Latest news with #ComprehensiveEconomicPartnershipAgreement
TAG 91.1
an hour ago
- Politics
- TAG 91.1
UAE, European Council Presidents reiterate call for Gaza ceasefire
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the leader of the European Council António Costa have emphasised the urgent need for a ceasefire in Gaza to enable the delivery of sufficient humanitarian aid. During a call, the two sides also called for intensified international efforts to advance progress towards a just and comprehensive peace based on the two-state solution. They further underlined the importance of diplomacy and dialogue in resolving regional crises to maintain and safeguard regional and global security and stability. The call also explored various aspects of cooperation between the UAE and the European Union and its member states, and reviewed the ongoing negotiations towards a Comprehensive Economic Partnership Agreement between the two sides.
Sharjah 24
15 hours ago
- Business
- Sharjah 24
Mohamed bin Zayed, Pres. of European Council discuss UAE-EU ties
Explored various aspects of cooperation between the UAE and the European Union The call explored various aspects of cooperation between the UAE and the European Union and its member states, as well as ways to broaden these ties to deliver mutual benefits and progress. The two sides discussed ongoing negotiations towards a Comprehensive Economic Partnership Agreement between the UAE and the European Union, highlighting its importance in advancing relations and supporting joint development goals. Reviewed a number of regional and international issues of mutual concern His Highness and the President of the European Council reviewed a number of regional and international issues of mutual concern, with a particular focus on developments in the Middle East. They emphasised the urgent need for a ceasefire in the Gaza Strip to enable the delivery of sufficient humanitarian aid to alleviate the suffering of civilians. They also called for intensified international efforts to advance progress towards a just, lasting, and comprehensive peace based on the two-state solution. The two sides further underlined the vital importance of diplomacy and dialogue in resolving regional crises and safeguarding regional and global security and stability.
Al Etihad
15 hours ago
- Politics
- Al Etihad
UAE President, President of European Council discuss UAE-EU ties, regional developments
27 June 2025 20:49 ABU DHABI (WAM)UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan received a phone call on Friday from His Excellency António Costa, President of the European call explored various aspects of cooperation between the UAE and the European Union and its member states, as well as ways to broaden these ties to deliver mutual benefits and two sides discussed ongoing negotiations towards a Comprehensive Economic Partnership Agreement between the UAE and the European Union, highlighting its importance in advancing relations and supporting joint development Highness and the President of the European Council reviewed a number of regional and international issues of mutual concern, with a particular focus on developments in the Middle East. They emphasised the urgent need for a ceasefire in the Gaza Strip to enable the delivery of sufficient humanitarian aid to alleviate the suffering of also called for intensified international efforts to advance progress towards a just, lasting, and comprehensive peace based on the two-state solution. The two sides further underlined the vital importance of diplomacy and dialogue in resolving regional crises and safeguarding regional and global security and stability.
Business Recorder
a day ago
- Business
- Business Recorder
Will the UAE grow non-oil foreign trade to AED 4trn four years early?
The UAE - which for years has actively tried to diversify its economy away from oil - recently announced that its goal to grow non-oil foreign trade to AED 4 trillion by 2031 will be achieved within two years, four years ahead of schedule. In a statement, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said the nation's 'booming non-oil foreign trade' is at the heart of its growth, 'achieving consistent record-breaking growth for several years.' But the question is: how realistic is this ambitious target? The numbers are certainly promising: the country's non-oil trade in goods touched a record AED3 trillion dirhams in 2024, up 14.6% from the previous year. Non-oil foreign trade saw growth of 18.6% year-on-year in the first quarter of this year - compared to a global average of 2% to 3%, according to the government - reaching AED835 billion. 'This growth rate, if sustained, would comfortably exceed the approximately 10.1% compound annual growth needed to bridge the gap from AED 3 trillion in 2024 to AED 4 trillion by 2027,' Joseph Dahrieh, Managing Principal at forex broker Tickmill, told Business Recorder. Non-oil economic activities that contributed most to the country's GDP included the trade sector; the manufacturing sector; financial and insurance; construction and building as well as real estate. Non-oil exports continued to achieve 'historical growth rates', recording AED 177.3 billion in Q1 2025, a 40.7% year-on-year increase and a 15.7% quarter-on-quarter increase. This growth pushed non-oil exports to over 21% of the UAE's total non-oil foreign trade for the first time in the nation's history, according to the government's statement, outpacing the growth of both imports and re-exports. Meanwhile re-exports saw a 6% annual increase, reaching AED 189.1 billion. Imports grew by 17.2% year-on-year, reaching AED 468.6 billion, but experienced a slight 1.7% decline compared to the previous quarter (Q4 of 2024). Trade with the country's top 10 trading partners continued to expand, growing by 20.2% in Q1 2025, compared to 16.9% growth with other countries. Sheikh Mohammed said that the UAE's economic growth is 'achieving unprecedented success' with indicators of social, economic, and strategic stability and prosperity at their highest historical levels. According to Dahrieh, the UAE's confidence 'stems from the nation's exceptional recent performance and a multi-faceted strategic approach.' He added that the recently published figures reflect the success of initiatives like the 'Operation 300Bn' industrial strategy, which aims to double the industrial sector's GDP contribution by 2031 through a focus on advanced manufacturing, technology, and green industries. He said that 'concurrently, the UAE's aggressive expansion of its Comprehensive Economic Partnership Agreement (CEPA) network is opening new markets. By Q1 2025, 26 CEPAs had been signed. These agreements significantly boosted trade with partners like India (31% growth) and Saudi Arabia (127% growth) in Q1 2025. The UAE's strong hub status also continues to attract crucial foreign investment and talent.' Earlier this year, Thani Al Zeyoudi, the UAE's trade minister had told Reuters that through the UAE's CEPA programme, 'we are securing partnerships with those nations who share our belief that open, rules-based trade is an essential driver of economic growth, development and diversification.' Meanwhile Dahrieh warned that while some external risks remain - such as a severe global economic downturn or heightened geopolitical instability affecting critical trade routes like the Strait of Hormuz - the UAE's robust diversification efforts and strategic partnerships position it strongly to navigate these challenges and meet its ambitious trade targets. What role will Dubai play in this? Even during the early oil boom, the UAE leadership, particularly from Dubai, recognized the finite nature of oil. Dubai began investing in trade, aviation, and tourism, setting the foundation for a non-oil economy. Dubai's role is hugely important in all this, given it consistently accounts for over 40% of the UAE's non-oil foreign trade, making it the leading contributor among all emirates. The emirate has its own strategic targets under Dubai Economic Agenda D33, aiming to double its foreign trade and become one of the top four global financial hubs by 2033. Itcan be argued that Dubai's ability to attract global trade flows and export trade policy innovation could help the UAE shave years off its timeline. With infrastructure like Jebel Ali Port, Al Maktoum Airport, and more than 30 free zones, Dubai provides the platform for foreign companies to conduct regional trade. Much of the non-oil trade passing through Dubai includes transit, re-export, and regional trade, serving GCC, Africa, Central Asia, and beyond. Meanwhile Dubai's early adoption of smart customs, digital trade corridors, AI-driven logistics, and fast-track investor licensing helps create models that the UAE can scale nationally. Copyright Business Recorder, 2025
Fintech News ME
2 days ago
- Business
- Fintech News ME
Mashreq Opens Türkiye Office to Deepen Regional Financial Links
Mashreq has opened a representative office in Türkiye, signalling a continued commitment to supporting Turkish financial institutions and corporates. As one of the most active correspondent banks operating in the country, Mashreq has facilitated risk capacity and capital flows to Turkish banks and businesses. The bank has also served as a lead bookrunner for major bond issuances by Turkish borrowers, including capital-raising efforts by well-established local banks. This involvement has reinforced Mashreq's role in improving access to international capital markets and deepening financial links between Türkiye and global partners. The establishment of the new office follows increased collaboration with Turkish institutions in areas such as syndicated lending, trade finance, payments, treasury services, and capital markets. The move forms part of Mashreq's broader regional expansion strategy and adds to its growing global footprint. Ahmed Abdelaal, Group Chief Executive Officer at Mashreq, said: 'Türkiye's strategic location, dynamic economy, and strong trade and investment ties with the UAE present significant opportunities for collaboration. This strategic milestone strengthens our ability to support clients in Türkiye and the broader region with world-class financial solutions, while advancing our vision for sustainable and diversified growth.' Economic ties between the UAE and Türkiye have strengthened in recent years, with bilateral trade surpassing US$20 billion in 2024. The Comprehensive Economic Partnership Agreement, signed in 2023, is expected to further drive non-oil trade, which is targeted to reach US$40 billion by 2031. Türkiye remains one of Europe's key manufacturing hubs and plays a central role in regional supply chains. With this latest addition, Mashreq now maintains a presence in 15 countries globally.
