A surge in government spending across the Middle East is expected to draw greater numbers of investors in emerging markets towards the region, according to people attending the UAE Global Investment Forum.
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A number of stimulus measures have been announced in countries around the region, including Bahrain, Oman and Saudi Arabia. The measures are widely regarded as attempts to fend off political unrest.
However, delegates said the clear definition of Abu Dhabi's vision 2030 for economic diversification, alongside the low inflation and political stability found in the UAE, offered the most obvious opportunities.
The UAE's network of partnerships was helping to steer the country towards further growth, according to Mohammed Omar Abdullah, the Undersecretary of the Abu Dhabi Department of Economic Development.
"Established strategic alliances with different parts of the world … helps in overcoming adverse impact as a result of the pace of change," he said.
Mubadala Development has announced a shift in focus towards emerging markets as the strategic investment company owned by the Abu Dhabi Government studies investments in Brazil, Russia, India and China.
Rainer Schwarz, the regional head of international institutional clients and asset management for Itau Unibanco, said a rebound in growth in emerging markets was finding its way to the Middle East. The bank, based in Sao Paolo, is the largest financial conglomerate in the southern hemisphere.
Latin American investors were looking to match their natural advantages to areas where the UAE is lacking, such as food security, Mr Schwarz said. "They want to capitalise on the big themes - the hydrocarbons on one side and the services and consumer-related sectors that make up the bulk of GDP on the other.
"Lots of Brazilian corporates and Latin American corporates are already present in Abu Dhabi and the UAE. With a range of local governments and local institutions looking to develop their interests in Latin American states, we're trying to foster such partnerships," he said. Brazilian companies are also keen to participate in construction projects in Saudi Arabia, Mr Schwarz said. King Abdullah announced a spending plan in March, valued at 250 billion Saudi riyals (Dh244.83bn), to build 500,000 houses, after unrest threatened political stability in the kingdom.
However, Dr Florence Eid, the chief executive of Arabia Monitor, an economic research company, said the threat of further political instability would cloud investors' outlook for the Middle East in the near term.
"We're entering into a decade where a lot of states around us will be volatile." The potential threat of spillover from states such as Yemen and Syria remained a significant question mark for the region, she said, and countries such as Egypt would remain troubled if investments did not materialise.
Wealthy Gulf countries such as the UAE would be best placed to play a leading role in ensuring regional co-operation on investment. "Nobody else has the money after the financial crisis," Dr Eid said.
ghunter@thenational.ae
Company%20profile
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What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.4-litre%20twin-turbo%20V8%20with%2048V%20mild%20hybrid%20system%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E544hp%20at%205%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%20at%201%2C800-5%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh700%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Elate%20November%3C%2Fp%3E%0A
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
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Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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Matthew Weiner,
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Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
Apple%20Mac%20through%20the%20years
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Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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.
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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.
England's lowest Test innings
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- 52 v Australia at The Oval, August 14, 1948
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- 58 v New Zealand in Auckland, March 22, 2018
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Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
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Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
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Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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