Abu Dhabi Ports has signed a 50-year agreement with the Chinese Jiangsu Provincial Overseas Cooperation and Investment Company (JOCIC) that will attract investments of Dh1.1 billion to the Khalifa Port Free Trade Zone.
The deal comes amid efforts by Abu Dhabi to diversify its economy by boosting industry and relying less on revenue from hydrocarbons.
JOCIC will develop about 23.7 million square feet of the free trade zone for companies from the Chinese province of Jiangsu. The space that will be occupied by JOCIC's new company, the China-UAE Industrial Capacity Cooperation (Jiangsu) Construction Management, represents about 2.2 per cent of the available free zone space in Kizad's Khalifa Port Free Trade Zone. Kizad, an industrial park, is owned by Abu Dhabi Ports.
“We have worked hard to make Kizad not only the largest free zone in the region, but also one of the most sophisticated free zone areas in the world, particularly for the industrial and manufacturing sectors," said Sultan Al Jaber, the chairman of Abu Dhabi Ports and the Minister of State.
"Today’s announcement reaffirms the longstanding partnership between our two countries, and signals to the world that Abu Dhabi and the UAE will play a critical role in the future of global trade.”
Five Chinese companies - Hanergy Thin Film Power Group, Jiangsu Fantai Mining Development (Group), Xuzhou Jianghe Wood, Jiangsu Jinzi Environmental Technology and Guangzheng Group - have already announced plans to invest in the leasing space. Such a move will bring the companies closer to the customers they serve in the region.
The agreement comes amid deepening ties between the UAE and China in the wake of a three-day official visit to China in December 2015 by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
During that trip, Abu Dhabi's Mubadala said it would launch a joint fund worth US$10bn with two Chinese state institutions to invest in sectors with strategic importance for the UAE and China.
China is the UAE's second biggest trading partner after India and the UAE is the gateway to about 60 per cent of Chinese exports to regional markets.
It also comes amid increasing efforts by the UAE to boost its industrial base to diversify its economy.
"If we go back to the establishment of Abu Dhabi Ports it's mainly to diversify away from the dependency on oil," Captain Mohamed Juma Al Shamsi, Abu Dhabi Ports' chief executive officer, told The National, speaking on the sidelines of the signing ceremony.
"Such a deal fits exactly to such a mandate, diversfying the economy and investing in things outside of oil. So leasing 2.2 square kilometers, attracting five factories with an investment of over $300 million fits exactly with our contribution to non-oil GDP.
The deal with the Chinese comes on the heels of a $700m investment by Cosco Shipping, the world's largest container operator. In addition to its current capacity of 2.5 million TEUs (20-foot equivalent units), the deal signed with Cosco will boost its annual capacity to 6 million TEUs by 2019.
Separately, Mr Al Shamsi said that Abu Dhabi Ports was looking to expand its business in Africa but declined to say how exactly it planned to do it. He also said, responding to market speculation, that the company had no current plans to sell shares to the public in an initial public offering.
"Immediately we are not intending to go to IPO," he said.
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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
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
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- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
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More from Neighbourhood Watch:
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
Marital status: single
Favourite drink: drip coffee V60
Favourite destination: Bali, Indonesia
Favourite book: 100 Years of Solitude
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
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- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
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Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
