Latest news with #AlZeyoudi
Gulf Today
2 days ago
- Business
- Gulf Today
Non-oil trade between UAE and EU reached $67.6 billion in 2024
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the United Arab Emirates for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU. The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE. The EU is already one of the UAE's key trading partners, accounting for 8.3 per cent of non-oil trade. In 2024, non-oil trade between the two reached $67.6 billion, representing a growth of 3.6 per cent over 2023. The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation. The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub. Al Zeyoudi emphasised the importance of the CEPA with the EU, stating, 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. By working together, we will strengthen our supply chains, drive innovation, and create jobs that will benefit our communities and economies for many years to come.' Al Zeyoudi: 'Our negotiations toward a UAE-EU CEPA is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity.' Maroš Šefčovič commented: 'Europe continues to be a reliable trading partner, which respects the deals it makes. And it is natural to seek to grow our relations with long-standing and trusted partners like the United Arab Emirates. A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. Our aim is therefore to reach an ambitious deal that is commercially meaningful on both sides – one that brings tangible, lasting benefits, along with predictability, so essential to any successful business. This would add strength to our regional cooperation with the Gulf Cooperation Council countries.' During the investment roundtable, representatives from the UAE and the European private sectors, engaged in discussions to identify mutual investment opportunities that can drive innovation and sustainable economic development. FDI flows between the UAE and EU are strong and robust, with recent partnerships in data centers in Italy, solar plants in Spain, and neighbourhood redevelopment in Budapest. A UAE-EU CEPA has the potential to unlock further opportunities, including a $50 billion AI data centre deal with France and a $40 billion commitment in Italy's energy and defense sectors. The CEPA programme is a key pillar of the UAE's foreign trade agenda, reflecting the nation's commitment to open, rules-based trade to drive economic growth and diversify its economy. By enhancing access to global markets and establishing stronger trade and investment flows with partners around the world, the CEPA programme has contributed to a record non-oil trade of $816 billion in 2024, marking a 14.6 per cent increase over 2023. Meanwhile Dubai Chambers explored prospects for enhancing trade and investment cooperation between Dubai and European Union countries on Wednesday during a roundtable with a high-level delegation led by Maroš Šefčovič, European Commissioner for Trade and Economic Security. The roundtable was attended by Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers; Dr. Thani Bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade; Lucie Berger, Ambassador of the European Union to the United Arab Emirates; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and Leon Delvaux, Director at the Directorate-General for Trade and Economic Security, together with representatives from Dubai and the European private sectors. Dr. Thani Al Zeyoudi commented, 'The European Union is one of the main pillars of the global economy and our second-most important trade partner. As we accelerate efforts to bring our markets closer together, it is important we build the platforms for our private sectors to identify and explore areas for collaboration, particularly in sectors that align with our economic diversification objectives. The EU-UAE Investment Roundtable is an important opportunity for business leaders from across all industries to build the relationships that can drive trade and investment to even greater heights.' Sultan Bin Saeed Al Mansoori stated, 'Dubai and the European Union share deep-rooted economic ties built on common interests, mutual aspirations, and a joint commitment to developing a diversified and sustainable economy. Today's roundtable is designed to advance collaboration in high-potential sectors and identify new avenues for growth. We are committed to supporting European companies and enabling them to expand and thrive while leveraging Dubai as a strategic hub to access new opportunities across local and regional markets.' WAM
Malaysia Sun
3 days ago
- Business
- Malaysia Sun
Thani Al Zeyoudi participates in inaugural ASEAN-GCC-China Economic Forum in Kuala Lumpur, Malaysia
KUALA LUMPUR, Malaysia, 27th May, 2025 (WAM) -- The UAE, represented by Dr Thani Al Zeyoudi, Minister for Foreign Trade, participated in the inaugural ASEAN-GCC-China Economic Forum in Kuala Lumpur, Malaysia. Al Zeyoudi underscored how greater collaboration across Asia can accelerate growth, drive innovation and consolidate the region's rise a global economic power. He also reaffirmed the UAE's commitment to building strong trade and investment partnerships across the world and that the future-focused nations of Asia were natural partners in these efforts. Leaders and business representatives from 17 nations gathered in the Malaysian capital to exchange views on how they work together to navigate today's complex economic and geopolitical landscape. Al Zeyoudi said the Forum offered the chance for attending nations to align their economic visions to achieve strong growth: "By deepening our connections and exploring avenues of mutual interest, the GCC, China and ASEAN bloc can not only maintain our own upward growth trajectories but become the driving force of the global economy. Our foreign trade policy has been designed to bring our economy closer to the markets of Asia and together we can increase the flow of goods and services between us, support vital infrastructure projects, share knowledge, and accelerate innovation. This forum has underlined the depth of this potential - and created the platform to help the nations of our high-growth regions realize it." The UAE enjoys positive trade and investment ties with nations across Asia, including the ASEAN bloc. The UAE has concluded Comprehensive Economic Partnership Agreements (CEPAs) with Indonesia, Cambodia, Vietnam and Malaysia, helping to propel the UAE's non-oil foreign trade with ASEAN countries to US$37.7 billion in 2024, a growth of 4.2% compared to 2023 and 16.8% more than in 2022. ASEAN countries accounted for 4.6% of the UAE's total non-oil trade with the world in 2024, and 11.3% of the UAE's trade with non-Arab Asian countries. The UAE also enjoys has strong trade and investment links with China. The total value of UAE-China non-oil trade reached US$90.1 billion in 2024, reflecting a growth of 4% compared to 2023, and increases of 16.5% and 48% compared to 2022 and 2021, respectively. China remained the UAE's top trading partner in 2024, accounting for 11% of the UAE's total non-oil trade with the world. The Forum, held in conjunction with the inaugural ASEAN-GCC-China Summit, 2nd ASEAN-GCC Summit and 46th ASEAN Summit, brought together leaders and representatives from China, the ten Association of South East Asian Nation nations - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam - and the six Gulf Cooperation Council nations - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Together, these countries are home to more than two billion consumers, and account for over 20% of the world's GDP.
Sharjah 24
6 days ago
- Business
- Sharjah 24
Al Zeyoudi represents UAE at Ecuadorian Presidential inauguration
UAE leaders extend congratulations Dr Al Zeyoudi conveyed the congratulations and best wishes of UAE leaders—President His Highness Sheikh Ecuador values UAE participation President Noboa expressed appreciation for the UAE's presence and conveyed his greetings to the UAE leadership. He praised the strong bilateral ties and emphasized Ecuador's commitment to strengthening relations and pursuing mutual development goals. A symbol of deepening bilateral ties Al Zeyoudi's participation in the ceremony reflects the depth of UAE-Ecuador relations and a shared desire to elevate cooperation across various sectors. Strengthening trade and investment ties Dr. Al Zeyoudi highlighted the ongoing Comprehensive Economic Partnership Agreement (CEPA) negotiations, which are nearing completion. He noted the growth in non-oil bilateral trade, which reached USD 360.7 million in 2024, and the 46% rise in UAE non-oil exports to Ecuador, reaching USD 37 million. Expanding opportunities for economic cooperation Al Zeyoudi emphasised the potential to double trade figures through tariff reductions and improved investment conditions under the CEPA. He also highlighted promising investment opportunities in sectors such as agriculture, renewable energy, mining, and logistics—citing DP World's $1.2 billion investment in Posorja Port as a successful example. High-level bilateral meetings held During these meetings, they discussed ways to increase bilateral cooperation in sectors of common interest, and ways to provide more opportunities for the business communities to build new investment and trade partnerships that stimulate economic growth and shared prosperity.
Web Release
7 days ago
- Business
- Web Release
Ministry of Economy participates in 4th ‘Make it in the Emirates' Forum to promote innovation and industrial sustainability
The Ministry of Economy participated in the fourth edition of the 'Make it in the Emirates' Forum, in the presence of H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. Organized by the Ministry of Industry and Advanced Technology, the event took place recently at ADNEC Centre, Abu Dhabi, under the theme 'Advanced Industries. Accelerated.' The forum seeks to foster innovation, boost economic diversification and industrial sustainability, and position the UAE as a global destination for future industries, while also encouraging investors, innovators, and project developers to localize manufacturing. H.E. Dr. Al Zeyoudi emphasized that the UAE, under the directives of its wise leadership, continues to foster a favorable trade and investment environment to support national industrial products in line with international best practices. The country aims to enhance the global and regional competitiveness of its products by strengthening economic partnerships with key strategic markets via the Comprehensive Economic Partnership Agreements (CEPAs). These agreements play a crucial role in opening up new export opportunities and expanding market access for national industrial products, supporting the national goal of increasing non-oil exports to AED 800 billion by 2030, in line with the 'We the UAE 2031' vision. His Excellency stated: 'The forum serves as a key national platform for advancing the UAE's industrial sector, promoting partnerships in future industries, and sharing expertise in industrial design and relevant advanced technologies. This enhances our nation's transition into a sustainable knowledge and innovation-based economy.' H.E. added that the Ministry's participation reflects its commitment to supporting the national efforts aimed at creating an advanced industrial ecosystem and promoting sustainable growth. It also enables national industrial capabilities that contribute to developing high-quality local products capable of competing in global markets. Furthermore, the Ministry's participation in the forum aligns with its goal to enhance the benefits of its 'Green Intellectual Property' initiative that integrates intellectual property into sustainability, green energy, and clean energy sectors. At its forum pavilion, the Ministry showcased its projects and initiatives related to intellectual property, innovation, and industrial sustainability, underscoring its support for entrepreneurs and startups seeking to expand into advanced industrial markets from the UAE, as well as the various opportunities it offers in this regard. The Ministry's participation also contributed to enhancing engagement with private sector companies operating in industrial sectors locally and internationally, encouraging them to grow their businesses and product lines within the UAE market by leveraging the country's enabling business environment.
Jordan News
15-05-2025
- Business
- Jordan News
Jordan–UAE Economic Partnership Agreement Takes Effect, Ushering in New Era of Strategic Collaboration - Jordan News
Jordan–UAE Economic Partnership Agreement Takes Effect, Ushering in New Era of Strategic Collaboration Jordan and the United Arab Emirates will officially activate their Comprehensive Economic Partnership Agreement (CEPA) on Thursday, marking a milestone in bilateral cooperation aimed at deepening ties across a wide spectrum of economic sectors. اضافة اعلان The agreement, which was signed in October last year under the auspices of His Majesty King Abdullah II and UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, is designed to open new avenues for strategic collaboration, unlock investment opportunities, and promote economic integration between the two nations. Minister of Industry, Trade, and Supply, Yarub Qudah, said the agreement represents a major leap in economic cooperation and lays the groundwork for dynamic partnerships, particularly by encouraging the private sector to capitalize on synergies in areas such as industry and trade. "The agreement provides a flexible and modern framework to reduce technical barriers, open markets, and facilitate the flow of goods in a fair and non-discriminatory commercial environment," Qudah noted in a statement to Petra. It also establishes a joint investment council and broadens cooperation in services, creating new channels for cross-border business and enterprise. UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, highlighted the strategic significance of the agreement, stating that the two countries aim to boost non-oil bilateral trade to over $8 billion by 2032, up from $5.6 billion in 2023. "This agreement signals a new chapter of constructive collaboration with Jordan," Al Zeyoudi said. "It strengthens our economic and trade relations, builds a platform for shared growth, and expands opportunities for long-term partnerships between our business communities." He emphasized the UAE's longstanding strategic partnership with Jordan, citing a 138% increase in non-oil trade over the past decade. The UAE is Jordan's fifth-largest global trading partner and its leading foreign investor, with mutual investments valued at approximately $22.5 billion. The agreement eliminates or reduces tariffs, dismantles trade barriers, and enhances supply chain connectivity paving the way for significant growth across sectors such as renewable energy, pharmaceuticals, logistics, and tourism. Al Zeyoudi noted that Jordan's skilled workforce and strong industrial base especially in phosphate, textiles, and pharmaceuticals complement the UAE's capabilities in infrastructure, energy, and finance, creating a collaborative ecosystem with global reach. The CEPA was concluded in just three rounds of negotiations, a testament to both countries' shared commitment to fast-tracking mutual economic benefits. Al Zeyoudi also underscored the agreement's role in empowering SMEs by easing trade restrictions, encouraging innovation, and offering platforms that engage the next generation of entrepreneurs. The agreement is part of the UAE's broader CEPA strategy, a cornerstone of its economic diversification agenda. The UAE aims to double the size of its economy to $800 billion by 2030 and exceed $1.1 trillion in non-oil trade by 2031. With 27 CEPA deals now concluded globally, the UAE has extended its commercial reach to over a quarter of the world's population. Notably, this is the UAE's first CEPA with an Arab nation, and the first to come into force underscoring both countries' commitment to fostering stronger trade and investment ties, advancing entrepreneurship, and supporting the growth of SMEs across the region. Petra
