The Federal National Council (FNC) said it is confident that the UAE, under President His Highness Sheikh Mohamed, will see a new era of achievements and development, reports Asian Lite Newsdesk
The Federal National Council (FNC) has confirmed trust in His Highness Sheikh Mohamed bin Zayed Al Nahyan, as president of the UAE to ensure a bright future for the nation.
This statement was made by the FNC on the occasion of the election of President His Highness Sheikh Mohamed, which was given by Saqr Ghobash Speaker of the FNC, during its 10th session of the ordinary third term of its 17th legislative chapter, which was held today as a memorial service for the late Sheikh Khalifa bin Zayed Al Nahyan.
“The FNC congratulates the Emirati people on the election, by Their Highnesses Supreme Council Members and Rulers of the Emirates, of His Highness Sheikh Mohamed bin Zayed Al Nahyan as President of the UAE. The FNC, as the representative of the Emirati people, pledges allegiance to President His Highness Sheikh Mohamed with complete loyalty and devotion,” Ghobash said.
“The FNC reaffirms full trust in our President and protection of the Union His Highness Sheikh Mohamed, who is known for his love for the country and citizens and is keen to ensure a bright future for the nation as well as his support for the peace and stability of Arab countries.
“The FNC is confident that the UAE, under President His Highness Sheikh Mohamed, will see a new era of achievements and development. The country will continue to be the nation of giving, tolerance, safety and security,’ he added.
Meanwhile, President Sheikh Mohamed on Wednesday received more phone calls from world leaders, during which he received their condolences over the passing of Sheikh Khalfia bin Zayed.
He received condolence calls from Ukrainian President Volodymyr Zelenskyy; Sri Lankan President Gotabaya Rajapaksa; Mario Abdo Benítez, President of Paraguay; Cyril Ramaphosa, President of South Africa; and Karl Nehammer, Chancellor of Austria.
They noted the virtues of the late president, and his track record of national achievements. They also congratulated Sheikh Mohamed on his presidential election, stressing their countries’ willingness to enhance partnership ties with the UAE across all fields.
For his part, Sheikh Mohamed thanked them for their sincere feelings, wishing their countries more development and prosperity.
Economic partnerships under MBZ
The UAE has earned significant international trust that has been translated into several investments and strategic economic projects, thanks to Sheikh Mohamed bin Zayed.
Following Sheikh Mohamed’s visit to Egypt in 2016, the UAE provided US$4 billion to support the country, including $2 billion for investments in several developmental areas, and $2 billion as a deposit in the Central Bank of Egypt (CBE).
As part of its support for development efforts undertaken by other countries, the UAE allocated $2 billion to launch investment projects and provide loans for Mauritania, enhancing the relations between the two countries in various areas, most notably in the economic field.
These efforts also included this year’s signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India that should increase non-oil trade between the two nations to mor than AED100 bn.
The economic projects announced by the UAE include the establishment of a $10 billion fund to encourage investment in Turkey, support the Turkish economy, and strengthen cooperation between the two countries. The fund focuses on strategic investments, most notably in the logistics sectors, energy, health and food.
During the last year’s visit of President Sheikh Mohamed to the United Kingdom, a partnership agreement was signed between Mubadala Investment Company and the UK’s Department of International Trade covering sovereign investments valued at 10 billion pounds between the UAE and the UK. The agreement includes investment in the sovereign investment partnership between the two countries, which is supervised by the UK Office for Investment and Mubadala and will focus in the coming years on providing major investments in three sectors: technology, infrastructure and renewable energy.
During the visit of President Sheikh Mohamed to China in 2015, the two countries launched the Joint Strategic Investment Fund worth $10 billion to enhance their economic and political cooperation.
The UAE also announced that it invested $10 billion in Indonesia’s sovereign wealth fund – Indonesia Investment Authority, with a focus on strategic sectors, most notably infrastructure, roads, ports, tourism, agriculture and other promising sectors that have considerable prospects for growth and will help achieve economic and social growth and progress in Indonesia.
In May 2022, the UAE signed a Memorandum of Understanding to establish a joint investment fund in several vital sectors in Greece worth $4.2 billion.