Latest news with #AED2.86
Hi Dubai
10-04-2025
- Business
- Hi Dubai
New Zealand-UAE Trade Hits NZ$1.3 Billion as Economic Ties Strengthen
New Zealand's Minister for Trade, Todd McClay, has confirmed a sharp upswing in trade and investment ties with the United Arab Emirates, with bilateral trade reaching NZ$1.3 billion (AED2.86 billion) in 2024. The fourth quarter alone saw trade figures climb to NZ$400 million (AED880 million), underscoring the growing economic momentum between the two nations. On the sidelines of the AIM Congress 2025 in Abu Dhabi, McClay credited the surge to the close alignment of both governments' visions and a shared commitment to deepening economic cooperation. McClay highlighted a significant 60% increase in services trade, reflecting a broadening scope of collaboration beyond goods. UAE investments in New Zealand also exceeded NZ$200 million (AED440 million) last year, spanning strategic sectors such as food, infrastructure, and high-value industries. He pointed to the Comprehensive Economic Partnership Agreement (CEPA) and other investment accords as key drivers opening new channels for capital flow—particularly in infrastructure and energy. 'These agreements are creating a solid framework for sustained and diversified economic engagement,' he noted. Currently, around 20 New Zealand companies are active in the UAE market, while several UAE firms are exploring opportunities to establish operations in New Zealand. McClay also spotlighted New Zealand's pro-investment climate, strengthened by a double taxation avoidance agreement offering preferential treatment to UAE sovereign wealth funds. Looking ahead, McClay outlined New Zealand's ambitious infrastructure expansion, calling it a prime investment opportunity for UAE entities in construction and long-term asset management. He further welcomed investment in sectors such as renewable energy, agri-tech, AI, pharmaceuticals, and data centres, underscoring New Zealand's openness to future-focused, sustainable partnerships. News Source: Emirates News Agency
Zawya
10-04-2025
- Business
- Zawya
UAE-New Zealand trade reached $762mln by end of 2024: Minister
ABU DHABI: Todd McClay, Minister for Trade of New Zealand, has affirmed the accelerating growth in economic ties with the United Arab Emirates, with bilateral trade reaching NZ$400 million (approximately AED880 million) in the fourth quarter of 2024, bringing the total trade volume for the year to NZ$1.3 billion, equivalent to AED2.86 billion. Speaking to the Emirates News Agency (WAM) on the sidelines of the AIM Congress 2025 in Abu Dhabi, McClay said this sustained growth is driven by the alignment of the two governments' visions and their shared commitment to enhancing trade and investment ties. He highlighted notable growth of up to 60 percent in the services sector, reflecting the strength and diversity of bilateral cooperation. He noted that direct UAE investments in New Zealand exceeded NZ$200 million (AED440 million) in 2024, spanning sectors such as food, infrastructure and productive industries. He added that investment agreements between the two countries, including the Comprehensive Economic Partnership Agreement (CEPA), are opening new avenues for increased capital flows, especially in infrastructure and energy. McClay said around 20 New Zealand companies are currently active in the UAE market, while discussions are ongoing with several UAE companies interested in establishing offices in New Zealand. He emphasised that New Zealand's attractive investment climate is underpinned by key bilateral agreements, including a double taxation avoidance agreement, which grants preferential tax treatment to UAE sovereign wealth funds. He added that New Zealand has launched an ambitious plan to expand its road network and implement large-scale infrastructure projects, presenting ideal opportunities for UAE sovereign wealth funds and companies seeking long-term investments in construction, management and operation. McClay confirmed that New Zealand welcomes investments in renewable energy sectors such as wind, solar and geothermal, alongside promising ventures in processing industries, agri-tech, artificial intelligence, pharmaceuticals, and data centres.
Zawya
18-03-2025
- Business
- Zawya
Sharjah's Ruwad approves funding for 4 new projects
SHARJAH - The Project Funding Committee of the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) has approved funding for four new small businesses with a total value of AED720,000. These approvals were based on the 32nd and 33rd meetings of the committee, held in January and March 2025, respectively. The meetings were chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of the Sharjah Economic Development Department, with the participation of committee members Saeed Ghanem Al Suwaidi, Faisal Jassim Al Madfa, Fahad Al Khameri, Dr. Mudathir Abdullah, and Nora Al Zarooni. Also present were members of the technical project funding committee, including Nasser Abdullah Al Owais, Deputy Head of Project Study and Analysis; Rashid Sawaked, Project Development Consultant; and Hamda Khater, Head of the Financing Division at Ruwad. During these meetings, the committee reviewed new funding requests and approved financing for four entrepreneurial projects through the direct financing system. These projects span various sectors, including food businesses, beauty centres, cryotherapy, and entertainment services. Of the approved projects, two are owned by female entrepreneurs, while the other two are jointly owned by both men and women. Additionally, in its January meeting, the committee reviewed a report on funded projects in 2024, which totaled 13 projects that received financial approval. All approvals were granted through direct financing by the foundation, with total funding reaching AED2.86 million. Sharjah city accounted for 64% of the funded projects, with nine projects, while four projects (29%) were funded in the Eastern Region, and one project was supported in the Central Region. The distribution by gender showed that 10 projects were owned by male entrepreneurs, while 4 projects were led by female entrepreneurs. As part of its agenda, the committee also reviewed the foundation's accounts and financial budget, in addition to discussing several development proposals and making the necessary decisions regarding their implementation.
