Tag Archives: Trade

India and UAE sign the historic CEPA aimed at boosting goods trade to US$ 100 billion over next five years

India and UAE signed the historic Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting the merchandise trade between the two countries to US$ 100 billion over next five years. The deal was signed during the virtual summit meeting between Hon’ble Prime Minister of India, Shri Narendra Modi and H.E. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

India and UAE are natural partners with many complementarities, says Shri Piyush Goyal
India- UAE CEPA sees many firsts including automatic authorization for Indian pharma products, strict rules of origin and safeguard mechanism against surge in imports.

India and UAE signed the historic Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting the merchandise trade between the two countries to US$ 100 billion over next five years. The deal was signed during the virtual summit meeting between Hon’ble Prime Minister of India, Shri Narendra Modi and H.E. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

Shri Goyal emphasized that the Agreement was not an interim arrangement but a complete and comprehensive economic partnership finalized in the shortest possible time in history. He said that the agreement covered the widest possible array of subjects from free trade to digital economy to government procurement and several other strategic areas of mutual interest. He complemented the teams on both sides for their commitment and their dedication and for successfully concluding one of the most balanced, fair and equitable agreements in just 88 days, working in a spirit of brotherhood and friendship understanding each other’s sensitivities.

Emphasizing that CEPA would generate 10 lakh jobs across multiple labour-intensive sectors, the Minister said that major sectors like gems and jewellery, textiles, leather, footwear, furniture, agriculture and food products, plastics, engineering goods, pharmaceuticals, medical devices, sports goods etc. will benefit from this deal and create large scale, employment for our young boys & girls.

CEPA to generate 10 lakh jobs across labour-intensive sectors such as Textiles, Gems & Jewellery, Leather, Footwear, Pharma, Agriculture products, Medical Devices, Plastics, Sports Goods and Automobiles

Shri Goyal said that there were many firsts in the CEPA agreement. He said that UAE had agreed to automatic registration and market authorization for Indian medicines in case of their regulatory approval in developed countries such as USA, EU, UK and Japan. The Commerce & Industry Minister added that the agreement also had a permanent safeguard mechanism which can be resorted to in a situation of sudden surge in imports along with strict rules of origin, which will prevent products from other countries through the CEPA route.

Addressing the gathering, H. E. Touq Al Marri, Minister of Economy (UAE) termed it as a momentous new chapter in the shared history between the two nations. He added that the India-UAE CEPA is a milestone in the relationship between India and UAE and has been built on decades of enterprise and aspires to establish a new era of progress and prosperity for the people of both nations.

He highlighted the long standing cultural and economic relationship between the two nations and said that India was the first nation UAE chose to partner with in the post pandemic world. Speaking on the occasion, H.E Thani Al Zeyoudi, Minister of State for Foreign Trade also expressed his appreciation to the teams from both sides for the early conclusion of the CEPA. He added that if our investors, entrepreneurs and businesses engage with each other with a sense of purpose, there is no limit to what can be achieved.

H. E. Touq Al Marri , Minister of Economy (UAE) terms the CEPA as a momentous new chapter in the shared history between the two nations

Several other agreements were also signed today between the two nations, including an MoU between APEDA and DP World & Al Dahra on the UAE side regarding “Food Security Corridor Initiative” and an MoU between GIFT city (IFSCA) and Abu Dhabi Global Market (ADGM).

Source : PIB India

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DP World and Senegal Government lay first stone to mark start of construction of Port of Ndayane

“As the leading enabler of global trade, we will bring all our expertise, technology and capability to this port project, the completion of which will support Senegal’s development over the next century. We thank President Sall, his government, and the Port Authority for the trust and confidence placed in us.” Sultan bin Ahmed Sulayem, Group Chairman and Chief Executive Officer of DP World

As the leading enabler of global trade, we will bring all our expertise, technology and capability to this port project

DP World, the world’s leading provider of smart logistics, and the Government of Senegal have laid the first stone to mark the start of the construction of the new Port of Ndayane.

The stone laying ceremony follows the concession agreement signed in December 2020 between DP World and the Government of Senegal to build and operate a new port at Ndayane, about 50 km from the existing Port of Dakar.

The ceremony was attended by His Excellency, Macky Sall, President of the Republic of Senegal, and Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, as well as a number of Presidents of institutions, members of the Government of Senegal, and local communities.

The investment of more than USD 1 billion in two phases to develop Port Ndayane, is DP World’s largest port investment in Africa to date, and the largest single private investment in the history of Senegal.

The investment of more than USD 1 billion in two phases to develop Port Ndayane, is DP World’s largest port investment in Africa

His Excellency, Macky Sall, President of the Republic of Senegal, said: “The development of modern, quality port infrastructure is vital for economic development. With the Port of Ndayane, Senegal will have state-of-the-art port infrastructure that will reinforce our country’s position as a major trade hub and gateway in West Africa. It will unlock significant economic opportunities for local businesses, create jobs, and increase Senegal’s attractiveness to foreign investors. We are pleased to extend our collaboration with DP World to this project, which has already delivered great results with the operation of the container terminal at the Port of Dakar.”

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said: “Today’s laying of the first stone not only marks the start of construction, but also turning the vision of President Sall, into reality. As the leading enabler of global trade, we will bring all our expertise, technology and capability to this port project, the completion of which will support Senegal’s development over the next century. We thank President Sall, his government, and the Port Authority for the trust and confidence placed in us.”

Phase 1 of the development of the port will include a container terminal with 840m of quay and a new 5km marine channel designed to handle two 336m vessels simultaneously

Phase 1 of the development of the port will include a container terminal with 840m of quay and a new 5km marine channel designed to handle two 336m vessels simultaneously, and capable of handling the largest container vessels in the world. It will increase container handling capacity by 1.2 million Twenty Foot Equivalent Units (TEUs) a year. In phase 2, an additional container quay of 410m will be developed.

DP World’s plans also include the development of an economic/industrial zone next to the port and near the Blaise Diagne International Airport, creating an integrated multimodal transportation, logistics and industrial hub.

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ADNOC Invests Close to USD1 Billion in the Long Term Development of Umm Shaif Field

Abu Dhabi, UAE – January 5, 2022: Abu Dhabi National Oil Company (ADNOC) announced today the award of a $946 million (AED3.47 billion) Engineering, Procurement, and Construction (EPC) contract for the strategic long-term development of its Umm Shaif field. The investment supports ADNOC’s oil production capacity plans of five million barrels per day (mmbpd) by 2030 while ensuring energy security for the United Arab Emirates (UAE) and partners around the world.

EPC contract award to NPCC will maximize efficiencies while maintaining production capacity of 275,000 barrels per day from pioneer offshore field

The ‘Long-Term Development Plan – Phase 1’ (LTDP-1) EPC contract was awarded by ADNOC Offshore to National Petroleum Construction Company (NPCC) after a competitive tender process. The scope of the award covers engineering, procurement, fabrication, installation and commissioning activities required to maintain Umm Shaif’s 275,000 barrels per day (mbd) crude oil production capacity, increase efficiencies and enhance the field’s long-term potential.

Significantly, over 75% of the total award value will flow back into the UAE economy under ADNOC’s In-Country Value (ICV) program, ensuring that more economic value remains in the country from the contracts it awards. This reinforces ADNOC’s commitment to the UAE’s ‘Principles of the 50’, the economic blueprint for sustainable growth announced by the UAE’s leadership in 2021.

EPC contract will see over 75% of the award value flow back into the UAE’s economy under ADNOC’s In-Country Value program

Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said: “This important award for the long-term development of ADNOC’s pioneer offshore Umm Shaif field will maximize efficiencies while maintaining future output and supporting ADNOC’s strategic objective of five million barrels of oil production capacity a day by 2030. In addition, the development plan for Umm Shaif underpins ADNOC’s commitment to maintain its position as a leading low-cost oil producer and strengthens our role as a reliable energy provider to customers around the world.

“We are pleased to be collaborating again with NPCC as a contractor bringing leading expertise and advanced technologies along with a proven industry track record. Importantly, the very high In-Country Value generated from this contract award will stimulate new business opportunities for the private sector and, in line with the directives of the UAE’s wise Leadership, support the UAE’s economic growth as we look to our next 50 years.”

The EPC contract, which is due to be completed in 2025, comprises two packages for network expansion and new well-head towers. The first package includes modifications and extension of existing facilities with installation of new subsea cables and pipelines for debottlenecking. The second package includes the design of three lean well-head towers with associated new pipelines. The contract incorporates ‘fit for the future’ technology including rigless electrical submersible pumps (ESP) and other digital field technologies, which will increase efficiencies while maintaining current production capacity.

Investment supports ADNOC’s production capacity plans of 5 million barrels per day by 2030

Ahmad Saqer Al Suwaidi, CEO of ADNOC Offshore, said: “This contract is an important contributor to ADNOC Offshore’s plans as we build our production capacity to over 2 million barrels a day in the coming years in support of ADNOC’s smart growth strategy. The award follows a highly competitive bid process, which included a rigorous assessment of how much of the contract value would support the growth and diversification of the UAE’s economy through ADNOC’s ICV Program.”

Umm Shaif is ADNOC’s most historic offshore asset. 2022 marks the 60th anniversary of the UAE’s first oil export of Umm Shaif crude oil (July 1962). Continuing investment and development at Umm Shaif ensures responsible maximization of profitability, enabling greater value for the UAE, ADNOC and its partners.

Image Source: https://www.adnoc.ae/

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Emirates delivers premium lounge experience with re-opening of over 20 dedicated airport lounges across its network

Dubai, UAE – 21 December 2021: In line with the restoration of Emirates’ network and upsurge in travel demand, passengers traveling in premium cabins as well as Skywards members in select membership tiers will have access to more than 120 lounges by February.

First Class, Business Class and Platinum and Gold Skywards members to have access to more than 120 Emirates Lounges and partner facilities at destinations where operations have resumed

Emirates, which has resumed operations to over 90 percent of its pre-pandemic network, currently flies to more than 120 destinations worldwide via its hub in Dubai. Customers travelling in First Class and Business Class will be able to complement their travel experience with Emirates’ signature premium lounge service at over 20 airports in its network, comprising popular destinations across Europe, Africa, US and Asia.

By late December, Emirates lounges at a host of airports in the UK will have re-opened their doors for customers to immerse themselves in the pre-flight premium experience, including London Heathrow, Birmingham, and Manchester while the lounges in London Gatwick and Glasgow will welcome customers in January 2022.

In Europe, Emirates lounges in Germany, namely Munich, Frankfurt, Hamburg and Dusseldorf, in addition to lounges in Milan and Rome, have already re-opened for passengers to enjoy their premium facilities, while the lounge in Paris is scheduled to open later this month.

Premium customers and frequent flyers to benefit from lounge offering in airports worldwide

In the US, travellers on Emirates flights can access the premium lounge experience at Los Angeles International Airport, Boston Logan International Airport as well as New York JFK, with Emirates’ San Francisco lounge to re-start its services in February 2022.

An additional Emirates Lounge, to serve passengers travelling through Cairo, has resumed operations earlier, while premium class customers and eligible Skywards members will soon be able to relax and dine in its lounges in Colombo and Bangkok prior to flights.

At Emirates’ exclusive Terminal 3 at Dubai International airport, Emirates’ premium class customers and eligible Skywards members are also able to enjoy the airline’s premium lounge service at five of its dedicated lounges, which are now fully operational.

In Concourse B of Terminal 3, both Emirates’ First Class Lounge, offering a private Lounge experience for customers flying in First Class, as well as its Business Class Lounge, have re-opened with full service offerings. Customers flying in Business Class in addition to Skywards Platinum and Gold members can look forward to enjoying gourmet dining with premium beverages prior for up to four hours prior to departing on flights or utilising the complimentary wi-fi to catch up on emails, browse the internet or stay connected with family and friends. The new menus also include vegan, vegetarian and healthier options to cater to passengers’ preferences.

Emirates’ First Class and Business Class Lounges in Concourse A have also resumed operations in the East Wing and, in the West Wing, the First Class and Business Class Lounges are set to re-open for customers in the coming weeks. Furthermore, plans are underway to ensure two Lounges in Concourse C are fully operational by early next year to provide an even more rewarding experience.

Lounge operations resumed with health and safety measures in place

Emirates’ First Class passengers and Platinum Skywards members can enjoy complimentary access for the first passenger and up to three additional guests, including one adult and two children under 17 in the airline’s lounge facilities. Before flights, passengers in Concourse A can savour the unique flavours of gourmet dishes prepared by chefs in show kitchens, enjoy a drink at the Cigar Bar or let expert sommeliers guide them on the best vintages to indulge in, at Le Clos Wine Cellar. The lounges also feature spa services and shower facilities, a dedicated duty-free shopping area in First Class and a Concierge Duty-Free service in Business Class. Customers enjoying the lounge facilities will also have direct access to boarding gates at the airline’s dedicated A380 hub.

In addition to Emirates’ exclusive lounge experience in Dubai and select airports within its network, First Class and Business Class customers in addition to Emirates Skywards Platinum and Gold members can also enjoy access to 96 partner lounges across its network and benefit from their services before flights, with an additional 15 partner lounges to be phased in. Customers can check availability of lounges before their flights and eligibility requirements for complimentary or discounted access.

All Emirates lounges have resumed operations after stringent health and safety measures have been put in place to ensure the wellbeing of passengers. Furthermore, Emirates’ airport services teams around its network have worked closely with partner lounge service providers to ensure specific protocols are met to provide services to its premium and frequent flyer customers. Depending on specific local guidelines in each market, either buffet service or a la carte dining are offered to customers and only contactless menus are available via one’s smartphone. Special seating arrangements have been made to ensure social distancing guidelines are met.

Lounge access is one of the many perks that premium class customers enjoy when flying with Emirates. Passengers travelling in First Class and Business Class can also enjoy chauffeur drive service to the airport or on arrival at select locations within its network. Onboard, passengers travelling in premium class can enjoy exclusive services and amenities on both its flagship A380 and Boeing 777 aircraft.

ameerul.hasan@thechangemakers.news