Fifty years ago this year, the United Arab Emirates began its journey in the family of nations.
Today, the UAE sits at the crossroads of the world, a bridge between east and west, in which the Asian Infrastructure Investment Bank (AIIB) also plays a vital role. It was in April 2015 when the UAE became one of what is today more than 100 members of the AIIB, created to harness global capital, improve sustainable economic development, and create wealth and improve infrastructure connectivity across Asia.
Since then, the Beijing-headquartered international organisation, proposed by Chinese president Xi Jinping in 2013, has provided funds equivalent to billions of US dollars to countries from Azerbaijan to Vietnam and for projects as diverse as wind power, rural sanitation and Covid-19 emergency response. Its achievements and activities, particularly in support of economies badly hit by the pandemic, will be one of the highlights of the sixth Annual Meeting of the governors of AIIB to be hosted in the UAE from Tuesday until Thursday.
As one of the founding members of AIIB, the UAE has provided staunch support for the bank since its foundation and played a crucial role in shaping AIIB as it has grown and developed
Jin Luqin,
AIIB President
The meeting will be chaired by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and the UAE’s governor on the AIIB board of governors. As the president of the bank, Jin Liqun, noted at the signing in July of the MOU to confirm the hosts of 2021 general meeting: “As one of the founding members of AIIB, the UAE has provided staunch support for the bank since its foundation and played a crucial role in shaping AIIB as it has grown and developed.” The sixth annual meeting will take as its theme “Investing Today, Transforming Tomorrow,” with a series of webinars that will examine how to exchange ideas and create opportunities to meet the challenge of climate change and better connect Asia and the world.
It is a vision of the future that matches much of the strategy of the UAE government as it transitions to a post-oil economy. Announced in September, the 10 “Principles of the 50” lay out the economic, political and developmental road map for the next five decades. The principles represent core guidelines for all of the UAE’s institutions to strengthen the union, build a sustainable economy, harness all resources to build a more prosperous society, foster positive regional and global relations to achieve national goals, and support peace and stability around the world. The principles also underpin the UAE’s jubilee celebrations represented by the “Projects of the 50”. The projects are a set of ambitious initiatives that will boost economic growth and set the UAE on a progressive course for the next 50 years.
The UAE has long used its foreign aid budget – one of the largest in the world – in support not only of humanitarian relief, but infrastructure projects that offer hope of a better life for millions, especially in the Middle East and North Africa (Mena). In the past year, much of that aid has been Covid-19 related – to 47 countries in total – a priority reflected in the work of the AIIB, which has approved more than a dozen loans to countries including India, Turkey and the Philippines for Covid response measures.
This year’s general meeting seeks to further define the goals of the AIIB. Its core message of “Infrastructure for Tomorrow” or “i4T”, will place, as the bank puts it, “green infrastructure with sustainability, innovation and connectivity at its core … by unlocking finance that brings this vision to fruition. As our clients succeed in building i4t, society shares in that success.” This means supporting sustainability by assessing projects on the basis of ecological impact, including biodiversity and climate change, as well as offering sound returns on investment with economic growth and increased productivity, and with a strong social element that gives access to people who previously have been excluded from access to infrastructure services.
By hosting its first general meeting in the Middle East, the AIIB seeks to engage with stakeholders in the region and beyond. Last year, it approved funding for its first renewables project in Oman, a $60 million loan for a solar energy project. The 500-megawatt greenfield solar photovoltaic power plant will be built in Ibri, with the aim of reducing Oman’s dependence on natural gas, currently used for almost all of its electricity generation. The objectives of both the AIIB and Oman in this kind of project tie in closely with those of the UAE, which has also made substantial investments both at home and overseas in alternative energy.
Masdar, the Abu Dhabi clean energy company that is wholly owned by Mubadala Investment Company, has a 20 per cent stake in the London Array, one of the world’s largest wind farms, which provides enough clean electricity to supply the equivalent of three million homes. In Morocco, Masdar is part of an international consortium that in 2019 was awarded a Dh2.8bn tender to build an 800-megawatt solar power plant in the Atlas Mountains that should be delivering electricity to the national grid next year. It is part of an ambitious plan to meet more than half of Morocco’s needs using renewable energy by 2030.
These projects, and many others, illustrate a common focus in both the policies and direction of the work of the AIIB and the government of the UAE. Its closeness is further demonstrated by the MOU signed last month between the bank and the United Nations' International Renewable Energy Agency (Irena), in which both organisations will scale up their efforts to increase the use of renewable energy, especially in Asia, and to offer funding for low-carbon energy projects. Irena is located in Abu Dhabi, a result of a successful bid in 2009, which made it the first major international agency to be headquartered in the region.
The role that the AIIB can play in financing potentially transformative infrastructure projects will be further highlighted during the Annual Meeting. It will showcase another Oman project during the opening sessions, this time a broadband project, also supported by the AIIB, which aims to offer fibre broadband to over 80 per cent of urban areas by 2025.
A UAE session of the Annual Meeting tomorrow will look deeper into what has been called the “infrastructure spending gap” in the Middle East. It will take as its starting point the value shown in infrastructure as demonstrated by the response to the Covid-19 pandemic and will focus on the UAE, the GCC and the Middle East in general, looking at new financing and investment models for both public and private partnerships that can fully realise the economic potential of these countries. A second UAE seminar will look at the country’s support for what is known as climate resilient infrastructure – or how everything from buildings, transport, water, energy and sanitation can be decarbonised in the fight to contain climate change.
On the eve of the Cop26 UN climate change conference in Glasgow, which begins only two days after the AIIB general meeting, the seminar will offer examples of technologies and adaptation measures being deployed in the UAE, the new business opportunities they create, and how financing options for smart infrastructure projects that anticipate climate challenges might be financed. For its part, the AIIB has underlined its commitment and policies on investment and climate change, with Mr Liqun, the president and chair of the board of the bank, explicitly stating last year that he will not finance coal-powered power stations, or any projects related to coal. He was speaking as AIIB proposed a climate change investment framework jointly with the European asset manager Amundi that takes the three key objectives of the 2019 Paris Agreement – the predecessor of Cop26 – as guidance for funding that aligns with climate change mitigation, adaptation and low-carbon transition objectives.
Ahead of Cop26, the UAE has this month already unveiled an investment of almost US$165bn for its own net-zero target for carbon emissions by 2050, making it the first country in the Gulf to do so, and described as “a historic announcement,” by the Cop26 president Alok Sharma. As the AIIB and the UAE look to the future in parallel, with both seeking to support investments that build a better quality of life, and protect the environment while raising economic growth and increased productivity, it is clear that this is a partnership with a bright future.
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
Company%C2%A0profile
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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SPEC SHEET
Display: 6.8" edge quad-HD dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz
Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core
Memory: 8/12GB RAM
Storage: 128/256/512GB/1TB
Platform: Android 12
Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW
Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps
Front camera: 40MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC
I/O: USB-C
SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano
Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red
Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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FORSPOKEN
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The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
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Starfield
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Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Killing of Qassem Suleimani
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
SPEC%20SHEET
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RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Sholto Byrnes on Myanmar politics
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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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
- Disruption Lab and Research Centre for developing entrepreneurial skills
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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UAE currency: the story behind the money in your pockets
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Killing of Qassem Suleimani
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
bundesliga results
Mainz 0 Augsburg 1 (Niederlechner 1')
Schalke 1 (Caligiuri pen 51') Bayer Leverkusen 1 (Miranda og 81')
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
