Latest news with #Dhs240
Gulf Today
10-04-2025
- Business
- Gulf Today
Hamdan concludes India visit, commends strong bilateral partnership
His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE, concluded his first official visit to India, during which he met with senior Indian leadership to explore ways to boost bilateral cooperation and deepen partnerships across key strategic sectors. Sheikh Hamdan commended the longstanding partnership between the two nations in the journey toward a prosperous future, saying that the relationship is rooted in mutual trust and respect. Sheikh Hamdan also said that the ties between the two nations and their peoples are exemplary and continue to grow, driven by a shared commitment to expanding cooperation across vital sectors in support of their sustainable development goals. During the visit, Sheikh Hamdan met with Indian Prime Minister Narendra Modi and conveyed the greetings of the UAE leadership. Highlighting India's rich civilisational heritage and vast population, Sheikh Hamdan noted that trade has long served as a bridge between the two nations. Today, he said, both countries are working together to shape a brighter future through innovation, technology, and collaboration across vital sectors. On the sidelines of the visit, Sheikh Hamdanwitnessed the signing of eight Memorandums of Understanding (MoUs) aimed at strengthening collaboration across key sectors such as infrastructure, healthcare, higher education, maritime services, logistics, and private sector engagement. These MoUs build on the momentum of the 2022 Comprehensive Economic Partnership Agreement (CEPA) and the Bilateral Investment Treaty (BIT), which have created a strong foundation for a more open, secure, and investment-friendly economic relationship. This progress is reflected in notable achievements, such as a 20% increase in bilateral trade in 2024, reaching Dhs240 billion compared to 2023. Sheikh Hamdan also praised the UAE's private sector for their key role in expanding the nation's global economic ties through strategic projects and investments. He also commended national economic institutions for setting a forward-looking example in adopting advanced, tech-driven solutions that support sustainable development. Sheikh Hamdan also attended the opening of the second representative office of the Dubai International Chamber in India, located in Bengaluru. Sheikh Hamdan also visited the Bombay Stock Exchange (BSE), one of the oldest stock exchanges in the world and the first in Asia, established in 1875. Furthermore, Sheikh Hamdan inaugurated DP World's state-of-the-art Free Trade Warehousing Zone (FTWZ) – the Nhava Sheva Business Park (NSBP) – in Mumbai, India. This marks DP World's third FTWZ in India, with an investment exceeding US$200 million (Dhs735 million). During the visit, Sheikh Hamdan was accompanied by a high-level delegation that includes Sheikh Ahmed Bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group; 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. The delegation also includes a number of senior officials and leaders representing different economic sectors.
Gulf Today
08-04-2025
- Business
- Gulf Today
UAE and India mark three years of CEPA as business ties flourish
The UAE 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 per cent to exceed Dhs240 billion in 2024, compared to Dhs199.3 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 per cent of the total, with an unprecedented year-on-year growth of 75.2 per cent. 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. Dubai Chambers concluded the Dubai-India Business Forum in Mumbai. The event was organised on the sidelines of the visit of 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, to India. The forum focused on enhancing strategic economic opportunities between the two markets and was attended by over 200 senior officials and investors, including a delegation featuring 39 prominent business leaders from Dubai. The event comes three years after the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India on 18th February 2022 - the UAE's first bilateral agreement under its CEPA programme - and coincides with strong momentum in bilateral relations. During the forum, participants explored avenues to enhance trade and investment ties between the business communities in Dubai and India, as well as identifying opportunities to launch new joint ventures and strategic partnerships. Discussions focused on the competitive advantages and economic prospects of both markets and how to harness these strengths to drive growth in bilateral trade and investments. During his opening remarks, Ahmad bin Byat, Vice Chairman of Dubai Chambers, commented, 'Dubai and India share an exceptional relationship built on mutual trust and a commitment to economic integration. India holds an important position as a key trading partner for Dubai. The value of non-oil trade between our markets exceeded Dhs142 billion during the first nine months of 2024, achieving year-over-year growth of 19 per cent.' Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, 'Dubai holds a strategic position for Indian companies as a preferred investment destination due to its unique competitive advantages. Indian investors form a key part of Dubai's business landscape, with 72,651 active Indian companies registered as members of the Dubai Chamber of Commerce by the end of March 2025.' In addition, 4,563 new Indian companies joined the chamber during Q1 2025, marking year-over-year growth of 16.2 per cent. WAM
Gulf Today
10-03-2025
- Business
- Gulf Today
UAE Cabinet approves national investment strategy for the next 6 years
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday said via the X platform: "Today, I presided over a Cabinet meeting at Qasr Al Watan in Abu Dhabi. At the meeting's commencement, the national investment strategy for the subsequent six years was approved. The objective of this strategy is to enhance the annual influx of foreign direct investment from Dhs112 billion in 2023 to Dhs240 billion by 2031." His Highness went on to say, "We seek to increase the foreign investment stock in the country from Dhs800 billion to Dhs2.2 trillion over the next six years." His Highness further said, "The strategy will focus on the sectors of industry, logistics, financial services, renewable energy and information technology." Furthermore, His Highness stated that the UAE is committed to the continuous development of its economy, the expansion of global markets, the attraction of investments, and the establishment of a premier business environment. His Highness continued, "Today in the Cabinet meeting, we have approved the remote work system from outside the country in the federal government. This will allow us to benefit from global competencies and expertise located outside the country when implementing projects, studies or specialised tasks in federal entities."
Gulf Business
19-02-2025
- Business
- Gulf Business
Insights: Why luxury real estate in UAE draws global investors
Image: Supplied The UAE has become the leading recipient of foreign direct investment (FDI) in the Middle East, capturing nearly half, 45.4 per cent, of all flows, worth as much as $67.6 bn, according to the latest available figures in UNCTAD's World Investment Re port. The UAE was also the best FDI performer in the world relative to the size of its economy. This is not surprising given how much importance federal and local governments have been giving FDI in the context of its economic ambitions. As well as ensuring the basics are in place, like safety and security, the country has worked hard to enhance policies and regulations. Public-private collaboration NextGenFDI is another initiative encouraging entrepreneurship and collaboration between the public and private sectors. FDI growth has come across a variety of sectors, including real estate. Dubai's property prices are expected to grow by 9.9 per cent in 2025 (Savills), having swelled by 19.9 per cent last year (Knight Frank), thanks to the continuing influx of wealthy foreign buyers from the UK, Europe and Asia. These are attracted by new, more liberal regulations such as residency permits for retirees, as well as greater job opportunities, and lifestyle considerations. Nearly a fifth of all homes are already valued at $1m. According to Alternative investment managers have been instrumental in structuring capital-intensive deals like build-to-rent portfolios, which continue to attract institutional investors. More importantly, alternative investment managers themselves act as FDI enablers, helping channel institutional capital into the market. One recent development is the Central Bank of the UAE's directive for banks to exclude the Dubai Land Department registration fees and broker fees from mortgage deals. Buyers now need a larger down payment with an additional 6 per cent, approximately, on top of the 20 per cent of the property value. We welcome this move as it is the sign of a mature real estate market attracting quality buyers who are more financially prepared, reducing the risks of default or foreclosure. For a property worth Dhs4m, for example, the new rules mean an additional Dhs240,000 which adds strain, making a case for quality buyers entering the secondary market. It brings the UAE in line with international practice (international banks have never offered this facility), where financing systems play a stabilising role. Prime real estate to see continuing growth I also do not believe that it will affect the luxury segment much as it is a relatively small amount of the total costs. I expect the luxury and ultra-luxury segments to enjoy continued growth for several reasons. Firstly, several developers have been working with luxury partners on non-water-based sites, to upgrade the design and specifications, and ensure good amenities and transport connectivity. Property value here can be increased by 15-20 per cent. The second factor is that compared with New York, London or Singapore, prices for luxury homes are lower, meaning investors can derive more value here. And the average plot size is bigger in Dubai, for both the floor (livable) and the open area (garden, terrace). A third driver is the stable and growing build-to-rent market and the higher annual yields obtainable in the UAE — typically 7-8 per cent compared with only 3 per cent in Europe. Although buyers include high-net-worth individuals and companies, most of our international investors, about 70-80 per cent, are made up of foreign pension funds and feeder funds. Once a player has invested in the property, which takes about three years to build, and when the rent has stabilised over four years (when 90 per cent of the property is rented), they can sell it to an institutional investor. The GCC-United Kingdom Free Trade Agreement, which is nearing completion, should also provide a further fillip to real estate FDI in the UAE. Of course, there are no guarantees in investments, but I see plenty of upside in this market yet, for relatively low risk. Read: The writer is a managing partner at Global Partners, a DFSA-regulated alternative investment manager.
