Latest news with #AlMaktoum
Arab News
5 days ago
- Business
- Arab News
UAE to hit $1tn non-oil trade target 4 years ahead of schedule, says official
RIYADH: The UAE is set to achieve its 4 trillion dirhams ($1.089 trillion) target for non-oil foreign trade within two years and ahead of the original 2031 goal, according to the country's vice president. In a post on X, Sheikh Mohammed bin Rashid Al-Maktoum highlighted the country's rapid economic progress, stating that key indicators have surpassed global benchmarks. This acceleration in trade is mirrored in other areas of the economy. The UAE reported a 4 percent growth in gross domestic product in 2024, with non-oil sectors contributing 75.5 percent of the overall output as diversification efforts gained momentum. 'Our non-oil foreign trade increased by 18.6 percent year-on-year in the first quarter of this year (global average 2-3 percent) — Its volume in the first quarter of this year amounted to 835 billion dirhams. Our non-oil exports grew exceptionally by 41 percent on an annual basis,' Al-Maktoum stated. He continued: 'Our goal is to achieve non-oil foreign trade for the UAE amounting to 4 trillion dirhams by 2031 ... We will reach it within two years ... (four years before the scheduled date).' Al-Maktoum, who also serves as prime minister, noted that non-oil exports recorded an exceptional year-on-year growth of 41 percent, signaling the country's strengthening role in international trade. He further noted that the non-oil sector now contributes 75.5 percent to the national economy, highlighting the country's successful diversification strategy. 'These are new development indicators for the UAE,' he said, reflecting on the resilience and dynamism of the country's economy despite global challenges. Al-Maktoum credited UAE President Sheikh Mohamed bin Zayed Al-Nahyan for leading the country's transformative economic journey, which he described as achieving 'exceptional milestones in the history of the UAE.'
Sharjah 24
11-06-2025
- Business
- Sharjah 24
Mohammed bin Rashid honours Water Award winners
The ceremony, held at Emirates Towers in Dubai, was attended by H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai. Overseen by the UAE Water Aid Foundation (Suqia UAE), the Award is organised under the umbrella of the Mohammed Bin Rashid Al Maktoum Global Initiatives. In its fourth edition, 12 winners from eight countries were recognised, with total prize money of $1 million. The Award features four main categories: Innovative Projects, Innovative Research and Development, Innovative Individual, and Innovative Crisis Solutions. On this occasion, His Highness Sheikh Mohammed bin Rashid Al Maktoum said that the UAE remains committed to expanding its humanitarian impact and leveraging innovation to improve the quality of life for millions of people around the world. His Highness Sheikh Mohammed said, 'Humanity today faces numerous challenges, and the scarcity of clean water is among the most pressing. We are committed to driving innovation to deliver sustainable solutions that advance the UAE's vision of harnessing technology to serve humanity and extend support to communities suffering from water scarcity.' His Highness added, 'We take pride in the contributions of our institutions in this vital field, and we will continue to support every project, idea or innovation that makes a real difference in people's lives. Our message is humanitarian, our tools are knowledge and innovation, and our goal is to ensure the UAE's support reaches those who need it most, wherever they are.' In his speech during the honouring ceremony, Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of Suqia UAE, expressed his gratitude to H.H. Sheikh Mohammed bin Rashid Al Maktoum for honouring the winners of the fourth edition of the Award and for His Highness's continued support for humanitarian and development efforts. Al Tayer affirmed that the Award reflects His Highness's vision of fostering practical, forward-thinking solutions that address critical global needs. He noted that it also highlights the UAE's and Dubai's unwavering commitment to contributing to global efforts to combat water scarcity, one of the most pressing challenges facing communities worldwide. According to United Nations reports, 2.2 billion people worldwide lack access to safe drinking water, he noted. UNICEF also highlights that more than 1,000 children under the age of five die each day from diseases linked to inadequate water, sanitation, and hygiene. Many communities around the world continue to face severe shortages of clean water. He added, 'As Suqia UAE marks its 10th anniversary, it has successfully implemented over 1,000 sustainable water projects in collaboration with Emirates Red Crescent and other partners, positively impacting the lives of around 15 million people across 37 countries. These efforts have demonstrated that innovative solutions are key to addressing the global water crisis." The Mohammed Bin Rashid Al Maktoum Global Water Award—named after an inspirational leader and beacon of hope—serves as a global platform that reinforces the UAE's pioneering role in humanitarian work, grounded in the noble values instilled by the late Sheikh Zayed bin Sultan Al Nahyan. This legacy, he added, continues under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, who said that 'The UAE remains dedicated to supporting hope and inspiring initiatives, serving as a champion of optimism in the Arab world.' Al Tayer added, 'Guided by the vision and directives of HH Sheikh Mohammed, the Mohammed Bin Rashid Al Maktoum Global Water Award has become a focal point for companies, research centres, institutions, and innovators around the world, given its significant humanitarian and developmental impact. The Award encourages individuals and research institutions to develop innovative, sustainable solutions for the production, desalination, and purification of water using clean energy sources." In its first three editions, the Award recognised a total of 31 winners from 22 countries. The fourth edition attracted applications from 46 countries. Today, the Award honoured 12 winners from eight countries for presenting pioneering innovations that help address the challenge of water scarcity and provide safe drinking water to the most vulnerable communities. The winners of the 'Innovative Projects Award – Large Projects' are Green Waste Solutions Trading DMCC from the UAE, which secured first place for its LANDCO Tech project, which converts organic waste and wastewater into renewable energy, clean drinking water, and bio-fertilisers. The system employs COMBO containers and LANDCO modules powered by solar energy and biogas, integrating AI and blockchain technologies. It has a treatment capacity of 100m³ per day. Second place was awarded to the Sustainability Investment Promotion and Development Joint Stock Company (SIPCO) from Vietnam for its initiative to provide safe drinking water to vulnerable schools and communities. The project uses ceramic impregnated nano-silver pot filters (CSPF) to effectively remove bacteria, viruses, and sediments, benefiting millions globally in a cost-efficient manner. Third place went to Sotrad Water Srl from Belgium for its Pump&Drink® - Hydro1000 solution, a solar-powered system that pumps, treats, stores, and distributes drinking water sustainably. The system is already operational and serves over 200,000 people. Winners of the 'Innovative Projects Award – Small Projects' are the Kumulus SAS from France, which took first place for its 'Kumulus Water – Drinking Water From Air' project. The solar-powered device uses a patented hybrid system to produce around 30 litres of drinking water per day and can be scaled to meet local demand, particularly in schools and rural communities. Jiangsu Fenghai New Energy Seawater Desalination Development Co Ltd, in partnership with Hangzhou Sunup Environmental Technology Co Ltd from China, received second place for their Intelligent Microgrid Seawater Treatment project. Using reverse osmosis and powered by solar or wind energy, the system produces up to 100 tonnes of water daily and supports the residents of ZS Island in China. Third place was awarded to FountAir LTD from Hong Kong for its AIR4WATER project—described as 'The Invisible Solution'. This split VAC-WG system, powered by renewable energy, can provide up to 150 litres of water daily and is being implemented in several countries. Winners of the 'Innovative Research and Development Award – International Institutions' are STEM SAS from France, which took first place for its AQUAHIVE system, an energy-efficient and high-performance membrane distillation technology that uses solar, geothermal, or waste heat energy. The AI-optimised, patented heat exchange process significantly reduces carbon footprint and has a treatment capacity of 0.3m³ per hour. The Energy and Water Company (ENOWA) – NEOM from the Kingdom of Saudi Arabia received second place for its innovative project that enables the extraction of valuable minerals—such as salt, lithium, and bromine—while recovering desalinated water from seawater or brackish brine. The solar-powered pilot facility, located at the Duba Desalination Plant, operates at 1,200m³ per day and reduces energy consumption compared to traditional methods. For the 'Innovative Research and Development Award – National Institutions', Khalifa University from the UAE earned first place for its Biomimetic Freshwater Generator for Solar Desalination without Brine Discharge. The system replicates the natural evaporation process of mangrove trees to generate freshwater from seawater while collecting salt as a byproduct, eliminating brine discharge. Using 10 units, the system can produce over five litres of water per day. For the 'Innovative Crisis Solutions Award', first place was awarded to SkyJuice Foundation Inc from Australia for its SkyHydrant Emergency Safe Water Solution. This lightweight, portable ultrafiltration system produces more than 5,000 litres of potable water daily and has been deployed in 74 countries to support communities facing crises and natural disasters. For the 'Innovative Individual Award – Distinguished Research Award', Professor Guihua Yu from the United States received first place for his breakthrough technologies in solar-powered water purification and atmospheric water harvesting. His contributions include solar desalination using energy hydrogels, a solar-powered atmospheric water harvester, and biodegradable nanocellulose-based hydrogel filters. He holds more than 20 patents and leads a research centre at the University of Texas focused on sustainability and water innovation. For the 'Innovative Individual Award – Youth Award', Zhenyuan Xu from China was awarded first place for his Passive Solar Distillation system, which delivers ultra-high efficiency and extreme salt resistance. The system can produce more than 1.5 gallons of fresh water per hour per square metre of solar collection area. Affordable and field-tested, it supports sustainable development goals through education and community engagement.
Times of Oman
26-05-2025
- Business
- Times of Oman
Crown Prince of Dubai leaves Oman
Muscat: Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence in the United Arab Emirates (UAE) and his accompanying delegation left Muscat on Monday, following an official visit to the Sultanate of Oman. HH Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth led the farewell party for Sheikh Hamdan at the Private Airport. Sheikh Hamdan was also seen off by Sheikh Dr. Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones, Dr. Laila bint Ahmed Al Najjar, Minister of Social Development, Dr. Mohammed bin Nasser Al Zaabi, Secretary-General of the Ministry of Defence and Salim bin Musallam Al Kathiri, Head of the Sultanate of Oman Commercial Office in Dubai.
Times of Oman
26-05-2025
- Politics
- Times of Oman
HM the Sultan receives Crown Prince of Dubai
Muscat : His Majesty Sultan Haitham Bin Tarik has received His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE at Al Barakah Palace on Monday, May 26,2025. According to Oman News Agency (ONA), His Majesty the Sultan received His Highness Sheikh Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the United Arab Emirates, this morning at Al Barakah Palace. During the meeting, they reviewed the deep-rooted relations between the two brotherly countries and discussed enhancing cooperation and partnership in various sectors to benefit the peoples of both countries.
Gulf Today
10-05-2025
- Business
- Gulf Today
Emirates Airline staff to get 22-week pay as bonus after record profit
Long-haul carrier Emirates reported on Thursday that it earned annual profits of $5.2 billion (Dhs22.7 billion), with the state-owned firm declaring itself the world's most profitable airline as global aviation fully returned to flight after the disruption caused by the coronavirus pandemic. The profits came as the Dubai-based carrier served 53.7 million passengers out of its hub of Dubai International Airport, compared to 51.9 million passengers in the fiscal year prior. It had aftertax profits of $4.7 billion that same period. The overall Emirates Group, owned by Dubai's sovereign wealth fund known as the Investment Corporation of Dubai, saw annual profits of $5.6 billion, compared to $5.1 billion the year before. "Our excellent financial standing enables us to continue building on and scaling up from our successful business models,' said Sheikh Ahmed bin Saeed Al Maktom, Emirates' chairman and chief executive. "While some markets are jittery about trade and travel restrictions, volatility is not new in our industry," he said. "We simply adapt and navigate around these challenges.' About 121,000 workers at the overall Emirates Group separately received word they'd receive a bonus worth 22 weeks of their annual salary. In 2024, they received a 20-weeks bonus. Emirates' financial year runs from April 1 to March 31, including revenue from both 2024 and 2025. This past fiscal year marked the first for the company to be charged with the United Arab Emirates' new corporate tax of 9%. The carrier had revenues of $34.9 billion, compared to $33 billion the year prior. Those revenues put it behind other private carriers, like Atlanta-based Delta Air Lines Inc., which led the industry with revenue of $61.6 billion last year. However, Emirates' $5.2 billion in profit put it to the front of the pack. Emirates operates hand-in-glove with Dubai International Airport, flying at all hours from a hub in a country where unions are illegal. Falling crude oil prices also aids its profits, like other airlines. The carrier said its 260 aircraft fly to 148 locations around the world. It has long relied on the Boeing 777 and the double-decker Airbus A380, though it has also begun introducing the Airbus A350 to its schedule. It's undertaking a multibillion-dollar retrofitting campaign for its aircraft and says it doesn't expect its first Boeing 777-9 until 2027. Emirates serves as a crucial link in East-West travel and is the crown jewel of what experts and diplomats refer to as "Dubai Inc.' - a series of interconnected companies overseen by the sheikhdom's ruling Al Maktoum family. The Emirates Group accounts for around 15% of Dubai's entire gross domestic product in 2023, and includes coffee shops, restaurants, liquor sales and other industries. "Emirates is not just a transport company; it is a tool for economic transformation for the UAE, a strategic bridge connecting the world's continents and a developmental carrier flying us through the skies toward the future,' wrote Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, on the social platform X. The Emirates' results track with those for its base, Dubai International Airport. The world's busiest airport for international travelers had a record 92.3 million passengers pass through its terminals in 2024. The airport now plans to move to the city-state's second, sprawling airfield in its southern desert reaches in the next decade in a project worth nearly $35 billion. A real-estate boom and the city's highest-ever tourism numbers have made Dubai a destination as well as a layover. However, the city is now grappling with increasing traffic and costs, pressuring both its Emirati citizens and the foreign residents who power its economy. As one of seven hereditarily ruled, autocratic sheikhdoms that make up the UAE, Dubai provided Emirates with around $4 billion in a bailout at the height of the pandemic. In its report on Thursday, Emirates said that it had repaid $3.6 billion of that loan.
