Latest news with #AED440
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
14-03-2025
- Business
- Zawya
ADFD starts work on 320-key luxury hospitality project in Egypt
The Abu Dhabi Fund for Development (ADFD) today (March 13) laid the foundation stone for its AED440 million ($120 million) hospitality project - Sofitel Legend Pyramids Giza - in Egypt. A luxury five-star hotel, it will feature 302 rooms equipped with state-of-the-art amenities. The property will also house a selection of international restaurants and entertainment facilities, positioning it as a premier destination for luxury hospitality. The project is being financed through a strategic partnership between the private sectors of the UAE and Egypt, said the statement from ADFD. ADFD is contributing 84.28% of the project's capital through Abu Dhabi Tourism Investment Company (ADTIC). Additionally, Abu Dhabi National Hotels owns 10.22%, Overseas Tourism Investment Company holds 0.4%, Misr Hotels Company owns 2.73%, and the Egyptian General Company for Tourism & Hotels owns 2.37%. It will be a landmark addition to the hospitality and tourism sector in Egypt and the broader Middle East, thus reinforcing the UAE's commitment to advancing global economic partnerships and supporting sustainable development, it stated. This comes as part of its efforts to support and revitalise Egypt's tourism sector and enhance strategic investments, it added. The foundation was jointly laid by Mohamed Saif Al Suwaidi, Director General of ADFD, and Engineer Adel Al-Najjar, the Governor of Giza, from the Egyptian government, in the presence of officials from both sides. Blending rich history with modern luxury, the project promises an exceptional hospitality experience that meets the highest international standards. Abu Dhabi Tourism Investment Company is partnering with Accor Group, a globally renowned hospitality brand, to manage the hotel and ensure excellence in service and guest experience. On the deal, Al Suwaidi said: Sofitel Legend Pyramids Giza is a significant step in strengthening Egypt's tourism sector, offering a world-class hotel experience that underscores our commitment to sustainable investments in promising markets." "Through our partnership with Accor Group, we aim to elevate the tourism industry while supporting economic and social development in Egypt," he stated. Al Suwaidi called this investment a reflection of ADFD's commitment to advancing sustainable development projects and driving investment partnerships that fuel economic growth in partner countries. Lauding the ADFD support, Al Najjar said: "We appreciate Abu Dhabi Fund for Development's commitment to supporting Egypt's development projects, particularly in key economic sectors like tourism." "The Sofitel Legend Pyramids Giza project represents a transformative step in strengthening our tourism infrastructure, enabling us to attract visitors from around the world thanks to its strategic location near Egypt's most iconic archaeological sites," he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
24-02-2025
- Business
- Zawya
Spring Valley to establish agro-commodity hub at Jafza, driving regional food security
Spring Valley, a home-grown agro-commodity supplier, is investing AED184 million to develop a new distribution hub at Jebel Ali Free Zone (Jafza), supporting regional food security. Spanning more than 106,000 sq. ft, the facility will feature advanced processing and storage capabilities, including consumer packaging, roasting and grinding operations. The first phase will be completed within two years, with the hub expected to process more than 65,000 metric tonnes of staple food ingredients -- such as pulses, spices and nuts – generating over AED440 million in annual turnover once fully operational. Abdulla Al Hashmi, COO, Parks & Zones, DP World GCC, said, 'We are pleased to welcome Spring Valley to Jafza. With 80% of the region's food supply being imported and global demand set to soar for two billion more people by 2050, ensuring food security is more critical than ever. Dubai plays a vital role as a hub for the UAE's food trade, handling 75% of the nation's food and beverage imports. Jafza's dedicated F&B terminal, advanced logistics network, and vibrant business community continue to drive innovation, and we're committed to investing in solutions to secure the future of the global food supply.' The global agricultural commodity market is projected to grow from $220 billion in 2024 to $277 billion in 2028, driven by rising demand for healthier diets and a growing global population. Toms Mathew, Executive Director, Spring Valley Food Industries, said, 'As a home-grown brand, this new hub in Jafza strengthens our role in regional food security. Our strategic location next to a world-class port ensures efficient logistics, enhancing the UAE's position as a leading hub for essential food.' The facility will operate with 100% sustainable and carbon-neutral processing, featuring a solar power plant in line with Dubai's renewable energy goals. It will also adhere to the highest international food safety standards, with HACCP and BRCGS certifications. Jafza, a key driver of the UAE's food trade, continues to see robust growth, hosting over 770 F&B businesses operating within the zone, up 14% year-on-year. In 2023, its F&B sector facilitated trade worth AED23.2 billion, representing 26% of Dubai's total F&B trade value.
Trade Arabia
24-02-2025
- Business
- Trade Arabia
Spring Valley to set up agro-commodity hub in Jafza
Spring Valley, a home-grown agro-commodity supplier, is investing AED184 million ($50.1 million) to develop a new distribution hub at Jebel Ali Free Zone (Jafza), supporting regional food security. Spanning more than 106,000 sq ft, the facility will feature advanced processing and storage capabilities, including consumer packaging, roasting and grinding operations. The first phase will be completed within two years, with the hub expected to process more than 65,000 metric tonnes of staple food ingredients -- such as pulses, spices and nuts – generating over AED440 million in annual turnover once fully operational, said a statement. Abdulla Al Hashmi, COO, Parks & Zones, DP World GCC, said: 'We are pleased to welcome Spring Valley to Jafza. With 80% of the region's food supply being imported and global demand set to soar for two billion more people by 2050, ensuring food security is more critical than ever. Dubai plays a vital role as a hub for the UAE's food trade, handling 75% of the nation's food and beverage imports. Jafza's dedicated F&B terminal, advanced logistics network, and vibrant business community continue to drive innovation, and we're committed to investing in solutions to secure the future of the global food supply.' The global agricultural commodity market is projected to grow from $220 billion in 2024 to $277 billion in 2028, driven by rising demand for healthier diets and a growing global population. Toms Mathew, Executive Director, Spring Valley Food Industries, said: 'As a home-grown brand, this new hub in Jafza strengthens our role in regional food security. Our strategic location next to a world-class port ensures efficient logistics, enhancing the UAE's position as a leading hub for essential food.' The facility will operate with 100% sustainable and carbon-neutral processing, featuring a solar power plant in line with Dubai's renewable energy goals. It will also adhere to the highest international food safety standards, with HACCP and BRCGS certifications, it said.
