Latest news with #AED240
Arabian Business
11-04-2025
- Business
- Arabian Business
Dubai Crown Prince Sheikh Hamdan concludes India visit aimed at boost bilateral ties
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, has completed his first official visit to India, during which he met with senior Indian officials to explore opportunities for enhanced cooperation across strategic sectors. During the visit, Sheikh Hamdan met with Indian Prime Minister Narendra Modi and conveyed greetings from the UAE leadership. The Crown Prince noted the importance of India's heritage and population, stating that trade has historically served as a connection between the two nations. Highlight Video: A glimpse into the official visit of Hamdan bin Mohammed to India — Dubai Media Office (@DXBMediaOffice) April 10, 2025 Sheikh Hamdan's landmark India visit The visit saw the signing of eight Memorandums of Understanding (MoUs) aimed at strengthening collaboration in infrastructure, healthcare, higher education, maritime services, logistics, and private sector engagement. These agreements build upon the 2022 Comprehensive Economic Partnership Agreement (CEPA) and the Bilateral Investment Treaty (BIT). Progress in the economic relationship was evidenced by a 20 per cent increase in bilateral trade in 2024, reaching AED240 billion compared to 2023. Sheikh Hamdan praised the UAE's private sector for expanding the nation's global economic ties and commended national economic institutions for adopting advanced, technology-driven solutions supporting sustainable development. The Crown Prince also attended the opening of the Dubai International Chamber's second representative office in India, located in Bengaluru, and visited the Bombay Stock Exchange, one of the world's oldest stock exchanges established in 1875. Additionally, Sheikh Hamdan inaugurated DP World's state-of-the-art Free Trade Warehousing Zone – the Nhava Sheva Business Park – in Mumbai, representing an investment exceeding $200 million (AED735 million). This marks DP World's third FTWZ in India. Sheikh Hamdan's delegation included Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation; Dr Ahmad Belhoul Al Falasi, Minister of Sports; Abdulla bin Touq Al Marri, Minister of Economy; Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; and Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Zawya
09-04-2025
- Business
- Zawya
Al Zeyoudi: UAE, India continue to reap benefits of CEPA
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the UAE and India share a strong mutual commitment to elevating their strategic partnership across all sectors. This cooperation, he noted, is aligned with the ambitious development goals of both nations and contributes to sustainable economic growth and shared prosperity for their peoples. Speaking to the Emirates News Agency (WAM), Al Zeyoudi emphasised that the reciprocal visits by the leaders of both countries reflect this joint vision and help strengthen strategic collaboration. These high-level engagements continue to create opportunities for building deeper partnerships, especially in trade and investment between the business communities and private sectors of both nations. He noted that the official visit of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, to India comes as the two friendly countries approach the third anniversary of the implementation of their Comprehensive Economic Partnership Agreement (CEPA), which came into effect on 1st May 2022. This agreement was the first of its kind signed by the UAE under its CEPA programme and the first to be implemented—highlighting the long-standing and robust ties between the UAE and India. Al Zeyoudi pointed out that the UAE and India continue to reap tangible benefits from the CEPA, which over the past three years has led to significant growth in bilateral trade and investment flows. Non-oil trade between the two countries grew by 20.5%, reaching over AED240 billion in 2024, compared to AED199.3 billion in 2023. This growth underscores the vast opportunities in trade and investment between the two nations. India also ranked as the top destination for UAE's non-oil exports in 2024, accounting for 13.5% of total non-oil exports—a remarkable year-on-year increase of 75.2% compared to 2023. He further explained that both nations play a vital role in each other's economies. India is the UAE's second-largest global trading partner after China, while the UAE is India's third-largest trading partner, following China and the U.S. India is also the second-largest investor in the UAE, holding a 6.3% share with investments totaling nearly US$10 billion by the end of 2022. Conversely, the UAE has cumulative direct investments in India of around US$23 billion by the end of 2024—making it India's seventh-largest global investor and the top Arab investor. The value of UAE investments flowing into India between April 2022 and December 2024 reached US$10.4 billion, coinciding with the implementation of the CEPA.
Hi Dubai
09-04-2025
- Business
- Hi Dubai
UAE-India CEPA Turns Three: A Powerhouse Partnership Fueling Trade, Investment, and Growth
The United Arab Emirates and the Republic of India are marking the third anniversary of their Comprehensive Economic Partnership Agreement (CEPA) on May 1—a milestone that underscores the strength and momentum of a transformative bilateral relationship. Signed in 2022, the CEPA was the UAE's first bilateral trade pact under its global economic agreements programme, and India's first with a Middle East and North Africa (MENA) nation. It aims to elevate non-oil trade between the two countries to US$100 billion annually by 2030. The results have been striking. In 2024, non-oil trade between the UAE and India surged by 20.5% year-on-year to surpass AED240 billion. India emerged as the UAE's top non-oil export destination, accounting for 13.5% of total exports—an impressive 75.2% rise from the previous year. This economic upswing is matched by growing investment and entrepreneurial ties. In 2024 alone, the UAE issued over 41,600 new Indian economic licences, bringing the total to more than 247,000 active Indian business licences across diverse sectors. Meanwhile, UAE businesses continue to expand their footprint in India, particularly in strategic and emerging industries. Beyond commerce, the partnership also flourishes in tourism, with over two million Indian visitors annually, and in shared ambitions for sustainable and inclusive growth. CEPA has become a cornerstone of this dynamic relationship—driving trade, fostering innovation, and building a resilient economic future for both nations. As the agreement enters its fourth year, both countries are poised to deepen collaboration, boost cross-border ventures, and unlock new opportunities in key sectors, reinforcing one of the most significant bilateral economic relationships in the region. News Source: Emirates News Agency
Zawya
08-04-2025
- Business
- Zawya
UAE, India mark three years of comprehensive economic partnership
The United Arab Emirates and the Republic of India continue to witness growing and dynamic economic relations, built on longstanding historical ties and driven by their Comprehensive Economic Partnership Agreement (CEPA), which has significantly boosted economic growth and created new trade and investment opportunities for both business communities. On 1st May, the UAE and India will celebrate the third anniversary of the entry into force of the CEPA, which marked a new chapter in their strategic economic relations. The agreement was the UAE's first bilateral deal under its global economic agreements programme, which aims to expand its network of trade partners with strategically important regional and global markets. It also represented the first CEPA signed by India with a country from the Middle East and North Africa region. The agreement aims to increase bilateral non-oil trade to US$100 billion annually by 2030. The UAE's non-oil trade with India grew by 20.5 percent to exceed AED240 billion in 2024, compared to AED199.3 billion in 2023, reflecting the strong investment and commercial potential between the two nations. India ranked as the UAE's top non-oil export destination in 2024, accounting for 13.5 percent of the total, with an unprecedented year-on-year growth of 75.2 percent. The significant rise in non-oil trade, joint ventures and mutual investments coincides with the third year of the CEPA's implementation, which has been a key driver in accelerating sustainable growth across various sectors. In 2024 alone, over 41,600 new Indian economic licences were issued in the UAE, bringing the total number of active Indian business licences in the country to more than 247,000 by the end of the year. These licences span a wide range of commercial and economic activities. India also remains one of the largest tourism source markets for the UAE, with more than two million Indian tourists visiting the country annually, underscoring the strength of bilateral ties. Meanwhile, the number of UAE companies operating in India continues to grow across strategic sectors. The coming period will see further expansion of cross-border business operations, particularly in new economy sectors, with the aim of creating thousands of sustainable jobs and supporting inclusive development in both countries. Through their strategic partnership, the UAE and India have successfully built a robust economic foundation that has elevated their relationship to new heights. This includes fostering partnerships between their respective business communities, encouraging the growth of small and medium-sized enterprises and entrepreneurship, and driving forward the shared vision of sustainable economic growth and prosperity.
Emirates Woman
14-03-2025
- Business
- Emirates Woman
UAE announces new remote working system to attract top talent
Here's everything you need to know… The UAE has announced a new remote working system that will allow government employees to work remotely from outside of the country moving forward. Announced as one of a number of strategic pillars by the UAE Cabinet this week, the flexible working policy aims to attract international talent to contribute across a breadth of government services. This will range from projects and studies to specialised tasks. It's the latest in a string of flexible and remote work initiatives rolled out by the government. During Ramadan 2025, as part of the Year of Community, Dubai government employees have been able to work up to three flexible working hours per day, provided they complete 5.5 hours of work from Monday to Thursday and three hours on Friday. The flexible working policy also permits federal employees to work remotely one or two days per week, provided that it maintains productivity and allows them to fulfill their responsibilities. National Investment Strategy 2031 The UAE Cabinet made a series of announcements via a meeting on March 10 chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, where the cabinet approved National Investment Strategy for the next six years. In the meeting, officials set a goal to increase annual foreign investment from AED112 billion in 2023 to AED240 billion in 2031. Through investment in key sectors like logistics, financial services, renewable energy, and information technology, the UAE plans to create 'the most business-friendly environment in the world,' Sheikh Mohammed said, per Dubai Media Office. Lead image: Unsplash
