News
This year is UAE’s best economically, says Sheikh Mohammed bin Rashid
Published
1 year agoon
The UAE’s non-oil foreign trade grew to a record Dh1.239 trillion in the first half of 2023, a growth of 14.4 per cent compared to the same period last year with China, India and the US staying the top trading partners.
Announcing the achievement, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: “The UAE’s non-oil export continues to set unprecedented records as it rose 22 per cent with the top 10 global trading partners in 2023… The bilateral trade with Türkiye recorded one of the highest growth rates in the first half of 2023, with 87.4 per cent growth compared to the same period in 2022,”
Sheikh Mohammed also posted a message on the X (formerly Twitter) platform: “2023 will be the best economic year in the history of our country.”
في إنجاز اقتصادي جديد لدولة الإمارات سجلت تجارتنا الخارجية غير النفطية رقماً قياسياً جديداً بوصولها لتريليون و 239 مليار درهم خلال ستة أشهر فقط العام الحالي ..
وواصلت صادراتنا غير النفطية أيضاً نموها بشكل كبير حيث تجاوزت خلال 6 أشهر ما كنا نحققه في عام كامل قبل خمس سنوات فقط…
— HH Sheikh Mohammed (@HHShkMohd) August 30, 2023
CEPA, imports and exports
The UAE’s non-oil foreign trade has seen a continued upward trend, achieving quarter-on-quarter growth since 2020. The growth is driven by multiple factors such as UAE’s investor-friendly policies and the signing of Comprehensive Economic Partnership Agreements (CEPAs) with many countries. This has also improved the country’s overall economic profile.
“The UAE will remain a major player in international trade, maintaining its position as a bridge linking the East with the West, and the North with the South,” added the UAE Vice-President.
Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, said these results coincide with the CEPA programme, which is deepening ties with key markets around the world – including India and Türkiye, two of largest export destinations. “We can anticipate new milestones as more CEPAs are signed,” said Al Zeyoudi.
Abdulla bin Touq Al Marri, Minister of Economy, last year said the country aimed to sign 26 CEPAs in the coming few years to boost foreign trade with major partners.
#UAE Non-Oil Foreign Trade hits all-time high of AED1.239 trillion in H1 2023 🇦🇪 pic.twitter.com/NZlsnEELEG
— UAEGOV (@UAEmediaoffice) August 30, 2023
Top trading partners
The Ministry of Economy said China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia. Türkiye, with whom the UAE signed a CEPA in March, came in fifth place, with Iraq, Switzerland, Japan, Hong Kong, and Russia completing the top 10.
Overall, the UAE’s top ten trading partners witnessed a combined growth of 16.7 per cent in non-oil trade, while the rest of the markets accounted for 12.4 per cent growth.
Gold, aluminium, oils, cigarettes, copper wires and jewellery topped the list of the UAE’s most prominent exports. Gold exports registered the highest growth of 40.7 per cent to reach Dh218.3 billion.
News
Milestone Systems Brings Next-Gen Video Innovations to Dubai at XPerience Days 2024
Published
2 days agoon
September 5, 2024By
SudhashreeMilestone Systems is bringing its global flagship event, Milestone XPerience Days (MXD), back to the Middle East, highlighting the latest advancements in video technology. The event will be held on September 9-10, 2024, at Mina A’Salam Madinat Jumeirah, Dubai, featuring innovations aimed at enhancing both physical and cyber security.
With 17 technology partners showcasing seamlessly integrated solutions powered by Milestone prodigies; the event is a curated opportunity for industry peers to connect over trends, innovations, and challenges. Resellers, distributors, architects & engineers (A&Es), and end customers are set to gain valuable insights from industry experts and thought leaders sharing perspectives on the future of video technology.
According to market research company Omdia, the global video management software (VMS) and Video-Surveillance-as-a-Service (VSaaS) market is expected to reach USD 4.5 billion by 2028, driven by increasing concerns over public security and the integration of AI and IoT in urban environments. Milestone Systems, a leader in this space, continues to push the boundaries of video technology with a focus on scalability, operational efficiency, and security.
“Our goal is to strengthen our partnerships with our resellers, distributors, and technology partners to provide state of the art video technology to our end users,” said Louise Bou Rached, Sales Director, MENAT, Milestone systems. “This event is about showcasing the wide range of possibilities with video management software, video analytics, and cloud solutions as well as demonstrating how Milestone’s expertise can enhance security and optimize operations.”
With dedicated R&D focussed on innovation, Milestone drives technological advancements to redefine perceptions of how possible with video technology. Its collaboration with industry tech leaders like Intel and Nvidia allows access to the latest AI developments, improving operational efficiency and security. The cloud-hosted Milestone prodigies have also been revamped for greater scalability to optimize allocations. All the products and technology partners will be present at the Milestone XPerience Days underscoring the commitment to leveraging video technology that drives efficiency and productivity across various industries.
Announcements
UAE sends 90 metric tons of urgent relief supplies to Sudan
Published
5 days agoon
September 3, 2024By
SudhashreeOn the directions of Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, the Dubai Humanitarian (DXB-H) has facilitated urgent relief supplies to Chad’s capital, Ndjamena, to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
In a swift response to the escalating humanitarian crisis, a Boeing 747 cargo flight departed from Al Maktoum International Airport on Saturday, August 31, at 9:00 am carrying 90 metric tonnes of essential medical supplies, shelter materials, and relief items provided by the World Health Organisation (WHO) and the United Nations High Commissioner for Refugees (UNHCR). These critical resources are expected to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
Announcements
Gaming meets speed: Ferrari launches first-ever esports arena in Abu Dhabi
Published
1 week agoon
September 1, 2024By
SudhashreeFerrari World Yas Island, Abu Dhabi’s acclaimed Ferrari-themed park, has once again redefined entertainment by launching the world’s first Ferrari-themed Esports Arena. This state-of-the-art venue is set to become the go-to destination for racing enthusiasts, Formula 1 aficionados, and thrill-seekers alike.
The newly unveiled Ferrari World Esports Arena features an impressive lineup of 20 Gran Turismo simulators, thoughtfully designed to cater to a broad audience. Fourteen simulators are dedicated to adult racers, while six are specifically designed for younger guests, creating a family-friendly atmosphere that welcomes visitors of all ages.
The arena also includes three specialised F1 simulators, offering participants the exhilarating experience of sitting in the driver’s seat of a Ferrari race car and racing on legendary F1 Grand Prix circuits, including the Yas Marina Circuit. Open daily from 10am to 6pm, the Ferrari World Esports Arena offers access to the Gran Turismo simulators as part of the theme park ticket until the end of the year. The exclusive F1 simulators are available for an additional fee, starting from Dh60 per race.