The UAE and India signed agreements for establishing a framework to promote the use of local currencies for cross-border transactions and co-operation for interlinking their payment and messaging systems.
The agreements were signed by Khaled Balama, Governor of the Central Bank of the UAE, and Shaktikanta Das, Governor of the Reserve Bank of India, in the presence of President Sheikh Mohamed and Indian Prime Minister Narendra Modi in Abu Dhabi on Saturday.
The agreement aims to put in place a local currency settlement system (LCSS) to promote the use of the Indian rupee and the dirham bilaterally, the RBI said in a statement on its website.
“The agreement covers all current account transactions and permitted capital account transactions,” it said.
“Creation of the LCSS would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market.”
India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Company, Reuters reported on Friday.
This arrangement would promote investments and remittances between the countries, the regulator said.
Use of local currencies help to optimise transaction costs and settlement time for transactions, including for remittances from Indians residing in the UAE, it said.
The two countries also agreed to co-operate on linking their fast payment systems – India’s Unified Payments Interface with the UAE’s Instant Payment Platform – to ease cross-border money transfers.
Such arrangements typically lower the cost of payments.
The agreement will also explore linking their respective Card Switches (RuPay switch and UAESWITCH) for mutual acceptance of domestic cards and processing of card transactions.
The Central Bank of the UAE introduced UAESWITCH in 1996 to link the automated teller machine (ATM) network of all banks in the UAE.
The UAESWITCH provides regional and international connectivity with other similar national systems.
The two countries will also seek to link their payments messaging systems to facilitate bilateral financial messaging, the RBI said.
Meanwhile, Abdullah Al Marri, Minister of Economy, said the UAE and India have adopted a package of initiatives and joint action plans to expand sectors of the new economy in their markets and stimulate the growth of Emirati and Indian start-ups to increase their contribution to the growth of gross domestic product in the two countries.
The two countries are increasing economic co-operation in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium enterprises, renewable energy, technology, digital transformation and transportation, he told Wam.
Non-oil foreign trade between them reached Dh188.8 billion ($51.4 billion) in 2022, a growth of 15 per cent compared with 2021.
A year after their Comprehensive Economic Partnership Agreement (Cepa) took effect, the two countries have strengthened their strategic relations, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, also told Wam.
Bilateral non-oil trade reached $50.5 billion in the first 12 months of the Cepa signing.
The significant growth in the volume of bilateral non-oil trade signifies the Cepa’s progress, which puts it on track to reach $100 billion in non-oil trade annually by 2030, Dr Al Zeyoudi said.
The UAE signed its first Cepa with India in February last year and it took effect the following May.
The benefits of the Cepa include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear and transparent rules, and rule-based competition.
Mohammed bin Zayed Majlis
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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UAE currency: the story behind the money in your pockets
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Specs
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Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
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Always check the weather forecast before setting off
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Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
