Strong trade partnerships are set to soar with US President Donald Trump’s visit to the UAE.
Mr Trump is in Abu Dhabi for two days on the final leg of a milestone tour of the Gulf – his first overseas visit since he took office in January.
The UAE government has said the presidential visit strengthens the strategic partnership and reflects a commitment on both sides to build on long-term economic relations.
“The UAE and the United States share historical and strategic relations built on friendship and mutual understanding,” Abdulla bin Touq, Minister of Economy, told state news agency Wam. “The visit reinforces the UAE’s position as an influential global economic hub and supports the achievement of sustainable economic and social development.”
He said the visit reflected the UAE leadership's vision to strengthen partnerships with the US. Trade is high on the agenda of the two-day visit to Abu Dhabi with announcements expected to cover investments in clean energy, artificial intelligence, sustainable industrial development and advanced technology.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, spoke of efforts to boost trade ties further and grow the partnership to scale new heights of prosperity.
“The United States is a close partner and friend to the United Arab Emirates and we look forward to further strengthening our bilateral trade relations and ensuring that our shared path of prosperity continues by promoting the smooth flow of goods, services, and capital necessary to stimulate shared economic growth,” he said.
The US is the UAE’s largest trading partner outside Asia and the sixth largest globally accounting for 4 per cent of the UAE’s non-oil trade that reached $32.8 billion last year.
More than 1,800 US companies have set up in the UAE, according to the UAE Chamber of Commerce and Industry that anticipates a rise in the businesses keen on expanding to the Emirates. More than 115 UAE companies operate in the US in health care, technology, tourism, aviation, AI and hospitality.
The UAE has investments in the US estimated at about $1 trillion in sectors across aviation, manufacturing, energy, advanced technology, and artificial intelligence. Both countries also work closely to strengthen regional and global security along with economic prosperity.
Watch: Big. Bigger. Biggest. Donald Trump's deals in the Gulf
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
The%20specs
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The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
EU Russia
The EU imports 90 per cent of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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