Latest news with #EmiratesAirline
The National
18 hours ago
- Business
- The National
Madagascar looks to deepen investment ties with the UAE, says country's top diplomat
Madagascar is seeking to deepen investment co-operation and strengthen ties with the UAE, the country's top diplomat said during a visit as part of a high-level delegation to take part in a two-day business forum. The Madagascar Business Forum was held in Dubai this week. It brought together more than 60 Malagasy business owners and entrepreneurs to connect with Emirati counterparts. 'This forum is part of our efforts to reinforce both economic and diplomatic ties between our two nations,' Madagascar's Foreign Minister, Rafaravavitafika Rasata, told The National. 'These two days are dedicated to expanding our economic partnership with the UAE.' Over the past nine years, Madagascar and the UAE have cultivated a growing relationship marked by strategic co-operation across various sectors, including infrastructure development, humanitarian aid, economic investment and digital innovation. Madagascar views the Emirates as a strategic partner for economic recovery and development, while the UAE sees the island nation as a gateway to African markets and a partner in advancing sustainable development initiatives in the Indian Ocean region. Emirates Airline launched direct flights from Dubai to Antananarivo last year and increased its services from four weekly flights to six as of April, responding to demand for both passenger and cargo transport. 'This demonstrates growing confidence in our market,' said Ms Rasata. 'It is a huge opportunity to position Madagascar not only as a tourist destination but also as a land of opportunity for investors.' Untapped potential Situated in the western Indian Ocean, Madagascar is the fourth-largest island in the world – larger in land mass than Germany and Spain combined. Despite its size and natural wealth, the country remains relatively undiscovered by international travellers. Surrounded by well-known Indian Ocean holiday destinations like the Maldives, Seychelles and Mauritius, Madagascar stands out for its biodiversity and eco-tourism appeal. 'Our country has won the Indian Ocean's Leading Green Destination award seven times,' noted the minister. 'We're prioritising sustainable and community-based tourism that highlights local culture and biodiversity.' She also pointed to agriculture as a key area for potential Emirati investment, particularly in the context of food security. 'Madagascar is a vast country – I would even call it a quasi-continent,' she said. 'With nearly 600,000 square kilometres of land, and 36 million hectares of arable land, there is immense potential for agribusiness and agricultural transformation.' Regional engagement Madagascar sits at a strategic location along key Indian Ocean shipping lanes, serving as a maritime crossroads between Africa, Asia and the Middle East. Its position near major east-west trade routes makes it a potential hub for maritime commerce, naval logistics and regional connectivity. 'We're extending our main port in Toamasina, and this expansion, expected to be completed by 2026, will further cement our role as a trade hub,' Ms Rasata said. She added that the country's natural assets, including housing 5 per cent of the world's biodiversity, position it uniquely on both the economic and ecological fronts. 'Madagascar has a major role to play – not only as a strategically located country but also as a dynamic market with investment opportunities in agriculture, tourism and renewable energy for Gulf countries and other partners.' Challenges at home Despite these ambitions, Madagascar faces domestic hurdles. A February 2025 World Bank report said that Madagascar's economy is recovering, but growth remains insufficient and too uneven to significantly improve living standards. 'Economic growth remained at 4.2 per cent in 2024. Growth is expected to gradually pick up this year, with projections averaging 4.7 per cent over 2025–2027,' the report said. Ms Rasata emphasised the need to tackle rural poverty, noting that around 80 per cent of the Malagasy population lives in rural areas and depends on agriculture for survival. 'Our focus is on transforming the agricultural sector to support food security, create jobs and add value,' she said. 'Madagascar is already Africa's third-largest rice producer after Nigeria and Egypt. Our goal is to become the first, and to meet local demand, which still requires importing 500,000 tons annually.' She also underscored the importance of attracting both foreign and domestic investment to support this transformation. The World Bank has stressed the urgency of accelerating structural reforms in energy, digital infrastructure and mining to sustain higher growth. Among the most pressing concerns is Madagascar's struggling energy sector. Only about one third of the country's 30 million people have access to electricity, according to the IMF. Critics cite mismanagement, poor governance, and corruption at the state utility Jirama as core obstacles. 'Our energy challenge is existential and we're treating it as such,' said Ms Rasata. 'There is strong political will to ensure our national utility can meet local demand and expand investment in renewable energy.' She outlined the government's target to double the country's energy generation capacity by 2030, with 70 per cent coming from green sources. 'All our efforts are aligned with this goal,' she added.
CairoScene
4 days ago
- Business
- CairoScene
UAE Lifts Two-Year Visa Ban on Nigerian Travellers
Emirates Airline has already announced plans to resume operations to Nigeria in October 2024. Jul 18, 2024 The government of the United Arab Emirates has reached an agreement with Nigeria to allow travel to resume between the two countries, after a two-year hiatus on flights due to financial concerns. The UAE had suspended visa issuance to Nigerians in 2022 following difficulties faced by Emirates Airline in repatriating funds from Nigeria. Nigeria's central bank has recently cleared a backlog of USD 137 million owed to international airlines, including Emirates. Effective immediately, Nigerian passport holders can once again apply for UAE visas, although some updated controls and conditions will be in place. Emirates Airline has already announced plans to resume operations to Nigeria in October 2024.
Travel Daily News
4 days ago
- Business
- Travel Daily News
The Emirates A350 makes a debut in Amman
Emirates A350 begins early Dubai-Amman service, enhancing connectivity with advanced cabin features, premium comfort, and stronger tourism and trade ties. DUBAI / AMMAN – The Emirates A350 has touched down at Queen Alia International Airport, marking the start of its regular service on the second daily flight between Dubai and Amman. Originally scheduled to operate on 1 June, the deployment of the brand-new aircraft has been advanced by 2 weeks. EK 905 departed Dubai at 2210 hrs on 19 May and landed in Amman at 0015 hrs early morning on 20th May. EK 906, took off from Amman at 0205 hrs and reached Dubai at 0605 hrs this morning.* The three-class Emirates A350 features 312 seats, including 32 next-generation Business Class lie-flat seats in a 1-2-1 layout, 21 Premium Economy seats in a 2-3-2 configuration, and 259 spacious Economy Class seats in a 3-3-3 layout. Designed for comfort, the aircraft offers higher ceilings, wider aisles, and a quieter cabin environment. Passengers across all classes enjoy Emirates' latest generation of in-flight entertainment with a cinematic viewing experience, enhanced cabin lighting, faster Wi-Fi, and improved seat ergonomics. The A350's arrival in Amman marks a significant milestone in Emirates' longstanding commitment to Jordan dating back to 1986. It also reflects the airline's ongoing investment in the Jordanian market, strengthening connectivity, tourism, and trade links between Dubai, Amman and beyond. In addition to the A350, Emirates also operates the iconic A380 to Amman on EK903/904. The Emirates A350 currently serves six other short and medium haul destinations including Edinburgh, Kuwait, and Mumbai, and will soon start serving more destinations like Oslo, Istanbul, and Ho Chi Minh City, to name a few. By the end of this year, the airline will serve 17 global cities with the A350. For more information or to book tickets, visit Tickets can also be booked on Emirates App, Emirates Retail stores, Emirates contact centre, or via travel agents. * All times are local
Zawya
20-05-2025
- Business
- Zawya
Dubai's state investor ICD posts $14.5bln net profit for FY2024
Investment Corporation of Dubai (ICD), the emirate's sovereign wealth fund, posted a net profit attributable to the owners of 53.2 billion dirhams ($14.5 billion) for the full-year 2024, compared to AED 50.34 billion in the previous year. Revenue grew nearly 13% year-on-year (YoY) to AED 349.6 billion while assets rose to AED 774 billion compared with AED 701 billion for FY 2023. ICD's portfolio spans across sectors. It owns Emirates airline and has stakes in various top companies including Emirates NBD, Commercial Bank of Dubai, Emaar Properties and Emirates National Oil Co. (Writing by Brinda Darasha; editing by Seban Scaria)
Emirates 24/7
14-05-2025
- Business
- Emirates 24/7
Ahmed bin Saeed meets with President and CEO of the Institute of International Finance
His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group, met with Timothy Adams, President and CEO of the Institute of International Finance (IIF), on the sidelines of the Dubai FinTech Summit 2025. The meeting was attended by His excellency Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), His Excellency Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group, and Arif Amiri, Chief Executive Officer of DIFC Authority. Discussions focused on strengthening financial cooperation between the UAE and leading global institutions, with particular emphasis on sustainable finance, digital transformation, and regulatory alignment. The meeting discussed key topics such as enhancing international collaboration on financial policies, strengthening the UAE's position as a leading global financial hub in line with the Dubai Economic Agenda D33, and promoting knowledge exchange in digital banking, ESG standards, and fintech innovation. Both sides acknowledged the pivotal role of the Institute of International Finance in shaping global best practices and explored opportunities for the UAE to contribute to this evolving landscape. The meeting also reaffirmed a shared commitment to building a future-ready global financial ecosystem. His Highness Sheikh Ahmed bin Saeed reiterated Dubai's ambition to rank among the world's top four financial centres and expressed appreciation for the IIF's continued support and collaboration with the region. The engagement marks an important step towards shaping a resilient and sustainable financial future. Follow Emirates 24|7 on Google News.
