Category: UAE News

Categories
-Top News China UAE News

China, UAE explore boosting industry, energy ties

During the visit, agreements and MoUs were signed in vital areas and sectors of common interest…reports Asian Lite News

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), held bilateral meetings with government officials and CEOs of Chinese companies during a visit to the People’s Republic of China.

His visit builds on the industry and energy outcomes from the successful state visit made by the President His Highness Sheikh Mohamed bin Zayed Al Nahyan to China in May, which witnessed the celebration of the 40th anniversary UAE-China diplomatic relations.

During the visit, agreements and MoUs were signed in vital areas and sectors of common interest, within the framework of the Comprehensive Strategic Partnership – CSP.

During the visit, Dr. Sultan Al Jaber met with Ding Xuexiang, Chinese Vice Premier; Zhao Chenxin, Vice Chairman of the National Development and Reform Commission (NDRC), and Xuande Wu, Mayor of Fuzhou.

The meetings were also attended by Hussain Al Hammadi, UAE Ambassador to China.

Dr. Al Jaber conveyed the greetings of the UAE leadership and extended its wishes to the government and people of the People’s Republic of China for further progress and prosperity. The two sides also discussed ways to enhance cooperation and partnership between the two countries in key areas such as Oil and Gas, Petrochemicals, Renewable Energy, PV Manufacturing, logistical services, shipping, and storage, among others.

He said that the UAE and China have close relations based on mutual respect, a shared vision, and sustainable economic interests, thanks to the directives of the leadership of the two countries and their keenness to strengthen bilateral cooperation.

He added that his visit reaffirms the UAE’s commitment to collaborating with partners, exploring new opportunities for collaboration in vital fields, and building on the positive discussions that took place during President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s visit in May.

Dr. Sultan Al Jaber stated that China is one of UAE’s strategic partners, playing a vital role in strengthening partnerships and initiatives that support sustainable economic development. China is also among the most significant markets for ADNOC, for its production of crude oil, refined products, and petrochemicals. He emphasised that the UAE will remain a partner for China for its role as a reliable energy supplier.

He also indicated the importance of strengthening collaboration and leveraging economically viable opportunities and strategic partnerships to achieve mutual and sustainable benefits for both countries in all fields, including oil and gas, renewable energy, shipping, and storage.

During his meetings with representatives of the Chinese government, Dr. Sultan Al Jaber expressed his aspiration to achieve greater cooperation by creating new opportunities in the priority sectors of both countries, aiming to serve common interests and enhancing existing cooperation within the CSP framework.

He also met with CEOs of leading companies in energy, petrochemical, renewable energy, manufacturing, shipping and logistics. The meetings focused on enhancing cooperation and exploring new joint investment opportunities in oil and gas, renewable energy, logistics, manufacturing of solar panels and batteries.

Meetings included Dai Houliang, Chairman of China National Petroleum Corporation (CNPC), the national oil and gas corporation of China and one of the largest integrated energy groups in the world; Wang Dongjin, Chairman of China National Offshore Oil Corporation (CNOOC Group), one of China’s largest national oil companies producing crude oil and natural gas from offshore fields; Wang Yuetao, Chairman of ZhenHua Oil; Zengtai Liao, Chairman of Wanhua Chemical Group Co Ltd.; Hu Kai, President of China Shipbuilding Trading Co., Ltd. (CSTC); Ou Lin, Chairman of Jiangnan Shipyard; Wu Gang, Chairman of Goldwind, Dr Jianhui Zhang, Founder and CEO of Hyperstrong; Yanming Xu, Chairman and President of Zhuhai Cosmx Battery Co, Ltd; Cao Renxian, Chairman & Founder of SUNGROW, Cao Lu, Chairman of Jolywood and Dr. Chen Guanfu, Chairman of POWERCHINA International Group Limited.

The meetings with private sector companies witnessed the signing of strategic agreements with the Chinese side, including: the announcement of two agreements between ADNOC Logistics and Services and Wanhua Chemical Group’s join venture AW Shipping, Jiangnan Shipyard, and China Shipbuilding Trading (CSTC), to construct nine Very Large Ethane Carriers, priced at approximately US$1.4 billion, and construct two to four Very Large Ammonia Carriers priced at US$250 million to US$500 million.

This was in addition to a strategic cooperation agreement between ADNOC and CNPC across the energy value chain, including low-carbon solutions, liquefied natural gas, oil and gas exploration and development, advanced technologies, refining, marketing and trading; a strategic collaboration agreement between ADNOC and CNOOC to explore opportunities in new energies and low-carbon solutions international gas and LNG ventures, oil and gas activities and marketing, sales and trading projects.

A project collaboration agreement was also signed between a consortium comprising ADNOC, Borealis, and Borouge with Wanhua Chemical Group and Wanrong New Materials, for a feasibility study to establish a specialty polyolefins complex in China.

The UAE’s delegation included Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology, Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions & International Growth Directorate at ADNOC; Hazeem Sultan Al Suwaidi, CEO of Borouge; and Captain Abdulkareem Al Musabi, CEO of ADNOC Logistics & Services.

China is the UAE’s largest trading partner, with trade reaching US$95 billion in 2023, including US$83 billion in non-oil trade, marking a 7.5 percent growth compared to 2022. This reflects efforts by both countries to reach a US$200 billion target by 2030.

ALSO READ: Hamdan lauds UAE’s globally unique government system

Categories
-Top News Arab News UAE News

UAE proposes ‘temporary mission’ to restore order in Gaza

Al Hashimy added that as part of the UAE’s historic commitment to the Palestinians, the country continues to provide urgent humanitarian assistance and supplies to the Gaza Strip…reports Asian Lite News

Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation, affirmed that the UAE believes that securing stability and peace in the region, can only be achieved through a sustainable and just solution to the Palestinian-Israeli conflict, and a political path that leads to the two-state solution and the establishment of an independent Palestinian State, existing in security and peace alongside the State of Israel, in accordance with bilateral agreements and international law.

Furthermore, it is crucial that any solution enhances the humanitarian response to the ongoing tragic situation in the Gaza Strip.

Al Hashimy added that as part of the UAE’s historic commitment to the Palestinians, the country continues to provide urgent humanitarian assistance and supplies to the Gaza Strip, following the directives of its leadership. The UAE is steadfastly committed to extending a helping hand to the Palestinians and implementing humanitarian relief initiatives whether via land, sea, or air routes.

She also highlighted that during the past ten months, the UAE has dispatched 39,756 tonnes of urgent supplies to the Gaza Strip through 8 ships, 1,271 trucks, and 337 flights. Furthermore, Al Hashimy stated that the UAE will continue to extensively work – through its leading and pioneering role – with the UN and international partners to intensify necessary efforts to support all endeavours aiming to alleviate the humanitarian suffering.

Furthermore, Al Hashimy underscored that a return to the status quo before 7th October 2023 cannot achieve the desired sustainable peace for both the Palestinians, Israelis, and the wider international community. The UAE believes that the first step to achieve peace and security in the Palestinian Territory and the region is through an immediate ceasefire in Gaza, and the release of all hostages and detainees.

Al Hashimy stated that consolidating peace and security and ending the humanitarian suffering should begin by the deployment of a temporary international mission in Gaza with a formal invitation from the Palestinian government. A credible, and independent new Prime Minister must lead this government, ensuring transparent operations aligned with the highest global standards. Additionally, the government must commit to necessary reforms to address the challenges faced by Palestinians, fulfil their legitimate aspirations for independence and statehood, achieve growth and security, and also be able to take on the responsibility for rebuilding Gaza. This international mission will be responsible for efficiently responding to the humanitarian crisis the citizens in Gaza are facing, establishing law and order, laying the groundwork for governance, and paving the way to reunite Gaza and the West Bank under a single, legitimate Palestinian Authority.

In this regard, Al Hashimy stressed that Israel, as the occupying power, must do its part to achieve the vision of the international community according to international law and human rights principles. Gaza cannot recover if it continues to live under a blockade, or if the legitimate Palestinian Authority is not allowed to take on its responsibilities and to stop withholding its financing, highlighting the need to halt constructing settlements and violence in the West Bank and East Jerusalem.

Al Hashimy emphasised that the UAE believes in the importance of intensifying efforts by regional and international partners, as well as coordinating collective action to achieve a peaceful and prosperous future for Israelis and Palestinians and all nations in the region. She also affirmed the significance role of the United States within these endeavours, including rebuilding Gaza, and also promoting peace, together with the countries of the region. Critical elements for the success of the international mission is an American commitment to achieving the two-state solution, and Palestinian reforms.

Al Hashimy also affirmed that the UAE will continue its extensive humanitarian support for the brotherly Palestinian people, and stands ready to actively contribute as part of a sustainable endeavour that resolves the conflict in line with the two-state solution, in partnership with the regional and international community. The outcome we endeavour to achieve extends beyond the Gaza Strip and necessitates comprehensive cooperation. Moreover, establishing peace is to everyone’s advantage on a broader scale, benefiting the entire Middle East and the global community.

ALSO READ: Hamdan lauds UAE’s globally unique government system

Categories
-Top News Economy UAE News

AMF forecasts 6.2% growth for UAE economy in 2025

The report added that the UAE’s economy shows strong fundamentals supported by a dynamic non-oil sector…reports Asian Lite News

The UAE’s economy is expected to grow by 3.9 percent in the current year, 2024, rising to 6.2 percent in 2025, according to the Arab Monetary Fund (AMF).

In its Arab Economic Outlook report issued today, the AMF stated that the expected growth of the UAE’s economy this year is driven by continued improvements in tourism activity, real estate, and international trade, increased capital spending, and ongoing efforts to support the economy, including developments in high-tech industries.

The report added that the UAE’s economy shows strong fundamentals supported by a dynamic non-oil sector and robust public and monetary policies aimed at maintaining economic development, financial stability, and the soundness of the financial sector.

The country’s growth relies largely on its strategic initiatives to strengthen its position as a global hub for trade and finance, continuous infrastructure development, a strong regulatory framework that attracts foreign investments, and a focus on innovation, growth, and technology-based sectors.

The report explained that the UAE witnessed significant economic growth in 2022, amounting to 7.5 percent, driven by a successful response to the COVID-19 pandemic, supportive financial measures, and the enhancement of a business-friendly environment implemented in previous years.

Additionally, there was strong growth in the fuel sector and a significant recovery in the tourism sector. The country also achieved a positive growth rate of about 3.6 percent last year.

The report projected that the growth rate of Arab economies would improve in 2024, reaching about 2.8 percent compared to 0.3 percent in 2023. The pace of economic growth is expected to further improve to 4.5 percent in 2025, with declining interest rates and tightly controlled inflation. This is in addition to the stability of oil prices at relatively high levels and the stability of commodity prices.

The report indicated that the main oil-exporting Arab countries are expected to benefit from improved energy price levels, which is expected to positively affect their economic growth in 2024 and 2025. The major oil-exporting countries are projected to witness a growth rate of 3.7 percent in 2024, rising to 5.1 percent in 2025.

The Arab Monetary Fund report estimated that the Kingdom of Saudi Arabia’s economy would grow by 4.4 percent in 2024 and 5.7 percent in 2025, while the Qatari economy is expected to grow by about 1.8 percent in 2024 and 3.1 percent in 2025.

The Kuwaiti economy is projected to grow by 2.7 percent by the end of this year, rising to 3 percent next year.

The report anticipated that the Sultanate of Oman’s economy would achieve growth rates of 2.3 percent and 2.7 percent in 2024 and 2025, respectively, while Bahrain’s economy is estimated to grow by 3.5 percent and 3.2 percent in 2024 and 2025, respectively.

ALSO READ: Hamdan lauds UAE’s globally unique government system

Categories
-Top News Asia News UAE News

UAE calls for disaster prevention at BRICS meet

The meeting addressed common strategies and challenges in emergency and crisis management, as well as shared experiences and expertise in the field….reports Asian Lite News

A delegation from the National Emergency Crisis and Disaster Management Authority (NCEMA), led by Deputy Chairman Obaid Rashid Al Hassan Al Shamsi, participated in the BRICS Group heads of emergency agencies meeting in Kazan, Russia.

The meeting addressed common strategies and challenges in emergency and crisis management, as well as shared experiences and expertise in the field.

Al Shamsi delivered NCEMA’s speech, emphasising that the UAE’s participation in the BRICS Group reflects its strong commitment to multilateral cooperation and achieving international priorities.

He highlighted the UAE’s development of a national strategy aligned with the United Nations Sustainable Development Goals (SDGs) under the Sendai Framework and SDGs 2015-2030, which includes customised policies for various demographic groups.

He added that the UAE actively participates in international forums and organisations, engages in constructive dialogue through platforms representing developing and emerging economies, and supports many countries globally.

Al Shamsi concluded by stressing the importance of investing in disaster risk management and shifting from disaster response to disaster prevention by fostering a culture of risk reduction and focusing on prevention programmes, particularly in vulnerable areas, noting the success of the UAE’s early warning systems established in 2017.

At the conclusion of the meeting, the delegation witnessed the signing of the Kazan Declaration, which reflects agreement on joint policies to confront emergencies and crises, and which stressed the importance of strengthening the state’s role in the BRICS Group in terms of emergencies, crises and disasters.

In addition to organising official visits to both the Russian Federation and Belarus to exchange experiences and visit universities and training centres to benefit from specialised training in the two countries.

ALSO READ: Hamdan lauds UAE’s globally unique government system

Categories
-Top News Arab News UAE News

Hamdan lauds UAE’s globally unique government system

Hamdan applauded the Government’s continuous efforts to fulfill the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan…reports Asian Lite News

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, said the UAE’s government system has made exceptional progress that has positively impacted various development sectors, particularly those dealing with the direct services offered to UAE citizens.

He applauded the Government’s continuous efforts to fulfill the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

H.H. Sheikh Hamdan bin Mohammed made these remarks during his visit to the Ministry of Cabinet Affairs today, following his appointment as Deputy Prime Minister and Minister of Defence. This appointment was part of the latest cabinet reshuffle announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum with the blessing of the UAE President.

“Thanks to the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the UAE’s government system has become a globally unique model of efficiency, resilience and adaptability to change,” H.H. Sheikh Hamdan said.

“The UAE is making strides towards more progress and accomplishments, paving the way to a better future for our people and the next generation. This future requires enhanced coordination and teamwork that brings together all federal and local government agencies,” he added.

Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and other ministry officials briefed Sheikh Hamdan bin Mohammed on the federal government framework, which has helped the UAE government stand out as a role model of resilience, demonstrating a strong ability to formulate policies and strategies that drive growth and leadership across various sectors. H.H. Sheikh Hamdan also received a briefing on the legislative framework of the General Secretariat of the Cabinet, as well as an overview of the initiatives and projects launched by the Prime Minister’s Office and the UAE Government Media Office.

He also reviewed ongoing plans aimed at advancing coordination and integration between the federal government and local governments. Sheikh Hamdan praised the progress made towards uniting national efforts and pushing forward national priorities and strategic projects.

ALSO READ: UAE sets out journey to Paris Olympics

Categories
-Top News Arab News UAE News

Dubai wins bids to host 175 int’l biz events in H1

The successful bids position the city to host several prestigious international conferences, congresses, and incentive meetings over the coming years…reports Asian Lite News

Business events continue to strengthen Dubai’s knowledge economy and contribute to tourism growth, with the city winning an impressive 175 bids in the first six months of 2024 to host events through 2024 and beyond. An increase of 24 percent compared to the same period last year, these bid wins are expected to bring more than 92,000 delegates, enhancing the pipeline of attendees for business events over the coming years.

The successful bids position the city to host several prestigious international conferences, congresses, and incentive meetings over the coming years, with an event win pipeline stretching into 2028. Spanning a wide range of sectors and professions, this achievement underscores the importance of business events to the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy over the decade leading up to 2033 and reinforcing its position among the world’s top three cities to visit, live and work in.

Dubai Business Events (DBE), part of Dubai Department of Economy and Tourism and the city’s official convention bureau, worked with stakeholders and industry experts, including Al Safeer Congress Ambassadors, to bid for and capture marquee business events. In addition to successful bidding activity, recent months have seen further global recognition for Dubai’s status as a leading business events hub. The International Congress and Convention Association (ICCA) ranked Dubai the top city in the Middle East for the number of association meetings hosted in 2023, while Cvent ranked it number one in its ‘Top Meeting Destinations in the Middle East and Africa’.

Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment, said, “In line with the vision and leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, business events continue to play a critical role in driving tourism and economic prosperity. High-impact conferences, congresses and meetings not only boost economic progress, but also make vital contributions to Dubai’s burgeoning status as a knowledge hub, and centre of expertise across key sectors. This is aligned with the ambitions of the Dubai Economic Agenda D33, which envisions Dubai as a leading destination for business and leisure, and the best city to visit, live and work in.

“Associations, businesses and organisations around the world are increasingly recognising the power of hosting their meetings in Dubai, as demonstrated by the number of major international conferences secured by the city in the first half of 2024. Our vibrant calendar of upcoming events will bring together industry leaders, visionaries and delegates from all over the world, taking advantage of and feeding into our knowledge economy and propelling collective growth, and we look forward to welcoming them to Dubai.”

Dubai’s popularity as a destination for corporate and incentive events continues to surge as a direct result of its range of destination offerings that meet all budget requirements, a wide selection of international hotels, its world-class infrastructure and meetings facilities, and incredible accessibility. Events captured in the first half of the year for these segments include Modicare Advisors Incentive 2024, Vkusno i Tochka Convention 2024, World Agri-Tech Innovation Summit 2024, and OPPO Guangdong Mobile Communication Incentive 2025.

Dubai’s growing stature as a global association hub, as well as the rapid evolution of the city’s knowledge economy and focus on innovation, also resulted in decision-makers choosing the city for their major gatherings. Conferences and congresses captured in the first half of the year include The International Cotton Association Conference 2025, IFHNOS Summit 2025, WC A World Annual Conference 2025, and Rhinology World Congress 2028.

Through year-round engagement, close collaborations, and partnerships with hotels, events venues, Professional Congress Organisers (PCOs), Destination Management Companies (DMCs) and other service providers, DBE continues to attract the world’s most prestigious events and solidify Dubai’s position as a year-round global business events hub.

In the first half of 2024, DBE successfully concluded several sales missions in target markets and participated in major trade shows, including IMEX Frankfurt. It will also participate in the upcoming IMEX America (8th-10th October; Las Vegas) and IBTM World (19th-21st November; Barcelona). DBE continues to work closely with industry stakeholders to host meeting planners in Dubai for study missions that allow them to experience Dubai’s business events and tourism infrastructure and its rapidly growing knowledge economy.

ALSO READ: Bangladeshis to face trial for rioting in UAE

Categories
-Top News Arab News UAE News

UAE sets out journey to Paris Olympics

The UAE delegation sets out its journey to the Paris 2024 Olympic Games through two competitions: swimming and judo, two days after the official opening ceremony…reports Asian Lite News

The Opening Ceremony of the Paris 2024 Olympic Games is scheduled for Friday, 26 July 2024 in Paris. The international sports event will see 10,500 athletes from 200 National Olympic Committees compete in 32 sports across 329 events at 35 venues in the presence of 20,000 media representatives, and 45,000 volunteers.

The UAE National Olympic Committee (NOC) said 14 Emirati athletes will compete in five sports: equestrian, judo, cycling, swimming, and athletics during the Games will conclude on 11th August.

The UAE delegation sets out its journey to the Paris 2024 Olympic Games through two competitions: swimming and judo, two days after the official opening ceremony.

The Paris 2024 Olympics is considered an important stage in the UAE’s future sports journey at the Olympic level, which began in Los Angeles 1984. It is a departure for a new station towards a brighter sporting future, in light of the National Sports Strategy 2031, which represents an umbrella for all initiatives, programs and projects of the sports sector in the UAE, and whose main goal is to increase the number of qualified Emirati athletes to over 30 by the 2023 Olympic Games.

Speaking about the national sporting ambitions and the future of UAE sports in the Olympic Games, Ghanim Mubarak Al Hajeri, Director-General of the General Authority of Sports, said: “Since the flag of this dear nation was raised for the first time at the 1984 Summer Olympics in Los Angeles, we have been dreaming of a bright sporting future that carries with it achievements and excellence. There is no doubt that our participation in the Olympics is not just a sporting competition, but rather an embodiment of the visions and directions of our wise leadership and the dreams and aspirations of our people and our rising generations.”

He added: “The 1984 Los Angeles Olympics was the beginning, and since then we have been striving to build a generation of athletes who represent the UAE in the best way. The challenges we faced and the difficulties we surmounted were nothing but additional motivations to achieve more achievements.”

He said: “As we prepare today for the Paris 2024 Olympics in a few days, we have in mind a goal that goes beyond Paris, which is to achieve the largest possible participation and create a new dream for the UAE’s leadership and people, in line with objectives of the National Sports Strategy 2031, which include developing the capabilities of sports talents and achieving success in elite professional sports to consolidate the presence of the UAE on the global sports landscape.’’

ALSO READ: Bangladeshis to face trial for rioting in UAE

Categories
-Top News Arab News UAE News

UAE welcomes deal between Yemeni rivals

The Ministry commended the efforts of the UN and its special envoy to reach a comprehensive and sustainable solution to the Yemeni crisis…reports Asian Lite News

The United Arab Emirates has welcomed the announcement of the Special Envoy of the United Nations Secretary-General for Yemen, Hans Grundberg, on reaching an agreement between the Yemeni parties with respect to airlines and the banking sector.

In a statement, the Ministry of Foreign Affairs (MoFA) regarded the agreement as a positive step towards a political solution in Yemen that would achieve the aspirations of its brotherly people for security, development, and stability.

The Ministry commended the efforts of the UN and its special envoy to reach a comprehensive and sustainable solution to the Yemeni crisis that would enhance peace and stability in Yemen and the region.

Furthermore, the Ministry reaffirmed the UAE’s support for all regional and international efforts to bring stability to Yemen, and commitment to stand by the brotherly people of Yemen and uphold their legitimate aspirations for development and prosperity.

The UN envoy for Yemen said on Tuesday that the Yemeni government and the Houthi group agreed to end the banking dispute and resume flights from Houthi-held capital Sanaa, in a deal mediated by Saudi Arabia.

The Yemeni government and the Houthi group informed a day earlier the Special Envoy of the Secretary-General for Yemen, Hans Grundberg, that they agreed to de-escalate on these matters, said the statement, adding Grundberg appreciated the Saudi facilitating role in the deal.

The two sides agreed on “canceling all the recent decisions and procedures against banks by both sides, resuming Yemenia Airways’ flights between Sanaa and Jordan and increasing the number of flights to three daily flights, and operating flights to Cairo and India daily or as needed,” it noted.

“Grundberg stressed the need for the parties to collaborate towards an economy that benefits all Yemenis and supports the implementation of a nationwide ceasefire and the resumption of an inclusive political process,” it added, Xinhua news agency reported.

Houthi top negotiator Mohammed Abdulsalam confirmed the deal, considering it as a significant breakthrough, Houthi-run al-Masirah TV reported.

Last month, the Yemeni government withdrew its license and stopped operations of six banks in the Houthi-held Sanaa after they refused to relocate to Aden, Yemen’s temporary capital.

It also suspended flights from and to Sanaa airport after the Houthi group seized three passenger planes of Yemenia Airways, the natural carrier of Yemen, to press the government to increase the number of flights from Sanaa to Jordan.

Yemen has been mired in a civil war since late 2014, when the Houthis seized control of much of northern Yemen, forcing the internationally recognized government out of the capital Sanaa.

ALSO READ: Bangladeshis to face trial for rioting in UAE

Categories
-Top News Dubai UAE News

Dubai’s GDP tops Dh115b, records 3.2% Q1 growth

H.H. Sheikh Hamdan highlighted Dubai’s robust economy with 3.2% growth in Q1 2024, adding over AED 115 billion to GDP….reports Asian Lite News

Dubai’s economy continues to grow steadily and showcase robust economic indicators, said H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai.

The strength of Dubai’s economy is amply demonstrated in the 3.2 percent economic growth it achieved in the first quarter of 2024 compared to the same period last year, by adding more than AED 115 billion in GDP terms, Sheikh Hamdan said.

Sheikh Hamdan said it is especially commendable that the emirate’s successes in this regard highlight the combined efforts and teamwork of various stakeholders to realise the objectives of the emirate’s comprehensive development plans for 2033, specially the Dubai economic Agenda (D33) and Dubai Social Agenda 2033, which serve to enhance overall standards of wellbeing and quality of life while consolidating Dubai’s standing as a global economic capital and its attractiveness as a destination for foreign investments.

Sheikh Hamdan said: “Dubai is progressing in accordance with a clear vision whose foundations were laid down and whose goals were defined by His Highness Sheikh Mohammed bin Rashid Al Maktoum. What we witness today is a practical reflection of this vision, which has placed Dubai among the leading economic and commercial centres of the world.”

He added: “Dubai’s ambition is limitless, and its success story will remain a role model for cities wishing to create a promising future for their coming generations. Our goal is to sustain success and establish a culture of excellence and leadership across all sectors in the emirate to preserve these gains and move towards new horizons of excellence.”

The growth in Dubai’s GDP is the result of growth achieved in various vital sectors that constitute the basic pillars of the economic system in the emirate. The transportation and storage sector, and the financial and insurance activities sector achieved identical growth rates of 5.6 percent, the trade sector logged a growth of 3 percent, the information and communications sector posted a growth of 3.9 percent, the accommodation and food services activities sector grew 3.8 percent, and the real estate sector achieved a growth of 3.7 percent.

The economic growth in the first quarter of the year mirrors the success story of 2023, when the GDP reached approximately AED 429 billion, marking an increase of 3.3 percent compared to the 2022 figure of approximately AED 415 billion.

Outstanding display

Helal Saeed Almarri, Director General, Dubai Department of Economy and Tourism, (DET), said: “Dubai’s impressive quarterly growth performance underscores the sustained momentum and confidence within its dynamic business ecosystem, reflecting the robust diversification of our economic foundations. We remain committed to advancing the comprehensive economic framework set forth in Dubai’s Economic Agenda 2033, continuously refining and leveraging various economic instruments to enhance competitiveness, attract substantial investment, and facilitate seamless business operations.”

He added: “This achievement is a testament to the clear, stable, and forward-thinking leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and with high-impact initiatives such as the Foreign Direct Investment Development Programme to attract selective investments aligned with the D33 Agenda and the implementation of the Dubai Economic Model to monitor the city’s advancement, we are poised to further energise our growth initiatives. These measures will enhance collaboration between public and private sector stakeholders, propelling Dubai towards its goal of achieving top global status for economic growth and becoming a prime destination for business, talent, and investment.”

An upward trajectory

In this context, Hamad Obaid Al Mansoori, Director General of Digital Dubai, said: “The upward trajectory of economic growth indicators across various sectors shows that Dubai, under its wise leadership, is confidently moving towards enhancing its economic leadership and investment attractiveness. This progress is supported by economic diversification and the adoption of the latest technologies and solutions, including digital transformation, which has made the emirate a destination for entrepreneurs and those interested in creating successful experiences. Dubai’s economy has always drawn its strength from flexibility, keeping pace with changes, and proactive thinking that anticipates major economic transformations in the world, most notably the digital economy supported by artificial intelligence and data.”

Data to support decisions

Younus Al Nasser, Chief Executive of the Dubai Data and Statistics Establishment, emphasised the importance of providing accurate data on various economic sectors and their total contribution to the emirate’s growth. This data supports the leadership’s decision-making process and the development of relevant strategies and policies that contribute to achieving the city’s goals in all fields, he said.

“The recent data showing Dubai’s economy has grown by 3.2 percent compared to the same period last year gives us an indication about the future of the emirate’s economy. Dubai has always positioned itself as a leading example in attracting investments mainly in emerging technologies, which represents the backbone that supports the development of all sectors,” he added.

ALSO READ: Bangladeshis to face trial for rioting in UAE

Categories
-Top News Arab News UAE News

A cultural convergence of the world in Abu Dhabi

Spanning approximately 24,000 square metres, the museum is the first global museum of its kind in the Arab world….reports Asian Lite News

The Louvre Abu Dhabi stands as a gateway to cultural dialogue, marking a prominent tourist and heritage landmark that has attracted five million visitors since its opening in 2017, solidifying its status as a cultural icon of unprecedented global significance.

Spanning approximately 24,000 square metres, the museum is the first global museum of its kind in the Arab world.

In a statement to the Emirates News Agency (WAM), Manuel Rabaté, Director of Louvre Abu Dhabi, said that the museum, designed by the renowned French architect Jean Nouvel, exemplifies the flourishing cultural and artistic ecosystem in Abu Dhabi. It reflects numerous cultural achievements of the UAE and plays a crucial role in transforming the cultural district of Saadiyat into a distinguished cultural tourism destination in the region.

He added that this year, the museum has displayed around 6,000 artworks by over 313 artists from diverse cultures. These artworks, from prehistoric pieces to modern creations, are exhibited side by side, providing visitors with the opportunity to explore significant cultural connections and foster intellectual exchange.

Rabaté also highlighted the museum’s permanent collection, which features rare global treasures. He also noted that the museum has hosted important exhibitions, including “Cartier, Islamic Inspiration and Modern Design” and “From Kalila wa Dimna to La Fontaine: Travelling through Fables”.

He noted that since the museum’s opening in 2017, it has welcomed five million visitors, with UAE nationals and residents accounting for 28% of this total, while international visitors made up 72%, with the majority coming from Russia, China, India, France, the United States, the United Kingdom, Italy, Germany, and the Philippines.

In terms of future plans, Rabaté said, “We plan to expand our educational initiatives to include a range of creative programmes that blend technology with traditional learning methods to engage young minds. This includes integrating interactive technologies such as augmented reality and virtual reality into our exhibitions, offering young visitors an immersive educational experience.”

He noted that the museum will soon announce an impressive array of borrowed collections to be displayed this year.

ALSO READ: Bangladeshis to face trial for rioting in UAE