Latest news with #ThaniBinAhmedAlZeyoudi
Arabian Business
3 days ago
- Business
- Arabian Business
UAE and Serbia eye $351m trade relations as CEPA deal launches
The UAE and Serbia are looking to enhance economic relations as they eye $350m trade partnership following launch of a Comprehensive Economic Partnership Agreement (CEPA). The CEPA between the UAE and Serbia has officially come into force, marking a significant milestone in the deepening of economic ties between the two nations. The agreement is set to foster enhanced trade and investment flows, paving the way for collaboration across a wide variety of priority sectors. UAE and Serbia CEPA trade deal Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: 'The activation of the UAE-Serbia CEPA heralds a new chapter in our economic relations, creating new avenues for collaboration, investment and trade that will benefit both our nations. 'Through this agreement we are committed to unlocking significant opportunities that will create jobs, strengthen supply chains, and facilitate a thriving environment for businesses in both countries.' The UAE-Serbia CEPA aims to boost bilateral non-oil trade, which reached approximately $121.4m in 2024, double the level of trade when compared to 2021, with projections indicating a substantial increase in bilateral trade that will contribute $351m to UAE GDP by 2031. This growth is anticipated through the elimination and reduction of custom duties for over 96 per cent of tariff lines, thereby enhancing market access and fostering a more conducive environment for private sector collaboration. Serbia is an important partner for the United Arab Emirates, with its diverse economy and strategic location providing a vital gateway into Eastern Europe and the Balkans. The CEPA is expected to not only enhance trade but also increase private sector collaboration and promote investments in priority sectors such as renewable energy, agriculture, logistics, and technology. The UAE is Serbia's leading trading partner in the GCC, accounting for approximately 55 per cent of its total trade with the region in 2023. The bilateral relationship has been further strengthened by increasing flows of FDI, which has been directed towards high-growth sectors, enhancing shared economic interests. With the CEPA now ratified and officially in force, both nations can leverage the agreement to foster economic growth and create opportunities that will benefit their citizens. The CEPA programme is a cornerstone of the UAE's strategic growth objectives, aiming to increase total non-oil trade to $1.1tn by 2031 and doubling the size of the economy to $800bn by 2031. The UAE-Serbia CEPA is the 10th to come into force, with 27 in total having been concluded so far with countries spanning the Middle East, Africa, Southeast Asia, South America and Europe.
Gulf Today
3 days ago
- Business
- Gulf Today
UAE-Serbia CEPA officially comes into force
The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Republic of Serbia has officially come into force, marking a significant milestone in the deepening of economic ties between the two nations. The agreement is set to foster enhanced trade and investment flows, paving the way for collaboration across a wide variety of priority sectors. Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, expressed his enthusiasm regarding the CEPA's implementation, stating, 'The activation of the UAE-Serbia CEPA heralds a new chapter in our economic relations, creating new avenues for collaboration, investment and trade that will benefit both our nations. Through this agreement we are committed to unlocking significant opportunities that will create jobs, strengthen supply chains, and facilitate a thriving environment for businesses in both countries.' The UAE-Serbia CEPA aims to boost bilateral non-oil trade, which reached approximately $121.4 million in 2024, double the level of trade when compared to 2021, with projections indicating a substantial increase in bilateral trade that will contribute $351 million to UAE GDP by 2031. This growth is anticipated through the elimination and reduction of custom duties for over 96% of tariff lines, thereby enhancing market access and fostering a more conducive environment for private sector collaboration. Serbia is an important partner for the UAE, with its diverse economy and strategic location providing a vital gateway into Eastern Europe and the Balkans. The CEPA is expected to not only enhance trade but also increase private sector collaboration and promote investments in priority sectors such as renewable energy, agriculture, logistics, and technology. The UAE is Serbia's leading trading partner in the GCC, accounting for approximately 55% of its total trade with the region in 2023. The bilateral relationship has been further strengthened by increasing flows of FDI, which has been directed towards high-growth sectors, enhancing shared economic interests. With the CEPA now ratified and officially in force, both nations can leverage the agreement to foster economic growth and create opportunities that will benefit their citizens. The CEPA programme is a cornerstone of the UAE's strategic growth objectives, aiming to increase total non-oil trade to $1.1 trillion by 2031 and doubling the size of the economy to $800 billion by 2031. The UAE-Serbia CEPA is the 10th to come into force, with 27 in total having been concluded so far with countries spanning the Middle East, Africa, Southeast Asia, South America and Europe. In October 2024, Dr Thani Bin Ahmed Al Zeyoudi affirmed that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Republic of Serbia marks the first agreement under the UAE's comprehensive economic partnership programme with a country that is not a member of the World Trade Organisation. This agreement features a tariff reduction and elimination of up to 96 per cent across customs tariff lines, compared to some countries with which agreements have been signed, all of which are WTO members. This initiative comes in light of the significant potential to increase non-oil trade between the two friendly countries, Dr Al Zeyoudi told the Emirates News Agency (WAM) following the exchange of the CEPA between the two countries. Dr Al Zeyoudi said the agreement constitutes a vital bridge to the Balkans and the Southeast Europe with great economic potential, adding that it reflects the common ambition between the UAE and Serbia and contributes to launching a new era of bilateral cooperation and stimulating sustainable growth of the economies of both countries. He noted that the agreement aims to stimulate trade and investment flows between the two countries, bolster cooperation, and build private sector partnerships in both friendly countries. It also seeks to empower business communities, promote investment, and facilitate knowledge exchange, as well as activate opportunities for joint developmental projects in important sectors such as logistics and food security. The minister added that the agreement contributes to leveraging the economic opportunities that the Republic of Serbia possesses, particularly in terms of manufacturing capabilities, skilled labour, and abundant mineral resources. The minister pointed out that the UAE is Serbia's largest trading partner among the Gulf Cooperation Council (GCC) countries, accounting for 55 percent of Serbia's trade with Gulf nations. 'The UAE is currently the third-largest market for Serbian exports in the Middle East and the fourth-largest trading partner for Serbia among Arab countries and Africa, according to 2023 data.' WAM
Arabian Business
6 days ago
- Business
- Arabian Business
UAE and EU look to boost $68bn trade relations with CEPA deal
The UAE and EU are looking to enhance a $67.6bn trade relationship with a Comprehensive Economic Partnership Agreement (CEPA). Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the UAE for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU. The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE. UAE and EU trade deal The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation. The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub. The EU is already one of the UAE's key trading partners, accounting for 8.3 per cent of non-oil trade. In 2024, non-oil trade between the two reached $67.6bn, representing a growth of 3.6 per cent over 2023. Al Zeyoudi said: 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. 'By working together, we will strengthen our supply chains, drive innovation, and create jobs that will benefit our communities and economies for many years to come.' Maroš Šefčovič said: 'Europe continues to be a reliable trading partner, which respects the deals it makes. And it is natural to seek to grow our relations with long-standing and trusted partners like the United Arab Emirates. 'A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. Our aim is therefore to reach an ambitious deal that is commercially meaningful on both sides – one that brings tangible, lasting benefits, along with predictability, so essential to any successful business. 'This would add strength to our regional cooperation with the Gulf Cooperation Council countries.' During the investment roundtable, representatives from the UAE and the European private sectors, engaged in discussions to identify mutual investment opportunities that can drive innovation and sustainable economic development. FDI flows between the UAE and EU are strong and robust, with recent partnerships in data centres in Italy, solar plants in Spain, and neighbourhood redevelopment in Budapest. A UAE-EU CEPA has the potential to unlock further opportunities, including: A $50bn AI data centre deal with France A $40bn commitment in Italy's energy and defence sectors. The CEPA programme is a key pillar of the United Arab Emirates' foreign trade agenda, reflecting the nation's commitment to open, rules-based trade to drive economic growth and diversify its economy. , marking a 14.6 per cent increase over 2023.
Gulf Today
14-05-2025
- Business
- Gulf Today
New era unfolds between UAE, Jordan economic cooperation
The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Hashemite Kingdom of Jordan will officially come into effect today (Thursday), heralding a new era of economic cooperation. This landmark agreement is the first CEPA signed between the UAE and an Arab nation, aimed at enhancing trade and investment ties, stimulating growth in key sectors, and empowering small and medium-sized enterprises (SMEs). With the CEPA entering into force today, the two nations aim to boost bilateral non-oil trade to over $8 billion by 2032. This follows impressive year-on-year growth between 2023 and 2024 of 34.1 per cent, with non-oil trade between the two nations reaching approximately US$5.62 billion in 2024. This agreement will eliminate or reduce tariffs and remove trade barriers, enhancing market access and strengthening regional and global supply chains. Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, stated, 'This agreement signifies a new era of collaboration, enhancing our economic ties and creating a framework for shared growth and prosperity. Jordan has long been a valued partner for the UAE, and through this CEPA, we are poised to unlock numerous opportunities that will benefit both nations.' Jordan has been a vital partner for the UAE for many years, with bilateral non-oil trade experiencing tremendous growth over the last decade, increasing by 138 per cent. The UAE is Jordan's fifth-largest trading partner globally, while the UAE remains the largest foreign investor in Jordan, with mutual investments estimated at approximately $22.5 billion. The CEPA is expected to create significant opportunities across various sectors, including renewable energy, pharmaceuticals, logistics, and tourism. Jordan's highly-skilled workforce and strong industrial base, particularly in the production of phosphates, textiles, and pharmaceuticals, complements the UAE's expertise in energy, infrastructure, and finance, fostering a collaborative environment that enhances the global reach of both nations. The agreement was finalized following three rounds of negotiations, highlighting the shared commitment of both countries to quickly realise the benefits of the new agreement. The CEPA will also support SMEs by reducing trade restrictions and offering platforms for collaboration that will empower the next generation of entrepreneurs and innovators and ensure that the economic benefits are widely shared. The CEPA programme is a vital element of the UAE's economic growth strategy, highlighting its commitment to establishing strong global trade partnerships. The UAE aims to double its economy to $800 billion by 2030 and achieve over US$1.1 trillion in total non-oil trade value by 2031. The programme significantly contributed to the UAE's record non-oil trade of US$816 billion in 2024, reflecting a 14.6 per cent increase from 2023. With 27 concluded agreements, the CEPA programme expands access for UAE businesses to over a quarter of the world's population. Meanwhile, the Sharjah Chamber of Commerce and Industry (SCCI) engaged in high-level discussions with a diplomatic and economic delegation from the Hashemite Kingdom of Jordan in the beginning of this year to explore new avenues for trade and investment cooperation. The discussions focused on enhancing private sector communication, increasing investments, and exploring opportunities through organising business forums and networking events that bring together top entrepreneurs from both sides. These efforts are expected to forge new partnerships, strengthen economic ties, and boost trade exchange between the two countries. The discussions took place during a meeting, at SCCI's headquarters, between Abdallah Sultan Al Owais, Chairman of SCCI, and Asem Mohamed Ababneh, Consul General of the Hashemite Kingdom of Jordan in Dubai and the Northern Emirates, along with Khalil HajjTawfiq, Chairman of Amman Chamber of Commerce (ACC). The meeting was attended by Mohammed Ahmed Amin Al-Awadi, SCCI's Director-General; Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI, and Dr. Fatema Khalifa Al Muqarrab, Director of International Relations at SCCI, as well as several key officials from both sides. During the meeting, both sides agreed to activate the joint cooperation agreement signed between SCCI and ACC, while facilitating economic delegation visits to elevate commercial relations. Discussions also centered on encouraging investments, enhancing trade exchange, and increasing the participation of Jordanian companies in exhibitions held at Expo Centre Sharjah. Supported by SCCI, these events span various economic and commercial sectors and attract substantial regional and international engagement. Abdallah Sultan Al Owais extended a warm welcome to the Jordanian delegation, emphasising the strong fraternal and strategic relations between the UAE and Jordan and the remarkable development and growth these relations have witnessed, particularly in the economic sphere. He noted that the UAE ranks as the largest international investor in Jordan, with total investments surpassing $4 billion by the end of 2023, representing 14% of Jordan's total foreign direct investment. wam The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Hashemite Kingdom of Jordan will officially come into effect today (Thursday), heralding a new era of economic cooperation. This landmark agreement is the first CEPA signed between the UAE and an Arab nation, aimed at enhancing trade and investment ties, stimulating growth in key sectors, and empowering small and medium-sized enterprises (SMEs). With the CEPA entering into force today, the two nations aim to boost bilateral non-oil trade to over $8 billion by 2032. This follows impressive year-on-year growth between 2023 and 2024 of 34.1 per cent, with non-oil trade between the two nations reaching approximately US$5.62 billion in 2024. This agreement will eliminate or reduce tariffs and remove trade barriers, enhancing market access and strengthening regional and global supply chains. Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, stated, 'This agreement signifies a new era of collaboration, enhancing our economic ties and creating a framework for shared growth and prosperity. Jordan has long been a valued partner for the UAE, and through this CEPA, we are poised to unlock numerous opportunities that will benefit both nations.' Jordan has been a vital partner for the UAE for many years, with bilateral non-oil trade experiencing tremendous growth over the last decade, increasing by 138 per cent. The UAE is Jordan's fifth-largest trading partner globally, while the UAE remains the largest foreign investor in Jordan, with mutual investments estimated at approximately $22.5 billion. The CEPA is expected to create significant opportunities across various sectors, including renewable energy, pharmaceuticals, logistics, and tourism. Jordan's highly-skilled workforce and strong industrial base, particularly in the production of phosphates, textiles, and pharmaceuticals, complements the UAE's expertise in energy, infrastructure, and finance, fostering a collaborative environment that enhances the global reach of both nations. The agreement was finalized following three rounds of negotiations, highlighting the shared commitment of both countries to quickly realise the benefits of the new agreement. The CEPA will also support SMEs by reducing trade restrictions and offering platforms for collaboration that will empower the next generation of entrepreneurs and innovators and ensure that the economic benefits are widely shared. The CEPA programme is a vital element of the UAE's economic growth strategy, highlighting its commitment to establishing strong global trade partnerships. The UAE aims to double its economy to $800 billion by 2030 and achieve over US$1.1 trillion in total non-oil trade value by 2031. The programme significantly contributed to the UAE's record non-oil trade of US$816 billion in 2024, reflecting a 14.6 per cent increase from 2023. With 27 concluded agreements, the CEPA programme expands access for UAE businesses to over a quarter of the world's population. Meanwhile, the Sharjah Chamber of Commerce and Industry (SCCI) engaged in high-level discussions with a diplomatic and economic delegation from the Hashemite Kingdom of Jordan in the beginning of this year to explore new avenues for trade and investment cooperation. The discussions focused on enhancing private sector communication, increasing investments, and exploring opportunities through organising business forums and networking events that bring together top entrepreneurs from both sides. These efforts are expected to forge new partnerships, strengthen economic ties, and boost trade exchange between the two countries. The discussions took place during a meeting, at SCCI's headquarters, between Abdallah Sultan Al Owais, Chairman of SCCI, and Asem Mohamed Ababneh, Consul General of the Hashemite Kingdom of Jordan in Dubai and the Northern Emirates, along with Khalil HajjTawfiq, Chairman of Amman Chamber of Commerce (ACC). The meeting was attended by Mohammed Ahmed Amin Al-Awadi, SCCI's Director-General; Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI, and Dr. Fatema Khalifa Al Muqarrab, Director of International Relations at SCCI, as well as several key officials from both sides. During the meeting, both sides agreed to activate the joint cooperation agreement signed between SCCI and ACC, while facilitating economic delegation visits to elevate commercial relations. Discussions also centered on encouraging investments, enhancing trade exchange, and increasing the participation of Jordanian companies in exhibitions held at Expo Centre Sharjah. Supported by SCCI, these events span various economic and commercial sectors and attract substantial regional and international engagement. Abdallah Sultan Al Owais extended a warm welcome to the Jordanian delegation, emphasising the strong fraternal and strategic relations between the UAE and Jordan and the remarkable development and growth these relations have witnessed, particularly in the economic sphere. He noted that the UAE ranks as the largest international investor in Jordan, with total investments surpassing $4 billion by the end of 2023, representing 14% of Jordan's total foreign direct investment. WAM
Gulf Today
11-05-2025
- Business
- Gulf Today
AqlanX gets $10m from DoxAI for Arabic-first enterprise AI
AqlanX, a UAE-based artificial intelligence company, announced a $10 million investment from Lakeba Group through their venture DoxAI, marking a significant milestone in the region's digital transformation journey. The investment, facilitated through connections fostered by the UAE's NextGen FDI initiative, will accelerate AqlanX's mission to localise and expand the proven enterprise automation capabilities of DoxAI across the Middle East. Founded on the vision of building UAE-Made, Arabic-first AI technologies, AqlanX focuses on automating business processes, enhancing operational efficiency, and transforming enterprise document management for large organisations. The company's roadmap is tightly aligned with the UAE's innovation and digital economy strategy, positioning the nation as a hub for AI and innovation-driven ventures. As part of its national capacity-building strategy, AqlanX, DoxAI and Lakeba have also formed a strategic partnership with the University of Wollongong in Dubai (UOWD) to establish an AI Centre of Excellence. This initiative will cultivate homegrown AI talent, research, and innovation directly in the UAE. The agreement was signed in the presence of Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who commented, 'This collaboration between AqlanX, Lakeba, and DoxAI demonstrates the power of the NextGen FDI program to catalyse strategic, cross-sector partnerships. It underscores our commitment to fostering an ecosystem that nurtures innovation and collaboration in priority sectors like artificial intelligence.' Giuseppe Porcelli, Executive Chairman of Lakeba and DoxAI, said, 'This investment is more than capital-it's a commitment to a shared vision. AqlanX represents the next frontier of enterprise AI in the Middle East, and we are proud to bring our experience, technology, and strategic resources to support its growth.' Demetrio Russo, Founder and CEO of AqlanX, added, 'With Lakeba and DoxAI behind us, AqlanX is equipped to deliver Arabic-first AI that is not only world-class, but also born in, and for, the UAE. We are building an innovation hub that reflects the ambitions of this region and empowers its enterprises to lead globally.' With its foundation backed by the expertise and intellectual property of DoxAI, and strategic capital from Lakeba Ventures, AqlanX is positioned to become a regional leader in enterprise AI. The NextGen FDI initiative, launched in 2022, is a core component of the UAE's strategy to promote investment into future-focused sectors, solidify its position as a global hub for innovation, and accelerate the diversification of the national economy. AqlanX joins a cohort of more than 100 companies operating in sectors such as renewable energy, advanced manufacturing, and robotics. In February, The Ministry of Economy has announced that DoxAI, a provider of AI solutions designed to simplify business processes and reduce operational complexities, has joined its NextGen FDI initiative. The programme, which seeks to attract high-growth advanced technology companies to the UAE, will support DoxAI in establishing its regional headquarters in Dubai and scaling its operations to serve regional and global markets. DoxAI applies AI and machine learning to streamline document processing, automate data extraction, and enhance identity verification, delivering real-time, actionable insights for businesses. By reducing the need for human intervention and integrating seamlessly with existing business systems, DoxAI enables organisations to optimise their operations, reduce costs, and focus on strategic initiatives that drive growth. WAM
