The Asian Infrastructure Investment Bank has set up its first overseas office in Abu Dhabi, as it seeks to expand its operations in the region and drive sustainable growth.
The office is based at The Abu Dhabi Global Market, marking the bank’s first overseas office outside its headquarters in China, the Abu Dhabi Fund for Development said in a statement on Wednesday.
“The opening of the Asian Infrastructure Investment Bank’s operational office in Abu Dhabi … aligns with the bank’s objectives and ambition to extend its operations and development initiatives in the Middle East and North Africa region,” Mohamed Al Suwaidi, director general of Abu Dhabi Fund for Development and the UAE’s alternate governor on the board of governors of the AIIB, said.
“This will add momentum to sustainable economic development in developing nations.”
By attracting global investments, the UAE helps to drive sustainable development in line with the objectives of AIIB, Mr Al Suwaidi said.
In April, a host member agreement to establish the office at Abu Dhabi Global Market was signed by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, President-designate of the Cop28 summit and the UAE governor of the AIIB, and Jin Liqun, president of the AIIB.
The agreement to host the overseas operational office of the AIIB reflects the UAE’s commitment to enhancing co-operation with international organisations and institutions focused on sustainable economic growth for developing countries, Dr Al Jaber said at the time.
The office will be a strategic destination in the Middle East and the world, supporting the bank’s development agenda and financing infrastructure projects to achieve sustainable economic growth, especially in the Global South, he said.
“The world is playing catch-up on the goals of the Paris Agreement and the most significant obstacle we face is capital,” Dr Al Jaber said.
Based in Beijing, AIIB has 106 members, with the UAE joining as a founding and permanent member in 2015.
The bank has $100 billion in capital and the UAE’s contribution is about $1.185 billion. The Abu Dhabi Fund for Development is mandated to represent the UAE as a founding member of the bank.
Since its establishment in January 2016, AIIB has financed 232 projects worth $44.41 billion to support economic and social development in different countries.
Luky Eko Wuryanto, vice president and chief administration officer of AIIB, cited the UAE’s rapid development and robust international relations as reasons for the bank to opt for Abu Dhabi as its operational base.
“The UAE is an excellent choice for our first overseas venture. I am confident this new hub will advance our efforts to enhance sustainable development throughout the region and elsewhere,” he said.
The aim is to "bridge the gap" between the bank and its partners, and "better access global financial centres", which will enable AIIB to sustain its growth trajectory, he added.
The opening of the office in Abu Dhabi comes at a time when the UAE, the Arab world’s second-largest economy, prepares to host the Cop28 climate summit from November 30 to December 12.
The issue of climate finance remains a key concern for countries as they focus on cutting emissions to limit global warming.
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)
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Samaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
match info
Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')
Man of the match Son Heung-min (Tottenham)
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
HWJN
%3Cp%3EDirector%3A%20Yasir%20Alyasiri%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Baraa%20Alem%2C%20Nour%20Alkhadra%2C%20Alanoud%20Saud%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
