The decades-long friendship and shared values between the UAE and India are building blocks that will inspire ideas and future co-operation to tackle global challenges, Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence, said on Monday.
Sheikh Nahyan emphasised how close links between both nations brought “vitality” to society in an address to about 700 Indian entrepreneurs, technology heads, philanthropists and founders of non-government organisations from around the world gathered in Abu Dhabi for the start of a three-day conference called Indiaspora Forum for Good.
“This summit is a very important event because of its focus on the generation of ideas and exchange of knowledge about major issues facing the world,” Sheikh Nahyan said.
“It embodies a strong conviction that our shared values and ideals bind us close together and will help us deal effectively with the challenges that face us. Dialogue and co-operation within our global community encourages the development of a new initiatives that will benefit everyone.”
More than four million Indians currently live and work in the UAE and Sheikh Nahyan said their presence long before the discovery of oil had contributed to the prosperity and development of the Emirates.
“In the UAE, we think of India as a very special country,” he said. “We appreciate the confidence of the people of India as their country becomes more and more influential worldwide. I look forward to continuing to work together, in order to further mutual understanding, co-operation and joint ventures between our two great countries.”
Future ties
Sheikh Nahyan mentioned the Baps Hindu temple, the first traditional stone temple in Abu Dhabi, as an example of the appreciation of the contribution of Indians living in the Emirates.
He said the organisation in charge of building the temple had initially planned to construct a wall around the structure but President Sheikh Mohamed said it could be elevated, allowing it be viewed from afar.
“The President was instrumental in granting the land, giving the go-ahead to build it … and to elevate it so that it can be seen from everywhere,” he said.
More than 2.2 million visitors have visited the temple in the year since it opened.
Sheikh Nahyan also spoke about the UAE’s growth as a global force for peace and prosperity. “We must all work together to create and preserve a world order that promotes hope and understanding, stability, co-operation and prosperity,” he said.
Sunjay Sudhir, India’s ambassador to the UAE, described the Emirates as a land of opportunity that was India’s strongest strategic partner in the Middle East. “I must congratulate the Indian diaspora for choosing the UAE as the first venue for its global conference,” he said.
The UAE signed its first Comprehensive Economic Partnership Agreement with India in 2022, pushing bilateral trade between the two countries beyond $85 billion. This made India the largest trading partner of the UAE and made the UAE India's third-largest trading partner.
“The trajectories of the UAE and India are not only exponential but they also converge,” Mr Sudhir said.
Another indication of close ties was visits between leaders of both countries. Indian Prime Minister Narendra Modi has visited the UAE three times in the past 18 months, while Sheikh Mohamed has visited India twice. Last September Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, visited India.
"This marks a generational continuity in our relationship,” Mr Sudhir said. “This emphasises that our story is not only about the past and the present, but is as much about the future.”
The first overseas branch of the famous Indian Institute of Technology engineering college has completed its first year of operation in Abu Dhabi and there are plans to open the first international branch of the Indian Institute of Management in Dubai.
“The relationship is so strong and deep [that] whenever we think about venturing overseas, the UAE is the first place which comes to our mind,” Mr Sudhir said.
Force of good
MR Rangaswami, founder and chairman of Indiaspora, said the aim of building the non-profit organisation 13 years ago was to link global leaders of Indian origin to be a “force of good”.
“This is a powerful platform and a powerful network of the 30 million diaspora who live outside of India combined with 1.4 billion Indians,” he said. “We are from 30 countries and we want to pay it forward whether as doctors, lawyers, venture capitalists, founders of companies, academics, artists, scientists.”
Billionaire businessman Ajay Piramal said it was vital to work with the Indian government and non-government organisations to bring about change at the grass roots level so local schools are better run and village hospitals more efficient.
“There is a difference between charity and 'seva', or service with gratitude,” he said. “The Indian diaspora is happy to get an opportunity to give back. The best way we can work together is if we work along with the government and with local NGOs to co-create solutions.”
As You Were
Liam Gallagher
(Warner Bros)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Jurassic%20Park
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More from Aya Iskandarani
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
The%20specs
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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
The years Ramadan fell in May
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
