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Emirates Group records 30th consecutive year of profit of Dh 4.1bn
Content
Expo 2020 Update
DIFC promotes FinTech innovation
News
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Nr. 5 Mai 2018
Released in its 2017-18 Annual Report, the Emirates Group posted a profit of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group’s revenue reached AED 102.4 billion (US$ 27.9 bil-lion), an increase of 8% over last year’s results, and the Group’s cash balance in-creased by 33% to AED 25.4 billion (US$ 6.9 billion) supported by the bond issued in March and strong sales due to the ear-ly Easter holidays at the end of March. In line with the overall profit, the Group de-clared a dividend of AED 2.0 billion (US$ 545 million) to the Investment Corpora-tion of Dubai.
H.H. Sheikh Ahmed bin Saeed Al Mak-toum, Chairman of Dubai Civil Aviation Authority and Chief Executive of Emi-rates Group, said: „Business conditions in 2017-18, while improved, remained tough. We saw ongoing political instabili-ty, currency volatility and devaluations in Africa, rising oil prices which drove our
costs up, and downward pressure on mar-gins from relentless competition. On the positive side, we benefitted from a healthy recovery in the global air cargo industry, as well as the relative strengthening of key currencies against the US dollar. „We’ve always responded to the challenges of each business cycle with agility, while never losing sight of the future, and this year was no exception. In 2017-18, Emi-rates and dnata delivered our 30th conse-cutive year of profit, recorded growth ac-ross the business, and continued to invest in initiatives and infrastructure that will secure our future success.“
In 2017-18, the Group collectively inves-ted AED 9.0 billion (US$ 2.5 billion) in new aircraft and equipment, the acqui-sition of companies, modern facilities, the latest technologies, and staff initiati-ves. Emirates announced two significant commitments for new aircraft during the year: a US$ 15.1 billion agreement for 40 Boeing 787-10 Dreamliners which will
The Emirates Group announced its 30th consecutive year of profit and steady business expansion.
UAE ECONOMIC BULLETIN
EMBASSY OF THE
UNITED ARAB EMIRATES
BERLIN
Interview with H.E. Ali Abdulla Al Ahmed, Ambassador of the UAE in Berlin
“He who does not know his past cannot make the best of his present and future, for it is from the past that we learn.”
continue reading on page 6
The recently published Global Know-ledge Index underpins the impressive development of the UAE and ranks them 25th out of 131 countries - the first in the Middle East. Do you consider your goals accomplished or is this merely the beginning of long-term investments into education?
There’s always room for improve-ment and development. While we are of course quite happy with our relatively good ranking in the Glo-bal knowledge Index, we aspire to
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Transpor t
be delivered from 2022, and a US$ 16 billion agreement for 36 additional A380 aircraft, including 16 options. Dnata’s key investments during the year included: ac-quisition of AirLogistix USA, marking its entry in the US cargo market; expansion of cargo handling capabilities with new warehouses and equipment at London Gatwick, Amsterdam-Schiphol, and Ade-laide; new catering facilities in Dublin and Melbourne; and new marhaba lounges in Karachi and Melbourne. Sheikh Ahmed said: „While expanding our business and growing revenues, we also tightened our cost discipline. Across the Group, we re-vamped various initiatives to rebuild and streamline our back office operations with new technology, systems and processes. In 2017-18, our reduced recruitment activity, cou-pled with restructured ways of working gave us gains in productivity, and a slowdown in manpower cost increases.“ Across its more than 80 subsidiaries, the Group’s total workforce declined by 2% to 103,363, representing over 160 dif-ferent nationalities, as part of the overall productivity improvement initiatives in Emirates and dnata.
Sheikh Ahmed concluded: „Looking ahead, Emirates and dnata remain fo-cused on delivering safe, efficient and high quality services consistently to our customers. Our ongoing investments in our people, technology, and infrastruc-ture will help us maintain our competi-tive edge, and ensure that we are ready to
meet the opportunities and stay on course for sustainable and profitable growth.“
During the year, Emirates carried a new record of 58.8 million passengers and 2.6 million tonnes of cargo across our net-work. The average seat load factor was 77.5% against a 2% increase in capacity. This reflects the modest uptick in consu-mer confidence and travel demand, the healthy rebound in airfreight demand, and Emirates’ continued ability to win over customers with our award-winning products and services – both above and below wing. As the financial year 2017/18 began, the new US restrictions on elect-ronic devices in aircraft cabins had just
come into effect. This followed the en-hanced security vetting procedures and new US entry requirements implemen-ted at the start of 2017. Emirates worked closely with stakeholders to address the new security requirements, and by July, our US flights were no longer subject to the ‘electronic ban’. However, the raft of enhanced security measures had impac-ted consumers’ travel appetite, leading the company to reduce services to the US for several months. It was close to year-end before we were able to restore some of our US capacity in line with the gra-
dual recovery in demand. Through the year, the company continued to lay a solid foundation for our future with significant investments in our people, products, air-craft, and the latest infrastructure for our business. This will help extend our com-petitive edge and ensure our long-term success.
During the same year Emirates added two new passengers and three new freighter de-stinations to their global network, offering their customers even more travel choices. In addition to their organic network growth, we also expanded our global con-nectivity through strategic partnerships. In July, a significant partnership with flyd-
ubai, which includes an exten-sive codeshare agreement, inte-grated network collaboration, fleet synergies, strategic sche-dule alignment, and initiatives to streamline the customer journey across Emirates’ and flydubai’s operation Dubai In-ternational airport. At the end of March, Emirates’ customers
could access 92 additional destinations on flydubai’s network. The company extended their successful partnership with Qantas for a further five years until 2023, ensuring customers of both airlines continue to en-joy expanded travel choices and seamless connections between Australasia and key cities in Europe, Middle East and Africa, as well as reciprocal frequent flyer benefits.
The full 2017-18 Annual Report of the Emi-rates Group – comprising Emirates, dnata and their subsidiaries – is available at: www.theemiratesgroup.com/annualreport
„Business conditions in 2017-18, while improved, remai-ned tough. We saw ongoing political instability, currency
volatility and devaluations in Africa, rising oil prices which drove our costs up, and downward pressure on mar-
gins from relentless competition. - H.H. Sheikh Ahmed bin Saeed Al Maktoum
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Expo Update
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Transpor t
Expo 2020 Dubai
Etisalat has completed the first phase of construction of two points-of-presence (PoPs) that will be the main interconnec-tion point for the provision of IT services to the Expo 2020 site as well as serve as a communications gateway to the outside world at the global event.
A pair of Tier III PoPs are currently being constructed at the Expo 2020 site expec-ted to provide resilience, carry inward and outward traffic and deliver connectivity services to all users visiting the first World Expo in the region.
The PoPs will support a virtualised net-work powering the latest IT systems and including a central telecom hub that will eventually support the ‘Dubai South’ com-munity after Expo 2020. These points will also support all telecom services, namely fixed, mobile, Wi-Fi and IPTV services, and provide the expected millions of visi-tors with connectivity experience at Expo
2020. Construction of the PoPs is set for completion by the end of 2018.
Esmaeel Alhammadi, senior vice pre-sident, network development, Etisalat: “Today’s strategic announcement is signi-ficant as it sets the path for the next level of digital infrastructure development for Expo 2020 Dubai. This is in line with the country’s objectives of achieving digital transformation with the deployment of best-in-class technology and infrastruc-ture to provide advanced services to all customers and visitors at this global event. Etisalat will continue to work closely with the Expo 2020 team in enabling digital in-novation to make sure that all visitors will enjoy a seamless experience on their digi-tal journey at the global event.”
Mohammed Alhashmi, senior vice presi-dent - innovation and future technologies, Expo 2020 Dubai, said: “One of the most critical parts of any global event is the di-
gital highway that enables the electronic services on which we all so heavily rely.
“Today is an important milestone for Expo 2020 and Etisalat. We have worked together with our Official Premier Partner to build a network capable of connecting Expo to the world and the world to Expo. This project epitomises Expo 2020’s main theme, ‘Con-necting Minds, Creating the Future’.”
Etisalat is the Official Telecommunications and Digital Services Partner for Expo 2020 and is involved in creating the infrastruc-ture for the site to make it one of the fastest, smartest and best-connected places in the world. As part of the Premier Partnership, Etisalat is involved in creating a telecom-munication infrastructure for the Expo site that will provide on-site Wi-Fi capable of handling 300,000 visitors daily and deliver a cutting-edge, immersive digital experi-ence that brings the Expo theme to life for the 25 million expected visits.
Etisalat completes first phase of Expo 2020 connectivity project
26 projects from 22 countries have been selected in the third cycle of Expo Live’s flagship Innovation Impact Grant Pro-gramme, following a rigorous evaluation process that included live presentations in Dubai. The competition was particularly strong in this cycle, with more than 1,200 applications from 114 countries. Also a German innovtion was selected.
Expo Live supports projects whose creati-ve solutions to pressing challenges impro-
ve people’s lives or preserve the planet, or both. These innovators will join an exis-ting community of Expo Live Global In-novators, bringing the total to 70 grantees from 42 countries.
Dozens of innovations, ranging from ag-ricultural initiatives that empower women and farmers to novel products that could combat desertification or plastic waste, are among the latest to receive a major boost from global social impact programme,
Expo Live, run by organisers of the Expo 2020 Dubai. The Global Innovators operate in an array of fields, including healthcare, education, renewable energy, fintech, waste management and water management.
Germany’s Coolar, for example, has de-veloped a solar-powered refrigerator that can store life-saving vaccines in off-the-grid, remote locations without the need for electricity. The Expo Live grant will help the firm pilot the refrigerator.
Expo 2020 Dubai backs 26 projects that improve lives, protect the planet
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Finance
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Under the MoU, FinTech Hive at DIFC - the first financial technology accelerator in the MEASA region will collaborate with Accenture’s FinTech Innovation Labs in New York, London and Hong Kong, to share resources and knowledge on the latest research and trends in fi-nancial technology.
The agreement will help build long-term relationships across the accelerator’s in-ternational initiatives, further cement-ing synergies between the DIFC and Accenture.
FinTech Hive at DIFC gives enterpris-es in the finance sector access to state-of-the art technologies to support their digital transformation while providing innovators and entrepreneurs with in-valuable access to potential clients and investors.
Arif Amiri, Chief Executive Officer of DIFC Authority, said: “This agreement leverages DIFC’s position as the top Fin-tech hub in the region and Accenture’s expertise in shaping a world-class in-novation platform. The UAE’s position as a hub for financial institutions and for innovative talent gives the FinTech Hive at DIFC a competitive advantage for fostering FinTech growth. What sets
us apart is our ability to harness the assets to grow Fintech locally that will ultimately create more jobs, attract in-vestments and support the economy as a whole. By teaming up with Accenture’s FinTech Innovation Labs from around the world, we aim to utilise this demand to support innovation and growth as well as strengthen Dubai’s position as one of the world’s top 10 FinTech hubs.”
The FinTech Innovation Labs are an-nual 12-week accelerator programmes that bring together early-stage financial technology companies and the world’s leading financial institutions. Globally, the Labs’ alumni companies have raised more than $1.07 billion in venture fi-nancing after participating in the pro-grammes.
Sushil Saluja, a senior managing direc-tor in Accenture’s Financial Services practice, added: “We are excited to fur-ther grow our fruitful partnership with the DIFC. Accenture will facilitate and create ties between the DIFC acceler-ator and our FinTech Innovation Labs in Europe, North America and Asia. In
today’s hyper-connected world, this type of alliance is critical for maximising tal-ent development and innovation. With surging demand for FinTech solutions and Dubai’s increasing presence on the global financial scene, we are confident that this international collaboration will generate incredible opportunities for the region.”
DIFC has recently announced that the 2018 programme, which is opening for applications in May, will be expanded to include insurance, Islamic finance, and regulatory technology services. First Abu Dhabi Bank, Arab Bank and Noor Bank will join the programme this year, with returning financial institutions to include Abu Dhabi Islamic Bank, Citi-group, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Standard Chartered, UAE Exchange, and Visa.
DIFC partners with Accenture for FinTech innovation
Dubai International Financial Centre (DIFC) has signed a memorandum of understanding (MoU) with Accenture to foster innovation in the financial services industry.
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News
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DIGITISATION
DP World selects Oracle Consul-ting for cloud project
DP World has selected Oracle Consulting to deploy cloud solutions as part of its digital transformation program. Oracle Consulting is managing the deployment of Oracle cloud solutions, which has com-menced with DP World‘s UAE Region and Middle East and Africa Region. The ports and logistics provider announced in January that it would utilize Oracle cloud applications to standardize core processes including finance, operations, procure-ment and human resources. The company also said it would incorporate technologies in artificial intelligence, machine learning, Internet of Things (IOT) and blockchain in the project. Oracle Consulting is sup-porting the roll out of the full suite of Fu-sion Enterprise Resource Planning (ERP), Human Capital Management (HCM) and Enterprise Performance Management (EPM) Cloud solutions. Oracle Consul-ting Teo Chin Seng, Senior Vice President IT, DP World Group, said: „Our focus on building our digital capability follows our vision to become a digitized global trade enabler and we working to achieve a new operational efficiency level while creating value for our stakeholders.“ Arun Khehar, Senior Vice President - Business Appli-cations, ECEMEA, and Oracle said: „Fol-lowing the recent announcement of our strategic partnership to help DP World drive its global digital transformation with our best-in-class Cloud Suite of Applica-tions (SaaS), we are proud to extend our collaboration by leveraging the deep ex-pertise of Oracle Consulting to drive this large scale project. We are confident that this strategic cloud deployment will help them deliver the next level of innovation and differentiation.“
ENERGY
Emicool bags district cooling con-tract for Expo 2020 Dubai
Dubai Investments subsidiary Emirates District Cooling (Emicool) has been awar-ded a contract to develop a district cooling plant for Expo 2020 Dubai. The plant will serve the Expo Village and Dubai South Mall, as well as the Conference and Exhi-bition Centre at the Expo site, the Roads & Transport Authority [RTA] station, and the Project Star mall area. Al Nasr Con-tracting Company has been appointed by Emicool as the contractor for the project.
With construction currently being fast-tracked, the project will have a capacity of 60,000 tonnes of refrigeration (TR) upon completion, including 48,000 TR of me-chanical chillers and 12,000 of thermal energy storage [TES]. Phase 1 of the dis-trict cooling plant project is expected to start delivery of chilled water in May 2019. Emicool, which provides district cooling services to more than 19,000 customers in the UAE, has plans to increase the capacity of its plants to 500,000TR by 2020.
AID WORK
ERC launches solar-powered water pump project in Yashbem, Yemen
The Emirates Red Crescent, ERC, yester-day launched a project to construct an integrated solar-powered water pump in Yashbem, Shabwa Governorate, which will benefit nearly 5,000 people. Following the launch, Ahmed Al Niyadi, ERC Re-presentative in Shabwa, said that the pro-ject reflects the desire of the UAE and its leadership to improve the humanitarian conditions in Yemen while noting that it is also part of the ERC’s efforts to restore local infrastructure and ease the suffering of local residents, to alleviate their dire conditions. Al Niyadi also highlighted the ERC’s efforts to solve the problem of water scarcity in Shabwa and stressed that this is a major problem that affects the re-sidents of desert areas. The ERC is keen to support this project, to provide water and irrigation, he added. Nasser Baoum, Director of the Rural Water Corporation in Shabwa, thanked the UAE’s leadership, government and people for implementing infrastructure and services projects. Local residents also thanked the UAE and ERC for implementing key infrastructure and utilities projects.
TRADE
Global sugar trader renews UAE supply chain contract
Alvean Sugar, the world’s leading sugar trader, has signed a long-term raw sugar sale contract with Al Khaleej Sugar, the owner and operator of the world’s largest sugar refinery in Dubai.
Al Khaleej has had a long-term relation-ship with one of Alvean’s shareholders, Copersucar, for nearly two decades in which the former purchased more than 20 million tonnes of raw sugar worth around US $6 billion from Copersucar. “The rela-tionship, now lying with Alvean, has been
further strengthened with the entry of this new long-term raw sugar procurement contract,” said Jamal Al Ghurair, mana-ging director of Al Khaleej Sugar. Alvean, the world’s largest sugar trader, is a joint venture formed by US agricultural group Cargill and Brazil’s Copersucar in 2014. Al Khaleej and Copersucar also co-operated in developing and introducing high polarisa-tion raw sugar. “The relationship, now lying with Alvean, has been further strengthened with the entry of this long-term raw sugar procurement contract. We are delighted to have concluded the business and look for-ward to working with Alvean,” added Al Ghurair. Gareth Griffiths, CEO of Alvean, said, “We are pleased to have entered this long-term supply contract, building on the close relationship we, and our shareholder Copersucar, have developed with Al Kha-leej over nearly two decades.” Griffiths said, “With our high-quality sugar supply and operational excellence, we are uniquely placed to serve the demands of Al Khaleej. But this is also more than just a sugar con-tract. It is an unprecedented demonstration of commitment and trust in the sugar mar-ket, which we believe will facilitate other opportunities and synergies for our two companies in the future.“
SUSTAINABILITY
Business leaders meet in Dubai to achieve UN SDGs
Business leaders in Dubai met recently to discuss harnessing their employee resour-ces to achieve the United Nations’ Sustaina-ble Development Goals, SDGs. Mobilizing volunteering programs to achieve sustaina-ble change by 2030 was the focus of a Lea-dership Forum organized by DP World and Emirates NBD as part of IMPACT 2030 - the only international private-sector led coalition aligning employee resources to achieve the goals which focus on key global issues such as poverty, inequality and cli-mate change. Objectives of the Leadership Forum include increasing the knowledge and understanding of IMPACT 2030 as a global private sector led collaboration to mobilise volunteers to achieve the SDGs, sharing the results from a UAE survey on volunteering in which 48 companies took part with 90,000 volunteers contributing al-most one million volunteer hours through their activities in 2016 and identifying next steps on how to align employee volun-teering with the SDGs. DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, said, „Private sector collaboration will contribute enormously to the success of the goals of the United Nations and com-panies in the UAE are playing a leading role in this region.
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Inter view
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be among the top 5 countries if not the very top. One of the major pillars of the UAE 2021 vision is World Class Education, because we believe that only by providing our children and young men and women with the best possible education, we could build a nation that has the expertise and the know-how to drive the de-velopment further.
To achieve that the UAE’s Ministry of Education developed the Education 2020 strategy, which is a series of ambitious five-year plans designed to bring significant qualitative improvement in the education system, especially in the way teachers teach and stu-dents learn.
Smart learning programs, new teachers‘ codes, licensing and evaluations systems, as well as curriculum revision, inclu-ding teaching math and science through English, are all part of the strategy. A key area of focus has been to transform K-12 programs, to ensure that students are fully prepared to attend universities around the world and compete in the global marketplace.
Do you also see the UAE and the steep progress it has made as role model for other countries in the region and do you plan to increase your engagement with them? How could German companies support this?
Well, we are very proud of the progress we have made over the past 46 years since the inception of the UAE and would be very happy for countries in the entire region to succeed, flourish and thrive. I can’t of course speak on behalf of other countries but I certainly would hope that their perception of the UAE and its progress is indeed seen as a model to emulate. Just recently this year, a survey has been done among Arab youth in 16 different Arab countries. The survey results found that young Arabs across the region viewed the UAE as a model. Driven by robust and diversified econo-my as well as visionary leadership known for their extensive humanitarian work overseas, the United Arab Emirates have developed a global reputation for encouraging a „can-do“ attitude among its residents respectful of religious and cultural diversity.
HH Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, reviewed the Arab Youth Survey and said “The UAE is a country for everyone; the ambitions of young Arabs align with ours, and our dream is for the entire Arab region to prosper.” this underpins the UAE’s aspirations for the entire region.
Your Excellency, amid the current dissent among the GCC members, how will the UAE make sure that the organization’s overall vision is realized?
Well, last year the whole region was marked by a constant loss of balance, polarization and regional interference. But the UAE has always faced challenges throughout the years, and has never stopped going forth when obstacles appear. So we will, together with Saudi Arabia and other GCC countries, continue working on the unity and stability of the Gulf. Recently the global services firm UBS has foreseen that progress toward diversifying non-oil sectors will help the six-nation Gulf Cooperation Council economies will boost GDP prospects in 2018. So things are indeed looking positive for the Region.
Imprint
Publisher Embassy of the United Arab Emirates Hiroshimastr. 18-20D-10785 Berlin
Telefon: + 49 (0)3051651451www.uae-embassy.ae
Ghorfa Arab-German Chamber of Commerce and Industry e.V.Garnisonkirchplatz 1 D-10178 Berlin
Telefon: + 49 (0)30278907-0www.ghorfa.de
AmbassadorH.E. Ali Abdullah Al Ahmed
Secretary GeneralAbdulaziz Al-Mikhlafi
EditorDr. Abdulla Al MandoosAhmed ShalabyMarcus Schoft
Layout: Fadhl Al-Romaima
@uaeembassyger
@uae_berlin
@Ghorfa_Germany
H.E. Ali Abdulla Al Ahmed, Ambassador of the UAE in Berlin
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s
1.71.8
21.8
82.1
6
Dec-1
7Jan
-18
Feb-
18M
ar-1
8
3M EI
BOR*
%
Sour
ce: C
entra
l Ban
k
* Em
irates
Inter
bank
Offe
red R
ate (in
teres
t cha
rged
by
UAE
bank
s for
inter
bank
tran
sacti
ons)
* Pur
chas
ing M
anag
ers’ In
dex:
a com
posit
e ind
icato
r of o
pera
ting c
ondit
ions
in th
e non
-oil p
rivate
secto
r eco
nom
y (+5
0 rep
rese
nts e
xpan
sion)
.
270
259
264
124
114
109
4350
53
Impo
rts
Reex
ports
Expo
rts
2016
426
2014
437
2015
424
265.4
279.7
290.6
137.8
78.3
58.1
2014
2015
2016
Nom
inal G
DP ($
bn) Oil
GDP
Non-
oil G
DP
65.8%
78.1%
83.3%
34.2%
21.9%
16.7%
*All f
igure
s inc
lude D
irect
trade
& Fr
ee Z
ones
trad
e
Sour
ce:E
mirat
es / E
tihad
Airw
ays w
ebsit
es
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ce: F
CSA
*Sale
sInd
ex:in
dicate
sthe
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ge(y-
o-y)
ofav
erage
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ents
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terin
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nRes
ident
ialPr
opert
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ices
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atus
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mple
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fered
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tings
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llasd
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.
Sour
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B
Sour
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B
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ce: IM
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AE Ca
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edera
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cil
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ce: F
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urce
: WB
Sour
ce: U
N En
viron
ment
Prog
ramme
FDI fl
ows
(in 20
16)
FDI s
tock
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. till 2
016)
Inwa
rd
$8.99
bn$1
17.94
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Outw
ard
$15.7
1 bn
$113
.24 bn
UAE r
ealiz
ed FD
Is 20
16
Abu D
habi
77%
Duba
i 87%
Hotel
Occ
upan
cy
Febr
uary
Febr
uary
12%
13%
16%
14%
8%
9%28%
Man
ufac
turin
g Ind
ustri
es
Cons
tructi
on
Who
lesale
Retai
l Tra
de an
d Rep
airing
Serv
ices
Tran
spor
t, Sto
rage
and C
omm
unica
tion
Real
Estat
e acti
vities
Finan
cial a
nd in
sura
nce a
ctivit
ies
Othe
rs
Shar
e of R
eal N
on-O
il GDP
2016
Gros
s Non
-oil T
rade
Top P
artn
ers
1.71.8
1.8
2.1
4.13.8
2.43.8
Dec-1
7Jan
-18
Feb-
18M
ar-1
8
Loan
s & D
epos
its G
rowt
h %
Loan
s (Y/
Y)De
posit
s (Y/
Y)
Sour
ce: C
entra
l Ban
k
Fisca
l Bala
nce*
$bn
Cons
tructi
onPo
rts, T
rans
porta
tion,
War
ehou
sing &
Stor
age
Mini
ng, M
etals
&Che
mica
lsRe
newa
bles &
En
viron
men
tal Te
chno
logy
Finan
cial S
ervic
es
Othe
rs
Tour
ismCo
nstru
ction
Rene
wable
s &
Envir
onm
ental
Tech
nolog
yIC
T & El
ectro
nics
Finan
cial S
ervic
esOt
hers
39%
19%
15%
6%5%
16%
UAE F
DI O
utflo
ws 20
17
UAE M
onth
ly Da
shbo
ard
April
2018
Mar
Feb
3.2
2.72.9
3.65
2.4
-1.4
-0.2
3.82.6
1.5
2.5
2015
2016
2017
*20
18*
Real
GDP G
rowt
h %
Non-
Oil
Oil
Real
GDP
Sour
ce: F
CSA &
Cent
ral Ba
nk *e
st.
Febr
uary
2,900
3,000
3,100
3,200
3,300
3,400
3,500
4,200
4,300
4,400
4,500
4,600
4,700
4,800
April
35
911
1517
1923
2529
UAE S
tock
Mar
ket P
erfor
man
ce
ADX I
ndex
DFM
Inde
x
Inter view
Imprint
-
UAE M
onth
ly Da
shbo
ard
News
Upd
ates
April
2018
UAE
prov
ided
$200
mill
ionin
supp
ortt
oth
eLe
bane
sear
my
and
secu
rity
force
sas
part
ofth
eUA
E’seff
orts
tobe
cond
uctiv
etot
hesta
bility
ofth
eLe
bane
seec
onom
yan
dpo
litica
lwelf
are.
UAE
tofu
nd$5
0.4m
illion
proje
ctto
rebu
ildM
osul
’s(Ir
aq)
Gran
dal-
Nuri
Mos
que ,
famou
sfor
itseig
ht-ce
ntur
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gmina
ret,th
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sblow
nupb
yISIS
lasty
ear.
Reco
nstru
ction
and
resto
ratio
nof
them
osqu
eand
al-Ha
dbam
inaret
will
bein
partn
ership
with
theU
NESC
O,Ira
q’scu
lture
mini
stry
and
the
Intern
ation
alCe
ntre
fort
heStu
dyof
the
Pres
ervati
onan
dRes
tora
tiono
fCult
ural
Prop
erty.
23 A
pr
4 Apr
UAE
&Ur
ugua
ysig
ned
am
utua
lvis
awa
iver
agre
emen
t ,all
owing
UAE
natio
nals
tovis
itUr
ugua
y,an
dvic
eve
rsa,
with
out
havin
gto
obtai
nor
payf
orav
isafo
rape
riod
ofup
to90
days
.
27 A
pr
UAE
anno
unce
dne
wdo
natio
nof
AED
220
m( $
60m
n)to
the
Syria
npe
ople
inth
e"S
econ
dBr
usse
lsCo
nfere
nce
onth
efu
ture
ofSy
riaan
dth
ereg
ion“.
VP&
PMHH
Sheik
hM
oham
mad
bin
Rash
idan
noun
ces
new
econ
omic
stim
ulus
plan
sin
supp
ort
ofSM
Esan
dto
boos
tthe
Emira
te’s
econ
omy.
New
econ
omic
initia
tives
includ
esa
20%
alloc
ation
ofgo
vern
men
tten
ders
tosm
allan
dm
edium
sized
busin
esse
s.
14 A
pr
24 A
pr
UAE
dona
ted
AED
258
mill
ionto
supp
ort
the
Pales
tinian
peop
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efir
stpa
rt(A
ED74
milli
on/$
20m
illion
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beall
ocate
dto
the
Islam
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aqf
Supp
ort
Prog
ramin
Jerus
alem
topr
eserv
eth
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ab-Is
lamic
ident
ityof
thec
ity.T
hese
cond
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(AED
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milli
on/$
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illion
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bede
dicate
dtot
heUn
ited
Natio
nsRe
liefa
ndW
orks
Agen
cyfo
rPa
lestin
eRe
fuge
es,
tosu
ppor
tth
eed
ucati
onal
secto
rinGa
za.
3 Apr
TheU
AEha
sgra
nted
$500
mill
ionin
supp
ort
for
the
UN’s
2018
hum
anita
rian
plan
for
Yeme
n.UA
Ewi
llco
ntinu
eto
offer
itsdir
ect
assis
tance
toYe
men
’slib
erated
region
san
dsu
ppor
treh
abilit
ation
proje
cts,b
yall
ocati
ng$1
00m
illion
forh
ealth
and
energ
ypro
jects
inHa
dram
aut.
27 A
pr
TheU
AEan
dHon
dura
ssign
eda
visa
waive
ragr
eeme
ntall
owing
UAEh
olders
ofdip
lomati
c,pr
ivate,
VIPa
ndreg
ularp
assp
orts
totra
vel
toHo
ndur
aswi
thou
tapr
e-visa
asof
May
25th
with
amax
imum
of90
days
perv
isit.
29 A
pr
Abu
Dhab
ian
dth
esta
teof
Quee
nslan
d(A
ustra
lia)
signe
da
join
t coo
pera
tiona
gree
men
taim
edat
bilate
rally
deve
loping
vario
usse
ctors
like
agric
ultur
e,to
urism
and
educ
ation
.The
agree
men
talso
aims
torei
nfor
cestr
ategic
exch
ange
betw
een
both
parti
esas
well
asto
adva
ncei
nfra
struc
ture.
TheU
AEan
dTon
gasig
neda
visa
waive
rag
reem
ent
allow
ingUA
Ena
tiona
lsto
trave
lto
the
King
dom
ofTo
ngaw
ithou
tapr
e-visa
asof
May
24th
with
amax
imum
of60
days
perv
isit.
24 A
pr
30 A
pr
HHSh
eikh
Moh
amed
bin
Zaye
dan
dAu
strian
Chan
cello
rwitn
esse
dsig
ning
ofan
agre
emen
t bet
ween
ADNO
Can
dOM
VAG
(Vien
na-b
ased
oil&
gasc
ompa
ny).
Unde
rthe
agree
men
t,OM
VAG
will
acqu
ire20
%in
the
conc
essio
nfo
rSa
tahAl
Razb
oot(
SARB
)and
Umm
Lulu
oilfie
ldsfo
r$1.5
billio
nfo
rater
mof
40ye
ars.
ADNO
Cret
ains
60%
inth
eco
nces
sion.
30 A
pr
Japan
&th
eUA
Esin
ged
anAg
reem
ent
for
the
Prom
otion
and
Prot
ectio
nof
Inve
stmen
t.Th
isco
mes
amid
avis
itby
the
Japan
ese
PMto
the
UAE
where
hem
etwi
thHH
Sheik
hM
oham
edbin
Zaye
dan
dbot
hside
sagr
eedt
ofor
mula
teaj
ointv
ision
anda
join
tco
oper
ation
strat
egy,
unde
ra
frame
work
name
d"C
ompr
ehen
sive
Stra
tegic
Partn
ersh
ipIn
itiat
ive".
The
CSPI
includ
espo
litica
l&ec
onom
icco
opera
tion
aswe
llas
coop
eratio
nin
defen
se,
envir
onm
ent
prot
ectio
n,fo
odse
curit
y,ed
ucati
on,
med
icine
,tech
nolog
y&wo
men
empo
werm
ent.
7 Apr
The
Pres
iden
tHH
Sheik
hKh
alifa
bin
Zaye
dra
tified
bilat
eral
agre
emen
tsbe
twee
nUA
Ean
d7
othe
rcou
ntrie
s.Th
eagr
eem
ents
includ
eDTA
swith
Iraq
&Bu
rund
ias
well
asInv
estm
ent
Prom
otion
&Pr
otec
tion
agree
men
tswi
thCa
mbo
dia,
Ango
la,M
aldive
s.Bu
rund
i&Pa
ragu
ay.
11 A
pr
TheA
buDh
abiD
epar
tmen
tofH
ealth
(HAA
D)sig
ned
two
MoU
swi
thUK
healt
hau
thor
ities
.The
first
agree
ment
was
signe
dwi
thth
eUK
Healt
hcar
eCo
mmiss
ion&
the
seco
ndwi
thth
eHu
man
Ferti
lizati
on&
Embr
yolog
yAu
thor
ity.T
heev
entw
asor
ganiz
edto
both
prom
ote
bilate
ral
partn
ership
sbe
twee
nthe
UAEa
ndUK
ands
treng
then
theU
AE’sh
ealth
care
ecos
ystem
.
25 A
pr
DPW
orld
repo
rteda
7.3%
incre
asei
nth
efir
st-qu
arte
rgr
oss
cont
ainer
volu
mes
onar
epor
tedba
sisan
dsaid
itex
pects
togr
owah
eado
fthe
mark
etin
2018
.Th
eco
mpa
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ndled
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milli
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mpa
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th16
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area
rlier,
ledby
volum
egro
wth
inter
mina
lsit
opera
tesin
Euro
pe,A
frica
andt
heM
iddle
East.
26 A
pr
01 M
ay
Abu
Dhab
iin
augu
rate
dTa
weela
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hed
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alifa
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Dhab
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