Consulate General of the UAE in Lagos Bulletin

UAE
ECONOMIC BULLETIN
DECEMBER 2020
UN ACCEPTS THE UAE INITIATIVE TO MARK THE
4 TH OF FEBRUARY AS INTERNATIONAL DAY FOR HUMAN
FRATERNITY
Contents
Pg.2 ADNOC becomes highest rated oil
and gas company in the world.
Pg.3 UAE ranks 1st regionally and 2nd
globally in telecom sector quality and
evolution.
Pg.4 Emirates airlines wins airline of the
year award 2020.
Pg.5 DMCC'S Dubai diamond exchange
hosts the largest rough diamond tender
ever to take place in the UAE
Pg..6 Barakah 1 achieves 100% rated
capacity
Pg.7 UAE achievements 2020
Pg.9 Recap of activities of the UAE in
Nigeria.
Sincere Christmas greetings to
our Christian friends in the UAE
and around the world. We wish
that peace, security, tolerance
and goodness prevail worldwide.
The international community is set to
observe February 4 as International Day
for Human Fraternity an initiative that
was introduced by the UAE, Bahrain,
Egypt and Saudi Arabia. The day will be
marked annually beginning 2021.
Through this initiative, the world would
aspire to celebrate together, shared values
of acceptance, openness, empathy, and
love amongst each other.
"We thank the United Arab Emirates, who
through the UAE Mission to the United
Nations, made this new achievement in
the service of humanity,” Abdelsalam
Secretary-General of the Higher
Committee of Human Fraternity (HCHF)
said.
It also highlights the need for a
global response to the pandemic
built upon unity, solidarity, and
renewed multilateral cooperation.
The resolution further recognizes
the valuable contributions of
people of all religions and beliefs to
humanity & underlines the role of
education in promoting tolerance
and eliminating discrimination
based on religion or belief. It
commends all international,
regional, national, and local
initiatives and efforts by religious
leaders to promote interreligious
and intercultural dialogue.
@UAEinLagos

ADNOC BECOMES HIGHEST RATED OIL AND GAS COMPANY IN
by Brand Finance a valuation and
THE WORLD.
flexible approach to strategic
Adnoc has achieved numerous
milestones over the years, with its
greatest strides over the last two
years and has just become the
only oil and gas company to
receive the AA+ rating and Long
term issuer default rating(IDR) of
AA with a stable outlook to
Adnoc by one of the top 3
statistical rating organisations in
the world; Fitch, making it the top
rated oil and gas company in the
world.
strategy consultancy. Just this
month, Andoc distribution
reported an 18 percent increase in
the net profit from 2018.
The UAE minster of state and
Adnoc group ceo, said the latest
ratingrecognises adnoc’s world
class resources” as well as its
strong operating and financial
performance, robust financial
profile and disciplined
investment model.”
partnerships and the more
efficient and active
management of our capital and
assets and validate the bold
ambitions we have set for
Adnoc under our progressive
2030 strategy,” he added.
Recently announced the most
valubale brand in the middle east
“These best-in-sector ratings
also reflect our more open and
@UAEinLagos 2

UAE RANKS 1ST
REGIONALLY AND
2ND GLOBALLY IN
TELECOM
SECTOR QUALITY
AND EVOLUTION.
The Information and
Communication Technology,
ICT, sector in the UAE has
achieved significant progress in
global ranking from the 6th to
2nd, according to the Global
Competitiveness Index, issued by
the World Economic Forum.
This index is considered one of
the most important global
competitiveness reports that
countries rely on to measure the
performance of their sectors.
The ICT sector ranked first
among other sectors in the
country in the level of progress in
the global ranking. The GCI also
measures the efficiency and
competitiveness of the ICT
sectors in the world through the
"ICT adoption" pillar, which
includes a number of global
competitiveness indicators that
measure the sector’s
performance.
Commenting on these
achievements, Hamad Obaid Al
Mansoori, Director-General of
the Telecommunications
Regulatory Authority, TRA, said,
"The UAE's achievements in
global indicators are cumulative telecommunications
milestones towards the goal we infrastructure. This would raise
all seek to achieve the country's the sector's readiness to meet the
global leadership in all fields,
needs of the rapidly evolving
especially the ICT sector due to telecommunications technology
its exceptional importance as an to ensure smooth and fast
indicator of progress in all
adoption of modern technology in
sectors."
the country, especially as we are
"In the UAE, under the directives
on the threshold of the Fourth
of the wise leadership, We are
Industrial Revolution, which
working to create suitable
requires preparedness to keep up
conditions to accommodate
with future technology such as
advanced technologies, including
autonomous vehicles, robots,
Artificial Intelligence and the
blockchain, 3D printing and
Internet of Things, in order to
more."
reach the principle of
Furthermore, the UAE also
sustainability and increase the advanced from 25th to 2nd
happiness of society," he added. position globally in the
In turn, Tariq Al Awadhi,
Telecommunication Infrastructure
Executive Director of Spectrum
Index, TII - a global competitive
Affairs and the Leader of the
index issued by the United
National Agenda Team at TRA,
Nations in 2019 - surpassing
said, "TRA continues to work
many developed countries in the
with the operators to raise the
sector, and reflecting the level of
country's ranking in global
development of the ICT sector in
competitiveness indicators by
the UAE.
developing the
@UAEinLagos 3

The consistent delivery of safety
measures and hygiene standards
while maintaining high service
levels resulted in Emirates being
rated the safest airline in the
world in its response to the
COVID-19 Pandemic according
to the Safe Travel Barometer.
EMIRATES
AIRLINES WINS
AIRLINE OF THE
YEAR AWARD
Emirates airline took home the
Airline of the Year award at the
2020 Aviation Business Awards.
The airline was recognised for its
resilience, agility and innovation
in the face of the global
pandemic, often leading the
industry in its initiatives to boost
traveller confidence and comfort.
Emirates was also hailed for its
customer centric approach,
optimising the utilisation of its
fleet to generate revenue, striking
a balance between business
imperatives with new health and
safety protocols, while
maintaining its industry-leading
passenger experience.
Emirates has taken numerous
steps to ensure the safety of its
passengers and crew, which
included complimentary hygiene
kits for all passengers, dedicated
crew to maintain onboard
lavatory cleanliness, protective
screens at check-in desks,
thermal scanning and social
distancing markers at the airport,
PPE for frontline employees,
enhanced aircraft cleaning and
disinfection protocols, and more.
On the ground, Emirates
launched self-check in and bag
drop kiosks at DXB, with the aim
to reduce person to person
contact. This was followed with
the launch of the world’s first
biometrics path offering
customers a frictionless journey
across four key checkpoints at the
airport.
Emirates became the first mover
in the airline industry to offer free
COVID-19 medical cover for
customers travelling to any
destination on its network. Later
in the year, Emirates took the
initiative a step further to offer
the industry’s first multi-risk
travel insurance and COVID-19
cover, which took effect on 1
December.
As the COVID-19 vaccine is
quickly being introduced in some
countries, Emirates Sky Cargo is
stepping up its readiness to
handle the logistical complexities
of its global distribution by
creating the world’s first
dedicated airside cargo hub for
the vaccine in Dubai. Sky Cargo
is currently planning for the
reopening the Emirates Sky
Central DWC cargo terminal in
Dubai South to serve as a
dedicated anchor hub for cold
chain storage and distribution of
the vaccine.
@UAEinLagos 4

DMCC'S DUBAI
DIAMOND
EXCHANGE HOSTS
THE LARGEST
ROUGH DIAMOND
TENDER EVER TO
TAKE PLACE IN
THE UAE
The largest rough diamond tender
ever to take place in the United
Arab Emirates (UAE) was hosted
by the world’s flagship Free Zone
and Government of Dubai
Authority on commodities trade
and enterprise
A total of 379,912 carats of rough
diamonds were sold, valued at
USD 87.47 million (AED 321.29
million) with 115 winning
customers. Over 250 companies
participated in the tender and 500
individuals flew into Dubai to
take part in the event with
delegates from India, Hong Kong,
Russia, Israel, Belgium and
Lebanon. The record-breaking
tender, organised by Stargems
DMCC in Almas Tower, offered
clients the opportunity to bid for
rough diamonds from South
Africa and Angola over an eightday
period.
Ahmed Bin Sulayem, Executive
Chairman and Chief Executive
Officer, DMCC, said: “We
would like to extend our heartfelt
congratulations to Stargems on
this extraordinary achievement.
Despite the obstacles posed by
the pandemic, this recordbreaking
tender is a tremendous
boost of confidence for the entire
industry and testament to the
strength and resilience of Dubai’s
diamond ecosystem. DMCC’s
strategic location, unmatched
global connectivity and state-ofthe-art
infrastructure mean that
we remain the destination of
choice for international trade. In
light of this, we are optimistic
about the future of the industry
and are confident that Dubai is
well on its way to becoming the
world’s leading diamond trading
hub.”
The tender was held under strict
health and safety measures
implemented by DMCC,
including social distancing
measures alongside regular
disinfection procedures to ensure
a safe experience for everyone.
Shailesh Javeri, Chairman,
Stargems Group said: “We are
delighted to have run the largest
rough diamond auction to be held
in the UAE. We would like to
thank the DMCC and the DDE
for all their support. Stargems is
looking forward to running more
auctions in Dubai in 2021.”
@UAEinLagos 5

BARAKAH 1
ACHIEVES 100%
RATED CAPACITY
The Emirates Nuclear Energy
Corporation, ENEC, has
announced that its operating and
maintenance subsidiary, Nawah
Energy Company, has
successfully achieved 100% of
the rated reactor power capacity
for Unit 1 of the Barakah Nuclear
Energy Plant. This major
milestone brings the Barakah
plant one step closer to
commencing commercial
operations, scheduled in early
2021.
The Barakah Nuclear Energy
Plant is the largest source of clean
baseload electricity in the
country, capable of providing
constant and reliable power in a
sustainable manner around the
clock. This significant
achievement accelerates the
decarbonisation of the UAE
power sector, while also
supporting the diversification of
the Nation’s energy portfolio as it
transitions to cleaner
electricity sources.
As the Nation looks towards the
next 50 years of achievements,
the Barakah plant will generate
up to 25 percent of the country’s
electricity, while also acting as a
catalyst of the clean carbon future
of The Nation.
Nawah is responsible for
Association of Nuclear Operators,
operating Unit 1 and has been WANO.
responsible for safely and steadily
Construction of Units 3 and 4 are
raising the power levels since it
in the final stages with 93 percent
commenced the start-up process
and 87 percent complete
in July, and connection to the grid
respectively, benefitting from the
in August.
experience and lessons learned
Achieving 100% power is one of during the construction of Units 1
the final steps of the Power
and 2, while the construction of
Ascension Testing (PAT) phase the Barakah Plant as a whole is
of the start-up process for Unit 1. now more than 95 percent
Nawah’s highly skilled and
complete.
certified nuclear operators will
Once the four reactors are online,
carry out a series of tests before
Barakah Plant will deliver clean,
the reactor is safely shut down in
efficient and reliable electricity to
preparation for the Check Outage.
the UAE grid for decades to
During this period, the Unit 1
come, providing around 25
systems will be carefully
percent of the country’s
examined, and any planned or
electricity and preventing the
corrective maintenance will be
release of up to 21 million tons of
performed to maintain its safety,
carbon emissions annually – the
reliability and efficiency prior to
equivalent of removing 3.2
the commencement of
million cars off the roads each
commercial operations.
year.
The Power Ascension Testing of
Unit 1 is overseen by the
independent national regulator –
the Federal Authority for Nuclear
Regulation (FANR), which has
conducted 287 inspections since
the start of Barakah’s
development. These independent
reviews have been conducted
alongside more than 40
assessments and peer reviews by
the International Atomic Energy
Agency, IAEA, and World
@UAEinLagos 6

UAE MAJOR ACHIEVEMENTS 2020
The UAE takes the
initiative to spread
peace
The UAE: a pioneer in
humanitarian aid
UAE Bid for UN
Security Council
Membership
The UAE: a model of
coexistence, tolerance
and innovation
MoFAIC: safeguarding
the interests of Emirati
citizens abroad during
one of the most
challenging global
crises
The Post-COVID19
Government and new
ministerial decisions
Expo 2020 Dubai
A diversified economy
to face future
challenges
Abraham Accords Peace Agreement between the UAE and Israel on 15th September, 2020,
signaling a new page in the relations between the two countries and promoting concerted efforts to
enhance stability and security in the region
The UAE has consistently been one of the world’s most generous donors relative to gross national
income and has provided assistance to more than 175 countries. International Humanitarian City
serves as the UN’s largest logistics and supply hub, and the UAE is serving as a critical partner to
the World Health Organization and World Food Programme in the response to COVID-19.
The United Arab Emirates seeks elected membership on the United Nations Security Council for the
2022 – 2023 term in order to advance inclusion, spur innovation, build resilience and secure peace.
As a candidate for the Security Council, the UAE will be a constructive partner to address some of
the critical challenges of the current time: promoting gender equality, fostering tolerance and
countering terrorism and extremism, and building resiliency to climate change. It will also priorities
humanitarian relief and sustaining peace, tackling global health crises and pandemics, and
harnessing the potential of innovation for peace
Individuals from more than 200 nationalities call the UAE home and the country is proud to host
dozens of Christian churches, two Hindu temples, a Jewish synagogue, a Sikh temple and a
Buddhist monastery. In 2022, the UAE will complete the Abrahamic Family House, which will
bring together Christian, Jewish and Muslim houses of worship
The Ministry of Foreign Affairs and International Cooperation, in coordination with the National
Emergency, Crisis and Disasters Management Authority, led the response plan since the onset of the
crisis of the novel coronavirus outbreak, initiating the repatriation of Emirati citizens from a number
of affected countries
The new structure includes the closure of 50% of government services centers and their
transformation into digital platforms within a period of two years, and the mergers of around 50%
of federal authorities with other authorities or ministries. Also, the appointments of new ministers of
state and CEOs of specialized sectors
Under the postponement, Expo 2020 will be held from October 1, 2021, to March 31, 2022, which
will allow all participants time to overcome the repercussions of the COVID-19 pandemic, and
allow the World Expo to focus on the common desire to formulate new thinking to find solutions to
some of the most pressing challenges
The country has been actively working to diversify its economy and has been witnessing notable
developments and the expansion of numerous non-oil sectors, including media, ICT, tourism,
renewable energy, manufacturing, and commercial aviation.
Sustainability in the UAE is based on several vital sectors such as the economy and industry, which
go hand in hand. The UAE Government’s policy of diversification emphasized the need to develop
non-oil sectors to create a more robust economy. In 1975, oil formed 58.4 percent of the economy.
In 2018, oil formed 25.9 percent of the economy. As a percentage of GDP, the oil will make up 20
percent by 2025, signaling a major reduction and turn to non-oil sector growth
The year 2021 and the
winds of the future
By 2021, the UAE intends to achieve its vision for this year, which aims to set the UAE among the
best countries in the world in terms of economic and social development, by the golden jubilee of
the union.
The National Agenda includes a set of national indicators in the sectors of education, health,
economy, security, housing, infrastructure, and government services. The leadership periodically
reviews these indicators to ensure the achievement of its goals by 2021
@UAEinLagos

Ten major
achievements to
celebrate this year
Power & Energy
Covid battle
Banking
Despite the global challenges posed by the pandemic the UAE made great strides in all
fields and breakthroughs this year.
The launch of the Hope Probe to Mars and the announcement of the first Arab project to
explore the Moon grabbed the global attention. The Hope Probe will reach Mars at 19:42
on February 9, 2021. In October, 2020, the UAE announced a new satellite, MBZ-Sat,
which is the second satellite to be fully manufactured by Emirati engineers
The UAE officially joined the nuclear energy club with the successful operation of the
Barakah Nuclear Energy Plant's first nuclear reactor that generates environmental-friendly
electricity. The discovery of new natural gas and oil fields was also a major development in
energy sector. On November 18, 2020, the plant’s first reactor reached 80 per cent of its
energy production capacity
The UAE contributed to the global fight against Covid-19 by extending its humanitarian
presence across the globe to provide urgent medical aid to around 120 countries. Its local
work in addressing the pandemic is one of the most successful in the world
The UAE also ranked first in the world in 23 indexes, and ranked among the top five
countries in the world in 59 indexes, as well as among the top 10 in the world in 106
indexes, out of the total 338 indexes in the report
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@UAEinLagos 9