Latest news with #MansourBinZayedAlNahyan
Gulf Today
4 days ago
- Business
- Gulf Today
CBUAE issues 2024 Financial Stability Report
The Central Bank of the United Arab Emirates (CBUAE) has issued its 2024 Financial Stability Report, which includes a comprehensive assessment of financial system stability and financial developments across sectors amidst increased global challenges and risks. The report affirmed the robustness of the UAE banking sector, supported by strong capital and liquidity buffers, alongside improved asset quality and continued growth. Financial stability risks in the country remained broadly contained and unchanged, due to robust economic fundamentals, prudent policies, and effective risk management. The report reviews domestic and global macroeconomic trends, financial market conditions, the performance of various sectors, and regulatory developments, with a focus on resilience aspects and emerging risks. It also underscores the CBUAE's commitment to fostering proactive risk monitoring, innovation, and transparency, supporting financial system resilience, and collaborating with local and international partners to enhance the UAE's position as a leading global financial hub. The strong performance of the financial system contributed to enhancing the nation's economic resilience. The UAE's real GDP grew by 4 percent in 2024, driven by growth momentum in the non-oil sector, a key driver for economic diversification. The overall GDP growth outlook is also expected to remain positive for the coming years, reaching 4.4 per cent in 2025 and rising to 5.4 per cent in 2026. In 2024, the UAE's financial system experienced robust and stable conditions. A significant step in enhancing coordination among key stakeholders was the operationalisation of the UAE Financial Stability Council, chaired by His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, Chairman of the Central Bank and Chairman of the Financial Stability Council. This move represented a crucial stride towards bolstering coordination among stakeholders, activating systemic risk oversight, facilitating the assessment of emerging risks, and streamlining timely policy responses to horizontal risks. 2024 also saw the CBUAE reinforce its regulatory and supervisory frameworks through the implementation of new macroprudential tools, strengthening cybersecurity requirements, advancing in sustainable finance, and expanding the scope of climate change risk assessment, in line with international best practices. The comprehensive stress tests conducted by the CBUAE in 2024 confirmed the ability of the UAE's banks to absorb macroeconomic shocks, continue providing credit facilities even under hypothetical adverse scenarios, and maintain high levels of capital and liquidity exceeding minimum requirements, highlighting the banking sector's resilience in addressing global risks. The UAE's non-bank financial institutions (NBFIs) sector achieved significant positive results at various levels. The insurance sector remained resilient, with adequate solvency positions and substantial growth of 21.4 per cent, bringing total gross written premiums to Dhs64.8 billion, thereby reinforcing policyholders' rights. Overall, finance companies maintained adequate capitalisation with further improvements in liquidity levels, while money exchange businesses continued to demonstrate their resilience and operational stability. 2024 also witnessed an acceleration in digital transformation, reflected in increased adoption rates of FinTech and digital payments, the expansion of banking services, and the integration of artificial intelligence and data analytics. The CBUAE continued to develop the national payment and settlement infrastructure through the launch of the Domestic Card Scheme "Jaywan", the widespread adoption of the 'Aani' Instant Payment Platform, and the progress made in the central bank digital currency (CBDC) "Digital Dirham", all of which enhanced the financial system's efficiency and resilience. The report anticipates that the outlook for the UAE's financial system will remain positive, supported by robust economic fundamentals, prudent economic management, and the CBUAE's efforts to support financial system resilience, enhance proactive risk monitoring, innovation, and transparency. Khaled Mohamed Balama, Governor of the CBUAE, said, "The UAE maintained strong economic and financial conditions in 2024, despite growing economic challenges and increasing global risks, supported by national economic growth and the banking system's robustness and resilience. "At CBUAE, we are committed to steadily progressing towards achieving the vision of our wise leadership, the nation's development plans, and our strategic objectives by developing the financial system's regulatory and supervisory framework to ensure sustainable resilience, enhance financial and economic stability, and drive growth momentum and prosperity in the UAE." WAM
Gulf Today
20-07-2025
- Business
- Gulf Today
Liwa Dates Festival attracts over 50,000 visitors in five days
The 2025 Liwa Dates Festival, held under the patronage of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, welcomed 50,225 visitors during its first five days. The 21st edition of the festival, organised by the Abu Dhabi Heritage Authority, continues until July 27 in Liwa City, Al Dhafra Region. The Liwa Dates Festival is one of the UAE's most significant platforms celebrating palm heritage and traditional agriculture. It is an annual event eagerly awaited by farmers and the wider community due to its vital support for the agricultural sector and food security. The festival features 24 competitions with a total of 308 prizes valued at Dhs8.735 million, in addition to stage competitions designed for visitors. The event reflects Abu Dhabi's commitment to preserving and transmitting heritage across generations while celebrating the date harvest season and the palm tree, a deeply rooted cultural and social symbol in Emirati heritage. The festival also attracts visitors and tourists from across the UAE and the Gulf Cooperation Council, offering a traditional and interactive atmosphere that supports farmers and provides engaging experiences for families and attendees. WAM
Gulf Today
20-07-2025
- General
- Gulf Today
Liwa Date Festival attracts more than 50,000 visitors
Held under the patronage of Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Liwa Date Festival 2025 attracted approximately 50,225 visitors over the course of five days. Now in its 21st year, the festival is organised by the Abu Dhabi Heritage Authority and will continue until 27 July in Liwa, Al Dhafra Region. The Liwa Date Festival is one of the most important events celebrating the heritage of palm trees and traditional farming in the UAE. This annual event is eagerly anticipated by farmers and the local community, as it provides significant support for the agricultural sector and food security. The festival features a variety of competitions, including 12 date competitions in the categories of Dabbas, Khalas, Fardh, Khunaizi, Bu Maan, Shishi and Zamli, as well as the Al Dhafra and Liwa competitions for elite dates and the Fardh and Khalas Al Ain competitions. There are also seven fruit competitions in the categories of assorted and local lemons, assorted and local mangoes, red and yellow figs, and home fruit basket. Three model farm competitions are also held, in the categories of Western Areas, Eastern Areas and Al Dhafra Cities. There is also a Most Beautiful Date Competition and a Creativity from Palm Trunk Competition. A total of 308 prizes worth Dhs8,735,000 are awarded for these competitions, in addition to theatrical competitions for visitors. The festival's diverse activities include sponsors, supporters and participants taking part, as well as a date market, palm seedlings and agricultural tools, a traditional market and handicraft displays that revive authentic heritage for new generations. There is also a corner dedicated to women's modesty and elegance, as well as a children's area where children can learn about different types of dates and the importance of caring for palm trees through play. The festival programme includes seminars, lectures and educational workshops for farmers on the latest methods of caring for palm trees, producing the highest quality dates, combating agricultural pests and reducing their incidence, identifying fungal diseases that affect palm trees and ways to prevent them, and recycling and conserving water. These events will be held at the festival theatre and the participating organisations' pavilions. The Liwa Date Festival showcases the Emirate of Abu Dhabi's dedication to preserving and safeguarding its heritage, ensuring it is passed down through the generations. The festival celebrates the date season and the palm tree, which is a deeply rooted cultural and social symbol of Emirati heritage.
Gulf Today
17-07-2025
- Business
- Gulf Today
Liwa Date Festival reinforces national identity, says Mansour
His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, on Monday visited the 21st Liwa Date Festival in Liwa City, Al Dhafra Region. The festival – organised by the Abu Dhabi Heritage Authority under the patronage of His Highness – is considered one of the most prominent agricultural and heritage festivals in the UAE. The event reaffirms the Authority's commitment to celebrating one of the UAE's most enduring cultural and agricultural traditions. During his tour, His Highness reviewed several pavilions of government and private entities showcasing their services and innovations in the agricultural sector. He also listened to explanations about the festival's various competitions and activities, which highlight the social and economic value of the palm tree and its products. The event also underscores the tree's contribution to food security and the enhancement of agricultural sustainability. His Highness Sheikh Mansour stressed that the agriculture and food production sector was witnessing significant growth in the UAE, thanks to the directives of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, and his continuous support for empowering farmers, producers, and manufacturers to ensure sustainable food production and strengthen national food security. He affirmed that the festival reflects the Emirati citizen's deep connection with the land and reinforces national identity by celebrating the palm tree as a cultural symbol. Supporting local agriculture and empowering farmers contributes to a balanced economic distribution and sustainable development aligned with the national goal of achieving food self-sufficiency. His Highness also praised the festival's role in boosting economic activity in the Al Dhafra Region by attracting thousands of visitors annually and serving as a platform that brings together farmers, experts, and pioneers in the agricultural industries — cementing the agricultural sector as a vital contributor to the national economy. Accompanying His Highness on the tour were Faris Khalaf Al Mazrouei, Chairman of the Abu Dhabi Heritage Authority, and several officials from the authority. The Liwa Date Festival features numerous competitions with total prizes exceeding Dhs8.7 million. It includes a range of heritage activities that aim to preserve the legacy and status of the palm tree as a symbol of the past and a blessing of the present. It also strengthens family and community bonds, ensures intergenerational continuity, and promotes values of cooperation, belonging, and cultural heritage preservation — supporting the goals of the UAE's 'Year of the Community.' The festival also plays a vital role in supporting the local community and productive families in the region through the traditional market, which includes stalls for selling fresh dates, date products, palm-related items, factories, and nurseries. It also hosts pavilions of participating sponsors and supporters. The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) is participating in the 20th edition of the Liwa Date Festival, held under the patronage of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court. Organised by the Abu Dhabi Heritage Authority, the festival takes place in Liwa, Al Dhafra Region, Abu Dhabi, from 15th to 28th July 2024. The Authority emphasised the significance of their participation in the festival to support heritage and cultural events aimed at promoting the Al Dhafra region both economically and as a tourist destination. ADAFSA aims to showcase its role in developing the palm sector in Abu Dhabi through various plans and programmes aimed at enhancing palm cultivation and date production, supporting agricultural sustainability, and bolstering the biosecurity system to prevent diseases and pests. This year, ADAFSA's participation includes an introduction to its comprehensive range of services provided to farm owners, especially agricultural extension services. The Authority will highlight its efforts in pest control for palm trees, integrated pest management programmes, and promoting best practices in palm tree care, particularly focusing on the installation and management of pheromone and light traps and recommended treatment methods for palm trunk infestations. WAM
Gulf Today
06-07-2025
- Sport
- Gulf Today
Prestigious UAE President's Cup to make debut at historic German Derby
Under the guidance and support of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE, and Chairman of the Presidential Court, the 32nd edition of the UAE President's Cup for Purebred Arabian Horses continues across Europe. The seventh stop is at Hamburg's Horner Rennbahn, featuring a €250,000 Listed race over 1600 m for 4-year-old and older WAHO-registered Arabians. This debut German leg, part of the 156th German Derby meeting, reflects the organizing committee's mission to align with Europe's top racing festivals. It reaffirms the UAE's dedication to promoting Arabian bloodlines globally. Official entries for the 1600 m Listed race (€250,000 total purse) include HM Alchahine (FR) – 4-year-old gelding; owner: Helal Alalawi (France); trainer: Jean‐Francois Bernard; jockey: Cristian Demuro; carried 60 kg. Al Zeer (FR) – 5-year-old gelding; owner: Mohamed Fahad Al Attiyah (France); trainer: François Rohaut; jockey: Adrie de Vries; 59 kg. Djafar (FR) – 8-year-old gelding; owner: Abubaker S.A. Kadoura (France); trainer: Francois Rohaut; jockey: Augustin Madamet; 59 kg. Al Wakrah (FR) – 7-year-old gelding; owner: Al Shaqab Racing (France); trainer: Jean‐Loup de Mieulle; jockey: Oliver d'Andigne; 58 kg. Al Zwair (FR) – 5-year-old gelding; owner: Al Shaqab Racing (France); trainer: Jean‐Loup de Mieulle; jockey: Faleh Bughenaim; 56 kg. Papillion T (HOL) – 6-year-old gelding; owner & trainer: Gerard Th. Zoetelief (Netherlands); jockey: Anna van den Troost; 54 kg. Matar Suhail Al Yabhouni Al Dhaheri, Chairman of the Supreme Committee for the President's Cup Series, commented: 'We are delighted that the President's Cup makes its mark at the 156th German Derby - this milestone underlines its leadership and global influence in Arabian horse racing.' He added: 'The German leg underscores our mission to support breeders and owners, and showcases the top-level competition our Cup attracts.' He concluded: 'Our ongoing European circuit continues to develop the Arabian racing ecosystem. Germany is one of our premier stops and the participation here reflects the event's high esteem among leading stables.'
