Category: Trading

ABU DHABI: In the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), today honoured the first 30 graduates of the Global Future Trade Leaders Programme – a course designed to develop the Emirati trade negotiators of the future.

The three-month training course, which was launched by the Ministry of Economy in conjunction with Abu Dhabi Department of Economic Development (ADDED) last November, has been designed to equip participants with the skills necessary to drive forward the nation’s foreign trade agenda.

The Graduation ceremony was also attended by Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, and Rashid Al Balushi, Under-Secretary of the Department of Economic Development – Abu Dhabi.

The graduation comes on the eve of the 13th Ministerial Conference (MC13), the World Trade Organisation’s topmost decision-making body that is taking place in Abu Dhabi between
26th-29th February. Preparations for the event, which gathers global ministers and government officials from 164 Member States to review, refine and update the rules governing global trade, was part of the Global Future Trade Leaders Programme’s curriculum.

During the graduation ceremony, Dr. Al Zeyoudi, who is also MC13 Chair, highlighted the central role of foreign trade in the UAE’s national vision, which seeks to develop an agile, adaptable and diversified economy built on knowledge and innovation. Additionally, he emphasised the importance of the nation’s next generation in expanding the UAE’s status as a trade hub and champion of open, rules-based trade as a driver of long-term growth and development.

He said, ‘The UAE is a compelling example of trade’s power to elevate economies and provide a pathway to long-term, sustainable prosperity. In a rapidly evolving world, the ability of the global trading system to keep delivering growth and opportunity will depend on the next generation of trade professio
nals. Their talent, leadership and commitment to open, rules-based trade will ensure every nation around the world will continue to benefit from the free flow of goods, services and ideas.’

‘The Global Future Trade Leaders Programme is designed to equip our young trade strategists with the skills and knowledge necessary to cultivate a modern, inclusive and sustainable global trading system, offering them hands-on, real-world experience of global trade issues. I offer my utmost congratulations on their successful completion of the programme and look forward to their continued contribution to our national vision.’

The Chairman of ADDED said, ‘The graduation of the 1st cohort of the Global Future Trade Leaders Programme is a milestone in our journey to equip our talents with the skills to enhance UAE’s status as a leading trade hub, and accelerate our transition to a smart, diversified, and sustainable economy.’

‘Trade is an integral part of UAE’s development. The free flow of goods, services, and people has
shaped our history and continues to drive our progress as we are forging ahead with efforts to cement the UAE’s position as a leading global hub for trade, business, and investments,’ Al Zaabi added. ‘To this end, we believe the right talents and skills are paramount. The graduates of this programme will enable UAE representatives to reach innovative solutions to global trade challenges at the upcoming WTO Ministerial Conference in Abu Dhabi.’

Supported by the Anwar Gargash Diplomatic Academy (AGDA), the UAE’s official Education Partner as host of MC13, the Global Future Trade Leaders Programme saw candidates participate in a series of masterclass sessions led by experts from international and national entities including the WTO, World Economic Forum, UNCTAD, OECD and AGDA. Subjects covered a range of trade-related topics from trade policy and financing to digital and sustainable trade.

The launch of the programme aligns with the increasing importance of foreign trade in the UAE’s strategic agenda, serving
as a key contributor to doubling the national economy and achieving objectives linked to economic diversification, accelerating GDP growth, stimulating non-oil exports, supporting innovation, and preparing the next generation of talents, competencies, and creative ideas.

Source: Emirates News Agency

DUBAI: The world’s mega-rich and well-heeled luxury consumers are taking to the ocean like never before, but luxury yacht builders and makers of high-end marine crafts should continue to prioritise their eco-credentials if they’re to ride the wave of a US$13 billion market.

Speakers at this week’s Dubai Boat Show Leisure Yachting Conference agree that boatyards which prioritise sustainable manufacturing into yachts that are better for the environment will align with the values of the new-age eco-conscious yacht owner or even first-time buyer.

If they do so, expect to see plenty of e-boats and hybrid electric propulsion vessels in the coming years cruising beautiful marine tourism hotspots, including the Dubai Reef, launched in 2023, one of the world’s largest reef development projects, which will span 600sqm of pristine Dubai coastline.

Eric Althaus, Managing Partner and Senior Broker of Althaus Yachts, a broker of high-end yachts, said eco yachts are the perfect foil for today’s owners eager to reduce the
ir environmental footprint: ‘The modern yacht owner, often younger, seeks global exploration and adventure in remote places,’ said Althaus, who will sit on a panel about innovative marketing strategies in luxury yachting at the Dubai Boat Show Leisure Yachting Conference, taking place on 27th February at the Westin Mina Seyahi.

‘To align with these values, eco yachts are equipped with advanced features such as hybrid electric propulsion, sustainable materials, dynamic positioning, solar panels, and cutting-edge wastewater recovery systems, emphasising a commitment to environmental care during cruises.’

The annual Dubai Boat Show Leisure Yachting Conference will act as the official curtain raiser for the Dubai International Boat Show, bringing more than 250 key industry leaders from across the globe to deep dive into topics including innovation, regulation, sustainability, and the future of the sector.

It arrives as yacht-brokerage firms reported record sales of super yachts in 2023, with Fortune Business I
nsights, a market researcher, expecting the global luxury yacht market to nearly double in size over the next eight years, with annual revenues reaching US$13.6 billion by 2030.

Dr. Mariem Nasraoui, R and D Director at ChromaMe Air and Surface Nano Tech, is another speaker on a panel exploring tech’s role in transforming the luxury yachting sector. Dr. Nasraoui said tech is critical in advancing luxury yachting’s sustainability agenda.

‘Innovations such as eco-friendly propulsion systems, lightweight materials, and energy-efficient technologies will help reduce the environmental footprint of yachting activities while maintaining high standards of luxury and performance,’ said Dr. Nasraoui.

‘In the coming years, we can expect to see further integration of technology into luxury yachting, including advancements in areas such as autonomous navigation, renewable energy integration, and augmented reality experiences for passengers. These innovations will continue to enhance the overall yachting experience whi
le addressing sustainability challenges and driving industry growth.’

An amazing orchestra of collaboration

Figen Ayan, Chief Port Officer of Galataport Istanbul and MedCruise – the largest port association globally representing over 150 ports from 22 countries – will sit on a panel of the Dubai Boat Show Leisure Yachting Conference examining the Gulf region’s steep ascent as a capital of the yachting world.

This rising status is amplified by sustainable government initiatives propelling the region into a global marine paradise, accentuated by the Arabian peninsula’s crown jewel, the Dubai Reef, the world’s largest artificial reef and a beacon of sustainability, attracting yachters and divers alike with a promise of eco-friendly cruising.

Ayan said the Dubai Reef is the result of an ‘amazing orchestra of collaboration’ that invites visitors to dive into local culture and discover all aspects of a destination: ‘Especially post-pandemic, we clearly see in the marine tourism industry that travellers and Z ge
nerations are more eco-conscious, sustainable, and look for holistic experiences,’ said Ayan.

‘The investments in ports, marinas or waterfronts are clearly following this trend and we see that the line between ports, berths and the hinterland is no longer separated and clear cut. Cities and communities are fully integrated, and the vision is fully inclusive where tourists, yacht owners and locals are brought together in a harmonious, inclusive space in a socially sustainable manner.’

Other speakers at the Dubai Boat Show Leisure Yachting Conference include Abeer AlShaali, Deputy Managing Director of UAE boat manufacturer, Gulf Craft; Guillermo Canellas Vears, Head of Asset Management at NEOM; and Yousuf Lootah, Acting CEO of Corporate Strategy and Performance at the Dubai Department of Economy and Tourism.

The one-day conference precedes the 30th Dubai International Boat Show, gathering the marine leisure and tourism industry’s leading minds and protagonists of its future development to scrutinise the most
critical topics steering sustainable sector growth.

Something for everyone – more than a boat show

The Dubai International Boat Show takes place from 28th February to 3rd March at the Dubai Harbour, featuring more than 1,000 brands from 55 countries, 200-plus boats – including nearly 50 regional and global boat launches – along with a raft of exciting watersports activities, kids’ areas, a fishing competition, F and B, and live entertainment for the entire marine community and families to enjoy.

The five-day showpiece event is organised by the Dubai World Trade Centre, and is one of the world’s most prestigious marine lifestyle shows, connecting people and the ocean while showcasing the best of what Dubai offers to live, work, play, and visit.

Source: Emirates News Agency

DUBAI: Dubai Municipality has implemented a project to rebuild and rehabilitate the supporting walls along the Deira side of Dubai Creek, with a total expense of AED112 million.

The project aims to enhance the effectiveness of the creek’s retaining walls by upgrading the dock, reconstructing sections that have been damaged and dilapidated over the past 50 years, and preventing potential flooding during harsh weather conditions. This effort aims to minimize disruptions to commercial traffic caused by flooding or bad weather.

The project is set to be implemented in two phases, with the initial phase involving the restoration of a 2.1 km stretch along the Deira side of Dubai Creek. The site will be divided into multiple sections, and each segment will be sequentially patterned to ensure uninterrupted docking traffic. The second phase will cover a 2.3 km length on the Bur Dubai side.

Global Reputation

Dawoud Al Hajri, Director-General of Dubai Municipality, stated that the project highlights Dubai Municipalit
y’s commitment to transforming Dubai into a more attractive and innovative city by enhancing various elements and services it offers through the strategic and sustainable development of all coastal facilities and infrastructure in the Emirate. The goal is to solidify Dubai’s position as a global tourism hub and augment its economic and commercial prosperity.

Al Hajri said, ‘The project is set to improve security and safety measures for maritime traffic and commercial operations within Dubai Creek. As a significant symbol of the city’s growth, Dubai Creek serves as a vibrant artery at the heart of Dubai.

Facilitating the passage of over 13,000 ships annually, it plays a key role in fostering the economic and social prosperity of the emirate. Additionally, the creek further supports commercial dealings with neighbouring markets in the region.’

‘We have implemented several measures to mitigate the risks posed by climate change and rising sea levels, closely monitoring changes on both sides of the creek. Furth
ermore, we have conducted technical studies to devise construction designs that can enhance the efficiency of the marine docks on both banks.

These designs adhere to the highest global standards, ensuring the preservation of the supporting walls’ stability and safeguarding against increased flooding during seasonal weather conditions.’ Al Hajri added.

Comprehensive work

The project’s 14-month timeline includes the restoration of the 2.1 km Deira pier, which involves replacement and the rehabilitation of damaged sections of the concrete wall, reaching a depth of 8 meters and increasing its height to 3 meters. These improvements aim to ensure the safe docking of ships in the area.

By initiating this project, the Municipality aims to enhance services and facilities for safe docking and navigation, which will be ensured through the provision of 200 anchors across the dock.

Dubai Creek is one of the most vital historic maritime channels in the Emirate, marking the initiation of Dubai’s trade interactions with
the world over a century ago.

Despite the extensive development in the Emirate of Dubai, the Creek continues to maintain its historical, commercial, and economic importance, along with modern projects prevalent in the emirate, in addition to serving as a significant tourist hub for residents, visitors, and tourists.

Source: Emirates News Agency

ABU DHABI: The Philippines expects successful negotiations on fisheries subsidies, agriculture, and climate issues at the World Trade Organisation’s (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi, according to Alfredo E. Pascual, the Secretary for Trade and Industry of the Philippines.

‘I am particularly enthusiastic about welcoming Comoros and Timor-Leste as the latest additions to the WTO, signifying the culmination of the second phase of negotiations on fisheries subsidies,’ he told the Emirates News Agency (WAM) in an email interview from Manila.

Additionally, Pascual expressed his hope that MC13 would reach significant agreements in agriculture, ‘focusing on enhancing food security, a concern that is paramount for many nations’.

UAE’s vital role

The UAE will host MC13 from 26th to 29th February 2024 in Abu Dhabi, after successfully organising COP28, the UN Climate Conference in Dubai in December 2023.

Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO
‘s top decision-making body, which meets usually every two years.

‘The Philippines profoundly appreciates the UAE for its exemplary leadership in hosting the MC13,’ said Pascual who will be the head of the Philippine delegation to the conference.

The vital role the UAE has assumed, he pointed out, particularly after the momentum garnered from MC12 and the fruitful senior officials’ meeting in October, sets a stage ripe with promise for substantial progress and continued vitality in the WTO’s endeavours.

E-commerce, WTO reforms

The Philippine official said the conference will also provide a platform for in-depth dialogues on critical topics such as e-commerce, the intersection of trade and environmental concerns, and the imperative of inclusivity within the multilateral trading framework.

‘These discussions are crucial for ensuring a balanced and progressive global trading system.’

The Philippines has been a staunch advocate for the reform and modernisation of the WTO, with a particular emphasis on bolst
ering the development aspect of the discussions, Pascual stressed.

‘I am optimistic that this conference will mark a significant step forward in these essential areas, reflecting our collective commitment to a more equitable and sustainable global trade environment.’

Climate issues

The challenges of climate change are among the most formidable that the global community must confront, and the Philippines, as a country acutely vulnerable to its impacts, is resolute in leveraging the multilateral trading system to mitigate these effects, the official asserted.

‘Our dedication is evident in our proactive stance on promoting sustainable trade practices, facilitating the exchange of eco-friendly goods and services, and actively pursuing alliances with other WTO members who share our vision of integrating trade and environmental sustainability.’

The urgency of this endeavour cannot be overstated, Pascual emphasised.

The WTO is strategically positioned to expedite the global trade of climate-smart technologies,
which are instrumental in driving the shift towards renewable energy-a shift that is particularly crucial for developing and least-developed countries (LDCs) in their pursuit of economic growth and sustainability, he explained.

‘Furthermore, our engagement in these environmentally-centred trade initiatives goes beyond the immediate response to climate change. It also catalyses investment, spurs job creation, and reinforces food security.’

These are holistic benefits that contribute to a resilient global trading system, one that is capable of supporting the collective transition to a greener economy, the official added.

Philippines-UAE relations

Pascual commended the UAE for its strategic initiatives to enhance the trade relations with economies worldwide, reinforcing the country’s position as a global trade and logistics hub.

The series of Comprehensive Economic Partnerships (CEPAs) signed with several countries exemplify the UAE’s expansive trade vision, he pointed out.

The UAE has concluded CEPA with
11 countries such as India, Indonesia, Israel, Trkiye, Cambodia, South Korea, Colombia, Georgia, Mauritius, Congo-Brazzaville and Costa Rica. The first five agreements have already come into effect.

The Philippine official noted that recent agreement on the terms of reference for the Philippines-UAE CEPA marked a milestone, promising to enhance trade and investment flows with the UAE and the broader Gulf region.

The CEPA will foster greater opportunities across various sectors, including construction, energy, and logistics, he added. ‘It aligns with the Philippine Development Plan’s objectives to widen our Free Trade Agreement network.’

The potential for collaboration between the UAE and the Philippines is immense, and the MC13 provides an excellent platform to explore these opportunities further, Pascual stressed.

Source: Emirates News Agency

DUBAI: Brazil reign supreme again! The Samba Boys secured their record-breaking sixth FIFA Beach Soccer World Cup title at UAE 2024, defeating Italy 6-4 in a thrilling final at the Dubai Design District.

Dominating the second half after a close 2-2 draw in the first, the world’s number one team showcased their mastery on the sand.

Led by the dazzling Rodrigo, the 2023 best player in the world, Brazil shone with three goals from his foot. Teammates Bruno Xavier and Brendo added their names to the scoresheet, while an own goal from Italy’s Genao sealed their fate.

This historic victory marks Brazil’s unwavering dominance in beach soccer, solidifying their position as the most decorated team in the sport’s history.

Source: Emirates News Agency