Latest news with #BinSulayem
Business Recorder
20-05-2025
- Business
- Business Recorder
Dubai: Over 1bn carats of diamonds traded over 5 years
Over 1.06 billion carats of combined rough and polished diamonds were traded through Dubai in the past five years, according to Ahmed Bin Sulayem, the UAE's Chair of the Kimberley Process (KP), as reported by WAM on Tuesday. Almost 179 million carats of rough and polished were traded in 2024 alone, maintaining the UAE's status as one of the world's largest diamond trade hubs, added the report. The numbers were announced during a UN-mandated Kimberley Process Intersessional Meeting, hosted last week in Dubai. In attendance were representatives from governments, industry, and civil society. Photo: WAM 'There are three markets currently keeping the diamond industry alive,' Bin Sulayem was quoted as saying by WAM. 'The first is the United States as the largest jewellery retail market, the second is India as the world's cutting and polishing hub, and the third is the UAE, as the largest rough diamond hub in the world,.' Her Excellency Safeya Hashem Al Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy added, 'From humble beginnings, Dubai has grown to become the world's leading rough diamond trading hub – a position it continues to hold despite recent pressures on diamond prices.' 'This achievement aligns fully with our economic diversification objectives and highlights the strategic importance of diamonds for the UAE, and our commitment to invest in its ecosystem.' The UAE currently holds the KP Chairmanship for the third time. Dubai unveils 'fancy vivid pink diamond' that could fetch over $21mn Dubai is no stranger to the trade of valuable commodities. The 'City of Gold' has also been a magnet for gold buyers for at least 80 years, starting with Iranian and Indian traders, both cultures sharing a tradition of 22-karat jewellery for adornment and investment, according to Reuters. Dubai has also become a primary hub for pre-sale displays as well as auctions of rare and special gems by auction houses such as Sotheby's and Christie's. 'The Gulf is, in my mind, the core of where the luxury market is headed,' Quig Bruning, head of jewels for Sotheby's in North America, Europe and the Middle East was quoted as saying by Reuters. The resource-rich, largely tax-free Gulf, including the UAE's trade and tourism hub Dubai, has long been a magnet for high-net-worth individuals and the ultra-wealthy.
Hi Dubai
20-05-2025
- Business
- Hi Dubai
UAE Cements Global Diamond Leadership as Dubai Trades Over 1 Billion Carats in Five Years
The UAE has reaffirmed its place as a global diamond trade powerhouse, with over 1.06 billion carats of rough and polished diamonds traded through Dubai over the past five years. In 2024 alone, nearly 179 million carats were exchanged, reinforcing the country's role as the world's largest hub for rough diamond trade. The figures were unveiled by Ahmed Bin Sulayem, Chair of the Kimberley Process (KP) and Executive Chairman and CEO of DMCC, during the UN-mandated Kimberley Process Intersessional Meeting held last week in Dubai's Uptown Tower. The high-level event brought together delegates from more than 85 countries, alongside industry leaders and civil society, marking a rare plenary session—the second in the KP's 22-year history. Under the UAE's third term as KP Chair, the meeting spotlighted efforts to modernise the diamond trade through digital innovation and policy reform. One of the key announcements was the launch of Verifico , a new digital platform developed under the UAE's leadership to enhance the security and traceability of KP certificates. The initiative supports the UAE's broader push to digitise and strengthen transparency in the global diamond supply chain. Bin Sulayem also proposed convening the KP's first-ever ministerial meeting, calling for unified political action to address the most urgent challenges facing the diamond industry. Her Excellency Safeya Hashem Al Safi of the UAE Ministry of Economy highlighted Dubai's rise as a diamond trading hub as central to the country's economic diversification goals. The UAE, the first Arab nation to chair the KP in 2016, will continue its leadership in 2025 as Custodian Chair, advancing its 2024 'Year of Delivery' into the 2025 'Year of Best Practice' to promote reform, resilience, and responsible trade. News Source: Emirates News Agency
Zawya
04-05-2025
- Business
- Zawya
A tripartite MoU brings together Dubai Customs, the University of Dubai, and the German Kühne and Nagel University
Bin Sulayem: Through this collaboration, we aim to integrate artificial intelligence into academic curricula and contribute to building a competitive and sustainable economy Busenad: A comprehensive strategy to develop a professional training and qualification system aligned with labor market needs Al Bastaki: Enhancing graduates' readiness to meet future job market requirements Dubai – In a strategic move to enhance international academic cooperation and scientific research in line with Dubai's vision to lead the global trade and logistics sector, Dubai Customs and the University of Dubai have signed a tripartite Memorandum of Understanding (MoU) with the prestigious Kühne and Nagel University (KLU) in Hamburg, Germany. The signing ceremony took place at the KLU campus in Hamburg, with the MoU signed by H.E. Dr. Abdulla Busenad, Director General of Dubai Customs; Professor Washika Haak-Saheem, Dean of the Dubai Business School, University of Dubai; and Professor Andreas Kaplan, President of Kühne and Nagel University (KLU). The MoU aims to expand avenues of collaboration across education, training, and scientific research. It supports the development of specialized professional programs and provides outstanding hands-on training opportunities for students of the Dubai Logistics Academy and recipients of Dubai Customs' scholarship program, developed in partnership with the University of Dubai. The MoU further outlines joint initiatives focused on logistics services, supply chain management, and innovation in the application of artificial intelligence (AI) within customs operations. Coinciding with the MoU signing, several students from the scholarship program—focused on master's degrees in business administration, digital trade, and supply chain management—began an intensive hands-on training program at KLU. The program includes academic learning, supervised practical experience, and field visits to leading German companies and logistics facilities at the Port of Hamburg, one of Europe's key logistics hubs. These visits provided students with exposure to state-of-the-art systems powered by AI and advanced technologies. The training showcased practical applications of digital tools that optimize operational efficiency, automate procedures, and improve service quality—while aligning with sustainability goals. This initiative reinforces the strategic direction of the Government of Dubai to integrate AI into various public sector functions and invest in national talent development to prepare government cadres for the future. H.E. Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs and Free Zone Corporation, emphasized that the MoU reflects Dubai's commitment—under the leadership of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai—to foster a knowledge- and innovation-based economy. He stated: 'This partnership marks a pivotal step in preparing national talent capable of keeping pace with rapid technological transformation. Vocational training is more than an investment in individuals; it is an investment in Dubai's long-term economic sustainability and global competitiveness. Through this cooperation with KLU, we aim to integrate artificial intelligence into academic curricula and strengthen the role of the Dubai Logistics Academy in shaping future-ready generations equipped to thrive in the job market of tomorrow.' H.E. Dr. Abdulla Busenad, Director General of Dubai Customs, expressed pride in collaborating with one of the world's most distinguished logistics universities, stating: 'This MoU is part of an integrated strategy to modernize our training and professional development ecosystem in alignment with labor market needs. By enhancing the quality of academic programs and practical training, we aim to reinforce Dubai's standing as one of the world's top five logistics hubs and a premier destination for global trade and commerce.' He added: 'We are confident that working with globally recognized academic institutions such as KLU elevates the outcomes of our programs, increases employability among graduates, and supports the long-term vision of 'We the UAE 2031' by building a highly skilled national workforce.' Dr. Issa Al Bastaki, President of Dubai University, welcomed the partnership, highlighting the importance of global academic alliances in enriching educational offerings: 'This collaboration with KLU is a key element in our strategy to deliver world-class academic programs that respond to future labor market requirements. It supports our commitment to fostering innovation and excellence among students.' Professor Andreas Kaplan also commented: 'We are genuinely excited about the opportunity to collaborate with Dubai Customs and the Dubai Business School at the University of Dubai. This MoU represents the start of a promising partnership, and we look forward with enthusiasm to the shared opportunities for growth, innovation, and success in the years ahead.
Emirates 24/7
01-05-2025
- Business
- Emirates 24/7
PCFC Launches 'Digital Zero Four' to Drive Global Technological Innovation in the Logistics Sector
In a strategic move marking a major shift in innovation and smart technology, the Ports, Customs and Free Zone Corporation (PCFC) officially announced the launch of 'Digital Zero Four' the first national company specializing in smart transformation of commercial operations and the development of digital solutions that support global economic growth. On this occasion, H.E. Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs and Free Zone Corporation, emphasized that the establishment of the company and its launch from Dubai—widely recognized as the leading hub for innovation and smart technology solutions and the global capital of trade and economy—reaffirms the Corporation's commitment to cementing Dubai's status as a world center for technology, smart systems, and logistics and trade operations. He noted that Digital 04mwill serve as a digital gateway for the most advanced smart solutions in global business, trade, and logistics services, including ports and maritime transport. Bin Sulayem stated, 'Today, with the launch of Digital 04, we are proud to lead global technological innovation and export our pioneering services in the port sector—developed through innovative use of technology and digital services—to the world. Our aim is to make Dubai a model city for managing logistics services using the best technologies developed by our national talents specialized in technology and artificial intelligence'. He added that the launch of Digital Zero Four is a result of the Corporation's artificial intelligence strategy and aligns with the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. It embodies Dubai's forward-looking vision by investing in human capital and advanced technology, leveraging the emirate's world-class infrastructure, and strengthening its position as one of the most business-friendly environments for both national and international investments. H.E. Nasser Al Neyadi, CEO of the Ports, Customs and Free Zone Corporation, stated: 'We are proud to launch Digital Zero Four as a commercial front for our technological excellence in the logistics sector. Our national team has developed AI-powered solutions that are transforming multiple industries. Through this new arm, we aim to export innovation to global markets and further boost Dubai's position as a global center for smart technologies and digital transformation'. Al Neyadi explained that Digital Zero Four focuses on providing AI-backed services and solutions that enhance efficiency and institutional growth across key sectors, including commercial licensing, civil engineering, port security, maritime operations, and advanced customs solutions. The company will be managed by the PCFC's Technology and Digital Transformation sector, ensuring a blend of institutional expertise and advanced digital innovation. Follow Emirates 24|7 on Google News.
Sky News
28-03-2025
- Business
- Sky News
Port giant DP World 'discredited' by former minister despite £1bn investment in London Gateway
The chairman of P&O Ferries' parent company DP World has told Sky News he went ahead with a £1bn investment in the UK despite feeling "discredited" by criticism from a cabinet minister. P&O was widely criticised in 2022 when more than 700 seafarers were summarily fired and replaced by largely overseas workers without consultation. Last October, the issue threatened DP World's planned expansion of London Gateway, its deepwater port on the Thames Estuary, when the then transport secretary, Louise Haigh, described P&O as a "rogue operator". Her comments came as DP World was in the final stages of negotiating a £1bn investment in the port, due to be announced at the government's investment summit. In response, DP World pulled the announcement and only relented following a personal intervention by the prime minister to keep his showpiece event on course. Speaking exclusively to Sky News, Sultan Ahmed Bin Sulayem said the criticism was unexpected given the scale of his planned investment in the UK. 'Water under the bridge' "There was a misunderstanding. Someone, unfortunately, said something that was not what we expected. "We were going to invest in infrastructure, a huge investment, and then we get the person in charge to basically discredit us. But it's water under the bridge." Bin Sulayem confirmed that he had spoken with the prime minister and received "reassurances" that Ms Haigh was expressing a personal view. She subsequently resigned after admitting a fraud offence. The chairman also defended P&O's conduct, saying that having received no state support during the pandemic, the cuts were necessary to save the company. "We had a choice. We either close down the company and 3,000 people or more lose their jobs, or we try to survive by letting 700 or so go. And we felt that was right," he said. "Maybe we didn't follow the procedures, but most importantly, we compensated every employee with more than what the law said." Bin Sulayem was speaking on a flying visit to the UK intended to rebuild relations with the government, meeting investment minister Poppy Gustaffsen at London Gateway to discuss an expansion that will make the port Britain's largest by volume and offering encouraging words about the UK's attractiveness to investors. "We believe in the UK economy, in its strength, and we believe the economic fundamentals are strong. That's why we invested," he said. "The UK has the best stock market in the world. You have English law, and you have the best universities in Oxford and Cambridge. If we look to the future, it will be the economy of the brain, not the economy of the hand. "The world economy doesn't want labourers, it wants brains. People want engineers. They want free thinkers. They want innovators. That is what's here, and that's why we invested in London Gateway." Tariff trade trouble With ports and logistics operations in more than 70 countries handling around 10% of global trade, DP World's chairman has a unique insight into global trade and the likely impact of the tariff war sparked by Donald Trump. While confident that trade will find a way to navigate the disruption, he warned America's trading partners to take the president seriously. "I think psychologically it will [have an impact], but in reality it will not, because trade is resilient. I think of it like water coming from the mountain in the rain, nobody can stop it. If you can't sell a product in one place, you can sell it somewhere else. "Trump is a deal maker. He is making threats because that's the way he negotiates. He comes with impossible demands because he wants people to come to the table.
