Latest news with #SheikhMohammed
Yahoo
3 hours ago
- Business
- Yahoo
Nakheel issues $204m infrastructure contracts for Palm Jebel Ali, Dubai
Nakheel, part of Dubai Holding Real Estate, has issued three major contracts for infrastructure works on Palm Jebel Ali in Dubai, United Arab Emirates (UAE). Totalling more than Dh750m ($204.1m), these contracts are said to be a 'significant milestone' in the ongoing development of the waterfront destination, with completion expected in the fourth quarter of 2026. DBB Contracting, a construction company within the Dutco group, has been selected for these projects. The company has a history of working on the island, including previous infrastructure projects such as public access and road construction. UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum initiated the Palm Jebel Ali development, which supports the Dubai Economic Agenda D33. The infrastructure scope includes utility connections, ground works, road and pavement construction for Fronds A to G, and related utility works for 11kV power distribution and telecoms. The Spine District's infrastructure works will comprise utility mains, connections to utility links on the fronds, and major and secondary road construction. It also involves rough grading for the DEWA power transmission line serving the area, including associated works. Palm Jebel Ali spans 13.4km and features seven islands with 16 fronds and more than 90km of beachfront. It aligns with the Dubai 2040 Urban Master Plan's commitment to expanding public beach access and is poised to support waterfront living with mixed-use, pedestrian-friendly neighbourhoods offering Arabian Gulf views. The development will provide residents and visitors with diverse recreational spaces, smart city technologies, sustainable practices, and mobility solutions to enhance connectivity. Dubai Holding Real Estate CEO Khalid Al Malik said: 'Palm Jebel Ali exemplifies Dubai's ambition to redefine global waterfront living through an innovative luxury lifestyle mega project. "The iconic development is set to transform the city's urban landscape in alignment with the leadership's vision to create a world-class destination that will attract residents, tourists and investors. We are pleased to extend our association with DBB Contracting LLC, a partner whose proven expertise and unwavering dedication to quality will help ensure the successful delivery of this important project." In October 2024, Nakheel awarded contracts worth more than Dh5bn for a luxury villa development on the island. Earlier this year, Nakheel entered a partnership with six architecture companies to design ten unique styles for The Beach Collection villas at Palm Jebel Ali. "Nakheel issues $204m infrastructure contracts for Palm Jebel Ali, Dubai" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The National
3 hours ago
- Business
- The National
Sheikh Mohammed announces AI system to become advisory UAE Cabinet member from 2026
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, on Friday announced a host of changes taking place within the UAE government. He said the National Artificial Intelligence System will be an advisory member of the UAE Cabinet, starting in January 2026. He also announced the establishment of the Ministry of Foreign Trade, with Dr Thani Al Zeyoudi as its minister, and a name-change from the Ministry of Economy to the Ministry of Economy and Tourism, headed by Abdulla bin Touq. 'We also announce that 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,' Sheikh Mohammed wrote on X. '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.' 'The world is going through comprehensive restructuring, scientifically, economically and socially and our goal is being ready today for the coming decades and ensuring continuing prosperity and a decent life for the following generations,' he added. Building on a legacy of innovation AI has been at the heart of UAE policy for some time. In October 2017, the Emirates appointed the world's first Minister of State for Artificial Intelligence, Omar Al Olama. His title is now Minister of State for AI, Digital Economy and Remote Work Applications. Subsequently, in early 2019, the UAE adopted an ambitious plan called the National Artificial Intelligence Strategy 2031 – to become one of the leading nations in AI by 2031. In the same year, the country established the world's first graduate-level, research-based university that was dedicated to AI, the Mohamed bin Zayed University of Artificial Intelligence. And in January, Abu Dhabi launched its Digital Strategy 2025-2027, which aims to transform the emirate into the world's first fully artificial intelligence-powered government by 2027. At the World Governments Summit in Dubai in February, Mohammed Al Gergawi, Minister of Cabinet Affairs, said that over the next 25 years, artificial intelligence would move civilisation ahead faster than at any stage in history.
Khaleej Times
3 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.
Reuters
4 hours ago
- Business
- Reuters
UAE creates foreign trade ministry, prime minister says
DUBAI, June 20 (Reuters) - UAE created a new ministry of foreign trade, and appointed Thani al Zeyoudi as its minister, the United Arab Emirates prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X on Friday.
Gulf Business
6 hours ago
- Business
- Gulf Business
UAE ranks 10th globally for FDI in 2024, attracts record Dhs167.6bn
Image: WAM/ For illustrative purposes The UAE ranked 10th globally in 2024 for foreign direct investment (FDI) inflows, bringing in a record Dhs167.6bn ($45.6bn), a 48 per cent increase from the previous year, according to the United Nations Conference on Trade and Development's ( World Investment Report 2025 . The country accounted for 37 per cent of all FDI inflows into the region, reinforcing its position as the leading investment destination in the Middle East and North Africa. 'Out of every $100 invested in the region, $37 comes to the UAE,' said Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai. The UAE also ranked second globally, after the US, in the number of newly announced greenfield FDI projects, with 1,369 projects launched in 2024. Despite a global slowdown in greenfield project growth to 0.8 per cent, the UAE posted a 2.8 per cent increase, with announced greenfield project capital reaching Dhs53.3bn ($14.5bn). Key sectors fuelling UAE FDI inflows Key sectors driving this growth include software and IT services (11.5 per cent of total greenfield project value), business services (9.7 per cent), renewable energy (9.3 per cent), coal, oil, and gas (9 per cent), and real estate (7.8 per cent). The energy sector alone attracted Dhs4.8bn ($1.3bn) in greenfield FDI, aligned with national goals to triple renewable energy production capacity by 2030. Since 2015, annual FDI inflows into the UAE have grown from Dhs31.6bn ($8.6bn) to Dhs167.6bn, representing a compound annual growth rate of 10.5 per cent. The cumulative FDI stock reached $270.6bn by the end of 2024. Mohamed Hassan Alsuwaidi, Minister of Investment, attributed the record inflows to strategic reforms and long-term policy direction. 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business,' he said. The Ministry continues to support investor confidence through enhanced legislation, full foreign ownership in mainland companies, a 9 per cent corporate tax rate, and streamlined licensing. The country also ranks fifth globally for attracting highly skilled talent and third in AI talent, according to recent studies by INSEAD and Stanford University. This talent pool supports ongoing digital transformation, including a $1.5bn AI-focused joint venture between Microsoft and Abu Dhabi-based The UAE's National Investment Strategy 2031 aims to double annual FDI inflows by the end of the decade, targeting Dhs2.2tn in cumulative FDI by 2031. Strategic focus areas include advanced manufacturing, clean energy, financial services, and IT. 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear,' said Sheikh Mohammed. 'Our message is simple: development is the key to stability, and the economy is the most important policy.'
