Latest news with #foreigntrade
Zawya
2 hours ago
- Business
- Zawya
Mohammed bin Rashid announces changes to UAE government
Following consultations and approval of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, announced today changes to the UAE government. His Highness Sheikh Mohammed bin Rashid said, 'Following consultations with my brother, His Highness the President, and with his approval, we announce today changes to the UAE government as follows: establishment of a Ministry of Foreign Trade in the UAE government and appointment of Dr. Thani Al Zeyoudi as Minister of Foreign Trade, and renaming the Ministry of Economy to Ministry of Economy and Tourism led by Abdullah bin Touq Al Marri.' He added, 'We also announce that the National Artificial Intelligence System will be adopted as an advisory member in the Council of Ministers, the Ministerial Development Council, and all boards of federal entities and government companies starting from January 2026 to support decision-making in these councils, conduct real-time analyses of their decisions, provide technical advice, and enhance the efficiency of government policies adopted by these councils across all sectors.' His Highness Sheikh Mohammed bin Rashid said, "The world is undergoing a comprehensive transformation phase… scientifically... economically... and socially... our goal is to prepare today for the coming decades... our goal is to ensure continued prosperity and dignified life for future generations."
Reuters
11 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.
Economy ME
4 days ago
- Business
- Economy ME
Sheikh Mohammed announces UAE's $1.1 trillion non-oil trade goal to be achieved within two years
His Highness Sheikh Mohammed bin Rashid Al Maktoum , Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, continues to experience remarkable progress across all sectors, with the nation's thriving non-oil foreign trade at the core of this growth, achieving consistent record-breaking results for several years. His Highness Sheikh Mohammed bin Rashid Al Maktoum said: 'The UAE's non-oil foreign trade saw growth of 18.6 percent year-on-year in the first quarter of this year, reaching AED835 billion (global average is 2-3 percent). The nation's non-oil exports experienced exceptional growth, surging by 41 percent annually.' His Highness Sheikh Mohammed stated: 'Our goal to grow non-oil foreign trade to AED4 trillion ($1.1 trillion) by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4 percent, reaching AED1.77 trillion, with the non-oil sector contributing 75.5 percent to the national economy.' Read more: UAE foreign trade hits $1.42 trillion in 2024, up from $952.9 billion in 2021: WTO Notable rise in re-exports His Highness Sheikh Mohammed emphasized: 'Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE's economic growth is achieving unprecedented success. Indicators of social, economic, and strategic stability and prosperity are at their highest historical levels. We are confident in an even brighter future, driven by the focused efforts of thousands of dedicated teams working to realize the UAE's global ambitions.' The UAE's non-oil foreign trade continued its upward trajectory in Q1 2025 (1 January to 31 March 2025), reaching AED835 billion, an 18.6 percent increase compared to Q1 2024. UAE non-oil exports continued to achieve historical growth rates, recording AED177.3 billion in Q1 2025, a 40.7 percent year-on-year increase (compared to Q1 2024) and a 15.7 percent quarter-on-quarter increase (compared to Q4 2024). This robust growth propelled non-oil exports to over 21 percent of the UAE's total non-oil foreign trade for the first time in the nation's history, outpacing the growth of both imports and re-exports. Re-exports saw a 6 percent annual increase, reaching AED189.1 billion. Imports grew by 17.2 percent year-on-year, reaching AED468.6 billion, but experienced a slight 1.7 percent decline compared to the previous quarter (Q4 of 2024). Trade with the UAE's top 10 trading partners continued to expand, growing by 20.2 percent in Q1 2025, compared to 16.9 percent growth with other countries. Trade grew with India by 31 percent, with Saudi Arabia by more than double at 127 percent, with Turkiye by 8.3 percent—surpassing previous records—and with China by 9.6 percent.
Zawya
03-06-2025
- Business
- Zawya
Investment Minister discusses Apple's expansion plans in Egypt
Arab Finance: Egypt's Minister of Investment and Foreign Trade Hassan El-Khatib met with Omar El-Rifai, director of government affairs at Apple for the Middle East and Pakistan, to explore investment opportunities in the Egyptian market and potential steps to strengthen the company's local presence, as per a statement. The meeting comes as part of the ministry's strategy to attract high-value investments that support the national economy and boost the technology sector. El-Khatib highlighted Egypt's appeal as a key destination for Apple, noting the company's interest in expanding in the country as a strong signal of confidence in Egypt's economic potential and strategic position. He underscored that Apple's current presence in Egypt offers promising opportunities for market development and job creation in technical fields. El-Khatib also pointed to Egypt's proven efficiency in call centers and training, making it an ideal environment for global companies seeking sustainable expansion. Furthermore, the minister invited Apple to open an official Apple Store in Egypt to directly serve local consumers and improve access to the company's products. He affirmed the ministry's readiness to provide all necessary support to ensure the project's success, which would reinforce Egypt's position as a regional hub for technology and innovation. El-Rifai, representing Apple, reiterated the company's strong interest in Egypt, calling it a vital gateway to Africa and the Middle East. He affirmed Apple's commitment to contributing to the Egyptian economy through call center and training development, which supports the creation of skilled jobs. He also confirmed Apple's intention to expand its footprint in Egypt, including plans to launch an official store, in coordination with the Ministry to ensure a supportive investment environment. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Associated Press
31-05-2025
- Business
- Associated Press
China's factory activity contracts in May, but there are signs of improvement
BEIJING (AP) — China's factory activity contracted in May, according to an official survey released on Saturday, although the decline slowed from April as the country reached a deal with the U.S. to slash President Donald Trump's sky-high tariffs. China's purchasing managers index rose from 49.0 in April to 49.5 in May, the National Bureau of Statistics said. PMI is measured on a scale from 0 to 100, where 50 marks the cutoff between expansion and contraction. Meanwhile, the manufacturing index showed growth in the sector, although the index measuring new orders remained under 50 despite some improvement. National Bureau of Statistics senior statistician Zhao Qinghe said some companies with U.S. business reported accelerated resumption of foreign trade orders, and there was an improvement in import and export conditions. The U.S.-China deal, reached earlier this month, cuts Trump's tariffs from 145% to 30% for 90 days, creating time for negotiators from both sides to reach a more substantive agreement. China also reduced its taxes on U.S. goods from 125% to 10%. But the remaining tariffs are still higher than they were before Trump took office, and businesses and investors face uncertainty about whether the truce will last. Trump said Friday that he will no longer be 'Mr. NICE GUY' with China on trade, declaring in a social media post that the country had broken an unspecified agreement with the United States. He later said in the Oval Office that he will speak with Chinese President Xi Jinping and 'hopefully we'll work that out,' while still insisting China had violated the agreement. Over the past week, tensions between Beijing and Washington also intensified after the U.S. said it would start revoking visas for Chinese students studying in the country. China has lodged a protest with the U.S. over the matter, calling the decision unreasonable.
