Latest news with #Touq
Al Etihad
02-07-2025
- Business
- Al Etihad
UAE and India explore avenues for enhancing economic and industrial collaboration during the upcoming stage
2 July 2025 18:53 ABU DHABI (ALETIHAD)Abdulla bin Touq Al Marri, Minister of Economy and Tourism, today held a high-level meeting with H. D. Kumaraswamy, Indian Minister of Steel and Heavy Industries, and his accompanying delegation at the Ministry of Economy headquarters in Dubai. The meeting focused on strengthening bilateral collaboration across key economic and industrial sectors, with a particular emphasis on the new economy, logistic transportation, advanced technology, manufacturing and food Touq underscored the deep-rooted and strategic partnership between the UAE and India, noting the shared commitment of the leadership to expanding cooperation in new economy sectors. 'The two nations enjoy a decades-long history of economic collaboration built on shared interests and a common vision for sustainable growth,' Bin Touq Touq further highlighted significant areas of alignment in both countries' development strategies, including the circular economy, advanced manufacturing, tourism, healthcare, entrepreneurship, innovation, and technology. Bin Touq said, 'Economic collaboration between the UAE and India continues to strengthen, with notable growth in business activities. In the first half of 2025 alone, 22,415 new Indian companies entered the UAE market, an increase of over 10 per cent compared to the same period in 2024. By the end of June 2025, the total number of Indian companies operating in the UAE reached 264,687. During the meeting, we discussed strategies to enhance communication between business communities of the two countries and to encourage the establishment of diverse ventures across vital economic sectors.'He noted that the UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments across the world. The manufacturing sector contributed 13.5 per cent to the UAE's non-oil GDP in 2024, ranking as the second on the list of economic activities contributing most to the non-oil GDP of the national economy. Additionally, the foreign direct investment (FDI) in this vital sector reached approximately Dh 40 billion (USD 10.9 billion) by the end of 2022, representing 7 per cent of the country's total FDI meeting also explored the key enablers and competitive advantages of the UAE's business environment for Indian companies, along with strategies to maximise these benefits. Among the highlighted strengths were the UAE's strategic location connecting East with West, its comprehensive economic partnerships, advanced infrastructure, diverse logistics services, and tax incentives that encourage the establishment of diverse economic and investment activities. Both sides emphasised the importance of enhancing collaboration between the public and private sectors to facilitate the exchange of expertise and best practices, aimed at adopting the latest technologies across sectors related to the new economy. This supports the building of a knowledge-based, technology-driven economy and fosters sustainable economic development.
Al Etihad
25-06-2025
- Business
- Al Etihad
Etihad Credit Insurance announces Dh174 million funding for SME growth in partnership with four leading banks
25 June 2025 19:03 DUBAI (WAM)Etihad Credit Insurance (ECI), the UAE's federal export credit company, announced the impact of its 'Xport Xponential' programme, which has helped raise Dh174 million in funding to support the growth of SMEs, during the closing ceremony of the working capital was raised with the support of four of ECI's banking partners: First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, and Al Maryah Community Bank. ECI also remains committed to securing similar funding and capital for SMEs in collaboration with its other banking programme's closing ceremony was held under the patronage of Abdulla Bin Touq Al Marri, the Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance. The event aligns with the Ministry's mission to develop a flexible future economy and robust entrepreneurial ecosystem by facilitating investment and talent Touq stated, 'The 'Xport Xponential' programme plays a pivotal role in advancing the UAE's ongoing efforts to increase the contribution of small and medium-sized enterprises to the country's non-oil GDP. It also directly supports the objectives of the 'We the UAE 2031' national strategy, which aims to increase non-oil exports to Dh800 billion and expand foreign trade volume to Dh4 trillion by the next with export and re-export activities between the UAE and countries with which we have Comprehensive Economic Partnership Agreements (CEPA), already exceeding Dh390.5 billion, the initiative leverages existing trade momentum to help SMEs unlock the untapped potential of these markets, particularly as the UAE continues to expand its economic and trade partnerships with key strategic markets worldwide.'CEO of Etihad Credit Insurance, Raja Al Mazrouei, highlighted ECI's role in empowering UAE-based businesses to compete on a global level. She stated that 'Xport Xponential' serves as a dynamic platform for local businesses and potential importers to connect. Al Mazrouei further stated that the programme identifies high-potential export markets for a wide range of products, allowing small businesses to expand globally with greater ease and added, 'ECI's 'Xport Xponential' programme aligns with the UAE's strategic vision to diversify its revenue sources away from oil. It offers integrated financial and insurance solutions, particularly to SMEs, enabling them to scale internationally, while mitigating major export-related risks.'Group Head of Personal, Business, Wealth, and Privileged Client Banking Group at First Abu Dhabi Bank (FAB), Futoon Hamdan AlMazrouei, said, 'First Abu Dhabi Bank is pleased to be a banking partner of 'ECI's Xport Xponential programme,' an initiative that reflects the UAE's strategic vision for economic diversification and sustainable growth. We are strongly aligned with the Ministry of Economy's mission to foster a flexible, future-ready economy and a vibrant entrepreneurial ecosystem by enabling investment and attracting top talent. By empowering SMEs with access to working capital and innovative trade finance solutions, we are unlocking new opportunities for global growth. The programme strengthens the UAE's competitiveness and supports its ambition to expand trade across strategic international markets.'On the collaboration, CEO of Commercial Bank of Dubai, Dr. Bernd van Linder, stated, 'Commercial Bank of Dubai is proud to be a foundational partner in ECI's Xport Xponential programme. With a legacy of over five decades in backing the growth of the UAE, we continue to demonstrate our commitment today by empowering the nation's vibrant SME sector and creating tangible impact that supports the economic diversification and global competitiveness of the UAE. We look forward to continuing our work with ECI to unlock even greater opportunities for businesses across the Emirates, building on the significant momentum already achieved.'CEO of Ajman Bank, Mustafa Al Khalfawi, said, 'We are proud to be part of the 'Xport Xponential' programme in collaboration with Etihad Credit Insurance, which represents a significant milestone in empowering SMEs to access new growth frontiers. Our participation reflects Ajman Bank's unwavering commitment to supporting the UAE's national agenda, particularly Ajman Vision 2030 and We the UAE 2031, by providing Sharia-compliant financing solutions that enable local businesses to scale internationally. The Dh174 million in funding collectively raised through this initiative is a powerful testament to the strength of public-private sector collaboration. We will continue to build on this momentum by enabling innovative trade finance and expanding our role as a catalyst for sustainable economic development.'CEO of Al Maryah Community Bank, Mohammed Wassim Khayata, commented, 'We are proud to partner with Etihad Credit Insurance on the 'Xport Xponential' programme, which represents a significant milestone in empowering the UAE's SMEs to access global markets with confidence. At Al Maryah Community Bank, we are committed to offering fully digital, fast, and innovative financing solutions that simplify exporters' daily operations and enhance their global initiative not only aligns with the UAE's vision to diversify its economy and boost non-oil exports but also opens new opportunities for local businesses in vital sectors to thrive internationally. We look forward to continuing our collaboration with ECI to ensure that manufacturers and exporters are equipped with the tools, knowledge, and capital they need to scale beyond borders.'The 'Xport Xponential' programme was launched to fulfil the dual objectives of catalysing SMEs' global expansion and driving SME financing with the help of partner banks. It was introduced during the third edition of 'Make It in the Emirates' (MIITE), held in May 2024, with the aim of accelerating the global expansion of UAE-based SMEs by offering financial support and ensuring their export readiness through innovative trade finance and credit insurance many as 42 companies applied for the programme, out of which 10 were shortlisted based on rigorous evaluation criteria. These companies have collectively generated Dh2.1 billion in turnover to date and are now targeting expansion into four key markets—Indonesia, India, Saudi Arabia, and Oman—with a combined export potential of Dh31.3 billion over the next four years across ten vital in collaboration with 19 strategic partners, the programme exemplifies ECI's role in driving sustainable economic growth by connecting businesses with international opportunities and tailored trade finance the programme's inception, ECI's partnerships with government entities and banks have increased by 27 percent, reflecting its role in nurturing a robust export-enablement ecosystem that connects the public and private sectors under a unified with leading financial institutions have helped facilitate consistent, reliable support and access to growth-oriented funding for UAE SMEs. ECI also hosted a workshop in January 2025 to offer the selected companies' essential tools and resources, further supporting their export growth journey. In addition, these companies belong to diverse economic sectors, showcasing the programme's wide-reaching impact across key Xponential's vast partner list features 19 key strategic partners, including both federal and local entities, which are: the Abu Dhabi Department of Economic Development, Khalifa Fund for Enterprise Development, Dubai Department of Economy and Tourism, Dubai Airport Free Zone, Sharjah Chamber of Commerce and Industry, Ajman Department of Economic Development, Ras Al Khaimah Economic Zones, as well as Fujairah Department of Industry and financial and banking partners include Emirates Development Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, RAKBANK, National Bank of Fujairah, International Development Bank, Wio Bank, Al Maryah Community Bank and Reem Finance. It is also worth noting that since its inception, ECI has insured Dh21 billion in support of local exports and completed underwriting for premiums totalling Dh447 million.
Al Etihad
04-05-2025
- Business
- Al Etihad
Bin Touq meets with tourism ministers of Spain, Croatia to enhance prospects for cooperation in sector
4 May 2025 13:34 ABU DHABI (WAM)During a European tour that included Spain and Croatia, Abdulla Bin Touq Al Marri, UAE Minister of Economy, met with Tonči Glavina, Minister of Tourism and Sports of Croatia; and Rosario Sánchez Grau, Spanish Secretary of State for Tourism, with the aim of enhancing cooperation in the sector. As part of the discussions, the ministers exchanged the latest experiences and practices in the field of sustainable tourism Touq expressed the UAE's desire to enhance cooperation with European markets and foster fruitful partnerships in various tourism sub-sectors and activities, thereby supporting overall economic development and creating new opportunities for shared pointed out that the tourism sector in the UAE has undergone significant development, characterized by the adoption of forward-looking national initiatives; the establishment of distinguished tourism infrastructure in line with global best practices; the development of leading destinations and tourism products, and an increase in tourist Touq said: 'The UAE continues to support initiatives and projects aimed at sustaining global tourism growth, fostering collaboration with the UN Tourism and its member states, and expanding cooperation in various tourism sub-sectors.'During discussions with the tourism ministers of Spain and Croatia, Bin Touq highlighted the importance of the UAE Tourism Strategy 2031 and its key role in supporting the sustainability and competitiveness of the country's tourism sector over the next strategy has established a set of national objectives, which include elevating the UAE's status to become a leading global destination, increasing the sector's contribution to the national GDP to Dh450 billion, attracting tourism investments worth Dh100 billion to the country's markets, and welcoming 40 million guests by the year Minister of Economy reviewed key performance indicators of the UAE tourism sector, which include a total of Dh45 billion in hotel revenues in 2024 with a three per cent year-over-year growth. The hotel occupancy rate in the country reached 78 %, which is among the highest regionally and globally. Additionally, 16 new hotels were launched across the UAE in 2024, taking the total number of hotels to 1,251 by the end of last his meeting with Rosario Sánchez Grau, Spanish Secretary of State for Tourism, Bin Touq reviewed latest developments in the global tourism sector, the mechanisms to enable sustainable growth, as well as enhancing cooperation in various tourism fields. The two sides explored the potential for establishing new partnerships to increase mutual tourism number of Spanish tourists to the UAE reached 150,231 in 2024, representing an increase of more than 14% compared to that of 2023. The number of flights between the UAE and Spain amount to approximately 48 weekly services, operated by airlines of both Touq and Tonči Glavina discussed enhancing cooperation between tourism companies and entities in the UAE and Croatian markets, in addition to enhancing joint efforts to create new tourism and leisure programs to promote mutual tourism flows. There are currently more than 42 monthly flights between the UAE and Croatia, operated by the airlines of both countries.
