The UAE has joined forces with Spain to boost collaboration in industry and advanced technology.
The agreement aims to establish a framework that will ease and enhance collaboration between the two nations, they said in a joint statement on Thursday.
It aims to advance several industries in both countries through trade partnerships, research and development, knowledge and policy exchange, and technology transfer.
We look forward to a fruitful collaboration with Spain’s Ministry of Industry, Trade and Tourism through joint efforts in advanced technology and research and development
Sarah Al Amiri,
UAE Minister of State for Advanced Technology
Areas of collaboration include aerospace, automotive, health and life sciences, Fourth Industrial Revolution technology and standards and regulations, the statement said.
The UAE intends to enhance innovative industries in the country to build the world’s most active economy, Sarah Al Amiri, the UAE Minister of State for Advanced Technology, said.
“We look forward to a fruitful collaboration with Spain’s Ministry of Industry, Trade and Tourism through joint efforts in advanced technology and research and development … to support the transformation towards a knowledge-based economy,” she said.
The pact is in line with the objectives of the UAE’s national strategy for industry and advanced technology. It aims to enhance innovation and technology adoption, and position the Emirates as a global hub for future industries.
In a move to strengthen the bilateral relations between the two countries, Spanish Prime Minister Pedro Sanchez visited the UAE this month.
Mr Sanchez, who also met Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, visited Expo 2020 Dubai on Spain’s “national day”, on February 2. He said closer ties would contribute to regional and global stability.
Sheikh Mohammed and Mr Sanchez witnessed the signing of agreements across the education, technology and investment sectors during their talks at Expo 2020 Dubai.
The UAE is a strategic partner of Spain and Mr Sanchez’s “visit will contribute to the strengthening of political and economic relations between our two countries”, María Reyes Maroto, Spain’s Minister for Industry, Trade and Tourism, said.
“I have had the opportunity to confirm the excellent bilateral relations that exist between our countries, and the commitment to continue strengthening them in the coming years,” she said.
Recent agreements signed between the UAE and Spain include a pact on co-operation in the field of industry and advanced technology and a partnership to promote industrial co-operation between the two countries.
These will “encourage bilateral investments and the transfer of key technologies in the industry”, Ms Maroto said.
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The five pillars of Islam
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.
ON%20TRACK
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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.
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Price: From Dh590,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
