South Africa posts trade surplus of $1.22bln rand in June
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
13 minutes ago
- The National
How everyone benefits from the UAE's growing non-oil economy
For many people, midway through the year is a good time to take stock, review progress and plan for the future. The same is true for countries and economies, making this week's news that Abu Dhabi's non-oil foreign trade in the first half of this year jumped 34.7 per cent annually to Dh195.4 billion ($53.2 billion) significant. As the emirate's non-oil economy continues to expand amid diversification drives and government initiatives, these latest figures reveal that a thriving, post-hydrocarbons UAE is no longer about near-future speculation; it is unfolding now. The reasons behind this are varied but they are not only of national interest – they have global relevance too. One important driver of the UAE's flourishing non-oil trade is the country's economic relationships with an expanding list of partner states. By signing new trade deals, such as the more than two dozen Comprehensive Economic Partnership Agreements (Cepas) struck in recent years, the Emirates is opening new markets, boosting trade and investment flows, and removing tariffs. The UAE's growing domestic manufacturing base also plays an important role in building up the non-oil economy; in 2023 alone, Abu Dhabi's industrial sector contributed to 16.5 per cent to the emirate's non-oil gross domestic product and represented 51.3 per cent of the UAE's manufacturing sector. Similarly, the UAE's growing relevance as an AI and technology hub gives it a critical role in the 21st-century global economy. Research from PricewaterhouseCoopers, one of the world's largest professional services companies, predicts that AI alone will contribute close to 14 per cent of the UAE's GDP by 2030. This aligns with the country's National Artificial Intelligence Strategy, which aims to have the technology contribute 20 per cent to non-oil GDP by 2031. None of this is to suggest that energy is taking a back seat, rather that the focus has changed. Energy is the engine of economic growth and hydrocarbons globally continue to play a vital role. Entities like XRG and the Emirates Nuclear Energy Company are leading the drive to ensure energy demands are met and sources are diversified. But the country is also investing billions in renewable energy projects and technologies. Although the focus so far has largely been on reducing the country's carbon footprint and ensuring a sustainable supply of domestic power in the future, the UAE looks set to become an important exporter of green energy. The country's National Hydrogen Strategy, for example, has the goal of becoming a top 10 global producer and supplier of low-emission hydrogen by 2031. None of these developments came to fruition overnight. They have required significant strategising, infrastructural investment and technical know-how All of the above require solid infrastructure, technical innovation and skilled people. This is certainly good news for the UAE because the country's commitment to developing these resources will not only boost its non-oil trade, it will also benefit citizens and residents. A recent train journey from Dubai to Fujairah taken by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, showed how the Etihad Rail project will not only be critical in economic terms by boosting logistics, connectivity and supply chains, it will improve the quality of life for those who live here. Job creation, more foreign direct investment and local supply chains for clean energy technologies will be important and beneficial consequences of the UAE's non-oil economy. None of these developments came to fruition overnight. They have required significant strategising, infrastructural investment and technical know-how. That takes years of planning but we are now seeing the fruits of that long-term vision. Success in driving the UAE's non-oil economy – alongside other important sectors such as tourism and financial services – shows that the country has been prescient in future proofing for uncertain times.
The National
7 hours ago
- The National
US could require bonds of up to $15,000 for some tourist visas under pilot scheme
The US could require bonds of up to $15,000 for some tourist and business visas under a pilot programme being launched in two weeks, a government notice said on Monday. The programme is aimed to crack down on visitors who overstay their visas. The move may make an already expensive process unaffordable for many. 'Aliens applying for visas as temporary visitors for business or pleasure and who are nationals of countries identified by the department as having high visa overstay rates, where screening and vetting information is deemed deficient, or offering citizenship by investment, if the alien obtained citizenship with no residency requirement, may be subject to the pilot programme,' said a preview of a notice to be posted in the Federal Register on Tuesday. It was not clear what countries would be affected but the notice said the list would be made public when the programme takes effect. The bond would not apply to citizens of countries enrolled in the Visa Waiver Programme, which enables travel for business or tourism for up to 90 days. The State Department said that under the 12-month pilot programme, people could be required to post bonds of $5,000, $10,000 or $15,000 when they apply for a visa. The funds will be returned to travellers if they depart within the terms of their visas, the notice said. It said the pilot programme is aimed at ensuring the US government does not become financially liable if a visitor fails to comply with the terms of their visa. President Donald Trump has made cracking down on illegal immigration a focus of his presidency, boosting resources to secure the border and arresting people who are illegally in the US. Last week, the State Department announced that many visa renewal applicants would have to submit to an in-person interview, something that was not required in the past. And the administration issued a travel ban in June that fully or partly blocks citizens of 19 nations from entering the US on national security grounds. While the notice singles out countries offering citizenship through investment, the administration introduced the Trump Gold Card in recent months, which provides a path to residency and citizenship if a person commits to investing at least $5 million in the US. A similar pilot programme was launched in November 2020 during the last months of Mr Trump's first term in office, but it was not fully implemented due to the drop in global travel associated with the pandemic. It also comes as the Trump administration continues to revoke the visas of international students who have Taken part in pro-Palestine activism, and as the US says it will screen applicants' social media presence for anti-Semitic content.
The National
10 hours ago
- The National
Donald Trump announces increased tariffs on India for buying Russian fuel
President Donald Trump on Monday announced the US would 'substantially' increase tariffs on India for buying Russian oil. The announcement comes as US special envoy Steve Witkoff is expected to travel to Russia later this week in an effort to secure a deal to end the Russia-Ukraine war. ' India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,' Mr Trump wrote in a post on Truth Social. 'They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.' Last week, he announced 25 per cent tariffs on India. India responded by describing the US actions as "unjustified and unreasonable". "Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," Foreign Ministry spokesman Randhir Jaiswal said in a statement. The Trump administration has been hesitant to enact sanctions on Russia – a favoured tool of former president Joe Biden's administration – but it has threatened to use other means to put pressure on Moscow. On July 14, Mr Trump gave Russia 50 days to end the war, or countries that import Russian oil will face 100 per cent tariffs. The deadline is Friday deadline for Moscow to stop the war or face Washington enacting secondary tariffs on countries that trade with Russia. 'We've got to get to a deal where people stop getting killed,' the President told reporters on Sunday, saying Mr Witkoff would head to Russia on Wednesday or Thursday. If a deal is not reached, Mr Trump said 'there will be sanctions'. 'But they seem to be pretty good at avoiding sanctions,' he added. 'You know, they're wily characters and they're pretty good at avoiding sanctions. So we'll see what happens.' Mr Trump campaigned on a promise to end the war in Ukraine within the first 24 hours of his second term but he has found resolving the conflict more difficult than he expected. At first Mr Trump took a more aggressive stance towards Ukraine and attempted a softer tone with Russian President Vladimir Putin, but he has been increasingly frustrated by Russia's continued military campaign, which has intensified in recent weeks. The conflict began in February 2022, when Russian forces invaded Ukraine in what they claimed was an effort to protect Russian-speaking communities in the eastern part of the country. Kyiv has been buoyed by an influx of funding and weapons from Western countries looking to counter Mr Putin, though the conflict has largely ground to a standstill. Mr Witkoff is expected to head to Russia from Israel. On Friday, he visited an aid distribution centre in Gaza.
