Onjo Simson

  The UAE economy is expected to grow by 6.7% by 2025, up from 3.8% in the current year as a result of the country's strategic drive for economic diversification and strong trade ties with neighboring states. These significant progresses have been due to prudent political allocation and favorable geostrategic developments following Covid-19 pandemic. The UAE government has been unwavering in implementing a long-term vision that aligns with the UN 2030 Agenda with a focus on sustainability, knowledge and innovation. Unleashing market forces, assisting foreign trade coupled with infrastructure building and establishment of systems that would enable private sector involvement has been part and parcel of this policy. The development of changes that foster an economy driven by new ideas, along with more use of digital tools, has helped UAE to diversify its economy significantly, primarily in areas that are not related to oil. BMI's Chief Global Economist, John Ashbourne, is very hop...

  The UAE and Uzbekistan have taken a significant step towards bolstering their economic ties with the signing of an investment memorandum focused on digital infrastructure development. The agreement, inked between the Ministry of Investment of the UAE and the Ministry of Digital Technologies of Uzbekistan, aims to explore joint investment opportunities in data centre and artificial intelligence projects in Uzbekistan. This collaboration comes at a pivotal time as Uzbekistan's digital market experiences steady growth, propelled by the adoption of the Digital Uzbekistan – 2030 strategy. Under the memorandum, both nations will assess opportunities for establishing new data centres in Uzbekistan to offer cloud and AI solutions to private and government entities. Additionally, they aim to attract major cloud service providers, explore super-computer projects, and develop language models specific to Uzbekistan. This partnership seeks to create a local talent ecosystem for AI and computi...

  In a significant development, the United Arab Emirates (UAE) and Ukraine have solidified the terms of a Comprehensive Economic Partnership Agreement (CEPA), marking a pivotal moment in their bilateral relations. Signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, and Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade, the CEPA aims to enhance trade ties and promote economic cooperation between the two nations. With a focus on removing tariffs, reducing trade barriers, and fostering fair market access, the agreement holds immense potential to bolster economic growth and prosperity for both countries. Benefits and Implications of the UAE-Ukraine CEPA The UAE-Ukraine CEPA is poised to bring about a myriad of benefits, ranging from facilitating smoother trade operations to supporting Ukraine’s economic recovery and infrastructure rebuilding efforts. By eliminating or reducing tariffs on key product l...

  The United Arab Emirates (UAE) economy has showcased remarkable resilience and growth in the first nine months of 2023, with a notable 3.3% increase in GDP, as reported by the Federal Competitiveness and Statistics Centre. This expansion, fueled by robust performance across various sectors, underscores the nation's steadfast commitment to economic diversification and development. Particularly noteworthy is the surge in non-oil GDP by 5.9%, which now constitutes a significant 74% of the overall GDP contribution. This surge reflects the UAE's strategic vision to pivot away from reliance on hydrocarbons, positioning itself as a global hub for investment and innovation. Sectors such as financial services, construction, and transport and storage have emerged as key drivers of growth, showcasing strong performance during this period. The impressive growth in non-oil sectors underscores the success of the UAE's economic diversification efforts, attracting foreign investment and ...

  The India-UAE Comprehensive Economic Partnership Agreement (CEPA) has been a major success since it came into force in May 2022. Bilateral non-oil trade reached $50.5 billion in the first 12 months of CEPA, representing a growth of 5.8 percent. The two countries are aiming to achieve the target of $100 billion in non-oil trade by 2030. The 11th meeting of the India-UAE high level joint task force on investments, which was co-chaired by Commerce Minister Piyush Goyal and Managing Director of Abu Dhabi Investment Authority (ADIA) Sheikh Hamed bin Zayed Al Nahyan, reviewed the progress made on the implementation of CEPA and discussed ways to further boost trade and investment between the two countries. The India-UAE economic partnership is growing stronger by the day. CEPA has been a major success, and the two countries are working together to further boost trade and investment. The India-UAE bilateral investment treaty, the Fast Track Mechanism, the India-UAE Start-Up Bridge, an...

  The United Arab Emirates (UAE) announced on Wednesday that its non-oil foreign trade reached a record high of 1.239 trillion UAE dirhams (about 337 billion U.S. dollars) in the first half of 2023. This represents a 14.4% year-on-year increase. The UAE's Vice-President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum, said in a tweet that the country's non-oil foreign trade is projected to exceed 2.5 trillion dirhams this year. China was the UAE's biggest trading partner in the first half of 2023, followed by India, the United States, Saudi Arabia, and Türkiye. The contribution of gold exports to the UAE's non-oil foreign trade was 17.6%, compared to 14.3% in the corresponding period of 2022. The strong growth in the UAE's non-oil foreign trade is a positive sign for the country's economy. It suggests that the UAE is diversifying its economy away from oil and gas, and is becoming more integrated into the global economy. The UAE's strong t...