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☆ Dubai bling: Billions of dollars worth of African gold is being smuggled into the UAE each year, research finds
▼ + stars: | 2024-05-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

The vast majority of it goes to the United Arab Emirates, according to research published by the independent Switzerland-based aid and advocacy organization SwissAid. Most industrial gold exported from African countries goes to South Africa, Switzerland and India. Industrial gold, which makes up roughly 11% of all gold produced, is used in the medical, electronics, automotive, aerospace and defense industries. But the majority of artisanal and small-scale mining, or ASM, gold produced on the continent — to the tune of 80% to 85% — goes to the UAE, SwissAid wrote. A selection of gold jewellery displayed in the window of a store in the Dubai Gold Souk in Deira, in the United Arab Emirates.

Persons: Waldo Swiegers, SwissAid, Yui Mok Organizations: Rand, Bloomberg, Getty Images, United Arab Emirates, Dubai Gold, United, CNBC, UAE's Ministry Locations: Germiston, South Africa, Getty Images DUBAI, United Arab, Africa, Switzerland, UAE, India, Dubai, Dubai Gold Souk, Deira, United Arab Emirates

☆ India, UAE close to deal on renewable electricity grid link, Indian minister says
▼ + stars: | 2023-01-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

The OSOWOG initiative, first proposed by Indian Prime Minister Narendra Modi, aims to transfer renewable energy power through connecting grids. Singh said the UAE has also indicated it would like to invest more in India's renewable energy projects, including solar and wind. India and the UAE also signed a Memorandum of Understanding on Jan. 13 on green hydrogen development, produced using renewable energy, India's embassy in the UAE said on Twitter on Friday. "He (Jaber) is the point man for renewables, for climate change," the Indian minister said. Jaber is also the UAE's minister of industry and advanced technology and helped to establish Abu Dhabi's renewable energy firm Masdar in 2006.

☆ The UAE will now be able to enforce UK court rulings, changing Dubai's 'safe haven' status
▼ + stars: | 2022-09-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The change applies to all court rulings for non-criminal civil, financial and marital cases and is already in affect. It represents a significant step-up in cooperation between the UAE and the U.K., longtime partners in trade, diplomacy and defense. This was due to what the UAE described as a lack of "reciprocity," as the U.K. generally did not enforce UAE court rulings. The new ruling announced Wednesday will, in principle, make it no longer possible for those sentenced in civil cases in the U.K. to flee to the UAE and avoid paying debts. Some legal experts predict a surge in cases by creditors pursuing debt repayments from people who have left the U.K. for the UAE.

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