Latest news with #EconomyandTourism
Web Release
2 days ago
- Business
- Web Release
UAE and India explore avenues for enhancing economic and industrial collaboration during the upcoming stage
H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, today held a high-level meeting with H.E. H. D. Kumaraswamy, Indian Minister of Steel and Heavy Industries, and his accompanying delegation at the Ministry of Economy headquarters in Dubai. The meeting focused on strengthening bilateral collaboration across key economic and industrial sectors, with a particular emphasis on the new economy, logistic transportation, advanced technology, manufacturing and food industries. H.E. Bin Touq underscored deep-rooted and strategic partnership between the UAE and India, noting the shared commitment of the leadership to expanding cooperation in new economy sectors. 'The two nations enjoy a decades-long history of economic collaboration built on shared interests, and a common vision for sustainable growth,' H.E. said. H.E. further highlighted significant areas of alignment in both countries' development strategies, including the circular economy, advanced manufacturing, tourism, healthcare, entrepreneurship, innovation, and technology. H.E. Bin Touq said, 'Economic collaboration between the UAE and India continues to strengthen, with notable growth in business activities. In the first half of 2025 alone, 22,415 new Indian companies entered the UAE market, an increase of over 10 per cent compared to the same period in 2024. By the end of June 2025, the total number of Indian companies operating in the UAE reached 264,687. During the meeting, we discussed strategies to enhance communication between business communities of the two countries and to encourage the establishment of diverse ventures across vital economic sectors.' H.E. noted that the UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments across the world. The manufacturing sector contributed 13.5 per cent to the UAE's non-oil GDP in 2024, ranking as the second on the list of economic activities contributing most to the non-oil GDP of the national economy. Additionally, the foreign direct investment (FDI) in this vital sector reached approximately AED?40?billion (USD?10.9?billion) by the end of 2022, representing 7 per cent of the country's total FDI inflows. The meeting also explored the key enablers and competitive advantages of the UAE's business environment for Indian companies, along with strategies to maximize these benefits. Among the highlighted strengths were the UAE's strategic location connecting East with West, its comprehensive economic partnerships, advanced infrastructure, diverse logistics services, and tax incentives that encourage the establishment of diverse economic and investment activities. Both sides emphasized the importance of enhancing collaboration between the public and private sectors to facilitate the exchange of expertise and best practices, aimed at adopting latest technologies across sectors related to the new economy. This supports the building of a knowledge-based, technology-driven economy and fosters sustainable economic development.
Mid East Info
2 days ago
- Business
- Mid East Info
UAE and India explore avenues for enhancing economic and industrial collaboration during the upcoming stage
22,415 new Indian companies enter UAE market in first half of 2025, reflecting 10 per cent growth H.E. Abdulla bin Touq: Both countries share deep-rooted and strategic relations across various fields. The UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments. Abu Dhabi, July 2025: H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, today held a high-level meeting with H.E. H. D. Kumaraswamy, Indian Minister of Steel and Heavy Industries, and his accompanying delegation at the Ministry of Economy headquarters in Dubai. The meeting focused on strengthening bilateral collaboration across key economic and industrial sectors, with a particular emphasis on the new economy, logistic transportation, advanced technology, manufacturing and food industries. H.E. Bin Touq underscored deep-rooted and strategic partnership between the UAE and India, noting the shared commitment of the leadership to expanding cooperation in new economy sectors. 'The two nations enjoy a decades-long history of economic collaboration built on shared interests, and a common vision for sustainable growth,' H.E. said. H.E. further highlighted significant areas of alignment in both countries' development strategies, including the circular economy, advanced manufacturing, tourism, healthcare, entrepreneurship, innovation, and technology. H.E. Bin Touq said, 'Economic collaboration between the UAE and India continues to strengthen, with notable growth in business activities. In the first half of 2025 alone, 22,415 new Indian companies entered the UAE market, an increase of over 10 per cent compared to the same period in 2024. By the end of June 2025, the total number of Indian companies operating in the UAE reached 264,687. During the meeting, we discussed strategies to enhance communication between business communities of the two countries and to encourage the establishment of diverse ventures across vital economic sectors.' H.E. noted that the UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments across the world. The manufacturing sector contributed 13.5 per cent to the UAE's non-oil GDP in 2024, ranking as the second on the list of economic activities contributing most to the non-oil GDP of the national economy. Additionally, the foreign direct investment (FDI) in this vital sector reached approximately AED 40 billion (USD 10.9 billion) by the end of 2022, representing 7 per cent of the country's total FDI inflows. The meeting also explored the key enablers and competitive advantages of the UAE's business environment for Indian companies, along with strategies to maximize these benefits. Among the highlighted strengths were the UAE's strategic location connecting East with West, its comprehensive economic partnerships, advanced infrastructure, diverse logistics services, and tax incentives that encourage the establishment of diverse economic and investment activities. Both sides emphasized the importance of enhancing collaboration between the public and private sectors to facilitate the exchange of expertise and best practices, aimed at adopting latest technologies across sectors related to the new economy. This supports the building of a knowledge-based, technology-driven economy and fosters sustainable economic development.
Al Etihad
2 days ago
- Business
- Al Etihad
UAE and India explore avenues for enhancing economic and industrial collaboration during the upcoming stage
2 July 2025 18:53 ABU DHABI (ALETIHAD)Abdulla bin Touq Al Marri, Minister of Economy and Tourism, today held a high-level meeting with H. D. Kumaraswamy, Indian Minister of Steel and Heavy Industries, and his accompanying delegation at the Ministry of Economy headquarters in Dubai. The meeting focused on strengthening bilateral collaboration across key economic and industrial sectors, with a particular emphasis on the new economy, logistic transportation, advanced technology, manufacturing and food Touq underscored the deep-rooted and strategic partnership between the UAE and India, noting the shared commitment of the leadership to expanding cooperation in new economy sectors. 'The two nations enjoy a decades-long history of economic collaboration built on shared interests and a common vision for sustainable growth,' Bin Touq Touq further highlighted significant areas of alignment in both countries' development strategies, including the circular economy, advanced manufacturing, tourism, healthcare, entrepreneurship, innovation, and technology. Bin Touq said, 'Economic collaboration between the UAE and India continues to strengthen, with notable growth in business activities. In the first half of 2025 alone, 22,415 new Indian companies entered the UAE market, an increase of over 10 per cent compared to the same period in 2024. By the end of June 2025, the total number of Indian companies operating in the UAE reached 264,687. During the meeting, we discussed strategies to enhance communication between business communities of the two countries and to encourage the establishment of diverse ventures across vital economic sectors.'He noted that the UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments across the world. The manufacturing sector contributed 13.5 per cent to the UAE's non-oil GDP in 2024, ranking as the second on the list of economic activities contributing most to the non-oil GDP of the national economy. Additionally, the foreign direct investment (FDI) in this vital sector reached approximately Dh 40 billion (USD 10.9 billion) by the end of 2022, representing 7 per cent of the country's total FDI meeting also explored the key enablers and competitive advantages of the UAE's business environment for Indian companies, along with strategies to maximise these benefits. Among the highlighted strengths were the UAE's strategic location connecting East with West, its comprehensive economic partnerships, advanced infrastructure, diverse logistics services, and tax incentives that encourage the establishment of diverse economic and investment activities. Both sides emphasised the importance of enhancing collaboration between the public and private sectors to facilitate the exchange of expertise and best practices, aimed at adopting the latest technologies across sectors related to the new economy. This supports the building of a knowledge-based, technology-driven economy and fosters sustainable economic development.
Hi Dubai
5 days ago
- Business
- Hi Dubai
UAE Emerges as One of the World's Top 7 Tourist Spending Hubs
The UAE's tourism sector delivered a record-breaking performance in 2024, contributing AED257.3 billion (US$70.1 billion) to the national GDP—13% of the country's economy—according to the latest report from the World Travel and Tourism Council (WTTC). The figure marks a 3.2% rise from 2023 and a 26% increase over 2019, placing the UAE among the world's top performers for tourism-led growth. Praising the sector's achievements, His Highness Sheikh Mohammed bin Rashid Al Maktoum hailed the results as a reflection of the UAE's economic resilience and global appeal. International visitor spending soared to AED217.3 billion, while domestic tourism spending reached AED57.6 billion, reinforcing the country's position among the top seven destinations globally for international tourist spending. Minister of Economy and Tourism Abdulla bin Touq Al Marri attributed the success to the UAE's strategic tourism policies and infrastructure investments across all seven emirates. These initiatives support the national goal of increasing tourism's GDP contribution to AED450 billion and reaching 40 million hotel guests annually by 2031. The report highlighted the UAE's diverse tourist base, with top visitor markets including India, the UK, Russia, China, and Saudi Arabia. International visitors accounted for 79% of tourism expenditure, while leisure tourism dominated overall spending. Sustainability remained central, with tourism-related emissions comprising just 13.3% of national carbon output, aligning with the UAE's broader environmental goals. The sector also drove social impact, employing significant numbers of women and youth, and contributing over US$8.6 billion in tax revenues. Globally, the travel and tourism sector added US$10.9 trillion to the world economy in 2024, with the UAE standing out as a leading example of post-pandemic recovery and strategic growth. News Source: Emirates News Agency
Filipino Times
6 days ago
- Business
- Filipino Times
UAE ranks in world's top 7 for tourist spending
The United Arab Emirates ranked among the world's top seven destinations for international tourist spending in 2024, according to a report by the World Travel and Tourism Council (WTTC). Visitors spent AED217.3 billion (US$59.2 billion) in the UAE, a 5.8% increase from 2023 and over 30% higher than pre-pandemic levels. His Highness Sheikh Mohammed bin Rashid Al Maktoum said, 'The WTTC report highlights the exceptional achievements of the UAE tourism sector. International visitor spending exceeded AED217 billion last year, with domestic tourism expenditure reaching AED57 billion. 'The UAE ranks among the world's top seven destinations for international tourist spending, surpassing countries that have been in this industry for centuries,' His Highness added. The report also showed that domestic tourism contributed AED57.6 billion (US$15.7 billion), bringing the total travel and tourism sector's impact on the UAE's GDP to AED257.3 billion. That amount represents 13% of the national economy and is one of the highest growth rates globally. The rise in visitor spending came from a wide mix of tourists, mainly from India (14%), the United Kingdom (8%), Russia (8%), China (5%), and Saudi Arabia (5%). The rest came from other parts of the world, showing the UAE's global appeal. Minister of Economy and Tourism Abdulla bin Touq Al Marri said the country's achievements are the result of strong strategies, infrastructure upgrades, and international partnerships. He added that these efforts help create jobs and attract more investment in tourism.
