Uae Economy

US, UAE discuss progress on India-Middle East-Europe Economic Corridor

US President Joe Biden and his counterpart from the United Arab Emirates Sheikh Mohamed bin Zayed discussed the progress of the landmark India-Middle East-Europe Economic Corridor (IMEC) and underscored its potential to usher in a "new era of international connectivity". The ambitious project was launched at the 2023 G20 Leaders' Summit in New Delhi, together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union. When complete, it would connect India by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece. At the meeting held at the White House on Monday, Biden and Zayed reaffirmed that the corridor will generate economic growth, increase efficiencies, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East, according to a joint statement. The two leaders underscored that the transformative partnership had the potential to usher in a

8.7 mn Indians employed in West Asia, mostly in blue-collar jobs: Report

UAE remains the largest hub, followed by Saudi Arabia and Kuwait

Sudan accuses UAE of fuelling war with weapons to paramilitary rivals

The Sudanese government has accused the United Arab Emirates of fuelling the 14-month war in the African country by providing weapons to a rival paramilitary force. The UAE dismissed the allegation as "ludicrous," calling "a shameful abuse by one of the warring parties". The clash came during a UN Security Council meeting at which Assistant Secretary-General Martha Pobee warned that atrocities are being committed along ethnic lines in Sudan's western Darfur region. She urged an immediate cease-fire in the North Darfur capital, El Fasher, which is besieged by the paramilitary Rapid Support Forces, "to prevent further atrocities, protect critical infrastructure, and alleviate civilian suffering". Sudanese Ambassador Al-Harith Mohamed accused the paramilitary Rapid Support Forces of "destructively launching" its war with the Sudanese military and attacking civilians, aided by weapons from the UAE. He said that Sudan has evidence of the UAE supplying weapons and that the government wil

More Indian passengers prefer non-stop flights to indirect ones: OAG data

The data breaks the myth that Indians prefer to use west Asian carriers as hubs for flights to the US and Europe

US slaps sanctions on Hong Kong, UAE firms for Russian-origin gold deals

Russia is the world's second-largest gold miner after China

Why wealthiest Gulf powers like UAE are snapping up prime property in Egypt

In the short term, the UAE's goal was to shore up the economy of a country seen as too big to fail

Heavy rains, flood in Dubai expose weaknesses to a rapidly changing climate

The flooding washed away homes and caused dozens of fatalities

Storm dumps 18 months' rain on parts of UAE, flooding roads, airport

Heavy thunderstorms lashed the United Arab Emirates on Tuesday, dumping over a year and a half's worth of rain on the desert city-state of Dubai in the span of hours as it flooded out portions of major highways and its international airport. Meanwhile, the death toll in separate heavy flooding in neighbouring Oman rose to 18 with others still missing as the sultanate prepared for the storm. The rains began late Monday, soaking the sands and roadways of Dubai with some 20 millimetres (0.79 inches) of rain, according to meteorological data collected at Dubai International Airport. The storms intensified around 9 a.m. local Tuesday and continued throughout the day, dumping more rain and hail onto the overwhelmed city. By the end of Tuesday, more than 142 millimetres (5.59 inches) of rainfall had soaked Dubai over 24 hours. An average year sees 94.7 millimetres (3.73 inches) of rain at Dubai International Airport, the world's busiest for international travel and a hub for the long-haul

Switzerland, UAE, China lead double digit imports growth in February

After growth in merchandise imports remained in negative territory for most of 2023, inbound shipments have turned positive for two consecutive months since January

Get Dubai work visa in 5 days with 5 docs! UAE's "Work Bundle" explained

To simplify and expedite the process of obtaining work permits and residency visas, the UAE has launched a new platform called the "Work Bundle". Here's what you must know

UAE welcomes UNSC resolution calling for ceasefire in Sudan during Ramadan

The Ministry underscored its steadfast support for all endeavours working towards de-escalation, achieving a ceasefire, and initiating political dialogue

Govt permits 64,400 tonnes of onion exports to UAE, Bangladesh via NCEL

The government has permitted exports of 64,400 tonnes of onion to the UAE and Bangladesh through the National Cooperative Exports Ltd (NCEL), according to notifications of the commerce ministry. While export of 50,000 tonnes of onion is permitted to Bangladesh, shipments of 14,400 tonnes were allowed to the UAE. "Export of 14,400 tonnes of onions, with a quantity ceiling of 3,600 MT (metric tonnes) quarterly, to UAE through NCEL is notified," the directorate general of foreign trade (DGFT) said in a notification. DGFT is an arm of the commerce ministry, which deals with norms related to imports and exports. For exports to Bangladesh, it said that the modalities for the exports will be worked out by the NCEL in consultation with the department of consumer affairs. Though onion exports are banned, the government allows specified quantities to friendly nations. The exports are allowed on the basis of permission granted by the government to other countries based on their request. On

UAE removed from global watchdog's dirty money list in quick turnaround

The decision could lead to smoother foreign currency transactions, lower inter-bank fees, and increased trade and investment, according to Moody's Analytics Industry Practice Lead Mohamed Daoud

FATF removes UAE, Uganda, Barbados & Gibraltar from gray list of countries

An international watchdog said Friday that it was removing the United Arab Emirates from its so-called gray list of countries that don't take full measures to combat money laundering and terrorism financing. The announcement was made by the Paris-based Financial Action Task Force following its meeting in the French capital. The FATF welcomed the UAE's "significant progress in improving its anti-money laundering and counterterrorism financing policies. Barbados, Gibraltar and Uganda will also be removed from the FATF's gray list, the watchdog said in a statement Friday following its plenary meetings. They "will no longer be subject to the FATF's increased monitoring process, the watchdog said in a statement. Being on the watchdog's gray list can scare away investors and creditors, hurting exports, output and consumption. It also can make global banks wary of doing business with a country.

UAE to welcome 175 ministers, officials for WTO's 13th ministerial meet

Ministerial Conferences are the highest decision-making body of the WTO and serve as crucial forums for member states to address trade challenges, refine trade rules, etc.

India, UAE sign bilateral investment agreement during PM Modi's visit

Framework on proposed IMEC also signed

'Societal misalignments' could make AI dangerous, warns OpenAI CEO

The CEO of ChatGPT-maker OpenAI said on Tuesday that the dangers that keep him awake at night regarding artificial intelligence are the very subtle societal misalignments that could make the systems wreak havoc. Sam Altman, speaking at the World Government Summit in Dubai via a video call, reiterated his call for a body like the International Atomic Energy Agency to be created to oversee AI that's likely advancing faster than the world expects. There's some things in there that are easy to imagine where things really go wrong. And I'm not that interested in the killer robots walking on the street direction of things going wrong," Altman said. "I'm much more interested in the very subtle societal misalignments where we just have these systems out in society and through no particular ill intention, things just go horribly wrong. However, Altman stressed that the AI industry, like OpenAI, shouldn't be in the driver's seat when it comes to making regulations governing the industry. We

Looking to deepen India-UAE comprehensive strategic partnership: PM Modi

Prime Minister Narendra Modi on Tuesday said he is looking forward to further advance India's comprehensive strategic partnership with the United Arab Emirates during his two-day visit to the Gulf nation. After concluding his two-day visit to the UAE, Modi will travel to Qatari capital Doha on Wednesday afternoon. In his departure statement ahead of the two-nation visit, Modi said he was also looking forward to meeting Sheikh Tamim bin Hamad Al Thani, the Amir of Qatar, saying the country continues to witness "tremendous growth and transformation" under his leadership. The announcement on Modi's visit to Doha came on Monday against the backdrop of Qatar releasing eight jailed former Indian Navy personnel. "India and Qatar enjoy historically close and friendly relations. In recent years, our multi-faceted ties have continued to deepen in all spheres, including high level political exchanges, growing trade and investment between two countries, strengthening of our energy partnership,

OpenAI's Altman in talks to raise funds for chips, AI initiative: Report

The amounts Altman has discussed are outlandishly large by the standards of corporate fundraising, the report added. Investors have valued OpenAI at more than $80 billion

Qatar's credit rating upgraded by Moody's to match France, UAE, overtake UK

The rating company also changed Qatar's outlook from positive to stable, meaning another upgrade is unlikely in the short term