Latest news with #FederalCompetitivenessandStatisticsCenter
Dubai Eye
3 days ago
- Business
- Dubai Eye
UAE President aims to double trade with Russia, Eurasia in 5 years
President His Highness Sheikh Mohamed bin Zayed Al Nahyan said the UAE aims to double trade with Russia and the wider Eurasian region in the next five years, as he met with Russian President Vladimir Putin in Moscow on Thursday. The Emirati head of state added that trade with Russia reached around $11.5 billion in 2024 and $30 billion with Eurasia. Foreign trade data issued by the Ministry of Economy and the Federal Competitiveness and Statistics Center indicated that trade has increased by nearly 200 per cent over the past five years, from around $3.5 billion in 2019. With the opening of full ownership to foreigners, the UAE is home to nearly 4,000 Russian companies. He thanked President Putin for receiving him in the Russian capital, adding he hopes the visit yields positive results for the UAE and Russia. Sheikh Mohamed added he strives to extend and strengthen 'bridges' with Russia. The two leaders are expected to discuss recent developments, including the war with Ukraine and efforts for a ceasefire. US President Trump is reportedly set to meet President Vladimir Putin in the coming days as the countries search for a breakthrough in ceasefire negotiations, in what would be the first summit between leaders of the two countries since 2021. The UAE has balanced friendly relations with the US and Russia, and previously mediated prisoner exchanges between Russian and Ukraine which saw the release of thousands held by both sides.
TAG 91.1
3 days ago
- Business
- TAG 91.1
UAE President aims to double trade with Russia, Eurasia within 5 years
President His Highness Sheikh Mohamed bin Zayed Al Nahyan said the UAE aims to double trade with Russia and the wider Eurasian region in the next five years, as he met with Russian President Vladimir Putin in Moscow on Thursday. The Emirati head of state added that trade with Russia reached around $11.5 billion in 2024 and $30 billion with Eurasia. Foreign trade data issued by the Ministry of Economy and the Federal Competitiveness and Statistics Center indicated that trade has increased by nearly 200 per cent over the past five years, from around $3.5 billion in 2019. With the opening of full ownership to foreigners, the UAE is home to nearly 4,000 Russian companies. He thanked President Putin for receiving him in the Russian capital, adding he hopes the visit yields positive results for the UAE and Russia. Sheikh Mohamed added he strives to extend and strengthen 'bridges' with Russia. The two leaders are expected to discuss recent developments, including the war with Ukraine and efforts for a ceasefire. US President Trump is reportedly set to meet President Vladimir Putin in the coming days as the countries search for a breakthrough in ceasefire negotiations, in what would be the first summit between leaders of the two countries since 2021. The UAE has balanced friendly relations with the US and Russia, and previously mediated prisoner exchanges between Russian and Ukraine which saw the release of thousands held by both sides.
The Star
21-07-2025
- Business
- The Star
UAE telecom services trade grows in 2024: official data
ABU DHABI, July 21 (Xinhua) -- The United Arab Emirates (UAE)'s trade in telecommunication services grew by 4.3 percent in 2024, reaching 10.2 billion Emirati dirham (2.78 billion U.S. dollars), up from 9.8 billion dirham in 2023, according to data released on Monday by the Federal Competitiveness and Statistics Center. The growth was primarily driven by strong performance in the fourth quarter of 2024, which recorded a year-on-year increase of 12.95 percent, bringing quarterly trade in telecom services to 2.70 billion dirham. The data showed that telecom service exports rose by 6.49 percent in 2024 to 4.9 billion dirham, while imports increased by 2.38 percent to 5.3 billion dirham. The fourth quarter accounted for the largest share of annual trade at 26.45 percent, followed by the third quarter at 25.34 percent, the second quarter at 25.05 percent, and the first quarter at 23.17 percent. The robust growth in telecom services reflects the sector's strategic importance in supporting the digital economy, e-commerce expansion, and technological infrastructure development in the UAE. The UAE also ranked among the top globally in 17 key indicators related to digital transformation in 2024 and 2025, according to various international reports. The 2025 World Competitiveness Yearbook by the International Institute for Management Development (IMD) ranked the UAE first globally in indicators such as digital transformation in companies, internet usage, and technological skills. Additionally, the UAE ranked third globally in terms of legislative support for technology, and fifth in financing technological development. It also topped international rankings in telecom network coverage and internet usage, according to reports from the United Nations and the World Economic Forum. The telecom services covered in the report include voice, video, and data transmission via telephone, email, fax, satellite broadcasting, business network services, virtual meetings, and mobile and internet-based communications. The figures do not include the value of the information transmitted.
