Dubai Chambers has held a series of high-level meetings in Addis Ababa with government bodies, investment authorities, and economic institutions to explore new opportunities for trade and investment cooperation between Dubai and Ethiopia.

The meetings were attended by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, as part of a wider trade mission led by the Dubai Chamber of Commerce to Ethiopia and Ghana, aimed at supporting Dubai-based companies seeking to expand into high-growth African markets.

During discussions with Ethiopia’s Ministry of Industry, represented by Minister of Industry Melaku Alebel, both sides explored ways to strengthen collaboration across industrial sectors, boost trade exchange, and expand partnerships between the private sectors of Dubai and Ethiopia.

Dubai Chambers also met with the Ethiopian Investment Commission, represented by Deputy Commissioner Zinabu Yirga, to discuss attracting investment and enhancing cooperation in priority sectors. The talks highlighted the investment ecosystems in both Dubai and Ethiopia, as well as opportunities available for international investors and companies.

In a separate meeting, Dubai Chambers held talks with Ethiopian Investment Holdings, Africa’s largest sovereign wealth fund, represented by Deputy CEO Meleket Sahlu. Discussions focused on building long-term partnerships that support economic development and create new opportunities for businesses and investors in both markets.

The engagements come as Dubai continues to strengthen its economic ties across Africa, with trade missions increasingly focused on unlocking opportunities in emerging markets and supporting the global expansion ambitions of companies based in the emirate.

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The UAE’s real gross domestic product (GDP) grew by 6.2% in 2025 compared to the previous year, reaching AED 1.9 trillion ($517.3 billion), according to new figures released by the Federal Competitiveness and Statistics Center (FCSC).

Non-oil GDP rose by 6.8% year-on-year to AED1.5 trillion ($408.4 billion), reflecting continued momentum in the country’s economic diversification efforts and the growing contribution of non-oil industries to national growth.

Abdulla Bin Touq Al Marri, Minister of Economy and Tourism, said the latest figures highlight the strength and resilience of the UAE economy under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

He said the economic performance demonstrates the success of the UAE’s strategy to build a diversified and sustainable economic model, supported by expanding non-oil sectors and the growing role of new-economy industries.

Al Marri added that the UAE’s flexible economic policies and its ability to respond effectively to global developments have accelerated diversification efforts, strengthening long-term competitiveness and sustainable growth.

Hanan Mansour Ahli, Managing Director of the FCSC, said the strong results reflect the effectiveness of the country’s economic and development policies in enhancing economic stability and increasing the competitiveness of key sectors.

She added that the UAE continues to strengthen its future economic readiness through investments in technology, innovation, and the digital economy, while developing an integrated ecosystem that supports sustainable growth and reinforces the country’s position as a global business and investment hub.

Several sectors posted notable growth during 2025, with construction leading at 11.1%, followed by financial and insurance activities at 10.4%. The real estate sector expanded by 7.9%, while transport and storage grew by 7.8%, highlighting sustained momentum across major economic activities.

Trade continued to account for the largest share of non-oil GDP at 16.9%, followed by financial and insurance activities at 13.2%, construction at 12.9%, and manufacturing industries at 12.8%.

The latest figures come as the UAE continues to advance its “We the UAE 2031” vision, which aims to strengthen economic diversification, enhance competitiveness, and position the country among the world’s leading economies.

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Ferrari has unveiled the Ferrari Luce, its first fully electric production vehicle, marking a major milestone for the luxury sports car manufacturer as it expands its portfolio beyond traditional combustion-engine and hybrid models.

The vehicle was launched in Rome on May 25, a date chosen to coincide with the anniversary of Ferrari’s first racing victory in the Italian capital in 1947. The company described the debut as the beginning of a new chapter in its history, while remaining consistent with its long-term strategy of offering multiple powertrain technologies.

The Luce forms part of Ferrari’s multi-energy strategy, first outlined during its 2022 Capital Markets Day. The automaker said electrification is intended to complement, rather than replace, its combustion-engine and hybrid offerings, reflecting its commitment to technological neutrality.

Built on a dedicated electric platform, the Luce introduces several firsts for the Maranello-based manufacturer. It is Ferrari’s first fully electric model, the first powered by four electric motors, and the first to feature five seats. The vehicle also adopts a four-door configuration and an all-electric all-wheel-drive system, creating an entirely new category within Ferrari’s lineup.

Ferrari said the project resulted in more than 60 new patents, with major components including the electric motors, battery pack, and power electronics designed, engineered, and manufactured in-house at its Maranello facilities.

The vehicle was developed in partnership with LoveFrom, the creative collective founded by Sir Jony Ive and Marc Newson. Ferrari said the collaboration introduced a new design language that unifies the exterior, interior, and digital interface. The car is characterized by a large glasshouse structure, floating aerodynamic wings, and a minimalist cabin that combines physical controls with digital displays.

Powered by four independently controlled electric motors, the Luce produces up to 1,050 horsepower and accelerates from 0 to 100 kilometers per hour in 2.5 seconds. Ferrari said the vehicle reaches 200 km/h in 6.8 seconds, has a top speed of more than 310 km/h, and offers a driving range of more than 530 km.

The vehicle is equipped with a 122-kilowatt-hour battery operating on an 800-volt architecture and supports charging speeds of up to 350 kilowatts. Ferrari said the battery pack was developed and assembled entirely in-house and serves as an integral structural component of the vehicle.

Among the technologies introduced on the Luce are active suspension, four-wheel steering, torque vectoring, and a new Vehicle Control Unit that integrates powertrain and vehicle dynamics systems. According to Ferrari, the system updates vehicle parameters 200 times per second to optimize performance, efficiency, and handling.

The company has also sought to preserve the driver engagement traditionally associated with its sports cars through a range of new technologies. These include steering-wheel-mounted paddles that allow drivers to adjust power delivery and regenerative braking, as well as an in-house-developed sound system that amplifies authentic mechanical vibrations from the electric powertrain instead of generating synthetic engine noise.

Ferrari said the Luce is also its most comfortable production model to date, benefiting from extensive work on ride quality, noise reduction, and cabin refinement. The vehicle incorporates recycled aluminum throughout its structure, with the company estimating a reduction of around 70% in production-related carbon emissions across a significant portion of the vehicle’s weight.

The launch comes as luxury and performance car manufacturers worldwide accelerate their investments in electrification while seeking to preserve the characteristics that define their brands. Ferrari said the Luce is designed to expand its product range rather than replace existing models, creating what it describes as “an entirely new Ferrari” enabled by electric architecture.

The model will be covered by Ferrari’s seven-year maintenance program and an eight-year warranty for key electric powertrain components, including the battery and charging system.

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Global energy investment is projected to increase by 5% to a record $3.4 trillion in 2026, despite ongoing conflict in the Middle East, as governments and companies seek to strengthen energy security and diversify supply routes, according to the International Energy Agency (IEA).

The IEA’s World Energy Investment 2026 report forecasts that around $2.2 trillion will be invested this year in renewables, nuclear power, electricity grids, energy storage, low-emissions fuels, efficiency measures, and electrification, compared with approximately $1.2 trillion allocated to oil, natural gas, and coal.

The agency said the conflict has damaged energy infrastructure, disrupted trade routes, and heightened concerns over the Strait of Hormuz, prompting both producers and consumers to reassess their long-term investment strategies.

“We are in the midst of the largest energy security crisis the world has ever faced – and I believe this will reshape investment strategies globally, with parallels to the major changes the energy world witnessed after the oil shocks of the 1970s,” said Fatih Birol, executive director of the IEA.

According to the report, more than 30 energy facilities across the Middle East, including refineries, petrochemical plants, and oil and gas production sites, have been damaged during the conflict. Two liquefaction trains at Qatar’s Ras Laffan LNG complex were affected, while around 20 tankers have been struck.

“The total repair bill is difficult to establish with any precision, but is set to run into tens of billions of dollars,” the IEA said, adding that higher domestic financing needs could reduce capital flows to infrastructure and energy projects in other regions.

The conflict has also weighed on investment plans in countries heavily reliant on the Strait of Hormuz for exports. Iraq and Kuwait have revised their investment plans downward because of lower export revenues, while Saudi Arabia and the UAE have been better positioned to manage disruptions through alternative export infrastructure.

The IEA said that developing additional export routes will require substantial investment in pipelines, ports, and related infrastructure, alongside reconstruction efforts to improve resilience.

The report also highlighted growing interest among fuel-importing countries in domestic energy sources, including renewables, nuclear power, and, in some cases, coal.

Global investment in renewable power projects is expected to reach approximately $665 billion in 2026, including $365 billion for solar energy alone. Low-emissions technologies are forecast to account for around 70% of total power-generation investment worldwide.

Nuclear energy is also gaining momentum, with annual investment exceeding $80 billion and 78 gigawatts of new capacity currently under construction across 15 countries.

Despite higher oil prices, global investment in oil supply is expected to decline for a third consecutive year, falling to below $500 billion in 2026. The IEA said oil companies have largely maintained their near-term spending plans, though investment expectations in the Middle East have been revised downward due to conflict-related disruptions.

Natural gas investment remains more resilient, with spending forecast to reach $330 billion this year, the highest level in a decade. Qatar remains central to global LNG expansion plans, although the conflict has delayed the market-balancing impact of new export capacity.

The rapid growth of artificial intelligence and data centers is also emerging as a major driver of energy investment, particularly in the United States. Orders for new gas-fired power plants reached a 25-year high in 2025, with rising data-center demand playing a significant role.

“The strong demand in the US and the Middle East is limiting the availability of turbines for near-term deployment elsewhere in the world,” the IEA said.

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The United Arab Emirates is ramping up efforts to position itself as a global hub for low-emission hydrogen, with the Ministry of Energy and Infrastructure participating in the World Hydrogen Summit & Exhibition in Rotterdam, one of the leading international gatherings focused on the future of hydrogen and sustainable energy systems.

The summit brought together policymakers, industry leaders, and energy experts to discuss the role of hydrogen in accelerating the global energy transition and strengthening sustainable energy infrastructure, according to the Emirates News Agency.

As part of its participation, the UAE also joined the International Hydrogen Trade Forum, which explored strategies to strengthen hydrogen trade and improve the integration of global supply chains.

According to the ministry, the UAE’s participation reflects the country’s commitment to advancing its National Hydrogen Strategy, which aims to establish an integrated hydrogen ecosystem spanning production, transport, storage, and utilization.

The strategy forms part of the UAE’s broader efforts to support climate neutrality targets, strengthen long-term energy security, and expand its presence in future energy sectors.

During discussions at the summit, the ministry highlighted the importance of collaboration among governments, private-sector companies, financial institutions, and technology providers to build a sustainable and efficient global hydrogen economy capable of supporting resilient, low-emission energy systems.

The UAE also stressed the need for greater alignment between international, regional, and local hydrogen standards to accelerate market growth and facilitate cross-border trade across increasingly complex hydrogen value chains.

The ministry used the platform to showcase the country’s decarbonization efforts across key sectors, including the development of policy frameworks for sustainable aviation fuel, support for clean energy innovation, and the expansion of international partnerships to advance the low-emission economy.

The ministry said the UAE continues to pursue an energy transition model built on diversification, innovation, and strategic partnerships, reinforcing the country’s competitiveness in emerging energy industries while supporting sustainable development goals and the growth of the green economy.

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Dubai Customs has implemented a series of proactive measures and operational initiatives to ensure the smooth flow of trade and strengthen supply chain resilience amid evolving regional and geopolitical developments.

The Ports, Customs and Free Zone Corporation said the initiatives align with Dubai’s broader economic vision and reinforce the emirate’s commitment to economic security, business continuity, and the readiness of critical sectors.

The measures also support the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, to introduce economic facilitation measures that enhance resilience and business sustainability.

According to the Corporation, Dubai Customs has adopted an integrated framework of operational solutions and flexible procedures designed to maintain uninterrupted cargo movement, stabilize markets, and reinforce confidence within the global business community.

His Excellency Abdulla bin Damithan, Chairman of the Ports, Customs and Free Zone Corporation, said that Dubai continues to strengthen its flexible economic model, capable of responding rapidly to regional and international developments.

“In Dubai, rapid response has become an integral part of the government’s operating model. We continuously develop practical solutions and flexible initiatives that ensure the smooth movement of trade and strengthen supply chain resilience, reinforcing the global business community’s confidence in the efficiency and resilience of Dubai’s economic system,” he said.

He added that the Corporation remains focused on enhancing the business environment through supportive policies and procedures that improve trade ecosystem readiness and reinforce Dubai’s position as a leading global trade hub.

His Excellency Dr. Abdulla Busenad, Director General of Dubai Customs, said the measures reflected Dubai’s proactive and flexible approach to turning challenges into opportunities that support economic growth and business sustainability.

“Dubai believes in acting early and staying ahead of developments. In global trade, every hour matters when it comes to market stability and business continuity,” he said.

Busenad noted that Dubai Customs worked closely with partners and the private sector to ensure uninterrupted cargo flows and sustainable supply chains through coordinated operational and customs solutions.

As part of these efforts, Dubai Customs organized 12 interactive workshops and more than 98 coordination meetings and business councils under the theme “Crisis Response and Solutions Innovation.” The sessions brought together representatives from the private sector, shipping and logistics companies, and experts in supply chains and international trade to identify practical solutions that support business sustainability and trade readiness.

Dubai Customs also hosted 141 companies, including major clients, private-sector firms, and commercial attachés representing international consulates and trade missions from Türkiye, Germany, the United Kingdom, Indonesia, New Zealand, Australia, South Korea, China, Italy, and Egypt.

According to Busenad, discussions during these engagements helped address more than 83 operational challenges and development proposals, many of which focused on customs clearance procedures and shipping costs. Several recommendations were quickly translated into practical initiatives to improve operational efficiency and enhance flexibility across Dubai’s trade ecosystem.

Among the key initiatives introduced was the “Green Corridor,” launched during the early stages of recent regional developments. The initiative enabled rerouting shipments through alternative ports and channels while ensuring the uninterrupted flow of goods into Dubai.

“The Green Corridor not only supported cargo movement, but also strengthened business confidence and reinforced Dubai’s position as a city capable of maintaining trade continuity in a changing environment,” Busenad said.

Additional trade facilitation measures included extending transit periods from 30 to 90 days, allowing shipments to enter through the ports of Khor Fakkan and Fujairah before being transported overland under the customs guarantee system, and expediting customs procedures for food and pharmaceutical products.

The measures were introduced to strengthen product availability, maintain market stability, and uphold quality and safety standards.

Dubai Customs also said it continues to strengthen direct engagement with the business community through platforms such as the Senior Clients Council and the Trade and Supply Chain Integration Council, which aim to address operational challenges, improve service efficiency, and support private sector competitiveness.

The workshops concluded with a series of recommendations to enhance customs procedures, accelerate response mechanisms, and strengthen coordination between government entities and the private sector.

Dubai Customs said the outcomes reinforce Dubai’s position as a global model for economic readiness, trade sustainability, and supply chain resilience.

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Abdullah bin Damithan, Chairman of the Ports, Customs and Free Zone Corporation (PCFC) in Dubai, discussed opportunities to strengthen bilateral cooperation in maritime transport, trade exchange and customs during a meeting with Khaled Abdulrahim Al Zaabi, Consul-General of Kuwait in Dubai and the Northern Emirate, at the headquarters of the Ports, Customs and Free Zone Corporation in Dubai.

The discussions focused on enhancing collaboration between the United Arab Emirates and Kuwait across key sectors, including logistics, maritime services, and customs operations, as both countries continue efforts to strengthen regional trade connectivity and supply chain resilience.

During the meeting, officials reviewed the corporation’s strategic projects and initiatives aimed at improving supply chain continuity and facilitating trade flows across Dubai and the wider region.

Bin Damithan highlighted the role played by the corporation in supporting the business community and maintaining operational continuity amid ongoing geopolitical and economic developments affecting global trade and shipping routes.

Al Zaabi praised the corporation’s efforts to reinforce ties between the UAE and Kuwait, particularly in maritime and logistics cooperation.

He also commended the swift response by Dubai authorities to the incident involving the Kuwaiti oil tanker Al Salmi in Dubai waters, highlighting the role of the Dubai Maritime Authority in efficiently handling the situation.

The meeting reflects broader efforts by both countries to deepen economic cooperation and enhance coordination across strategic sectors tied to trade, transport, and maritime operations.

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Developed countries provided and mobilized $132.8 billion in climate finance for developing economies in 2023 and $136.7 billion in 2024, according to new data released by the Organization for Economic Co-operation and Development, highlighting continued growth in international climate funding.

The figures, published in the OECD’s latest report, Climate Finance Provided and Mobilized by Developed Countries in 2013–2024, show that the long-standing global target of mobilizing $100 billion annually for developing countries was exceeded for the third consecutive year. The target, first surpassed in 2022 with $115.9 billion, was initially agreed upon under the United Nations Framework Convention on Climate Change in 2009 and later extended through 2025.

Mathias Cormann, OECD Secretary-General, said the latest figures demonstrate continued support for developing economies as they work to adapt to and mitigate the effects of climate change.

“The $100 billion goal was exceeded for the third consecutive year in 2024, showing clear commitment to supporting developing economies to adapt to and mitigate climate change,” Cormann said. He added that both private sector mobilization and adaptation finance had increased, which remain critical to helping developing countries meet their climate goals.

Mitigation finance continued to account for the majority of total climate funding, representing nearly two-thirds of all finance provided. Meanwhile, mobilized private finance maintained strong momentum, reaching $30.5 billion in 2024 — the largest annual increase since 2016. The rise was largely driven by multilateral development banks through instruments such as direct investments, guarantees, and syndicated loans.

The report also found that adaptation finance, which supports countries in building resilience against climate-related impacts, continued to grow, though at a slower pace. Adaptation funding represented around one-quarter of total climate finance in both 2023 and 2024, down from one-third in 2020.

According to the OECD, meeting the goals outlined in the Glasgow Climate Pact would require developed countries to increase adaptation finance by more than $5 billion in 2025 compared to current levels.

Despite the broader increase in climate finance, funding remained concentrated in middle-income countries. Support directed toward low-income countries fell to $8.4 billion in 2023 before recovering slightly to $9.6 billion in 2024, still below its 2022 peak of $11.1 billion.

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As artificial intelligence continues to reshape the technology industry, this year’s Google I/O 2026 offered a closer look at how AI is becoming increasingly embedded in everyday digital experiences. From video generation and smarter search tools to AI-powered shopping and wearable devices, Google used its annual developer conference to outline the next phase of its AI strategy and the products expected to drive it.

Among the biggest announcements was the launch of Gemini Omni, a new AI model designed to combine Gemini’s reasoning capabilities with advanced content creation tools.

The first version, Gemini Omni Flash, will allow users to generate and edit videos using combinations of text, images, audio and video prompts. The tool is set to roll out across the Arab world through the Gemini app, Google Flow, and YouTube Shorts.

Google said the model enables users to refine videos through conversational prompts, modify environments or styles across multiple edits, and generate content grounded in Gemini’s real-world knowledge. All videos created with Omni will also include SynthID digital watermarks to identify AI-generated content.

The company also unveiled what it described as the biggest transformation to Google Search in more than two decades, introducing a redesigned AI-powered search interface capable of processing multimodal inputs, including text, images, files, videos and even Chrome tabs.

The upgraded interface is intended to make search queries more conversational and intuitive, while AI-generated suggestions will help users refine complex searches beyond traditional autocomplete functions. The feature is beginning to roll out in all markets where AI Mode is currently available, including countries across the Arab world.

Google also introduced Gemini 3.5 Flash, the latest version of its flagship AI model family, which the company says improves performance across coding, reasoning and real-world workflow tasks while maintaining significantly faster output speeds than competing frontier models.

The company described the model as a major step toward more “agentic” AI systems capable of handling longer and more complex tasks autonomously. Gemini 3.5 Flash is now available across Google’s products and APIs, while Gemini 3.5 Pro is expected to launch next month.

Alongside its AI model updates, Google expanded its efforts around AI transparency and content verification. The company said it is extending SynthID and Content Credentials verification tools across Search and Chrome to help users determine whether digital content was AI-generated or altered using generative AI tools.

Google also announced that companies including OpenAI, NVIDIA and ElevenLabs are adopting SynthID standards as part of a broader industry collaboration around AI transparency.

Beyond AI models and search, Google showcased a series of experimental technologies and product upgrades. These included Android XR smart glasses capable of providing spoken assistance and in-lens displays, a new “Universal Cart” shopping system designed to work across Google services, and Antigravity 2.0, a platform focused on managing autonomous AI agents for a range of tasks.

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The insurance market across the GCC is expected to expand to $61.8 billion by 2030, supported by rising demand for non-life insurance products and broader economic growth across the region, according to a report by Dubai-based investment banking advisory firm Alpen Capital.

The report forecasts the sector to grow at a compound annual growth rate (CAGR) of 4.9% over the coming years, driven by regulatory reforms, large-scale infrastructure projects, sustained population growth, and ongoing economic diversification efforts across GCC economies.

According to TM Lakshmanan, CEO of Alpen Capital, the region’s insurance industry is expected to maintain strong momentum as mandatory insurance coverage expands and macroeconomic conditions remain favorable.

“The GCC insurance industry is expected to maintain its growth momentum, driven by a steady increase in population, the expansion of mandatory insurance lines, and positive macroeconomic fundamentals,” Lakshmanan said.

Among GCC markets, Saudi Arabia is expected to retain its position as the region’s largest insurance market, with projected annual growth of 5.9% between 2025 and 2030.

Kuwait is forecast to record the second-fastest growth rate at 5.5%, followed by the United Arab Emirates at 4.1%. Specific forecasts for Qatar, Oman, and Bahrain were not disclosed in the report.

Alpen Capital noted that the non-life insurance segment will continue to account for the majority of the market, with premiums projected to rise from $42.1 billion in 2025 to $54.1 billion by 2030, representing a CAGR of 5.2%. The segment is expected to contribute nearly 88% of total gross written premiums during the forecast period.

Meanwhile, the life insurance segment is projected to grow at a slower pace of 3.5%, increasing from $6.4 billion in 2025 to $7.7 billion by the end of the decade.

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