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The National
07-07-2025
- 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.
South China Morning Post
13-06-2025
- Business
- South China Morning Post
Veteran lawyer Moses Cheng picked to steer Hong Kong's maritime hub push
Top government adviser and veteran lawyer Moses Cheng Mo-chi has been appointed to steer a high-level body established to develop Hong Kong's status as an international maritime hub. Advertisement Cheng's appointment as the board chairman of the Hong Kong Maritime and Port Development Board (HKMPDB) was announced on Friday. The 74-year-old is a senior consultant at a law firm and a member of the Executive Council, the city's top decision-making body. Discussing the selection, Secretary for Transport and Logistics Mable Chan said: 'Consolidating and enhancing Hong Kong's status as an international maritime centre is the top priority of the government as well as the strategic objective of our country, hence [it is] particularly important for Hong Kong's economic development.' 'The establishment of the HKMPDB is a key step in this institutional reform. It is hoped that the new board will adopt an innovative and change-embracing spirit in supporting the government to lead the maritime and port industry to further leverage Hong Kong's unique advantages and enhance the industry's global competitiveness in the midst of geopolitical challenges.' Chan said she was confident that the board under Cheng's leadership would share its expertise and experience with authorities. Moses Cheng is also the founding chairman of the Insurance Authority and chairman of the Council of the Hang Seng University of Hong Kong. Photo: Dickson Lee Other board members include transport sector lawmaker and Wharf Limited director Frankie Yick Chi-ming, Hong Kong Shipowners Association chairman Bjorn Hojgaard, SeaKapital Limited chairwoman Sabrina Chao Sih-ming and Wellington Koo Tse-hau, the executive director of Valles Steamship Company Limited.
Trade Arabia
02-06-2025
- Business
- Trade Arabia
Hutchison Ports lands $272m Ajman Port infrastructure contract
The northern emirate of Ajman has signed up Hutchison Ports, a global investor, developer and operator of ports, for the expansion and development of its ports infrastructure at a total investment of AED1 billion ($272 million). The deal paves the way for a strategic, exceptional and vital project that reflects the status of Ajman and supports its Vision 2030, enhancing its leadership and competitiveness on the global economic map, said a statement from. As per the MoU, a development plan will be drawn up for Ajman Port in accordance with the best global practices. The goal is to enhance handling efficiency in terms of performance, safety, and operational speed; attract new shipping lines; align with digital transformation plans; and launch AI-powered programmess for port operations through an integrated 15-year plan aimed at managing, operating, and developing the port, solidifying its position as a vital logistics hub in the region, it stated. The agreement was signed by Sheikh Dr. Mohammed bin Abdullah Al Nuaimi, Chairman of the Department of Port & Customs Ajman, and Andy Tsoi, Managing Director for the Middle East and Africa Division at Hutchison Ports in the presence of HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council. Sheikh Ammar said: "Emirate of Ajman enjoys a developed and attractive investment environment, supported by a continuously evolving business ecosystem and the opening of new horizons for local and foreign investment." "We believe that port development is an investment in the future of trade, food security, and economic growth," he stated. The Crown Prince of Ajman emphasised that development of Ajman Port will play a key role in stimulating the local economy by supporting supply operations and facilitating export and import activities through the provision of sustainable, eco-friendly infrastructure. The focus is on developing national talents and equipping them with modern port management skills, he stated. On the MoU, Sheikh Al Nuaimi stated it reflects the Ajman leadership's aspirations to establish strategic partnerships focused on technology transfer, expanding investment opportunities, and building an integrated operational system based on the highest international standards in maritime and logistics operations. It marks an important step in reinforcing Ajman Port's position as a strategic hub in the UAE's and the region's maritime transport network, especially since this partnership has proven its effectiveness and success at Ajman Port since 2011, he added.- TradeArabia News Service
LBCI
16-05-2025
- Business
- LBCI
Syria and DP World ink $800 million deal for port development
The Syrian government and DP World signed a memorandum of understanding (MoU) worth $800 million to develop Syria's port of Tartus, Syrian state news agency SANA said on Friday, after the lifting of U.S sanctions cleared the way for the deal. The deal to develop, manage, and operate a multi-purpose terminal at Tartus includes cooperation in establishing industrial and free trade zones. DP World is a subsidiary of the United Arab Emirates investment company Dubai World. Reuters
