Latest news with #UAE-Jordan
Mid East Info
14-05-2025
- Business
- Mid East Info
UAE-Jordan Comprehensive Economic Partnership Agreement To Come Into Force - Middle East Business News and Information
The UAE-Jordan CEPA is set to drive bilateral non-oil trade to US$8 billion by 2032, building on the existing trade growth which surpassed US$5.6 billion in 2024. HE Al Zeyoudi: 'The launch of the UAE-Jordan CEPA marks a significant advancement in our economic collaboration, creating new avenues for growth and mutual prosperity.' Abu Dhabi, UAE – May 2025: The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Hashemite Kingdom of Jordan will officially come into effect tomorrow, 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 tomorrow, the two nations aim to boost bilateral non-oil trade to over US$8 billion by 2032. This follows impressive year-on-year growth between 2023 and 2024 of 34.1%, 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. His Excellency 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%. 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 US$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 realize 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 program 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 US$800 billion by 2030 and achieve over US$1.1 trillion in total non-oil trade value by 2031. The program significantly contributed to the UAE's record non-oil trade of US$816 billion in 2024, reflecting a 14.6% increase from 2023. With 27 concluded agreements, the CEPA program expands access for UAE businesses to over a quarter of the world's population.
Jordan Times
05-02-2025
- Business
- Jordan Times
New growth opportunities: The Marsa Zayed Project in Aqaba
Prime Minister Jaafar Hassan has launched the first phase of the 'Marsa Zayed' project in Aqaba, one of the most significant investment projects in the region. The project is being developed by 'MAG Group' under the direction of 'Abu Dhabi Ports Group.' This strategic partnership between Jordan and the UAE is an important step in investment and tourism. It supports Jordan's Economic Modernisation Vision by boosting economic growth at a time when the country faces financial challenges that require new strategies. The Economic Modernisation Vision focuses on developing key sectors such as tourism and real estate investment. It aims to grow Jordan's economy, attract both local and foreign investments, and create jobs while improving infrastructure. The Marsa Zayed project in Aqaba is a real example of this ambitious vision. Jordan faces economic and political pressures, including budget deficits, unemployment, and rising government debt. Additionally, regional crises continue to impact the country's economy. Given these challenges, Jordan must focus on long-term strategic projects that support sustainable growth and ease financial pressures. Zayed offers unique features that make it a landmark in the real estate and tourism sectors. Covering 3.2 million square meters, the first phase includes 'Marsa Zayed Riviera,' which features four residential towers, a modern yacht marina, a 360-room hotel, 1,260 housing units, and 117 retail shops. This project transforms Aqaba's waterfront into a major investment and tourism hub, promoting marine tourism and positioning Aqaba as a regional and global tourism and logistics center. By developing world-class facilities such as a yacht marina, shopping centers, and luxury hotels, Jordan can attract both tourists and investors. This will increase tourism in Aqaba, create new job opportunities, and boost government revenues. The UAE-Jordan partnership in this project reflects strong economic ties between the two countries. In 2023, the UAE invested $5.5 billion in Jordan, strengthening trade and economic relations. With Emirati support, this project contributes to Jordan's modernization vision by creating a business-friendly environment and jobs in sectors such as construction, transport, tourism, and logistics. At a time of economic difficulties, the Marsa Zayed project represents a major step toward achieving Jordan's economic goals. By integrating real estate and tourism investments, the project enhances economic diversity, attracts investors, and supports financial sustainability. If completed successfully, it will mark a new phase of economic development in Jordan and strengthen the country's position as an investment and tourism destination. The Marsa Zayed project is a real opportunity to drive Jordan's economy toward sustainable growth. It is expected to improve Aqaba's tourism infrastructure and increase visitor numbers. The modern ports and yacht marina will help establish Aqaba as a global tourism center and attract investments in real estate and trade, stimulating local business activity and benefiting Jordan's economy as a whole.
Sharjah 24
05-02-2025
- Politics
- Sharjah 24
Mansour bin Zayed, Jordan's House Speaker enhance bilateral ties
Strengthening UAE-Jordan relations During the meeting, Sheikh Mansour and Al Safadi engaged in cordial talks and explored ways to strengthen the fraternal ties between the UAE and Jordan. Opportunities for cooperation across sectors They also discussed opportunities for enhancing relations across various sectors, fostering mutual interests, and benefiting both nations and their people. Attendees of the meeting The meeting was attended by Saqr Ghobash, Speaker of the Federal National Council (FNC), along with several senior officials.
