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UAE, Russia in $5 billion investment deal
UAE, Russia in $5 billion investment deal (Wam) / 13 September 2013 The UAE on Thursday signed an accord to invest five billion dollars in Russian infrastructure projects. Gen. Shaikh Mohammed shakes hands with Russian President Vladimir Putin during their meeting at the Novo-Ogaryovo state residence, outside Moscow, on Thursday. — Wam A memorandum of intent to establish a partnership between the Department of Finance (DoF) in Abu Dhabi and the Russian Direct Investment Fund (RDIF) for investment in Russian infrastructure projects was signed at the Kremlin on the sidelines of a meeting between General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Russian President Vladimir Putin. Gen Shaikh Mohammed and Putin discussed bilateral relations, expansion and diversification of economic partnerships and investment opportunities. The discussions took place as Putin received Gen Shaikh Mohammed at Novo-Ogaryovo, the state residence of the Russian President. Putin welcomed the UAE leader and expressed his pleasure at meeting him and discussing matters of common interest. Gen Shaikh Mohammed conveyed to Putin greetings from the UAE President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, and his best wishes for further progress and prosperity for the people of Russia. The meeting, which was attended by Foreign Minister Shaikh Abdullah bin Zayed Al Nahyan, also discussed developments in the Arab Gulf region and the Middle East. Following the meeting, Putin held a lunch banquet in honour of Gen Shaikh Mohammed and his accompanying delegation. The investment accord was signed by Hamad Mohammed Al Hur Al Suwaidi, chairman of the Abu Dhabi Finance Department, and RDIF chief executive Kirill Dmitriev. Speaking on the occasion, Al Suwaidi said: “The signing of the memorandum and our commitment to an investment of up to five billion dollars reflect our confidence of returns that can be derived from this investment. We expect a very fruitful partnership through the exchange of expertise with the RDIF.” The investment project aims to open new avenues for joint cooperation that would contribute to the strengthening of bilateral relations. The structure and governance of the joint project and other conditions will be concluded before the end of the year. Continue reading
Sreesanth, Chavan banned for life for IPL spot fixing
Sreesanth, Chavan banned for life for IPL spot fixing (IANS) / 13 September 2013 Rajasthan Royals cricketers S. Sreesanth and Ankeet Chavan have been banned for life on Friday for their involvement in the spot fixing scandal in the Indian Premier League (IPL). Amit Singh and Siddharth Trivedi, who too have been found involved in the scandal, have been handed down bans for five years and one year respectively. The bans were announced by the disciplinary committee of the Board of Control for Cricket in India (BCCI). Young left-arm spinner Harmeet Singh has been let off with a warning while Ajit Chandila’s case will be taken up later. “Sreesanth and Chavan have been banned for life for their involvement in the spot fixing scandal. Amit Singh has been banned for five years while Siddharth Trivedi for one year. Harmeet Singh has been let off with a warning for not reporting to the authorities that the bookies had approached him,” BCCI vice-president Niranjan Shah told IANS. BCCI president Narayanaswami Srinivasan chaired the meeting with vice-presidents Niranjan Shah and Arun Jaitley, who were the other members of the panel. “The evidence was different against each of the accused. The decision of the disciplinary committee is binding. Since the decision is about the players, it need not be ratified by the annual general meeting or any other body,” Jaitley told reporters. The cricketers were caught in the IPL scandal and chief of BCCI’s anti-corruption unit Ravi Sawani recommended ban on them in his report submitted to the board last month. Sawani, a former chief of the International Cricket Council (ICC) anti-corruption unit, was asked to investigate the alleged involvement of Sreesanth, Chavan and Chandila in conceding a pre-determined number of runs per over in exchange for money during the IPL’s sixth edition which concluded recently. Continue reading
UAE hopes to build capacity for Somalia
UAE hopes to build capacity for Somalia Allan Jacob / 11 September 2013 While the international community and navies have succeeded in bringing down Somali maritime piracy, problems on land remain. Al Shabab militants are striking at will as shown by their attempt on the life of the president of that country last week and the killing of 15 innocents recently. The fledgling government of President Hassan Sheikh Mohamud requires long-term support to rebuild the nation still struggling to find its feet after decades of civil war. A good start was made at last year’s conference where, led by the efforts of the UAE, the leaders of Somalia and breakaway Somaliland agreed to begin stalled negotiations after 20 years. At the third counter-piracy conference starting in Dubai today, the UAE and other regional countries hope to build capacity and foster long-term development in the Horn of Africa. “Central to the UAE’s counter-piracy strategy is the recognition that the capability and capacity of countries in the region to combat piracy are varied and at different stages of development. Determining specific gaps thus allows the UAE to target assistance where it can have the greatest impact, thereby advancing regional partners’ security and stability,” said Foreign Minister Shaikh Abdullah bin Zayed Al Nahyan in a statement. The plan is to help countries like Somalia which are affected by civil strife to develop their own counter-piracy capability, strengthen their rule of law, and protect their sovereignty and territory against the scourge of maritime piracy, said the minister. He said the UAE had strengthened its military’s maritime security capability, engaged and trained private industry on best practices in areas such as port security, and used the legal system as a tool for prosecuting and deterring piracy-related offences. “The recent reduction in piracy in the Indian Ocean region is the result of exactly these kind of strategic, focused and multi-disciplinary approaches that include security operations, investments in economic and social development, humanitarian assistance, and capacity building for local security forces and legal systems,” Shaikh Abdullah said. Credit is due to international naval patrols: Eunavfor, Nato Operation Ocean Shield, and CTF-151, as well as efforts by China, India, Japan and South Korea, which curbed the phenomenon, but Oceans Beyond Piracy, a think-thank, said their mandates would expire in 2014 and gains could be reversed if the global community dropped the ball on Somalia. “It is vital that the international community continues to engage with the government in Mogadishu to provide them assistance and support. It is only when the conditions ashore become stable and there is commerce and employment, that piracy will cease to be a threat to ships at sea,’’ Pottengal Mukundan of the International Maritime Bureau said from London. Maritime forces like the Eunavfor continue to engage with the Somalis. Last week, it hosted the President of Somalia, Hassan Sheikh Mohamud, onboard the Dutch Eunavfor flagship, HNLMS Johan de Witt. The Somali officials met the EU’s Special Envoy to Somalia, Michele Cervone d’Urso; the EU Naval Force Operation Commander, Rear Admiral Bob Tarrant; and the Head of Mission of EU Capacity Building Mission (EUCAP) Nestor, Etienne de Poncins. The Dubai counter-piracy conference will be followed by the ‘New Deal for Somalia’ summit in Brussels on September 16 where countries will endorse a ‘Compact’ between Somalia and the international community that identifies the key political, security and socio-economic priorities. “Somalia welcomes cooperation with the EU to improve maritime security as part of the broader engagement of the EU in Somalia. Maritime cooperation will have important effect on the stabilisation and development of coastal areas in my country,’’ said President Mohamud in a statement. Public-private partnership The two-day conference in Dubai is jointly convened by the UAE Ministry Foreign Affairs, global ports operator DP World and Abu Dhabi Ports Company (ADPC). The organisers said 500 participants comprising foreign ministers, senior government officials, military officers, executives of global maritime-sector companies, and leading experts are expected to attend. DP World called on the private sector to identify mechanisms to further create an environment for sustainable development of Somalia’s emerging economy and address the root causes of maritime piracy. allan@khaleejtimes.com Continue reading
