As the UAE accelerates its transition to a more flexible economic model, driven by comprehensive policies that are designed to revive and support vital economic activities, the country also celebrates the 45th anniversary of diplomatic relations with Mexico, a historical milestone in bilateral ties with the Latin American country.
In recent years, relations between the UAE and Mexico have flourished with the support and patronage of both governments and thanks to a shared aspiration to deepen co-operation in a number of fields. The success of these joint efforts is reflected in the non-oil foreign trade volume between the two countries, valued at $1.4 billion in 2019 – a 16 per cent growth from the previous year.
Earlier this year, a UAE delegation attended the ”Mexico-UAE Business and Trade Forum” in Mexico, with an aim to facilitate deeper collaboration and co-operation between the business communities of both countries and highlight promising business opportunities in both markets. Such endeavours reflect our shared commitment to promote economic, commercial and investment co-operation; develop partnerships, facilitate exchange of experiences among SMEs; and establish more channels to connect business leaders from both countries. Mexico's decision to grant UAE citizens visa-free entry will add more value to our efforts in this regard.
As we continue to navigate the challenges brought about by the spread of Covid-19, the strengthening of communication channels and trade and investment ties between the two countries has become more important than ever before. Despite the geographical distance, we continue to encourage Emirati companies and investors to pursue opportunities in a diverse array of vital sectors in the Mexican market. We also welcome more Mexican businesses and investments to our shores.
Mexico is a promising global market for us. There is much to explore within the context of UAE-Mexico relations, and we look forward to stimulating mutual investment and partnerships across a multitude of sectors, which will serve as vital channels for co-operation in the next phase of our evolving ties.
Abdulla bin Touq Al Marri is the UAE Minister of Economy
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AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
