Emirates Global Aluminium (EGA), the UAE’s largest industrial company outside the oil and gas sector, has signed a preliminary agreement with Japanese conglomerate Itochu to explore the development of joint industrial projects in the Emirates.
The move is in line with UAE efforts to expand the industrial base in the Arab world’s second-largest economy under its Operation 300bn programme, as well as co-operation in Industry 4.0 projects, the company said in a statement on Friday.
Operation 300bn, launched in March 2021, is the UAE's 10-year strategy that seeks to increase the industrial sector's contribution to the country's gross domestic product to Dh300 billion ($81.7 billion) by 2031.
The government also introduced its Industry 4.0 plan in October 2021, which aims to boost productivity and the development of innovative products, increase manufacturing by 30 per cent and add Dh25bn to the nation's economy by 2031.
The UAE this month issued new legislation, the Federal Decree-Law Number 25 of 2022, to support the organisation and development of the national industrial sector by increasing the flexibility to adopt more supportive policies and provide incentives.
"The law aims to be a key enabler for the industrial sector, increase its investment attractiveness, and encourage local and foreign investment in industrial activities, in co-ordination with federal and local authorities," a government statement said.
The new decree-law will become effective in January 2023, applying to all industrial activities in the country, including free, economic and specialised zones.
EGA and Itochu have worked together for decades and the latest partnership is expected to add value to businesses operating in the UAE, Abdulnasser bin Kalban, chief executive of EGA, said in the statement.
"To more than double the size of the UAE’s industrial sector by 2031, our nation needs to develop new industrial capabilities," he said. "Working in partnership with other global companies like Itochu will help EGA accelerate our contribution to Operation 300bn."
Boosting the UAE’s industries and adopting advanced technology is among the central planks of the UAE’s economic diversification strategy — several programmes have been launched in this regard — as it steers away from dependence on oil.
Apart from the Operation 300bn and Industry 4.0 strategies, Abu Dhabi announced in June that it would invest Dh10 billion across six industrial programmes to more than double the size of the emirate’s manufacturing sector to Dh172 billion by 2031.
This will be done by increasing access to financing, further improving the ease of conducting business and attracting foreign direct investment (FDI).
In the same month, the UAE announced the first phase of its NextGenFDI programme, which offers incentives to attract hundreds of digital companies to operate in the country as part of a programme to draw more FDI and position itself as a global technology centre.
As part of the agreement, EGA and Itochu will leverage each other's industrial expertise in opportunities that will complement EGA’s existing operations in the UAE, the statement said.
Potential projects include some that it is hoped will become new industrial activities in the UAE, such as the further processing of EGA’s metal to produce super-high purity aluminium for specialised applications, and the recycling of copper used in EGA’s production process, it said.
"Our aim is to leverage the strengths of each company to progress these projects and create value for us, both as well as for the UAE as a nation," said Kenji Seto, executive officer and president for metals and minerals of Itochu.
EGA, which is jointly owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company and the Investment Corporation of Dubai, operates smelters in Jebel Ali and Al Taweelah, a refinery in Al Taweelah and a bauxite mine and associated export facilities in Guinea.
This week, it signed an agreement to license its technology to Indonesia’s state aluminium company, PT Indonesia Asahan Aluminium, for a smelter expansion project.
The company, which reported record half-yearly earnings as profit surged more than threefold, this week said it hit a production milestone of 40 million tonnes of hot metal made since it was formed in 1979. Last year, it became the first company globally to produce aluminium commercially using solar power.
Tokyo-based Itochu, established in 1858, has operational bases in 62 countries and is engaged in several industries, from textiles and food to energy and technology, as well as business investments in Japan and overseas.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
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
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.”
Start times
5.55am: Wheelchair Marathon Elites
6am: Marathon Elites
7am: Marathon Masses
9am: 10Km Road Race
11am: 4Km Fun Run
Killing of Qassem Suleimani
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
More coverage from the Future Forum
Kanye%20West
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match info
Manchester United 3 (Martial 7', 44', 74')
Sheffield United 0
Predictions
Predicted winners for final round of games before play-offs:
- Friday: Delhi v Chennai - Chennai
- Saturday: Rajasthan v Bangalore - Bangalore
- Saturday: Hyderabad v Kolkata - Hyderabad
- Sunday: Delhi v Mumbai - Mumbai
- Sunday - Chennai v Punjab - Chennai
Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
FIXTURES
All times UAE ( 4 GMT)
Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)
Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)
Monday
AC Milan v Bologna (10.45om)
Playing September 30
Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)
More from Neighbourhood Watch:
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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%3Cp%3E%E2%97%8F%20Estijaba%20helpline%3A%208001717%3Cbr%3E%E2%97%8F%20UAE%20Ministry%20of%20Health%20and%20Prevention%20hotline%3A%20045192519%3Cbr%3E%E2%97%8F%20UAE%20Mental%20health%20support%20line%3A%20800%204673%20(Hope)%3Cbr%3EMore%20information%20at%20hope.hw.gov.ae%3C%2Fp%3E%0A
Brahmastra%3A%20Part%20One%20-%20Shiva
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAyan%20Mukerji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERanbir%20Kapoor%2C%20Alia%20Bhatt%20and%20Amitabh%20Bachchan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
