DUBAI WEEK IN CHINA
Dubai: The annual “Dubai week in China” will take place this year in Shenzhen, considered one of China’s the most innovative cities with the one of fastest-growing economies.
“Dubai week in China” has previously been held in Beijing and Shanghai. This year’s theme will be “innovation”, said Hongbin Cong, Vice-Chairman of International Relations at Falcon and Associates – a strategic advisory company that initiated the Dubai Week in China series, which aims to further boost the economic relations between Dubai and China.
Commenting on this year’s choice, Cong told Gulf News that Shenzhen was chosen for many reasons, including its vibrancy and its fast growing economy since China started its economic reforms in the late1970s. In addition, “there are similarities between Shenzhen and Dubai,” said Cong, explaining, that the “two cities share similar history”. Shenzhen is considered China’s Silicon Valley, he said.
In a span of nearly four decades, both Dubai and Shenzhen witnessed a wide leap in development and became among the most innovated cities in the world, he said. “This year, we actually created the theme ’innovation’ for the week in China”, Cong explained. “This year’s event will offer a great opportunity for those seeking innovative solutions and technology issues.”
Commenting on a question whether the global competition in the field of technology, in which the western countries have a major role to play, will hinder the arrival of Chinese companies and their cooperation with Dubai, Cong said: “You will always find the competition between the existing ones and the new comers Ö but I don’t necessarily see it (competition) as a hurdle for Chinese companies to boost their cooperation with Dubai.” Cong said a UAE delegation of the same level and size is expected to take part in this year’s event.
Currently, there are 1,774 Chinese companies registered with Dubai Chamber. China has been Dubai’s number 1 trading partner since 2014. Nearly 60 per cent of trade between China and the UAE is re-exported to Africa and Europe.
In 1980, Shenzhen became the first special economic zone in China. Since then, it has risen to become the country’s technology epicentre, giving birth to international tech giants, including Huawei and Tencent, one of the country’s largest social media companies. The number of Patent Cooperation Treaty (PCT) international patent applications from Shenzhen has topped all Chinese cities for 12 consecutive years, cementing its position as China’s most innovative city.
In the past 5 years, Shenzhen maintained a double-digit average economic growth, with GDP exceeding $280 billion. The volume of import and export to talled $487.8 billion, among which the export volume was $284.4 billion ranking first for 23 consecutive years among the large and medium-sized cities in Chinese mainland. Shenzhen is the home to more than 2,000 hi-tech companies and 192 out of the Fortune 500 have invested in the city.
FIRST IRAN, EU BUSINESS FORUM
TEHRAN- European Climate Action and Energy Commissioner Miguel Arias Canete will arrive in Tehran tomorrow to set the ground for holding the first-ever Iran-EU Business Forum on Sustainable Energy, Tasnim news agency reported.
The EU commissioner will discuss the prerequisites of holding the energy forum in a two-day meeting with Iranian officials namely Iranian Energy Minister Hamid Chitchian, Deputy Foreign Minister Abbas Araqchi, and other affiliated officials.
As reported, Director-General of the International Renewable Energy Agency (IRENA) Adnan Z. Amin will also attend the meeting.
The participants will hash out feasibility of sustainable development of energy in Iran, expansion of Iran-EU trade ties in energy sector, and the country’s potentials in developing renewable energies.
IRAN OIL EXPORT TO ASIA REGION
TEHRAN – Iran’s four main Asian oil buyers imported nearly 27 percent more oil from the country in March 2017 compared to March 2016 as Iran took advantage of its exemption from a production cut agreed by OPEC and some other major producers.
According to a report by Reuters, Iranian crude’s top four Asian buyers – China, India, South Korea and Japan – imported 1.97 million barrels per day (bpd) last month, government and ship-tracking datashowed. This is marginally below February, when Iran sold the highest volumes overseas since at least 2010, International Energy Agency data showed.
Japan’s trade ministry on Friday released official data, showing Iranian imports were at 224,604 bpd last month, up 13 percent from a year earlier and slightly down from the previous month. Also, in the first quarter, these four countries imported 1.87 million bpd, a 47 percent rise from the same period in 2016.
Iran was exempted from a deal between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to reduce output by 1.2 million bpd from January 1. It was a victory for Tehran which had argued it needs to regain the market share it lost under Western sanctions over its nuclear program.
INDIVIDUAL CREDIT SCORE TO HELP FINANCIAL INSTITUTIONS
Dubai: Al Etihad Credit Bureau’s (AECB) recent launch of individual credit scores for UAE citizens and residents is expected to empower banking customers in the UAE to command better pricing of loans and enhance responsible lending, according to bankers. The credit score will help financial institutions make better-informed decisions, process credit card and loan applications faster and provide preferential benefits for those with high scores.
Individuals can now obtain their credit scores by visiting the Bureau’s customer service centres in Abu Dhabi and Dubai, providing their original valid Emirates ID Card and Passport(s). “The launch of the credit score is in line with AECB’s ongoing commitment to adopt the highest international standards in credit reporting and enhancing the UAE financial infrastructure,” said Marwan Ahmad Lutfi, CEO of AECB.
The credit score is a three digit number that ranges from 300 to 900 and measures how likely a consumer is to default within 12 months. It is calculated using information from various sources, like banks, finance companies and telecom companies. The score changes according to credit payment behaviour; a low score indicates a higher risk whereas a higher score indicates a lower risk. “The launch of the Al Etihad Credit Bureau’s credit scoring system is another major milestone in the evolution of the financial services industry in the country. This is clearly good news as it will go a long way towards helping customers better manage their debt. It will also give banks much needed visibility of a potential borrower’s total obligations to lend responsibly,” said Kunal Malani, Head of Customer Value Management, Mena, Retail Banking and Wealth Management, HSBC. Benefits
Banker say, over time, customers with better credit scores will getaccess to better pricing while it will encourage prudent lending decisions across the financial services industry, which will further contribute to the strength of the UAE’s economy and financial system.
ABU DHABI AVIATION PROFIT DOWN BY 41 PERCENT
Dubai: Abu Dhabi Aviation reported on Thursday a 41 per cent decline in its net profit attributable to owners for the first quarter of 2017, reaching Dh 37.6 million from Dh64.2 million in the same quarter of 2016.
Revenues also declined, reaching Dh392 million in the first quarter of 2017 from Dh439.8 million in the first quarter of 2016. The company said it “faced significant challenges as a result of the global economic slowdown and falling oil prices where clients negotiated down their contracts and reduced the scope of work”.
OMAN BUDGET CARRIER
DUBAI: Oman’s new budget airline SalamAir will operate as many as 12 Airbus A320 narrow body jets by 2020, as it aims for profitability by the end 2018, its chief executive said on Wednesday. Launched in January, SalamAir has started flights from Muscat to Dubai in the United Arab Emirates, Jeddah in Saudi Arabia and Salalah in Oman.
It plans to increase its fleet to between 10 and 12 A320s by 2020 from the three it has leased from Chile’s LATAM Airlines, CEO Francois Bouteiller told Reuters in Dubai. Two to three of those will be added in 2018, he said. Bouteiller said the airline is yet to decide if it should purchase or continue to lease aircraft but that it would only be interested in current model Airbus A320s and not the ’neo’ variant.
SalamAir expects to carry between 750,000 and 800,000 passengers in 2017 with a load factor – or how full its planes are – of between 70 per cent and 80 per cent. Bouteiller said the airline would mostly flyto destinations within three hours flying time of Oman. The carrier, owned by the Omani government pension funds and the Muscat municipality, will launch up to five new routes from May: Medina in Saudi Arabia, Sialkot, Karachi and Multan in Pakistan and Dhaka in Bangladesh, Bouteiller said. SalamAir is the second airline operating in Oman after state-owned Oman Air. SalamAir operates a single economy class product with 174 seats.
ABU DHABI PORT ACHIEVEMENTS
Abu Dhabi: Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Princeand Deputy Supreme Commander of the UAE Armed Forces, received a delegation from the Abu Dhabi Ports Company (ADPC), headed by DrSultan Ahmad Al Jaber, UAE Minister of State and ADPC chairman. Shaikh Mohammad was briefed on the company’s important developments and achievements through the implementation of a number of vital projects aimed at boosting economic expansion and providing the integrated services common to world-class ports and industrial zones.
Shaikh Mohammad was also updated on plans being implemented to enhance maritime trade, as well as developing the capabilities of ADPC employees through various training programmes. The company also seeks to provide innovative and competitive solutions that improve the efficiency of all procedures and speed up the movement of ships inside and outside ports. Shaikh Mohammad highlighted the importance of keeping pace with the successive developments in the economic, trade and investment fields, as well as enhancing competitiveness. He pointed out that the UAE, under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, has built on these investments and is heading towards broader horizons in their development, enhancement and diversification.
UAE FIRST NUCLEAR POWER PURCHASE AGREEMENT SIGNED
Abu Dhabi: A Power Purchase Agreement (PPA) for the purchase of electricity generated at the Barakah Nuclear Energy Plant was signed in Abu Dhabi. The Barakah One PJSC Company (Barakah One), a subsidiary of the Emirates Nuclear Energy Corporation (Enec) and the Korea Electric Power Corporation (Kepco) made the announcement in this regard. Barakah One and the Abu Dhabi Water and Electricity Company (Adwec) made the agreement.
Khaldoun Al Mubarak, on behalf of Barakah One Company, and Abdullah Musleh Al Ahbabi, chairman of the Abu Dhabi Water and Electricity Authority (ADWEA), on behalf of ADWEC, signed the agreement. The agreement establishes the contractual framework between the two entities for nuclear-generated safe, clean, efficient and reliable electricity produced at Barakah. The electricity produced by the four Barakah units plays a strategic role in powering the growth of the UAE, aligning the nation to the COP21 (Conference of Parties to climate change agreement) sustainability goals, and reducing greenhouse gas emissions (GhG) in the energy generation sector.
Al Mubarak, chairman of the Board of Enec, said: “Since 2009 we focused on the safe delivery of the UAE Peaceful Nuclear Energy Programme, and today is another major step towards diversifying the UAE’s energy mix and making the nation more energy-secure and environmentally sustainable. The Barakah Plant will soon provide the nation with the clean energy it needs to grow, through an established, robust and technologically advanced nuclear energy industry.”
Al Ahbabi, ADWEA chairman, said: “The signing of this agreement shows the ongoing transformation of Abu Dhabi’s energy mix. We welcome the addition of safe and sustainable low-carbon nuclear energy to our increasingly diverse power grid. Securing energy from a variety of sources allows us to provide Abu Dhabi with the supply of power and water it.