United Arab Emirates Archives - Lokmarg

COP28: Modi Emplanes For Visit To UAE For World Climate Action Summit

By LokMarg 30th November 2023

Prime Minister Narendra Modi on Thursday evening emplaned for Dubai to take part in the World Climate Action Summit in the United Arab Emirates.

PM Modi will address the opening session of the World Climate Action Summit in the United Arab Emirates and participate in the three high-level side events, of which two will be co-hosted by India.

The Prime Minister visited the UAE in July this year.

Ahead of his visit to the United Arab Emirates (UAE), Prime Minister Narendra Modi said that India has always walked the talk when it comes to climate action and added that even during the G20 Presidency, climate was a high priority.

In the UAE, PM Modi will also attend an event related to the Green Credits Initiative.

Addressing a special briefing on PM Modi’s visit to the UAE here on Thursday, Foreign Secretary Vinay Mohan Kwatra said the Prime Minister will also attend an event related to Green Credits Initiative.

“The Prime Minister will be travelling to Dubai later this evening to attend World Climate Action Summit which is the high-level segment of the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC). Departing later this evening, he will be attending the summit events tomorrow before returning to India later tomorrow evening,” he said.

PM Modi will also attend the high-level event co-hosted by India and Sweden.

“The second (event on the sides) which is co-hosted by India and Sweden is the launch of Lead IT 2.0, leadership group for industry transition. If you recall, it was a joint initiative launched by India and Sweden in 2019 at the UN Climate Action Summit in New York. Essentially, this initiative fosters collaboration among decision-makers, bringing together both the public sector and private sector with the objective of accelerating the industry transition to net zero emissions, essentially from heavy industries.”

Kwatra stated that PM Modi will participate in another high-level event ‘Transforming Climate Finance’ which is to be hosted by the Presidency of the COP28 – UAE.

In his departure statement ahead of the COP28 climate talks in Dubai, PM Modi also noted that the G20 New Delhi Leaders’ Declaration also included concrete steps on climate action and sustainable development.

“India has walked the talk when it comes to climate action. Our achievements in different sectors like renewable energy, energy efficiency, afforestation, energy conservation, and Mission LiFE are testament to the commitment of our people towards Mother Earth,” the Prime Minister said, according to an official release by the Prime Minister’s Office.

“In keeping with our civilizational ethos, India has always laid emphasis on climate action even as we pursue social and economic development. During our G20 presidency, climate was a high priority. The New Delhi Leaders’ Declaration includes numerous concrete steps on climate action and sustainable development. I look forward to the COP-28 taking forward the consensus on these issues,” he said.

According to the departure statement, COP28 will also provide an opportunity to review progress made under the Paris Agreement and chart a path for future action on climate action.

The visit of PM Modi to Dubai comes at the invitation of President of UAE and Ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan.

“I am travelling to Dubai to attend the World Climate Action Summit of the COP-28 on December 1, 2023. I am happy to see that this significant event is being held under the Presidency of the UAE, which has been an important partner for India in the field of climate action,” the Prime Minister said in his departure statement.

COP28, which stands for the 28th meeting of the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC), is taking place in Dubai, UAE, from November 30 – December 12 this year.

Delegates from almost 200 nations will be present at the summit, including world leaders like Indian Prime Minister Narendra Modi, who will arrive in Dubai later today. (ANI)

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UAE Condemns Killing Of World Food Programme Worker In Taiz

By LokMarg 22nd July 2023

The UAE condemned the killing of a UN World Food Programme worker from Jordan, in Taiz, Yemen.

In a statement, Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation, affirmed that the UAE expresses its strong condemnation of these criminal acts and its permanent rejection of all forms of violence and terrorism aimed at destabilising security and stability in contravention of human values and principles.
Al Hashimy expressed her sincere condolences and sympathy to the government of the Hashemite Kingdom of Jordan, the family of the victim of this heinous crime, and the World Food Programme, reiterating that targeting humanitarian aid staff is a flagrant violation of all international treaties that ensure the protection of relief and rescue workers. (ANI/WAM)

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Modi Meets COP28 Prez-Designate Sultan Al Jaber In UAE

By LokMarg 15th July 2023

Prime Minister Narendra Modi, who is on an official visit to the United Arab Emirates (UAE), met the President-designate of COP28, Sultan bin Ahmed Al Jaber, on Saturday assuring India’s full support for COP-28 presidency to the Gulf nation.

Prime Minister Modi, who arrived in Abu Dhabi earlier on Saturday, also highlighted India’s efforts and initiatives to address climate change during talks with Sultan Al Jaber.
Taking to Twitter, the official spokesperson for the Ministry of External Affairs, Arindam Bagchi, informed of the meeting between the two leaders.

“PM @narendramodi held a productive meeting with Dr. Sultan Al Jaber, President-designate of @COP28_UAE and Group CEO of Abu Dhabi National Oil Company. Dr. Jaber briefed PM on the forthcoming COP-28,” Bagchi tweeted.

“PM assured ‘s full support for ’s COP-28 presidency. PM also highlighted ’s efforts and initiatives to address climate change,” he added.

Earlier, on Saturday, PM Modi also met the Crown Prince of Abu Dhabi Sheikh Khaled bin Mohammed bin Zayed Al Nahyan.

PM Modi received a dazzling welcome in UAE as the iconic Burj Khalifa was lit up in the colours of the Indian national flag. As a part of the light-and-sound show the skyscraper also showcased PM Modi’s picture, followed by “Welcome Honorable Prime Minister Narendra Modi”

The Prime Minister emplaned for the UAE earlier on Saturday after concluding his two-day visit to France.

PM Modi called his France visit “memorable”, adding that it was more remarkable as he participated in the Bastille Day celebrations. He also expressed gratitude to French President Emmanuel Macron and the people of France for their warmth and hospitality.

During his two-day visit to France, PM Modi participated in the Bastille Day celebrations as the Guest of Honour, on Friday.

He visited France at the invitation of French President Emmanuel Macron. (ANI)

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Modi Meets Abu Dhabi Crown Prince In UAE

By LokMarg 15th July 2023

Kickstarting the final leg of his two-nation visit on Saturday, Prime Minister Narendra Modi met the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohammed bin Zayed Al Nahyan, in the United Arab Emirates (UAE).

Upon his arrival in Abu Dhabi, PM Modi was welcomed by Sheikh Khaled Bin Mohamed Bin Zayed, Crown Prince of Abu Dhabi at the airport.

Expressing his gratitude over warm welcome to the Gulf nation, PM Modi took to Twitter to post, “Grateful to Crown Prince HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan for welcoming me at the airport today.”

On his arrival at the Abu Dhabi airport, PM Modi received a ceremonial welcome.

“Furthering – partnership! PM @narendramodi arrives in Abu Dhabi to a ceremonial welcome. Warmly received by Crown Prince of Abu Dhabi, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the airport,” the official spokesperson of the Ministry of External Affairs, Arindam Bagchi, tweeted.

During his visit, the Prime Minister will meet with UAE President Sheikh Mohamed bin Zayed Al Nahyan on critical bilateral issues.

The PM emplaned for the UAE earlier on Saturday after concluding his two-day visit to France.

PM Modi, who was on a two-day official visit to France, participated in the Bastille Day celebrations as the Guest of Honour, on Friday. He visited France at the invitation of French President Emmanuel Macron.

“To mark the 25th anniversary of the India-France Strategic Partnership, a 241-member tri-service Indian armed forces contingent led by a military band also participated in the Parade,” the PMO said in a statement.

Just hours before Prime Minister Narendra Modi landed in Abu Dhabi, the United Arab Emirates (UAE) said that its economic partnership with India “is a significant milestone in the history of both nations”.

The UAE’s Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, said in an interview that the UAE-India non-oil trade is expected to reach USD 100 billion a year by 2030.

Thani bin Ahmed Al Zeyoudi noted that UAE-India Comprehensive Economic Partnership Agreement (CEPA) was designed to deliver a new era of growth and opportunity.

CEPA is an agreement signed between India and UAE on February 18, 2022, and came into force on May 1, 2022. The agreement was signed between Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan.

Speaking about the success of the CEPA between India and the UAE, Dr Thani Al Zeyoudi said, “There is little question that the UAE-India Comprehensive Economic Partnership Agreement will come to be regarded as a significant milestone in the history of both nations.”

“By removing or reducing tariffs on 80 per cent of goods, eliminating unnecessary barriers to trade, creating new platforms for investment, and opening government procurement to each other’s private sector, the UAE-India CEPA was designed to deliver a new era of growth and opportunity – and, ultimately, boost bilateral non-oil trade beyond USD 100 billion by 2030,” he added. (ANI)

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Indian Shuttlers Shine At Badminton Asia Junior C’ships

By LokMarg 12th July 2023

The Badminton Asia Junior Championships witnessed an outstanding display of skill and determination as Indian young guns made their mark in the round of 64 stage at the tournament held in Yogyakarta, Indonesia on Wednesday.

Backed by the support of BAI, SAI, REC, and Yonex, 6 singles players and one doubles pair won their matches and reached the round of 32.
In the boys’ singles category, Lakshay Sharma demonstrated an exceptional level of dominance, securing a resounding victory of 21-9, 21-9 against M Joy of Bangladesh. Meanwhile, Ayush Shetty emerged triumphant in a thrilling three-game match against Al Fajri of Indonesia with a final score of 21-14, 18-21, 21-19.

Samarveer also exhibited his remarkable skills, securing a hard-fought victory of 21-19, 21-19 against Awan Usman of Hong Kong. However, Dhruv faced a tough challenge against Yudai Okimoto of Japan and unfortunately succumbed to a 13-21, 13-21 defeat.

In the girls’ singles category, Anmol Kharb displayed her class and stroke play as she called the shots during her match against Akansha Raj of the UAE, clinching victory with an impressive score of 21-7, 21-8. Rakshitha Sree triumphed over Phuong Bui of Vietnam with a score of 21-17, 21-15 whereas Shriyanshi Valishetty also came out on top by securing a convincing win of 21-11, 21-14 against Nayonika Rajesh of the UAE.

In the mixed doubles category, Arul Murugan and Srinidhi showcased steller coordination and outplayed Deng Chi and Hoi Liu of Hong Kong with a score of 21-17, 21-8.

The duo of Samarveer and Radhika Sharma will play their round of 64 mixed doubles matches later tonight.

As the Badminton Asia Junior Championships continue, the winners of today will play in the round of 32 next tomorrow. (ANI)

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Modi To Visit UAE On July 15

By LokMarg 12th July 2023

Prime Minister Narendra Modi will reach United Arab Emirates (UAE) on July 15 and meet UAE President Sheikh Mohamed bin Zayed Al Nahyan. The PM would be given a ceremonial welcome, after which several bilateral talks and other events will be organized in honour of the Prime Minister’s visit, the Ministry of External Affairs said on Wednesday.

“After concluding his visit to France, the Prime Minister would depart for UAE and reach there on the fifteenth of July where he will meet His Highness Sheikh Mohamed bin Zayed Al Nahyan, president of the UAE and ruler of Abu Dhabi. To be followed by a ceremonial welcome, bilateral talks and other events organized in honour of prime minister’s visit to UAE,” Foreign Secretary Vinay Kwatra said while addressing a press conference on Wednesday.
Kwatra said that Prime Minister Narendra Modi and President of the UAE Sheikh Mohammed bin Zayadal Nayan last met in June in Abu Dhabi when the PM visited UAE while on his return from the G7 summit in Munich.

“They have since also met on many virtual platforms, including in July last year, during the I2U2 (India, Israel, the United Arab Emirates, and the United States) summit,” the Foreign Secretary said.

Kwatra further mentioned that in February 2022, during the virtual summit, the comprehensive economic partnership agreement between India and UAE was signed. A joint vision statement was also issued at that time.

“We have seen a significant jump, qualitative enhancement, in the substance of our engagement across the whole range of areas since the signing of the CEPA (Comprehensive Economic Partnership Agreement). And the partnership has continued to grow from strength to strength. This is particularly reflected in the strong economic exchanges, both on the trade side, but also on the investment side, people-to-people ties and also convergence on a range of regional and international issues,” Kwatra added.

“UAE is also a special invitee during India’s G20 presidency summit to be held in September this year. Indian and UAE are also cooperating very closely on COP28, which will be held in UAE towards the end of this year,” Foriegn Secretary Vinay Kwatra said.

“Prime Minister’s visit to UAE provides a useful opportunity for us to review this important partnership and inject further momentum across the whole range of areas that we cooperated,” he added.

Further speaking on the economic ties between India and UAE, Kwatra informed that the bilateral trade is at 85 billion dollars between India and UAE. Which made UAE India’s third-largest trading partner last year. India’s second-largest export destination is UAE.

“Bilateral trade is currently at a very strong 85 billion dollars between India and UAE, making UAE India’s third largest trading partner last year and India’s second-largest export destination is UAE. Also, very substantial large sums of FTI (Foreign Trade Investments) flows from UAE have taken place to India, making UAE the fourth largest overall investor in India,” Kwatra informed during the press briefing.

Kwatra further informed that the UAE and India are also very strong partners in the field of energy security. Several new areas of partnership and engagement have also registered strong progress including in the field of renewables, health, food security, SNT, education, fintech, and defence and security.

“The Indian diaspora presents very strong and robust numbers in UAE, about 3.5 billion,” he said.

Kwatra credited the historical people-to-people ties between India and UAE to remain a key pillar of the strategic partnership between India and UAE.

Kwatra said that in the last few years, a significant transformation has taken place in India-UAE relations and central driver of this has been the vision of the two leaders, the President of the UAE and the Prime Minister of India.

“Both of them, of course, also enjoy an excellent personal rapport, which is reflected in their very frequent engagements,” Kwatra added.

Prime Minister will depart for the UAE after concluding his visit to France.

Prime Minister Narendra Modi is set to visit France later this week to attend this year’s Bastille Day parade as the guest of honour, at the invitation of President Emmanuel Macron.

The Bastille Day Parade will witness a 269-member tri-services contingent of the Indian Armed Forces marching alongside their French partners.

The Fete Nationale Francaise is celebrated on July 14 or the National Day in France. It is also known as Bastille Day as this day is the anniversary of the storming of the Bastille in 1789 during the French Revolution.

The Indian military contingent would also be part of the marching contingent on Bastille Day, alongside their French counterparts to mark this important milestone.

Notably, PM Modi’s visit will coincide with the 25th anniversary of the “strategic partnership” between France and India.

PM Modi’s visit is expected to herald the next phase in the India-France Strategic Partnership by setting new and ambitious goals for our strategic, cultural, scientific, academic, and economic cooperation, including in a wide range of industries, an official statement released by the Indian Embassy in France said earlier. (ANI)

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Pakistan’s Economic Crisis Going From Bad To Worse

By LokMarg 22nd January 2023

Pakistan’s economic crisis is going from bad to worse. The forex reserves in the State Bank of Pakistan (SBP) has recently touched the lowest mark of USD 4.343 billion just enough for two weeks. This is just due to the ineptitude of the political class and over-involvement of the army in decision-making, reported Financial Post.

According to the Washington-based financial news organisation, this dip in forex reserves came after a loan of USD 1 billion was repaid by Pakistan to two United Arab Emirates (UAE) banks. The remittances to Pakistan abroad have declined from USD 15.8 billion to USD 14.1 billion. Notably, on January 6, the forex reserves in the SBP touched the lowest mark of USD 4.343 billion, just enough for two weeks.
The low forex reserves have also become the reason for severe food inflation because of which people are struggling to survive without the required food and energy resources, the Financial Post reported.

Now, Pakistan after getting a portion of a six-billion-dollar loan from the International Monetary Fund (IMF) hopes to receive financial support and aid from international financial organisations and friendly countries, such as Saudi Arabia, China, and the UAE, the report said.

Pakistan had previously raised USD 10 billion dollars at a donor conference in Geneva on January 10 for the floods that had hit the country from June to October last year.

It must be noted here that Pakistan had actually urged for USD 16 billion as an aid for flood recovery. Interestingly, 90 per cent of these financial ‘pledges’ (USD 8.7 billion) were project loans that will be rolled out over the next three years. Although the terms of these loans have not been revealed yet, which raises concerns over its repayment on the given deadline, the Financial Post report claimed.

To support Pakistan, Saudi Arabia has said to deposit another USD 2 billion with the State Bank of Pakistan, after conducting a “study”, adding to this UAE is also expected to provide USD 3 billion in financial assistance. Similar help is expected from China also, the report said.

Ironically, all of this financial help is in the form of loans which will increase Pakistan’s long-standing debt and increase its yearly debt servicing requirements. Similarly, the country already is facing difficulty in clearing import consignments and letters of credit due to delays in payments from banks, it said.

Another reason for the country’s poor economic condition as highlighted by the report is the recurring economic crises in Pakistan, primarily caused by a persistent fiscal deficit which is a result of the government’s tendency to overspend, neglect increase in domestic resources, and engage in excessive spending, the report said.

It was “shameful to have a nuclear weapon in one hand and a begging bowl in the other,” Prime Minister Shehbaz Sharif said while addressing the passing-out ceremony of probationary officers of the Pakistan Administration Service (PAS) on January 14, the Financial Post reported.

Although Sharif blamed Pakistan Tehreek-e-Insaf (PTI) for wasting time by causing “political disorder” through street protests. Nevertheless, such political bickering will not help Sharif save Pakistan from the impending default crisis, the Financial Post noted. (ANI)

India, UAE In Talks For Rupee-Dirham Bilateral Trade

By LokMarg 25th November 2022

India and UAE are in talks for a Rupee-Dirham-denominated bilateral trade, said Sunjay Sudhir, Indian Ambassador to UAE, adding that both the countries will find it beneficial.

The Ambassador said the talks started on September 1, 2022. “Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost,” the Indian Ambassador to UAE said.

This development followed the Reserve Bank of India’s (RBI) announcement — a mechanism to settle payments for international trade in rupees, especially for India’s exports.

It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run.

A currency can be termed “international” if it is widely accepted worldwide as a medium of exchange.

SBI Research, in a report in early July, said, an interesting development is taking place in the global currency market as there has been a significant jump in trade in oil and other commodities in currencies such as the Renminbi, Hong Kong Dollar, and Arab Emirates Dirham.

In the report, SBI Research said the Reserve Bank of India (RBI) should make a conscious effort to internationalise the Indian currency rupee amid disruptions in payments caused by the ongoing Russia-Ukraine war. (ANI)

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