President Sheikh Mohamed and Indonesian counterpart Joko Widodo on Monday witnessed the signing of a number of deals aimed at further bolstering ties between the nations.
The agreements — announced at the Bali Nusa Dua Convention Centre in Bali, as part of Sheikh Mohamed's visit for the G20 Summit — included a partnership on climate action to prepare for Cop28 in the UAE next year, as well as further co-operation on infrastructure development, artificial intelligence and other environmental issues.
The two allies will also work together on cybersecurity, while a grant agreement was struck on the financing of a tuberculosis control programme in Indonesia.
Abu Dhabi National Oil Company and Indonesia's Kilang Pertamina Internasional will partner in the petrochemical sector and Abu Dhabi Future Energy Company, more widely known as Masdar, will join forces with Pertamina Power Indonesia on developing a solar power plant in the Rokan Block.
Other partnerships include a national genome initiatives between Asaren Indonesia and G42 Healthcare, and work on renewable energy and storage between Masdar, the Indonesian Investment Authority and Pertamina Power Indonesia.
Present at the announcement were Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court; Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation; Sheikh Hamdan bin Mohamed; Sheikh Mohammed bin Tahnoun, Special Affairs Adviser at the Presidential Court; Suhail Al Mazrouei, Minister of Energy and Infrastructure, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade; and Ahmed Al Sayegh, Minister of State.
Sheikh Mohamed visits Indonesia - in pictures
How to help or find other cats to adopt
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
UAE currency: the story behind the money in your pockets
