Category: Trading

PARIS: Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Patrick Pouyanné, Chairman and CEO of TotalEnergies, co-chaired, on Monday in Paris, the second plenary meeting of the UAE-France High-Level Business Council, in the presence of Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty.

Dr. Sultan Al Jaber conveyed the greetings of the UAE leadership to the French side and affirmed the leaderships’ keenness to enhance further the longstanding and strategic bilateral relations between the two countries. ‘I would like to emphasise the pivotal role the Council plays in reinforcing both leadership commitments to elevating the existing vibrant economic ties between the two countries and the importance of mobilising the private sectors on both sides to deliver sustainable economic development collaboration opportunities and partnerships,’ said Dr. Al Jaber.

Bruno Le Maire stressed the importance of
business dialogue between key French and UAE players. “The ambition we share is to develop very concrete joint projects, contributing to our countries’ strategic goals in terms of innovation, industrial development, and ecological transition,” said the Minister. “I am particularly delighted to see that climate transition is becoming a central focus of economic cooperation between our two countries. Businesses have a central to play in this area, which must translate into larger volumes of green investments, and therefore more green projects developed between French and Emirati companies,” he added.

“I am pleased to welcome our colleagues from the UAE here in Paris, to reinforce the dialogue initiated last year in Abu Dhabi and celebrate the Council’s first achievements. They have been made possible by the strong commitment of the private sector in key domains, ranging from energy to transport, and beyond. I look forward to witnessing further strengthening of these collaborations, as I am convinced that the C
ouncil is a fruitful platform for the development of mutually beneficial sustainable investments’, stated Patrick Pouyanné, Chairman and CEO of TotalEnergies.

The meeting witnessed the signing of the MoU to establish the “UAE-France Bilateral Climate Investment Platform’, a pragmatic investment framework that will enable French and Emirati investors to accelerate the deployment of joint projects and investments of mutual interest in the clean energies sectors, with a particular focus on advancing the decarbonisation of Hard-to-Abate (HTA) Industries. T

The Platform includes French and Emirati Anchor Partners, ADNOC and Masdar from the Emirati side; TotalEnergies, Bpifrance, and CMA-CGM from the French side. The Platform is aimed to attract additional investment partners over time. The MoU was signed by Dr. Sultan Ahmed Al Jaber and Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty.

In addition, TotalEnergies Renewables and Masdar signed an MoU for partnership in th
e development of Renewable Energy Projects in emerging markets. The MoU aims to explore potential collaborations and development of joint projects in the field of solar and wind energy in emerging markets of common interest in Central Asia and Africa, as part of the two countries’ efforts to develop joint projects and contribute to supporting global goals for reducing emissions and achieving climate neutrality and confirming their commitment to supporting efforts seeking to achieve a well-organised, responsible, fair, and realistic transition to a zero-carbon energy sector. The MoU was signed between Mohammed Jamil Al Ramahi, CEO of Masdar, and Patrick Pouyanné, CEO of TotalEnergies.

The Council reviewed the progress of the working groups during the past year and praised ongoing joint projects between Emirati and French companies in several strategic sectors, including energy and climate, transport and logistics, and financial investments.

The main partnerships highlighted during the meeting were:

1- The c
ooperation between TotalEnergies and Masdar to produce Sustainable Aviation Fuel (SAF) from methanol and the successful first demonstration flight on the sidelines of COP28 in the UAE.

2- The Airbus-Masdar wide-ranging collaboration to enable the development of the sustainable aviation fuel market.

3- The collaboration between ADNOC and Tabreed (Engie/ Mubadala JV) on delivering the first Geothermal Cooling Plant (G2COOL) project in the Gulf region, introducing geothermal energy into the UAE’s energy mix to decarbonise the cooling of buildings, covering 10 percent of Masdar City’s cooling needs.

4- The partnership between Masdar and CMA CGM on long-term supply of green alternative fuels linked to their shipping routes with a focus on e-Methanol, as well as Ammonia and Hydrogen.

5- Launch of the ‘GO to UAE’ initiative by Tawazun and Thales, with UAE Ministry of Industry and Advanced Technology support, to boost national Industrial capabilities.

6- The collaboration between Abu Dhabi Sustainable Water Solu
tions (SWS), SUEZ Group, and Marubeni focused on implementing key infrastructure projects worth $1.5 billion in the water supply and water treatment sector in Uzbekistan.

7- The CMA CGM and Abu Dhabi Ports on sustainable terminal operations focused on the operation of CMA Terminals Khalifa Port from 2025.

8- The partnership of Schneider Electric and e and enterprise to enhance operational efficiencies across Grid Network.

9- The strategic partnership between Masdar and Hy24 (Ardian JV) to co-invest and develop carbon-free hydrogen projects in various regions globally.

On COP28, Dr. Sultan Al Jaber praised France’s efforts in advancing climate action and its support for COP28 and its endorsement of the COP28 Action Agenda initiatives. He commended France’s pledge of pound 100 million to the ‘loss and damage’ fund and pound 10 million to the ‘adaptation’ fund. Dr. Al Jaber also commended France and French companies’ endorsement of the Global Decarbonisation Accelerator (GDA), which is designed to speed up
the energy transition and drastically reduce global emissions, and its key pledges including the Global Renewables and Energy Efficiency Pledge to triple worldwide renewable energy capacity and double global energy by 2030, and the Global Cooling Pledge to reduce global cooling emissions by 2050.

Dr. Al Jaber also praised TotalEnergies’ climate action efforts and for being among the first to endorse the Oil and Gas Decarbonisation Charter (OGDC), where Oil and Gas companies worldwide agreed to aim for zero methane emissions, to end routine flaring by 2030, and to ambition net-zero operations by 2050.

In addition, Dr. Sultan praised their pledge to contribute $25 million to the Global Flaring and Methane Reduction (GFMR) trust fund, an initiative of the World Bank with COP28, as well as their partnerships with National Oil and Gas companies to detect and quantify methane emissions by making available their pioneering AUSEA technology.

Dr. Sultan affirmed the aspiration to continue cooperation to implement t
he ‘UAE Consensus’ and deliver a new era of positive, tangible climate action.

The meeting concluded with the approval of the Council’s roadmap for 2024 and the Chairs’ call to the working groups to continue mobilising and accelerating new projects and initiatives that will support the delivery of the Council’s objectives.

Attending the meeting from the Emirati side were Omar Suwaina Al Suwaidi, Under-Secretary of MoIAT; Hend Al Otaiba, UAE Ambassador to the Republic of France; Majid Al Suwaidi, Director-General of COP28; Hana Al Rostamani, CEO of First Abu Dhabi Bank; Khaled Al Huraimel, Vice Chairman of the Board of Directors of Bee’ah; Mohamed Al Ramahi, CEO of Masdar; Shareef Al Hashmi, CEO of Operations at Tawazun Council; Meera Sultan Al Suwaidi, Head of Sovereign Partnerships of Mubadala; and Mohamed Kaissi, Executive Director of Strategic Projects at ADQ’s CEO and MD office.

The French side was represented by Frédéric SANCHEZ, President MEDEF International and Chairman of Fives Group; Guillaume FAU
RY, CEO of Airbus; Jean Lemierre, Chairman of BNP Baripas; Jean-Pierre Clamadieu, Chairman of Engie; Marie-Ange Debon, Chairwoman and CEO of Keolis; Slawomir Krupoa, CEO of Societe Generale; Geoffroy Bunetel, Chairman of CCI France-UAE2, and Nicolas Niemtchinow, French Ambassador to the UAE.

It is worth noting that the non-oil trade between the two countries increased by 12.5 percent during the first nine months of 2023 compared to the same period in 2022, reaching approximately AED 25.1 billion (pound 6.3 billion). In 2022, non-oil bilateral trade exceeded pre-pandemic levels, reaching about AED 30.4 billion, 20.5 percent higher than in 2021 and 53.4 percent over 2020.

Additionally, the UAE hosts the largest number of French companies operating in the Middle East, with about 600 companies employing more than 30,000 employees. Conversely, the UAE is France’s second-largest investor in the GCC.

Source: Emirates News Agency

ABU DHABI: In light of UAE Cabinet’s directive to postpone the decision of the weights and dimensions of heavy vehicles, the Ministry of Economy has called on companies to revert to the previous prices of building materials and warned that it will take decisive measures to prevent any increases. The ministry warned that it would take decisive actions to prevent any unjustifiable price increases, including imposing financial penalties of up to AED1 million on violating companies.

The ministry observed a recent surge in construction material prices on the local market due to the Cabinet decision taking effect earlier this month. In response to the Cabinet’s postponement, the ministry will implement measures to curb unjustifiable price hikes for materials, particularly construction items, aiming to maintain fair pricing across markets.

The ministry warned that any companies that would raise prices of construction materials without prior approval would face accountability and immediate financial penalties, with
strict action to be taken against violators, including fines and legal consequences for coordinated price increases.

The ministry said that all companies must seek official prior approvals for before embarking on any price adjustments, providing justifications for review.

The ministry added that it aims to promote fair competition, prevent monopolistic practices, and ensure consumer-friendly markets in collaboration with all industry stakeholders.

The Ministry urges the public to report any building material price hikes by calling 8001222 or emailing info@economy.ae.

The UAE Cabinet earlier today directed to postpone the implementation of the resolution regulating weights and dimensions of heavy vehicles in the county. The Cabinet also directed the Ministry of Energy and Infrastructure to conduct an extensive study on decision rationales.Furthermore, the Cabinet directed the Ministry of Economy to cooperate with all economic entities to study and execute vital measures to prevent any unjustified increase
in prices of any goods and commodities.

Source: Emirates News Agency

ABU DHABI: The Federal Authority for Nuclear Regulation (FANR), the UAE’s independent nuclear regulator, has launched the Emirates Nuclear and Radiation Academy (ENRA).

ENRA (fanr.gov.ae) is a digital platform offering training and development programmes that enable meeting the current and future manpower needs in the nuclear and radiation sector in the UAE.

Being a transformational project, ENRA works in alignment with the ‘We the UAE 2031’ vision, where it seeks to make the nation a ‘Forward Economy’, reflecting the UAE’s belief in the importance of human capital as the main driver of the next ten-year development plan. ENRA aims to disseminate scientific and technical knowledge in the nuclear and radiation sector, meet the manpower needs, and contribute towards its knowledge-based economy.

ENRA offers an excellent opportunity for those seeking to enhance their skills in the nuclear and radiation sector through a wide range of online courses, modules, and e-learning programmes such as nuclear energy, rad
iation, stakeholder engagement, and leadership and management. Partnering with national and international institutions and experts, the online learning modules provide users with an engaging and interactive learning experience in nuclear energy and radiation. There are plans to cooperate with other stakeholders to contribute to the academy.

‘ENRA will play a significant role in building the capacity and expertise in the sector and ensure its sustainability. Using state-of-the-art features, ENRA is an innovative and engaging platform where students, academia, or professionals can enrol and learn about the different topics in nuclear energy and radiation. We worked with our national stakeholders to capitalise on our vast hands-on experience to provide tailored courses for different members of the public. ENRA’s vision is to become globally recognised as a Centre of Excellence for nuclear and radiation education,’ said Christer Viktorsson, Director-General of the Federal Authority for Nuclear Regulation (FANR).

ENRA will further contribute to realising the UAE’s vision to make the country a global hub for the new economy where it relies on the highly competent and productive human capital working in an environment that fosters innovation.

The academy is expected to contribute to the key national indicators of the vision, including boosting the rank of the UAE as one of the top ten countries globally in the Human Development Index and one of the top ten countries in attracting global talent.

Source: Emirates News Agency

DUBAI: Etihad Water and Electricity (EtihadWE), a leading pioneer of sustainable water and electricity services, highlighted a selection of its most innovative initiatives and projects, embodying its strategic directions, including supporting the transition to clean energy sources, achieving climate neutrality, enhancing customer experience, and improving service quality. This showcase took place during its participation in the “Innovate to Thrive” exhibition, organised by Fujairah Municipality from 15th to 16th February, as part of the UAE Innovation Month 2024.

The exhibition was witnessed by Mohammed Saeed Al Dhanhani, Director of the Emiri Court in Fujairah, along with senior officials and representatives from participating entities. Hie visited EtihadWE booth, where he was briefed on the showcased projects and innovations, further emphasizing the company’s commitment to environmental protection and customer well-being.

Yousif Ahmed Al Ali, CEO of EtihadWE, stated that the UAE exemplifies a leading mode
l in innovation, a cornerstone of national work, receiving exceptional support from the wise leadership and practical implementation across various sectors. Participation in the “Innovate to Thrive” exhibition provides an opportune platform to highlight some of the company’s key initiatives, employing innovative technologies to optimize resource allocation, protect the environment, and enhance public services.

Among the initiatives displayed at the company’s booth are a sophisticated sensor used in water pumping tanks capable of instantly alerting concerned departments of any water colour or chemical property changes, automatically closing the valve to prevent the pumping of unfit water. Another innovative initiative includes remote periodic inspection devices for high-pressure pipelines.

On the customer service front, the company innovates by utilizing the “ChatGPT” artificial intelligence platform to provide a dedicated pop-up service platform for customer inquiries about the company and its services. Fur
thermore, EtihadWE exhibited an advanced visual communication system allowing customers to identify required services and execute some remotely.

The company also showcased several initiatives utilizing clean energy in operating systems. This includes converting small golf carts used for internal transportation within the company to fully solar-powered vehicles, equipped with innovative functions like fire detection, gas leak detection, and air quality monitoring systems measuring oxygen and carbon monoxide levels. The innovation team is currently working on transforming these vehicles to be fully powered by kinetic energy.

Additionally, EtihadWE introduced its inventive design for a mobile charging vehicle, dedicated to servicing electric vehicles in urgent need of power on the roads.

This year marks the second consecutive year EtihadWE engages with innovation exhibitions coinciding with the UAE Innovation Month activities in the Northern Emirates, following last year’s participation in the “Dibba Innovate
s” exhibition organized by Dibba Al Fujairah Municipality.

Source: Emirates News Agency

BEIJING: China witnessed a net inflow of foreign investment last year even amid challenges posed by overseas central banks’ interest rate hikes, official data showed.

In a statement carried by the China Daily, China’s State Administration of Foreign Exchange (SAFE) said that there was a significant increase in the fourth quarter compared to the previous one, resulting in a net total of $62.1 billion in equity-based foreign direct investment flowing into China last year.

Preliminary estimates show that China also attracted a net foreign inflow of securities investment in 2024. In the fourth quarter, the size of net inflow reached the highest level in almost two years, SAFE said.

Foreign investors’ holdings of Chinese domestic bonds increased for four consecutive months from September to December, leading to a net increase of more than $60 billion in holdings during the period, the administration said.

“These data indicate that more foreign investors are investing in China, developing their business here an
d allocating renminbi-denominated assets,” said Wang Chunying, deputy head of SAFE.

Wang said that market participants widely anticipate that central banks in major developed economies will start a cycle of interest rate cuts this year, making the external financial conditions more favourable for China.

Foreign investors are expected to continue boosting holdings in Chinese bonds as the US Federal Reserve may start rate cuts in May, according to a research note from China Galaxy Securities.

Source: Emirates News Agency