News from the Arab World
SEOUL: South Korean stocks traded lower late Monday morning due to losses in semiconductor and battery shares, state news agency (Yonhap) reported.
The benchmark Korea Composite Stock Price Index had decreased 8.96 points, or 0.33 percent, to 2,671.39 as of 11:20 am.
The local currency was trading at 1,316.4 won against the US dollar, up 3.4 won from the previous session.
Source: Emirates News Agency
SEOUL: South Korean stocks traded lower late Monday morning due to losses in semiconductor and battery shares, state news agency (Yonhap) reported.
The benchmark Korea Composite Stock Price Index had decreased 8.96 points, or 0.33 percent, to 2,671.39 as of 11:20 am.
The local currency was trading at 1,316.4 won against the US dollar, up 3.4 won from the previous session.
Source: Emirates News Agency
ABU DHABI: Investopia 2024 witnessed the signing of two memorandums of understanding (MoUs) between the UAE and the Republic of Korea. The first MoU was signed by the Dubai Multi Commodities Center (DMCC) and the Korean Institute of Startup and Entrepreneurship Development (KISED), while the second partnership is between the Dubai Future District Fund (DFDF) and the Korea Venture Investment Corporation (KVIC).
The MoUs underline Investopia’s role in enhancing dialogue and connectivity between national and international institutions and bodies, creating promising opportunities for business communities. It contributes to developing new partnerships that support the shift towards new economic sectors, and enhancing investment horizons in the venture capital sector, small and medium enterprises, entrepreneurship, financial technology, artificial intelligence, and the circular economy as key sectors that lead the world’s economies to sustainable growth.
The two agreements were signed in the presence of Abdullah
bin Touq Al Marri, Minister of Economy and Chairman of Investopia, and Daehee Lee, Deputy Minister at the Korean Ministry of Small and Medium Enterprises and Startups. The first agreement was signed by Ahmed Hamza, Executive Director of the Free Zone, representing the Dubai Multi Commodities Center, and Ganghun. Lee, Vice President of the Korea Institute for Startup and Entrepreneurship Development. Abdul Basset Qaid, Head of Capital Funding at the Dubai Future District Fund, and Hyung-chul Koo, Senior General Manager at KVIC, signed the second MoU.
The agreement between DMCC and KISED is aimed at providing comprehensive support to startups and entrepreneurs and facilitating the exchange of experiences between the two parties to achieve mutual benefit and apply best market practices. It will also facilitate the entry of UAE startups to Korean markets and vice versa and enhance cooperation in new industries such as the entertainment sector, digital games, blockchain, and non-fungible token (NFT) technologies.
Meanwhile, the agreement signed between DFDF and KVIC aims to enhance cooperation between the two parties in the field of venture investments, share visions and experiences in startups, and enhance their expansion and global growth, as well as exchange invitations to participate in relevant international events.
The latest MoUs add to the already strong UAE-Korean relations, strengthening their strategic partnership in the fields of energy, investment, emerging industry and new economy sectors. Moreover, they highlight Investopia’s success in driving investment initiatives and projects at the local and global levels and encouraging investors and governments to explore various investment and economic opportunities.
Investopia 2024 brought together a wide array of investors, government representatives, entrepreneurs and experts over the two days of the event that took place in Abu Dhabi at the end of last February. It served as an ideal platform for establishing partnerships and creating investment and cooper
ation opportunities within the sectors of the new economy, as it witnessed the attendance of more than 2,500 participants, and more than 90 speakers who addressed the latest investment and economic trends. These included new strategies in venture capital deals, the growth potential of the green economy, new generation investment, and the digital economy, tourism, sports and technology sectors.
Source: Emirates News Agency
DUBAI: Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There’s been a significant increase in Indian businesses setting up there, with 28% more new companies in 2023 compared to the previous year. This resulted in over 190 new Indian businesses and a total of more than 1,500 Indian companies in Jafza. This growth follows trade events held in India to connect with potential businesses.
Bharat Mart, set to open in 2026, gained attention at recent trade events. This initiative aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe by offering retail space, warehousing, and logistics services. With nearly 3,000 business leads generated in less than a month, the project has received positive reception.
Abdulla Al Hashmi, Chief Operating Officer, Parks and Zones at DP World GCC, elaborated on the platform’s potential impact and said, “We have received overwhelming interest from Indian businesses who are keen to establish
a presence in Jafza and leverage our world-class infrastructure, network, and market access. With Bharat Mart, we will continue to revolutionise trade, opening new pathways that strengthen economic partnerships and facilitate seamless global commerce.’
The gathering also shed light on the flourishing trade ties between the UAE and India since the Comprehensive Economic Partnership Agreement (CEPA) was inked in May 2022. The landmark agreement eliminated tariffs for Indian traders, creating an open and efficient environment for cross-border trade.
As a testament to the agreement’s success, bilateral non-oil trade between the UAE and India reached US$50.5 billion in the first year of CEPA, a 5.8 percent annual increase. The goal is to further boost non-oil trade to $100 billion by 2030.
The CEPA’s effectiveness is boosted by DP World’s India-UAE Trade Bridge initiative launched in 2019, which streamlines shipping between the two nations, reducing costs and time and generating new business opportunities in se
ctors like manufacturing, food and beverage, pharmaceuticals, and healthcare.
Al Hashmi added, “Despite the ongoing challenges in the international trade network, our collaborative initiatives with India have led to a notable increase in trade between our two nations. Jafza has been key to this success, and our focus now is on sustaining this growth by empowering Indian businesses and promoting a strong trade ecosystem, reinforcing our commitment to economic prosperity.”
Jafza currently serves over 10,000 companies from 130 countries, with 87 percent of the UAE’s non-oil trade with India coming through Dubai. Indian companies represent the second-largest partners in terms of trade volume and are fourth in terms of trade value at Jafza.
Jafza links businesses to Jebel Ali’s new Agri Terminals facility, which broke ground in February 2024. The AED550 million complex will establish the largest multi-tenant facility in Dubai for storing and processing grains for both domestic consumption and export to the wide
r region. The first phase of the project is scheduled for completion in early 2025. Together, the Port and Free Zone offer a comprehensive logistics solution that can help Indian companies thrive.
Source: Emirates News Agency
DUBAI: Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There’s been a significant increase in Indian businesses setting up there, with 28% more new companies in 2023 compared to the previous year. This resulted in over 190 new Indian businesses and a total of more than 1,500 Indian companies in Jafza. This growth follows trade events held in India to connect with potential businesses.
Bharat Mart, set to open in 2026, gained attention at recent trade events. This initiative aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe by offering retail space, warehousing, and logistics services. With nearly 3,000 business leads generated in less than a month, the project has received positive reception.
Abdulla Al Hashmi, Chief Operating Officer, Parks and Zones at DP World GCC, elaborated on the platform’s potential impact and said, “We have received overwhelming interest from Indian businesses who are keen to establish
a presence in Jafza and leverage our world-class infrastructure, network, and market access. With Bharat Mart, we will continue to revolutionise trade, opening new pathways that strengthen economic partnerships and facilitate seamless global commerce.’
The gathering also shed light on the flourishing trade ties between the UAE and India since the Comprehensive Economic Partnership Agreement (CEPA) was inked in May 2022. The landmark agreement eliminated tariffs for Indian traders, creating an open and efficient environment for cross-border trade.
As a testament to the agreement’s success, bilateral non-oil trade between the UAE and India reached US$50.5 billion in the first year of CEPA, a 5.8 percent annual increase. The goal is to further boost non-oil trade to $100 billion by 2030.
The CEPA’s effectiveness is boosted by DP World’s India-UAE Trade Bridge initiative launched in 2019, which streamlines shipping between the two nations, reducing costs and time and generating new business opportunities in se
ctors like manufacturing, food and beverage, pharmaceuticals, and healthcare.
Al Hashmi added, “Despite the ongoing challenges in the international trade network, our collaborative initiatives with India have led to a notable increase in trade between our two nations. Jafza has been key to this success, and our focus now is on sustaining this growth by empowering Indian businesses and promoting a strong trade ecosystem, reinforcing our commitment to economic prosperity.”
Jafza currently serves over 10,000 companies from 130 countries, with 87 percent of the UAE’s non-oil trade with India coming through Dubai. Indian companies represent the second-largest partners in terms of trade volume and are fourth in terms of trade value at Jafza.
Jafza links businesses to Jebel Ali’s new Agri Terminals facility, which broke ground in February 2024. The AED550 million complex will establish the largest multi-tenant facility in Dubai for storing and processing grains for both domestic consumption and export to the wide
r region. The first phase of the project is scheduled for completion in early 2025. Together, the Port and Free Zone offer a comprehensive logistics solution that can help Indian companies thrive.
Source: Emirates News Agency
DUBAI: Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There’s been a significant increase in Indian businesses setting up there, with 28% more new companies in 2023 compared to the previous year. This resulted in over 190 new Indian businesses and a total of more than 1,500 Indian companies in Jafza. This growth follows trade events held in India to connect with potential businesses.
Bharat Mart, set to open in 2026, gained attention at recent trade events. This initiative aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe by offering retail space, warehousing, and logistics services. With nearly 3,000 business leads generated in less than a month, the project has received positive reception.
Abdulla Al Hashmi, Chief Operating Officer, Parks and Zones at DP World GCC, elaborated on the platform’s potential impact and said, “We have received overwhelming interest from Indian businesses who are keen to establish
a presence in Jafza and leverage our world-class infrastructure, network, and market access. With Bharat Mart, we will continue to revolutionise trade, opening new pathways that strengthen economic partnerships and facilitate seamless global commerce.’
The gathering also shed light on the flourishing trade ties between the UAE and India since the Comprehensive Economic Partnership Agreement (CEPA) was inked in May 2022. The landmark agreement eliminated tariffs for Indian traders, creating an open and efficient environment for cross-border trade.
As a testament to the agreement’s success, bilateral non-oil trade between the UAE and India reached US$50.5 billion in the first year of CEPA, a 5.8 percent annual increase. The goal is to further boost non-oil trade to $100 billion by 2030.
The CEPA’s effectiveness is boosted by DP World’s India-UAE Trade Bridge initiative launched in 2019, which streamlines shipping between the two nations, reducing costs and time and generating new business opportunities in se
ctors like manufacturing, food and beverage, pharmaceuticals, and healthcare.
Al Hashmi added, “Despite the ongoing challenges in the international trade network, our collaborative initiatives with India have led to a notable increase in trade between our two nations. Jafza has been key to this success, and our focus now is on sustaining this growth by empowering Indian businesses and promoting a strong trade ecosystem, reinforcing our commitment to economic prosperity.”
Jafza currently serves over 10,000 companies from 130 countries, with 87 percent of the UAE’s non-oil trade with India coming through Dubai. Indian companies represent the second-largest partners in terms of trade volume and are fourth in terms of trade value at Jafza.
Jafza links businesses to Jebel Ali’s new Agri Terminals facility, which broke ground in February 2024. The AED550 million complex will establish the largest multi-tenant facility in Dubai for storing and processing grains for both domestic consumption and export to the wide
r region. The first phase of the project is scheduled for completion in early 2025. Together, the Port and Free Zone offer a comprehensive logistics solution that can help Indian companies thrive.
Source: Emirates News Agency
ABU DHABI: The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking and Financial Markets Developments.
”Owing to the widespread implementation of technology throughout the economy, the UAE financial system is more secure and efficient than ever before,” the report noted.
At the end of the fourth quarter of 2023, the number of locally incorporated banks (excluding investment banks) remain constant at 22 banks. The branches of these locally incorporated banks decreased to 489 branches at the end of December 2023. The number of electronic banking service units of these banks fell to 46 units at the end of the fourth quarter of 2023. The number of Cash Offices remained constant at 21 Cash Offices at the end of December 2023.
The
number of GCC banks continue to remain steady at the end of the fourth quarter of 2023 at 6 banks, plus one wholesale GCC Bank. The branches of these banks also remain constant at 6 branches at the end of December 2023. The number of other foreign banks stood at 22 banks with 66 branches.
The number of electronic banking service units of these banks persist at 21 units at the end of the fourth quarter of 2023. The number of cash offices of these banks stood consistent at one cash office during the fourth quarter of 2023.
At the end of the fourth quarter of 2023, the number of financial institutions licensed by the Central Bank, i.e., Wholesale Banks, Representative Offices, Finance Companies and Money Changers reached 11, 71, 17 and 74, correspondingly, bringing the total to 173.
The total number of ATM of banks operating in the UAE reached 4,654 by the end of December 2023.
Source: Emirates News Agency
ABU DHABI: The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking and Financial Markets Developments.
”Owing to the widespread implementation of technology throughout the economy, the UAE financial system is more secure and efficient than ever before,” the report noted.
At the end of the fourth quarter of 2023, the number of locally incorporated banks (excluding investment banks) remain constant at 22 banks. The branches of these locally incorporated banks decreased to 489 branches at the end of December 2023. The number of electronic banking service units of these banks fell to 46 units at the end of the fourth quarter of 2023. The number of Cash Offices remained constant at 21 Cash Offices at the end of December 2023.
The
number of GCC banks continue to remain steady at the end of the fourth quarter of 2023 at 6 banks, plus one wholesale GCC Bank. The branches of these banks also remain constant at 6 branches at the end of December 2023. The number of other foreign banks stood at 22 banks with 66 branches.
The number of electronic banking service units of these banks persist at 21 units at the end of the fourth quarter of 2023. The number of cash offices of these banks stood consistent at one cash office during the fourth quarter of 2023.
At the end of the fourth quarter of 2023, the number of financial institutions licensed by the Central Bank, i.e., Wholesale Banks, Representative Offices, Finance Companies and Money Changers reached 11, 71, 17 and 74, correspondingly, bringing the total to 173.
The total number of ATM of banks operating in the UAE reached 4,654 by the end of December 2023.
Source: Emirates News Agency
ABU DHABI: The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking and Financial Markets Developments.
”Owing to the widespread implementation of technology throughout the economy, the UAE financial system is more secure and efficient than ever before,” the report noted.
At the end of the fourth quarter of 2023, the number of locally incorporated banks (excluding investment banks) remain constant at 22 banks. The branches of these locally incorporated banks decreased to 489 branches at the end of December 2023. The number of electronic banking service units of these banks fell to 46 units at the end of the fourth quarter of 2023. The number of Cash Offices remained constant at 21 Cash Offices at the end of December 2023.
The
number of GCC banks continue to remain steady at the end of the fourth quarter of 2023 at 6 banks, plus one wholesale GCC Bank. The branches of these banks also remain constant at 6 branches at the end of December 2023. The number of other foreign banks stood at 22 banks with 66 branches.
The number of electronic banking service units of these banks persist at 21 units at the end of the fourth quarter of 2023. The number of cash offices of these banks stood consistent at one cash office during the fourth quarter of 2023.
At the end of the fourth quarter of 2023, the number of financial institutions licensed by the Central Bank, i.e., Wholesale Banks, Representative Offices, Finance Companies and Money Changers reached 11, 71, 17 and 74, correspondingly, bringing the total to 173.
The total number of ATM of banks operating in the UAE reached 4,654 by the end of December 2023.
Source: Emirates News Agency
ABU DHABI: Abu Dhabi Global Market Academy (ADGMA), the knowledge arm of the international financial centre in Abu Dhabi, has signed a Memorandums of Understanding (MoUs) with Burjeel Holdings, NMC Assetco Limited, and Aster DM Healthcare, respectively, facilitating initiatives that focus on the healthcare sector within the UAE National Agenda and builds the ideal platform to develop a strong workforce UAE Nationals.
ADGMA signed the MoUs with the respective senior management of the three entities: Burjeel, NMC and Aster.
The strategic collaboration with these leading healthcare entities underscores ADGMA’s commitment to establishing an educational hub by developing training programmes and educational courses, that meet the knowledge requirements for maintaining a highly effective workforce and empowering the skill development of UAE’s national talent.
The respective areas of collaboration defined under the MoU will also explore objectives to facilitate onboarding, development, and retention of local talen
t through dedicated courses.
ADGMA focuses on onboarding UAE Nationals within the health sector through the Job Centre, including in the three companies (Burjeel, NMC and Aster).
Hamad Sayah Al Mazrouei, Chairman of the ADGM Academy Board of Directors, said, “In collaboration with leading entities such as NMC, Burjeel and Aster, we aspire to make a concrete impact on how innovation, skill enhancement, and development of national talent is not only building a strong knowledge-driven economy but also bringing economic prosperity.
Furthermore, ADGM Academy’s alignment with the national security of employability and the Department of Government Enablement brings onboard strategic partners that will work with private hospitals and government authorities to help create a skilled workforce in the industry. Our primary objective is to empower local talent by providing them with essential resources and expertise, thereby nurturing national progress. These partnerships mark a significant stride in our dedication to
promoting education and bolstering the next generation of Emirati workforce.”
John Sunil, Group CEO of Burjeel Holdings, said, “This MoU reflects our commitment to advancing the healthcare sector in alignment with the UAE National Agenda. By partnering with leading entities, we are not only investing in the present but also shaping the future. At Burjeel Holdings, we are focusing our efforts on cultivating a robust workforce of Emiratis, empowering them with the skills and knowledge needed to excel in the dynamic healthcare sector. This collaboration with ADGM underscores our dedication to nurturing Emirati talent in alignment with the UAE’s vision for a prosperous future.’
David Hadley, CEO of NMC, said, “NMC is honoured to partner with the ADGM Academy to offer dedicated and specialised training to UAE Nationals looking to advance their healthcare careers. The ADGM Academy is a recognised leader in providing exceptional training and development opportunities for Emiratis. We hope that through this partner
ship, NMC can contribute to developing essential skills needed to equip the next generation of healthcare leaders.’
Fara Siddiqi, Group Chief Human Resources Officer, stated, “It is a remarkable opportunity for our Emirati talent to enhance their skills, which will help them progress in their careers and add to UAE’s economic prosperity. At Aster, we take pride in inculcating a learning-based culture and strive to provide avenues for our employees to enhance their knowledge and skills as they progress in their careers.”
Source: Emirates News Agency
ABU DHABI: The Artificial Intelligence and Advanced Technology Council (AIATC), established on 22nd January, 2024, by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, announced today the creation of MGX, a technology investment company to enable the advancement and deployment of leading-edge technologies intended to improve the lives of current and future generations. Mubadala and G42 will serve as foundational partners in the creation of the new company.
The company will invest to accelerate the development and adoption of AI and advanced technologies through world-leading partnerships both in the UAE and globally. MGX’s investment strategy will focus on three main areas: AI infrastructure (including data centres and connectivity); semiconductors (including logic and memory chip design and manufacturing); and AI core technologies and applications (including AI models, software, data, life sciences and robotics). The company will build on Abu Dhabi’s existing investments in these areas and deploy c
apital alongside leading international technology and investment companies.
H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC, said, ‘In MGX, we are establishing a UAE national champion focused on AI and advanced technologies that will shape a future where technology enables a more prosperous, sustainable and interconnected world.
‘Our singular focus is accelerating AI’s responsible and inclusive development for the benefit of humanity, guided by Abu Dhabi’s global investment strategy for artificial intelligence. MGX builds from Abu Dhabi’s innovation and investment leadership and an extensive network of global technology partners; in doing so, the company will further advance the UAE’s role as a home and ecosystem for top technology talent, investors and entrepreneurs.’
Mubadala and G42 have an extensive and robust investment foundation in sectors that are crucial to the new AI investment strategy. G42 is a global AI technology leader, operating in the fields of clo
ud computing, advanced data centres, and specialized AI applications, ranging from financial services to smart cities. Mubadala was a significant and transformational investor in AMD, and in 2009 created GlobalFoundries, one of the world’s top semiconductor manufacturing companies. Mubadala is also a leading investor in software, life sciences and new commerce.
Together G42 and Mubadala developed Khazna into a global data centre infrastructure leader; launched M42, the region’s top healthcare technology and life sciences company; and created Space42, one of the largest geospatial technology companies in the world.
H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC, will be the Chairman of the new company’s Board of Directors. Khaldoon Khalifa Al Mubarak will serve as Vice-Chair. Other Board members include Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao and Ahmed Yahia Al Idrissi.
Ahmed Yahia Al Idrissi, who is currently the CEO of Mubadala’s Direct Investments platform,
will be the CEO of the new investment company. Al Idrissi has 30 years of combined operational and investment experience, and a track record of investing and building global technology champions.
Source: Emirates News Agency
ABU DHABI: The Artificial Intelligence and Advanced Technology Council (AIATC), established on 22nd January, 2024, by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, announced today the creation of MGX, a technology investment company to enable the advancement and deployment of leading-edge technologies intended to improve the lives of current and future generations. Mubadala and G42 will serve as foundational partners in the creation of the new company.
The company will invest to accelerate the development and adoption of AI and advanced technologies through world-leading partnerships both in the UAE and globally. MGX’s investment strategy will focus on three main areas: AI infrastructure (including data centres and connectivity); semiconductors (including logic and memory chip design and manufacturing); and AI core technologies and applications (including AI models, software, data, life sciences and robotics). The company will build on Abu Dhabi’s existing investments in these areas and deploy c
apital alongside leading international technology and investment companies.
H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC, said, ‘In MGX, we are establishing a UAE national champion focused on AI and advanced technologies that will shape a future where technology enables a more prosperous, sustainable and interconnected world.
‘Our singular focus is accelerating AI’s responsible and inclusive development for the benefit of humanity, guided by Abu Dhabi’s global investment strategy for artificial intelligence. MGX builds from Abu Dhabi’s innovation and investment leadership and an extensive network of global technology partners; in doing so, the company will further advance the UAE’s role as a home and ecosystem for top technology talent, investors and entrepreneurs.’
Mubadala and G42 have an extensive and robust investment foundation in sectors that are crucial to the new AI investment strategy. G42 is a global AI technology leader, operating in the fields of clo
ud computing, advanced data centres, and specialized AI applications, ranging from financial services to smart cities. Mubadala was a significant and transformational investor in AMD, and in 2009 created GlobalFoundries, one of the world’s top semiconductor manufacturing companies. Mubadala is also a leading investor in software, life sciences and new commerce.
Together G42 and Mubadala developed Khazna into a global data centre infrastructure leader; launched M42, the region’s top healthcare technology and life sciences company; and created Space42, one of the largest geospatial technology companies in the world.
H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC, will be the Chairman of the new company’s Board of Directors. Khaldoon Khalifa Al Mubarak will serve as Vice-Chair. Other Board members include Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao and Ahmed Yahia Al Idrissi.
Ahmed Yahia Al Idrissi, who is currently the CEO of Mubadala’s Direct Investments platform,
will be the CEO of the new investment company. Al Idrissi has 30 years of combined operational and investment experience, and a track record of investing and building global technology champions.
Source: Emirates News Agency