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The National
6 days ago
- Business
- The National
UAE-Latin America ties present a model for a new type of alliance
As part of its economic diversification and diplomacy strategies, the UAE is exploring uncharted terrains and increasingly focusing on Latin America. It has made strategic investments to enhance collaboration in a wide array of sectors – logistics, port development, food security, renewable energy, defence, technology and critical minerals, among others. Over the past decade, the UAE has made a majority of the Arab Gulf's investments in that region. The UAE's business promotion organisations have representative offices in Argentina, Brazil, Mexico and Panama to support companies in finding business opportunities in Latin America. It is also focusing on promoting tourism and trade, especially in countries such as Colombia. In other examples, Peru and the Dominican Republic have been targets of port development. With a foundation of mutual interest in sustainable development and economic growth, this strategy is set to enrich both regions with enhanced trade, innovation and collaborative efforts. Given the UAE's capital base and focus on tech-driven industries, Latin America's rich deposits of critical minerals also make a strong combination for creating robust supply chains. As part of its connectivity agenda, the UAE is bolstering Latin American ports' capacity and efficiency. For example, significant investments have been in port terminals in Peru and Ecuador. Providing a green twist, the expansion also includes state-of-the-art electric-powered equipment and electric charging station for lorries, thus promoting sustainable logistics solutions. Over the past decade, the UAE has made a majority of the Arab Gulf's investments in Latin America These, combined with Latin America being home to a young and promising workforce, distinct and independent political visions, and its unique geographical location connecting the two largest oceans of the world, will also create jobs and boost economic growth amid shifting global demands. Beyond trade and investment, non-traditional strategic sectors are becoming a key focus of the partnership, such as the establishment of joint platforms for knowledge production, as well as co-operation in the fields of defence technologies, space, digitisation and scientific innovation. While the average growth in gross domestic product for the region is 2 per cent, countries such as Nicaragua, Honduras and Costa Rica are tipped to grow between 3 per cent and 4 per cent. With the desire to increase its GDP to $800 billion in less than a decade, the UAE is pursuing an active economic diplomacy agenda, including exploring the potential for opening new missions in Latin America. The UAE also signed comprehensive economic partnerships agreements – or Cepas – with Chile, Costa Rica and Colombia last year. These agreements reduce tariffs, streamline customs procedures and foster investments in key sectors. More Cepas are being explored with other Latin American countries, including the Mercosur bloc comprising Argentina, Brazil, Paraguay and Uruguay, among others. Another overlap between the UAE and Latin America is the Brics grouping, which includes Brazil as a core member. The UAE officially became a full member of Brics last year. This membership aligns with the Emirates' vision to strengthen its role as a global trade hub and strengthens its collaborative agenda with developing nations. Despite all these factors – plus the absence of conflicts or tensions between the UAE and Latin American countries, which provide the ideal platform for a synergetic future – the relations at present are far from optimal. There is an urgent need to address the challenges that are impeding the robust growth of this relationship. To facilitate this, the Abu Dhabi-based Emirates Centre for Strategic Studies and Research and Anwar Gargash Diplomatic Academy, in co-operation with Fundacao Getulio Vargas in Brazil, are convening a workshop of scholars, diplomats and policymakers on Tuesday in Rio de Janeiro. The conclave, on the sidelines of the Brics Summit, will discuss the overlapping interests between the two sides. The Track 1.5 dialogue will explore their relations from a comprehensive economic-sustainability-technology policy lens and facilitate evolving innovative strategies to develop the multifaceted opportunities and mitigate the pitfalls. Under the umbrella of the annual Hili Forum in Abu Dhabi, which underscores Hili's importance as a crossroad for ancient trade and cultural interaction in the Bronze Age, regional platforms will henceforth rotate through various continents of the world. The dialogue in Rio, involving government officials, think tankers, academics and businesspeople, will pay particular attention to the following – economic changes in Latin America and the UAE; significance of UAE-Latin America ties in a disruptive global ecosystem; main drivers of co-operation; prospects for collaboration beyond traditional trade; evolving strategies to ensure win-win synergy; sustainable development issues; and evolving intellectual and policy instruments to achieve the above. In a world where the effectiveness of the current international order is being questioned, this bridge between the UAE-Gulf and Latin America presents a model for a new type of alliance. Based on pragmatism, rather than polarisation or domination, this interaction could emerge as a pivotal feature of a new global order taking shape outside traditional pathways – one rooted in South-South co-operation.
The National
16-05-2025
- Business
- The National
UAE to increase US energy investments to $440bn by 2035
The UAE plans to increase the value of its investments in the US energy sector to $440 billion by 2035, from the current $70 billion. The plan was announced during a presentation by Dr Sultan Al Jaber, managing director and group chief executive of Adnoc and executive director of investment company XRG, on Friday during US President Donald Trump's meeting with top business leaders in the Emirates. The investment is expected to add $29 billion to the US's annual gross domestic product and produce 470,000 jobs, Dr Al Jaber, who is also UAE Minister of Industry and Advanced Technology, told the US President during the last stop of his Gulf tour that was largely focused on trade and investment agreements. US energy companies are also expected to invest $60 billion in UAE energy projects. 'Our partners have committed new investments worth $60 billion in upstream oil and gas, as well as new and unconventional opportunities,' Dr Al Jaber said. On Thursday, the White House announced a $60 billion deal between ExxonMobil, Occidental Petroleum, EOG Resources and Adnoc, for expanded oil and natural gas production. The agreement was part of a package of commercial and investment deals worth $200 billion signed during Mr Trump's visit to the Emirates. Adnoc's global energy investment arm XRG is seeking to make a significant investment in US natural gas, said Dr Al Jaber. Adnoc's stakes in NextDecade's Rio Grande LNG export facility and a planned ExxonMobil hydrogen plant − both in Texas − were transferred to XRG, which was set up last year with an asset base of $80 billion. The company is mandated to pursue global deals in chemicals, natural gas and renewables, Adnoc said at the time. Mubadala Energy, an arm of Abu Dhabi's sovereign wealth fund, last month also signed a deal with US firm Kimmeridge that will give it stakes in US gas assets. Mr Trump said the US and the UAE agreed on Thursday to create a path for the Emirates to buy some of the world's most advanced AI semiconductors from US companies. 'The oil and gas and all is great but you're going to have equally big, and maybe even bigger − at some point, you'll be surpassing it with AI and other businesses, so that's a great tribute to the job you've done here,' Mr Trump said at a briefing. Earlier, Mr Trump was presented with a capsule of domestically produced oil by Dr Al Jaber. The Minister told the President that the oil was Murban, one of the highest quality grades of crude oil. 'The highest-quality oil there is on the planet and they only gave me a drop of it,' Mr Trump joked. 'So I'm not thrilled. But it's better than no drop.'
Zawya
09-05-2025
- Business
- Zawya
UAE investments in Belarus exceed $4bln: minister
MINSK - Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has affirmed the dynamic expansion of economic relations between the United Arab Emirates and the Republic of Belarus, marked by a notable qualitative leap in various industries. This development reflects the deep strategic partnership and the mutual desire of both nations to foster stronger economic collaboration. In statements to the Emirates News Agency (WAM) on the sidelines of the opening of the Minsk International Exhibition Centre, the minister said that UAE investments in Belarus have exceeded the $4 billion mark, stressing that the UAE is among the top three largest investors in Belarus. He noted that Emirati investments cover vital sectors including defence, technology, hospitality, and urban development. Al Zeyoudi pointed out the growing interest from Emirati companies in investing in the food and industrial sectors, where Belarus possesses significant expertise and competitive capabilities. As part of the ongoing strategic relations between the two countries, Al Zeyoudi said that over the recent months, negotiations on a free trade agreement concerning goods with the Eurasian Economic Union have been completed. It is expected to be signed soon in Minsk. He also noted the completion of a supplementary bilateral agreement on services and investments, adding that legal reviews are underway in preparation for the signing. He emphasised the importance of building on this positive momentum by enhancing institutional and sectoral cooperation, organising business delegations and business councils, and holding the next session of the joint economic committee later this year. These efforts will help open new horizons for partnership and economic integration between the two sides. 'There is a focus on exploring new opportunities in the food and industrial sectors, given Belarus's advanced production infrastructure and skilled workforce, which enhances prospects for integration in new economy sectors,' he added. Regarding the International Exhibition Centre inaugurated today in Minsk with Emirati investments, Al Zeyoudi stated that the centre's opening marks the first phase of the Northern Waterfront project. 'It represents the launch of an ambitious plan to build a smart economic city in Belarus, aiming to attract investments in tourism, boost the economy, and modern technologies. The project reflects the growing UAE presence in international markets,' he said.
