Abu Dhabi-based Emirates Development Bank (EDB) contributed Dh1.91 billion ($520 million) to the UAE’s gross domestic product over the past twelve months, as it continued to play a key role in supporting the Gulf country’s industrial strategy.
The announcement came at the EDB board's first meeting of 2022.
The lender also provided direct and indirect financing to 1,350 small and medium-sized enterprises (SMEs) across priority sectors and rolled out a new credit guarantee platform, which was able to mobilise more than Dh332m of capital to SMEs, it announced in a statement on Sunday.
The bank’s new strategy and economic contribution, which was launched in March 2021, underlines "its importance not just to the UAE’s industrial sector, but also to the nation’s economic diversification, global competitiveness and long-term, sustainable economic growth”, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and EDB board chairman.
“Over the years, the UAE has achieved significant growth and progress across various sectors that are now actively contributing to the nation’s GDP growth," Dr Al Jaber said.
"Through the EDB and its new strategy, we aim to ensure that the industrial sector keeps pace with that growth and achieves the aspirations of the UAE leadership.”
EDB, founded in 2011 through the merger of Emirates Industrial Bank and Real Estate bank, is playing a key role in supporting the UAE's industrial sector through financing programmes.
The bank’s new strategy was launched in March 2021 to support the UAE’s industrial development, accelerate the adoption of advanced technologies and empower the growth of SMEs in the country.
It focuses on the growth and development of large corporations and SMEs in five key sectors including manufacturing, advanced technology, infrastructure, health care and food security.
The lender has allocated Dh30bn to facilitate direct and indirect lending to more than 13,500 companies in these priority sectors by 2025.
“A few highlights include the financing of Dh1.52bn to projects in priority sectors and establishing partnerships with nine commercial banks, resulting in credit guarantees worth Dh332m,” said Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs and EDB deputy chairman.
Over the years, the UAE has achieved significant growth and progress across various sectors. Through the EDB and its new strategy, we aim to ensure that the industrial sector keeps pace with that growth
Dr Sultan Al Jaber,
UAE Minister of Industry and Advanced Technology and EDB board chairman
EDB also launched a large corporate banking division in less than a year and a digital banking application focused on SMEs and start-ups. In its first six months, over 1000 digital banking accounts have been registered, the statement said.
The lender has also signed memorandums of understanding with 26 partners, including banks, public and private sector entities, chambers of commerce and free zones, over the past 12 months to attract foreign direct investment (FDI) to the UAE. It also conducted more than 16 roadshows and industry events.
EDB has been active in forging local partnerships. Last October, it signed an agreement with the Abu Dhabi Investment Office to further boost FDI and attract more businesses to the capital. A month earlier, it teamed up with Ajman Free Zone to support the development of Emirati-led SMEs.
“We will continue to drive forward our efforts to support priority sectors and increase our value-added financing support for projects in technology, health care, food security, manufacturing and infrastructure as we look to the year ahead,” EDB’s chief executive Ahmed Al Naqbi said.
Mr Al Naqbi led the launch of two EDB initiatives with a total value of Dh10bn as part of the UAE’s Projects of the 50 campaign. The initiative allocated Dh5bn to support Emirati entrepreneurship and innovation, and another Dh5bn to accelerate industrial development and the adoption of advanced technology in the UAE.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
Results for Stage 2
Stage 2 Yas Island to Abu Dhabi, 184 km, Road race
Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
SCHEDULE FOR SHOW COURTS
Centre Court - from 4pm (UAE time)
Angelique Kerber (1) v Irina Falconi
Martin Klizan v Novak Djokovic (2)
Alexandr Dolgopolov v Roger Federer (3)
Court One - from 4pm
Milos Raonic (6) v Jan-Lennard Struff
Karolina Pliskova (3) v Evgeniya Rodina
Dominic Thiem (8) v Vasek Pospisil
Court Two - from 2.30pm
Juan Martin Del Potro (29) v Thanasi Kokkinakis
Agnieszka Radwanska (9) v Jelena Jankovic
Jeremy Chardy v Tomas Berdych (11)
Ons Jabeur v Svetlana Kuznetsova (7)
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.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
More from Armen Sarkissian
THE CARD
2pm: Maiden Dh 60,000 (Dirt) 1,400m
2.30pm: Handicap Dh 76,000 (D) 1,400m
3pm: Handicap Dh 64,000 (D) 1,200m
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m
4pm: Maiden Dh 60,000 (D) 1,000m
4.30pm: Handicap 64,000 (D) 1,950m
RESULTS
Bantamweight
Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)
(Split decision)
Featherweight
Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)
(Round 1 submission, armbar)
Catchweight 80kg
Rashed Dawood (UAE) beat Otabek Kadirov (UZB)
(Round-1 submission, rear naked choke)
Lightweight
Ho Taek-oh (KOR) beat Ronald Girones (CUB)
(Round 3 submission, triangle choke)
Lightweight
Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)
(Unanimous points)
Bantamweight
Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)
(Round 1 TKO)
Featherweight
Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
(Round 1 rear naked choke)
Flyweight
Shannon Ross (TUR) beat Donovon Freelow (USA)
(Unanimous decision)
Lightweight
Dan Collins (GBR) beat Mohammad Yahya (UAE)
(Round 2 submission D’arce choke)
Catchweight 73kg
Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)
(Round 3 submission, kneebar)
Bantamweight world title
Xavier Alaoui (MAR) beat Jaures Dea (CAM)
(Unanimous points 48-46, 49-45, 49-45)
Flyweight world title
Manon Fiorot (FRA) v Gabriela Campo (ARG)
(Round 1 RSC)
RESULTS
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA) Dh 200,000 (Turf) 1,600m
Winner: Hameem, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA) Dh 200,000 (T) 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB) Dh 380,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA) Dh 500,000 (T) 1,600m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA) Dh 5,000,000 (T) 2,200m
Winner: Messi, Pat Dobbs, Timo Keersmaekers
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA) Dh 150,000 (T) 1,400m
Winner: Harrab, Ryan Curatolo, Jean de Roualle
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T) 1,400m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
UAE currency: the story behind the money in your pockets
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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%3Cp%3E%3Cstrong%3E%0DMain%20Event%0D%3A%20Lightweight%20Title%3C%2Fstrong%3E%0D%3Cbr%3EAmru%20Magomedov%20def%20Jakhongir%20Jumaev%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ECo-Main%20Event%0D%3A%20Bantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERany%20Saadeh%20def%20Genil%20Franciso%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150%20lbs%3C%2Fstrong%3E%0D%3Cbr%3EWalter%20Cogliandro%20def%20Ali%20Al%20Qaisi%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERenat%20Khavalov%20def%20Hikaru%20Yoshino%20-%20Round%202%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EVictor%20Nunes%20def%20Nawras%20Abzakh%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EYamato%20Fujita%20def%20Sanzhar%20Adilov%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%0D%3Cbr%3EAbdullo%20Khodzhaev%20def%20Petru%20Buzdugen%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20139%20lbs%3C%2Fstrong%3E%0D%3Cbr%3ERazhabali%20Shaydullaev%20def%20Magomed%20Al-Abdullah%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3ECong%20Wang%20def%20Amena%20Hadaya%20-%20Points%20(unanimous%20decision)%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%0D%3Cbr%3EKhabib%20Nabiev%20def%20Adis%20Taalaybek%20Uulu%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ELight%20Heavyweight%3C%2Fstrong%3E%0D%3Cbr%3EBartosz%20Szewczyk%20def%20Artem%20Zemlyakov%20-%20Round%202%20(TKO)%3C%2Fp%3E%0A
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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