Abu Dhabi Investment Office is in talks with "dozens" of multinational companies to set up innovation and research and development centres in the emirate as foreign direct investment picks up pace on the back of a global economic recovery.
Some of these companies already have a presence in the UAE and want to become part of "the fabric of what we are building here", Adio's director general Tariq bin Hendi told The National in an interview on Wednesday.
“It’s dozens of companies. Right now we are in discussions with more than 20 major institutions in terms of what their plans are for Abu Dhabi, on whether it would be [an] R&D or innovation [centre],” Mr bin Hendi said.
“What they are looking at is moving beyond a sales and distribution model into the region and actually planting roots here from [an] R&D centre perspective and [also from] innovation, plugging into universities and developing intellectual properties,” Mr bin Hendi said.
“This is where we come in and really help these companies to ramp up and develop those plans.”
Abu Dhabi is focused on using advanced technology to develop its non-oil sector in line with a strategy to diversify its economy and reduce reliance on hydrocarbons. Adio is facilitating private sector participation into the broader economy through public-private partnerships and by helping to attract foreign investment.
Abu Dhabi's economy is poised to grow by 6 per cent to 8 per cent over the next two years, driven by government spending, the contribution from its financial services sector and foreign direct investment, Mohammed Al Shorafa, chairman of the emirate's Department of Economic Development said last month.
FDI to the UAE surged 44 per cent to Dh73 billion ($20bn) in 2020 despite pandemic-driven headwinds, underpinned by state oil company Adnoc monetising some of its non-core assets.
Last year, Adnoc helped to attract Dh62bn in FDI to the UAE, mainly through various multibillion-dollar transactions signed in the midstream and infrastructure segments. Over the past four years, it has helped drive Dh237bn in FDI flows to the UAE.
Mr bin Hendi said that FDI is picking up pace and has “diversified momentum because it is across sectors”.
Despite the pandemic last year, the investment office ramped up its efforts to increase support for companies and start-ups in key sectors. Major institutions took note of its efforts and are now “very proactively engaged with us”, Mr bin Hendi said.
Adio remains focused on supporting the development of the FinTech sector, tourism (particularly ecotourism), AgTech, ICT, health services and the biopharma industry, he said.
Adio is also facilitating public private partnerships, which is important to FDI as it allows participation from local and international investors, Mr bin Hendi said.
Abu Dhabi announced plans to issue tenders worth Dh10bn through the PPP model in February last year as part of the emirate's Dh50bn, three-year Ghadan21 accelerator programme. In April, Adio issued two tenders for major infrastructure projects and Mr bin Hendi expects the pace of PPP activity to pick up further.
“What we are doing now is that we are working within the Abu Dhabi ecosystem partners from ADQ, Mubadala, Masdar, Adnoc … and G42 as well. We are looking at how we can expand [the] PPP mandate beyond just government-awarded projects,” he said.
The aim is to work with existing government institutions with large asset bases to determine how they can continue growth using the PPP model.
“This is a collective effort,” he said. “Ghadan21 announcement of Dh10bn was the baseline. That was the benchmark we were using to grow from that point.”
Adio is also engaged in conversations with international institutions that have primary listings on European and US exchanges that are looking for potential secondary listings of some of their subsidiaries in Abu Dhabi.
“What we are doing here is that we are setting the regulations … so that we can be able to cater to that demand,” he said.
“In the next 24 months, you will see a lot more movement as it relates to international companies looking at their ability to use the capital markets in Abu Dhabi to do different things, whether it is debt or [a] secondary listing.”
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The five pillars of Islam
More coverage from the Future Forum
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Super heroes
Iron Man
Reduced risk of dementia
Alcohol consumption could be an issue
Hulk
Cardiac disease, stroke and dementia from high heart rate
Spider-Man
Agility reduces risk of falls
Increased risk of obesity and mental health issues
Black Panther
Vegetarian diet reduces obesity
Unknown risks of potion drinking
Black Widow
Childhood traumas increase risk of mental illnesses
Thor
He's a god
KILLING OF QASSEM SULEIMANI
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
Killing of Qassem Suleimani
More on animal trafficking
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Syria squad
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
The five pillars of Islam
UAE currency: the story behind the money in your pockets
CHATGPT%20ENTERPRISE%20FEATURES
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UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
THREE
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
KILLING OF QASSEM SULEIMANI
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
Mohammed bin Zayed Majlis
more from Janine di Giovanni
KILLING OF QASSEM SULEIMANI
Zayed Sustainability Prize
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Killing of Qassem Suleimani
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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57%20Seconds
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
UAE%20SQUAD
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