Abu Dhabi's Non-Oil Trade Hits AED151.18Bn in Nine Months
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10 NovEMBER 2020 | 24 RABI Ul AWAl 1442 HIJRI | volUME No. 08 | ISSUE 80 /emiratesbusiness.ae @emi_business emirates-business.ae OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0359 B r e n t Crude $42.66/bbl buLLION For a strong start, biden needs a smooth transition Abu Dhabi - ADX 4,743.43 EuRo 4.3864 CHF 4.1255 WTI Crude $40.53 /bbl Many expect the 2020 presidential transition to be a repeat of 2016 rather than 2008. That would be, indeed, unfortunate for GBP 4.8597 CAD 2.8517 N a t u r a l G as $2.89 /MMBtu Dubai - DFM 2,219.82 America, writes MohaMed a el-erian PRECIOUS METALS bAnkinG PAGE 07 New york - NYA 13,784.31 EXCHANGE RATE Sri Lankan Rs 50.11 Gold $1,868.00/t oz Goldman sachs chops treasury yield target Indian Rs 20.08 Philippine Peso 12.89 Gold-Dubai AED237.25/gm Buy for London - UKX 6,186.29 Bangladesh Taka 22.32 (AED) 27,672.84 The prospect of a divided Congress in the US under a Democratic Pakistani Rs 42.63 Silver $24.13/t oz president makes another big fiscal stimulus package unlikely Tuesday Price UAE: AED 2 Too early to say whether Covid-19 Mansour Meets uzbek Minister will permanently affect oil demand Says UAE energy minister Suhail Al Mazrouei, adding we will revisit our plans for the post-pandemic period Abu DhAbi / wam ganised on the sidelines of the Abu Dhabi International Suhail bin Mohammed Al Petroleum Exhibition and Mazrouei, Minister of En - Conference (Adipec) Al ergy and Infrastructure, Mazrouei said, "The oil in - stated that changes to oil dustry, from a supply per - prices are caused by supply spective, is a regular process, and demand, and it is too and we, in the UAE, are capa - early to say whether the ble of effectively overcoming coronavirus pandemic will The trust in oil markets is the coronavirus pandemic.” permanently affect demand, gradually returning, due “We will face the chal - which is the main factor for to the reassurances given lenges and turn them into determining oil prices. opportunities. We will also The trust in oil markets is by the global efforts revisit our plans for the gradually returning, due to aimed at containing the post-Covid-19 period, and the reassurances given by virus and producing an we are learning lessons the global efforts aimed at efficient vaccine, said from the pandemic," the containing the virus and UAE’s minister of energy producing an efficient Suhail bin Mohammed and infrastructure added. His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, with Sardor Umurzakov, Al Mazrouei, Minister of Uzbek Minister of Investment and Foreign Trade, and his delegation, at Qasr Al Watan, in Abu Dhabi on Monday. During the meeting, both vaccine, he added. sides discussed the bilateral ties between the UAE and Uzbekistan in the areas of investment and commerce, as well as ways of reinforcing During his participation in Energy and Infrastructure nFor full story, read and developing them to achieve their mutual interests —WAM a ministerial discussion or - emirates-business.ae General administration of abu Dhabi Customs continued its pioneering efforts for uninterrupted flow of supply chains First passengers travel safely on Hyperloop in historic test ride DubAi / wam and development of hyper - Abu Dhabi’s non-oil trade hits loop technology, has played Virgin Hyperloop made his - an instrumental role in tory on Monday as the first today’s milestone. passengers successfully Sultan Ahmed bin Su - traveled in a Hyperloop pod. layem, Chairman of Virgin AED151.18bn in nine months The significant invest - Hyperloop and Group Chair - ment made by Dubai-based man and CEO of DP World, The sector distributed imports worth AED69.33bn, exports of AED55.37bn, DP World, the leading global watched the passenger test - provider of smart logistics ing first-hand in Las Vegas, and re-exports of AED26.48bn during the period despite coronavirus pandemic solutions, in the research Nevada. Abu DhAbi / wam also diversified, with airborne trade accounting for AED51.35 Abu Dhabi’s non-oil foreign billion, seaborne trade account - trade sector demonstrated ing for AED59.38 billion, and Masdar, FAB complete agility and preparedness, reach - overland trade accounting for ing AED151.18 billion from Jan - AED40.45 billion. energy saving project uary to September this year, Rashid Lahej Al-Mansouri, Di - despite the Covid-19 pandemic. rector-General of the General Abu DhAbi / wam The sector also distributed Administration of Abu Dhabi imports worth AED69.33 billion, Customs, said that Abu Dhabi Masdar, one of the world’s exports worth AED55.37 billion, Customs, across all its sectors, leading renewable energy and re-exports worth AED26.48 adopted a strategic plan to en - companies, and First Abu billion. sure the continuity of supply Dhabi Bank (FAB) announced The General Administration of chains’ flow and to facilitate the the completion of an energy Abu Dhabi Customs continued movement of trade across Abu and water-saving retrofit its pioneering efforts to con - Dhabi. This was achieved by the project for an Abu Dhabi- The Future Rehabilitation tinue the uninterrupted flow of 24/7 work on all customs bor - based school for People of Centre in Mohammed bin supply chains, and protect the Abu Dhabi's foreign trade helped diversify its global and regional markets, with the Kingdom der centres while applying the Determination. Zayed City is benefitting economy and society’s safety of Saudi Arabia registering trade between the nations amounting to AED32.22 billion highest precautionary and pre - The Future Rehabilitation from energy reductions of during the Covid-19 pandemic. ventive measures to maintain Centre in Mohammed bin These efforts were in line with the health and safety of employ - Zayed City is benefitting from over a third and water the leadership’s directives to meet n Abu Dhabi’s airborne trade during the first nine months of ees and inspectors working on energy reductions of over a savings of nearly 30% as a the requirements of the local basic 2020 reached AED51.35bn, seaborne trade accounted for the front lines. third and water savings of direct result of the retrofit commodities mar ket for food and AED59.38bn and overland trade reached AED40.45bn Abu Dhabi's foreign trade nearly 30 percent as a direct medical supplies, while applying helped diversify its global and result of the retrofit. the highest precautionary and regional markets, with the King - Funds from a special co- on the joint credit card, preventative measures to main - n Pearls, precious stones and metals accounted for dom of Saudi Arabia registering branded, biodegradable credit launched at Abu Dhabi Sus - tain the health and safety of em - highest-grossing commodity, amounting to AED27.64bn, trade between the nations card were used to finance the tainability Week 2013, goes to - ployees and inspectors working amounting to AED32.22 billion, retrofit, which followed an ward a dedicated Green Fund on the front lines. a growth of 157% compared to same period last year followed by the United States of extensive audit of the Future for environmental projects The customs transactions America with AED10.70 billion. Rehabilitation Centre by Mas - selected by FAB. completed by the General Ad - transactions during the first nine customs clearance operations dar’s Energy Services team ministration of Customs of Abu months of this year, supported and transactions. nFor full story, read and contractor Smart4Power. nFor full story, read Dhabi recorded around 788,699 by the smooth completion of Transportation methods were emirates-business.ae A percentage of the spending emirates-business.ae CBD opens Oil climbs near $38 Adnoc CEO calls on oil, gas sector new business after Biden victory to unite in post-Covid recovery service centre bloomberg DubAi / wam Dr Sultan Al Jaber highlighted the resilience of oil demand and Oil advanced near $38 a bar - Commercial Bank of Dubai rel and gold climbed for a stressed the need for industry to balance caution with optimism (CBD) announced the opening third day as President-elect of a dedicated Business Serv - Joe Biden prepared to transi - Abu DhAbi / wam business continuity and not lose ice Centre in Gulf Vision Gov - tion into White House even sight of the long-term as we face ernment Transactions Centre, as Donald Trump rejected Dr Sultan bin Ahmed Al Jaber, the realities of a world turned in - located at Al Nahda Centre, the outcome of US election. Asian renewable energy Minister of Industry and Ad - side out by the pandemic. Ghusais - Dubai. The prime lo - Crude futures in New York stocks surge as Joe Biden’s vanced Technology and Group "For a start, we know the cation provides easy access to rise 2.3% and spot gold victory increases the CEO of the Abu Dhabi National world will still need oil and gas a wide range of services from added 0.2% amid a broader chances that the world’s Oil Company (Adnoc), on Mon - when all of this is done. Even at trade license, immigration, rally in global stocks. The dol - day called on the oil and gas in - the height of the lockdowns of health, emirates ID and bank - lar extended declines. While largest economy dustry to unite in driving the March and April the world still ing services all under one roof Biden declared victory and accelerates its shift post-Covid recovery. consumed 75 million barrels of for businesses. Dr Sultan bin Ahmed Al Jaber prepared to navigate Amer - towards clean power During his opening keynote oil per day.