The UAE, Egypt and Jordan have entered into an industrial partnership aimed at boosting sustainable growth and exploring opportunities for joint investments in priority sectors, in a move to bolster Arab economic integration.
A $10 billion investment fund has been allocated and managed by Abu Dhabi's holding company ADQ to accelerate work on the partnership across five priority sectors, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said in a joint conference on Sunday in Abu Dhabi. This is based on the directives of the President, Sheikh Mohamed, he said.
The partnership identified five sectors of mutual interest to the three countries, including petrochemicals; metals, minerals and downstream products; textiles; pharmaceuticals; and agriculture, food and fertilisers.
The new initiative will establish large joint industrial projects, create job opportunities, contribute to increasing economic output, diversify the economies of the three countries, support industrial production and increase exports.
The partnership was announced in the presence of Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs.
"Developing the industrial sector in the participating countries will enable industrial growth in the three nations, diversify the economy and increase the sector's contribution to the gross domestic product," he said, according to a Wam report. "This partnership also reflects the ability of the countries in the region to strengthen their relations and launch new projects and industries within the framework of an integrated industrial system that provides promising opportunities for future generations."
In his speech, Dr Al Jaber said the "ambitious partnership will lead to the creation of industrial opportunities worth billions of dollars by identifying joint industrial projects in the future, focused on creating world-class competitive industries with the highest standards of quality, especially in priority sectors".
The deal comes amid the UAE's efforts to support the growth of the local industrial sector, enhance its role in stimulating the national economy, and double its contribution to gross domestic product to Dh300bn ($82bn) by 2031.
UAE, Jordan and Egypt collectively have a GDP of about $765bn and more than 60 million young people, Dr Al Jaber said.
In the agriculture and food sector, there is an opportunity to increase the production of wheat and corn in the three countries to about 30 million tonnes annually, from 16.5 million tonnes currently, he added.
The metals sector — specifically aluminium, iron, silica and potash — provides opportunities for projects worth $23bn through high-value manufacturing of products such as glass, electrical wires, automotive components and solar panels, Dr Al Jaber said.
The combined contribution of the petrochemical industry to the GDP of the UAE, Egypt and Jordan economies was $16bn in 2019.
“We will now create promising opportunities for the development of this sector and its related industries, which are valued at more than $21bn,” Dr Al Jaber said.
The $10bn investment fund underscores ADQ's commitment to the industrial partnership "as we seek to achieve sustainable economic growth for our three nations", Mohamed Alsuwaidi, managing director and chief executive of ADQ, said. "By leveraging the expertise of ADQ and its portfolio companies, the partnership will enable us to unlock opportunities for joint investment in priority industrial sectors and develop a robust and integrated industrial infrastructure whilst cementing the UAE’s position as leading industrial nation.”
Emirates Development Bank (EDB) will back the initiative, offering a range of flexible direct and indirect financing solutions to UAE-based companies seeking to unlock the opportunities of the new partnership, it said in a separate statement.
This includes capital expenditure financing for expansion or facility upgrades in addition to greenfield and brownfield project financing. The bank will also offer financial support for integrating advanced technologies, digitisation of operations and investments into alternative, renewable or clean energy sources, it added.
The partnership reflects the UAE's goal to "transform the national industrial sector into a long-term, sustainable engine of growth, which it will achieve by fostering new sectors that respond to the needs of the future", Ahmed Al Naqbi, chief executive of EDB, said.
The joint conference was also attended by Egyptian Prime Minister Mostafa Madbouly and Jordan’s Prime Minister Bisher Al Khasawneh in Abu Dhabi, where details of the Industrial Partnership for Sustainable Economic Growth were revealed.
"We meet today in an important moment that represents a differentiating mark in the joint history of the Arab world," Mr Madbouly said.
"The partnership we are signing today is a realistic embodiment and practical execution of an important goal for all of us, which is the pursuit of Arab economic integration, a goal that was present in the minds of the founding fathers of the Arab League in the 1940s."
The three-way partnership is an "inspiring model" for turning the current economic and geopolitical global circumstances from challenges into opportunities for the taking, he said.
The move seeks to bolster the integration, connectivity and mutual co-operation between the economies of Arab countries, the Egyptian prime minister said.
"There is a lot of hard work and persistent effort and unconventional approach — with an emphasis on unconventional — that we all need to exert in the coming period to accelerate the execution of projects under the initiative precisely and within specific timeframes so that they can achieve growth," he said.
Egypt's economy is projected to expand 6.2 per cent in the 2021-2022 fiscal year, one of the best economic growth rates during this period, Mr Madbouly said.
The country's industrial sector has grown massively, despite global crises including from the Covid-19 pandemic, whereby it issued 50,000 new operating licences for factories over the last five years that created 2.5 million jobs during the period, he said.
Non-oil exports grew 20 per cent in 2021 to more than $32bn, despite the pandemic. Non-oil exports in the first three months of 2022 grew 21 per cent, underscoring the industrial sector's strength and the overall economy's resilience, Mr Madbouly added.
The Egyptian government has also announced in the last few weeks a bundle of tax and non-tax incentives to attract FDI into the economy, particularly in the sectors of renewable energy, green energy, integrated industries and advanced technologies.
It also signed in the last fee weeks six initial pacts with some of the biggest consortia to produce green hydrogen and green ammonia in Egypt in the coming period, Mr Madbouly said.
The Jordanian prime minister said the new partnership will have a strategic and deep impact on the three countries, with the continued sustainable flow of commodities without any bottlenecks or price instability.
It will also lead to benefits including economic diversification, reduction in the cost of imports and job opportunities for their nationals, Mr Al Khasawneh said.
Jordan's industrial sector is undergoing rapid development and modernisation, attracting investments and contributing nearly 24 per cent to the country's GDP, he added. It also comprises 90 per cent of total exports, attracts 70 per cent of FDI and employs 21 per cent of the total workforce.
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
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)
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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
Francesco Totti's bio
Born September 27, 1976
Position Attacking midifelder
Clubs played for (1) - Roma
Total seasons 24
First season 1992/93
Last season 2016/17
Appearances 786
Goals 307
Titles (5) - Serie A 1; Italian Cup 2; Italian Supercup 2
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
FROM%20THE%20ASHES
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List of UAE medal winners
Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)
Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)
Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
Scotland v Ireland:
Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell
Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn
Coach: Gregor Townsend (SCO)
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
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.”
The%20National%20selections
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The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
