Buick Lucerne cars make their way down an assembly line at the GM plant in Detroit. US-made cars are a popular import.
Buick Lucerne cars make their way down an assembly line at the GM plant in Detroit. US-made cars are a popular import.

UAE to aid American exports



The UAE is expected to become a key partner in US plans to double American exports in the next five years, says the US government's official export credit agency. "President Barack Obama wants American exports to double within the next five years and the UAE will be a key export destination if that goal is to be achieved," said Bijan Kian, a senior board member of the Export-Import Bank of the US (Exim).

Mr Kian said Exim would provide financial support in the form of loan guarantees for local companies wanting to trade with the US. Mr Kian said the bank would try to encourage other lenders to follow suit. His comments yesterday came as he addressed the Dubai Economic Council's dialogue session between the US consulate general in Dubai and representatives of the local business community at the Dubai Chamber of Commerce.

Last year, the US traded Dh31 billion (US$8.43bn) worth of goods with Dubai, making it the emirate's third-largest commercial partner after India and China. In the same year, Dubai's imports from the US dropped 45 per cent to Dh28bn, from Dh50.7bn in 2008. But Exim officials said that lack of credit from financial institutions was the main obstacle preventing Dubai merchants from importing US goods.

Local and international lenders were described as "hesitant" to issue loans to local businesses seeking to import goods from the US. "We don't want big numbers, we don't want aircraft," said Juma al Majed, the chairman of the Dubai Economic Council. "Today we want to talk about facilitating credit, especially loan guarantees for one year for imports of common things like cars, computers, machinery, Caterpillars, medical equipment and things like that from America."

Mr Kian said Exim would try harder to encourage financial institutions to issue business loans, and that his bank would commit the "full faith and credit" of the US government to cover commercial lenders against repayment risks. "The idea is to make sure that unfamiliarity between importers' and exporters' banks, or any other reason, does not lead to a failed deal," he said. "We want to make sure that all desired US exports go through."

Mr Kian said Exim's mission was to help finance the export of US goods and services to international markets. He added that the bank had a congressional mandate to assume credit and country risks the private sector might be unable or unwilling to accept without support. In order to qualify for Exim's loan guarantees, exported goods must be made in the US; they must be shipped on a US-flagged vessel; and they must be shipped to a country where Exim is open for business. The last condition includes a prohibition of re-exporting American goods to countries such as Iran from Dubai.

"We understand the guidelines and even though we re-export goods to more than 165 countries around the world, we want to assure you that the UAE will co-operate with the US re-export guidelines," said Hisham Abdullah al Shirawi, the second vice chairman of the Dubai Chamber of Commerce. business@thenational.ae

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Company%20profile
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SHAITTAN
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVikas%20Bahl%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAjay%20Devgn%2C%20R.%20Madhavan%2C%20Jyothika%2C%20Janaki%20Bodiwala%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Scoreline

Switzerland 5

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

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Results

Male 51kg Round 1

Dias Karmanov (KAZ) beat Mabrook Rasea (YEM) by points 2-1.

Male 54kg Round 1

Yelaman Sayassatov (KAZ) beat Chen Huang (TPE) TKO Round 1; Huynh Hoang Phi (VIE) beat Fahad Anakkayi (IND) RSC Round 2; ​​​​​​​Qais Al Jamal (JOR) beat Man Long Ng (MAC) by points 3-0; ​​​​​​​Ayad Albadr (IRQ) beat Yashar Yazdani (IRI) by points 2-1.

Male 57kg Round 1

Natthawat Suzikong (THA) beat Abdallah Ondash (LBN) by points 3-0; Almaz Sarsembekov (KAZ) beat Ahmed Al Jubainawi (IRQ) by points 2-1; Hamed Almatari (YEM) beat Nasser Al Rugheeb (KUW) by points 3-0; Zakaria El Jamari (UAE) beat Yu Xi Chen (TPE) by points 3-0.

Men 86kg Round 1

Ahmad Bahman (UAE) beat Mohammad Al Khatib (PAL) by points 2-1

​​​​​​​Men 63.5kg Round 1

Noureddin Samir (UAE) beat Polash Chakma (BAN) RSC Round 1.

Female 45kg quarter finals

Narges Mohammadpour (IRI) beat Yuen Wai Chan (HKG) by points.

Female 48kg quarter finals

Szi Ki Wong (HKG) beat Dimple Vaishnav (IND) RSC round 2; Thanawan Thongduang (THA) beat Nastaran Soori (IRI) by points; Shabnam Hussain Zada (AFG) beat Tzu Ching Lin (TPE) by points.

Female 57kg quarter finals

Nguyen Thi Nguyet (VIE) beat Anisha Shetty (IND) by points 2-1; Areeya Sahot (THA) beat Dana Al Mayyal (KUW) RSC Round 1; Sara Idriss (LBN) beat Ching Yee Tsang (HKG) by points 3-0.

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

Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

4/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia