UAE, Switzerland hold sixth round of political consultations
The session was co-chaired by Lana Zaki Nusseibeh, Assistant Minister for Political Affairs, and Monika Schmutz Kirgöz, Assistant State Secretary for Middle East and North Africa.
The consultations were a substantive and productive opportunity to highlight the continuous development/strength of the UAE-Switzerland bilateral relationship.
Both sides shared current achievements and reaffirmed their commitment to further deepening ties across a range of sectors including enterprise, science and technology, artificial intelligence, renewable energy, water, healthcare, and people-to-people connections.
One particular focus were ways of accelerating trade and investment promotion. In this regard, the two sides welcomed the remarkable growth in non-oil bilateral trade, which increased by more than 40% in 2023.
The UAE and Switzerland also discussed how to unlock the promise and commercial potential of artificial intelligence, while ensuring the ethical, secure, and responsible development of this technology.
Both countries highlighted their support for international institutions, including the UN, in providing mediation, humanitarian assistance, development support, and peacekeeping, among others. They emphasised the importance of upholding international humanitarian law and discussed their efforts to this end.
Both sides also discussed their cooperation to ensure the 2026 Water Conference, co-hosted by the UAE and Senegal, delivers tangible outcomes.
Furthermore, both sides held an in-depth review of regional and international developments, including the situation in the Middle East and North Africa, as well as in Europe, with a focus on promoting dialogue, de-escalation and diplomatic solutions. They also reviewed the damaging impact that extremism and hate speech have on communities in all parts of the world, including Europe and the Middle East, and they discussed ways of countering those who promote such harmful ideologies.
The consultations were attended by Omran Sharaf, Assistant Minister of Advanced Science and Technology, and Dr. Hessa Abdullah Al Otaiba, UAE Ambassador to the Swiss Confederation.
From the Swiss side, Arthur Mattli, Ambassador of Switzerland to the UAE.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
26 minutes ago
- Khaleej Times
Dubai's villa market surges as scarcity, prestige drive prices to record highs
Dubai's villa market has emerged as the standout segment of the emirate's booming real estate sector, with a sharp surge in prices, intensifying demand, and limited supply pushing homes in prime villa communities into record territory. Latest research shows that villas, long prized for their space, privacy, and lifestyle advantages, now account for just seven per cent of all homes listed for sale in Dubai, underscoring the scarcity that continues to fuel their desirability. According to eXp Dubai, while villas make up only a fraction of the emirate's overall housing stock, certain neighbourhoods remain heavily weighted towards them, providing focused hotspots for prospective buyers. Communities such as The Meadows, Al Manara, Hadaeq Sheikh Mohammed Bin Rashid, Al Twar, and Al Rashidiya currently report 100 per cent villa availability. Meanwhile, new master-planned projects are also tilting strongly towards detached homes: The Oasis by Emaar and The Villa both list 99 per cent villas, while The Acres follows closely at 98 per cent. Other top villa destinations include The Lakes (97 per cent), Jumeirah Park (96 per cent), Emirates Hills (95 per cent), and established family favourites such as Arabian Ranches, The Springs, Tilal Al Ghaf, and Arabian Ranches 2, where between 83 and 89 per cent of listings are villas. Real estate experts said the dominance of villas highlights the underlying market preference for spacious, independent homes offering private gardens, larger internal layouts, and community amenities. 'Dubai has firmly established itself as one of the world's leading lifestyle markets, and nowhere is that more evident than in the appetite for villas,' said Dounia Fadi, managing director of eXp Dubai. 'For families, high-net-worth buyers, and long-term residents, the privacy, space, and quality of life that comes with villa living is highly attractive. Our research shows that while villas remain a relatively scarce commodity across Dubai overall, certain communities are heavily weighted towards them, providing real choice for those determined to secure this style of property.' 'Dubai's villa surge reflects more than a property cycle. It is a statement about the city's evolving lifestyle aspirations, its magnetism for global wealth, and its enduring allure for families seeking space and privacy. With villas now priced well above historic peaks and demand still far outstripping supply, Dubai has reaffirmed its status as a world-class hub where real estate scarcity itself has become a measure of prestige,' said V. Sivaprasad, chairman of Condor Developers. Beyond their scarcity, villas have also outperformed the wider property market in terms of price growth. Data from ValuStrat shows that the average price of villas grew by two per cent in May alone, with a year-on-year jump of 29 per cent. Some locations have seen exceptional appreciation, with villas in Jumeirah Islands rising 41 per cent and Palm Jumeirah 40 per cent over the past year. Emirates Hills and The Meadows recorded increases of 27 per cent. Overall, Dubai's freehold villas are now valued 66 per cent above their 2014 market peak and a remarkable 175 per cent higher than post-pandemic levels, reflecting the influx of high-net-worth individuals to the city and its growing stature as a global hub for luxury living. The capital gains have been most dramatic in exclusive neighbourhoods such as Palm Jumeirah, where the average villa price now exceeds Dh25 million, and Emirates Hills, often dubbed the 'Beverly Hills of Dubai'. In these premium areas, demand from global investors and wealthy expatriates ensures a constant upward trajectory in valuations. Jumeirah Bay Island has also joined the top league of ultra-luxury villa destinations, with limited plots commanding staggering premiums. Yet even as these areas set benchmarks for prestige pricing, more affordable villa communities such as Dubailand and Damac Hills 2 are offering entry points for aspiring homeowners, with prices starting from Dh1.2 million to Dh2.5 million. This dual track of high-end exclusivity and suburban affordability ensures Dubai's villa market appeals across diverse income brackets. Analysts note that price growth has not been confined to villas alone. Apartments have also appreciated, with an annual increase of 20 per cent across the city, led by areas such as The Greens, Dubai Silicon Oasis, and Town Square. Yet the scale of villa appreciation is unmatched, with some communities registering gains of up to 92 per cent over the past three years, according to Allsopp & Allsopp. Such sustained demand reflects shifting preferences among both investors and end-users towards more spacious, lifestyle-oriented homes, particularly as rising apartment rentals push families towards suburban villas. Several structural factors underpin this surge. Limited land availability for new villa developments, combined with developers' focus on high-end master-planned communities, ensures a constrained pipeline of detached homes. 'At the same time, Dubai's strong economic growth, rising population, and continued inflows of global investors are intensifying competition for quality housing. Interest rate movements and mortgage costs add another layer of complexity, but the overwhelming influence remains the perception of villas as a premium, long-term investment,' said Jayakrishnan Bhaskar, director of Ozon Marketing. Market observers say the trend is likely to persist, though at a moderated pace. ValuStrat forecasts property prices in Dubai could rise by another 10 per cent before the end of 2025, though growth will gradually stabilise as the market matures and supply catches up with demand.
Khaleej Times
26 minutes ago
- Khaleej Times
UAE sends team, aircraft to combat wildfires in Montenegro
UAE dispatched a taskforce to help extinguish the wildfires in the Republic of Montenegro, actively supporting operations across multiple areas of the country. A specialised UAE firefighting aircraft, carrying essential equipment and supplies, departed Abu Dhabi on Monday for Podgorica to join urgent response efforts to control the fires. The response to the Montenegro fires come under the directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Khaleej Times
26 minutes ago
- Khaleej Times
UAE, Saudi SWFs, mutual funds power GCC AuM to $2.2 trillion
The GCC's asset management industry has entered a new phase of expansion, reaching $2.2 trillion in assets under management (AuM) in 2024 — a 9 per cent increase from the previous year — according to a new report by Boston Consulting Group (BCG). The strong momentum is being powered by sovereign wealth funds (SWFs), retail mutual fund growth in Saudi Arabia and the UAE, and a rapid embrace of digital transformation. The region's trajectory is unfolding against a backdrop of global market volatility, fee compression, and evolving investor preferences. Yet experts say the GCC has carved out a unique position, with sovereign wealth funds providing resilience and retail participation offering depth. 'The next decade's leaders will be those who redefine their future, not just endure challenges,' said Lukasz Rey, managing director and partner at BCG and Middle East head of financial institutions. 'With Saudi Arabia and the UAE anchoring regional momentum, the GCC's strategic diversification and SWF dominance signal a future where local asset managers could rival global giants.' Saudi Arabia and the UAE remain the anchors of this growth, together accounting for the bulk of retail mutual fund expansion. Saudi Arabia's Capital Market Authority has introduced reforms to deepen liquidity and strengthen the investment environment, while the UAE has seen robust inflows into funds tied to its rapidly expanding capital markets, including Dubai's IPO boom and Abu Dhabi's ADX growth. Kuwait and Abu Dhabi, meanwhile, remain the dominant players in sovereign wealth, led by the Kuwait Investment Authority and the Abu Dhabi Investment Authority, which are among the largest sovereign funds globally. Collectively, SWFs in the GCC control more than $4 trillion in assets, with increasing allocations to alternative investments and sustainable finance. Analysts say the GCC's AuM growth of 9 per cent in 2024 outpaced the global average of 7 per cent. Much of this increase was driven by market performance rather than fresh inflows, underscoring the region's exposure to global equity swings. Still, experts believe the structural story remains intact. 'Saudi Arabia and the UAE are driving retail mutual fund expansion, while Kuwait and Abu Dhabi lead in sovereign wealth fund dominance,' said Mohammad Khan, managing director and partner at BCG. 'The region is steadily establishing itself as a global financial powerhouse.' One notable trend has been the rise of private assets, traditionally the domain of institutions but now attracting retail investors. Globally, semi-liquid private funds have grown more than fivefold in four years to surpass $300 billion, with GCC investors increasingly participating in these vehicles. In Saudi Arabia, the Public Investment Fund (PIF) has been a catalyst, channeling capital into domestic infrastructure and technology while also investing heavily abroad. Similarly, Mubadala and ADQ in Abu Dhabi have been active in renewable energy, life sciences, and advanced manufacturing — sectors aligned with their respective national diversification visions. Experts argue that the sector's future growth will hinge on its ability to adapt to three structural forces reshaping the industry worldwide: evolving investor demand, consolidation, and digital disruption. On the demand side, active exchange-traded funds (ETFs), model portfolios, and separately managed accounts are emerging as areas of opportunity. Consolidation is already under way, with larger players leveraging scale to expand offerings and cut costs. Smaller firms are increasingly turning to niche strategies and leaner models to stay competitive. Technology is perhaps the most transformative force. Asset managers are investing in artificial intelligence, particularly generative AI, to automate portfolio management, enhance research, and streamline middle- and back-office operations. 'Cost discipline is now a strategic focus, with firms prioritising unique value creation, embracing lean practices, and investing in transformative technologies,' said Nabil Saadallah, managing director and partner at BCG. Industry insiders note that pension funds and sovereign wealth funds are 'quietly reshaping the region's financial architecture' by becoming more active and sophisticated allocators. Saudi pension funds, for example, are diversifying away from traditional fixed income into equities, private markets, and global infrastructure. This not only supports the domestic economy but also integrates the GCC more deeply into global capital flows. The GCC's evolution as an asset management hub also reflects broader economic reforms. Saudi Arabia's Vision 2030 has spurred capital market deepening and foreign investor participation, while the UAE has positioned itself as a global fintech and investment hub through regulatory innovation and attractive free zones such as DIFC and ADGM. The IMF projects GCC non-oil GDP growth at 4.3 per cent in 2025, reinforcing the link between economic diversification and capital market vibrancy. At the same time, the industry must manage challenges. Fee pressure continues to erode margins, forcing managers to rethink value propositions. Global investors are increasingly demanding sustainable and ESG-focused products, an area where GCC managers are beginning to respond, particularly in renewable energy-linked funds. Furthermore, volatility in global markets — from US rate uncertainty to China's slowing growth — could affect inflows and performance. Despite these risks, the outlook remains broadly positive. According to Preqin, assets under management in private markets worldwide are expected to reach $24 trillion by 2028, and the GCC is positioning itself to capture a meaningful share of that growth. Regional SWFs are already among the most active investors in private equity, venture capital, and infrastructure, while retail investors are steadily being drawn into professionally managed products. In a region once heavily reliant on hydrocarbons, the rise of a $2.2 trillion asset management sector signals both resilience and reinvention. As BCG's Rey put it, 'The GCC has the ingredients — sovereign fund strength, retail momentum, and diversification strategies — to not just withstand global market volatility, but to emerge as a serious competitor to the world's leading asset managers in the decade ahead.'
