Page 3 - Uae Economy

NPCI International signs agreement with Al Etihad Payments of UAE

NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, on Thursday inked an agreement with Al Etihad Payments of UAE to provide real-time and cost-effective cross-border remittances for the users of both countries. It would be as seamless as a domestic transaction, using a beneficiary identifier (mobile number VPA), according to the agreement. Tangible benefits of the agreement include the availability of real-time and cost-effective cross-border remittances for the users of both countries. This would also enhance the transparency for users through an upfront display of remittance amounts in both currencies with applicable charges. The linkage of card switches would enable the cardholders to use their domestic cards (without the need to have global cards issued) in each other's jurisdiction on a reciprocal basis on ATMs, PoS terminals and e-comm transactions. Further, the linkage of messaging platforms would reduce dependency on ...

India, UAE ink MoU to enhance cooperation in industries, advanced tech

India and the UAE on Thursday signed a Memorandum of Understanding on increasing cooperation in the field of industries and advanced technologies. The MoU aims at strengthening and developing industries in both nations through investments, technology transfer and deployment of key technologies in industries, by benefitting from joint funds and mutual efforts. It was signed between Indian Commerce and Industry Minister Piyush Goyal and Minister of Industry and Advanced Technology of UAE Sultan Al Jaber. Goyal is here for the 11th meeting of India-UAE High-Level Task Force on Investments. The MoU also aims to build institutional and corporate capabilities, and skills. According to the MoU, the two countries will cooperate in the development and advancement of industries and technologies in sectors of strategic interest for the growth and diversification of their economies. This can be achieved through industrial and academic collaborations; collaborative research and development ..

NPCI International to sign pact with Al Etihad Payments of UAE on Oct 5

NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, will ink an agreement with Al Etihad Payments on Thursday in Abu Dhabi to facilitate cross-border transactions, an official said. The MoU (Memorandum of Understanding) will be signed on development of domestic card scheme of UAE based on India's RuPay debit and credit card stack, the official added. The agreement will be signed in the presence of Commerce and Industry Minister Piyush Goyal, who is leading a business delegation to Abu Dhabi from October 5 to October 6. Goyal will co-chair the eleventh meeting of India-UAE High-Level Task Force on Investments along with Sheikh Hamed Bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority. The meeting will be attended by Mohamed Hassan Alsuwaidi, Minister of Investment, MD and CEO of ADQ; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaled Mohamed Balama, Governor of the Central Bank of the UAE; and

PM Modi leaves for his trip to France and UAE; check trip details here

Prime Minister Narendra Modi will be the Guest of Honour at the Bastille Day Parade on July 14, where a tri-services Indian armed forces contingent will be participating

UN climate summit in UAE to deliver game-changing results: Senior official

A senior United Arab Emirates official says the Gulf nation wants the U.N. climate summit it's hosting later this year to deliver game-changing results for international efforts to curb global warming, but doing so will require having the fossil fuel industry at the table. Environmental campaigners have slammed the presence of oil and gas lobbyists at previous rounds of talks, warning that their interests are opposed to the goal of cutting greenhouse gas emissions caused to a large degree by the burning of fossil fuels. Last month scores of U.S. and European lawmakers called for the summit's designated chair, Sultan al-Jaber, to be replaced over his links to the state-owned Abu Dhabi National Oil Company. The issue complicates already-delicate negotiations ahead of the Nov. 30 - Dec. 12 meeting in Dubai, known as COP28. Preliminary talks starting next week in Bonn, Germany, will show whether the incoming UAE presidency can overcome skepticism among parties and civil society groups

Ashok Leyland bags order for supplying 1,400 school buses in UAE

Indian company says deal win by distribution partners 'reaffirms faith' in its buses

India-UAE deal on Friday to double bilateral trade to $100 billion

The first round negotiation was launched five months ago

UAE liberalises stringent residency law, major boost for visa seekers

The United Arab Emirates announced on Sunday a major plan to stimulate its economy and liberalise stringent residency rules for foreigners, as the country seeks to overhaul its finances and attract visitors and investment. The nation's plan to lure foreign talent over the next decades reflects an emerging contrast with the other sheikhdoms of the Persian Gulf that are growing increasingly protectionist as they try to diversify their oil-bound economies. Now marking its 50th anniversary, the UAE is seeking to accelerate its economic and social reforms to rebrand for a post-pandemic future. Portraying the country as a liberal, bustling trade and finance hub, the government promised to pour USD 13.6 billion into the economy in the next year and USD 150 billion by 2030. Specific projects have yet to be announced, but USD 1.36 billion has been earmarked for Emirates Development Bank to support the industrial sector. We are building the new 50 years' economy, Thani al-Zeyoudi, the minis

UAE opens up economy, allows 100% foreign ownership of firms: Report

Dramatic changes come as it prepares to host 25 mn visitors for the World Expo

Businesses back to growth in top three Arab economies after stumble

The recovery has been fragile in much of the Middle East and faces a further test in the UAE because of a sharp pick-up in new coronavirus cases

Migrant workers from India, Nepal 'totally hopeless' as UAE economy buckles

The treatment of migrant workers in the Gulf has come under greater scrutiny, with human rights groups saying conditions have deteriorated because of the coronavirus.

UAE boosts financial market with law permitting federal govt to issue debt

The UAE has no urgent need to issue federal debt