Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, meets John Key, the prime minister of New Zealand.
Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, meets John Key, the prime minister of New Zealand.

Sheikh Abdullah talks trade with New Zealand leaders



Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, met with New Zealand's prime minister and members of his government yesterday to discuss strengthening commercial co-operation between the two countries. During the meeting with John Key in Wellington, Sheikh Abdullah emphasized the UAE's desire to further economic trade, WAM, the state news agency, reported.

The UAE was the 19th-most-important trading partner for New Zealand in 2009. The value of exports to New Zealand last year was estimated at Dh1 billion, up from Dh676m in 2008. New Zealand's major exports to the UAE are milk powder, butter and wood. Mr Key praised the UAE's investment environment, which he said had attracted a great number of international businesses in various sectors. Sheikh Abdullah also met with New Zealand's foreign minister, Murray McCully. The two discussed moves to encourage more economic and trade co-operation and more frequent meetings between the interested parties.

Other ministers involved in the talks included Tim Groser, New Zealand's minister of trade, and Heather Roy, the associate minister of defence. Last October, the New Zealand and Gulf Cooperation Council signed a Free Trade Agreement after six rounds of trade negotiations. The legal details are being finalised for submission to the Ministerial Conference later this year. Businessmen from the UAE who accompanied Sheikh Abdullah on the trip also met with their New Zealand counterparts yesterday. During a morning forum organised by New Zealand Trade and Enterprise, they discussed opportunities for trade and investment cooperation between the countries.

In his opening speech, Juma Mohammad al Keit, the executive director of foreign trade affairs in the Ministry of Foreign Trade, said the UAE is one of the most important trading partners of New Zealand in the Middle East. The volume of non-oil trade between the two countries is about Dh932m, reported WAM. Mr al Keit said more investment and trade partnerships should be sought in the fields of energy, tourism, education and agriculture. Alternative and renewable energy represented particularly good potential growth areas, he added.

Sheikh Abdullah's trip to New Zealand follows six days in Australia, where he also met with ministers to discuss strengthening ties. mswan@thenational.ae

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

Usain Bolt's time for the 100m at major championships

2008 Beijing Olympics 9.69 seconds

2009 Berlin World Championships 9.58

2011 Daegu World Championships Disqualified

2012 London Olympics 9.63

2013 Moscow World Championships 9.77

2015 Beijing World Championships 9.79

2016 Rio Olympics 9.81

2017 London World Championships 9.95

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 BIO

Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking

The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars