral
  • English
  • Arabic

Emirates Global Aluminium, the UAE's largest industrial company outside oil and gas, joined the Ministry of Industry and Advanced Technology’s National In-Country Value programme as the industrial major moves towards its goal of doubling its economic impact by 2040.

The signing of the preliminary agreement represents a “big boost” to the ICV programme given EGA's scale, which generates around Dh20 billion ($5.44bn) in economic activity yearly and supports more than 60,000 jobs in the UAE.

“The National In-Country Value programme will enhance the capabilities of local suppliers holding a National In-Country Value Certificate through increased demand for local goods and services and the redirection of more than 42 per cent of government and participating private-sector procurement by 2025,” Omar Suwaina Al Suwaidi, undersecretary of the ministry, said on Sunday.

“This will create new business opportunities, stimulate industrial growth and incentivise advanced technology adoption. By joining the programme, EGA is making an important contribution to the UAE’s industrial strategy and we look forward to more national champions following suit.”

The main objective of an ICV Certificate is to boost the private sector's participation in the economy, enable the diversification of GDP and localise critical parts of the supply chain. Simply put, a supplier's spend that remains within the UAE or contributes to the UAE is calculated and considered as ICV.

EGA's ICV participation is the latest in a string of partnerships that are boosting the programme.

Last week, the Industry Ministry teamed up with Abu Dhabi's Department of Economic Development and Abu Dhabi National Oil Company to enhance support for the UAE's Make it in the Emirates campaign, which promotes locally made products and services.

This month, Etihad Rail, the developer and operator of the UAE’s national railway network, the Emirates’ defence conglomerate Edge and the Sharjah Investment and Development Authority also signed up.

In September, telecoms operator Etisalat, Emirates Steel and Abu Dhabi National Energy Company (Taqa) joined the programme.

Mr Al Suwaidi and Abdulnasser bin Kalban, chief executive of EGA, signed the preliminary agreement in the presence of Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Khaldoon Al Mubarak, chairman of EGA's board.

The ministry's agreements are designed to enhance co-operation between the ministry and major national companies to achieve the goals of the ICV programme, which is in line with the national strategy for industry and advanced technology, Operation 300bn, launched this year with the aim of doubling industry's contribution to national GDP to Dh300bn by 2031.

One of the most significant opportunities is local procurement. Our demand for goods and services can help UAE companies grow and can spur the development of new industrial activities to supply us
Abdulnasser bin Kalban,
chief executive of Emirates Global Aluminium

EGA’s aluminium is the biggest made-in-the-UAE export after oil and gas and is shipped to more than 50 countries.

“One of the most significant opportunities is local procurement. Our demand for goods and services can help UAE companies grow and can spur the development of new industrial activities to supply us. We are looking forward to working with the ministry on this important project,” Mr bin Kalban said.

In 2020, EGA spent more than Dh6bn on goods and services procured locally, representing 45 per cent of the company’s total procurement spend.

In early November, the company completed the expansion of its Al Taweelah smelter in Abu Dhabi to boost output capacity at the plant by 78,000 tonnes per year.

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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T20 World Cup Qualifier

October 18 – November 2

Opening fixtures

Friday, October 18

ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya

Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE

UAE squad

Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan

Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed

Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Key developments

All times UTC 4

THE BIG THREE

NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m

ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m

RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m

Scores

Day 2

New Zealand 153 & 56-1
Pakistan 227

New Zealand trail by 18 runs with nine wickets remaining

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

ROUTE%20TO%20TITLE
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World%20Cup%202023%20ticket%20sales
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Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A
Neymar's bio

Total club appearances 411

Total goals scored 241

Appearances for Barca 186

Goals scored for Barca 105

LOVE%20AGAIN
%3Cp%3EDirector%3A%20Jim%20Strouse%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Priyanka%20Chopra%20Jonas%2C%20Sam%20Heughan%2C%20Celine%20Dion%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

Punchy appearance

Roars of support buoyed Mr Johnson in an extremely confident and combative appearance

Updated: November 22, 2021, 6:02 PM