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UAE Signs 12 MoUs to Develop Area 2071

The signing ceremony overseen by Sheikh Mohammed bin Rashid Al Maktoum (Media Office of Government of Dubai)
The signing ceremony overseen by Sheikh Mohammed bin Rashid Al Maktoum (Media Office of Government of Dubai)
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UAE Signs 12 MoUs to Develop Area 2071

The signing ceremony overseen by Sheikh Mohammed bin Rashid Al Maktoum (Media Office of Government of Dubai)
The signing ceremony overseen by Sheikh Mohammed bin Rashid Al Maktoum (Media Office of Government of Dubai)

The United Arab Emirates (UAE) signed 12 memorandums of understanding (MoU) on Monday with a number of future partners to develop an innovation and manufacturing area, which will help enhance its strategic plan "UAE Centennial 2071".

The MoUs tackle several sectors such as aviation, transport and logistics, health, retail, consumer goods, technology and more, adding up to over 11 vital sectors.

Vice President and Prime Minister of UAE, Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum attended the signing ceremony of the MoU “Partners of the future 2071” between Area 2071 and a number partners representing local and international companies.

The signing ceremony was attended by Crown Prince of Dubai and Chairman of Dubai Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Minister of Cabinet Affairs and The Future Mohammad bin Abdullah Al Gergawi, Minister of State for Financial Affairs Obaid bin Humaid Al Tayer, Minister of State for Happiness and Wellbeing Ohoud bint Khalfan Al Roumi, and Minister of State for Artificial Intelligence Omar bin Sultan Al Olama.

During the event, Sheikh Mohammed stated that Area 2071 was launched to provide a zone dedicated to innovation and industry of the future.

He explained that 12 MoUs were signed with various partners in 11 vital sectors.

"Area 2071 will see specialized labs and partnerships between governments and global tech leaders, who will work together to design the future," announced bin Rashid.

Last May, Mohammed Bin Rashid inaugurated the "2071 Zone" at the Emirates Towers in Dubai to serve as an incubator for future design and manufacturing partners and as a venue for companies, services and smart laboratories worldwide.

Several entities signed MoUs with Area 2071, including the United Nations, Pfizer, Proctor and Gamble, Ernst and Young, the Mohammed bin Rashid Center for Government Innovation, the Dubai Department for Economic Development, Pico Capital, Genco General Contracting, IBM International, E11, 1776, DP World, and Wamda Capital.

Area 2071 currently includes the UAE’s Government Accelerators as part of the government’s mission to intensify efforts and accelerate government work by addressing challenges facing various public sectors.

It also includes Dubai Future Accelerators which seek to develop an innovative system that links government entities in the UAE with the most important international experts in order to best serve the various vital sectors in the country.

The Youth Hub is also part of Area 2071 as one of the world’s best centers for youth under the age of 30 to work and develop innovative ideas.

Area 2071 seeks to attract more world-class institutions, specialized laboratories, research center and creative people including scientists and researchers, to enhance innovative solutions to development challenges facing the UAE and the world.

The area will seek to help humanity as a whole by providing a model, developed by the finest minds, experiences and resources in the world, to face the most pressing humanitarian challenges and build our future societies.

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Business

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
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Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 

Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.