Emir of Kuwait receives UAE Balloon Team

KUWAIT CITY: His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Emir of the State of Kuwait, welcomed the UAE Balloon Team at Bayan Palace today during their visit to the country.

Captain Pilot Abdulaziz Nasser Al Mansouri, the UAE Balloon Team leader, expressed his honour at meeting the Emir. The discussion included the late Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s Balloon, known for its success in international competitions.

The Emir emphasised the importance of investing in human resources in GCC countries and keeping a strong connection between its people.

Captain Al Mansouri further stated that the GCC Balloon was unveiled during the meeting. This balloon is planned to participate in the 45th GCC Summit and the GCC Cup, both scheduled to be held in Kuwait this December.

Concluding his remarks, Captain Al Mansouri said that His Highness the Emir praised that the GCC Balloon would fly over all six GCC countries, symbolising the unity and strong bond that connects them as one nation.

Emirates News Agency

KRCS signs humanitarian coop. deal with PRCS

KUWAIT, Kuwait Red Crescent Society (KRCS) signed a cooperation agreement with the Pakistan Red Crescent Society (PRCS) Tuesday to enhance relief collaboration and support humanitarian efforts.

The agreement was signed by KRCS Chairman Dr. Hilal Al-Sayer, representing the Kuwaiti side and PRCS Chairman Sardar Shahid, representing Pakistan’s side.

Speaking to KUNA, Shahid stated after the signing that the agreement aims to support and continue joint cooperation and increase efforts in humanitarian work between both sides, mentioning that after the signing, he met with his Kuwaiti counterpart to discuss various topics, including the services provided by KRCS in Pakistan, commending Kuwait’s humanitarian efforts.

He emphasized his commitment to strengthening relations with KRCS to ensure continued support for ongoing recovery programs benefiting families affected by floods in Pakistan, reviewing the humanitarian aspects the society is concerned with locally and internationally, pointing out their relief effor
ts in many affected areas worldwide.

On his side, Dr. Al-Sayer welcomed Shahid’s visit to their headquarters, reiterating the society’s dedication to participating in Kuwait’s humanitarian efforts by providing support to those affected by natural or man-made disasters.

He underscored the importance of this bilateral partnership and extolled the level of cooperation between the two sides, especially in providing humanitarian aid following recent floods in Pakistan.

This agreement is part of the society’s humanitarian projects and continues Kuwait’s humanitarian mission, aiming to enhance cooperation with charitable humanitarian organizations to urgently aid those in need, he explained.

KRCS strives to establish this approach in its programs, activities, and services for nations in need and people, he noted.

Source: Kuwait News Agency

ISNR Abu Dhabi celebrates 16 years of security innovation and global collaboration

ABU DHABI: Over the past 16 years, since its first edition in 2008, the International Exhibition for National Security and Resilience (ISNR) has achieved remarkable successes and attracted wide participation from various parts of the world.

The exhibition has played a pivotal role over the years in advancing national security protection, addressing cybersecurity challenges, and showcasing the latest technological advancements in international security and risk prevention.

The current edition is the largest in ISNR’s history since its inception in 2008. It will continue until 23rd May at the Abu Dhabi National Exhibition Centre (ADNEC), with a record participation from leading global companies in the sector.

The ISNR Abu Dhabi 2024 features participation from 210 exhibitors, representing a 14 percent growth compared to the 2022 edition. Additionally, 35 countries are participating in the exhibition, marking a 6 percent increase from the previous edition.

The first edition of ISNR Abu Dhabi was launched in
March 2008 with 147 exhibitors from 20 countries, attracting over 6,000 visitors throughout its duration.

In its second edition held in 2010, the exhibition saw a remarkable growth of 48 percent compared to the first edition in terms of participating companies. It focused on sectors such as national security, readiness for natural disasters, emergency management, crisis response, and rescue operations.

During its third edition in 2012, ISNR Abu Dhabi continued its growth trajectory, attracting 178 exhibitors, 12 international delegations, and participation from 24 countries. The participating pavilions showcased the latest advancements in international security and related modern technologies.

The fourth edition of ISNR Abu Dhabi, held in 2014, witnessed a significant increase in the number of participating companies, reaching 433 exhibitors from 40 countries. It attracted 150 senior official delegations and government buyers from over 20 countries. Additionally, firefighting and emergency response exhibit
ions were held as part of its activities, collectively drawing around 17,000 visitors.

In its fifth edition in 2016, ISNR Abu Dhabi featured the participation of 530 companies from 57 countries and over 200 high-profile official delegations and government buyers from more than 20 countries. The main events included five exhibitions, over 60 seminars, and 10 live demonstrations, showcasing a wide range of innovative solutions in the security field.

In its sixth edition in 2018, the exhibition attracted international pavilions and exhibiting companies from South Korea, the United States, Russia, Italy, Turkiye, and France, showcasing their innovative solutions and exchanging expertise with the regional market.

The seventh edition of the exhibition was held in October 2022 and attracted 173 exhibiting companies from around the world. It featured the organisation of five national pavilions for France, the United Kingdom, the United States, Germany, and Italy.

The focus of the seventh edition of the exhibition
was on showcasing the latest security innovations and solutions, strengthening cooperation and communication among companies operating in four sectors: national security, cybersecurity, police and law enforcement, and protection of vital installations. The agenda of ISNR Abu Dhabi 2022 also included the ISNR Dialogues event, which addressed the future of policing and national cybersecurity, as well as ways to mitigate risks associated with national digital transformation.

Source: Emirates News Agency

Fitch upgrades Ras Al Khaimah’s credit rating to A+ from the previous A

RAS AL KHAIMAH: Ras Al Khaimah’s credit rating has been upgraded to ‘A+’ from the previous ‘A’, by the international credit rating agency Fitch Ratings. The upgrade reflects the emirate’s improved credit metrics driven by stronger medium-term growth forecasts. The growth forecasts for the emirate are based on large investment projects and further economic diversification.

Ras Al Khaimah’s mega tourism projects, including world-class hotels, luxurious beach resorts and high-end leisure facilities are seen as promising opportunities for investors and a catalyst to attract further investment into the Emirate, increasing its economic resilience, according to Fitch Ratings, one of the ‘Big Three’ credit ratings agencies.

These projects have played a key role in boosting investor confidence and Ras Al Khaimah is projected to continue to attract global investments, resulting in growth forecasts of 6.2% in 2024 and 5% in 2025 for the emirate.

Commenting on the upgraded rating, a spokesperson for Ras Al Khaimah Gov
ernment, said, ‘Ras Al Khaimah’s A+ credit rating is owed to the strong economic fundamentals of the emirate, based on the vision and directives of our leadership. The emirate has experienced significant growth over several years to become an attractive investment and tourism hub, and an ideal destination to live, work and explore.’

The spokesperson added, ‘The Fitch report will further boost investor confidence in Ras Al Khaimah and shine a light on its business and economic opportunities. It reflects the strong institutional governance and policy framework that the Emirate has implemented over the years, establishing a solid foundation for its growth. We look forward to robust growth in the upcoming period as our mega projects and cross-sector sustainable development plans begin to take shape.’

Higher projected government revenue has also contributed to boosting Ras Al Khaimah’s credit rating. Ras Al Khaimah’s government revenue was forecast to increase to 22.9% of GDP in 2024 from 21.5% in 2023 and 20% i
n 2022. The improved revenue forecast for the emirate is based on the investment projects and the introduction of the country-wide corporate tax. As more projects start operations, the emirate stands to earn a higher tax revenue, adding to the income forecast for 2026, which is expected to be higher than the projected figure of 21.8% in 2025.

Fitch highlighted Ras Al Khaimah’s improved governance of State-Owned Enterprises (SOEs), data collection and macro-fiscal planning and control frameworks, which support more efficient use of fiscal resources and help strengthen policymaking. It also mentioned the advantage the Emirate gained from a comfortable level of liquid assets.

Ras Al Khaimah, the northernmost of the UAE’s seven Emirates, is home to a thriving manufacturing and industrial sector, which is the main contributor to overall GDP, representing about 30%. The rest of the Emirate’s GDP composition is split over a variety of complementary sectors, highlighting the diverse nature of the economy and its ab
ility to attract and retain businesses, from SMEs to large international companies.

Source: Emirates News Agency

Clean technology manufacturing investments worldwide reached US$200 billion in 2023:IEA

ABU DHABI: The International Energy Agency (IEA) has said that clean technology manufacturing investments worldwide reached US$200 billion in 2023, an increase of more than 70 percent compared to 2022.

In its latest report, IEA explained that investments in solar PV and battery manufacturing plants led the way, together accounting for more than 90 percent of the total in both years. Investment in solar PV manufacturing more than doubled to around US$80 billion in 2023, while investment in battery manufacturing grew by around 60 percent to US$110 billion.

The report mentioned that China accounted for three-quarters of the total investments in this field. It noted that the pipeline of clean energy projects is expanding faster, with the expectation that clean manufacturing capacity will meet the necessities of the “net-zero by 2030” scenario ahead of schedule, supported by photovoltaic solar cells.

Source: Emirates News Agency

Foreign trade in China’s Yangtze River Delta hits record high in January-April

SHANGHAI: The Yangtze River Delta region, China’s foreign trade hub, saw its imports and exports reach a high of 5.04 trillion yuan (about US$0.7 trillion) in the first four months of this year, up 5.6 percent year-on-year, with the value of imports and exports accounting for 36.5 percent of the national total, according data released by the Shanghai Customs.

According to China Central Television (CCTV), the Yangtze River Delta region includes Shanghai and the provinces of Jiangsu, Zhejiang, and Anhui, encompassing a total of 41 cities.

From January to April, the region handled imports and exports valued at 2.26 trillion yuan (about US$0.31 trillion) with Belt and Road partner countries, up 7.6 percent year-on-year, accounting for 34.5 percent of China’s overall foreign trade with other countries covered by the Belt and Road Initiative during the same period.

Also, the region’s imports and exports with other BRICS countries reached 670 billion yuan (about US$93 billion), a year-on-year growth of 12.7 perce
nt. This accounted for 33.9 percent of the country’s overall imports and exports with other BRICS countries during the same period.

Source: Emirates News Agency