Trade between the UAE and India has increased by 10 per cent in the year after the countries agreed to a major economic treaty, setting the stage for greater co-operation throughout the Middle East and Asia.
Non-oil trade rose to nearly $50 billion since the Comprehensive Economic Partnership Agreement (Cepa) was signed a year ago today, putting it on track to achieve its $100 billion goal by 2030, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a statement on Saturday.
“It was a landmark agreement that created a powerful nexus of fast-growth nations who are helping to redefine the future of trade. And it delivered from day one,” Dr Al Zeyoudi said in a LinkedIn post.
He said India, South Asia's largest economy, is emerging as a “fourth economic pole” alongside the US, Europe and China.
“In parallel, we are cementing our position as a middle power — an innovation hub, a global market and a gateway to the world,” the minister said.
“As the economic centre of gravity shifts south and east, the UAE-India Cepa is creating an economic alliance that promises to help unlock the Asian future and establish the trade routes of tomorrow.”
The UAE signed its first Cepa with India a year ago today, and it took effect on May 1. The benefits of Cepa include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear and transparent rules and rule-based competition.
This helped propel trade between the two nations to $38.6 billion in the first nine months of 2022 — almost double the figure recorded in the same period of 2020.
In the first eight months since its implementation, trade surged 30 per cent, which puts the countries on track to achieve $88 billion worth of trade in the financial year, Indian ambassador to the UAE Sunjay Sudhir said last month.
The UAE is India's third-biggest trading partner, while the South Asian nation is the Emirates’ second-largest trading partner. India hopes its exports will hit $1 trillion in the near to medium term, Piyush Goyal, India’s minister of commerce and industry, has previously said.
The deal, a part of the UAE's trade strategy, is also expected to add 1.7 per cent, or $8.9 billion, to the country's gross domestic product and increase exports by 1.5 per cent, or $7.6 billion, by 2030.
The Emirates aims to conclude at least 22 Cepa deals by 2031, Dr Al Zeyoudi said in December.
As the economic centre of gravity shifts south and east, the UAE-India Cepa is creating an economic alliance that promises to help unlock the Asian future and establish the trade routes of tomorrow
Dr Thani Al Zeyoudi,
UAE Minister of State for Foreign Trade
The UAE’s non-oil foreign trade reached a record Dh2.23 trillion ($607.1 billion) in 2022, as the Arab world’s second-largest economy accelerates efforts to reduce its dependence on hydrocarbons and boosts its economic partnerships globally, government data showed earlier this month.
On Friday, Dr Al Zeyoudi addressed a delegation from the Federation of Indian Chambers of Commerce and Industry as part of the one-year anniversary of Cepa.
The UAE-India Cepa is “another step on a journey that first began with our foundation as a united, independent nation in 1971. And it’s remarkable how far we have both come,” he said in a statement on Saturday.
“There is, in my mind, no better model of international co-operation than this modern, flexible and mutually beneficial deal, and I look forward greater collaboration and innovation as we begin to realise its full potential.”
The UAE Chapter of the UAE-India Business Council in Dubai was also launched on Friday. It aims to improve collaboration between the nations' business sectors and help them to access each other's markets and expertise.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
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.
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
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
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.”
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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)
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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