The close ties that the UAE and France have shared for decades was on full display on Wednesday when President Emmanuel Macron warmly greeted Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed on his arrival at Fontainebleau. It is an old friendship that over the years has been beneficial to the people of both countries. About 30,000 French people live in the UAE and more than 600 French companies operate in the Emirates. Sheikh Mohamed, also Deputy Supreme Commander of the Armed Forces, and Mr Macron, met to discuss ways to strengthen this bilateral relationship.
The list of common interests between the French and Emirati people is a long one and the areas of strategic co-operation are many including related to economic and security matters. Already, there have been joint efforts to co-operate in advanced sciences, education, space, coding, research and development, and cultural and creative industries.
Most recently, the UAE facilitated the evacuation of French citizens from Kabul after the Afghan capital fell to the Taliban. Mr Macron has voiced his thanks and appreciation for this support.
Nearly three years ago, in 2018, at an official summit in Paris hosted by Mr Macron, Sheikh Mohamed spoke about both the UAE and France supporting tolerance and co-existence and working for stability, peace and development in the Middle East and the world.
Just last month Mr Macron was in Iraq for the Baghdad Conference for Co-operation and Partnership, where the UAE delegation was led by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. The summit, with nine regional countries participating, aimed to increase regional co-operation and reduce tension. France was the only leader from a major Western power in attendance. It demonstrated to the world how under Mr Macron's presidency, France has stepped up its engagement with the Middle East.
In Lebanon, Mr Macron in the past year has repeatedly called for Cabinet formation and government reform. The keen interest to maintain stability in the wider region is apparent, and shared ground for the UAE and France. Much like the UAE, France also has an interest in furthering bilateral co-operation with Africa.
The progress of these strong ties is evident across sectors in the UAE, whether seen at Louvre Abu Dhabi or the steps made towards adopting new sources of energy. In fact, French residents in the UAE tend to work as entrepreneurs, or in the oil and gas or strategic sectors.
France also has a massive investment in hydrogen and plans to develop French hydrogen projects in the UAE are in the works.
There have been major achievements in the past decade, besides the opening of Louvre Abu Dhabi, Sorbonne University Abu Dhabi and the signing of the 2009 Joint Defence Agreement. In June, the two countries signed a 10-year bilateral plan, the UAE-France strategic partnership (2020-2030).
The UAE's Ambassador to France, Hend Al Otaiba, last week met Mr Macron's advisor for the Middle East and North Africa, Patrick Durel. Ms Al Otaiba said: "We discussed the strategic relationship between the UAE and France as well as various topics of common interest."
The strategic progress is set to further blossom as the two countries move beyond tackling the pandemic and welcome a degree of normality, both veering towards adoption of a green or a vaccine pass in the absolute prioritisation of public safety. As the leaders of the countries meet, it can be assumed that common strategic interests will be further developed and a friendship strengthened.
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.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
More on animal trafficking
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans
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The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
