Ireland will establish a permanent business-promotion office in Abu Dhabi as it seeks to use its rebounding economy as a springboard to speed up the flow of trade and investment.
The announcement was made during a visit by the Irish prime minister, Enda Kenny, to the capital yesterday. Mr Kenny is leading the country’s biggest business delegation to the GCC, taking in Qatar, Saudi Arabia and the UAE.
“Enterprise Ireland is the trade and technology board of the Irish government,” said Mr Kenny, during the Abu Dhabi-Ireland Business Forum. “Its role is to ensure the business partners, customers and associates of Irish companies are fully informed about the benefits of doing business with Ireland, and the establishment of an office in Abu Dhabi is a significant step in that direction.”
Enterprise Ireland already has an office in Dubai serving the UAE and the wider region, but the additional office in Abu Dhabi is in response to greater interest in the capital from Irish companies.
Bilateral trade between Ireland and the UAE in 2012 reached €1 billion (Dh5bn), a figure officials expect to rise after Ireland’s economy emerged from recession in the second quarter of last year.
Mr Kenny said export growth would remain at a high level this year, as the economy expanded by 2 per cent.
“After three difficult budgets, things are beginning to point in the right direction,” he said.
Last month it became the first stricken euro zone country to exit its rescue programme. Three years prior the €67.5bn package provided by a trio of international lenders helped to avert Ireland from bankruptcy after a downturn in its property market.
Since then it has curtailed public spending, while pushing through business-friendly reforms. As a result, Forbes magazine last month rated the country the best for business in the world.
Now, Ireland is keen to tempt investment from the UAE.
“We have been very strongly attractive for foreign investment coming into the country, which is an opportunity for the UAE also,” said Mr Kenny.
In a sign of returning investor confidence in Ireland, the country’s bond yields have dropped to their lowest level in eight years. The country sold €3.75bn of bonds on Tuesday at a yield of 3.54 per cent.
The Abu Dhabi Chamber of Commerce and Industry intends to lead a delegation to Ireland later this year, Mr Kenny said. Previously in Qatar, he said the Qatar Investment Authority would also travel to Ireland in the coming months to examine opportunities in a number of areas.
Businesses from information communications technology, finance and construction are among those on the mission. Many are keen to expand their export markets or establish a presence in the GCC.
Some have already generated positive news during the trip. The engineering company Kentz International Ireland plans to open a new branch in Doha, offering services in oil, gas, transportation and infrastructure, the Irish Times reported yesterday. The mobility solutions provider Díona Technologies also said it had sealed a partnership deal with the Qatar-based IT firm MDS, the newspaper reported.
tarnold@thenational.ae
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
FROM THE ASHES
Director: Khalid Fahad
Starring: Shaima Al Tayeb, Wafa Muhamad, Hamss Bandar
Rating: 3/5
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
England v South Africa schedule:
- First Test: At Lord's, England won by 219 runs
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
Top 10 most competitive economies
1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
More from Neighbourhood Watch:
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Ukraine
Capital: Kiev
Population: 44.13 million
Armed conflict in Donbass
Russia-backed fighters control territory
Indika
Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
LOVE AGAIN
Director: Jim Strouse
Stars: Priyanka Chopra Jonas, Sam Heughan, Celine Dion
Rating: 2/5
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
The specs
Engine: Dual permanently excited synchronous motors
Power: 516hp or 400Kw
Torque: 858Nm
Transmission: Single speed auto
Range: 485km
Price: From Dh699,000
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
Naga
Director: Meshal Al Jaser
Starring: Adwa Bader, Yazeed Almajyul, Khalid Bin Shaddad
Rating: 4/5