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THE ECONOMY - INT'L ECONOMIC/TRADE/BUSINESS AGREEMENTS
Re-exports may Drop as Global Slowdown Hits Trade
posted on 09/04/2009
 The UAE's re-exports may drop as the world trade has been hit by the global economic slowdown, said Sultan bin Saeed Al Mansouri, the Minister for Economy. The minister said that if re-exports contract the country's Gross Domestic Product, or GDP, would also suffer.
The Minister was commenting on the negative effects of global economic downturn at a ceremony, which was held to sign an MoU on Trade, Technical and Economic Cooperation with Lord Peter Mandelson, the visiting British Secretary of State for Business, Enterprise and Regulatory Reform.
The Minister said that the oil prices have already gone down to US$50 a barrel. Oil exports contributed 38 per cent to the GDP in 2008, he said. Despite the financial situation in the rest of the world, goods exported and re-exported from Dubai hit Dh240 billion last year. Sultan bin Saeed Al Mansouri was optimistic that the GDP figure will improve.
Speaking on the economic contraction in the wake of global financial crisis, the Minister did not offer any forecast. "I don't like to give percentage as every month has its own percentage,” he said.
On the issue of liquidity squeeze, which has hit the nation's financial industry, the Minister of Economy said that the government is closely monitoring the situation. He said that after pumping in Dh120 billion into the financial sector last year, the government was now monitoring the liquidity situation on a weekly basis.
The minister said that in coordination with the Central Bank of the UAE, a high-level government committee is monitoring all the economic sectors including the liquidity within the banking system. "We are also monitoring bank's capital adequacy ratios and other ratios,” he added.
Al Mansouri said that government has set up an effective system to identify and address the challenges accordingly.
In reply to a question regarding food prices, he said that in cooperation with hypermarkets and cooperative societies across the country, government has managed to bring down the prices of food items in the past few months.
Earlier, Al Mansouri and the visiting British Secretary of State for business, enterprise and regulatory reform Lord Peter Mandelson signed a Memorandum of Understanding to boost bilateral trade and economic ties.
Al Mansouri said that the MoU will support the UAE and UK joint economic committee, which plays an instrumental role in promoting economic cooperation. Lord Peter Mandelson said that the agreement will frame future, economic and commercial relations with the UAE, the second largest trading partner in the Middle East.
Mandelson said that the UK is willing to play its role in the economic development of the UAE. The British minister, who is heading a 15-member trade delegation, said that he discussed wide-ranging issues with the UAE leadership.
The delegation included companies from a broad range of sectors, including healthcare, construction, transport, power, oil and gas, water, banking and the security sector. – Khaleej Times
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Sultan, King of Sweden attend signing of partnership agreement between RCA, UAE Scout Association
posted on 27/10/2008
 HH Dr Sheikh Sultan bin Mohammed Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah and King Carl XVI Gustaf, of Sweden and Honorary President of the World Scout Foundation, have recently attended the signing ceremony of the partnership agreement between the UAE Red Crescent Authority (RCA) and the UAE Scout Association.
As per this agreement, the twining deal between the two bodies will be energised and strong coordination will be established in line with their common humanitarian and charity work. – Emirates News Agency, WAM
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DFSA signs MoUs with regulators in China and Singapore
posted on 09/10/2008
 The Dubai Financial Services Authority (DFSA) has entered into agreements with two of Asia's leading regulators, the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS).
These Memoranda of Understanding, which were signed last week, commit the DFSA and the CSRC to information sharing and co-operation in the supervision of their securities markets and, in the case of MAS, which, like the DFSA is an integrated regulator, the commitment to information sharing and co-operation is to supervision of all financial services.
In both cases, the MoUs were signed on behalf of the DFSA by Chief Executive, David Knott. The Chinese MoU was signed in Beijing by Shang Fulin, Chair of the CSRC; while the Singapore MoU was signed by Ms. Teo Swee Lian, Deputy Managing Director of MAS.
The DFSA had already signed a MoU with China's banking regulator, the CBRC. Knott said: 'Dubai's strong trading relationship with China is quickly extending to the financial services sector. The establishment of Chinese banks and securities firms within the DIFC will be further accelerated now that the DFSA has MoU arrangements with both national regulators in China. Singapore, like Dubai, is a great international financial centre with a well established and credible regulatory system. By forming this new relationship with MAS we will facilitate capital flows between our two financial hubs'. – Emirates News Agency, WAM
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Agreement signed to market Sudanese products in Abu Dhabi
posted on 06/10/2008
Tawasul Agric Products Company and the Economic Attache at the Sudanese Embassy have signed an agreement based on which the former will market Sudanese agriculture and food items on the UAE market.
A statement issued today by the Economic Attache of the Sudanese Embassy said the agreement, which was signed at the Abu Dhabi Municipality premises is within the framework of boosting economic ties between the UAE and Sudan, adding that the agreement is a major boost for the efforts of pushing higher the level of trade exchange between the two countries.
Trade exchange volume between the two countries stood at Dh2.2 billion last year, making the UAE the second major Arab trade partner to Sudan. – Emirates News Agency, WAM
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KazmunayGas, ConocoPhillips and Mubadala sign MoU for "N" block offshore Kazakhstan
posted on 06/10/2008
 JSC National Company KazMunayGas, ConocoPhillips [NYSE: COP] and Mubadala Development Company PJSC (Mubadala) announced yesterday that they have signed a Memorandum of Understanding to negotiate terms for the exploration and development of the "N" Block, located in offshore Kazakhstan, under a new subsoil use contract. The parties will now have until December 31 2008 to negotiate the definitive agreements for the assignment by KMG of a 49% interest in the subsoil use contract to be shared equally between ConocoPhillips and Mubadala. KMG will remain the majority partner in the venture.
"KazMunayGas looks forward to a speedy conclusion to the negotiation and a successful, long-term relationship with both ConocoPhillips and Mubadala. Cooperation with these companies would allow for the attraction of new technologies relating to the exploration and production of oil and gas on the Caspian shelf," said Kairgeldy Kabyldin, President, KazMunayGas.
"ConocoPhillips looks forward to establishing a major new exploration presence in Kazakhstan, building on our long-standing participation in the oil and gas sector here, and will be honored to participate with KazMunayGas and Mubadala in this world-class exploration project," said Jim Mulva, chairman and chief executive officer, ConocoPhillips.
"Mubadala is an active developer in the international energy sector, with a growing portfolio of first class assets in the upstream oil and gas sector, and this MOU marks another significant step forward for us," said Khaldoon Khalifa Al Mubarak, chief executive officer and managing director, Mubadala Development Company. "We are excited by the potential of this block and the opportunity it provides for us to bring our experience to bear, working together with trusted organizations like KazMunayGas and ConocoPhillips." The "N" Block is located 30 kilometers south southwest offshore Aktau, Kazakhstan in the Caspian Sea. The Block covers approximately 8,100 square kilometers and is considered highly prospective for both oil and gas.
The Memorandum of Understanding was signed by Kairgeldy Kabyldin, President of KazMunayGas, Jim Mulva, chairman and chief executive officer of ConocoPhillips, and Khaldoon Khalifa Al Mubarak, chief executive officer and managing director of Mubadala. It was witnessed by His Excellency Sayat Mynbayev, Minister of Energy and Natural Resources of the Republic of Kazakhstan.– Emirates News Agency, WAM
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Amlak Finance and Tamweel announce merger talks
posted on 05/10/2008
Amlak Finance PJSC and Tamweel PJSC - the two leading real estate finance providers in the UAE, both of which are listed on the Dubai Financial Market - announced yesterday that they have begun exploratory discussions for a possible merger of their respective operations.
Drawing upon the combined market expertise of the management teams and employees of both companies, a potential merger will bring significant benefits to the companies, shareholders and customers, including: creation of the leading real estate finance provider in the Middle East; increased financial strength, size and scale to pursue the significant growth plans in the domestic and regional markets; enhanced value proposition for customers through a larger and more efficient company with broader product capabilities.
"The resultant entity would have a combined balance sheet in excess of Dh 27 billion and serve as a financial powerhouse with the increased critical mass required to lead the region's real estate finance markets to the next stage in their ongoing organic growth", said His Excellency Nasser Bin Hassan Al-Sheikh, Director-General of Dubai Department of Finance and Chairman of Amlak Finance.
"The opportunity to provide real estate finance solutions to businesses and individuals in the region has never been greater as the markets are expected to experience continued strong growth in the years to come," he added. "A powerful market participant will be required to manage this growth both at home and internationally, and following the merger, the combined group will continue to execute this aggressive expansion strategy".
His Excellency Sheikh Khalid bin Zayed bin Saqer Al-Nahyan, Chairman of Tamweel, said "Amlak Finance is the pioneer in Sharia-compliant real estate finance in the UAE, with the largest balance sheet of any company in the sector, while Tamweel is the largest provider of real estate finance in the country by market share, and is the highest-rated non-banking financial institution in the region. The major shareholders of both companies - Emaar Properties for Amlak Finance, and Dubai Islamic Bank and Dubai World for Tamweel - are fully supportive of the merger discussions. We hope to move the process forward quickly and efficiently with minimal disruption to our customers and employees".
A joint steering committee, chaired by Mohammed Ibrahim Al-Shaibani, the Chief Executive Officer of Investment Corporation of Dubai, has been formed to oversee the exploratory discussions for a possible merger and will include the Chairmen of both Amlak Finance and Tamweel. Subject to successful negotiations and agreement of terms between the respective Board of Directors, and applicable shareholder and regulatory approvals, the merger would be expected to close in early 2009. Both Amlak Finance and Tamweel will call extraordinary general meetings to seek the approval of their respective shareholders for any proposed transaction.
Goldman Sachs International has been asked to act as financial adviser. – Emirates News Agency, WAM
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DFM and Deutsche Bank sign custody agreement
posted on 17/09/2008
Dubai Financial Market (DFM) and Deutsche Bank have announced that they have signed a Depository Participant Agreement (DPA). The agreement will enable Deutsche Bank to provide custody of DFM-listed securities to institutional and international clients, thus helping to broaden the Market's investor base.
With the signing of this agreement, Deutsche Bank is now able to offer custody services across the UAE's on-shore and off-shore exchanges.
By acting as a depository participant Deutsche Bank will be able to offer custodial services in the market for DFM-listed securities. These services include, but are not limited to: account management, protection of client assets, settlement of securities activity, handling post trade issues, collection and payment of dividends and interest, and the processing of corporate action activities in the market.
Dubai Financial Market, the first regional bourse to be converted into a public joint stock company, continues to upgrade the quality of services provided to investors through cooperation with a wide range of world-renowned financial institutions.
Through the signing of the DPA, Deutsche Bank joins three leading financial institutions that have already signed similar agreements with DFM to provide sophisticated depository participant services to local, regional and global investors. – Emirates News Agency, WAM
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UAE-Japan to benefit from FTA
posted on 24/06/2008
 The UAE needs to offer concessions to Japan to sign a free trade agreement (FTA) and ensure that both countries would benefit from the deal, according to a prominent UAE think-tank centre. The FTA should focus on bridging the gap in trade between the two sides and encourage Japan to pump more investment into the UAE to enable it to acquire technology, which is needed for its economic diversification programme, said the Emirates Centre for Strategic Studies and Research (ECSSR).
In a new book released this week, the Abu Dhabi-based think-tank highlighted the efforts by the UAE and its partners in the six-nation Gulf Co-operation Council (GCC) to sign FTAs with the United States and other countries to attract industrial capital and open up new markets for their petrochemicals and other products.
The targeted countries include the EU members, as well as the United States, China, India, Pakistan, Singapore, Malaysia, Australia, and Turkey. "The proposed Japan-UAE FTA is expected to enhance bilateral trade in services in some sectors more than others. In the case of investment, there are no deep economic links between the UAE and Japan in terms of foreign direct investment (FDI). Therefore, promoting joint investment is necessary," ECSSR said.
"If limited access concessions are bilaterally accorded to the services sectors, then one might doubt the extent to which the proposed FTA would be beneficial – except for trade in goods. In this case, Japan would be the one to gain more from the FTA given the present trade surplus that it has with the UAE. International experience shows that a FTA between a developed country (e.g. Japan) and a developing/emerging country (e.g. UAE) usually results in encouraging more exports from the former to the latter than vice-versa."
But the study proposed what it called mechanisms to lessen the likely gap between the expected benefits for both parties, such as duality of the liberalisation pace and incorporation of revisions or transition clauses. It said signing a FTA between the UAE and Japan would result in economic benefits and costs for both parties, as is the case for FTAs in general.
"However, in order to decide whether to proceed with a FTA, gains must outweigh losses for the involved countries," it said. "In general, the UAE must give Japan concessions similar to those proposed to other FTA countries [especially in sectors where Japan possesses a competitive advantage] in order to create competition and increase economic welfare, which would result in reaping maximum benefits."
The study did not elaborate on those concessions but Japan has sought more interests in the UAE's massive oil sector to ensure stable crude supplies in the long term. Currently Japan has relatively small interests in the UAE hydrocarbon industry through its Japanese Oil Development Company (Jodco) and the Abu Dhabi Development Company (Adoc).
Japan is the world's largest market for UAE crude oil, importing more than one million barrels per day from Abu Dhabi, almost 40 per cent of the emirate's total crude exports. Japan's Tokyo Electric Power Company is also the main buyer of liquefied natural gas from Abu Dhabi's Adgas company.
Japan has suffered from a heavy deficit in its overall trade with the UAE but it enjoys a big surplus if crude oil and gas are excluded. Despite its strong commercial relationship with the Emirates, Japan's foreign direct investments in the UAE have remained relatively low, standing at around US$1.09bn (Dh4bn) at the end of 2006.
In other regional states, Japan's FDIs were estimated at around US$2.038bn in Saudi Arabia and nearly US$2.187bn in the Neutral Zone, an oil-rich border strip shared by the Kingdom and Kuwait. Investments stood at US$419m in Qatar, US$238m in Bahrain and only US$21m in Oman. –Emirates Business 24/7
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UAE, Australia discuss FTA, economic relations
posted on 10/06/2008
 Minister of Foreign Trade Sheikha Lubna bint Khalid Al Qasimi and Australian Minister for Foreign Affairs and MP Stephen Smith discussed bilateral relations between their two countries. At a meeting held in Abu Dhabi in presence of Australian Ambassador to the UAE Jeremy Bruer, the two sides reviewed the latest developments in free trade talks between Australia and the Gulf Cooperation Council (GCC). The two sides underscored the significance of a free trade agreement for wider economic, investment and trade cooperation.
Sheikha Lubna invited Australian business community to tap investment potentials offered by the current economic boom in UAE as well as to set up joint businesses and partnerships with UAE investors.
Trade between the UAE and Australia reached around US$3.9 in 2005 up from US$2.4 billion in 2001. The number of Australian trademarks registered at the UAE Ministry of Economy reached 367 with 53 trade agencies and 15 companies operating in the UAE. – Emirates News Agency, WAM
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Lubna Al Qasimi, Australian official discuss developments of GCC-Australian free trade talks
posted on 20/11/2007
 Sheikha Lubna bint Khalid Al Qasimi, UAE Minister of Economy discussed in Abu Dhabi yesterday with David Spencer, Australian Chief Negotiator of the Free Trade Agreement, developments on the talks between Gulf Cooperation Council (GCC) and Australia on the free trade agreement. The two officials discussed issues, which will be tackled during the next round of talks between the GCC and Australia, on Tuesday in the Saudi Arabian capital, Riyadh.
Lubna stressed the need to reach free trade agreement between the GCC and Australia to promote the economic and commercial ties between the GCC and Australia in general, and UAE and Australia in particular.
Earlier, UAE held many rounds of talks on the free trade with Australia but the GCC leaders recommended that the free trade talks should be held between the GCC bloc with other world countries. This shifted the talks between the two countries to the GCC- Australia talks. The meeting was attended by Abdullah bin Ahmed Al Saleh, undersecretary of the Economy for economic sector and Jeremy Bruer, ambassador of Australia to UAE. (Emirates News Agency, WAM)
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Annuario EAU 2008 completo in inglese e francese (in formato pdf). Informazioni complete e aggiornate su tutti gli aspetti degli EAU.
