Leading defence industry chiefs on Monday hailed the landmark Abraham Accord agreements between the UAE, Bahrain, the United States and Israel, saying the historic move to normalise ties has created new opportunities for collaboration that will be for the benefit of all.
Speaking at a webinar organised as part of the Global Aerospace Summit 2020, Alan Davis, the chief executive of Raytheon Emirates, said the agreement between the UAE and Israel would “benefit all of us, whether it’s inside the defence industry or not.” The event took place online due to the pandemic.
The Abraham Accord to begin the process of normalising ties between the UAE and Israel was brokered by the US and signed in Washington in September.
Mr Davis said the peace agreement “completely changes the geopolitical landscape”.
“The opportunities that it opens up for us in multiple industries and economies will be eyewatering,” he added.
Raytheon Emirates was launched in 2017 as a wholly owned subsidiary company incorporated and headquartered in Abu Dhabi. It provides the UAE with state of the art air defence systems as well as cyber security.
Jon Gruen, a founding partner of leading defence technology consultancy firm Gothams, said he had seen “immense excitement and energy around this new relationship” between the UAE and Israel, from defence industry startup companies and venture capitalists alike. “I expect a lot of growth in this area,” he said.
A whole host of industrial sectors in the UAE have already moved to boost business with Israel.
Dubai's Jebel Ali Free Zone (Jafza) on Saturday signed an agreement with the Federation of Israeli Chambers of Commerce (FICC) to build new partnerships.
A day earlier, the Dubai Airport Freezone Authority (Dafza) also closed ranks with the FICC in a bid to grow bilateral business relations and support Israeli companies' efforts to establish a foothold in the UAE.
The UAE and Israel have also discussed investment opportunities in the energy sector. In all, the UAE estimates the value of the business deals likely to follow on from the normalisation of ties with Israel at up to Dh2 billion.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
MATCH INFO
Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
'Of Love & War'
Lynsey Addario, Penguin Press
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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