President Sheikh Mohamed arrived in India’s Gujarat state on Tuesday to attend a three-day global business summit and to lead a parade with Prime Minister Narendra Modi ahead of the event.
The Vibrant Global Gujarat Summit is a biennial investors' international business event aimed at attracting funding and promoting the state. It was devised by Mr Modi in 2003 when he was the state's chief minister.
Sheikh Mohamed arrived in Ahmedabad in the evening and was received by Mr Modi.
They later led a 3km parade from outside Sardar Vallabhbhai Patel International Airport to Gandhinagar city, 30km from Ahmedabad, where the summit will take place.
“Landed in Ahmedabad a short while ago. Over the next two days, will be taking part in the Vibrant Gujarat Summit and related programmes,” Mr Modi had earlier said on X on Tuesday.
“It is a matter of immense joy that various world leaders will be joining us during this summit. The coming of my brother Mohamed bin Zayed is very special.”
Sheikh Mohamed visited India in September last year for the G20 Ministers meeting in the capital, New Delhi.
The trip to the South Asian nation follows a state visit to Azerbaijan.
UAE Minister of State for Trade Dr Thani Al Zeyoudi will also take part in the summit, along with a delegation from the Gulf nation's business community.
Vibrant Gujarat Global Summit
The three-day 10th Vibrant Gujarat Global Summit will take place at Mahatma Mandir Convention Centre in Gandhinagar, from January 10.
The summit is themed Gateway to the Future and will involve 34 countries and 16 partner organisations.
There will be seminars and talks on global issues including industry, innovation, sustainable manufacturing, green hydrogen, electric mobility, renewable energy and space technology.
Mr Modi will hold bilateral meetings with world leaders and chief executives of top global corporations.
The summit has evolved into a global platform and, with participation from 135 countries and more than 2,000 exhibitors, has helped the state attract $55 billion in foreign direct investments over the last two decades.
Tesla co-founder Elon Musk will reportedly participate in this year's event.
India-UAE ties
The UAE and India have strong strategic and economic ties, and Mr Modi has further strengthened relations since coming to power in 2014.
The UAE is India’s third-largest trading partner and its second-largest export destination.
The two nations have signed a Comprehensive Economic Partnership Agreement, or Cepa, that helped to grow bilateral trade to $38.6 billion in the first nine months of 2022 – almost double the figure recorded in the same period of 2020.
During Sheikh Mohamed's visit, there were three signed agreements across food parks, health care and the renewable energy sector.
The investment in renewable energy projects is to be implemented in India under the agreement and will reach up to 60 gigawatts.
The transition to clean energy is a priority for India, as it aims to achieve net-zero emissions by 2070 and meet 50 per cent of its electricity requirements from renewable energy sources by 2030.
There are plans to increase India's renewable energy capacity to 500 gigawatts, lowering the emissions intensity of its economy by 45 per cent and reducing one billion tonnes of carbon dioxide.
The two nations have also agreed to develop a series of integrated food parks across India that will incorporate state-of-the-art climate-smart technologies to reduce food waste and spoilage.
The parks will bring together farmers, processors and retailers to minimise waste, conserve water and maximise crop yields.
The nations also agreed to develop projects that have an emphasis on personalised health care based on a person's unique genetic, genomic or biological composition.
A Genomic Centre of Excellence is being reviewed as one of the possible projects under the agreement.
The healthcare sector in India is estimated to be around $372 billion and offers affordable treatment, advanced technology, a wide range of specialities as well as access to international markets.
During Mr Modi's visit to the UAE in July last year, the two nations signed an agreement to settle trade in the Indian currency, rupees, instead of US dollars.
He is scheduled to travel to Abu Dhabi in February to inaugurate the BAPS Hindu Temple and attend a community event at Zayed Stadium.
The Indian diaspora is the largest in the Emirates with 3.5 million Indian nationals living in the UAE in 2021, according India's Ministry of External Affairs.
The Indian community in the UAE works in sectors including finance, education, and health, and as entrepreneurs, white and blue-collar workers, and labourers.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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.
Our Time Has Come
Alyssa Ayres, Oxford University Press
RIVER%20SPIRIT
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MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.
My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
COMPANY%20PROFILE
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
Hamilton’s 2017
Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
COMPANY%20PROFILE
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
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