RIYADH: In a bid to strengthen air transport relations with Austria, the UAE has reached a transport services agreement with the European state.
Signed at the Vienna-based Ministry of Foreign Affairs, the deal unlocks new avenues for joint cooperation in trade, private sector relations, and competitiveness.
Hamad Al-Kaabi, the UAE’s Ambassador to Austria, signed the contract on behalf of his government, while Secretary-General of the Ministry of Foreign Affairs Peter Tieffenthal represented the Austrian side.
Al-Kaabi said: “This agreement paves the way for strengthening bilateral relations between the two countries and increasing trade exchange, especially in light of the expected rise in reciprocal flights and the bolstered air transport services network, which will benefit transport companies in both countries and support the tourism sector.”
Saif Al-Suwaidi, director general of the UAE’s General Civil Aviation Authority, added: “The signing of this agreement will enhance the distinguished relations between our two countries, create new opportunities for trade, support the operations of national carriers, enhance private sector partnership, and encourage economic competition.”
Ryse Energy penetrates US market as it acquires Primus Wind Power
The UAE-based renewable energy firm Ryse Energy has acquired the US manufacturer of micro wind turbines Primus Wind Power, paving its way for entry into the North American market.
The purchase made by the company, which is situated in Abu Dhabi’s Masdar City, also expedites the production of its US manufactured wind turbines.
Ryse Energy also said in its statement on Wednesday that it offers grid-connected or off-grid alternatives with energy storage for wind and solar as stand-alone technologies.
With this acquisition, the company’s small turbine portfolio now includes Primus Wind Power’s AIR turbines, as well as “unlocks strategic synergies,” added the company.
Fitch affirms Abu Dhabi’s AA rating and gives it a stable outlook
Fitch Ratings has affirmed Abu Dhabi’s long-term foreign-currency issuer default rating at “AA” with a stable outlook.
This comes against the backdrop of the emirate having high gross domestic product per capita, robust fiscal and external standings, and limited state debt.
“Government debt is among the lowest of Fitch-rated sovereigns and sovereign net foreign assets among the highest,” stated the agency.
The rating is limited by Abu Dhabi’s high reliance on hydrocarbons, a weak but improving economic policy framework, and subpar governance indicators when compared to peers, according to the report.