The Abu Dhabi Fund for Development (ADFD) financed 10 key development projects worth Dh743.9 million ($202.55m) in 2021 as part of its efforts to support new programmes in developing countries, despite the challenges posed by the coronavirus pandemic.
The fund, owned by the Abu Dhabi government, provided six soft loans worth Dh642.5m in total to five projects in Rwanda, Turkmenistan, the Maldives, Lesotho and Guinea-Conakry last year, it said in its annual report on Thursday.
The fund also allocated Dh101.4m in government grants to develop four projects in the Comoros, Ethiopia, Uzbekistan and Mauritania during the period.
The ADFD was set up in 1971 with the aim of helping developing countries through the provision of concessionary loans for development projects to strengthen their economies, as well as making long-term investments and direct contributions.
Overall, the fund’s total loans, grants, investments and deposits at central banks to shore up foreign reserves in developing economies stood at Dh156.9 billion by the end of last year.
“The various strategic projects ADFD financed and programmes it launched in partnership with governments, national institutions and regional funds contributed to the realisation of sustainable development goals for 103 countries, improvement of the quality of life, and achievement of the objectives of the 2030 development plan,” said Sheikh Mansour bin Zayed, Deputy Prime Minister, Minister of the Presidential Court and chairman of the ADFD.
“The fund actively pursued the UAE’s policy of economic diversification through a strategic partnership with the private sector and enhanced the global competitiveness of national exports.”
The fund's projects — which are expected to help countries to “advance their economies and raise the quality of life” — are in various sectors such as infrastructure, transport, housing, agriculture and water, industry, renewable energy, education, health and tourism, the report said.
The fund is also supporting the development of the private sector in the UAE and has allocated Dh3bn for the 2021-2025 period to provide financing for projects that have a “tangible impact on the economy”, the report said.
The UAE, the Arab world's second-largest economy, is seeking to diversify its economy away from oil and has unveiled a number of new initiatives to support other sectors.
Last year, the UAE launched the Operation 300bn strategy to increase the industrial sector's contribution to the country's gross domestic product to Dh300bn by 2031, from Dh133bn in 2021.
Abu Dhabi also recently unveiled a new industrial strategy that aims to more than double the size of the emirate’s manufacturing sector to Dh172bn by 2031.
The Abu Dhabi Exports Office, the export-financing arm of the ADFD, is also working to support Emirati companies and help them to expand their businesses in international markets.
“Over five decades, the fund has made great strides in fulfilling its developmental mandate,” said Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation and vice chairman of the ADFD.
“The fund’s flexible strategies and proactive initiatives have also contributed significantly to the diversification and competitiveness of the national economy.”
ADFD’s total investments in 22 countries since its inception stood at Dh11bn while bank deposits at central banks hit Dh41bn in 2021, it said.
The total value of loans and government grants disbursed by the fund stood at Dh52bn and Dh52.9bn, respectively, by the end of 2021.
“The fund created opportunities for national companies by enabling them to develop and implement projects in beneficiary countries,” ADFD director general Mohamed Al Suwaidi said.
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Company%20Profile
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E77kWh%202%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E178bhp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E410Nm%0D%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E402km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh%2C150%2C000%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ETBC%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Points Classification
1. Marcel Kittel (Germany / Quick-Step) 63
2. Arnaud Demare (France / FDJ) 38
3. Andre Greipel (Germany / Lotto) 25
4. Sonny Colbrelli (Italy / Bahrain) 24
5. Mark Cavendish (Britain / Dimension Data) 22
6. Taylor Phinney (U.S. / Cannondale) 21
7. Geraint Thomas (Britain / Team Sky) 20
8. Thomas Boudat (France / Direct Energie) 20
9. Stefan Kueng (Switzerland / BMC Racing) 17
10. Michael Matthews (Australia / Sunweb) 17
If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
UAE currency: the story behind the money in your pockets
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
