Emirates Press

ABU DHABI: Mubadala Capital, the wholly-owned asset management subsidiary of Mubadala Investment Company, and Woori Venture Partners, a wholly-owned subsidiary of Woori Financial Group (a leading financial group in the Republic of Korea), today announced the signing of a Memorandum of Understanding (MoU) to establish a strategic partnership.

Under the MoU, Mubadala Capital’s Solutions platform and Woori Venture Partners will explore mutually beneficial global investment opportunities in various sectors and will establish a dedicated working committee to facilitate cooperation and dialogue between both organisations.

Commenting on the signing, Hani Barhoush, CEO and Managing Director of Mubadala Capital, said, ‘We are excited to sign this MoU with Woori Venture Partners and we look forward to working with them to unlock investment opportunities in key markets around the world. Long-term partnerships are fundamental to how we operate, and we are keen to explore the synergies that exist between our two compani
es.’

Chang Kyu Kim, CEO of Woori Venture Partners, expressed enthusiasm about the collaboration, highlighting the strategic significance of aligning with Mubadala Capital’s renowned global investment network. He emphasised the potential for mutual growth and affirmed his commitment to strengthening cooperation among group entities in the future.

In 2022, Mubadala Capital launched the Solutions platform, consisting of three fully integrated businesses. These businesses invest globally across diverse assets and sectors, emphasising a highly diversified evergreen investment strategy. Initially supported by a $2.7 billion portfolio from Mubadala Capital’s balance sheet, this strategy boasts features such as low volatility, meaningful embedded downside protection, an attractive cash yield on day one, and the potential for strong asset appreciation over time.

Source: Emirates News Agency

ABU DHABI: Investopia announced the signing of a memorandum of understanding (MoU) with Emirates Motor Company, a member of the Al Fahim Group, and the authorised general agent for Mercedes-Benz cars in Abu Dhabi, for cooperation in the field of innovative transportation during the third edition of Investopia. The event is being held in Abu Dhabi on 28th and 29th February under the theme ‘Emerging Economic Frontiers: Investing in the New Economy Growth Sectors’.

The agreement was signed by Badriya Al Maidour, Assistant Under-Secretary of the Ministry of Economy for the Support Services Sector, and Ahmed Abdul Jalil Al Fahim, Chairman of the Board of Directors of Al Fahim Group, in the presence of Abdullah bin Touq Al Marri, Minister of Economy.

Badriya Al Maidour said, ‘The signing of this agreement falls within the framework of Investopia’s vision to enhance cooperation with its partners and build new and sustainable partnerships that support the achievement of its ambitious goals. Therefore, we are deligh
ted to partner with Emirates Motor Company and work together to formulate innovative business models in the field of transportation, keeping pace with future trends and promoting the shift towards new economic sectors.’

Ahmed Abdul Jalil Al Fahim said, ‘This renewed agreement with Investopia reflects our shared vision to encourage new economic concepts, our commitment to developing the electric mobility sector and providing the best sustainable solutions within the automotive world. It is an important step forward in introducing the latest technologies and innovations in the field of electric mobility and green transportation.’

The agreement renews an existing partnership to provide innovative services and falls within the framework of Investopia’s focus on the new economy and green economy sectors and enhancing reliance on advanced, environmentally friendly technologies and clean energy sources.

Source: Emirates News Agency

ABU DHABI: As part of the Advanced Technology Research Council’s (ATRC) ongoing STEM Youth Engagement Programme, ASPIRE, ATRC’s programme management and business development arm, is collaborating with the Abu Dhabi Youth Council to launch the pilot of its AI Datathon STEM Competition.

Designed for undergraduate students in computer science, data science, and related fields, the initiative accelerates STEM engagement, attracts and retains the country’s top talent, and cultivates a competitive STEM culture in Abu Dhabi and the broader UAE.

The contest is within the scope of ASPIRE’s latest initiative, the UAE STEM Competitions League, comprising a portfolio of STEM competitions and events hosted in collaboration with key stakeholders. The AI Datathon will unfold on 1st and 2nd March, 2024, at the ATRC Yas Office Auditorium.

Set to become an annual fixture, the AI Datathon brings together five teams of undergraduate students, from five universities – Abu Dhabi University (ADU), UAE University (UAEU), Higher C
olleges of Technology (HCT), New York University Abu Dhabi (NYUAD), and Khalifa University (KU) – to tackle AI and deep learning challenges, designed to immerse them in the thrilling realm of AI and data analysis.

A pre-competition course was held at the ATRC Masdar Auditorium to prepare participants for the upcoming challenge from 16th to 18th February, 2024.

The Datathon requires the participating teams to solve three tasks of escalating complexity and sophistication, where they engage with real-world datasets and leverage various tools and libraries to work out and implement their solutions. For the first two tasks, the teams are required to create programmes that will help categorise data using mathematical techniques like logistic regression, gradient descent, and data preprocessing concepts. The details of the third task will be shared on the first day of the datathon, adding an element of surprise and excitement.

The winning team, evaluated on accuracy, performance, code quality, innovation, and rep
ort quality, will receive a substantial cash prize of AED15,000.

Underlining the significance of empowering youth with practical AI experience, Stephane Timpano, CEO of ASPIRE, stated, ‘We want our youth to think big and look beyond their current capabilities towards a transformative future with AI at the helm – one that will catalyse the UAE’s reputation as an emerging global innovation hub.

‘In nurturing the next generation of AI enthusiasts through this competition, ASPIRE is actively bridging the gap between education and industry, through empowering our youth with practical experience to steer tomorrow’s technology domain.’

‘I am thrilled to see the collaboration between Abu Dhabi Youth Council and ASPIRE in organising the AI Datathon competition. This event exemplifies our commitment to empowering youth with cutting-edge skills and opportunities in artificial intelligence. By fostering innovation and collaboration, we are shaping the future of AI and driving positive change in Abu Dhabi’s youth commu
nity. It is our role to invest youth’s energy and potential in national sustainable development and empower them to have future foresight tools for a knowledge-based economy,’ said Mohamed Alwahedi, Chairperson of Abu Dhabi Youth Council.

The AI Datathon STEM Competition is a progressive, hands-on learning experience that aims to bridge the gap between theoretical understanding and practical application of AI and deep learning techniques.

Source: Emirates News Agency

ABU DHABI: The UAE Ministry of Economy, in collaboration with Crescent Enterprises and Gulftainer, launched a report titled ‘Trade 2050: A Private Sector Perspective’ during the World Trade Organisation’s (WTO) 13th Ministerial Conference (MC13) at the Abu Dhabi National Exhibition Centre.

The report was announced by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, at the annual session of the Parliamentary Conference on the WTO.

Dr. Al Zeyoudi, said, ‘The UAE’s history has been shaped by trade, and we are keen to help shape its future. As new technologies emerge and economies seek to become more sustainable and environmentally responsible, the global trading system must constantly evolve to meet new forms of exchange. It is important that we in the global trading community always anticipate the forces impacting supply chains.

‘This new report, which gathers the thoughts of key private-sector players from around the world, seeks to identify some of those forces – and the agility, adapta
bility, and foresight we must demonstrate to keep pace with them. Only by understanding what trade might look like in 25 years can we develop a fairer and fully future-proofed system.’

Badr Jafar, CEO of Crescent Enterprises, a UAE-headquartered multinational diversified business, revealed some of the report’s main findings at the WTO’s MC13’s Ceremonial Gala dinner on 26th February.

Addressing trade ministers and senior officials from around the world, along with representatives of several local and federal entities and the private sector, Jafar outlined the importance of joint efforts between the public, private, and civil sectors in tackling the rapid technological, socioeconomic, political and environmental changes that will take place over the coming years.

He added, ‘In today’s dynamic environment, the need to react to ever-changing realities can be all-consuming. During such times of transition, we have a duty and an opportunity to look beyond our immediate interests as policymakers, companies, and
individuals. By deepening our collaboration across borders, sectors, and disciplines we are able to help shape the major paradigm shifts that will transform the future of trade.’

Jafar stated, ‘The UAE, underpinned by its highly strategic location, world-class infrastructure, and strong international relationships, is uniquely positioned to work constructively with other members of the international community to address the various challenges that confront us and realise the many opportunities that are within our grasp. I remain optimistic that by working together, we can create a more prosperous and sustainable future – in which trade is able to flourish anew, and nobody is left behind.’

This report serves as a crucial discussion document on the forces anticipated to impact the trading system over the next 25 years. It emphasises the evolving relationship between trade, geopolitics, and global commerce, which is significantly influenced by overarching megatrends such as rapid technological advancements.

T
he report highlights the rising prominence of emerging economies, the transformational role of technology, the rapid growth of service trade, and the importance of sustainability in global trade. The purpose of this report is to prompt relevant stakeholders to take the needed and timely collective actions to anticipate potential risks, be prepared for future challenges, and capitalise on available opportunities.

The report discusses not only how the methods of conducting trade will transform, but also how the commodities being traded will evolve. It highlights the necessity for adapting to emerging technologies, integrating growing economies into global trade, committing to sustainability, supporting SMEs, and acknowledging the significant contribution of the services sector to the global economy. The report advocates for collaboration, innovation, and the development of inclusive regulatory frameworks to ensure a resilient and sustainable future for global trade.

Commenting on the future of trade, Tim Haas
, Group Chief Operating Officer at Gulftainer, a leading operator of ports and terminals, and a provider of customised supply chain and logistics solutions said, ‘As part of the global supply chain, it is essential for us to be forward-looking and anticipate the forthcoming changes that will impact the future of the industry in the coming decades.

“By proactively adapting to the potential challenges and foreseeing opportunities in the global trade, we will be able to better prepare our organisations and serve our customers. The Future of Trade 2050 paper is a reflection of the required collaboration amongst public and private sectors to ensure a better trading environment for all.”

This report serves as a testament to the UAE’s efforts and position as a major gateway for global trade and investment and its proactive role in shaping the discourse surrounding international and inclusive trade.

Source: Emirates News Agency

ABU DHABI: First Abu Dhabi Bank (FAB) is steadily solidifying its role as the go-to bank for UAE-Chinese and Sino-MENA trade and investment, with plans to triple revenue from its China business by 2026. The Group, which maintains the only fully licenced branch of a UAE bank in mainland China and grew its business there by 50% in 2023, was also singled out by Zhang Yiming, Ambassador of the People’s Republic of China to the UAE, recently for its ‘vote of confidence in the Chinese economy.’

The ambassador’s comments were made during FAB’s recent Chinese New Year celebration in the UAE, attended by more than 50 leaders of Chinese state corporates, commercial businesses and bilateral trade bodies active across the MENA region.

FAB’s plans mirror the UAE’s deepening relationship with the Asian economic giant: China is the UAE’s top global trade partner, with bilateral trade expected to reach USD 200 billion annually by 2030. It is also the third-largest foreign investor in the UAE, and the GCC’s top-ranking nati
on in trade flows. The UAE, a comprehensive strategic partner of China, is home to more than 6,000 Chinese businesses and was recently added to the expanded BRICS trade bloc.

The synergy between the two markets – with China offering the technological and industrial prowess critical to MENA growth and the GCC offering substantial investment as well as access to key markets including the UAE, Saudi Arabia and Egypt – also plays to the Group’s strengths.

FAB Group CEO Hana Al Rostamani said, ‘China continues to be a priority for First Abu Dhabi Bank, and we are committed to expand our business there while fostering Chinese engagement in the GCC and Egypt. As the UAE’s largest bank and a regional financial powerhouse, we look forward to facilitating more vital corridor trade and investment between the two regions and using our experience, expertise and network to drive transformative growth and development for both markets.’

The Group has grown from strength to strength in China – from being the first foreign
bank to obtain a Chinese currency (RMB) license from day one of its operations to becoming an official strategic partner for leading state corporates and delivering multiple success stories for Chinese clients seeking trade finance, corporate finance and access to global markets. Building on these foundations, the Group is targeting AED 300 million in annual revenue from its China operations by 2026.

Zhang Yiming, Ambassador of the People’s Republic of China to the UAE, said, ‘FAB’s Shanghai Branch opened during the epidemic in 2022 and cast a vote of confidence in the Chinese economy with its practical actions. We hope that FAB, as the largest bank in the UAE, will give full play to its local full-license advantage and strengthen cooperation with China in helping Chinese enterprises to go overseas and settle in the UAE, broaden investment channels in China, and promote the internationalisation of the RMB.’

The FAB Chinese New Year celebration also marked the 40th year of diplomatic ties between the UAE and
China. Business leaders in attendance reflected many of the most vital bilateral trade sectors between the two nations, including energy and petrochemicals, infrastructure and construction, technology and innovation, financial services and investment, and renewable energy and sustainability.

Source: Emirates News Agency

ABU DHABI: The opening day of Investopia 2024, held at St. Regis Sadiyaat in Abu Dhabi, witnessed 11 panel discussions featuring 37 experts, who offered their insights into investment opportunities in the new economy sectors, technology, the circular economy, the creative economy, hospitality, sports and aviation. Attendees who witnessed these sessions included investors, economists, leading government officials, policy-makers, and entrepreneurs from around the world.

One of the morning panel sessions considered macroeconomics in the context of where the global economy is moving post COVID-19, how a successful COP28 is setting all countries on a sound footing to tackle climate change, what the impact of the outcome of the US Presidential election will be; and why the global economy remains resilient to geopolitical shocks.

Under the theme New Economic Frontiers Unveiled: Navigating the Unknown, the panel discussed factors driving the new economy sectors, markets and the role of governments and the private s
ector in optimising economic growth.

Participants in this session were Dr. Mahmoud Mohieldin, Executive Director of the International Monetary Fund; Dr. François Bourguignon, Honorary President of the Paris School of Economics; and Dr. Nathan Sheets, Chief Economist at Citi; and John Defterios, Professor of Business Administration at NYU Abu Dhabi.

Dr. Mohieldin highlighted the necessity of paying attention to low and middle-income countries in a changing global economic trend and cited Africa, where the continent grew for many countries from being a low-income region to becoming middle-income.

‘Middle-income countries and the middle class populations are being squeezed, and mid-sized enterprises do not have the same support as SMEs,’ Dr. Mohieldin said.

‘The middle needs investment, but [the situation] is not being discussed,’ he added, and went on to underline the urgent need for investment in human capital, education and infrastructure. Dr. Mohieldin also noted that debt and development problems remain
among the most critical issues facing the global economy and are of great concern to investors worldwide.

Dr. Bourguignon drew attention to the urgent need to take more steps to achieve carbon neutrality to avoid the future repercussions that any additional delay in responding to climate change could cause. He explained that the current framework in place for the manufacturing and production of global goods needs to be replaced with a new one.

Meanwhile, Dr. Sheets expressed a more optimistic view about the global economy’s health, suggesting that an ever-advancing technology ecosystem has confronted many challenges the world has faced in recent years.

Concerning the UAE’s economy, Dr. Bourguignon said that what enables the country to face the economic challenges the world is its flexibility and resilience.

In another panel, John Defterios, Professor of Business at NYU Abu Dhabi, spoke to three government officials. Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco; Jose-Maria Figuere
s, Former President of Costa Rica; and Valentino Valentini, Deputy Minister for Enterprises and Made in Italy; all contributed to a lively debate under the theme: Navigating the New Economy: Global Economic Trends Challenging Governments where the four discussed today’s rapid economic developments, technological and digital advancements, renewable energy and issues facing globalisation.

Another panel discussion saw Khaldoon Al Mubarak, Managing Director and CEO of Mubadala Investment Company, present a comprehensive review of the new investment sectors the company has identified and spoke about the necessity of innovating new investment methods and responding intelligently to the challenges and investment opportunities arising from recent global economic changes.

In yet another session titled ‘Investing in the Creative Economy’ with Idris Elba, the renowned British actor, musician, and director, Elba noted that there are several untapped investment opportunities in the creative economy.

The opening day of
Investopia 2024 also hosted a roundtable titled: ‘Family Offices: Catalysing ESG and Shaping the Future’ with Standard Chartered Bank and the UAE-UK Business Council, which acknowledged sustainability as a key pillar in the new economy.

Source: Emirates News Agency