The UAE signed its 11th Comprehensive Economic Partnership Agreement on Friday as it continues to focus on boosting economic and trade ties with different countries.
The Arab world's second-largest economy signed a new Cepa with Colombia after reaching a similar agreement with Costa Rica on Thursday, state news agency Wam reported on Friday.
The UAE has so far concluded Cepas with India, Turkey, Israel, Indonesia, Cambodia, Georgia, as well as with Mauritius, Kenya, the Republic of Congo, Colombia and Costa Rica.
The country is expected to exceed its initial target of signing 26 Cepas because of its pace of work and interest from other countries, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, told The National in March.
Cepas help to cut tariffs and remove most trade barriers between countries in a move intended to boost investment.
“The UAE-Colombia Cepa will open a promising new chapter in deepening economic ties between the two nations, enabling businesses to benefit from access to not only to each other’s markets but also their respective regions,” said President Sheikh Mohamed, who witnessed the signing of the agreement along with the Colombian President Gustavo Petro.
The UAE and Colombia have continued to bolster economic ties, with non-oil trade between the two countries rising by 43 per cent in 2023 to reach a record $53.1 million, more than double the total achieved in 2021.
The two countries have also signed co-operation agreements in renewable energy, environment, hydrogen, travel, free zones and artificial intelligence.
“UAE and Colombian ports and our peoples may embrace in friendship, solidarity and goodwill, which is what can actually save humanity,” Mr Petro said.
The new Cepa comes at a time when the Emirates is seeking to boost non-oil foreign trade to more than Dh4 trillion ($1 trillion) by 2031 amid new trade agreements with different countries and economic diversification plans.
The UAE's non-oil foreign trade hit a record Dh3.5 trillion in 2023, up from Dh2.23 trillion in 2022 as the country's trade with its top 10 most important foreign partners grew by 26 per cent last year.
Non-oil trade with Turkey, which contributed 5.1 per cent to the UAE's total, grew by 103.7 per cent year on year in 2023, the highest among the top 10 trading partners. This came after the two countries brought their Cepa into effect in September.
Trade with India, which signed a Cepa with the UAE in May 2022, grew by 3.9 per cent, accounting for more than 7.6 per cent of the total trade, the Emirates announced in February.
The UAE also moved up on Kearney’s 2024 Foreign Direct Investment Confidence Index, jumping into eighth place, from 18th, amid a diversification push.
It came second on Kearney’s emerging market index – behind China, the world’s second-largest economy – rising from third last year.
The country's economy is expected to grow by 4.2 per cent this year, according to the UAE Central Bank.
The UAE posted a record FDI of about $23 billion in 2022. Official figures for last year have yet to be released.
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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Company%20profile
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Company%20profile
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
