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Gulf Today
a day ago
- Business
- Gulf Today
ADIG and Brazilian bank launch over $100b development investment fund
Staff Reporter, GUlf Today The 17th BRICS Summit concluded on strong note, attended by a delegation from the UAE led by His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. During the summit, His Highness met with Luiz Inácio Lula da Silva, President of the Federative Republic of Brazil, during which they discussed further advancing bilateral relations, building on the deep-rooted and longstanding ties between the two nations, which form a solid foundation for expanding cooperation across vital sectors in support of sustainable development goals and shared interests. The ongoing cooperation between the UAE and Brazil has led to the signing of the largest economic Memorandum of Understanding at the 17th BRICS Summit to launch a development investment fund valued at over $100b. The agreement was signed between Abu Dhabi Investment Group (ADIG), which established one-third of the banking sector in the UAE, and Banco do Brasil S.A., an institution with a history spanning more than 200 years, and it is the largest bank in Brazil and Latin America. The signing was attended by Zayed Bin Rashid Bin Aweidha Al Qubaisi, CEO of ADIG, and Ms. Tarciana Medeiros, President of Banco do Brasil S.A. This agreement seeks to set up the largest development investment fund of its kind among BRICS countries to support strategic development projects across sectors such as industry, agriculture, real estate, technology, environment and recycling, energy, retail, infrastructure, healthcare, education and training, transportation, trade, public debt instruments, and more. It reflects both parties' commitment to foster sustainable development and responsible investment at the international level. The signing marks the first executive step following the agreement reached at the G20 Summit in Rio de Janeiro during the meeting between Zayed Bin Aweidha and President Lula da Silva, where they agreed to establish this investment fund exceeding $100 billion, which will be invested in the Brazilian economy as well as other countries, in line with BRICS' vision to build strong and sustainable global economic partnerships. Commenting on the event, Zayed bin Aweidha affirmed that the signing of the agreement reflects the UAE's firm commitment to strengthening international economic cooperation, particularly with BRICS countries. He praised the active role played by the UAE's wise leadership in consolidating the country as a reliable global economic partner and a key supporter of sustainable development initiatives at the international level. This agreement is anticipated to open new horizons for UAE-Brazilian cooperation and contribute to supporting the UAE's efforts in global food security and high-impact investments in line with sustainable development goals, reinforcing the UAE's presence as a key international partner in molding the future of the global economy. Meanwhile, the United Arab Emirates, represented by the Ministry of Finance and the Central Bank of the UAE, participated in BRICS Finance Ministers and Central Bank Governors Meeting held in Rio de Janeiro, Brazil, under the 2025 presidency of Brazil. The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the Ministry of Finance; and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs. The meeting agenda featured three main sessions: one focused on finance ministries, another on central banks, and a joint session that explored the global economic outlook and the role of BRICS in enhancing international economic governance. Additional topics included climate finance and coordination of economic policies. Mohamed bin Hadi Al Hussaini stressed during his intervention that the UAE's participation in BRICS stems from its commitment to strengthening international dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address urgent development challenges. Constructive Partnerships Al Hussaini added: 'We believe that constructive partnerships among emerging and developing economies, through platforms such as BRICS, offer an important opportunity to enhance global economic governance, expand access to innovative financing, and support long-term financial stability. We also stress the importance of reinforcing financial and monetary coordination among member states to ensure more inclusive and sustainable growth.' He emphasised that the UAE's contribution to drafting the joint communiqué reflects its active commitment to collaborative efforts within BRICS, aimed at promoting shared interests and aligning with member countries' aspirations for a more balanced and cooperative global economy. The UAE officially joined BRICS in January 2024, following the ratification of its membership request by the group's five founding countries: the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China, and the Republic of South Africa. As a BRICS member, the UAE aims to deepen economic cooperation and partnerships with fellow member states, reinforcing its role as a global economic hub and multilateral partner. The UAE also joined the BRICS New Development Bank in October 2021. Established in 2015, the Bank mobilises resources for infrastructure and sustainable development projects in BRICS nations, as well as in other emerging and developing economies.
Gulf Today
24-06-2025
- Politics
- Gulf Today
Sheikh Khaled offers condolences on passing of RAK philanthropist Obaidullah
His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has offered condolences on the passing of Mohammed Ibrahim Obaidullah, at Majlis Obaidullah in Dubai. Sheikh Khaled extended his deepest sympathies to the family for their loss, wishing them courage and solace, and recalled the virtues of the deceased and his outstanding contributions to charitable, humanitarian and voluntary work across the UAE and beyond. Also offering condolences, along with Sheikh Khaled, were Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence; Sheikh Khalifa Bin Tahnoon Bin Mohammed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court; and Saif Saeed Ghobash, Secretary-General of the Abu Dhabi Executive Council and Chairman of the Office of the Crown Prince. WAM
Gulf Today
19-06-2025
- Business
- Gulf Today
Sheikh Khaled attends Abu Dhabi Infrastructure Summit
His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has attended the Abu Dhabi Infrastructure Summit (ADIS), hosted by the Abu Dhabi Projects and Infrastructure Centre (ADPIC) over two days at the Abu Dhabi Energy Centre, under the theme Future Cities: Rethinking Infrastructure for Better Lifestyles. During a tour of the ADIS exhibition, Sheikh Khaled Bin Mohamed reviewed the latest global innovations and technologies in sustainable infrastructure. More than 25 participating entities showcased both local and international best practices in adopting smart urban planning principles and sustainability-driven approaches to modern city development, aimed at enhancing quality of life for communities. Sheikh Khaled Bin Mohamed Bin Zayed underscored the importance of leveraging advanced technologies in urban planning to ensure the long-term sustainability of infrastructure that meets the aspirations of current and future generations and enhances societal well-being, by investing in integrated, future-ready infrastructure, including facilities powered by artificial intelligence (AI) and other smart solutions. During the summit, the Department of Municipalities and Transport launched its AI-powered Binaa platform, aimed at streamlining the construction permitting process. By reducing transaction processing times by up to 70 per cent, the platform enables permits to be issued within 24 hours. It also identifies over-designs, helping avoid redundancy and minimising environmental impacts. The system enables more than 15 government entities to access blueprints and other relevant documents, creating a unified platform for all stakeholders. The summit gathered more than 2,000 experts, leading engineers, urban planners, decision-makers, senior officials and representatives of international organisations from around the world. Attendees engaged in high-level panel discussions focused on sustainability and innovation in the development of infrastructure for modern cities. ADPIC showcased a portfolio of strategic initiatives aimed at creating an integrated urban environment, which are enhancing community wellbeing across Abu Dhabi. ADPIC is currently overseeing the implementation of 600-plus projects valued at more than Dhs200 billion, spanning key sectors such as housing, public parks, education, tourism and other vital government services. These efforts highlight ADPIC's pivotal role in driving comprehensive development and reinforcing Abu Dhabi's position as a global leader in infrastructure quality. During the visit, Sheikh Khaled Bin Mohamed was accompanied by Jassem Mohamed Bu Ataba Al Zaabi, Chairman of the Department of Finance – Abu Dhabi; Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport; Saif Saeed Ghobash, Secretary-General of the Abu Dhabi Executive Council and Chairman of the Office of the Crown Prince; and Eng. Maysarah Mahmoud Eid, Director-General of Abu Dhabi Projects and Infrastructure Centre. WAM
Gulf Today
29-05-2025
- Business
- Gulf Today
Sheikh Khaled reviews latest innovations at utilities congress
His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has attended the 4th World Utilities Congress, hosted by Abu Dhabi National Energy Company (Taqa) at ADNEC Centre Abu Dhabi from 27th to 29th May 2025. During the visit, Sheikh Khaled toured several stands of national entities and companies, including Abu Dhabi Department of Energy, TAQA, Enercap — a subsidiary of Apex Investment PSC, and Elsewedy Electric. Sheikh Khaled reviewed the latest innovations in the water, electricity, and utilities management sectors, and the ongoing efforts of national stakeholders to advance sustainability practices across the industry. The three-day event convened global decision-makers and experts and featured high-level discussions, pioneering technological solutions and strategic initiatives driving progress across the power and water utilities sectors. This year's edition welcomed more than 18,000 attendees, 1,400 delegates, and in excess of 500 thought leaders from around the world, further enhancing innovation and reinforcing sustainable and environmentally friendly practices in the utilities sector, amid growing global demand for energy and water. The 4th World Utilities Congress focused on digital transformation, artificial intelligence, resilient smart-grid systems, and sustainable funding for projects powered by renewable energy sources, such as wind and solar, to drive practical, future-ready solutions for the challenges facing the utilities sector. During the visit, Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan was accompanied by Mohammed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport, Dr Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of Energy, Saif Saeed Ghobash, Secretary-General of the Abu Dhabi Executive Council and Chairman of the Office of the Crown Prince, Jasim Husain Thabet, Group CEO and Managing Director of TAQA, and Humaid Matar Al Dhaheri, Managing Director and Group CEO of ADNEC. Tabreed's network: National Central Cooling Company, Tabreed, operates a district cooling network comprising 92 plants across six countries, delivering over 1.3 million refrigeration tonnes to its customers, all centrally managed through its control centre in Abu Dhabi. Speaking on the sidelines of the World Utilities Congress held at ADNEC in Abu Dhabi, Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said artificial intelligence will play a pivotal role in the next phase of enhancing energy efficiency in district cooling operations and reducing further carbon emissions. He highlighted that Tabreed is the first district cooling company in the region to collect vast volumes of real operational data over more than 27 years, which has enabled it to accelerate digital transformation and implement AI in its operations. This is demonstrated through its control and monitoring centre located on Saadiyat Island, Abu Dhabi, which remotely oversees and manages all of Tabreed's plants across the six countries. Al Marzooqi added that reaching this level means full automation of plant operations and activation of 24/7 monitoring and control systems, laying the groundwork for the next step-leveraging AI capabilities to proactively optimise plant performance and align production with cooling demand. This, he explained, boosts energy efficiency, reduces pressure on power grids, and ultimately enhances the role of district cooling in cutting carbon emissions and supporting global efforts to achieve net-zero emissions by 2050. Strategic platform: Elsewedy Electric Transmission and Distribution (Elsewedy Electric T&D) has affirmed that its participation in the World Utilities Congress 2025 serves as a strategic platform for engaging with key clients, partners and suppliers. Speaking on the sidelines of the event, Hani Shehata, Chief Executive Officer of Elsewedy Electric T&D, said the current edition saw the announcement of new engineering, procurement and construction (EPC) projects signed with Abu Dhabi National Energy Company (TAQA). He noted that being present at a global event of this scale offers an ideal opportunity to showcase the latest technologies adopted by the company. Among the innovations unveiled is an advanced artificial intelligence-powered solution for project control, which allows remote monitoring of work sites and tracking actual progress against project timelines, thus enhancing performance efficiency and ensuring timely delivery, bringing real added value to clients. Shehata stressed that network security remains a top priority across all company projects, especially with the growing integration of artificial intelligence tools. He underscored the company's commitment to balancing the deployment of advanced technologies with maintaining the safety and stability of power grids, which is key to successful and sustainable project delivery. WAM
Gulf Today
29-05-2025
- Science
- Gulf Today
Khaled attends MBZUAI's commencement ceremony
Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has attended the 2025 commencement ceremony of Mohamed Bin Zayed University of Artificial Intelligence (MBZUAI). The graduating class comprised 104 students, making it MBZUAI's largest and most diverse cohort to date. The cohort included 13 PhD and 91 master's degree graduates across the university's three specialisations: Computer Vision (CV), Machine Learning (ML), and Natural Language Processing (NLP). Sheikh Khaled congratulated the graduates on their achievement and honoured several PhD and master's recipients, wishing them continued success in their academic and professional journeys, encouraging them to apply their knowledge and expertise in advancing the nation's development and helping to build an innovation-led, technology-driven economy. He emphasised the UAE leadership's firm belief that shaping the future begins with knowledge, science, and technological advancement, noting that the UAE continues to strengthen its position as a leading global hub for artificial intelligence research and development by building an integrated ecosystem that places AI in the service of people and society, while reinforcing national leadership in key strategic sectors. The ceremony was attended by Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority and Chairman of MBZUAI's Board of Trustees, Dr Ahmed Mubarak bin Nawi Al Mazrouei, Chairman of the President's Office for Strategic Affairs and Chairman of the Abu Dhabi Executive Office, Faisal Abdulaziz Al Bannai, Adviser to the UAE President for Strategic Research and Advanced Technology Affairs, Sara Awadh Musallam, Chairperson of Abu Dhabi Department of Education and Knowledge, Mansour Ibrahim Al Mansouri, Chairman of the Department of Health – Abu Dhabi, Ahmed Tamim Al Kuttab, Chairman of the Department of Government Enablement, Major General Ahmed Saif Bin Zaitoon Al Muhairi, Commander-in-Chief of Abu Dhabi Police, Saif Saeed Ghobash, Secretary General of the Abu Dhabi Executive Council and Chairman of the Office of the Crown Prince, Professor Eric Xing, MBZUAI President and University Professor, Timothy Baldwin, MBZUAI Provost, members of the university faculty, and graduates' families. This year's cohort has 20 Emirati graduates, the highest number since the university's inception, including one PhD graduate in Computer Vision (CV) and nine local female graduates in different AI specialities, underscoring the university's commitment to cultivating homegrown talent to lead artificial intelligence-related sectors. Graduates from the 2025 class represent 24 countries, including Pakistan, India, Egypt, Kazakhstan, and Italy, as well as first-time graduates from Armenia, Bangladesh, Comoros, Dominica, Eritrea, Norway, Serbia, and Uruguay, underscoring the university's growing international reach and its commitment to attracting top global talent. MBZUAI now boasts an expanding alumni network of 316 AI specialists, driving transformation across industries worldwide. Nearly 80 per cent of alumni started working in Abu Dhabi within one year of graduation. As the university expands to offer 13 graduate programmes and launches its first undergraduate programme – a Bachelor of Science in AI with Business and Engineering tracks – it continues its mission to shape the future of AI locally, regionally and internationally. Recently, Sheikh Khaled attended the graduation ceremony of the 36th cohort of cadet officers, 38th cohort of university graduates, 21st cohort of female university graduates, and the third batch of international cadets at the Police College. Sheikh Khaled congratulated the graduates, wishing them success in their careers as they serve their nation and its leadership, underscoring the importance of upholding excellence in policing by adopting the latest methodologies and best practices in law enforcement and security, as a rapidly evolving sector. He also extended his congratulations to the international graduates, encouraging them to apply the skills and knowledge gained during their training to serve their respective countries. WAM
