The UAE and India, Asia’s third-largest economy, signed a Comprehensive Economic Partnership Agreement that is expected to boost non-oil trade between the two countries to $100 billion in five years, from $60bn currently.
The agreement marks a new phase of strategic co-operation and will open additional avenues of investment and trade for companies in India and the UAE.
It will add 1.7 per cent or $8.9bn to the UAE's gross domestic product and boost exports by 1.5 per cent or $7.6bn by 2030, said Abdulla bin Touq, UAE Minister of Economy, in an online joint press conference on Friday in New Delhi, attended by top government officials from both countries.
The 881-page agreement lifts 80 per cent of tariffs on UAE and India goods, while all tariffs will be removed within 10 years, said Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade.
“The fact that we were able to agree the terms of a deal of this size, scope and importance within five months, demonstrates the power of our shared vision,” Mr bin Touq said.
“I am confident that the UAE-India CEPA agreement will be regarded as a towering achievement and a new era, not only for our two nations, but for global trade.”
The pact is an extension of the long-standing economic and trade relationship between the two countries. India is already the UAE’s second-largest trading partner, accounting for 9 per cent of the Emirates’ total foreign trade and 13 per cent of non-oil exports.
Trade between India and the UAE grew by more than 70 per cent in the first six months of 2021 to $21bn.
India is expected to become the world's fastest-growing major economy in 2022, expanding by 9 per cent despite continued headwinds fanned by the Covid-19 pandemic, according to the International Monetary Fund. Its economy grew at the same pace last year.
India could become the world's third-largest economy by 2026 and have an economic output of $10 trillion by 2030 if it grows at the same pace, Bloomberg Intelligence and World Bank estimates show.
Under the CEPA, key UAE commodities that will benefit from the tariff elimination include aluminium, copper and petrochemicals.
The key Indian sectors that will benefit are textiles, agriculture, furniture, pharmaceuticals and engineering, said India’s Minister for Commerce and Industry Piyush Goyal.
The fact that we were able to agree the terms of a deal of this size, scope and importance within five months demonstrates the power of our shared vision.
Abdullah bin Touq Al Marri,
UAE Minister of Economy
The deal will promote trade, investment and innovation in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, health care and defence and security, the Indian prime minister's office said in a statement.
The agreement was signed by Mr Goyal and Mr bin Touq in the presence of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, as well as India's Prime Minister Narendra Modi on Friday in New Delhi in an online ceremony.
India and the UAE also signed two initial pacts related to food security and financial services.
Negotiations between the two countries covered 18 chapters, resulting in the elimination of tariffs and enabling further investment in sectors including hospitality, logistics, construction and professional services, Mr bin Touq said.
It will also promote collaboration in key future industries such as AgriTech, renewable energy and advanced technology, while providing a platform for small- and medium-sized businesses to expand to new markets, he said.
“As we emerge from the global pandemic, this CEPA will uphold the movement to a free, fair, inclusive and non-discriminatory, transparent, predictable and stable trade and investment environment,” he said.
The deal with the UAE follows several rounds of talks that were first initiated in September, when Dr Al Zeyoudi led a delegation to India.
The UAE official held discussions with India’s Finance Minister Nirmala Sitharaman, Mr Goyal, Minister of Civil Aviation Jyotiraditya Scindia and Minister of Electronics and Information Technology Ashwini Vaishnaw, as well as with senior government officials during the tour.
The mutually beneficial partnership will help to create new jobs, promote foreign direct investment, empower entrepreneurs, attract talent and accelerate the knowledge-driven economies of the two countries, Dr Al Zeyoudi said at the time.
The agreement will “deepen economic ties” between the two countries that have shared a “long and rich history” of social, cultural and commercial ties spanning several centuries, global consultancy KPMG said in its report.
“The future of the India-UAE relationship is bright as both countries look to strengthen ties in the coming years,” it said.
“Both governments have been proactive in developing initiatives to boost foreign investment and their key sectors.”
For Indian companies, the attraction of the UAE includes its geographic proximity to India, its strategic location providing access to key markets in the GCC and Africa, and the ease of doing business.
For UAE companies, India's large market, the wealth of opportunities across sectors and cost advantages are attractive.
“As both nations look to strengthen ties further in the coming years, there are several opportunities across various sectors to boost bilateral trade and investment,” KPMG said, identifying 12 sectors that show potential for growth.
These include gems and jewellery, pharmaceuticals and medical services, food production and security, technology start-ups and artificial intelligence, education, financial services, advanced technology, aviation, defence, infrastructure development, oil and gas and renewables, it said.
While sectors such as gems and oil and gas will continue to be important, emerging sectors in both countries will be key in driving future trade and investment opportunities, KPMG said.
There is also significant opportunity in focusing on emerging economic centres such as second-tier and third-tier cities in India to strengthen ties.
“The planned CEPA is an important milestone in the historic partnership between the two countries. Its effective implementation will be a major boost to trade and investment relations, providing prioritised access to markets and capital,” KPMG said.
The agreement will provide a launch pad for more jobs and higher investment in industries from textiles and steel to food processing, experts said.
Arun Chawla, director general of the Federation of Indian Chambers of Commerce and Industry, said the textile, steel and food-processing industries will benefit most from the agreement.
“With the UAE looking for food security and plans to set up India-UAE food corridor, removal of the current 5 per cent tariff on food and dairy products will be a win-win for both the countries,” he told The National.
“The food and agri-processing industry in India will see tremendous growth as we see a potential duty-free access to the UAE market of over 10 million consumers and [it] is expected to act as a springboard for the entire Mena region.”
The Emirates, as is the case with other GCC countries, imports about 85 per cent of its food products.
In 2020, UAE entities committed $7bn to create a food corridor between the UAE and India to provide a stable market for farmers in the Indian states of Punjab, Madhya Pradesh, Uttar Pradesh and Gujarat.
The agreement will also trigger collaborations between businesses in technology, health care and education.
“Despite the challenges posed by the pandemic, the two countries worked together relentlessly to ensure a long-term growth in the coming years. With this [agreement], there will be an immediate boost in people-to-people contact,” Mr Chawla said.
There are gains expected with job creation as the two countries strengthen co-operation.
“The CEPA is expected to benefit labour-intensive sectors such as aluminium, copper, the chemicals and petrochemicals industry, agriculture, textile and jewellery,” he said.
“This will result in spillover economic benefits, including increased investments, job creation and employment opportunities, which in turn will boost the economy.”
Jewellery businesses are also expecting a rise in exports to the UAE.
The UAE accounts for 80 per cent of India’s plain gold jewellery exports and 20 per cent of studded jewellery exports.
Colin Shah, chairman of India's Gem and Jewellery Export Promotion Council, described the country as the gateway to the entire Middle East.
The agreement “will provide impetus and much-needed push to exports of gem and jewellery products to the Emirates”, Mr Shah said.
In December, the export credit agencies of the UAE and India also signed an agreement to improve trade ties and provide market access for small- and medium-sized enterprises.
Etihad Credit Insurance and India's Export Credit Guarantee Corporation will co-operate in exploring mutual opportunities for insurance, reinsurance and coinsurance services linked to the export of goods in a third country, as well as support insured exporters with investments, ECI said on December 29.
India, with a population of more than 1.3 billion, is already an attractive market for the UAE’s private and public sector companies.
In June 2020, Abu Dhabi’s strategic sovereign fund Mubadala Investment Company invested $1.2bn in India’s telecoms provider Jio Platforms.
Indian conglomerate Reliance last year announced an investment of $2bn in Abu Dhabi’s Ta'ziz Industrial Chemical Zone.
The UAE, the Arab world’s second-biggest economy, has made a strong recovery from the coronavirus-induced economic slowdown and has maintained strong trade momentum despite global travel uncertainty.
Its exports are projected to expand at an average annual rate of more than 6 per cent to Dh1.1tn ($299bn) by 2030, as the UAE continues to diversify its economy away from oil, Standard Chartered said in a report this month.
Metals and minerals as well as gold and machinery will dominate the UAE's exports over the next decade, with India and China serving as the country's principal export markets, the report said.
The country is further strengthening relations with key trading partners. It is currently negotiating a CEPA agreement with Indonesia, the biggest South-East Asian economy.
Indonesia expects to finalise the agreement in the first quarter of this year, its Trade Minister Muhammad Lutfi told The National in November.
“We are going to sign the CEPA in the first quarter of next year [2022] and hopefully after that … we are going to double or triple [our trade] by 2025,” he said at the time.
The UAE is also holding negotiations for a CEPA agreement with South Korea, which is expected to be finalised by the end of 2022. The agreement aims to enhance the economic partnership between the two countries to a minimum of $20bn in the next three to five years.
Racecard
6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m
6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m
7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m
7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m
8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m
8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m
9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
How Voiss turns words to speech
The device has a screen reader or software that monitors what happens on the screen
The screen reader sends the text to the speech synthesiser
This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen
A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB
The speech synthesisers VOISS develops are free
Subsequent computer versions will include improvements such as wireless keyboards
Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser
Partnerships planned during Expo 2020 Dubai to add more languages
At least 2.2 billion people globally have a vision impairment or blindness
More than 90 per cent live in developing countries
The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device
BRAZIL%20SQUAD
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
The major Hashd factions linked to Iran:
Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.
Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.
Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.
Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.
Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.
Saraya Al Khorasani: The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.
(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
MO
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
Indika
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Company%20Profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
Company%C2%A0profile
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Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
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Name: Hassan Mohsen Elhais
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Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
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MATCH INFO
Qalandars 112-4 (10 ovs)
Banton 53 no
Northern Warriors 46 all out (9 ovs)
Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7
Qalandars win by six wickets
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Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
