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UAE Announces 'Projects of the 50'

Minister of Cabinet Affairs Mohammad Al Gergawi during a press conference Sunday. (Asharq Al-Awsat)
Minister of Cabinet Affairs Mohammad Al Gergawi during a press conference Sunday. (Asharq Al-Awsat)
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UAE Announces 'Projects of the 50'

Minister of Cabinet Affairs Mohammad Al Gergawi during a press conference Sunday. (Asharq Al-Awsat)
Minister of Cabinet Affairs Mohammad Al Gergawi during a press conference Sunday. (Asharq Al-Awsat)

UAE plans to launch 50 new economic initiatives to boost the country's competitiveness and attract 550 billion dirhams ($150 billion) in foreign direct investment in the next nine years, government officials said on Sunday.

The projects, a few of which were unveiled on Sunday, include investing in technology and creating new visas to attract residents and skilled workers.

Among the projects, the UAE and the Emirates Development Bank will invest 5 billion dirhams in industrial technology and technology-heavy sectors, Minister of Industry and Advanced Technology Sultan al Jaber said during a media briefing.

Two new visa categories - one for freelancers and one for entrepreneurs and skilled workers - will be created to attract and retain foreigners with desirable skills, officials said.

The new "green visa" for skilled workers will have more flexibility for sponsoring family members and will allow more time to find a new job after one employment ends, they added.

The 10 x 10 program aims to achieve a 10 percent annual increase in UAE exports to 10 global markets.

Invest.ae is a portal that unites investment-related local entities and 14 economic entities, presenting investment opportunities throughout the UAE.

To boost the UAE’s position as the main gateway for global trade and investment, the government is undertaking comprehensive economic partnership agreements with eight key global markets around the world.

In addition to adopting the National Value Added Program by directing 42 percent of the purchases of federal bodies and major national companies to local markets, it will raise purchases from 35 billion dirhams (9.5 billion dollars) to 55 billion dirhams (14.9 billion dollars) within four years.

The newly launched Project 5Bn will see AED5 billion ($1.3 billion) allocated to support Emirati projects.

The UAE government also launched ‘Tech Drive’, a 5 billion-dirham ($1.3 billion) program to support advanced technology adoption in the industrial sector.

Established in partnership with the Emirates Development Bank, the fund will support the industrial sector’s shift towards the applications of the Fourth Industrial Revolution over the next five years.

Fourth Industrial Revolution Network will seek to grow 500 national companies through the application of advanced technology over five years.

Minister of Cabinet Affairs Mohammad Al Gergawi explained that the vision for the next 50 years is to make the UAE the global capital of investment and economic creativity, an integrated incubator for entrepreneurship and emerging projects, and an advanced laboratory for new economic opportunities.

He stressed how the "Projects of the 50" provides an impetus for investment in the digital and circular economies, and those based on the applications of artificial intelligence and the fourth industrial revolution.

Sarah Al Amiri, Minister of State for Advanced Technology, said that the Smart Industry Readiness Index has been created in partnership with international tech giants and will support the digital transformation of 200 industrial companies after evaluating the efficiency of digital operations.

A leadership strategy has also been created to support industry leaders with 100 business leaders set to receive training initially.

The plan is to create a “smart industry powered by technology”, Amiri said.

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Business

European Commission Vows Tougher Action on Trade with China

Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
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European Commission Vows Tougher Action on Trade with China

Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)

The EU's trade and investment relationship with China is "not sustainable", the European Commission said on Friday, vowing a stronger response as commissioners discussed how best to shield Europe's industries from surging Chinese imports.

Commissioners were pitching ideas ahead of an EU leaders' summit on June 18 to 19, and possible proposals could include forcing EU firms to diversify supply chains or introducing new trade mechanisms to curb China's access to the EU market in chemicals, metals and clean energy technology.

"As economic and security interests become ever more intertwined, both dimensions will require a more robust and coherent response," the Commission said.

Any concrete proposals for the response ‌are not expected ‌to be announced until the third quarter of this year.

Western governments are ‌trying ⁠to reverse some ⁠of the offshoring to China that peaked in the early 2000s, depleting industrial know-how and hubs in their countries, particularly in the US and EU members.

China's commerce ministry said on Saturday in response that Europe should abide by World Trade Organization rules, uphold free trade and fair competition, and firmly oppose protectionism and unilateralism.

"Should the EU insist on unilaterally introducing new trade instruments and imposing discriminatory restrictions, China will resolutely take countermeasures and adopt effective measures to safeguard its own interests," it said in an online statement.

TRADE ⁠IMBALANCES, OVERCAPACITY IN FOCUS

The Group of Seven (G7) wealthy nations will ‌also tackle trade imbalances and overcapacity at a mid-June summit ‌as China increasingly flexes its dominance on rare earths and other metals that are critical for sectors including defense, ‌tech, energy and automotive industries.

US President Donald Trump has pitched "America First" and, early this year, the ‌EU proposed a new "Buy European" policy and RESourceEU to accelerate the development of critical mineral supply chains in the EU as well as partnerships with mineral-rich countries from Central Asia to Australia and Brazil.

China's Foreign Ministry accused the EU on Thursday of using trade data selectively to justify claims of imbalances, and it has repeatedly threatened "strong ‌countermeasures" should the EU adopt "Buy European" and revised tech sovereignty policies. China rejects the notion that its trade practices are unjust.

Europe's industry faces ⁠a tougher climate than ⁠US rivals, constrained by higher energy costs and stricter regulation.

Industry Commissioner Stephane Sejourne said this week he wants the bloc's existing trade tools such as import duties and quotas to be used "more systematically" across sectors, rather than targeting specific companies or materials.

The EU has tried to curb some Chinese imports, with mixed results.

The bloc imposed tariffs on heavily subsidized Chinese electric vehicles, but not hybrid models. Hybrids accounted for nearly 40% of new car registrations so far this year and China's market share in Europe continues to rise.

While the Commission is keen to adopt a tougher stance, it will have to navigate differences between France and Germany to pass major legislation.

"Paris argues that Europe's open market is absorbing the combined effects of Chinese subsidies and US protectionism," Carsten Nickel, deputy research director at Teneo, wrote in a report.

"Germany's position is more conflicted," Nickel said, with concerns about mounting pressure on German manufacturing constrained by the deep dependency of big industrial groups on China's market.

Business

Regional Turmoil Drives Growth at Egyptian Ports While Cutting Suez Canal Revenues

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
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Regional Turmoil Drives Growth at Egyptian Ports While Cutting Suez Canal Revenues

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)

The Suez Canal may have incurred heavy losses due to regional tensions and instability in recent years — from the war in Gaza to the conflict involving Iran — those same disruptions have contributed to a significant surge in activity at Egyptian ports and in transit trade.

However, Egyptian economists said the strong increase in container traffic at the country’s ports is not enough to compensate for the canal’s losses.

They stressed that government initiatives, including efforts to expand transit trade, may only help reduce part of the revenue shortfall.

At the end of April, Egyptian President Abdel Fattah al-Sisi said Egypt had lost nearly $10 billion in Suez Canal revenues because of attacks on ships in the Bab el-Mandeb Strait.

Egyptian ports have experienced increased activity in recent months amid supply-chain disruptions linked to the Iran conflict. Maritime connections with regional countries have expanded, including the launch of the NEOM–Safaga multimodal logistics corridor linking Gulf Cooperation Council countries with Europe.

The Egyptian government has also reinforced trade links between the Gulf and Europe through the “Ro-Ro” shipping line connecting Damietta Port with Italy’s Port of Trieste to increase trade volumes.

In the energy sector, oil flows through Egypt’s SUMED pipeline rose following disruptions in global energy supply chains caused by the closure of the Strait of Hormuz.

Amr El-Samadouni, secretary-general of the International Transport and Logistics Division at the Cairo Chamber of Commerce, said the recent tensions in the Strait of Hormuz have “strengthened Egypt’s position as a regional hub for logistics services and supply-chain management.”

In a statement, El-Samadouni said the developments provide Egypt with “an important opportunity to offset part of the decline in Suez Canal revenues by attracting a share of urgent shipments that cannot tolerate long delays, especially in sectors linked to fast-moving trade and time-sensitive supply chains.”

According to a statement by Egypt’s Ministry of Transport on Thursday, the country’s port sector recorded a major increase in cargo and container handling. Egyptian ports handled 11.1 million twenty-foot equivalent units (TEUs) in 2025, compared with 8.9 million in 2024, representing growth of 24.3 percent.

Transit container traffic also increased sharply, reaching 6.7 million containers in 2025, a rise of 36 percent. The number of ships calling at Egyptian ports climbed to 17,288 voyages in 2025, up 6.6 percent, according to the ministry.

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean and is investing heavily in upgrades to strengthen its role in regional and international trade.

The Ministry of Transport said the modernization program aims to transform Egypt into a regional hub for transport, logistics, and transit trade while boosting the ports’ ability to attract investment and handle growing trade volumes.

Despite the improvements in port activity, “they cannot compensate for the losses of the Suez Canal,” said Walid Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation.

He noted that revenues from trade and container handling “may reduce the losses but cannot fully replace them,” adding that shipping traffic through the canal has yet to return to pre-Gaza war levels.

Gaballah told Asharq Al-Awsat that continued regional instability makes recovery in Suez Canal traffic increasingly difficult.

Egyptian economist Mostafa Badra also said there can be no direct comparison between canal revenues and port trade income. “There is no substitute for the canal as a major source of foreign currency,” he told Asharq Al-Awsat, noting that revenues generated by port trade remain far below the canal’s earnings under normal conditions.

Badra added that the government’s port-development strategy is intended to strengthen Egypt’s logistics capabilities and reinforce the Suez Canal’s role as a global trade corridor while primarily supporting domestic trade. By contrast, he said, the canal itself remains a vital artery in global supply chains.

Egypt recently rose three places in the UNCTAD Liner Shipping Connectivity Index, ranking 19th globally, first in Africa, and second in the Arab world, according to the Ministry of Transport.

Business

US, Mexico Finish First Round of Trade Agreement Talks

Mexican Economy Minister, Marcelo Ebrard, gestures as he speaks during a press conference in Mexico City on May 27, 2026. (AFP)
Mexican Economy Minister, Marcelo Ebrard, gestures as he speaks during a press conference in Mexico City on May 27, 2026. (AFP)
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US, Mexico Finish First Round of Trade Agreement Talks

Mexican Economy Minister, Marcelo Ebrard, gestures as he speaks during a press conference in Mexico City on May 27, 2026. (AFP)
Mexican Economy Minister, Marcelo Ebrard, gestures as he speaks during a press conference in Mexico City on May 27, 2026. (AFP)

The United States and Mexico completed a first round of bilateral trade talks Friday, focused on revising the North American Free Trade Agreement in light of pressure from President Donald Trump's tariff policies.

The US-Mexico-Canada Agreement (USMCA) is due for its first review since coming into force in 2020, with talks starting Wednesday led by Mexico's Economy Secretary Marcelo Ebrard and US Deputy Trade Representative Jeff Goettman joining Thursday.

"We talked about rules of origination, the automotive sector, how we compete with countries in Asia and other parts of the world, and how we can integrate more," Ebrard said in a statement.

The Mexican delegation in a statement described the talks as being held "in a constructive environment and with frank dialogue" that ended with a "net positive."

The US Trade Representative Office said in a statement the US approached the talks with the goals of reducing Washington's trade deficit with Mexico and strengthening US supply chains.

"During this first round, negotiators discussed priority issues related to automotive rules of origin, steel and aluminum, and economic security," the statement said.

"The United States and Mexico recognize the importance of advancing cooperation to enhance regulatory compatibility to strengthen sectors, including medical devices, pharmaceuticals, cosmetic products, and others."

Trump has threatened to pull out from the USMCA, arguing it doesn't benefit the US economy, casting a shadow over the talks.

The USMCA is critical for Mexico, as the United States accounts for more than 80 percent of its exports.

With the first round complete, future rounds of negotiations will take place in Washington in June, then Mexico City in July.