Presidents of UAE, Republic of Korea discuss strengthening special strategic partnership
ABU DHABI (WAM) UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Tuesday received a phone call from His Excellency Lee Jae-myung, President of the Republic of Korea.The two leaders discussed ways to enhance cooperation across various fields, particularly in the areas of economy, investment, energy, education, defence, technology, and sustainability.The discussions took place as part of the special strategic partnership between the UAE and the Republic of Korea, reflecting the two countries' shared interests and development-focused ambitions for the present and future.During the call, His Highness congratulated His Excellency Lee Jae-myung on assuming office, wishing him success in leading his country towards further progress and growth.His Highness also expressed his keenness to work closely with His Excellency Lee Jae-myung to continue strengthening UAE-Korea relations and advancing the objectives of their special strategic partnership in support of joint development and the prosperity of both nations and their peoples.The call also addressed a range of regional and international issues of mutual concern, with a focus on the importance of supporting efforts to promote peace, stability, and development in the Middle East for the benefit of all its peoples.
His Excellency Lee Jae-myung thanked His Highness Sheikh Mohamed bin Zayed Al Nahyan for his warm congratulations and sincere sentiments towards the Republic of Korea and its people, reaffirming his commitment to bolstering bilateral ties and expanding opportunities for cooperation between the two nations.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TAG 91.1
27 minutes ago
- TAG 91.1
UAE and Greece leaders discuss strategic ties
The UAE and Greece have reaffirmed their commitment to stronger ties. President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Greek Prime Minister Kyriakos Mitsotakis have held a phone call to discuss expanding cooperation across key sectors. Their talks focused on areas including the economy, investment, advanced technology, artificial intelligence, food security and renewable energy. The two leaders emphasised the importance of accelerating development and deepening the UAE-Greece Comprehensive Strategic Partnership. They also exchanged views on regional and global issues, stressing the need for peaceful solutions to ongoing conflicts, and stronger push for dialogue and diplomacy.
Khaleej Times
33 minutes ago
- Khaleej Times
The rise of private wealth hubs: Is Dubai really the ‘Geneva of the Gulf'?
In the constantly evolving global wealth landscape, Dubai is emerging as one of the most strategically positioned private wealth hubs, bridging the East and the West. Comparisons to Geneva or Singapore are often made, but the UAE's model is distinct and unique. It is policy led, future focused, and increasingly family office friendly. Wealth is migrating, and not just geographically. High-net-worth individuals (HNWIs), ultra-high-net-worth individuals (UHNWIs), and family offices are looking for more than just tax efficiency or luxury. They want stability and security, proximity to emerging markets, strong legal and regulatory frameworks, access to top-tier talent and services, and residency and lifestyle incentives for intergenerational wealth. Dubai absolutely ticks all of these boxes and more, and increasingly, it is doing so with world-class policies and infrastructure. The UAE's ambition to become a private wealth capital is no longer just an aspiration, it is a reality that is accelerating at a fast pace. Key drivers include progressive regulation, with Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) offering internationally aligned legal structures and new family office frameworks. DIFC's Global Family Business and Private Wealth Centre, launched in 2022, was the first of its kind worldwide, offering licensing, concierge services, and transition planning. Long-term residency and lifestyle incentives are among the UAE's most compelling advantages. The Golden Visa, Green Visa, and retirement residency schemes provide families with enduring stability and effortless international mobility. Coupled with a tax-free lifestyle, the UAE offers an exceptionally high standard of living that caters to every demographic, rooted in exceptional levels of convenience, safety, wellness, and community. When combined with world-class education and healthcare, these attributes firmly position the UAE as one of the most desirable and secure places in the world to live, work, invest and raise a family. Dubai's geostrategic location is also crucial. Within an eight-hour flight of 80 per cent of the global population, it is a central hub between Europe, Asia, and Africa. The city is now a top choice for family offices relocating from across the World. We are also witnessing a redefinition of family offices, from traditional wealth preservation to direct investment in startups and infrastructure, philanthropy and ESG alignment, succession planning and next-gen entrepreneurship, and co-investment platforms and private syndicates. Dubai is positioning itself not just as a storage vault, but as a catalyst for family-driven innovation and capital deployment. What truly makes a wealth hub sustainable is not just policy, it is reputation, regulation and expertise. Dubai is attracting top private bankers, wealth advisers, legal experts, and investment consultants from around the world. But beyond technical competence, there's an emerging ecosystem built on discretion and confidentiality, multi-generational advisory, Sharia-compliant structuring options, and cultural fluency combined with international connectivity. Dubai is reimagining what a private wealth capital can be. Flexible, global, future-facing and deeply rooted in regional growth. As families around the world seek purpose and structure in how they manage their legacies, the UAE offers them a home and a strategic platform for generations to come. This transformation is part of a broader strategy by the UAE to align its financial ecosystem with global best practices whilst maintaining the agility and openness that attracts mobile capital. Whereas Geneva and Singapore established their reputations as global wealth centers over the course of several decades, Dubai is attaining a comparable stature within just a generation! The conversation has therefore shifted from questioning whether Dubai can emerge as a private wealth hub, to examining how it will define the next chapter in global private capital stewardship. The writer is director of business development – Middle East at Colliers.
Khaleej Times
an hour ago
- Khaleej Times
Dubai Duty Free posts record half-year sales with revenue of Dh4.118 billion
Dubai Duty Free on Wednesday announced that half-year sales posted a 5.34 per cent year-on-year increase, with turnover reaching Dh4.118 billion ($1.128 billion) for the first six months of 2025. This exceeded last year's previous record turnover for the first half of the year by Dh208.95 million. The airport retailer recorded robust growth in April, May and the first half of June, with sales buoyed by a surge in travel over the Eid holiday and the early summer travel season. Dubai Duty Free managing director Ramesh Cidambi said: 'We are very pleased with our record performance for the first half of 2025. Whilst we await the final passenger numbers for June 2025, the spend per passenger is likely to be better than last year June. This performance is a testament to our team's hard work and the strength of Dubai as a global travel hub.' Perfumes, beverages, cigarettes & tobacco, gold and confectionery retained the top five category positions. Perfume sales reached Dh744.24 million, contributing 18 per cent of total revenue and showing an increase of five per cent over the same period last year. Beverages followed with sales of Dh513.37 million, while cigarettes & tobacco sales rose 12.24 per cent year-on-year with sales of Dh439.91 million. Gold sales amounted to Dh416.90 million, contributing 10.12 per cent of total revenue and an increase of 6.14 per cent. Confectionery in particular continued to demonstrate strong growth, achieving Dh412.52 million, marking an 62.70 per cent increase over the same period last year and accounting for 10 per cent of total revenue. Another notable increase was seen in cosmetics, which rose by 3.36 per cent to Dh201.51 million contributing 4.89 per cent of total revenue. Spending trends across terminals continued to increase with duty free sales in Terminal 3 increasing by 6.37 per cent for the first half of the year, while Terminal 1 rose by 5.25 per cent. All key passenger regions showed positive sales during the first half of the year, with Europe up 16.89 per cent, the Russian region up 4.41 per cent, the Indian-sub continent up 1.02 per cent and the Middle East up 8.15 per cent. Looking ahead, Dubai Duty Free will continue to enhance its retail operation following the successful renovations of its three Arrivals Shops in the first half of the year. The company remains optimistic for the second half of the year, with preparations underway a busy summer and traditional busy last quarter. 'We are looking forward to an equally busy second half of the year. Plans are very much in place for the opening of three luxury boutiques in Terminal 3 Concourse A including Louis Vuitton, Chanel and Cartier,' added Cidambi.
