Emirates Press

ABU DHABI: Abu Dhabi Global Market (ADGM) affirmed that FATF’s decision to remove the UAE from the list of countries under enhanced due diligence due to concerns regarding anti-money laundering/countering the financing of terrorism, stands as a testament to the remarkable progress the country has made over the past two years in addressing its anti-money laundering (AML) and counter-terrorist financing (CTF) measures.

In its statement, ADGM stressed its committment to continuing its collaboration with the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, the CBUAE and other key stakeholders of the UAE in fortifying its AML/CTF framework and aligning with the UAE’s national risk assessment initiatives.

This collaboration aims to safeguard the integrity of the UAE’s financial ecosystem through enhanced policies, procedures, and controls to effectively manage the risks of money laundering and terrorist financing, the ADGM added.

Source: Emirates News Agency

ABU DHABI: The United Arab Emirates and Kenya have concluded negotiations on a Comprehensive Economic Partnership Agreement, ushering in a new chapter of trade relations between the two nations that will secure vital East and West supply chains, spur investment into priority sectors, and enhance market access for businesses on both sides.

The CEPA will have significant positive impact on accelerating investment flows in high potential areas such as logistics, healthcare, travel and tourism, infrastructure, and ICT, and will offer a platform for SME cooperation and expansion on both sides.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said,’The UAE-Kenya Comprehensive Economic Partnership Agreement marks a significant milestone in our CEPA program. It is a testament to our commitment to strengthening economic ties with the African continent and to creating new opportunities for businesses and investors in both of our countries.

The UAE-Kenya CEPA will not only boost trade and investme
nt, but also foster innovation and sustainable growth in key sectors such as agriculture, technology and tourism. We look forward to deepening our relationship with Kenya and to further expanding our presence in Africa as a trusted partner and investor.’

Rebecca Miano, Kenya’s Cabinet Secretary for Investments, Trade and Industry, said, ‘The Kenyan leadership has identified trade as a key lever of economic growth and transformation. We are on a national development path that is seeking to increase industrial output, enhance the quality and global competitiveness of that output, and to expand the opportunities for its export.

The Comprehensive Economic Partnership Agreement with the UAE will play a key role in these efforts, enabling our exports to reach important markets in Asia and the Middle East, and also in stimulating the investment inflows that will further develop our national capabilities. We look forward to its implementation and the mutual benefits it will deliver.’

Kenya’s economy, one of the mo
st promising in Africa, experienced real GDP growth accelerating from 4.8% in 2022 to an estimated 5% in 2023, while it is projected that real GDP will grow between 4.5% and 5.2% in 2024. Among others, its services sector, which accounts for 53.6 percent of Kenya’s GDP, and agriculture sector, comprising around a quarter of national GDP, offer vast potential for UAE businesses looking to expand into the region.

Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $710 billion, a 12.6% increase on 2022 – and 34.7% more than 2021.

Source: Emirates News Agency

ABU DHABI: The ‘Global Future Trade Leaders Programme’, launched by the Ministry of Economy in partnership with the Abu Dhabi Department of Economic Development (ADDED), embodies a pioneering national initiative aimed at enhancing the involvement of young Emirati professionals in leading the future of the country’s foreign trade, contributing to the achievement of national targets.

Aligned with Abu Dhabi’s hosting of the 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) this February, the programme reflects the proactive approach of the UAE in envisioning the future and its commitment to continue mobilising international efforts to build a modern, comprehensive, and sustainable global trade system that benefits all nations, recognising trade as a driving force for global economic growth and prosperity.

The programme underscores the UAE’s belief in the pivotal role of young trade professionals in transforming geopolitical, environmental, and technological challenges into opportunities
for sustainable growth, amid the rapidly changing global trade landscape, through a cadre of young professionals capable of continuing to mobilise international efforts to build a modern, comprehensive, and sustainable global trade system that serves the interests of all parties.

The programme aims to engage a new generation of trade leaders in the country in high-level programmes and key global forums such as the MC13, to equip these young professionals with the necessary skills to understand, influence, and steer the dynamic global landscape in a manner that serves the interests of all.

The launch of the programme reflects the growing importance of foreign trade to the UAE, as a key contributor to diversifying the national economy, accelerating GDP growth, stimulating non-oil exports, supporting innovation, and preparing the next generation of talented individuals, fostering creativity and innovation.

The comprehensive training programme, lasting three months and integrating theoretical and practical lea
rning, succeeded in equipping 30 young Emirati government professionals with specialised knowledge, experiences, and skills necessary to fully and effectively participate in the success stories that the country is experiencing in the present and future.

The programme attracted candidates currently working in positions related to global trade within federal and local government entities, free zones, and other relevant entities.

Source: Emirates News Agency

ABU DHABI: The General Administration of Abu Dhabi Customs revealed exceptional results in digital customs transactions through the ports of the Emirate of Abu Dhabi in 2023, recording a growth of 72 percent compared to 2022, achieving a significant increase and the highest rate since the beginning of the strategic transformation journey.

Proactive and automated transactions accounted for 42 percent of the total customs transactions volume, achieving a growth of 24.3 percent during 2023, as Abu Dhabi Customs provides a proactive insurance refund service to its customers in the Emirate of Abu Dhabi, while truck transit permits, permits for the entry and exit of goods from the customs centre, customs certificates for vehicles, and customs entry and exit certificates are issued automatically with the preparation of the customs declaration.

Customs declarations also witnessed a 6 percent growth during the past year, and pre-arrival customs clearance transactions constituted 47 percent of the total customs clear
ance procedures transactions at various customs ports across the emirate, achieving a growth of 20 percent compared to 2022.

Express shipping companies’ transactions grew by 6 percent, while customs clearance in bonded warehouses increased by 150 percent. Clearance time improved in 2023 by 16 percent, and Abu Dhabi Customs services scored 95 percent in the customer satisfaction index through the Abu Dhabi Digital Government Services Platform “TAMM”.

The growth in 2023 shows the extent of digital transformation at Abu Dhabi Customs and its successful investments in advanced technology, providing smart solutions, and modern systems in order to enhance its customs ecosystem and align with global best practices, improving operational efficiency.

Source: Emirates News Agency

ABU DHABI: The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped by the domestic multi-year investment cycle in the region, according to First Abu Dhabi Bank’s Global Investment Outlook (GIO) 2024 Report: ‘Making a positive impact’.

Despite recent geopolitical headwinds and muted global recovery, FAB expects national and regional growth to be driven by the robust demand in tourism, real estate, transportation, and manufacturing sectors. FAB sees the UAE’s GDP expanding 3.7 percent in 2023 and 4 percent in 2024, and the GCC’s by 3.4 percent in 2024 – higher than the IMF’s global forecast of 3.1 percent and 2.1 percent for the United States in 2024.

The GIO report, written by the bank’s industry experts, examines the current global economic and investment environment, providing insights into key macroeconomic trends.

FAB’s outlook notes that the GCC region continues to be supported by strong growth in non-oil GDP, with 3.4 percent expected in the medium term as countri
es in the region continue to diversify their economies.

In financial markets, FAB recommends investors diversify the asset allocation in their portfolios as market and economic volatility looks likely to continue in 2024 and build a defensive portfolio to provide flexibility. The report points out tailwinds such as higher fiscal spending, rapid disinflation and a tight labour market so far supporting consumption and spending and lifting global equity markets but notes a delayed impact of monetary policy decisions could soon take effect until interest rates and inflation come down.

Michel Longhini, Group Head of FAB Global Private Banking, said, ‘Investors will need to remain cautious given the rise and heightened levels of interest rates which will continue to impact economies and geopolitical risks which could increase volatility. Global economic growth is expected to slow down in 2024. However, our regional markets look resilient, with economic growth expected to pick up, driven by successful economic div
ersification and reforms.

‘In the ESG investing space, MENA markets provide some interesting opportunities along with diversification benefits for global portfolios. This year’s Global Investment Outlook theme – ‘Interest Rate Peaks and ESG Integration: Shaping the Future of Global Asset Allocation’ – identifies these investment opportunities and addresses key issues that will drive returns for investors. FAB clients can benefit from the input and the research of the entire team of economists and investment professionals whose views have been brought together here.’

Alongside key economic indicators, the FAB GIO considers a range of trends shaping future growth prospects, including a focus on specific industries. The report includes focused chapters on ESG (environmental, social and governance), oil, MENA markets outlook, emerging markets outlook, global markets outlook, real estate, and developments in investment products and solutions.

The GIO report also highlights what FAB believes are the five key ris
ks for 2024: artificial intelligence, the US elections, tensions in the Middle East and Africa, climate change, and US-China relations.

Source: Emirates News Agency

Hong Kong: The Chinese University of Hong Kong (CUHK) established an innovation centre on Tuesday that will use artificial intelligence technology to help the city pick those with the potential to be elite athletes in various sports and monitor their recovery from sports injuries.

According to a report by China Daily, the Global Sports and Wellness Innovation Centre intends to implement AI-driven automatic analysis of retinal images within the realm of sports.

The technology, developed by the university in 2015, can provide insights into abilities related to cognition, concentration, physical strength, speed, agility, reaction time, balance and coordination.

The indicators can be factored into predictions of an athlete’s performance in various sports and during competitions, and can also be used to assess minor injuries from concussions during contact sports.

The centre also plans to use AI technology to monitor athletes’ recovery from sports injuries, with a view to early intervention and the formulation
of recovery plans.

The centre was established with cooperation from enterprises and academic institutions in Hong Kong and the Chinese mainland.

The enterprises are AquaBloom International Sports Technology Group, Innovax Holding Ltd, responsible for sourcing capital and resources for the centre’s projects, and Funeng Intelligent Manufacturing (Beijing) Technology Service Co Ltd, which is responsible for producing a one-stop manufacturing service – including the production of equipment for taking retinal images.

Carlos Law, Funeng’s deputy general manager, said mass production of the equipment could be realised this year with sufficient funding.

Benny Zee Chung-ying, Director of the Centre for Clinical Research and Biostatistics at the university’s Jockey Club School of Public Health and Primary Care, said, ‘The innovation centre, an embodiment of industry-university research collaboration, will help Hong Kong’s sports sector to identify elite athletes and bring out their potential while promoting the dev
elopment of sports-related technology.’

Source: Emirates News Agency