Against the backdrop of the International Defence Exhibition and Conference (Idex), taking place in the UAE capital this week, the US has unveiled a bold and inspiring new plan. Lt Gen Charles Hooper, the director of America's Defence Security Co-operation Agency, announced on Sunday that a new joint military hospital is to be built in Abu Dhabi. Modelled on the Landstuhl hospital, which opened in Germany in the 1950s and remains the largest American military medical facility outside the US, the institution will save the lives of American and Emirati troops deployed in the region.
This project will be funded by the UAE and staffed by US medics, but it is much more than a simple joint exercise between two long-standing allies. Designed to provide its invaluable services to members of the armed forces for many years to come, the hospital will also send an important message to the world. In entrusting the UAE with the welfare of its wounded service personnel, America clearly views the nation as a haven of peace and stability in a region fraught with conflict.
It is also but one of the many international defence deals that have been made at Idex this week. On the opening day alone, the UAE Armed Forces signed a total of 33 contracts, worth Dh5 billion. As the defence spending of Arabian Gulf nations is forecast to reach $17 billion by 2023 – a rise of 15 per cent, based on today's figures – it is clear that Idex has a crucial role to play, cementing foreign alliances and acting as an important venue for trade.
In its 25th year, Idex also forms part of the UAE's drive to develop a full-fledged defence sector, which is essential to both economic diversification and national security. Take, for example, Emirati companies such as Caracal, which started out as a small arms manufacturer and has rapidly become a major supplier to the UAE Armed Forces and a number of Asian countries. International deals are also important vehicles through which to build knowledge in Arab nations. To this end, the French shipbuilder Naval Group has included plans for technological transfer as part of its recent deals with Egypt. The group's partnership with Saudi Arabian Military Industries will also enable the nation to build its own warships in the near future. Responding to growing defence spending in Mena countries, Idex has clearly established the UAE as a key player in the defence industry and a secure and transparent arena to do business in.
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BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
The Cockroach
(Vintage)
Ian McEwan
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Specs
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
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