Latest news with #EUUAE
Zawya
29-05-2025
- Business
- Zawya
Dubai Chambers hosts roundtable in the presence of European Commissioner for Trade and Economic Security to strengthen trade cooperation with the European Union
H.E. Dr. Thani Bin Ahmed Al Zeyoudi: '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.' H.E. Eng. Sultan Bin Saeed Al Mansoori: '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.' The value of non-oil trade between Dubai and EU countries reached AED 206 billion in 2024, representing year-over-year growth of 8%. Dubai attracted 380 foreign direct investment (FDI) projects from EU countries in 2024 with a value of AED 11.3 billion, achieving a 6.7% increase in project count and a 106% surge in investment value compared to 2023. Dubai's investments in EU countries between 2020 and 2024 reached a combined value of AED 9.5 billion and contributed to the creation of 8,000 jobs. 15,248 companies from EU countries were registered as active members of Dubai Chamber of Commerce at the end of Q1 2025, representing year-over-year growth of 27%. Dubai, UAE – Dubai Chambers explored prospects for enhancing trade and investment cooperation between Dubai and European Union countries today during a roundtable with a high-level delegation led by H.E. Maroš Šefčovič, European Commissioner for Trade and Economic Security. The roundtable was attended by H.E. Eng. Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers; H.E. Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; H.E. Lucie Berger, Ambassador of the European Union to the United Arab Emirates; H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and Mr. Leon Delvaux, Director at the Directorate-General for Trade and Economic Security, together with representatives from Dubai and the European private sectors. H.E. Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, 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.' H.E. Eng. Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers, 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.' The roundtable highlighted the growing economic relations between Dubai and the EU. The total value of non-oil trade between Dubai and EU member states reached AED 206 billion in 2024, representing year-on-year growth of 8%. In a further indication of Dubai's growing appeal as a leading business hub for European investors, the emirate attracted 380 foreign direct investment (FDI) projects from EU countries last year, with a total value of AED 11.3 billion. This represents a 6.7% year-on-year increase in the number of projects and a remarkable 106% rise in the total value of investment projects. The total value of Dubai's investments in EU countries between 2020 and 2024 amounted to AED 9.5 billion, creating 8,000 jobs in European markets. A total of 15,248 companies from EU countries were registered as active members of Dubai Chamber of Commerce at the end of Q1 2025, representing year-over-year growth of 27%. In addition, 4,693 new European companies joined Dubai Chamber of Commerce during 2024. About Dubai Chambers Dubai Chambers is a non-profit public entity that supports Dubai's vision as a global player by empowering businesses, delivering innovative value-added services, and unlocking access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber of Commerce and the formation of three chambers for the emirate, namely Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under the umbrella of Dubai Chambers.
Zawya
28-05-2025
- Business
- Zawya
Dubai Chambers hosts roundtable to strengthen trade cooperation with EU
Dubai Chambers explored prospects for enhancing trade and investment cooperation between Dubai and European Union countries today 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.' The roundtable highlighted the growing economic relations between Dubai and the EU. The total value of non-oil trade between Dubai and EU member states reached AED 206 billion in 2024, representing year-on-year growth of 8%. In a further indication of Dubai's growing appeal as a leading business hub for European investors, the emirate attracted 380 foreign direct investment (FDI) projects from EU countries last year, with a total value of AED11.3 billion. This represents a 6.7% year-on-year increase in the number of projects and a remarkable 106% rise in the total value of investment projects. The total value of Dubai's investments in EU countries between 2020 and 2024 amounted to AED9.5 billion, creating 8,000 jobs in European markets. A total of 15,248 companies from EU countries were registered as active members of Dubai Chamber of Commerce at the end of Q1 2025, representing year-over-year growth of 27%. In addition, 4,693 new European companies joined Dubai Chamber of Commerce during 2024.
Arabian Business
07-05-2025
- Business
- Arabian Business
Trump's Gulf visit looms over new EU-UAE trade talks as president teases ‘very big' announcement
The European Union and United Arab Emirates' newly launched trade negotiations face an uncertain backdrop as U.S. President Donald Trump has teased a 'very, very big' announcement ahead of his Middle East tour beginning next week — a visit experts say could significantly impact regional economic alignments. Speaking to reporters today, Trump described the forthcoming announcement as 'one of the most important announcements that have been made in many years,' adding it would come either 'Thursday, Friday or Monday' before his May 13 departure for the region. The President did not elaborate on specifics but said it was 'as big as it gets' and 'very positive.' The timing creates additional complexity for the EU-UAE Comprehensive Economic Partnership Agreement (CEPA) negotiations announced last month, with reports suggesting Gulf nations are finalising commercial and defence agreements with the U.S. worth nearly $3 trillion. 'It remains to be seen whether what Trump manages to negotiate with those three GCC economies could dampen the region's willingness to move forward with diversification of trade partners,' warned Nicolas Michelon, Managing Partner at Dubai-based corporate geoeconomics consultancy Alagan Partners. EU-UAE talks and strategic timing The EU-UAE trade negotiations, announced on 10 April, came just eight days after Trump unveiled his 'Liberation Day' tariffs — timing that experts view as strategically significant. 'The EU-UAE trade talks were announced on April 10, which is almost to the day, a week after Trump announced his famous 'Liberation Day' tariffs,' explained Michelon. This bilateral approach represents a significant departure from historical practice, where EU-UAE trade discussions were conducted exclusively within the broader Gulf Cooperation Council framework — talks that have remained suspended since 2008. 'Up until this written announcement, all the discussion for comprehensive economic partnership agreements, free trade agreements, call them what you want, between Europe and the UAE were essentially a function of Europe-GCC talks,' Michelon added. Trump's Middle East tour, beginning May 13 with stops in Saudi Arabia, Qatar, and the UAE, now appears poised to reshape regional economic calculations. According to Bloomberg, Saudi Arabia is eyeing a $1 trillion investment in the U.S., while the UAE has pledged to invest $1.4 trillion over the next decade in AI infrastructure, semiconductors, energy, and manufacturing. These potential agreements span defence, aviation, technology, and infrastructure sectors, with weapons sales expected to feature prominently. The U.S. recently approved a $3.5 billion arms package to Saudi Arabia. Balancing Act for Gulf Nations These developments create a delicate balancing act for Gulf nations, particularly the UAE, as they navigate economic relationships with both the United States and the European Union. 'Nobody should underestimate the ability that Washington still has to put pressure on economies to slow down their diversification efforts,' said Michelon. 'The White House seems to have finally understood the potentially catastrophic consequences of its recent trade policy on U.S. economic influence.' Dr Khalifa Al Suwaidi, Research Fellow and Head of the Gulf-Europe Research Programme at the Anwar Gargash Diplomatic Academy, framed the UAE's position as one increasingly defined by pragmatic self-interest. 'National interest trumps this semblance of unity, which is still there but albeit not really as important nor will it ever supersede national interests, at least in the UAE's case,' he added. Complementary EU-UAE interests Despite these uncertainties, the core complementary interests underpinning the EU-UAE trade talks remain compelling for both parties. The EU is already the UAE's second-largest trading partner, accounting for 8.3 per cent of its total non-oil trade, valued at $67.6 billion in 2024. For the European Union, the UAE serves as its largest export destination and investment partner in the Middle East and North Africa region. Sources suggest the central pillars of the negotiations include renewable energy, green hydrogen, critical raw materials, advanced manufacturing, healthcare, logistics, and artificial intelligence. 'Europe has extremely ambitious decarbonisation agenda and Net Zero targets,' said Michelon. 'It necessitates that Europe's member economies must import clean hydrogen massively from high-capacity producers like the UAE.' For the UAE, the interests still lie in diversifying its economy. 'The UAE has outperformed most of its GCC counterparts when it comes to economic diversification. Mostly in part recently due to its emphasis on promoting trade and connectivity and also digital governance,' Al Suwaidi explained. Sense of urgency heightened Trump's teased announcement and the reported scale of potential U.S.-Gulf deals have heightened the sense of urgency for European negotiators, according to experts. 'If I was Europe, I would try to make as much progress on this, on this free trade agreement with the UAE as possible,' Michelon advised. 'Economic blocs like Europe need to move extremely fast, because the GCC economy is welcome under tremendous pressure not to go down that road too aggressively.' In her announcement last month, European Commission President Ursula von der Leyen noted that Commissioner Maroš Šefčovič would soon return to the UAE to advance the negotiations — a timeline that now appears even more pressing as the region awaits Trump's announcement and subsequent visit.
Arabian Business
07-05-2025
- Business
- Arabian Business
Analysis: EU-UAE trade talks signal strategic shift amid global economic pressures
The United Arab Emirates and the European Union launched trade negotiations last month, just days after U.S. President Donald Trump announced sweeping 'Liberation Day' tariffs — timing experts say reveals profound shifts in global trade alignments. The negotiations, announced in early April following a conversation between European Commission President Ursula von der Leyen and UAE President Sheikh Mohamed bin Zayed, mark the first time the UAE has pursued a bilateral trade agreement with the EU outside of the GCC framework — a structure that has governed EU-Gulf economic relations since the 1980s. 'The EU-UAE trade talks were announced on April 10, which is almost to the day, a week after Trump announced his famous Liberation Day tariffs,' Nicolas Michelon, Managing Partner at Dubai-based corporate geoeconomics consultancy Alagan Partners, told Arabian Business in an interview as anticipation builds for potential progress in the negotiations. Breaking from Gulf tradition This bilateral approach represents a significant departure from historical practice, where EU-UAE trade discussions were conducted within the broader EU-GCC framework. Those talks, which began in 1988, have been suspended since 2008, creating a nearly two-decade impasse in formal trade negotiations. 'Up until this written announcement, all the discussion for comprehensive economic partnership agreements, free trade agreements, call them what you want, between Europe and the UAE were essentially a function of Europe-GCC talks,' Michelon explained. The UAE's decision to move forward independently reflects both internal economic evolution and mounting external pressures, according to Dr Khalifa Al Suwaidi, Research Fellow and Head of the Gulf-Europe Research Programme at the Anwar Gargash Diplomatic Academy. 'The UAE has outperformed most of its GCC counterparts when it comes to economic diversification. Mostly in part recently due to its emphasis on promoting trade and connectivity and also digital governance,' Al Suwaidi told Arabian Business. 'In terms of the GCC, it has led somewhat to a mismatch, not a clear-cut divergence, when it comes to the economic priorities of the individual states.' , they face significant indirect consequences as key logistics hubs. The UAE, which has positioned itself as a global logistics centre, is particularly exposed to these ripple effects. 'Even though most GCC economies will be spared all retaliatory tariffs, they are still being impacted by indirect consequences on transit trade,' Michelon said. 'The UAE, which is particularly aggressively positioned as a global logistics hub, they need to sign new free trade agreements because they need to cushion those blows that are coming as we speak.' The timing also reflects deeper geopolitical shifts following the Munich Security Conference earlier this year, where U.S. Vice President JD Vance delivered sharp criticism of European defence spending that many interpreted as signalling broader changes in transatlantic relations. 'Vice President JD Vance basically lectured Europe on the fact that it's forgotten its ways, that it's not investing enough in itself, that the U.S. cannot be picking up the tab every single time and come at Europe's rescue,' Michelon added. 'Europe started to understand, it really started to sink in for European leaders, that this is going to be valid for trade and economic matters.' Complementary strategic interests The EU is already the UAE's second-largest trading partner, accounting for 8.3 per cent of the UAE's total non-oil trade, valued at $67.6 billion in 2024. The UAE, meanwhile, serves as the EU's largest export destination and investment partner in the Middle East and North Africa region. For both parties, the agreement's core focus areas reflect their complementary strategic needs. The central pillars of the negotiations include renewable energy, green hydrogen, critical raw materials, advanced manufacturing, healthcare, logistics, and artificial intelligence. 'Europe has an extremely ambitious decarbonisation agenda and Net Zero targets… extremely ambitious. Some would call it totally unrealistic and somewhat punitive for its own companies,' Alagan Partners' Michelon noted. 'It necessitates that Europe's member economies must import clean hydrogen massively from high-capacity producers like the UAE, which is really ramping up itself as a clean hydrogen power in the region.' For the UAE, the interests lie in diversifying an economy still heavily dependent on hydrocarbon revenues. 'For the UAE…. it's all about diversification of its own economy, scaling up its tech sector by securing easier access to European know-how for tech and easier access to European markets,' Michelon explained. The talks fit within a broader policy trajectory for the Gulf nation, which has aggressively pursued similar agreements with key global partners since the COVID-19 pandemic disrupted traditional trade patterns. 'The UAE has been signing an entire series of comprehensive economic partnership agreements with various countries. To date, the UAE has 27 agreements, six of which are in full effect, that includes with India, Indonesia and Turkey, so three major manufacturing powers and the rest of those agreements are still pending ratification,' Michelon explained. If concluded, the EU agreement could be the UAE's largest since its landmark 2022 deal with India — underscoring its strategic importance for Emirati economic planners. Changing EU approach The trade talks also reflect an evolution in the EU's approach to Gulf relations, according to Dr Al Suwaidi. Where previous negotiations often stalled over the EU's insistence on governance and human rights conditions, economic pressures are creating a more pragmatic approach. 'I feel the EU right now, given the UAE's unflinching stance when it comes to prioritising trade over prescriptive norms of engagement… The fact that the EU now is pushed into a corner strategically when it comes to trade renders it incapable of projecting in many cases those values,' Al Suwaidi said. In her announcement last month, President von der Leyen emphasised the EU's 'strong track record of delivering high-standard trade agreements and building partnerships based on open trade and mutual benefit,' while noting that Commissioner Maroš Šefčovič would soon return to the UAE to advance the negotiations. Potential catalyst for broader talks The success of the EU-UAE talks could potentially reignite broader EU-GCC discussions, though experts caution that political considerations may complicate negotiations with some regional partners. 'I do believe that these bilateral talks between the UAE and the EU could jump start the entire EU-GCC discussion,' Michelon said. 'We could see more bilateral agreements between GCC member economies and the EU, again in the broader context of global geo-economic realignment.' However, he noted that political factors will create variable levels of difficulty.
