LATEST: Gulf diplomacy could help end the Ukraine war
The UAE and Ukraine formally signed a Comprehensive Economic Partnership Agreement on Monday as they seek to boost trade and investment ties.
The deal was signed by Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, and Yulia Svyrydenko, Ukraine's First Deputy Prime Minister and Minister of Economy, in the presence of President Sheikh Mohamed and Ukrainian President Volodymyr Zelenskyy.
Sheikh Mohamed also held talks with Mr Zelenskyy in Abu Dhabi as part of his visit to the Emirates on Tuesday. The two leaders explored ways to strengthen partnerships in key areas such as the economy, investment, development, renewable energy and food security.
The trade deal is estimated to contribute about $369 million to the UAE’s GDP and $874 million to the Ukrainian economy by 2031. Under the terms, 99 per cent of Ukrainian imports of UAE goods and 97 per cent of Ukrainian exports to the Emirates will be exempt from customs duties, with immediate effect.
Ukraine's economy has suffered a “devastating” social and economic toll from its war with Russia, the International Monetary Fund said in December. However, Kyiv has managed to stabilise the country with improved policies and external support.
The country's real GDP growth plunged 28.8 per cent in 2022, when Russia began its invasion in February, but it was able to recover to post a 5.8 per cent expansion in 2023, data from the IMF shows. The IMF predicts real GDP growth will dip to 4 per cent in 2024 and further down within the range of between 2.5 per cent to 3.5 per cent this year, before growing to 5.3 per cent in 2026.
The UAE is Ukraine's second-largest trading partner in the Gulf region as of 2021, with non-oil trade between the two countries exceeding Dh1.4 billion ($388 million) in 2022, data from the Ministry of Economy shows.
The Cepa is also expected to help accelerate the economic recovery of Ukraine, which has been engaged in a war with Russia that will enter its fourth year on February 25.
"An important economic agreement between our countries was signed today," Mr Zelenskyy said in a post on X. The deal "liberalises access to the UAE market for nearly all Ukrainian goods. This will make it easier for our companies to sell their products in the UAE", he added.
The UAE, which has set the target of achieving Dh4 trillion in foreign trade by 2031 as part of its national economic goals, is developing non-oil sectors and deepening ties with trading partners to bolster long-term growth prospects.
The Arab world's second-largest economy has invested heavily in trade and logistics infrastructure including modern marine ports and airport infrastructure to attract foreign investors.
The UAE's non-oil foreign trade hit a record Dh3 trillion in 2024 − up 14.6 per cent year-on-year − as the country continues to diversify its economy and forges closer trade ties with countries around the world, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said this month. Cepas the UAE has signed with various nations have contributed Dh135 billion to its non-oil trade with partner nations, an increase of 42 per cent compared to the previous year, Sheikh Mohammed said.
The UAE launched its Cepa programme in 2021, with the aim of signing 26 agreements. It has so far signed 24 deals with countries including India, Turkey, Israel, Indonesia, Cambodia, Georgia, South Korea, Chile, Mauritius, New Zealand and Malaysia. Talks are under way with several others, including the Philippines.
Ukraine's Cepa deal with the UAE will enable it to accelerate its economic recovery and create new opportunities for co-operation in key sectors such as infrastructure, heavy industry, aviation, aerospace and information technology, the Wam report said.
The UAE's foreign direct investment in Ukraine hit about $100 million in September 2020, spanning sectors including manufacturing, transport, storage, gas, retail trade, real estate and agriculture, making the Emirates the largest Arab investor in the country, latest data from the Ministry of Economy indicated.
Ukraine's FDI to the UAE, meanwhile, reached $84 million at the start of 2021, mostly in real estate, retail trade, manufacturing, transport, warehousing and technology.
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
The Case For Trump
By Victor Davis Hanson
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
Aayan%E2%80%99s%20records
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Turkish Ladies
Various artists, Sony Music Turkey
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
The biog
Name: Mariam Ketait
Emirate: Dubai
Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language
Favourite quote: "Be the change you wish to see" - unknown
Favourite activity: Connecting with different cultures
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