Abu Dhabi ports recorded a 15.7 per cent increase in non-oil trade in the second quarter compared to a year earlier, driven by increased foreign demand for precious metals, according to data from the Statistics Center Abu Dhabi.
Some Dh42.4 billion of non-oil merchandise was traded by sea and air in the second quarter, up from Dh36.6bn in the second quarter of 2014.
Much of this change was the result of a Dh4.4bn increase in demand for precious metals, including gold.
Gold, which was trading yesterday at $1104.4 per ounce, is close to a five-year low.
Imports to Abu Dhabi accounted for 69 per cent of the emirate’s trade.
Machinery and transport equipment accounted for more than half of imports in the second quarter. Commodities and manufactured goods accounted for the largest share of exports by value.
“For the UAE the key driver is global demand, because it’s a logistics hub for the region and possibly the rest of the world,” said Jason Tuvey, an emerging markets economist at Capital Economics. “These figures could be an indication that global demand isn’t as weak as some would expect,”
“The UAE is seen as midway between Asia and Europe, and trade diversion has probably also played a role in increasing trade to the UAE,” he said.
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
On Women's Day
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Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
SPECS
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Based: Riyadh
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Founded: September, 2020
Number of employees: 70
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Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
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Five expert hiking tips
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
- Life in the royal residences with Sheikha Osha bint Nahayan
- Sheikha Mahra and Sheikha Sabha recall their time spent in Al Hosn
- A place where problems were solved
- How the fort's rise tracked Abu Dhabi's development
- Meet Frauke Heard-Bey - the fort's historian for 30 years
- In Pictures: Story of a fort
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
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MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5