Daily Archives: May 20, 2020

OPEC daily basket price stood at $28.43 a barrel Tuesday

VIENNA, The price of OPEC basket of thirteen crudes stood at US$28.43 a barrel on Tuesday, 19 May 2020, compared with $28.21 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: Emirates News Agency

ADQ holding company launches new AED1.1 billion venture fund at ADGM

ABU DHABI, Abu Dhabi Developmental Holding Company, ADQ, one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s non-oil economy, has launched Alpha Wave Incubation, AWI, Fund, a new AED1.1 billion venture fund located at Abu Dhabi Global Market, ADGM.

AWI will target early-stage businesses in India and Southeast Asia, and help these start-ups set up global or regional headquarters in Abu Dhabi’s Masdar City. By basing their business in the UAE’s capital, companies will benefit from the exceptional digital infrastructure already in place as well as highly advanced regulatory frameworks and other R&D initiatives.

AWI will also help its companies gain market access to the UAE and the broader MENA region. The programme will be managed by New York-based Falcon Edge Capital.

Commenting on the announcement, Mohammed Hassan Al Suwaidi, ADQ Chief Executive Officer, said, “As a national champion for the Abu Dhabi government, we are working to embed a performance culture across our broad portfolio that includes many of our emirate’s most important strategic commercial entities. To maximise our value creation and long-term impact on society, we will also take a leadership role by investing in new companies that are pioneering cutting-edge technologies and developing new and innovative business models.”

“Nurturing Abu Dhabi’s start-up ecosystem will attract entrepreneurial talent, create jobs and other opportunities, particularly for those working in data science, Artificial Intelligence and other knowledge-based industries. Alpha Wave Incubation Fund will further encourage Abu Dhabi’s culture of entrepreneurship and help to promote its emerging position as a global innovation hub, in line with the Ghadan 21’s accelerator programme’s investment in Abu Dhabi’s economy, knowledge system and communities,” he added.

Mayank Singhal, ADQ Head of Venture Capital and Technology, said, “With the launch of Alpha Wave Incubation Fund, we have the opportunity to invest in outstanding start-ups that will generate sustainable, long-term financial returns while also drawing young founders and teams to Abu Dhabi.”

“We will aim to support them in ways that accelerate their development to create a new wave of winners in the tech landscape. These start-ups will also benefit from access to ADQ’s leading companies in sectors such as healthcare, food and agri-business, utilities and fintech,” he added.

The UAE ranks highest in the Arab world in the Global Innovation Index, GII, 2019. Abu Dhabi’s unmatched competitive advantages provide a fertile ground for start-ups to grow and thrive. Its tax-free jurisdiction, world-class infrastructure, strong IP protection mechanisms, and attractiveness as a safe and secure place to live and work are a big draw to set up new businesses here.

Source: Emirates News Agency

UAE, Iranian health ministers review COVID-19 countermeasures

ABU DHABI, Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention, has received a phone call from Iranian Health Minister Saeed Namaki wherein they exchanged views over the measures taken by the two countries in the fight against COVID-19.

Al Owais said during the call that the UAE has recently developed a rapid coronavirus laser testing technology that enables mass-scale screening with results made available in seconds.

“We are following up all latest techniques in the fight and rapid detection of the coronavirus,” he said, expressing hope the new mass screening technique would underpin the national efforts made in this field.

He also referred to the UAE’s newly developed stem-cell treatment as well as the establishment of 15 field hospitals which provide 5,759 beds for coronavirus patients.

The minister also highlighted the humanitarian initiatives carried out by the country since the onset of the crisis, saying, “The UAE has proved to the entire world its adherences to the principles of impartiality, neutrality and non-discrimination in its humanitarian stances, being a strong pillar of its politics.”

The UAE has provided 630 tonnes of medical aid to 54 countries that should benefit 630,000 medics and worked closely with the World Health Organisation and its partners through the International Humanitarian City, considered the world’s largest humanitarian hub, which contributed to transport 80 percent of the WHO’s e global response to Covid-19.

The Iranian minister extended thanks to the UAE for its support for Iran to curb the spread of the disease, stressing that the UAE assistance has helped provide Iranian frontline healthcare workers with protective equipment to enable them better deal with the pandemic.

Source: Emirates News Agency

Sharjah Ruler issues Decree reorganising Sharjah Islamic Affairs

SHARJAH, H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, issued Decree-Law No. (3) of 2020 on the organisation of the Department of Islamic Affairs in the emirate of Sharjah.

The Decree stipulates that the department will have full rights and eligibility to take lawful actions to achieve its goals and purposes, and it will follow the central government of the emirate of Sharjah.

The headquarters of the department would be in the city of Sharjah. Further branches throughout the emirate can be opened after obtaining the approval of Sharjah Executive Council, SEC.

The department aims to achieve: 1. Maintaining the Islamic culture and identity of the community.

2. Focusing on developing the means and methods of spreading Islamic message.

3. Constructing and maintaining mosques and promoting their social role.

4. Organising fundraising and charity events to encourage community members to perform their Zakat.

The Decree allocated the following financial sources to the department: 1. Governmental allocations.

2. Department’s income from performing its specialities.

3. Donations, gifts, and sponsorships, as approved by SEC.

4. Any other sources approved by SEC.

The Decree stipulates that the department is exempt of all taxes and local governmental fees of all kinds except the consumption related fees.

The Decree also cancelled Law no. (2) of 2020, organising the Department of Islamic Affairs in the emirate of Sharjah.

The Decree shall be effective from the date of its issuance and other competent authorities should implement its provisions each in its respective field, and shall be published in the Official Gazette.

Source: Emirates News Agency