Day: March 3, 2024

ABU DHABI: Economic officials have stressed the UAE’s significant role in supporting the free flow of trade and investment to drive global economic growth. They also highlighted the country’s commitment to strengthening international cooperation and building partnerships that promote development and prosperity.

In statements to the Emirates News Agency (WAM), the officials said that the UAE has succeeded in its endeavours over the past few years to expand its base of trading partners around the world through comprehensive economic partnerships, contributing to increasing trade and investment flows and enhancing global economic growth.

The UAE has signed 10 comprehensive economic partnership agreements (CEPA) with countries of strategic commercial and investment importance on four continents, representing a major expansion in the country’s foreign trade network.

The officials pointed out that the Abu Dhabi Ministerial Declaration, issued at the conclusion of the 13th Ministerial Conference of the World Trad
e Organisation (WTO), reaffirms the UAE’s leading efforts in strengthening communication bridges between WTO members and maintaining the momentum towards achieving a more prosperous and sustainable future for global trade. It also mobilises international consensus to achieve economic development.

The 13th WTO Ministerial Conference concluded after a week of intensive negotiations with the adoption of the Abu Dhabi Ministerial Declaration – a historic document that includes important new trade agreements and decisions that will expand the benefits of the global trading system to more countries around the world.

The Abu Dhabi Ministerial Declaration reflects the consensus of the global trade community on a series of key trade and development policies. WTO members agreed to implement special and preferential treatment for sanitary and phytosanitary measures and technical barriers to trade, which support producers in least developed countries (LDCs) to better access global supply chains.

Sanad Al Meqbali, Chai
rman of the Emirates Entrepreneurship Association, emphasised the UAE’s leading role as a key supporter of the free flow of trade and investment, as well as its position as a major contributor to stimulating international trade. He pointed out the UAE’s firm belief in the multilateral trading system, which is a driver of growth, development, and job creation.

Khaled Hanafi, Secretary-General of the Union of Arab Chambers, said that the UAE has succeeded in achieving major achievements in terms of the free flow of trade and investment between countries around the world. The UAE has also succeeded in becoming a pivotal centre for trade around the world, given its global competitiveness and investment attractiveness, he added.

Ahmed Al Wakeel, Chairman of the Federation of Egyptian Chambers of Commerce, said that the UAE has achieved a qualitative leap in the field of trade and investment, which has made it an important financial centre for investors in the region. He highlighted the UAE’s position as a prefer
red headquarters and centre for businesses due to the facilities and dynamics that the country provides in line with the changing global circumstances.

Source: Emirates News Agency

DUBAI: Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs and Free Zone Corporation (PCFC), has issued a new decision appointing Nasser Al Neyadi as the new CEO of the PCFC.

Source: Emirates News Agency

BAKU: Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, headed the UAE’s high-level delegation to the Republic of Azerbaijan to participate in the 10th Ministerial Meeting of the Southern Gas Corridor (SGC) Advisory Council and the 2nd Ministerial Meeting of the Green Energy Advisory Council. The meetings were inaugurated by Ilham Aliyev, President of the Republic of Azerbaijan, with several ministers of energy, oil and gas, senior officials and government representatives from 23 countries, over 10 international organisations and 44 companies participating.

In his opening speech, the Azerbaijani President described the SGC, which has been operational for three years, as a success story, especially as it is one of Eurasia’s vital infrastructure projects, stressing its role in boosting energy security and promoting cooperation.

On the sidelines of the visit, Al Mazrouei and his accompanying delegation, which included Mohammed Murad Al Balushi, UAE Ambassador to Azerbaijan, met with Mikay
il Jabbarov, Minister of Economy of the Republic of Azerbaijan and Chairman of the UAE-Azerbaijan Intergovernmental Commission on Economy, Trade and Technical Cooperation, and Parviz Shahbazov, Minister of Energy of Azerbaijan, to discuss their countries’ cooperation across all sectors, especially in the economic, energy, renewable energy and energy security fields.

The UAE Minister of Energy and Infrastructure stressed that what unites the UAE and Azerbaijan is a deep-rooted and expansive relationship that goes beyond trade and economic cooperation, as it enjoys the support of the leaderships of the two countries, and is underpinned by a shared vision to ensure a prosperous future built on renewable energy and sustainable development.

The UAE delegation included senior officials representing government agencies and the private sector, including the Ministry of Energy and Infrastructure, Masdar, ADNOC and Abu Dhabi National Energy Company (TAQA).

Source: Emirates News Agency

SHARJAH: Bank of Sharjah has acted as a Joint Lead Manager and Bookrunner in the successful issuance of a US$750 million 12-year U.S. dollar-denominated 144A/Reg S senior unsecured sustainable Bond for the Government of Sharjah, alongside other international and regional banks.

The Bond attracted significant investor interest, evidenced by an order book that exceeded US$ 4 billion, showcasing the robust demand and confidence in the Government of Sharjah’s credit story.

The issuance was priced with a spread of 195 basis points over U.S. Treasuries, significantly tighter than the initial guidance of 235 basis points, reflecting the strong appetite for the government’s credit from the international investors (outside the region) representing 67 percent of total demand.

Upon the successful completion of this transaction, Mohamed Khadiri, CEO of Bank of Sharjah, commented, ‘We are honoured to have played a pivotal role in this landmark Bond issuance for the Government of Sharjah. Our involvement signifies Bank
of Sharjah’s commitment to facilitating strategic, high-quality capital market transactions in the emirate of Sharjah and across the UAE.’

Khadiri further elaborated, ‘The overwhelming response from investors leading to the tightening of the spread highlights the confidence in Sharjah’s credit and the effective structuring and marketing strategy employed by the Joint Lead Managers. This transaction not only reflects Sharjah’s prudent fiscal management and strong economic fundamentals but also underscores Bank of Sharjah’s expertise in capital markets and its ability to offer bespoke financing solutions and support important clients like the Government of Sharjah.’

Concluding his statement, Khadiri said, “Bank of Sharjah remains dedicated to providing a dynamic suite of sustainable financing solutions amid increasing demand from both local and regional clients. This successful deal is another testament to Bank of Sharjah’s continued commitment to ESG principles and sustainable financing. We are proud to supp
ort the Government of Sharjah in their sustainability journey and believe that such successful deals will encourage other governments and corporates to prioritise sustainable practices. These financing solutions can act as a catalyst for them to align their operations and investments with global sustainability benchmarks and drive significant and positive change.’

Source: Emirates News Agency

ABU DHABI: The United Arab Emirates announced that it will extend its additional voluntary cut of 163,000 barrels per day (bpd), for the second quarter of 2024, in coordination with some OPEC+ countries.

In a statement, the UAE said that its production will remain at 2.912 million bpd until the end of June 2024. Afterwards, in order to support market stability, these additional cut volumes will be reversed gradually subject to market conditions.

This voluntary cut is in addition to the voluntary cut of 144,000 bpd previously announced by the UAE in April 2023, which extends until the end of December 2024, the statement explained.

This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.

Source: Emirates News Agency