Latest news with #MinistryOfForeignTrade
Zawya
6 days ago
- Business
- Zawya
Quest Global joins UAE's NextGen FDI initiative to support local engineering research, development
The UAE Ministry of Foreign Trade has announced that Quest Global, a Singapore-based engineering research and development services company, will establish a presence in the UAE through the NextGen FDI initiative – a pioneering programme that seeks to attract high-impact companies from around the world through a suite of market-entry fundamentals such as rapid incorporation and fast-track issuance. Quest Global will now open a number of client-centric, high-value engineering centres (HVECs) throughout the UAE, which will offer support to businesses in sectors such as energy, defence, and advanced manufacturing. Quest Global's engineering expertise, coupled with AI and digital technologies, will help transform companies by enhancing operations, fostering innovation and optimising supply chains. Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, welcomed Quest Global's entry into the UAE market, which he says underlines the country's status as a platform for growth. 'The NextGen FDI initiative was created to attract forward-thinking, ambitious enterprises such as Quest Global to the UAE. By enhancing our engineering ecosystem and offering bespoke services to manufacturing companies, their cutting-edge research centres will support our industrial transformation goals, improve productivity and develop national talent. Quest Global's participation in the initiative also helps reinforce the UAE's status as an economic hub that facilitates expansion into regional and global markets.' Robert Vatter, Executive President Quest Global says that the NextGen FDI initiative opens up important opportunities for the company, 'Quest Global serves as a strategic ER&D partner to large global companies across energy, aerospace and defence, and other industries. By facilitating the establishment of high-value engineering centres in the UAE, the NextGen FDI Initiative will enable us to extend this support to companies based in the UAE and the wider GCC – helping them realize their business ambitions, develop their talent and accelerate their contribution to the development a knowledge economy.' Since its launch in 2022, the NextGen FDI Initiative has enabled a range of pioneering companies establish a footprint in the UAE, helping to develop clusters of excellence in future-focused sectors such as artificial intelligence, robotics, alternative energy and storage, hybrid aviation, and precision fermentation. Together, they are supporting the UAE's transition to a knowledge- and innovation-based economy.
Zawya
20-06-2025
- Business
- Zawya
Mohammed bin Rashid announces changes to the UAE government
United Arab Emirates: Following consultations and approval of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, announced today changes to the UAE government. His Highness Sheikh Mohammed bin Rashid Al Maktoum said: 'Following consultations with my brother, His Highness the President, and with his approval, we announce today changes to the UAE government as follows: establishment of a Ministry of Foreign Trade in the UAE government and appointment of Dr. Thani Al Zeyoudi as Minister of Foreign Trade, and renaming the Ministry of Economy to Ministry of Economy and Tourism led by Abdullah bin Touq Al Marri.' His Highness added: 'We also announce that the National Artificial Intelligence System will be adopted as an advisory member in the Council of Ministers, the Ministerial Development Council, and all boards of federal entities and government companies starting from January 2026 to support decision-making in these councils, conduct real-time analyses of their decisions, provide technical advice, and enhance the efficiency of government policies adopted by these councils across all sectors.' His Highness Sheikh Mohammed bin Rashid Al Maktoum said: "The world is undergoing a comprehensive transformation phase… scientifically... economically... and socially... our goal is to prepare today for the coming decades... our goal is to ensure continued prosperity and dignified life for future generations."
Khaleej Times
20-06-2025
- Business
- Khaleej Times
UAE announces new ministry for foreign trade: Sheikh Mohammed
The UAE announced the establishment of a new ministry in the government — the Ministry of Foreign Trade, with Dr Thani Al Zeyoudi appointed as Minister of Foreign Trade. In another significant move, the National Artificial Intelligence System will be adopted as an advisory member of the Cabinet, the Ministerial Development Council, and all boards of directors of federal entities and government companies, starting in January 2026. These changes were announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The "goal is to support decision-making in these councils, conduct immediate analyses of their decisions, provide technical advice, and enhance the efficiency of government policies adopted by these councils across all sectors," Sheikh Mohammed added. UAE's Prime Minister evoked the ever-changing world, and the necessity to "prepare for the coming decades, ensure prosperity and a decent life for future generations". He added that the name of the Ministry of Economy was changed to the Ministry of Economy and Tourism, headed by Abdulla bin Touq Al Marri.
The National
31-05-2025
- Business
- The National
UAE-Serbia trade to accelerate as Cepa comes into effect
The Comprehensive Economic Partnership Agreement between the UAE and Serbia came into force on Saturday, as the Emirates continues to strengthen its trade relations globally. The UAE's 10th Cepa is expected to boost trade and investment flows, and remove or significantly reduce tariffs, which will all lay the foundations for enhanced co-operation across a spectrum of critical industries, the Ministry of Foreign Trade said in a statement on Saturday. The deal is also leading to projections that bilateral trade between the two nations will contribute around $351 million to the UAE's gross domestic product by 2031, it added. The UAE is Serbia's leading trading partner in the Gulf, accounting for approximately 55 per cent of its total trade with the region in 2023, according to government data. The UAE-Serbia Cepa is another "new chapter in our economic relations, creating new avenues for collaboration, investment and trade that will benefit both our nations", Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said in the statement. "Through this agreement we are committed to unlocking significant opportunities that will create jobs, strengthen supply chains and facilitate a thriving environment for businesses in both countries," he added. Cepas that the UAE has already signed with nations from Colombia to Australia have contributed Dh135 billion ($36.8 billion) to the country's non-oil trade, an increase of 42 per cent compared with the previous year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said previously. The UAE's non-oil foreign trade hit a record Dh3 trillion last year − up 14.6 per cent year-on-year − as the country continues to diversify its economy and forges closer trade ties with countries around the world. The Cepa programme is key for the UAE's economic growth. The Arab world's second largest economy aims to boost its gross domestic product to $800 billion by 2030, with a target of more than $1.1 trillion in total non-oil trade by 2031. Overall, the UAE has concluded 27 deals as part of the Cepa initiative. In 2025 alone, and counting Serbia's, the UAE has signed seven new deals with Malaysia, New Zealand, Kenya, Ukraine, Central African Republic, Costa Rica and Mauritius. The UAE and EU are also in discussions for a Cepa, with both sides moving closer to an agreement, Maros Sefcovic, EU Commissioner for Trade and Economic Security, told The National this week. The UAE's Cepa with Serbia is projected to further boost non-oil trade between the two countries, which hit about $121.4 million in 2024, twice that compared to 2021 levels, according to government data. Serbia is positioned as a key partner for the UAE, with its diverse economy and strategic location providing a vital gateway into Eastern Europe and the Balkans. "The Cepa is expected to not only enhance trade but also increase private sector collaboration and promote investments in priority sectors such as renewable energy, agriculture, logistics and technology," the statement said. The bilateral relationship has been further strengthened by increasing flows of FDI [foreign direct investment], which has been directed towards high-growth sectors, enhancing shared economic interests."
