The Abu Dhabi Fund for Development (ADFD) has financed development projects worth nearly Dh6.5 billion ($1.76bn) in Jordan since 1974.
These projects have “collectively raised the standard of living in Jordan and helped the government to fulfil its sustainable-development objectives”, ADFD said in a statement on Tuesday.
“The relations between the UAE and Jordan exemplify an ideal bilateral partnership, which benefited both countries," Mohamed Al Suwaidi, ADFD’s director general, said.
"By financing many development projects, the UAE and ADFD remained a genuine supporter of the advancement of Jordan’s economy and society."
The benefits of the projects funded by ADFD in Jordan are reflected in the “phenomenal improvement and diversification of infrastructure” in various areas such as education, transport, energy, housing and agriculture, Mr Al Suwaidi added.
The UAE and Jordan have strong bilateral relations. Trade between the two countries jumped to Dh10.4bn in 2019 from Dh1.9bn in 2010, an increase of nearly 450 per cent, according to official data.
The UAE’s direct investment in Jordan stood at about Dh62.6bn, while Jordan's investment in the Emirates is nearly Dh4.5bn.
Jordan, which celebrates its 76th Independence Day on Wednesday, received a grant amounting to $5bn from the GCC in 2013, of which the UAE’s contribution was nearly $1.3bn.
The ADFD managed the UAE’s grant to Jordan by directly overseeing the projects that had a significant impact on the country's economy.
Established in 1971, the ADFD aims to help developing countries strengthen their economies by providing concessionary loans for development projects, as well as through long-term investments and direct contributions.
“ADFD looks forward to consistent socio-economic co-operation with Jordan to enable it to overcome any challenges in the way of accomplishing its developmental goals,” Mr Al Suwaidi said.
The UAE has also helped to raise foreign exchange reserves by depositing the entire grant with the Central Bank of Jordan, thus improving the efficiency of the country’s financial system.
Last month, Jordanian Prime Minister Bisher Al Khasawneh said economic conditions in the country are “strong and firm”. He added that the central bank has $17bn of foreign currency reserves, which include reserve requirements from commercial banks.
In December, international rating agency Fitch revised its outlook on the risk of Jordan defaulting on its long-term foreign currency debt to stable from negative.
The agency said the move reflected the kingdom’s “progress on fiscal consolidation and post-pandemic economic recovery”.
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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
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
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Abu Dhabi Sustainability Week
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EPL's youngest
- Ethan Nwaneri (Arsenal)
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
How to avoid crypto fraud
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- Only use reputable platforms that have a track record of strong regulatory compliance.
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