Latest news with #AhmedAlSayegh
The National
10-07-2025
- Business
- The National
EU votes to remove UAE from ‘high-risk' money-laundering list
The EU has voted to remove the UAE from its list of countries that pose a high risk for money laundering and terrorist financing amid a drive in the Emirates to boost its regulatory framework. The European Parliament decided not to object to the European Commission's proposal to amend the EU list of high-risk countries, enabling the removal of the UAE. The Financial Action Task Force, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on that list in 2022. UAE Minister of State Ahmed Al Sayegh said the decision is "independent recognition" of the UAE's commitment to the highest international standards in combating global financial crime. "The UAE remains a reliable and strategic partner to the EU, committed to ensuring AML/CFT systems are not only robust, but also future-proof and capable of addressing emerging global threats. As one of the world's fastest growing economies and as a trusted global financial hub, the UAE will continue working with all our global partners to safeguard the integrity of the global financial system," Mr Al Sayegh said in a statement on Wednesday. The outcome reflects the UAE's sustained and swift action and integrated national response to financial crime risks, said Hamid Al Zaabi, secretary general and vice chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee. "The country has significantly enhanced its legal, regulatory and operational frameworks, including increased inter-agency co-operation and a sharp rise in enforcement outcomes," he said. "These reforms were recognised by the FATF in February 2024, when it removed the UAE from its grey list — an important development that directly informed the Commission's decision, endorsed by today's vote." Building on that momentum, the UAE engaged in sustained technical dialogue with EU institutions — particularly through the UAE-EU Strategic Dialogue — which reinforced co-operation on financial intelligence sharing, cross-border investigations and asset recovery. These actions "addressed residual concerns" within the European Parliament and demonstrated the UAE's ongoing commitment to international AML/CFT standards, Mr Al Zaabi told The National. Dr Anwar Gargash, diplomatic adviser to UAE President Sheikh Mohamed, said on X: "A tremendous effort led by His Highness Sheikh Abdullah bin Zayed and a capable national team in strengthening the state's legislative and financial system has today resulted in the European Parliament's approval to remove the UAE from the list of high-risk countries. A well-deserved achievement that reflects growing international confidence in the UAE's position as a leading and trusted global financial hub." Lucie Berger, EU ambassador to the UAE, said in a post on X: "A great day for EU-UAE relations and another major milestone in our deepening co-operation. Together, we continue to build a strategic partnership founded on trust, shared values, and a joint commitment to global security and prosperity." The decision comes after the UAE and EU recently agreed to launch free-trade negotiations. It's a political decision because it comes as the UAE and the EU are advancing discussions for a free-trade agreement, said Nicolas Michelon, managing partner of Alagan Partners, a Dubai corporate geopolitics consultancy. 'What the EU is happy with now had been in place in the UAE for quite some time already. This is the EU seeking to remove all hurdles at home to make sure there is no political opposition to a free-trade agreement with the UAE,' he said. The UAE has made significant progress in combating money laundering and the financing of terrorism over the past few years, passing strict laws and issuing regulations to clamp down on financial crime. In September last year, the UAE set out a nationwide action plan aimed at combating terrorism financing and money laundering. The 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing has 11 goals focused on risk-based compliance, effectiveness and sustainability. The enhanced framework, overseen by the Higher Committee and led by an expanded National Committee, includes the former Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which now serves as the General Secretariat. In August, the government also amended its laws against money laundering and the financing of terrorism and crime groups and formed a national committee on these crimes. "For the UAE, immediate benefits of the delisting include reduced compliance friction for firms transacting with EU entities, and greater ease of access to European financial markets," Mr Al Zaabi said. "Over the long term, the delisting reinforces the UAE's position as a leading international hub for finance and trade, supports its competitiveness, and strengthens its ability to contribute to and shape the development of global AML/CFT norms." The UAE Central Bank has been imposing a growing number of fines and penalties in recent months to clamp down on violators. On Monday, the banking regulator imposed a fine of Dh4.1 million ($1.1 million) on three exchange houses for failing to comply with the AML/CFT law. Last week, it imposed a fine of Dh5.9 million on a branch of an unnamed foreign bank operating in the UAE for failing to comply with the AML/CFT framework and related regulations. In June, the Central Bank imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework. Also last month, the Central Bank suspended the Islamic window of a bank operating in the country from onboarding new customers for six months and fined it more than Dh3.5 million for non-compliance with Sharia governance rules. This decision will reduce friction for UAE-based financial institutions in dealing with European counterparts, ease cross-border transactions and boost investor confidence in the jurisdiction's credibility, Dhruv Tanna, associate vice president at DIFC-based investment and wealth management firm Phillip Capital, told The National. "This development will further support capital inflows, strategic partnerships and the growth of regulated sectors such as asset management, FinTech and private wealth services," he said. Vijay Valecha, chief investment officer of Century Financial, said it will lead to reduced due diligence requirements for European institutions dealing with UAE-based companies. Previously, entities in the EU were mandated to apply enhanced scrutiny on transactions involving jurisdictions on the high-risk list. This often led to delays, increased paperwork and higher costs, he added. The new move will "significantly benefit sectors like banking, FinTech, and trade finance, which rely on swift and seamless cross-border flows", he said. When countries come off high-risk watchlists, they often see capital inflows of up to 7.6 per cent of their gross domestic product, with foreign direct investment alone increasing by around 3 per cent, according to the International Monetary Fund.
The National
09-07-2025
- Business
- The National
EU removes UAE from ‘high-risk' money-laundering list
The EU has removed the UAE from its list of countries that pose a high risk for money laundering and terrorist financing amid a drive in the Emirates to boost its regulatory framework. The European Parliament voted not to object to the European Commission's proposal to amend the EU list of high-risk countries, enabling the removal of the UAE. The Financial Action Task Force, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on that list in 2022. UAE Minister of State Ahmed Al Sayegh said the decision is "independent recognition" of the UAE's commitment to the highest international standards in combating global financial crime. "The UAE remains a reliable and strategic partner to the EU, committed to ensuring AML/CFT systems are not only robust, but also future-proof and capable of addressing emerging global threats. As one of the world's fastest growing economies and as a trusted global financial hub, the UAE will continue working with all our global partners to safeguard the integrity of the global financial system," Mr Al Sayegh said in a statement on Wednesday. The outcome reflects the UAE's sustained and swift action and integrated national response to financial crime risks, said Hamid Al Zaabi, secretary general and vice chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee. "The country has significantly enhanced its legal, regulatory and operational frameworks, including increased inter-agency co-operation and a sharp rise in enforcement outcomes," he said. "These reforms were recognised by the FATF in February 2024, when it removed the UAE from its grey list — an important development that directly informed the Commission's decision, endorsed by today's vote." Building on that momentum, the UAE engaged in sustained technical dialogue with EU institutions — particularly through the UAE-EU Strategic Dialogue — which reinforced co-operation on financial intelligence sharing, cross-border investigations and asset recovery. These actions "addressed residual concerns" within the European Parliament and demonstrated the UAE's ongoing commitment to international AML/CFT standards, Mr Al Zaabi told The National. Lucie Berger, EU ambassador to the UAE, said in a post on X: "A great day for EU-UAE relations and another major milestone in our deepening co-operation. Together, we continue to build a strategic partnership founded on trust, shared values, and a joint commitment to global security and prosperity." The decision comes after the UAE and EU recently agreed to launch free-trade negotiations. It's a political decision because it comes as the UAE and the EU are advancing discussions for a free-trade agreement, said Nicolas Michelon, managing partner of Alagan Partners, a Dubai corporate geopolitics consultancy. 'What the EU is happy with now had been in place in the UAE for quite some time already. This is the EU seeking to remove all hurdles at home to make sure there is no political opposition to a free-trade agreement with the UAE,' he said. The UAE has made significant progress in combating money laundering and the financing of terrorism over the past few years, passing strict laws and issuing regulations to clamp down on financial crime. In September last year, the UAE set out a nationwide action plan aimed at combating terrorism financing and money laundering. The 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing has 11 goals focused on risk-based compliance, effectiveness and sustainability. The enhanced framework, overseen by the Higher Committee and led by an expanded National Committee, includes the former Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which now serves as the General Secretariat. In August, the government also amended its laws against money laundering and the financing of terrorism and crime groups and formed a national committee on these crimes. "For the UAE, immediate benefits of the delisting include reduced compliance friction for firms transacting with EU entities, and greater ease of access to European financial markets," Mr Al Zaabi said. "Over the long term, the delisting reinforces the UAE's position as a leading international hub for finance and trade, supports its competitiveness, and strengthens its ability to contribute to and shape the development of global AML/CFT norms." The UAE Central Bank has been imposing a growing number of fines and penalties in recent months to clamp down on violators. On Monday, the banking regulator imposed a fine of Dh4.1 million ($1.1 million) on three exchange houses for failing to comply with the AML/CFT law. Last week, it imposed a fine of Dh5.9 million on a branch of an unnamed foreign bank operating in the UAE for failing to comply with the AML/CFT framework and related regulations. In June, the Central Bank imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework. Also last month, the Central Bank suspended the Islamic window of a bank operating in the country from onboarding new customers for six months and fined it more than Dh3.5 million for non-compliance with Sharia governance rules. This decision will reduce friction for UAE-based financial institutions in dealing with European counterparts, ease cross-border transactions and boost investor confidence in the jurisdiction's credibility, Dhruv Tanna, associate vice president at DIFC-based investment and wealth management firm Phillip Capital, told The National. "This development will further support capital inflows, strategic partnerships and the growth of regulated sectors such as asset management, FinTech and private wealth services," he said. Vijay Valecha, chief investment officer of Century Financial, said it will lead to reduced due diligence requirements for European institutions dealing with UAE-based companies. Previously, entities in the EU were mandated to apply enhanced scrutiny on transactions involving jurisdictions on the high-risk list. This often led to delays, increased paperwork and higher costs, he added. The new move will "significantly benefit sectors like banking, FinTech, and trade finance, which rely on swift and seamless cross-border flows", he said. When countries come off high-risk watchlists, they often see capital inflows of up to 7.6 per cent of their gross domestic product, with foreign direct investment alone increasing by around 3 per cent, according to the International Monetary Fund.
Mid East Info
19-06-2025
- Business
- Mid East Info
US$6.4 Trillion Shortfall Spurs Call for Deeper South-South Cooperation at Global South Economic Forum - Middle East Business News and Information
The UAE's Comprehensive Economic Partnership Agreements CEPAs are ideal examples of South-South cooperation that is helping UAE to increase its trade with its partners. Thanks to CEPAs, the UAE recorded a 49 percent jump in its total foreign trade reaching Dh5.23 trillion US$1.42 trillion in 2024, compared to Dh3.5 trillion US$949 billion in 2021, according to the World Trade Organisation WTO. The development financing gap for the Global South could surge to US$6.4 trillion by 2030, according to a recent report published by OECD, underscoring the urgent need for deeper cooperation among developing economies. This call to action was a key message from government leaders and experts convening at the inaugural edition of Global South Economic Forum GSEF, held at Anwar Gargash Diplomatic Academy (AGDA) in Abu Dhabi. As globalisation gives way to a new, multipolar world order, the forum emphasized the growing importance of South-South cooperation in accelerating trade, investment, and strategic partnerships across the developing world through its five thematic sessions. In his Key Note address, His Excellency Ahmed Al Sayegh, Minister of State, Economic and Trade Affairs, Ministry of Foreign Affairs, UAE, said, 'The nations of the Global South are no longer peripheral in global economic affairs. They are central to shaping the agenda, contributing to ideas and advancing frameworks for equitable cooperation. Collectively, these nations are helping recalibrate partnerships and offering pragmatic solutions rooted in shared ambition and mutual respect.' The UAE, he said, believes that the voices, values, and visions of the Global South are indispensable to shaping a more inclusive and balanced international system. 'The Global South today holds unmatched potential as engines of growth and innovation, as stewards of critical resources and cultural heritage and as advocates for a more just and resilient global economy,' he said. 'To realise this potential, we ought to work together to harness emerging technologies including artificial intelligence, clean energy and digital finance, for sustainable development; deepen economic integration through trade corridors, smart infrastructure and investment facilitation; reclaim global narratives toward inclusivity and strengthen South-South and equally important South-North partnerships based on mutual respect, shared opportunity and strategic autonomy,' the Minister said. He further stated, the UAE is proud to contribute to the Global South vision in various ways, including its outward-looking economic diplomacy. 'Whether through investments in clean energy, digital connectivity, food security or development financing, we remain committed to enabling pathways for shared prosperity,' he said, adding, 'As a nation at the crossroads of continent and cultures, the UAE sees its role not only as a bridge but also as a collaborator and catalyst for cooperation that transcends geography,' H.E. Ahmed Al Sayegh added. The UAE's Comprehensive Economic Partnership Agreements (CEPAs) are a leading example of South-South cooperation in action. As a result of these agreements, the UAE's total foreign trade surged by 49 percent, reaching Dh5.23 trillion (US$1.42 trillion) in 2024, up from Dh3.5 trillion (US$949 billion) in 2021, according to the World Trade Organization WTO. Nickolay E. Mladenov, Director General of AGDA, said: 'Through the CEPAs, the UAE is sought to build bridges at a time when others build walls. We hope that the Global South Economic Forum is part of that process of openness, building bridges and allowing countries and thought leaders to align together around ideas for the future ahead of us.' According to a recent Boston Consulting Group BCG report, Global South is becoming a powerhouse of economic growth. Excluding China, the bloc of 133 nations accounts for roughly 18 percent of global GDP. Including China, that share rises to 40 percent – and represents 65 percent of the global population. The combined GDP of these nations is projected to grow by 4.2 percent annually through 2029, more than double the 1.9 percent expected for advanced economies. Trade within the Global South is also rising, with South-South trade projected to grow at a CAGR of 3.8 percent through 2033, compared to 2.2 percent for North-North trade. By 2033, Global South trade could reach US$14 trillion annually. However, the OECD's Global Outlook on Financing Sustainable Development 2025 paints a stark picture. While external finance to developing nations reached US$5.24 trillion in 2022, it still falls short of the US$9.24 trillion required annually to meet the UN 2030 Agenda. The financing gap has widened due to climate change, geopolitical tensions, and slower-than-needed increases in available resources. 'Between 2015 and 2022, financing needs rose 36 percent, while actual resource flows increased by just 22 percent – leaving a 60 percent shortfall,' the OECD warned. Without structural reform, this gap could hit US$6.4 trillion by 2030. Global South Economic Forum GSEF 2025, convened by the Centre of Geoeconomics for the Global South (COGGS) in collaboration with AGDA, Emirates Centre for Strategic Studies and Research (ECSSR), and China's Academy of Contemporary China and World Studies (ACCWS), brought together over 100 delegates – several senior government officials and members of the diplomatic corps in UAE. The forum aims to shape dialogue on geoeconomic challenges, promote regional integration and technology adoption, and enhance collective frameworks for reshaping global economic governance. The Bureau of Research on Industries and Economic Fundamentals has facilitated the presence of the Indian delegation at the forum. Mohammed Saqib, an Economist and Convenor of COGGS, remarked: 'The world is on the cusp of a new economic order. Global South is emerging as a driving force in shaping global systems, and our collective voice is gaining strength in a multipolar world. We are committed to building equitable economic frameworks.' The forum also addressed investment trends. According to the World Investment Report 2024, FDI flows to developing countries declined by 7 percent to US$867 billion, driven largely by an 8 percent drop in developing Asia. Despite over 1,000 new greenfield project announcements in developing countries, most were concentrated in Southeast Asia and West Asia, with Africa and Latin America seeing limited activity. 'GSEF wasn't an echo chamber of ideas – the forum is a crucible of tested wisdom, where real-world experience met real-time challenges. Far from exclusive, GSEF thrives on inclusion, bringing diverse voices to the same table to shape a tomorrow that's moving in many directions,' Ayanangsha Maitra, co-ordinator of GSEF, remarked. About Global South Economic Forum GSEF: Global South Economic Forum (GSEF) is a forum convening ministers, former heads of state from Global South nations. Inaugurated by a ministerial session, the forum is hosted at the Anwar Gargash Diplomatic Academy (AGDA), Abu Dhabi, a globally recognized institution frequented by world leaders and diplomats. GSEF is positioned as a solution-offering platform for the Global South, addressing unfulfilled promises of traditional elite forums. The Forum emphasizes economic resilience, sustainable finance, technological innovation, and inclusive growth for Global South nations. The expert discussants will prescribe actionable solutions to real-world challenges facing the Global South. The Forum aims to secure the interests of Global South nations, with a narrative of empowerment and transformation of institutions and organisations in the age of multi-polarity. About Centre of Geoeconomics for the Global South COGGS: Centre of Geoeconomics for the Global South (COGGS) is bringing together Global South countries with a focus on economics, but its vision extends to broader development, resilience, and economic as well as social collaboration. COGGS is committed to publishing research papers in partnerships with prestigious partner organisations worldwide, including the UAE, Argentina, Egypt, India, and Indonesia.
Khaleej Times
18-06-2025
- Business
- Khaleej Times
$6.4 trillion shortfall spurs call for deeper South-South cooperation at Abu Dhabi forum
The development financing gap for the Global South could surge to $6.4 trillion by 2030, according to a recent report published by OECD, underscoring the urgent need for deeper cooperation among developing economies. This call to action was a key message from government leaders and experts convening at the inaugural edition of Global South Economic Forum (GSEF), held at Anwar Gargash Diplomatic Academy (AGDA) in Abu Dhabi. As globalisation gives way to a new, multipolar world order, the forum emphasized the growing importance of South-South cooperation in accelerating trade, investment, and strategic partnerships across the developing world through its five thematic sessions. Ahmed Al Sayegh, Minister of State, Economic and Trade Affairs, Ministry of Foreign Affairs, UAE, said: 'The nations of the Global South are no longer peripheral in global economic affairs. They are central to shaping the agenda, contributing to ideas and advancing frameworks for equitable cooperation. Collectively, these nations are helping recalibrate partnerships and offering pragmatic solutions rooted in shared ambition and mutual respect.' The UAE, he said, believes that the voices, values, and visions of the Global South are indispensable to shaping a more inclusive and balanced international system. 'The Global South today holds unmatched potential as engines of growth and innovation, as stewards of critical resources and cultural heritage and as advocates for a more just and resilient global economy,' he said. 'To realise this potential, we ought to work together to harness emerging technologies including artificial intelligence, clean energy and digital finance, for sustainable development; deepen economic integration through trade corridors, smart infrastructure and investment facilitation; reclaim global narratives toward inclusivity and strengthen South-South and equally important South-North partnerships based on mutual respect, shared opportunity and strategic autonomy,' the Minister said. 'Whether through investments in clean energy, digital connectivity, food security or development financing, we remain committed to enabling pathways for shared prosperity,' he said, adding, 'As a nation at the crossroads of continent and cultures, the UAE sees its role not only as a bridge but also as a collaborator and catalyst for cooperation that transcends geography,' Al Sayegh added. The UAE's Comprehensive Economic Partnership Agreements (Cepas) are a leading example of South-South cooperation in action. As a result of these agreements, the UAE's total foreign trade surged by 49 per cent, reaching Dh5.23 trillion ($1.42 trillion) in 2024, up from Dh3.5 trillion ($949 billion) in 2021, according to the World Trade Organization (WTO). Nickolay E. Mladenov, Director General of AGDA, said: 'Through the Cepas, the UAE is sought to build bridges at a time when others build walls. We hope that the Global South Economic Forum is part of that process of openness, building bridges and allowing countries and thought leaders to align together around ideas for the future ahead of us.' According to a recent Boston Consulting Group (BCG) report, Global South is becoming a powerhouse of economic growth. Excluding China, the bloc of 133 nations accounts for roughly 18 per cent of global GDP. Including China, that share rises to 40 per cent – and represents 65 per cent of the global population. The combined GDP of these nations is projected to grow by 4.2 per cent annually through 2029, more than double the 1.9 per cent expected for advanced economies. Trade within the Global South is also rising, with South-South trade projected to grow at a CAGR of 3.8 per cent through 2033, compared to 2.2 per cent for North-North trade. By 2033, Global South trade could reach $14 trillion annually. However, the OECD's Global Outlook on Financing Sustainable Development 2025 paints a stark picture. While external finance to developing nations reached $5.24 trillion in 2022, it still falls short of the $9.24 trillion required annually to meet the UN 2030 Agenda. The financing gap has widened due to climate change, geopolitical tensions, and slower-than-needed increases in available resources. 'Between 2015 and 2022, financing needs rose 36 per cent, while actual resource flows increased by just 22 per cent – leaving a 60 per cent shortfall,' the OECD warned. Without structural reform, this gap could hit $6.4 trillion by 2030. Global South Economic Forum (GSEF 2025), convened by the Centre of Geoeconomics for the Global South (COGGS) in collaboration with AGDA, Emirates Centre for Strategic Studies and Research (ECSSR), and China's Academy of Contemporary China and World Studies (ACCWS), brought together over 100 delegates – several senior government officials and members of the diplomatic corps in UAE. The forum aims to shape dialogue on geoeconomic challenges, promote regional integration and technology adoption, and enhance collective frameworks for reshaping global economic governance. The Bureau of Research on Industries and Economic Fundamentals has facilitated the presence of the Indian delegation at the forum. Mohammed Saqib, an economist and convenor of COGGS, remarked: 'The world is on the cusp of a new economic order. Global South is emerging as a driving force in shaping global systems, and our collective voice is gaining strength in a multipolar world. We are committed to building equitable economic frameworks.' The forum also addressed investment trends. According to the World Investment Report 2024, FDI flows to developing countries declined by 7 per cent to $867 billion, driven largely by an 8 per cent drop in developing Asia. Despite over 1,000 new greenfield project announcements in developing countries, most were concentrated in Southeast Asia and West Asia, with Africa and Latin America seeing limited activity. 'GSEF wasn't an echo chamber of ideas - the forum is a crucible of tested wisdom, where real-world experience met real-time challenges. Far from exclusive, GSEF thrives on inclusion, bringing diverse voices to the same table to shape a tomorrow that's moving in many directions,' Ayanangsha Maitra, co-ordinator of GSEF, remarked.
Zawya
18-06-2025
- Business
- Zawya
$6.4trln shortfall spurs call for deeper South-South cooperation at Global South Economic Forum
Thanks to CEPAs, the UAE recorded a 49 percent jump in its total foreign trade reaching Dh5.23 trillion (US$1.42 trillion) in 2024, compared to Dh3.5 trillion (US$949 billion) in 2021, according to the World Trade Organisation (WTO). Abu Dhabi, UAE: The development financing gap for the Global South could surge to US$6.4 trillion by 2030, according to a recent report published by OECD, underscoring the urgent need for deeper cooperation among developing economies. This call to action was a key message from government leaders and experts convening at the inaugural edition of Global South Economic Forum (GSEF), held at Anwar Gargash Diplomatic Academy (AGDA) in Abu Dhabi. As globalisation gives way to a new, multipolar world order, the forum emphasized the growing importance of South-South cooperation in accelerating trade, investment, and strategic partnerships across the developing world through its five thematic sessions. In his Key Note address, His Excellency Ahmed Al Sayegh, Minister of State, Economic and Trade Affairs, Ministry of Foreign Affairs, UAE, said, 'The nations of the Global South are no longer peripheral in global economic affairs. They are central to shaping the agenda, contributing to ideas and advancing frameworks for equitable cooperation. Collectively, these nations are helping recalibrate partnerships and offering pragmatic solutions rooted in shared ambition and mutual respect.' The UAE, he said, believes that the voices, values, and visions of the Global South are indispensable to shaping a more inclusive and balanced international system. 'The Global South today holds unmatched potential as engines of growth and innovation, as stewards of critical resources and cultural heritage and as advocates for a more just and resilient global economy,' he said. 'To realise this potential, we ought to work together to harness emerging technologies including artificial intelligence, clean energy and digital finance, for sustainable development; deepen economic integration through trade corridors, smart infrastructure and investment facilitation; reclaim global narratives toward inclusivity and strengthen South-South and equally important South-North partnerships based on mutual respect, shared opportunity and strategic autonomy,' the Minister said. He further stated, the UAE is proud to contribute to the Global South vision in various ways, including its outward-looking economic diplomacy. 'Whether through investments in clean energy, digital connectivity, food security or development financing, we remain committed to enabling pathways for shared prosperity,' he said, adding, 'As a nation at the crossroads of continent and cultures, the UAE sees its role not only as a bridge but also as a collaborator and catalyst for cooperation that transcends geography,' H.E. Ahmed Al Sayegh added. The UAE's Comprehensive Economic Partnership Agreements (CEPAs) are a leading example of South-South cooperation in action. As a result of these agreements, the UAE's total foreign trade surged by 49 percent, reaching Dh5.23 trillion (US$1.42 trillion) in 2024, up from Dh3.5 trillion (US$949 billion) in 2021, according to the World Trade Organization (WTO). Nickolay E. Mladenov, Director General of AGDA, said: 'Through the CEPAs, the UAE is sought to build bridges at a time when others build walls. We hope that the Global South Economic Forum is part of that process of openness, building bridges and allowing countries and thought leaders to align together around ideas for the future ahead of us." According to a recent Boston Consulting Group (BCG) report, Global South is becoming a powerhouse of economic growth. Excluding China, the bloc of 133 nations accounts for roughly 18 percent of global GDP. Including China, that share rises to 40 percent – and represents 65 percent of the global population. The combined GDP of these nations is projected to grow by 4.2 percent annually through 2029, more than double the 1.9 percent expected for advanced economies. Trade within the Global South is also rising, with South-South trade projected to grow at a CAGR of 3.8 percent through 2033, compared to 2.2 percent for North-North trade. By 2033, Global South trade could reach US$14 trillion annually. However, the OECD's Global Outlook on Financing Sustainable Development 2025 paints a stark picture. While external finance to developing nations reached US$5.24 trillion in 2022, it still falls short of the US$9.24 trillion required annually to meet the UN 2030 Agenda. The financing gap has widened due to climate change, geopolitical tensions, and slower-than-needed increases in available resources. 'Between 2015 and 2022, financing needs rose 36 percent, while actual resource flows increased by just 22 percent – leaving a 60 percent shortfall,' the OECD warned. Without structural reform, this gap could hit US$6.4 trillion by 2030. Global South Economic Forum (GSEF 2025), convened by the Centre of Geoeconomics for the Global South (COGGS) in collaboration with AGDA, Emirates Centre for Strategic Studies and Research (ECSSR), and China's Academy of Contemporary China and World Studies (ACCWS), brought together over 100 delegates – several senior government officials and members of the diplomatic corps in UAE. The forum aims to shape dialogue on geoeconomic challenges, promote regional integration and technology adoption, and enhance collective frameworks for reshaping global economic governance. The Bureau of Research on Industries and Economic Fundamentals has facilitated the presence of the Indian delegation at the forum. Mohammed Saqib, an Economist and Convenor of COGGS, remarked: 'The world is on the cusp of a new economic order. Global South is emerging as a driving force in shaping global systems, and our collective voice is gaining strength in a multipolar world. We are committed to building equitable economic frameworks.' The forum also addressed investment trends. According to the World Investment Report 2024, FDI flows to developing countries declined by 7 percent to US$867 billion, driven largely by an 8 percent drop in developing Asia. Despite over 1,000 new greenfield project announcements in developing countries, most were concentrated in Southeast Asia and West Asia, with Africa and Latin America seeing limited activity. "GSEF wasn't an echo chamber of ideas - the forum is a crucible of tested wisdom, where real-world experience met real-time challenges. Far from exclusive, GSEF thrives on inclusion, bringing diverse voices to the same table to shape a tomorrow that's moving in many directions,' Ayanangsha Maitra, co-ordinator of GSEF, remarked. About Global South Economic Forum (GSEF) Global South Economic Forum (GSEF) is a forum convening ministers, former heads of state from Global South nations. Inaugurated by a ministerial session, the forum is hosted at the Anwar Gargash Diplomatic Academy (AGDA), Abu Dhabi, a globally recognized institution frequented by world leaders and diplomats. GSEF is positioned as a solution-offering platform for the Global South, addressing unfulfilled promises of traditional elite forums. The Forum emphasizes economic resilience, sustainable finance, technological innovation, and inclusive growth for Global South nations. The expert discussants will prescribe actionable solutions to real-world challenges facing the Global South. The Forum aims to secure the interests of Global South nations, with a narrative of empowerment and transformation of institutions and organisations in the age of multi-polarity. About Centre of Geoeconomics for the Global South (COGGS) Centre of Geoeconomics for the Global South (COGGS) is bringing together Global South countries with a focus on economics, but its vision extends to broader development, resilience, and economic as well as social collaboration. COGGS is committed to publishing research papers in partnerships with prestigious partner organisations worldwide, including the UAE, Argentina, Egypt, India, and Indonesia. Media Contact Mr Ayanangsha Maitra COGGS Business Center 1, M-Floor, Meydan Hotel Nadd Al Sheba, Dubai UAE; E-mail : ayan@ Web : Mr. Muhammad Yusuf Pan Asian Media PO Box : 39865, Dubai, UAE
