Latest news with #AbdullaBinTouqAlMarri
Khaleej Times
11 hours ago
- Business
- Khaleej Times
UAE announces new ministry for foreign trade: Sheikh Mohammed
The UAE announced the establishment of a new ministry in the government — the Ministry of Foreign Trade, with Dr Thani Al Zeyoudi appointed as Minister of Foreign Trade. In another significant move, the National Artificial Intelligence System will be adopted as an advisory member of the Cabinet, the Ministerial Development Council, and all boards of directors of federal entities and government companies, starting in January 2026. These changes were announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The "goal is to support decision-making in these councils, conduct immediate analyses of their decisions, provide technical advice, and enhance the efficiency of government policies adopted by these councils across all sectors," Sheikh Mohammed added. UAE's Prime Minister evoked the ever-changing world, and the necessity to "prepare for the coming decades, ensure prosperity and a decent life for future generations". He added that the name of the Ministry of Economy was changed to the Ministry of Economy and Tourism, headed by Abdulla bin Touq Al Marri.
Gulf Business
5 days ago
- Business
- Gulf Business
UAE economy hits Dhs1.776tn as non-oil sectors drive growth
The UAE's real gross domestic product (GDP) reached Dhs1.776tn in 2024, marking a 4 per cent increase from the previous year, according to the Federal Competitiveness and Statistics Centre (FCSC). Non-oil GDP expanded by 5 per cent, totaling Dhs1.342tn, while oil-related activities contributed Dhs434bn to the overall economy. Read- Minister of Economy Abdulla bin Touq Al Marri emphasised that the latest figures highlight renewed momentum and underline key milestones in the nation's economic diversification efforts. 'These indicators reflect the sustained success of the UAE's economic strategies,' Al Marri said. 'They demonstrate our transition toward an innovative, knowledge-based, and sustainable economic model in line with global trends and emerging technologies.' Non-oil sectors accounted for 75.5 per cent of the UAE's GDP by the end of 2024—an outcome the minister attributes to strong leadership and effective policy implementation. He affirmed that these results align with the broader goals of the 'We the UAE 2031' vision, which aims to raise the national GDP to Dhs3tn within the next decade. Diversification strategy driving growth Hanan Mansour Ahli, Managing Director of the FCSC, echoed the sentiment, calling the 4 per cent GDP growth 'a reflection of exceptional economic performance' and proof of the UAE's commitment to a sustainable, non-oil-driven growth model. 'The leadership's forward-looking approach prioritizes economic diversification not just as a strategic goal but as a central operational principle,' she said. Ahli added that this model enhances national competitiveness and social well-being, while ensuring consistent progress across development indicators. This approach has translated into notable sectoral growth across the economy. The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, posting a 9.6 per cent year-over-year increase. This surge was largely driven by record airport traffic, with UAE airports handling approximately 147.8 million passengers—an increase of nearly 10 per cent. Sectoral Highlights: Transport, construction, and finance The building and construction sector recorded an 8.4 per cent growth rate, buoyed by significant urban infrastructure investments. Financial and insurance activities also performed well, growing by 7 per cent, followed by the hospitality sector—hotels and restaurants—which expanded by 5.7 per cent. The real estate sector grew by 4.8 per cent. Among non-oil sectors, trade remained the top contributor to GDP, accounting for 16.8 per cent, followed by manufacturing at 13.5 per cent, and financial and insurance services at 13.2 per cent. The construction sector contributed 11.7 per cent, while real estate activities represented 7.8 per cent of non-oil GDP. As the UAE continues its shift toward a knowledge-driven and globally competitive economy, government officials remain confident that these figures demonstrate a robust foundation for future growth and long-term economic sustainability.
Zawya
13-06-2025
- Business
- Zawya
Sheraa highlights Sharjah's purpose-driven innovation at VivaTech 2025
With a data-backed showcase of high-performing startups, the emirate demonstrated its blueprint for sustainable entrepreneurship. UAE delegation to VivaTech 2025 led by H.E. Abdulla Bin Touq Al Marri, Minister of Economy. Startup Genome's Global Startup Ecosystem Report 2025 reaffirmed Sharjah's position as a resilient and globally competitive startup ecosystem. Sheraa presented its impactful startups driving sustainable innovation and founder empowerment at VivaTech. Najla Al Midfa: Sharjah's strength lies in its unwavering, collaborative approach to building an ecosystem that empowers founders and fuels lasting impact. Sara Al Nuaimi: We've built a resilient, connected ecosystem rooted in a deep understanding of market shifts and the real needs of founders. Paris, Highlighting Sharjah's emergence as a global entrepreneurship hub, the Sharjah Entrepreneurship Center (Sheraa) brings a curated selection of startups to VivaTech 2025 in Paris, held from 11–14 June, as part of the UAE's official delegation led by H.E. Abdulla Bin Touq Al Marri, Minister of Economy. Spanning sustainability, manufacturing, EdTech, and the creative economy, these ventures exemplify Sheraa's founder-centre model and its mission to cultivate a resilient, globally connected ecosystem anchored in Sharjah. The event brings together 165,000 attendees, including 13,500 startups, 3,500 exhibitors and 3,200 investors. VivaTech 2025 stands as the largest startup and technology event in Europe. Sharjah's Resilience The Global Startup Ecosystem Report (GSER) 2025, a comprehensive study of startup ecosystems worldwide published by Startup Genome in collaboration with the Global Entrepreneurship Network, is unveiled at VivaTech. Despite intensifying regional competition and a rapidly evolving landscape, Sharjah retains its #7 ranking in MENA, underscoring the emirate's resilience and strategic clarity. This performance is driven by Sheraa's founder-first approach to venture building, which continues to deliver practical, lasting outcomes and elevate Sharjah's standing on the global innovation map. H.E. Najla Al Midfa, Vice Chairperson of Sheraa said: 'Maintaining Sharjah's position in the GSER rankings reflects the strength of an ecosystem built on clear vision, strategic alignment, and an unwavering drive to empower founders. At Sheraa, we believe in building an ecosystem where every founder feels supported, not just at the start but throughout their entire journey. By aligning government, academia, the private sector, and capital, we create purposeful pathways that fuel progress. True impact comes from steady, thoughtful investment in people and ideas, and from nurturing a culture where innovation can take root and grow.' H.E. Sara Abdelaziz Al Nuaimi, CEO of Sheraa said: 'Sheraa's participation at VivaTech is a strategic step in connecting Sharjah's entrepreneurial ecosystem with global innovation networks. As one of the world's leading tech events, VivaTech provides a unique platform to spotlight the UAE-based startups we support and open new pathways for cross-border collaboration. We are showcasing a model rooted in market insight, founder needs, and long-term value creation. By focusing on high-impact sectors such as EdTech, sustainability, manufacturing, and creative industries, we continue to drive economic diversification and sustainable development. This participation reflects the UAE's national vision to embed entrepreneurship and innovation into every stage of growth, and at Sheraa, we are proud to contribute by enabling founders to scale purposeful ventures that create real-world impact.' Centers of Excellence Sheraa showcases a curated lineup of its high-impact startups aligned with its four strategic Centers of Excellence: Sustainability, EdTech, Manufacturing, and Creative Industries. Highlights include Creams Botanics ' zero-waste skincare using UAE-grown date seed oil; Squirrel Education 's AI-driven platform for financial literacy; Loyyal's blockchain-based enterprise loyalty system; and AR Engineering's immersive mixed-reality tech. Also featured are Eshara, an AI-powered Arabic sign-language platform supporting the hearing-impaired community; Responsive Drip Irrigation's smart irrigation system optimizing water use at the root level; and Esaal Solutions, delivers smart digital receipts, data analytics, and loyalty integration to boost post-purchase engagement and retail performance. Together, these ventures reflect Sheraa's founder-first ethos and global ambition. These startups are engaging with global investors, partners, and innovators, expanding their reach and contributing to the UAE's global entrepreneurship narrative. Sustainable Farming Partnership Responsive Drip Irrigation (RDI), a Sheraa's incubator startup and HYVEGEO, a climate tech startup, have signed a Memorandum of Understanding (MoU) to establish a collaborative framework focused on advancing agricultural innovation and sustainability. The partnership aims to develop joint solutions in climate-smart irrigation, field testing, improved water-use efficiency, soil health enhancement, and carbon sequestration, driving forward sustainable farming practices that address pressing environmental challenges. As part of their agenda at VivaTech 2025, the UAE delegation engages in several enriching activities to foster cross-border collaboration and entrepreneurial growth.
Mid East Info
27-05-2025
- Business
- Mid East Info
Etihad Credit Insurance achieves AED 16.2 billion in insured turnover with a 15.7% growth in more than 100 countries across 17 strategic sectors
H.E. Abdulla Bin Touq Al Marri: Under the directives of its wise leadership, the UAE has adopted innovative strategies to enhance economic diversification, and Etihad Credit Insurance (ECI) plays a vital role in supporting this Etihad Credit Insurance's results reflect the success of our efforts to enhance the global competitiveness of local companies and consolidate the UAE's economic position regionally and globally We are keen to expand the scope of the company's credit guarantees to include a number of major deals in the infrastructure and energy sectors in African markets The company's gross exposure increased to AED 11 billion, exceeding its 2023 levels by 14.58% UAE, May, 2025: Etihad Credit Insurance (ECI), the UAE federal export credit company, has revealed a remarkable year of growth and strategic achievement in its 2024 Annual Report, with insured turnover reaching AED 16.2 billion – reflecting a 15.7% year-on-year increase and accounting for 2.85% of the UAE's total non-oil exports. This was announced during a media briefing led by H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, and other senior officials from the company. These figures underscore ECI's deepened contribution to supporting and safeguarding UAE-based exporters and investors through strategic credit solutions in over 100 countries and 17 strategic sectors. In 2024, the UAE's non-oil foreign trade surged to AED 3 trillion, marking a 14.6 percent increase over the previous year. ECI's contribution plays a vital role in advancing the nation's goal of achieving AED 800 billion in the country's non-oil exports by the next decade, in line with 'We the UAE 2031' economic goals. Since its inception, the company has facilitated over AED 21 billion in cumulative export trade and investment, resulting in booked Gross Written Premium (GWP) of AED 447 million, reflecting strong portfolio growth and a high retention rate. H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said: 'Guided by the unwavering support and directives of our wise leadership, the UAE has made remarkable strides in building a resilient, innovative, and knowledge-based economy. At the heart of this transformation is economic diversification, with non-oil industries, exports, re-exports, and non-oil foreign trade playing a central role in shaping our future aligned with the 'We the UAE 2031' vision. Today, non-oil sectors contribute 74.6% to the UAE's GDP—underscoring their growing role in shaping the country's economic future. Etihad Credit Insurance has significantly contributed to advancing this vision by fostering the expansion of UAE-based companies, enabling broader market access, and reinforcing key economic partnerships through targeted collaborations and tailored credit insurance solutions. By helping UAE businesses compete more effectively on the global stage, ECI plays a vital role in accelerating non-oil export growth and strengthening the country's standing as a leading, diversified economic powerhouse.' H.E. Bin Touq further noted that ECI has extended credit guarantees to cover several major infrastructure and energy deals in African markets, including Angola and Senegal, in line with the UAE's strategic efforts to foster sustainable global partnerships and drive inclusive economic development. 'In 2024, ECI provided targeted trade and investment insurance solutions to projects that advance clean energy, food security, critical infrastructure, and water sustainability. These efforts reflect our growing role in shaping a trade and export ecosystem that delivers long-term economic value while addressing urgent global challenges such as climate change and social equity,' H.E. elaborated. The report stated that the company has witnessed a gross exposure of AED 11 billion – a 14.58 percent increase over 2023. This growth was supported by a diverse portfolio, with over 60 percent of beneficiaries comprising small and medium-sized enterprises (SMEs). The report highlighted that ECI secured AA- international rating by Fitch for the sixth consecutive year, reflecting on the company's ability to mitigate potential risks and reiterate its strong presence in global markets. H.E. Raja Al Mazrouei, CEO of ECI, said: 'We are committed to supporting the UAE's accelerated drive toward economic resilience and long-term sustainability. By offering innovative credit solutions, streamlined access to financing, and forging high-impact strategic partnerships, we empower UAE exporters, particularly SMEs, to unlock new opportunities and scale globally with confidence in an increasingly competitive world. This is reflected in ECI's strong performance in 2024, which not only underscores its pivotal role in enabling the national export competitiveness but also its commitment to empowering businesses with the tools and confidence to expand into new global markets. A key milestone for us in 2024 was the launch of Xport Xponential, a comprehensive program designed to support UAE-based companies. This new strategic initiative aligns with our commitment to increasing ECI's contribution to the non-oil GDP by 7-fold by 2031.' H.E. Al Mazrouei also reaffirmed ECI's dedication to clean and green energy initiatives in line with the UAE's sustainability commitments and United Nations Sustainable Development Goals (SDGs). 'The Africa Green Investment Initiative (AGII) led by the UAE and announced at the Africa Climate Summit, held in Nairobi in September 2023, is a multistakeholder partnership that employs an innovative approach to climate finance, combining the resources, expertise, and local knowledge of the following partners: Abu Dhabi Fund for Development; Masdar; AMEA Power; Africa 50; and Etihad Credit Insurance. AGII aims to deploy $4.5 billion in African renewable energy capacity by the end of the decade. This initiative represents one of the most comprehensive efforts to drive climate action and decarbonization in emerging economies and least developed countries to date and builds on the UAE's long-standing commitment to international cooperation and sustainable socio-economic development'. Furthermore, the report revealed that ECI offers coverage of up to AED 500 million per risk, with 60 percent of that amount ceded under a quota-share arrangement. This structure is backed by nine reinsurers rated 'A' and above, reaffirming ECI's robust reinsurance treaty. The report also highlighted ECI's commitment to supporting clients beyond credit insurance. This commitment was demonstrated by the company's effective handling of overdue payments, which resulted in the collection of AED 158 million from overdue payments, achieving collection success rate of 77 percent. With this, the total debt collected by ECI since its inception has risen to AED 528 million, an 87 per cent recovery success rate. The report further detailed the composition of ECI's portfolio, noting that 70 percent of its exposure lies in Short-Term Credit Insurance (ST), which supports high-frequency trade cycles, particularly in manufacturing, ICT, and agri-exports. Medium and Long-Term (MLT) commitments account for 17 percent of the portfolio, highlighting ECI's growing involvement in infrastructure, energy, and other capital-intensive sectors. The remaining 13 percent is dedicated to Political Risk Insurance (PRI). In terms of geographic distribution, the report identified Saudi Arabia as ECI's largest export market within the Gulf and wider MENA region, accounting for 7 per cent of the company's total exposure. ECI also provided notable coverage for exports to Egypt, Oman, Qatar, and Bahrain, highlighting the strength of intra-regional trade. Beyond the Middle East, ECI supported significant trade flows to leading Asian economies such as India and Singapore, while also facilitating UAE exports to Europe – including the UK and EU – and America. Furthermore, ECI signed around 28 agreements with government export credit agencies worldwide, including US EXIM, Korea Eximbank, Sinosure, BPI France, solidifying ECI's position as a trusted partner for international trade. Finally, the report also outlined ECI's plans to leverage the UAE's Comprehensive Economic Partnership Agreements (CEPAs) to further enhance trade and strengthen commercial relations. These efforts will be supported by ECI's expanding information database, which grants access to over 400 million corporates globally, empowering UAE-based exporters with valuable insights and intelligence.
Channel Post MEA
20-05-2025
- Business
- Channel Post MEA
G42 And iGenius To Deploy AI Compute Cluster In Europe
In a major step toward deepening the UAE-Italy strategic relations, G42, the leading AI technology group from Abu Dhabi, through its subsidiary Core42, today announced a strategic partnership with iGenius, a pioneer in AI models for highly regulated industries, to deliver the largest AI compute deployment in Europe. The partnership reflects the growing momentum in bilateral ties, aligned with both nations' leadership vision to drive innovation, enable economic advancement, and create shared value through advanced technology and knowledge exchange. The agreement is intended to establish a robust framework for collaboration, positioning G42 and iGenius as trusted enablers of global digital transformation. G42 is serving both as a strategic partner and lead financier of the initial phase of Colosseum, reflecting the shared ambition to embed AI into critical value chains, which foster regional resilience and long-term sustainable growth. The announcement was made on the sidelines of 3rd Edition of Investopia Europe, in the presence of senior Italian ministers and UAE officials such as H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, H.E. Adolfo Urso, Minister of Enterprise and Made in Italy, and H.E. Alia Bint Abdulla Al Mazrouei, UAE Minister of State for Entrepreneurship, among others along with the leadership team of G42, Core42, and iGenius. At the heart of the partnership is the deployment of a high-performance GPU cluster powered by thousands of NVIDIA Blackwell GPUs, a major milestone in enabling sovereign AI infrastructure for the European market, thanks to the contribution of iGenius's Colosseum, the first data center with over 100 Exaflops of compute designed specifically for sovereign AI workloads. The envisaged pan-European AI rollout will be enabled and operated by Core42, a G42 company specializing in sovereign cloud, AI infrastructure, and digital services. iGenius is redefining the digital landscape through Colosseum. The supercomputer is scheduled to go live in Italy this summer. The initial build-out is more than a data center. It's a blueprint for sovereign AI factories designed for use cases demanding the highest levels of security, reliability, and accuracy. H.E. Adolfo Urso, Minister of Enterprise and Made in Italy, stated: 'This agreement, which will lead to the creation of a supercomputer in our country, marks a decisive step forward in relations with the United Arab Emirates, confirming and enhancing both Italy's leading role in the global development of artificial intelligence and our contribution to European AI. There is a strong likelihood that Puglia will host this significant investment, but the cooperation of all local institutions will be essential to ensure the necessary energy support for its operation. Italy is on the right path and is building its industrial future with vision, through strategic alliances and cooperation in emerging technologies. The compute cluster will serve as a foundational layer to accelerate AI training, inferencing, and application development across key European industries, including financial services, manufacturing, and the public sector. It is purpose-built to meet the region's growing demand for secure, scalable, and high-performance infrastructure, aligned with Europe's digital sovereignty objectives. Commenting on this development, H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, said, 'The signing between G42 and iGenius is a testament to the strong economic cooperation between the UAE and Italy, and to our shared commitment to building partnerships in new economic sectors, like AI, that are driving global transformation. The UAE is at the heart of this shift, and we are proud to see this MoU signed at Investopia, a platform designed to accelerate partnerships and investment in the new economy.' 'This partnership with iGenius marks a new chapter in boosting the European AI economy,' said Kiril Evtimov, Group Chief Technology Officer, G42 and Chief Executive Officer, Core42. 'By combining Core42's sovereign AI infrastructure expertise with Italy's innovative leadership, we are laying the groundwork to support the next generation of AI innovation in Europe. It reflects both our commercial promise and the strategic trust between the UAE and Italy in advancing the global AI ecosystem.' Uljan Sharka, CEO at iGenius, said, 'Our alliance with G42 is a strategic step toward building sovereign AI capacity for Europe. Together, we are combining world-class compute infrastructure with deep AI expertise to deliver impactful solutions across industries, while strengthening Italy's role as a hub for responsible and transformative AI innovation. This powerful infrastructure will serve as both the brain and the engine of intelligence, driving the Made in Italy transformation in this new AI industrial revolution.' The new collaboration with iGenius marks another pivotal step in Core42's journey to deliver sovereign, enterprise-grade AI infrastructure across the continent. As AI adoption accelerates across Europe, trusted, high-performance infrastructure will be key to realizing the region's digital ambitions. This collaboration between Core42 and iGenius reflects a shared commitment by the UAE and Italy to contribute meaningfully to that vision, enabling responsible, scalable, and sovereign AI solutions that support Europe's long-term competitiveness and technological leadership. 0 0
