Latest news with #sustainableeconomy
Malay Mail
12 hours ago
- Business
- Malay Mail
Malaysia trims deficit to 4.1pc, aims lower as Anwar eyes investor trust, stronger economy
PUTRAJAYA, June 20 — Prime Minister Datuk Seri Anwar Ibrahim said the government is committed to consistently reducing the country's fiscal deficit to ensure a more sustainable economy and to maintain investor confidence. Anwar, who is also the Finance Minister, said the fiscal deficit was at 5.5 per cent when he assumed leadership in 2022. It was reduced to 4.1 per cent in 2024, with a projection of 3.8 per cent for this year. 'Some people ask why we want to reduce the deficit so much. Why not just give more to the people? But if we don't do it this way, investor confidence will not be there. 'For me, the foremost responsibility of leadership and economic management is to implement policies that we believe are good — that is what matters most. 'Secondly, with investor confidence, we can solve many issues related to national revenue, job opportunities, and overall development,' he said at the Finance Ministry's monthly assembly here today. — Bernama
Zawya
3 days ago
- Business
- Zawya
Union Coop supports local suppliers with over 6,000 national products
Union Coop remains deeply committed to supporting national industries and empowering local entrepreneurs and farmers, continuing its role as a strategic partner in realizing the wise leadership's vision for a diversified and sustainable economy Dubai, UAE: The CEO of Union Coop, Mr. Mohamed Al Hashemi stated that the cooperative operates under a comprehensive plan to support local suppliers through operational, technical, and commercial facilitation. This includes exemptions from certain fees, simplified listing procedures, and discounts of up to 50% on display charges. Additionally, Union Coop provides logistical and marketing support within its outlets and organizes promotional events and field visits to local farms and factories, all of the efforts that help strengthen the relationship between producers and consumers. Mr. Al Hashemi emphasized Union Coop's commitment to the 'Make it in the Emirates' initiative by highlighting high-quality local products, which have increasingly become the first choice for a growing segment of shoppers. He noted that Union Coop branches currently stock more than 6,000 local products across various categories, which enjoy rising demand due to their high quality and competitive prices, as well as consumers' dedication to supporting Emirati entrepreneurs and local farmers. He further noted that local products and national industries are now capable of competing with global counterparts, thanks to their adherence to high standards. Through its annual strategy, Union Coop launches impactful initiatives to empower farmers and local companies, including dedicated in-store display spaces and extensive promotional and marketing support aimed at boosting sales and raising consumer awareness of the importance of supporting local products as a cornerstone of the national economy. With respect to expansion plans, Al Hashemi revealed that Union Coop currently operates 30 branches in Dubai, with plans to open more branches this year. He added that this expansion will cover newly developing areas experiencing significant population growth, thereby enhancing the reach of national products to a wider consumer base and strengthening Union Coop's role as a key contributor to the country's food security strategy.
Khaleej Times
10-06-2025
- Business
- Khaleej Times
UAE's large scale projects signal ambition towards a sustainable economy
The UAE remains buoyant and forward-thinking, with large-scale transformation initiatives signaling the government ambition to create a sustainable economy for citizens and visitors alike, an industry veteran said. 'The UAE's government is strategically deploying investment into sectors that promise long-term value creation, including infrastructure, tourism, clean energy, digital innovation, and advanced logistics — all of which are catalysts for sustainable economic growth,' Phil Malem, CEO Serco Middle East and +impact, said in an interview. In the UAE, non-oil GDP is being buoyed by increased private sector participation and a push toward becoming a global hub for innovation, trade and talent, he added. It is also noteworthy to look at Saudi Arabia, a country which is in the midst of one of the most ambitious economic diversification programmes in the world under Vision 2030. 'Projects like NEOM, Qiddiya, and the Red Sea Development are not just infrastructure investments; they represent a new economic model based on knowledge, creativity, and future-ready service ecosystems. These megaprojects demand not only advanced service delivery models but also strategic advisory capabilities, and partners who can think, design, and operate at scale. This is where our value proposition is strongest: in delivering outsourced services that are deeply integrated, culturally aligned, and capable of flexing across both the operational and advisory spectrum,' Malem said. Serco has a long established record in the aviation sector, and Malem believes that Dubai's announcement to fully transition airport operations to Al Maktoum International Airport (DWC) over the next decade marks a pivotal moment in the future of global aviation. 'DWC is not just an airport expansion, it is the foundation of a new aviation ecosystem for the UAE. With a projected capacity of 260 million passengers annually, this is a bold redefinition of what global connectivity, passenger experience, and aviation infrastructure can look like. It will reshape air traffic flows, logistics strategies, and the entire passenger journey across the region,' Malem said. For us at Serco, this is a natural alignment with its capabilities and legacy. 'We have long been embedded in the region's aviation sector (supporting Dubai Airports and Sharjah Airport with multiple different services), from managing complex air traffic control operations to delivering end-to-end airport and passenger services. The DWC transformation presents an opportunity to rethink how airports are operated: how data, automation, and talent can be optimised to meet evolving passenger needs, safety standards, and sustainability goals. It also reinforces the need for a highly skilled, locally grounded workforce, which is why our investments in nationalisation, such as training Emirati air traffic controllers and operational leaders, will continue to scale in line with the country's ambitions,' Malem said. Public-private collaboration remains fundamental to the success of national transformation agendas in the region, the Serco Middle East CEO said. 'Given that many of the region's largest organisations are government-owned or backed, the ability of private sector partners to operate in true alignment with public sector goals is what determines long-term impact. Governments are not just looking for service providers, they are looking for partners who understand the national vision, share their values, and bring both global expertise and local commitment to the table. This is particularly critical in sectors like aviation, transport, defence, and citizen services, where the outcomes affect millions of lives and require long-term strategic thinking,' Malem said. Serco has invested significantly in building a pipeline of local talent, not through box-ticking, but through structured programmes that upskill, train, and provide meaningful, international-standard experience to Emirati and Saudi nationals. 'Collaboration, when built on trust and mutual purpose, becomes a multiplier. It allows us to move faster, operate smarter, and create shared outcomes. In this region, where ambition is high and transformation is constant, public-private partnerships, grounded in capability and integrity, are the engine that will power sustainable progress,' Malem said. As artificial intelligence becomes increasingly part of our day-to-day lives, the expectations around customer experience are evolving at an unprecedented pace. 'For companies operating in the UAE and across the GCC, the challenge is twofold: how do you harness cutting-edge technology like AI, while maintaining the empathy and understanding that truly great experiences are built on? I believe the answer lies in blending technological innovation with human insight, which is exactly what we've set out to do through our recently launched company, +impact, Serco's advisory business,' Malem said. Through +impact, Serco is focused on delivering measurable, purpose-driven outcomes. 'One of our core services at +impact is advisory within the customer experience space, and we bring deep expertise in behavioural insight, service design, and user experience, enabling us to map real customer journeys and design solutions that anticipate needs - not just respond to them. It allows us to embed empathy and innovation directly into service delivery, creating experiences that build trust, satisfaction, and long-term loyalty,' Malem said. But AI alone isn't enough. It must be paired with strong human understanding and strategic advisory capability. 'This is where I see this convergence of AI, data, design, and operational excellence as the future of service delivery. We are proud to make an impact across governments and organisations across the region as they lead the way in defining what exceptional, human-centred experiences look like in the digital age,' Malem said.
Daily Mail
08-06-2025
- Entertainment
- Daily Mail
Prince William beams as he joins Prince Albert of Monaco at forum to help the world's oceans
Prince William has joined Prince Albert of Monaco as he touched down in the south of France to attend a forum in a bid to help the world's oceans. The Prince of Wales, 42, attended the Blue Economy and Finance Forum (BEFF) at the Grimaldi Forum in Monaco on Sunday. Dressed in a smart navy suit and tie, William appeared in great spirits as he greeted Albert, 67, and shook his hand. During his visit, he is set to give a 'landmark speech' to call for more to be done to protect the oceans. 'The Prince of Wales feels passionately about action being taken to protect and restore our oceans,' a Kensington Palace spokesperson told the BBC. 'Tomorrow, he's going to be calling for swift, immediate global action. The time is now.' The Forum is organised by the Government of Monaco, the Prince Albert II of Monaco Foundation, and the Oceanographic Institute of Monaco, with support from France and Costa Rica. It brings together business leaders, government representatives, multilateral institutions and stakeholders committed to restoring the health of the oceans. The event will focus on ocean preservation and aims to accelerate the transition to a sustainable and regenerative blue economy. During his visit, William will meet with finalists, winners and key partners of The Earthshot Prize, who will showcase innovative solutions that have the power to reverse damage caused to the oceans and preserve it for future generations. He has previously worked with Albert after joining forces at the Earthshot Summit in 2023. In January, both royals attended the Aston Villa v Monaco Champions League football match - though were supporting opposing sides. The Prince of Wales is also marking World Oceans Day this year with an interview with Sir David Attenborough ahead of the release of his new documentary, Ocean with David Attenborough. Kensington Palace has released a new film of Prince William and the 99-year-old broadcaster and environmental activist, which sees the pair discussing the current state of the oceans. David's new documentary is set to release on Sunday, which is World Oceans Day. The film has been created to shine a light on the damage humankind has wreaked on the ocean, as well as the opportunities we have to heal it. In their conversation, William and David spoke of the legendary biologist's work in ocean exploration, as well as reasons to remain optimistic for ocean recovery. At the start of the short film, David recalled the first time he ever put on a diving helmet - and nearly drowned as it filled with water. 'I suddenly felt water coming up,' he said, gesturing around his chin to show where the water level rose to inside the helmet when he first went underwater. 'I thought, 'This can't be right'. And by the time it got to about here,' he said, gesturing to his nose, 'I thought, 'I'm sure this is not right'. 'And of course if you've got this thing screwed on top of you, you can't breathe. You can't even make yourself heard, you know. Get it off me!' Yesterday, Prince Albert and Princess Charlene of Monaco were joined by their twin children, Prince Jacques and Princess Gabriella in welcoming France 's President Emmanuel Macron and his wife Brigitte Macron on their state visit to the country on Saturday 7 June. The trip was historic for more than one reason. It marks the first visit to Monaco by a French president since François Mitterrand made his journey there in 1984. It was also the first time that 10-year-old royal twins had played a prominent, public role in a state visit. Jacques and Gabriella stood alongside their parents while awaiting the Macrons' arrival at the Prince's Palace in Monaco. The young prince, dressed in a smart navy suit and a printed tie, appeared serious as he stood between his parents, while Gabriella wore a cream-coloured dress with cap sleeves and matching Mary Jane shoes while carrying a small bouquet of flowers. Gabriella was tasked with presenting the bouquet to Brigitte, who gave her a kiss on the cheek in thanks. Albert donned a slightly brighter blue suit compared to his son's, paired with a baby blue tie. Charlene, who is usually known for her glamorous sense of style, cut a more casual figure but was nonetheless chic in her Dior jacket and white straight-cut tailored trousers. The royal family posed for photographs with Macron and Brigitte as the couple's two-day visit got underway. In a Facebook post detailing part of the Macrons' itinerary, the Prince's Palace of Monaco said Charlene took Brigitte for a private stroll around the palace gardens, where they 'shared a moment of sincere exchange, marked by deep kindness and shared commitments to youth'. The two women were joined by Jacques and Gabrielle, who brought their 'relaxed and lively presence' to the scenic walk and reinforced 'direct, human ties that unite France and Monaco from generation to generation', according to the palace. Macron and Brigitte also received traditional military honours from Prince Albert and Princess Charlene in a ceremony at the palace.
Khaleej Times
29-05-2025
- Business
- Khaleej Times
Economy Middle East Summit 2025, gathers public, private sectors to drive sustainable growth
Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence has officially opened the Economy Middle East Summit 2025, which convened high-level public and private sector leaders to discuss collaborative solutions for sustainable economic transformation. The event was held at Abu Dhabi Global Market (ADGM) under the theme 'Bridging Sectors, Building Economic Growth', and brought together more than 1,500 participants, including policymakers, business leaders, global investors, and technology pioneers. In his opening address, Sheikh Nahayan welcomed delegates and emphasised the summit's timely focus on collaboration and future-readiness. He said: "It is a deep personal pleasure to join you at the second edition of the Economy Middle East Summit. We come together as governments, businesses, and stakeholders to share knowledge, forge partnerships, and imagine new possibilities for the future of our economies and our region." 'Today, we gather at a critical moment that demands clarity of vision, boldness of action, and depth of partnership. The global economic landscape is undergoing profound transformation — driven by shifts in trade, geopolitical realignments, technological revolutions, and societal expectations. These changes offer rare windows of opportunity,' he added. He affirmed the UAE's proactive approach under the leadership of President Sheikh Mohammed bin Zayed Al Nahyan, saying: 'We are fully committed to economic diversification, innovation, and global competitiveness. From smart infrastructure and AI to sustainable finance and forward-looking education, we are building the pillars of future growth.' Sheikh Nahayan went on to stress regional integration: 'Now is the time to transform our regional ties into corridors of collaboration and opportunity. We must harmonise digital trade regulations, invest in green infrastructure, nurture entrepreneurs, and align our innovation and education systems. By working together, we can ensure that the Middle East is not only resilient — but energised with new possibilities.' 'Bridging Sectors, Building Economic Growth' is not just a slogan — it is a mission. Let us invest boldly, collaborate openly, and build a sustainable, inclusive economic future for our region,' he concluded. Abdulla bin Touq Al Marri, UAE Minister of Economy, delivered the opening remarks and shared the UAE perspective on navigating the global economy. 'The global economic landscape in 2025 is marked by heightened uncertainty. The IMF's latest World Economic Outlook projects global growth at 2.8 per cent and this year at 3 per cent next year,' the minister said. Al Marri explained that the slower than usual growth is primarily due to escalating trade tensions and persistent policy uncertainty. He also mentioned the resurgence of protectionist policies, most notably the recent US tariff hikes, which have disrupted trade flows, eroded business confidence, and delayed investments. He added: 'Our approach is rooted in the belief that economic prosperity is achieved through cooperation, not isolation. By building bridges, we aim to create a more inclusive and sustainable global economy. Our Comprehensive Economic Partnership Agreements (CEPAs) with countries across Asia, Europe, and Africa reflect this commitment, expanding our market access, strengthening supply chains, and accelerating investment flows. These agreements have not only diversified our economic partnerships but have also bolstered our resilience against external shocks. As a result, we expect the impact of recent US tariffs on the UAE economy to remain limited.' Salem Al Darei, CEO of ADGM Authority said: 'As an official partner of the Economy Middle East Summit, we are pleased to have been part of this platform that brought together influential voices from across the region. The event not only provided an invaluable opportunity for industry experts and leaders to engage in meaningful discussions, but also an opportunity for the ecosystem to listen to and connect on matters that are important for fostering innovation and driving sustainable economic growth.' "ADGM remains committed to contributing towards a prosperous and sustainable economy by fostering innovation, enabling business growth, and strengthening collaboration between public and private sectors. Through strategic initiatives like these, ADGM continues to play a vital role in shaping the region's economic future," he added. A high-profile panel featuring Dr Mahmoud Mohieldin, the UN special envoy on Financing the 2030 Agenda; Rashed Al Blooshi, undersecretary of the Abu Dhabi Department of Economic Development; and Safaa El Tayeb El-Kogali, country director for the GCC, World Bank, discussed the world's economic landscape, highlighting key issues that affect global trade, noting that the global economy's order which has been in place for decades, is now changing. The summit featured an in-depth analysis of the UAE's investment ecosystem, with experts from Visa, the Abu Dhabi Investment Office (ADIO) and the Multiply Group discussing trade and investment opportunities across key sectors. The panel shed light on the growing adoption of e-commerce and mobile commerce in a rapidly evolving digital landscape. A related panel on the financial services sector featured speakers from Wio Bank, Finstreet and the Financial Services Regulatory Authority of ADGM who explored the forces reshaping the industry, from digital innovation and regulatory developments to shifting customer expectations and regional growth. Technology continues to be a major conduit for enabling smart cities to thrive and enhancing living standards across the region, but also in transforming the mobility of people and goods as well as in transitioning to a greener and sustainable economy. Major stakeholders and thought leaders in this field – from e& and Mercedes-Benz to Siemens and Mubadala – shared optimism on the region's path to technological adoption and innovation. The experts also examined innovative approaches to decarbonising power systems, enhancing water and energy efficiency, and building infrastructure that supports long-term environmental and economic goals. Joe Chidiac, publisher of JC Media Group and organisers of the summit, said: 'As we venture into today's journey of dialogue and discovery, I challenge each one of you to embrace the spirit of innovation that has been the hallmark of the UAE and its capital, Abu Dhabi. The partnerships formed here, the ideas exchanged, and the commitments made will ripple beyond these walls to shape economies, empower communities, and create prosperity for generations to come. Together, let us bridge sectors and build not just growth, but a legacy of sustainable economic excellence.'
