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PM Modi meets Crown Prince of Abu Dhabi; India, UAE sign 5 pacts

Agencies
February 12, 2018

Abu Dhabi, Feb 12: Prime Minister Narendra Modi held wide-ranging talks with Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan as the two sides signed five agreements including a historic pact awarding a consortium of Indian oil companies a 10 per cent stake in an offshore oilfield here.

Modi, who arrived here from Jordan on the second leg of his three-nation tour, was received by Mohammed Bin Zayed and other members of the Royal family at the airport last evening. The two leaders hugged each other and exchanged pleasantries.

The Prime Minister thanked the Crown Prince for the special gesture of receiving him at the airport and said his visit will have a positive impact on India-UAE ties.

"We warmly welcome our state guest and valued friend, the Indian Prime Minister H.E.@narendramodi to the UAE. His visit reflects our longstanding historical ties and is testament to our friendly bilateral relationship," Mohammed Bin Zayed, also the Deputy Supreme Commander of the UAE Armed Forces, tweeted.

Prime Minister Modi, who is here on his second visit to the UAE, led the delegation-level talks with Mohammed Bin Zayed at the Royal Palace last evening. Modi had first visited the UAE as prime minister in August, 2015.

He is the first foreign leader to be invited to this palace by the Crown Prince, who appreciated the role played by Indian workers in the development of UAE as a modern nation.

"Delighted to meet my friend, HH Mohamed bin Zayed Al Nahyan. We had extensive deliberations on boosting India-UAE cooperation and how this can benefit our nations as well as the whole world," the Prime Minister tweeted.

Ministry of External Affairs Spokesperson Raveesh Kumar said that Prime Minister Modi had a Tete-a-tete with the Crown Prince of Abu Dhabi before the delegation level talks.

"The two leaders discussed steps to upgrade the relationship," Kumar said.

After their talks, the two sides signed five agreements related to energy sector, railways, manpower and financial services.

An MOU between Indian Consortium (OVL, BPRL & IOCL) and Abu Dhabi National Oil Company (ADNOC) was signed for the acquisition of a 10 per cent participating interest in the Abu Dhabi's offshore Lower Zakum Concession, a statement issued by the Indian embassy here said.

The concession will be for 40 years from 2018 to 2057. Sixty per cent of the participating interest will be retained by ADNOC and remaining 30 per cent will be awarded to other international oil companies, the statement said.

"This is the first Indian Investment in upstream oil sector of UAE, transforming the traditional buyer-seller relationship to a long-term investor relationship," it added.

To cooperate in the field of manpower, India and the UAE signed an MoU that aims to institutionalise the collaborative administration of contractual employment of Indian workers in the Gulf country.

Under the MoU, both the sides will work to integrate their labour related e-platforms for ending the existing malpractices, combat trafficking and organise collaborative programs for education and awareness of contractual workers.

An MoU for technical cooperation in railways was also signed between the two sides. The MoU aims at cooperation in infrastructure sector especially railways.

"The MoU will facilitate development of joint projects, knowledge sharing, joint research and technology transfer. The MoU envisages formation of a Joint Working Group for institutionalising the cooperation mechanism," the statement said.

To deepen bilateral cooperation in the field of finance, an MoU between Bombay Stock Exchange and Abu Dhabi Securities Exchange was also signed. It aims at enhancing cooperation between both the countries in financial services industry.

The MoU would facilitate investment in financial markets by investors from both the countries.

An MoU between Government of Jammu and Kashmir and DP World was also signed to establish multi-modal logistics park and hub in Jammu comprising warehouses and specialised storage solutions.

Various buildings in Abu Dhabi were lit in the Indian tricolor as the city was decked up to welcome Prime Minister Modi, who also attended a state banquet hosted by the Abu Dhabi Crown Prince.

The Prime Minister today visited Wahat Al Karama, the UAE martyr's war memorial here, in Abu Dhabi and paid tributes to brave soldiers of UAE who made ultimate sacrifice.

Wahat Al Karama, which literally means 'the oasis of dignity', is a permanent tribute to UAE's soldiers and other Emiratis who made the ultimate sacrifice while serving the country.

From the UAE, Modi will travel to Oman.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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News Network
July 23,2020

Beirut, Jul 23: The pandemic will exact a heavy toll on Arab countries, causing an economic contraction of 5.7% this year, pushing millions into poverty and compounding the suffering of those affected by armed conflict, a U.N. report said Thursday.

The U.N.'s Economic and Social Commission for Western Asia expects some Arab economies to shrink by up to 13%, amounting to an overall loss for the region of $152 billion.

Another 14.3 million people are expected to be pushed into poverty, raising the total number to 115 million — a quarter of the total Arab population, it said. More than 55 million people in the region relied on humanitarian aid before the COVID-19 crisis, including 26 million who were forcibly displaced.

Arab countries moved quickly to contain the virus in March by imposing stay-at-home orders, restricting travel and banning large gatherings, including religious pilgrimages.

Arab countries as a whole have reported more than 830,000 cases and at least 14,717 deaths. That equates to an infection rate of 1.9 per 1,000 people and 17.6 deaths per 1,000 cases, less than half the global average of 42.6 deaths, according to the U.N.

But the restrictions exacted a heavy economic toll, and authorities have been forced to ease them in recent weeks. That has led to a surge in cases in some countries, including Lebanon, Iraq and the Palestinian territories.

Wealthy Gulf countries were hit by the pandemic at a time of low oil prices, putting added strain on already overstretched budgets. Middle-income countries like Jordan and Egypt have seen tourism vanish overnight and a drop in remittances from citizens working abroad.

War-torn Libya and Syria have thus far reported relatively small outbreaks. But in Yemen, where five years of civil war had already generated the world's worst humanitarian crisis, the virus is running rampant in the government-controlled south while rebels in the north conceal its toll.

Rola Dashti, the head of the U.N. commission, said Arab countries need to “turn this crisis into an opportunity” and address longstanding issues, including weak public institutions, economic inequality and over-reliance on fossil fuels.

“We need to invest in survival, survival of people and survival of businesses,” she said.

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Agencies
August 2,2020

Kuwait, Aug 2: Kuwait has barred entry of foreign passengers from over 30 countries including India and China.

A circular from the Director General Civil Aviation, State of Kuwait directed all airlines operating at Kuwait International Airport to adhere to the instructions in this regard.

"Based on the decision of the Health Authority in State of Kuwait, no foreign passenger coming from the down listed countries will be allowed to enter the State of Kuwait," the circular read.

These include- India, Iran, China, Brazil, Colombia, Armenia, Bangladesh, Philippines, Syria, Spain, Singapore, Bosnia and Herzegovina, Sri Lanka, Nepal, Iraq, Mexico, Indonesia, Chile, Pakistan, Egypt, Lebanon, Hong Kong, Italy, North Macedonia, Moldova, Panama, Beirut ,Serbia Montenegro, Dominican Republic and Kosovo.

The circular stated that such restriction will also include the passengers were present 14 days before the date of travel until further notice.

The ban was announced the same day Kuwait began a partial resumption of commercial flights according to Khaleej Times, which quoted authorities stating that Kuwait International Airport would run at about 30 per cent capacity from Saturday, gradually increasing in coming months.

According to the latest data from Johns Hopkins University, Kuwait has reported 67,448 cases of coronavirus while the fatalities related to the virus stand at 453.

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