Dubai is studying plans to establish the world's first fully Sharia-compliant export credit agency in a bid to double trade flows over the next five years.
Known as Dubai Exim Bank, the facility would assist in financing the export of goods and services to foreign markets. It would operate according to Islamic finance principles, which does not allow the charging or receiving of interest.
“Dubai has one of the best infrastructures to serve as a regional hub for international trade flows and remains focused on further investing and enhancing this position,” said Sami Al Qamzi, the director general of Dubai Department of Economic Development (DED). “It is our aim to double trade flows over the next five years. The exim bank aligned to some of the best global operating models will support the achievement of this objective and further enhance our existing position.”
Dubai’s economy has staged a comeback from a downturn in 2009 that dented the emirate’s property and banking sectors. Robust expansion in trade has in part helped to propel the emirate’s revival. Non-oil foreign trade rose 7.6 per cent to Dh1.33 trillion last year, according to data released this week.
Dubai DED has hired Noor Investment Group, a local financial company, to assess the feasibility of setting up the bank. The DED said the facility would provide a multiple range of products and services aimed at supporting trade flows into and out of the UAE.
“It is worth mentioning that Dubai Exim Bank will be the first Sharia-compliant bank of its kind in the whole world,” said Ahmed Al Janahi, the chief executive of Noor Investment Group and Noor Bank. “Furthermore, the bank will focus on enhancing Dubai’s international trade as we move towards Expo 2020.”
Officials said the plans fitted into the goal of Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, to establish Dubai as a capital of the Islamic economy.Agency, continued on b2 →
Many countries around the world have established export-import banks or export credit agencies to help boost the competitiveness of their companies abroad. Most assist in financing the export of goods and services to international markets by providing loans to foreign buyers. They are especially useful where they can assume financial risks that the private sector is either unwilling or unable to accept.
The DED said the facility would deal directly with international bodies as well as other exim banks around the world to promote UAE trade.
Abu Dhabi announced plans in 2010 to set up its export credit agency, as a way of bolstering its export levels. The proposals have yet to materialise.
Emirates Airline and Etihad Airways are among the biggest global users of the Export-Import Bank of the United States to help them pay for aircraft from Boeing, the US plane maker.
tarnold@thenational.ae
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- Technology expert in robotics and automation: Dh20,000 to Dh40,000
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- Data-driven supply chain management professional: Dh30,000 to Dh50,000
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- Senior reservoir engineer: Dh40,000 to Dh55,000
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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
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
More from our neighbourhood series:
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
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.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
