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UAE welcomes china to explore investment opportunities

Economy ministers of the UAE and China said the state visit opened doors to new areas of cooperation and also strengthened existing ties between the two countries.

Taking things a step forward, UAE Minister of Economy Sultan bin Saeed Al Mansoori promised cooperation in all sectors and invited Chinese investors to explore the investment climate in the UAE.

“The UAE policies of investment and development have many commonalities with China,” the minister said during the UAE-China Economic Forum held in Abu Dhabi on Friday. “We invite Chinese investors to explore investment climate in the UAE.”

Al Mansoori said the state visit has infused fresh energy to the bilateral relationship and the partnership will continue to grow. “We are at a historic juncture that is set to grow to greater heights. The UAE’s business friendly model has successfully helped to attract investments from China across various sectors. Also, some of the UAE-based companies are investing heavily in Chinese companies,” the minister said.

He noted education, health, water resources, technology, aviation, aerospace and renewable energy as sectors the UAE is focusing on in coming years.

He added that ‘One Belt One Road’ is China’s gift to the world. “I am hopeful about a fruitful outcome from this state visit,” he added.

Meanwhile, Chinese Minister of Commerce Zhong Shan appreciated the ‘tireless work’ seen in the UAE to push trade and economic cooperation.

“UAE is the first Gulf country to establish strategic partnership with China. The UAE-China trade and economic cooperation has achieved fruitful outcome,” he added.

Shan said China will make its gate of cooperation much wider. “We all think future of bilateral ties is very broad. Both the countries are advocates of free economy and multilateralism. Policy of reformation and openness to outer world has helped China to achieve a lot of development. Gate of Chinese openness will be made further wider in future,” he said elaborating on the investor-friendly norms practiced in China.

Shan said come November China will start a revolution with the International Import Expo. “Already some six UAE-based countries have expressed interest in attending the expo.”

The minister sought further cooperation in One Belt One Road project among others. “We need to have a mechanism to build cooperation in infrastructure, free zone, financial services and facilitating freedom of trade between the two countries. We need to promote cooperation in field of oil and gas sector. We also need to activate cooperation in fields of Artificial intelligence and Big Data. Let’s move forward hand-in-hand to contribute towards UAE-China’s prosperous future,” he added

UAE can benefit from China expertise

UAE Minister of State for Artificial Intelligence Omar Bin Sultan Al Olama said the country can learn a lot from the expertise China possess in field of technology.

“China is an important country as far as technology is considered. We wish to bridge gap in this field. China has invested heavily in field of Artificial Intelligence. Schools in China have AI as part of their curriculum and we look forward to having something like this. We wish to make use of this expertise,” the minister added.

Later, two memorandum of understanding was inked by China Business Council – UAE with Abu Dhabi Investment Office and Abu Dhabi Chamber.

Etihad aviation group, China’s JOCIC ink deal

A strategic partnership and mutual promotion mechanism was established as Etihad Aviation Group (EAG) CEO Tony Douglas and Jiangsu Provincial Overseas Cooperation and Investment Company (JOCIC) chairman Luo Hua inked a memorandum of understanding during Chinese President Xi Jinping’s three-day state visit to the UAE.

The parties plan to cooperate on a wide range of areas in order to better support the development of the China-UAE Industrial Capacity Cooperation Demonstration Park (China-UAE Industrial Park) in Abu Dhabi’s Khalifa Port, including air logistics, procurement, mutual promotion on respective premises and digital channels.

The MoU signifies that EAG will provide the companies investing in the China-UAE Industrial Park with preferred air transportation and cargo rates on the routes and services between China and other cities on Etihad Airways entire network. JOCIC and the companies of the China-UAE Industrial Park also designate Etihad Airways as their preferred airline.

Under the agreement, EAG and JOCIC, the management company of the China-UAE Industrial Park, will jointly explore marketing opportunities through appropriate promotional channels in China and the UAE to promote the China-UAE Industrial Park, Abu Dhabi’s friendly investment environment for Chinese companies as well as Abu Dhabi’s unique geographic advantages and Etihad Airways’ convenient network, which supports China’s Belt and Road Initiative. In addition, EAG will enjoy special rates on the products produced and manufactured by Chinese companies at the China-UAE Industrial Park.

Douglas said: “China is a strategically-important market for Etihad. We feel extremely honoured to forge such a strategic partnership with JOCIC so as to serve the development of the China-UAE Industrial Capacity Cooperation Demonstration Park, and better foster the Chinese companies within the Industrial Park.”

Luo said: “The China-UAE Industrial Capacity Cooperation Demonstration Park is a major project under the Belt and Road Initiative. It represents an important consensus reached by the leadership of China and the UAE to strengthen international industrial capacity cooperation between the two countries.”

“The partnership will demonstrate the long-standing commitment of Etihad, the national carrier of the UAE, to acting as a bridge for economic and cultural exchanges between the UAE and China.”

ADNOC, CNPC to explore key business opportunities

Abu Dhabi National Oil Company (Adnoc) and China National Petroleum Corporation (CNPC) signed of a wide-ranging strategic cooperation framework agreement that extends and deepens the strategic energy partnership between the UAE and China.

The signing was witnessed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai; His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the UAE Armed Forces; and Chinese President Xi Jinping.

The agreement outlines opportunities for possible future collaboration across Adnoc’s upstream and downstream value chains and support for China’s growing energy needs.

The agreement, which was signed by Dr Sultan bin Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and Wang Yilin, chairman of CNPC, builds on the existing partnership between Adnoc and CNPC. It establishes a mechanism to explore an expanded relationship across multiple industry sectors.

Dr Al Jaber said: “China is the world’s largest growth market and we are keen to explore mutually beneficial opportunities, along the full hydrocarbon business value chain, in both the UAE and China. With CNPC, we will assess possible investment and partnership options that have the potential to create more value from our oil and gas resources and give greater access to the Chinese market, while also helping support China in meeting its expanding energy needs.

“CNPC is one of a number of prospective partners who have expressed a strong interest in working with us on the range of co-investment and partnership opportunities we have identified as part of our 2030 strategy. In particular, our announced plans to expand our refining and petrochemical operations have captured the attention of investors from around the world. We will continue to review the options available to us, as we accelerate our transformation.”

 

ADNOC awards dh5.8b 3d Seismic survey contract to CNPC unit

Abu Dhabi National Oil Company (Adnoc) announced on Thursday that it awarded a contract worth Dh5.88 billion for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 sqkm to a subsidiary of China National Petroleum Company (CNPC).

The survey is part of the company continues drive to identify and unlock new opportunities and maximise value from its hydrocarbon resources and deliver on its 2030 smart growth strategy.

The new seismic survey, which will add to the 2D and 3D seismic data already acquired across Abu Dhabi, will cover an area of up to 30,000 sqkm offshore and 23,000 sqkm onshore.

The contract has been awarded by Adnoc to BGP, a subsidiary of CNPC, who are represented in the UAE by Al Masaood Oil Industry Supplies & Services.

The agreement was signed on the eve of a state visit to the UAE by Chinese President Xi Jinping by Abdulmunim Al Kindy, Adnoc’s upstream director, and Gou Liang, president of BGP. The signing was witnessed by Dr Sultan bin Ahmad Al Jaber, UAE Minister of State and Adnoc Group CEO, and Wang Yilin, chairman of CNPC.

Dr Al Jaber said the deployment of cutting-edge exploration technologies is an important step in realising the full potential of Abu Dhabi’s conventional and unconventional oil and gas resources as we deliver on our 2030 smart growth strategy.

“The scale of the project shows Adnoc’s commitment to upstream investment and to bolstering our oil and gas reserves and production for the long-term,” Dr Al Jaber said.

The award, following a highly competitive bid process, also represents another key milestone in Adnoc’s thriving partnership with CNPC, and the UAE’s strategic energy partnership with China,” he added.

Wang said with the world’s largest onshore and offshore seismic survey, Adnoc has embarked on an ambitious project to explore and unlock hydrocarbon reserves and BGP is best-placed to bring industry-leading technology to Abu Dhabi to support this programme.

“This agreement also strengthens our growing and successful relationship with Adnoc, creating a platform for further energy collaboration between us.”

Canadian university Dubai hosts global seminar on how music shapes our lives

Breakthrough findings on how music training affects a person’s journey into life were highlighted by international experts from over 20 countries at the 27th International Pre-Conference Research Seminar of the International Society for Music Education (ISME), hosted by Canadian University Dubai (CUD) in Dubai recently.

In the inaugural address, Professor Evelyn Orman, Professor of Music Education, University of North Carolina and Chair of ISME Research Commission, underlined the importance of continuing research into this critical topic, and added that the commissioners were impressed with the quality of papers that were submitted.

In a welcome address, Professor Karim Chelli, president of CUD, described music as an essential part of human development and stressed that research into music education has high relevance to all parts of the world, including the Mena region.

“I am confident the expert speakers and training workshops will provide new insights into the world of music education. I hope this major seminar will have a strong impact as our earlier initiative – the Conference on Climate Change – did earlier this year,” Chelli added.

Gulf Pinnacle logistics aims further growth in school bus transportation business

Gulf Pinnacle Logistics (GPL), one of the leading school bus transport providers in the UAE, aims to sign more than five new schools adding thousands of students by the end of 2018 as the company is in advanced discussions with various schools in the country, according to the top official of the company.

Gulf Pinnacle Logistics, entered into the promising student bus transportation business under the name of Gulf Pinnacle Transport in September 2016 as it identified a niche logistics market with significant growth potential. GPT envisioned itself to be a prominent student bus transportation service company by securing transportation contracts with quality schools and providing their students with world-class transportation services complemented by best-in-class security features to students, their parents and the schools.

Dubai duty free sales up 10% to dh3.67b in h1 2018

Dubai Duty Free has announced a 10 per cent increase in sales for the first half of the year, with turnover reaching Dh3.671 billion and placing the operation well on track to reach Dh7.4 billion by the end of the year.

Colm McLoughlin, executive vice chairman and CEO of Dubai Duty Free, said: “2018 has been a fantastic year for Dubai Duty Free so far. We have continuously grown our business and are happy to see a double digit increase for the first half. With new retail areas now operational and ongoing retail developments coming on stream at both Dubai International and Al Maktoum International, we are confident that we will reach the $2 billion mark at the end of December, which also marks our 35th anniversary.”

Accounting for 88 per cent of the total revenue, retail sales in Departures at DXB and Al Maktoum International Airport show an 11 per cent increase over the same period last year reaching Dh3.2 billion.

Meanwhile sales across all concourses have registered significant increases with overall sales in Concourse C in Terminal 3 up 60 per cent over last year, mainly as a result of new retail areas opened in recent months. In addition, Concourse A sales are up by 16 per cent, Terminal 2 Departure sales are up by 14 per cent, Concourse D sales are up by eight per cent, and Concourse B is up by six per cent.

Perfumes were among the top sales categories, accounting for 15 per cent of total sales and reaching Dh534.57 million. Other notable increases in sales were seen in the cosmetics segment which rose by 27 per cent, and electronics by 25 per cent year to date. For the first six months, Dubai Duty Free recorded 12,769,905 individual sales transactions with average daily sales of Dh20.28 million.

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