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Gulf Food Production Company “Raw’a“, one of the leading companies in the State of Qatar in dairy production, won the Fine Taste Award for the year 2023, which is one of the most prestigious awards in the field of food and beverage industry worldwide, presented by the International Taste Company Institute in Brussels, Belgium. The evaluation was conducted by a committee of more than 200 international chefs with 86 Michelin Stars awarded to the finest chefs and restaurants around the world after competing with more than 120 international products.
136 hours of blind tasting
Rawa is the first Qatari dairy company to receive the award for good taste, after it was subjected to an organoleptic assessment that includes the visual, aromatic, flavour and textural aspects, in addition to the final mouth texture. The evaluation process took place over 136 hours of blind tasting conducted on hundreds of products from around the world, with the aim of selecting the best among them.
Award-winning product
The award-winning product is yogurt consisting of four grains and fruits containing (wheat – barley – oats – rye – apple fruit – coconut fruit). It is a healthy choice full of wholesome fruits and grains . It is the consumer’s first choice in market’s and best seller.
Mr. Mohammad Ali Al-Kuwari CEO of Raw’a, stated that Gulf food Co. pursues a strict strategy related to the quality and safety of its products and revolves around adopting several practices in its factories, including, for example, the activation of several internal audits on dairy products. In addition, the quality of these products is periodically tested.
The company is always keen to perform the above in order to ensure the safety of its products and their compliance with the highest standards of quality and taste before they reach the consumer.
It also pays great attention to developing its products with the support of a specialized research and development team to ensure that the company is compatible with the latest technologies that guarantee quality and taste while maintaining the characteristics that Qatari consumer is accustomed to in our range of products.
Prime Minister Mostafa Madbouli attended Tuesday evening the signing of an agreement between the Ministry of Electricity and Renewable Energy and the Abu Dhabi Future Energy Company (Masdar) to allocate a land plot for the establishment of a $10-billion wind farm whose capacity will be 10 gigawatts, making it the world’s largest.
Masdar will operate within a consortium that includes Infinity Power and Hassan Allam Utilities. The project is estimated to save $5 billion in natural gas costs per annum, and reduce carbon emissions by 23.8 million tons, which is nine percent of Egypt’s annual emissions.
The farm will produce 47,790 GWh of clean energy every year contributing in Egyptian efforts aimed at making the share of renewables in the energy mix 42 percent by 2035.
The initial agreement was signed on the sidelines of COP 27 held in Sharm El Sheikh in November, so as the signing was attended by President Abdel Fatah al-Sisi and Emirati counterpart Sheikh Mohamed Bin Zayed.
The managerial ability of Pep Guardiola was backed by Sheikh Mansour’s long-term project as City won a historic treble.
When Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Minister of Presidential Court, bought Manchester City in 2008, the club was languishing in the mid-table of the English Premier League.
It had just finished the previous season in ninth position, 32 points behind Manchester United, the champion of England and its famously successful city rival.
United then was brimming with world-class talent.
A team featuring Cristiano Ronaldo, Wayne Rooney, Carlos Tevez, Ryan Giggs, Paul Scholes, Rio Ferdinand, Patrice Evra, Nemanja Vidic and Edwin van der Sar, United had also won the Champions League in 2008.
It was Sir Alex Ferguson’s second European triumph with United as manager following the famous treble-winning season in 1999.
So it was a couple of months after United enjoyed one of its greatest seasons that Sheikh Mansour made his foray into English football with a club that was never able to sit alongside the elites in the sport.
But the visionary UAE leader went on to change the footballing landscape in such a way that City is now football’s ultimate aristocrat.
So how did City, who completed a historic treble by winning the Premier League, FA Cup and the Champions League this season, become the most dominant team after Sheikh Mansour took over the club?
Long-term goal
Brazilian star Robinho joined Man City from Real Madrid in 2008. — Twitter
City did not become successful overnight despite the takeover from Sheikh Mansour in 2008.
It made a slow and steady progress and one that was backed by Sheikh Mansour in every step.
In the first season after the takeover, City could only finish 10th in the league despite acquiring a big-name player from Real Madrid, Robinho, the Brazilian superstar.
But City made gradual improvement and next season in 2010, the team became stronger after the arrival of Emmanuel Adebayor, Carlos Tevez and Kolo Toure.
Chelsea, United, Arsenal and Tottenham were the top four teams that season as City finished fifth, narrowly missing out on a place in the Champions League.
FA Cup triumph
The next season in 2011, City finally ended its trophy drought. A Carlos Tevez-inspired City won the FA Cup that season with a 1-0 win over Stoke City in the final – it was the team’s first major triumph since 1976.
City had reached the final with victory over United in the semifinal, the club’s first success in a knockout game against the bitter rival since 1975.
City then went on to finish third in the league, qualifying directly for the Champions League in what was another landmark for the club.
Premier League ecstasy
After breaking into the top-three of the Premier League, City turned on the style in England.
Sergio Aguero had just joined City from Atletico Madrid and the Argentina star made an instant impact.
City thrashed Tottenham 5-1 and humiliated United 6-1, signalling its arrival on the big stage as the big contender for the title.
The battle for the league title, though, was not easy with United bouncing back only to fall again.
It went to the last day with City needing a win against the Queens Park Rangers to pip United for the title.
But City was trailing 2-1 until the 91st minute in the dramatic last game of the season.
The Blues though scored an equalizer in the 92nd minute before Aguero found the winner in the last minute of injury time with a moment of magic, sparking wild celebrations on the field and in the stands.
It was City’s first league title in 44 years and it was the start of a golden era for the club.
Guardiola arrives
City had added one more Premier League title in 2014. Two years later, the club hired Pep Guardiola, who famously led Lionel Messi’s Barcelona to glorious triumphs during his four-year stint as manager of the Catalan club.
Guardiola arrived in City after a two-year spell at Bayern Munich.
A man famous for building teams that play eye-catching football, Guardiola was entrusted with the responsibility of making City a serial winner as well as an aesthetically pleasing team.
The Spanish coach imposed his style on the team and it won the league in 2017-2018 by collecting the highest points for a season.
City retained the Premier League title next season, its first successful defence of the title in history.
With world-class players in the team, City was producing mesmeric football as it also won two more league titles in 2021 and 2022.
But the biggest dream — the Champions League title — remained unfulfilled after defeat to Chelsea in the 2021 All-England final.
Historic treble
Sheikh Mansour’s Manchester City was finally rewarded in Europe for its perseverance.
City produced another masterclass in beautiful and brilliant football as Guardiola’s team won its third straight Premier League title, overcoming a spirited challenge from Arsenal.
The club then beat city rival United in the final to win the FA Cup.
And once it outplayed Real Madrid, the most dominant team in the history of European football, in the Champions League semifinal, City became the overwhelming favourite in the final against Inter Milan.
The Italians put up a big fight in the Istanbul final, but the superior quality of City made the difference as Rodri’s sumptuous goal separated the victor from the vanquished.
City’s wait to be European champion was finally over as it also became the first team since Manchester United to complete the treble.
It has taken the team 15 years since the takeover from Sheikh Mansour to scale the highest peak.
The long-term vision of Sheikh Mansour helped City become the king of European football.
The club has won seven Premier League, three FA Cup, six League Cup and the 2023 Champions League title in these 15 trophy-laden years under Sheikh Mansour’s leadership.
“One of the main reasons why this club became what we are is because of the people from Abu Dhabi, Sheikh Mansour, took over the club,” Guardiola said. “Without that, we would not be here.”
The biggest tribute City can pay to Sheikh Mansour now is by becoming the first team since Real Madrid to defend the Champions League title.
Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Minister of Presidential Court, attends the Champions League final. — Reuters
While aspiring to become a boxing champion, Taghmaoui’s fascination with cinema eventually led him to pursue a career in acting.
French-Moroccan Actor Said Taghmaoui has solidified his presence in the Hollywood industry, successfully securing various roles alongside renowned stars.
His latest endeavor sees him teaming up with Golden Globe nominee Mark Wahlberg in an upcoming feature film called “The Family Plan,” produced by Apple Original Films and Skydance.
Written by David Coggeshall, “The Family Plan” follows the story of a suburban father who finds himself on the run with his family when his past catches up to him.
The movie is directed by Simon Cellan Jones and produced by Wahlberg, Municipal Pictures’ Stephen Levinson, and Skydance’s David Ellison, Dana Goldberg, and Don Granger.
In addition to “The Family Plan,” Taghmaoui has also landed a role in the action-packed film “Tin Soldier,” which boasts an impressive cast including Oscar winners Jamie Foxx and Robert De Niro, as well as Scott Eastwood.
During a recent interview with French lecturer and essayist Idriss Jamil Aberkane, Taghmaoui opened up about his journey as an actor. He described himself as an “autodidact,” highlighting the fact that he didn’t attend school but instead pursued his passions with unwavering dedication.
Recalling his boxing days, the actor expressed how the sport played a significant role in his personal growth. He believes that either boxing chose him or he chose boxing, emphasizing its complexity and the introspection it demanded.
While aspiring to become a boxing champion, Taghmaoui’s fascination with cinema eventually led him to pursue a career in acting.
Born in France to Moroccan immigrant parents, Taghmaoui became a naturalized US citizen in 2008 and swiftly made a name for himself in the Hollywood industry.
Despite dropping out of school at a young age, his boxing talent propelled him to second place in his category in France. It was during this time that he met Mathieu Kassovitz, with whom he co-wrote the acclaimed French film “La haine” (1995), which earned the Best Director award at Cannes.
Since then, Taghmaoui has become a prominent figure in cinema and has expanded his repertoire to include films from various countries, such as Italy, Germany, the United States, and Morocco.
He has featured in Hollywood productions like “G.I. Joe,” “Wonder Woman,” “Traitor,” “John Wick,” and “The Forgiven,” showcasing his versatility and talent as an actor.
Mawhiba representatives told the 13th Conference of Arab Ministers of Education in Rabat that its ‘Gifted Arabs’ initiative had identified and was supporting people in 16 Arab countries
Secretary-General Dr. Amal bint Abdullah Al-Hazaa said that the program allows Saudi leadership to share their expertise and discover, nurture, and empower talent around the Arab world
More than 600 ‘gifted’ students have been granted support to realize their academic talents under an initiative launched by a Saudi foundation, an education conference has been told.
Leaders from Mawhiba, or the King Abdulaziz and his Companions Foundation for Giftedness and Creativity, Mawhiba, told the 13th Conference of Arab Ministers of Education in Rabat, Morocco, that its ‘Gifted Arabs’ initiative had identified and was supporting people in 16 Arab countries.
Secretary-General Dr. Amal bint Abdullah Al-Hazaa said that the program allows Saudi leadership to share their expertise and discover, nurture, and empower talent around the Arab world.
Dr. Khaled Al-Sharif, director general of Mawhiba’s Center of Excellence, said that 606 students were identified in the first and second rounds of the ‘Gifted Arabs’ initiative’s recruitment.
The initiative has provided the talented students with qualitative enrichment and academic programs to develop their knowledge and capabilities, he added.
Mawhiba said that its efforts were part of its vision to empower talent and creativity to further prosperity.
The conference, “Future of Education in the Arab World in the Digital Transformation Era,” was held on May 29 and 30.
source/contents: arabnews.com (headline edited)
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Mawhiba has grant aided 606 students under its ‘Gifted Arabs’ initiative. (SPA)
Ryyan Alshebl fled war-torn Syria in 2015, arriving on the Greek island of Lesbos after a harrowing four-hour journey on a rubber boat.
Eight years on, he is the mayor of a German village.
“It was dark and cold and there was not a single light to be seen on Lesbos,” he recalls.
“A few hours ago we had been in a normal Mediterranean town in Turkey. The environment had transformed with the cold and dark, and of course the feelings of fear that go with such a journey.”
Alshebl, then barely 21, was among a huge wave of refugees who arrived in Europe that year.
After landing in Greece, he made his way through Macedonia, Serbia, and Croatia by public transport and on foot, taking 12 days in total to reach Germany.
He eventually ended up at a refugee center at Althengstett, a rural region near the Black Forest.
“In the shared accommodation, where you cannot expect more than a bed, a roof, and some food, for which you are still thankful, you can only do one thing: get back on your feet quickly and invest rapidly in your own future,” he said.
Alshebl soon learned to speak German fluently — “if you are in the countryside you have no other choice” — and landed a traineeship as an administrative assistant at Althengstett town hall.
He earned German citizenship in 2022, a prerequisite for anyone who wants to stand in local elections in Germany.
‘Taking responsibility’
Now 29, he will take up his post as mayor of Ostelsheim, a village near Althengstett, in June.
He is believed to be the first Syrian from the wave of refugees who arrived in Germany in 2015-16 to be elected to a political post.
Alshebl was joined by four friends on his journey to Europe. But he left behind his parents and one brother, though a second brother had already moved to Germany on a student visa.
He said his experience of fleeing Syria and having “to take responsibility not only for (myself) but also for the environment” had given him the drive to go into politics.
“To take on this responsibility at such an age, you learn a lot. Of course, it creates a new person, a new personality,” he said.
Alshebl ran as an independent candidate in the election, winning 55.41 percent of the vote.
But he is also a member of the Greens, “because climate protection is very important” to him.
His victory is all the more striking given that Ostelsheim, a village of 2,700 people, is a traditionally conservative community.
Situated among a cluster of hills, the village is surrounded by rolling fields lined with dry stone walls and hedges.
The far-right Alternative for Germany (AfD) party harnessed anger over the influx of asylum seekers in 2015-16 to win votes and ultimately enter parliament for the first time.
Openness
But Alshebl said he has not seen right-wing extremism personally.
Alshebl believes he was elected because he listened to the people’s concerns — from childcare to digitalization issues.
He admits to not really “feeling anything” on hearing he had won the election in March as he was “overwhelmed”.
But as congratulations poured in from around the world, it became clear that his story was “bigger than a mayoral election in a small community”.
Alshebl believes the fact he triumphed against two other local candidates who grew up in the area says a lot about the mentality of the voters.
“It is a sign that people did not count the origin, but the qualifications. It is a sign of openness to the world,” he said.
Alshebl’s parents, a schoolteacher and an agricultural engineer, belong to Syria’s Druze minority, but he describes himself as not religious.
He has “mixed feelings” about Syria, which he has not been able to visit since living in Germany.
“It is the country where you were born and raised… You long for the people you grew up with,” he said.
“But I am happy that I got this chance to live here at all” when others have not, he said.
Ryyan Alshebl, mayor of the community of Ostelsheim in Baden-Wuerttemberg, southwestern Germany, addresses a press talk with the Association of the Foreign Press in Germany (VAP) in Berlin, Germany on May 30, 2023. AFP
During her lifetime, Fatima was called the “mother of boys”. According to historian Mohammed Yasser Hilali, “this nickname probably stems from her charity and the fact she took students under her wing”.
When thinking of the oldest universities in the world, probably the first ones that come to most people’s minds are Oxford and Bologna, but according to UNESCO and the Guinness World Records, Al-Qarawiyyin University (also written as Al-Karaouine) is the “oldest existing, and continually operating educational institution in the world.”
Founded in 859 A.D. by Tunisian-born Fatima al-Fihri in Morocco’s Fez, the university is not only the oldest higher education institution on Earth but also the first to be founded by a Muslim woman. Fatima used her inheritance from her merchant father’s wealth to found the university which started as an associated school – known as a madrasa – and a mosque that eventually grew into a place of higher education. It also introduced the system of awarding degrees according to different levels of study in a range of fields, such as religious studies, grammar and rhetoric. Though the university first focused on religious instruction, its fields of study quickly expanded to include logic, medicine, mathematics and astronomy, among many others.
The University of Al Quaraouiyine became a state university in 1963 and now awards degrees in Islamic, religious and legal sciences with an emphasis on classical Arabic grammar and linguistics and law.
Interestingly, teaching is still delivered in a very traditional manner, whereby students are seated in a semi-circle around a Sheikh (Islamic scholar), who prompts them to read sections of particular texts, asks them questions on aspects of grammar, law, or interpretation, and explains difficult points. Education at the University of al-Qarawiyyin concentrates on the Islamic religious and legal sciences with a heavy emphasis on, and particular strengths in, Classical Arabic grammar/linguistics and Maliki Sharia, though lessons on non-Islamic subjects are also offered to students. Teaching is still delivered in the traditional methods. The university is attended by students from all over Morocco and Muslim West Africa, with some also coming from further abroad. Women were first admitted to the institution in the 1940s
Fatima al-Fihri was born in 800 A.D. She was the daughter of Mohammed Bnou Abdullah al-Fihri – a rich merchant who settled in Fez with his family during the reign of Idris II.
Fatima’s family was part of a community called the “Qarawiyyin” (the ones from Qayrawan) whose two thousand families migrated from Qayrawan in Tunisia, to Fez in Morocco which was then under the rule of Idris II, a respected and devout ruler.
After the community was banned by the local ruler. The caravan included Fatima’s father Muhammad bin Abdullah Al-Fihri, and sister Mariam. Fatima was well versed in classical Islamic learning such as fiqh (jurisprudence) and hadith (Islamic traditions based on Prophet’s life). She inherited a large fortune from her merchant father which she used to build the university. She personally supervised the entire gigantic enterprise, from putting up the foundation to the functionalizing of these institutions. When she embarked on her mission, she had lost her father, husband, and brother – all primary sources of support and protection for a woman. Any other woman would have retreated to the backwaters of domestic life. But Fatima appears to have been an extraordinarily inspired and determined woman with steely grooves. All her great achievements came during periods of loneliness and in circumstances when women normally shun the world and seek the company of the home.
During her lifetime, Fatima was called the “mother of boys”. According to historian Mohammed Yasser Hilali, “this nickname probably stems from her charity and the fact she took students under her wing.” Fatima al-Fihri herself is considered a saint and she is much respected among the believers especially in Fez. In 2017, a prize was created in Tunisia in her honor. It rewards initiatives which encourage access to training and professional responsibilities for women. Furthermore, an academic program and a scholarship given to students from Europe and North Africa pay tribute to Fatima al-Fihri.
The University of Al-Qarawiyyin (also Al-Karaouine), which was then just called a madrasa (an institute of religious learning), was 30 m long, with a courtyard, a large library, and several schoolrooms. Although initially only the Qur’an and related religious lessons were taught, many other courses of study, like mathematics, medicine, Arabic grammar, history, geography, astronomy, chemistry, music and logic were soon introduced. Fatima studied there herself, along with her students, and awarded them degrees once they completed the courses: a degree that was chiseled onto a wooden board, which is now displayed in the university’s library. She also conducted debates and symposiums periodically for her students, producing politically-aware individuals.
With these innovative ideas, Fatima al-Fihri had not merely founded the first university but had introduced the concept of awarding degrees that is now an essential part of modern higher education.
In fact, the university produced many celebrated intellectuals and historians who are still known to this day: the Islamic philosopher Ibn Rushd, Andalusi diplomat and geographer, Hassan al-Wazzan and historian and thinker Ibn Khaldun, the famous Jewish philosopher, Moses Ben Maimon and Aka Maimonides.
The Christian scholar, Gerbert of Aurillac, who later became Pope Sylvester II, is believed to have visited the university several times. His visits helped him introduce Arabic numerals and the concept of zero to Europe. The University of Al Qarawiyyin is still considered a leading religious and education institution in the Muslim world. The university has moved away to another part of Fez, but the mosque and the library remain at the ancient complex. The University of Al-Qarawiyyin is the oldest existing, continually operating and the first degree awarding educational institution in the world according to UNESCO and Guinness World Records and is sometimes referred to as the oldest university.
(M Ahmad is a regular writer for this newspaper and can be reached at specialachivers78@gmail.com)
Egyptian businessman said Rishi Sunak had shown himself to be ‘very capable’.
The Conservative party has received its largest donation in more than two decades from an Egyptian-born, British-based billionaire.
Mohamed Mansour has given the party £5 million ($6.2 million) and thrown his backing behind Prime Minister Rishi Sunak, saying he understands “how growth is generated in the modern economy”.
Writing in The Telegraph on Monday, Mr Mansour, who previously spoke to The National for an Arab Showcase feature, said Mr Sunak had shown himself “to be very capable”.
He wrote: “He gets the importance of technology and innovation. He can make the modern economy work for all UK citizens.”
The £5 million donation is the second largest individual gift on record to a political party, after Lord Sainsbury of Turville gave £8 million to the Liberal Democrats in 2019.
And it matches the £5 million donation to the Conservative Party by Sir Paul Getty in 2001. Mr Mansour’s gift has contributed to one of the party’s most successful first quarters of donations in recent years.
“I believe that this country has a very capable Prime Minister,” he wrote.
“My confidence in the Prime Minister is why I was proud to become a senior treasurer of the Conservative Party last December. I want to give him the best chance of having a full five-year term and so have donated £5 million to the party’s election fighting fund. I look at what he has achieved in his first months in office and think what he could do in five years.”
‘I had to do something in my life’
Mr Mansour has overseen the expansion of his family’s company, which has grown from its early beginnings as a cotton exporter to the global conglomerate it is today, with revenue of more than $7.5 billion.
He told The National in 2021 about how a period of convalescence aged 10 gave him the impetus he needed to go on to succeed in life.
Week after week he lay in plaster recuperating from horrific injuries after a car hit him as he was crossing the street.
The doctors had wanted to amputate his leg, but the headstrong boy refused, vowing to stick it out as long as necessary. It took three years.
Mr Mansour looks back on the episode as a part of his life when his father taught him how to be a good entrepreneur and an honourable man.
“That’s when I developed in me that I had to do something in my life,” he told The National.
The billionaire learnt as a boy the importance of a strong work focus, determination, vision and priorities, but also trust, understanding, empathy and loyalty that goes both ways.
“People who love and respect you will do anything for you, I find, and vice versa,” Mr Mansour said.
They are the qualities he credits for his successful leadership at the helm of the Mansour Group, which has a presence in 100 countries and 60,000 employees.
The Egyptian cotton trading company was founded in 1952 and run by his father, Loutfy Mansour.
“My father always told me: ‘Mohamed, you’re a very special young man because of the strength you showed when everybody was saying that we have to amputate the leg. You’re telling the doctors, ‘No.’
“I said, ‘No’,” Mr Mansour recalls, with an edge to his voice, “and I meant it.”
Family’s home seized
The fortune that his father amassed as a textiles trader was lost in 1963 when the business was nationalised by the Egyptian government.
Mr Mansour’s childhood home, with its 40 rooms and 30 staff was confiscated, and his father went from feted capitalist to persona non grata on a state income of $75 a month.
He explains how his life changed overnight, with his family unable to support him while at university in the US, forcing him to trade in his car and work as a waiter.
Back in Egypt, his father was left trying to support the family on a meagre salary, which left Mr Mansour with a lifelong belief in the importance of political stability, property rights and the rule of law.
Mr Mansour joined the company in 1973 and took it in a new direction, forming a strategic partnership first with the automotive multinational General Motors and then with the construction equipment manufacturer Caterpillar. Other leading brands, such as Philip Morris, Peugeot, MG and McDonald’s would follow.
Mr Mansour and his two brothers continued to steer the company to success after their father’s death in 1976.
In 2005 Mr Mansour stepped back from his business to serve in the Egyptian government, spending almost four years trying to modernise the country’s transport infrastructure.
In the article on Monday he says: “But when I had finished that period of service, I knew there was one country where I wanted to base my business. A place where the rule of law is paramount, property rights are respected and with an enviable record of political stability. This country: the United Kingdom.”
He says he loves and respects the country, which has welcomed himself and his family so warmly.
“It has a proud history and noble traditions. I believe that it has great days ahead of it. I want to do what I can to help this country – the place where I am watching my grandchildren grow up – achieve its great potential,” he adds.
Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, rang the market-opening bell to celebrate and mark listing the domestic Dirhams Islamic Treasury Sukuk (T-Sukuk) on Nasdaq Dubai.
The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer and in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced launching dirham-denominated Islamic Treasury Sukuk (T-Sukuk), with a benchmark auction size of AED1.1 billion.
The launching of Dirham-denominated Islamic Treasury Sukuk (T-Sukuk) includes a series of issuances, in order to attract a new category of investors and support the sustainability of economic growth.
Total issuance of AED1.1 billion
The issuance of T-Sukuk is aimed at enhancing the UAE’s economic competitiveness by providing high-quality Islamic assets at competitive prices. This will support the Central Bank of the UAE in managing liquidity within the banking sector and boosts the size of financial investments, which will reflect positively on the country’s economy, investment environment, per capita income, and gross national income.
The bell-ringing ceremony was attended by a number of senior officials from the Ministry of Finance, Central Bank of the UAE, Nasdaq Dubai, and the CEOs of the eight banks that were onboarded as primary dealers, in addition to other senior officials from various relevant authorities.
The inaugural issuance of the Dirham-denominated Islamic Treasury Sukuk programme witnessed a strong demand through the eight primary bank dealers, with bids received worth AED8.3 billion, and an oversubscription by 7.6 times.
The strong demand was across both tranches, with a final allocation of AED550 million for the two-year tranche, and AED550 million for the three-year tranche, with a total issuance of AED1.1 billion. Other tranches of Islamic Treasury Sukuk will be issued with various tenures of up to five years initially, followed by a 10-year sukuk at a later date.
Reaffirming UAE’s position in Islamic economy
Al Hussaini noted that issuing the T-Sukuk contributes to expanding the scope of Islamic banking and is one of the most important tools for managing monetary policy and liquidity to finance development programmes and projects.
The T-Sukuks are Sharia-compliant financial certificates for trading in the secondary market along with the main distributors, reflecting the current return on investment. These sukuk will also contribute to stimulating the securities market and strengthening the base of Islamic securities, providing safe and rewarding investment alternatives, and attracting new segments of local and international investors.
He emphasised that the success of the first auction is another testament to the UAE’s creditworthiness as one of the most advanced and competitive economies in the world, reaffirming its position as a leading investment hub in the field of the Islamic economy.
Al Hussaini said, “The issuance of Islamic Treasury Sukuk is a new step towards achieving the comprehensive and sustainable economic and social development objectives of the UAE. It contributes to the development of the financial market and the investment environment in the country by attracting financial investments and rejuvenating the local financial and banking sector to diversify funding sources, which cements the UAE’s position as a global hub for the Islamic economy.”
Efficiency of UAE’s financial sector
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said, “The T-Sukuk programme’s first issuance, denominated in UAE Dirhams, reinforces the UAE’s competitive position as a developed global financial centre.
The programme has succeeded in diversifying financial markets activities, enhancing infrastructure to support Sharia-compliant investment options and alternatives, and strengthening the resilience and stability of the financial system. This milestone will also support in bolstering financial investments and promoting greater confidence among local and international investors in the UAE’s financial system, leading to further strategic growth across the sector and fortifying the UAE’s role in the global Islamic economy.”
He added, “The remarkable success of the first auction for the issuance of T-Sukuk denominated in UAE Dirhams is a testament to the soundness of the financial and economic policies, the robust creditworthiness, and the efficiency of the UAE’s financial sector. It also supports the UAE’s stimulating investment environment globally to diversify investment and financial alternatives and continue sustainable growth underpinned by future visions and plans. We are pleased to have partnered with the Ministry of Finance in enhancing the UAE’s financial markets and improving the investment environment in the country.”
Dubai as global centre for Sukuk listings
Hamed Ali, CEO of Dubai Financial Market and Nasdaq Dubai, said, “The issuance of the T-Sukuk is an important development for the UAE capital markets attracting diversified investment categories to the country and providing an important investment tool for Islamic banking. The listing today further strengthens Dubai’s position as one of the largest centres for Sukuk listings globally with US$77.67 billion total value of Sukuk listed in Dubai.
This opens the path for regional and international investors to strengthen their links with the UAE government as well as to expand their investment options in the UAE. At Nasdaq Dubai, our mission supports the UAE Central Bank’s ambitious strategy to develop a strong fixed-income market in the UAE by providing investors with investment opportunities in sovereign issuances and a more effective yield curve gauge in debt instruments.”
The Ministry of Finance onboarded eight banks, namely Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank PJSC (ADCB), Emirates NBD, First Abu Dhabi Bank (FAB), HSBC, Mashreq, and Standard Chartered as Primary Dealers to participate in the T-Sukuk primary market auction and to actively develop the secondary market.
Palestinian President Mahmoud Abbas spoke at UN meeting to commemorate the forced displacement of Palestinians when Israel was founded 75 years ago
He called for an independent Palestinian state, full membership of the UN, and for Israel authorities to be held accountable for breaches of international law
As the UN on Monday officially commemorated the Palestinian Nakba, or “Catastrophe,” for the first time, President Mahmoud Abbas told representatives of member states that his people have the right to live in freedom and dignity in their own independent nation.
He also called for Palestine to be granted full membership of the UN; it currently holds the status of non-member observer state, which was granted in November 2012.
And he urged the organization to suspend Israel’s membership of the UN if it continues to ignore UN resolutions condemning the occupation of Palestinian territories and the building of Israeli settlements on Palestinian land, which are considered illegal under international law.
Abbas was speaking during a meeting of the Special Committee on the Exercise of the Inalienable Rights of the Palestinian People to commemorate the 75th anniversary of the Nakba, the word Palestinians use to describe the mass displacement from their land when the state of Israel was established in 1948. Between 1947 and 1949, about 750,000 Palestinians from a population of 1.9 million were forced out of their towns and villages, which were taken over by Jewish immigrants. Most of the displaced Palestinians fled to neighboring countries, where they settled as refugees.
The UN adopted a resolution this year to officially commemorate the Nakba for the first time, although 30 nations voted against it. Addressing the representatives of the many UN member states that attended Monday’s meeting, Abbas demanded that Israel and its main state supporters, namely the UK and US, acknowledge their responsibility for the Nakba, apologize to the Palestinian people and compensate them.
He said the Palestinian people have accepted Israel’s right to exist on the 78 percent of historically Palestinian land that makes up the state of Israel, and now demand only that they be allowed to establish their own state on the occupied territories of the West Bank and Gaza Strip. Israel occupied those and other Arab territories during the 1967 Arab-Israeli War.
Abbas reiterated that he is not opposed to the Jewish people or to Judaism, but rather “those who occupy my land, regardless of their beliefs.” He added that it is “the Israeli government that is responsible for the Nakba and for the killing, displacement and destruction” of Palestinians.
He called on the international community to hold Israeli authorities responsible for their actions in the occupied Palestinian territories and violations of international law.
“The international community should not accept, or stand idly by, the false claims of Israel,” said Abbas, and “Israel shouldn’t remain a state above the law.” He said Palestinians will pursue legal challenges at the International Criminal Court over Israel’s violations of international law and war crimes committed against the Palestinian people in the occupied territories.
He urged the UN to grant Palestine full membership because it is qualified to be one, and chastised the organization for not already having done so.
Senegalese diplomat, Cheikh Niang, the chairperson of the special committee, opened the meeting by reiterating its strong support for the rights of the Palestinian people, and calling for the end of the Israeli occupation of Palestinian land. He described the Nakba as the “epicenter” of Palestinian suffering, and condemned recent Israeli attacks on Gaza in which scores of Palestinians have been killed or wounded.
“The death of civilians, Palestinians and Israelis alike, is unacceptable and we urge all parties involved to end the hostilities,” he said.
“The Nakba, and the suffering of generations of Palestinians, is a story rarely told in history books, too often forgotten.”
Representatives of the African Union, the Gulf Cooperation Council, the Arab League, the Organization of Islamic Cooperation and a number of civil society groups expressed their solidarity with the Palestinian people and their right to an independent state.
They also acknowledged that the Nakba continues, as Palestinians remain under Israeli occupation and continue to suffer under similar conditions to those to which they were first subjected 75 years ago.
source/content: arabnews.com (headline edited)
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Palestinian Authority President Mahmud Abbas speaks during a high-level event to commemorate the 75th anniversary of the Nakba at the United Nations headquarters in New York on May 15, 2023. (AFP)
