The UAE and Israel have concluded talks on a Comprehensive Economic Partnership Agreement that is expected to boost non-oil trade and investment between the two countries.
The agreement is ready for signing and paves the way for a "new era of collaboration" in priority sectors such as agri-tech, med-tech, new energy energy solutions and advanced technology, Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, tweeted on Friday.
"This milestone deal will build on the historic Abraham Accords and cement one of the world’s most important and promising emerging trading relationships," he said.
The Cepa talks come after the UAE and Israel normalised relations in September 2020, which led to dozens of initial agreements in sectors from aviation to shipping. Israel and the UAE began negotiations for a trade and economic co-operation deal in November 2021, a couple of months after the Emirates launched similar discussions with India.
The UAE signed a similar agreement in February with India, Asia’s third-largest economy, that is expected to boost non-oil trade between the two nations to $100 billion in five years, from $60bn currently.
The UAE-Israel Cepa will "substantially reduce or remove" tariffs on a wide range of goods, boost market access for services, promote investment flows, create jobs and promote new skills. It will also enhance climate action, deepen co-operation on strategic projects and facilitate expansion of the small-and-medium enterprises sector, the UAE Ministry of Economy said in a statement on Friday.
A high-level UAE delegation travelled to Israel this week to conclude talks on the Cepa and, after the final round of negotiations, the agreed text is now being finalised ahead of an expected formal signing between the nations’ respective leaders in the "coming weeks", according to the ministry.
The deal comes at an important time as the world emerges from pandemic and faces new challenges, which requires "multilateral approaches" to rebuild supply chains, stimulate economies and restore trust in the global system, Mr Al Zeyoudi said in the statement.
"We are confident that this deal will not only boost trade but increase investment, boost tourism, accelerate digital advances and promote collaboration in priority sectors such as energy, education, healthcare, food security, entrepreneurship, cybersecurity and advanced technology," he said.
The UAE-Israel Cepa has the potential to propel Israel on to the list of the UAE’s top 10 trading partners and will significantly boost trade and investments between the two countries, Hamad Buamim, president and chief executive of Dubai Chambers, told The National on March 1.
Trade between the countries reached $700 million within a year of the major agreement as they expanded co-operation in sectors such as finance and energy.
The UAE and Israel on Sunday also signed a memorandum of understanding to boost up co-operation in the field of maritime transport, to facilitate exchange of experiences and to strengthen strategic partnerships to serve common interests, further expanding their ties.
The agreement — Suhail Al Mazrouei, the UAE's Minister of Energy and Infrastructure, and Merav Michael, Israel’s Minister of Transport and Road Security — aims to enhance co-operation between the two countries in the field of transport, especially maritime, and to set a road map for future work, the statement said.
The pact also aims to make use of the maritime fleet and ports of both countries, ensure safety of ships, crew, cargo and passengers, enhance the protection of the marine environment and develop maritime trade, the ministry said.
The agreement will also help anticipate the UAE and Israel’s future challenges in the field of transportation through joint studies and research.
The UAE plans to sign eight Cepa deals this year and 27 overall, Abdulla bin Touq, UAE Minister of Economy, said this week at the Annual Investment Meeting in Dubai.
"If we want to double our economy from Dh1.4 trillion ($381bn) to Dh3 trillion in seven years that we have announced, we have to average a growth of about 5 per cent to 6 per cent," the minister said on the sidelines of the event on Monday. "I’m hoping for that target to happen this year."
The UAE is working to strengthen relations with key trading partners. It is currently in Cepa negotiations with Indonesia, the biggest economy in South-East Asia.
A similar deal is being negotiated with South Korea, which is expected to be finalised by the end of 2022. The agreement with South Korea aims to enhance the economic partnership between the two countries to a minimum of $20bn in the next three to five years.
"The UAE is moving quickly to strengthen ties with Africa, Asia and South America," the Ministry of Economy said on Thursday.
The UAE, the Arab world’s second-biggest economy, has made a strong recovery from the coronavirus-induced economic slowdown and has maintained strong trade momentum despite pandemic-related uncertainties.
The Central Bank of the UAE estimates that the economy will grow 4.2 per cent in 2022, higher than a previous forecast of 3.8 per cent.
The UAE economy is expected to grow 4.9 per cent in 2022, according to Japan's largest lender, MUFG Bank, while Emirates NBD forecasts an expansion of 5.7 per cent and Abu Dhabi Commercial Bank estimates 5 per cent, supported by strong oil sector growth. Emirates NBD estimates the non-oil economy growing at 4 per cent, while ADCB forecasts 3.5 per cent growth.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The years Ramadan fell in May
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Killing of Qassem Suleimani
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Killing of Qassem Suleimani
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
UAE currency: the story behind the money in your pockets
More on animal trafficking
Huroob Ezterari
Director: Ahmed Moussa
Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed
Three stars
More from Rashmee Roshan Lall
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs
Engine: 4.0-litre flat-six
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
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
UAE currency: the story behind the money in your pockets
