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Tag Archives: UAE

Money taken abroad through corruption, legal means: DG FIA tells SC

FIA arrests illegal money changer

ISLAMABAD: Director General (DG) Federal Investigation Agency (FIA) Bashir Memon informed the Supreme Court that 4,221 Pakistanis have foreign bank accounts and assets in the United Arab Emirates (UAE). The revelation came as Chief Justice of Pakistan (CJP) Mian Saqib Nisar, while heading a two-judge bench, remarked, “FIA should inform us how many Pakistanis have assets and accounts in the ... Read More »

UAE, Bahrain sign MoU to improve air links

Germany-Switzerland sign arbitration agreement for tax disputes

DUBAI: The UAEs Civil Aviation Authority has signed a memorandum of understanding (MoU) with their counterparts in Bahrain to improve transport services between the two countries. Following a round of negotiations in Manama, Mohammed Thamer Al Kaabi, under-secretary of Bahrain’s Ministry of Civil Aviation Affairs, said that the draft agreement “represents a qualitative leap in the leap in the organisation ... Read More »

UAE, Egypt to replace LNG supplier due to Gulf crisis

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DUBAI: Qatar’s LNG supplies to the United Arab Emirates (U.A.E.) and Egypt will likely have to stop, according to the Chief Executive Office of Dubai-based consultancy Qamar Energy, Robin Mills, on Friday. Mills told Anadolu Agency that if direct LNG supplies from Qatari ports to the U.A.E, and Egypt cease due to the imposition of sanctions, both countries will need ... Read More »

UAE, Japan non-oil trade reaches $14.6bn in 2016

trade

DUBAI: The non-oil trade between the UAE and Japan reached about $14.6 billion in 2016, and the countries are working continuously to strengthen their economic ties and common interests, according to a recent report. The UAE Ministry of Economy has recently released a new report covering a comprehensive review of Japan’s trade policy and a closer look at the latest ... Read More »

ADNOC’s strategic storage move seen as win-win deal for India, UAE

adnoc

ABU DHABI: The recent move by the Abu Dhabi National Oil Company to give up its crude storage lease in South Korea and instead sign a deal with India signals a strategic step by the UAE producer to establish ground presence in one of Asia’s fastest-growing oil demand centers, as competition to grab a piece of that market intensifies. The ... Read More »

UAE, Turkey eye increased trade ties at key talks

mexicotradeties

DUBAI: The UAE Economy Minister Engineer Sultan bin Saeed Al Mansoori will lead a top-level economic delegation to Turkey for the Joint Economic Committee (JEC) meeting between the two countries. The meetings will be held in the Turkish capital of Ankara on February 6 and 7 and will be chaired by Al Mansoori and Deputy Prime Minister of Turkey Mehmet ... Read More »

UAE, India seek action plan to increase bilateral trade by 60%

prices increases

DUBAI: The UAE and India are to develop action plans by June in a bid to increase bilateral trade by 60 percent over the next five years. Indian Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, agreed that the UAE and India must continue to cooperate closely in order to expand mutual trade and ... Read More »

UAE, Paraguay discuss economic co-operation

ECONOMIC COOPERATION

ABU DHABI: Sultan bin Saeed Al Mansouri, Minister of Economy, and Gustavo Leite, Paraguay’s Minister of Industry and Commerce, discussed the promotion of trade and economic ties through joint investments in areas of mutual interest. The two ministers met in Dubai, in the presence of Abdullah Al Saleh, Undersecretary in the Ministry of Economy for Foreign Trade Affairs, and Angel ... Read More »

UAE, Finnish officials discuss ties

economic ties

DUBAI: Dr Abdullah Bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development and Chairman of the Zayed Housing Programme, today met with Kai Mykanen, Finland’s Minister of Foreign Trade and Development, and Riitta Swan, Finnish Ambassador to the UAE, to discuss ways of promoting co-operation between the two countries. The UAE Minister briefed the Finnish officials about the UAE’s infrastructure ... Read More »

UAE, Saudi shares end higher on quiet trade

trade

ABU DHABI: Shares in the UAE closed ­marginally higher on Sunday, with trading volumes hitting multi-week lows ahead of the holiday season. Saudi shares likewise ended the day in the black, while the Qatar Exchange remained closed for the country’s national day. The Abu Dhabi Securities Exchange General Index led gains for the day across the Arabian Gulf region, closing ... Read More »

UAE, Saudi footwear imports down

imports

DUBAI: Brazilian footwear exports to the United Arab Emirates and Saudi Arabia have declined in amount, total value, and average price per pair. August and year-to-date numbers made public this Friday (9) by the Brazilian Footwear Industry Association (Abicalçados) show that total export revenues went up in August and year-to-date. Abicalçados reported that from January to August, USD 11.7 million ... Read More »

UAE, China trade to hit $80b in two years

trade

DUBAI: China, ranked as Dubai’s largest trade partner and the UAE’s second-biggest trading partner, is all set to take its bilateral trade to $80 billion in the next two years, and may end the current year with $60 billion up from $54.8 billion in 2014, said Hakel Wen, international VIP service executive of the China Foreign Trade Centre. “The UAE ... Read More »

UAE, Iran business yet to pick up despite lifting of sanctions

uae iran

ABU DHABI: Business between the UAE and Iran is yet to pick up despite lifting of sanctions on the Islamic republic earlier this year, experts and Iranian Business Council in Dubai said. “Things have not changed much as primary sanctions still remain and banks in the UAE are reluctant to deal with the Iranians or companies which have Iranian partners ... Read More »

UAE, Germany set to ramp up trade ties

trade

ABU DHABI: Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has stressed the importance of boosting cooperation between the UAE and Germany in the aviation sector. Al Mansouri said such cooperation would drive both countries’ commercial relations forward and provide greater access for new markets as both countries enjoy strategic locations. Trade between the UAE and Germany touched Dh57 ... Read More »

UAE, EU trade with Iran may reach $59bn by 2018

trade

DUBAI: Iran’s re-entry to global trade will headline discussions at a major conference in Dubai, as the UAE and European Union (EU) trade with Iran is expected to reach $59 billion by 2018. The opportunities faced by the Middle East maritime industry ahead of the further lifting of economic sanctions on Iran, will be the lead subject at this year’s Seatrade ... Read More »

UAE, South Africa keen to expand trade

freetrade

ABU DHABI: The collaboration between South Africa and the UAE in trade and investment is the cornerstone of the bilateral relationship, says Mpetjane Lekgoro, Ambassador of South Africa to the UAE, in an interview with Khaleej Times. Since the dawn of democracy in South Africa in 1994, the two countries have maintained a strong political and economic relationship and over ... Read More »

UAE, Saudi show weakest non-oil growth in 3 months

sales growth

RIYADH: The non-oil private sector in the United Arab Emirates and Saudi Arabia lost some growth momentum in April, with business conditions improving at the weakest pace in three months, a report said. Output, new orders and input stocks all rose more slowly, but the main drag on the sector was a stagnation in employment. It was only the second ... Read More »

UAE, Jordan in tie-up to avoid double taxation

jordan uae

ABU DHABI: UAE, represented by the Ministry of Finance (MoF), recently signed an agreement on the avoidance of double taxation and tax evasion on income with Jordan. The agreement aims to enhance joint cooperation in economic and tax fields, and encourage investment activities and trade exchange between both countries. The signing ceremony took place alongside the ‘Joint Annual Meeting of ... Read More »

UAE, Saudi Govt bank deposits decline

decline

RIYADH: Banks deposits in Saudi Arabia and the UAE fell last month as low oil prices impacted balance sheets. In February, government deposits in Saudi Arabia dropped 6.6 per cent from SAR 291bn the previous month to SAR 271.8bn, according to Saudi Arabian Monetary Authority data. The country’s M3 measure of money supply, including cash balances and bank deposits held ... Read More »

UAE, Saudi economy improves in Feb

economy

ABU DHABI: Economic sentiment in the UAE and Saudi Arabia ticked up slightly in February, following a mild recovery in oil prices from the 12-year lows scraped the month before, according to a monthly survey. The UAE purchasing managers’ index, a measure of business activity, increased slightly to 53.1 in February, up from 52.7 the previous month. A score above ... Read More »