The UAE has emerged as the hub of foreign direct investments within the Middle East and North Africa and the prospects of attracting more FDI this year, particularly in the oil and gas sector of the country, are bright, said UAE Minister of State Ahmed Al Sayegh.
“The UAE is a prime destination for the FDI,” Mr Al Sayegh, who is also chairman of the capital’s financial hub Abu Dhabi Global Market, said on Wednesday at the Bloomberg Invest conference. “This year continues to be promising.”
The UAE, the second-biggest economy in the Arabian Gulf, attracted $15 billion (Dh50.1bn) in 2018, accounting for more than 22 per cent of the total FDI inflows into the Mena region, driven by investments in the country’s oil and gas sector.
Over the past few years the energy sector in the country has attracted more than $21bn in both on and offshore concessions and through investments into the extended hydrocarbon value chain. Abu Dhabi National Oil Company, one of the global energy majors, has brought in international partners such Italy’s Eni and Austria's OMV for different projects, significantly expanding its refining capacity, he said.
Adnoc's crude trading unit, which was formally announced last year as part of it its strategy to expand its revenue streams and beef up its sales of crude and products, will be domiciled in the ADGM to benefit from the financial hub’s “friendly trading rules and regulations”, Mr Al Sayegh noted.
The investment by Adnoc and its foreign partners is a cornerstone of a $45bn strategy to expand the company’s downstream business across petrochemicals and derivatives and create a foundation for manufacturing ecosystem that will deliver lasting value for the UAE, he noted.
“Emerging as a magnet for FDIs, both upstream and downstream, is Abu Dhabi’s oil and gas industry,” Mr Al Sayegh said. “More importantly [Adnoc is] creating expertise in this space [oil and gas sector] and investors are learning more and more about the opportunities in the UAE.”
Regarding Mubadala Investment Company’s deal announced at the start of the week to sell a significant minority stake in Europe’s biggest privately owned integrated energy firm Compania Espanola de Petroleos (Cepsa) to private equity firm Carlyle Group, the minister said it came about precisely because of the expertise and partnerships the UAE has in the energy sector.
Mubadala, Abu Dhabi’s strategic investment arm, this week agreed to sell between 30 and 40 per cent in the Spanish oil firm while Mubadala will remain a majority stakeholder in the firm. The deal puts the entire enterprise value of Cepsa at $12bn, according to Mubadala, which did not disclose the exact size of the transaction on Monday.
“These are deals that are possible because of our expertise and our partnerships and leveraging these partnerships is what Mubadala does best,” Mr Al Sayegh said. “In this case, it [the deal] has brought not only value for the country but most importantly proved that from Abu Dhabi we can create global news that make a big difference in [not only] how our country is perceived but how the industry [oil and gas] is going to invest in the future.”
He said the Cepsa deal was about divestment but also about investments, solidifying the international impression that UAE and companies like Mubadala know how to invest in this space.
“That is how we have started the year. It is exciting time for us in Abu Dhabi."
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
UAE%20Warriors%2045%20Results
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Palestine and Israel - live updates
EVIL%20DEAD%20RISE
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
Race card for Super Saturday
4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.
6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What is safeguarding?
“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Company%20profile
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
Australia (15-1): Israel Folau; Dane Haylett-Petty, Reece Hodge, Kurtley Beale, Marika Koroibete; Bernard Foley, Will Genia; David Pocock, Michael Hooper (capt), Lukhan Tui; Adam Coleman, Izack Rodda; Sekope Kepu, Tatafu Polota-Nau, Tom Robertson.
Replacements: Tolu Latu, Allan Alaalatoa, Taniela Tupou, Rob Simmons, Pete Samu, Nick Phipps, Matt Toomua, Jack Maddocks.
Huddersfield Town permanent signings:
- Steve Mounie (striker): signed from Montpellier for £11 million
- Tom Ince (winger): signed from Derby County for £7.7m
- Aaron Mooy (midfielder): signed from Manchester City for £7.7m
- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
- Elias Kachunga (winger): signed for Ingolstadt for £1.1m
- Danny WIlliams (midfielder): signed from Reading on a free transfer
UAE currency: the story behind the money in your pockets
The%20Roundup
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
