Onjo Simson

The foreign ministries of China and the United Arab Emirates held their second meeting of the bilateral consultation mechanism on counterterrorism and deradicalization cooperation on October 29th. Vice Foreign Minister Chen Xiaodong led the Chinese delegation to Abu Dhabi to meet with officials from the UAE.  Both sides recognized the good development of the comprehensive strategic partnership between China and the UAE. They exchanged views on the current international and regional situation regarding terrorism and security. China and the UAE face common challenges from terrorist and extremist threats. Strengthening cooperation is important for both countries. Officials from relevant government departments of China and the UAE attended the meeting. They discussed ways to make better use of the consultation mechanism between the two countries on counterterrorism and countering violent extremism. The mechanism supports security cooperation agreed upon by the leaders of China and the ...

  Despite facing global headwinds, the UAE’s National Corporation for Tourism and Hotels (NCTH) has managed to increase its revenue and maintain steady profits through the first three quarters of 2024. The company reported revenues of AED 495 million for the nine month period, up from AED 485 million the previous year. Net profits remained stable at around AED 41 million.  In the third quarter alone, revenues grew further to AED 160 million compared to AED 152 million in Q3 2023. While profits dipped slightly from the same period last year, remaining above AED 10 million. This shows NCTH’s resilience amid rising costs and weakness in certain markets. The hospitality sector has recovered strongly since the depths of the pandemic. NCTH has a diverse portfolio of hotel assets spread across various emirates and segments. This diversification mitigates risks from any single market slowing down. Reforms to visas and residency rules also boost visitor numbers. Major events such as Ex...

  The United Arab Emirates saw major growth in foreign direct investment last year. According to a new UN report, the number of new investment projects in the UAE rose by 33% compared to 2022.  This type of investment is called "greenfield" investment. It means when a company builds a new operation or factory in another country. The UAE had the second highest number of new greenfield projects globally in 2023. Over 1,300 new facilities were announced. As a result of this growth, foreign capital invested in the UAE economy grew substantially. Total investment flowing into the country reached $30.7 billion, up 35% from the previous year. Several important business sectors drove this increase, like technology and services.   The UAE climbed two spots to be a top five destination for new investment sites. It attracted about 60% of all foreign investment to Gulf countries, which more than doubled to $37 billion total.  Key sectors attracting investors included busine...

  The UAE continues to attract significant foreign investment according to recent figures. In 2023, an estimated $16 billion flowed into the country as greenfield foreign direct investment or FDI. This type of investment involves new productive assets or infrastructure projects. Several key sectors drove this strong FDI performance, supported by the nation's strong economic strategy.  Major sectors leading FDI inflows included business services, IT, financial services, manufacturing and logistics. The UAE's business-friendly environment and strategic location make it appealing for many multinational companies. Wholesale, real estate and finance accounted for the largest shares of total FDI stock in the country. Significant investments also came from key trading partners like the US, India, UK, KSA and France.  Under visionary leadership the UAE has developed dynamic economic zones and incentives to strengthen its position as a regional hub. Free zones continue facilitatin...

  The UAE has been working to build strong relations with member nations of the G20, an important international forum for global economic cooperation. Here are some highlights of their productive engagements: The UAE recently hosted a number of top leaders from G20 states. The Prime Minister of India visited in June to sign several economic agreements and invest over $16 billion in key sectors. Italian Ministers also visited to enhance partnerships in trade, investment and energy. Strengthening these strategic ties will benefit both nations. Officials from the UAE also made visits to key partners. In September, ministers travelled to Japan to discuss collaboration in emerging technologies, space cooperation and climate action. Agreements were reached to work more closely as both countries prepare to lead the G20 in future years.  Meetings were also held with several European states to boost cooperation. Deals were inked with Germany to increase investments in renewable energy....

The UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan is on a state visit to Russia, where he attended the 2024 BRICS Summit in Kazan under Russian chairmanship. On the sidelines of the important summit, Sheikh Mohamed engaged in bilateral discussions with several world leaders and heads of state on the last day of the summit.  Among those he met was Indian Prime Minister Narendra Modi to strengthen the robust comprehensive strategic partnership between the UAE and India. He also held productive talks with Chinese President Xi Jinping where they reviewed cooperation across various fields including economy, investment and energy.  In another meeting Sheikh Mohamed discussed with South African President Cyril Ramaphosa ways to enhance ties and coordinate views on issues of common interest. He also exchanged views with Brazilian President Jair Bolsonaro on consolidating joint coordination and the partnership in investment and development sectors. Furthermore, Sheikh M...

  The UAE is providing relief assistance to Lebanon, which is facing tough economic conditions. A campaign called UAE Stands with Lebanon was launched to collect donations. Residents of Abu Dhabi got involved by volunteering to pack boxes of essential items at distribution centres.  Over the course of one week thousands of residents dedicated their time to sort and bundle aid supplies Food baby products hygiene kits and other necessities were organised into boxes and parcels. The goal was to prepare 10000 packages for shipment to Lebanon It was a massive undertaking that brought the community together for a good cause.   With many hands helping the target was surpassed A final count showed the number of packages packed exceeding 10500 Donations of quality items kept coming in from generous supporters. Volunteers worked diligently, often bringing their families to participate Seeing the boxes piled high and ready for transport was very fulfilling. These aid boxes will...