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Global trade set for mild contraction in 2025, reveals WTO report

Economic uncertainty and weakened goods trade are expected to reduce demand for transport and intermediate services in 2025

Gulf Business
Gulf Business

21 April, 2025

Global trade set for mild contraction in 2025, reveals WTO report
Image: Getty Images

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The World Trade Organisation (WTO) warned of a potential contraction in global goods trade in 2025, forecasting a 0.2 per cent decline in world merchandise trade volume under current conditions, with significant downside risks stemming from renewed tariff disputes and policy uncertainty.

The outlook, presented in the WTO Secretariat’s latest Global Trade Outlook and Statistics report published last week, marks a significant downgrade from earlier projections and is nearly three percentage points lower than what might have been expected under a “low tariff” scenario.

The forecast is based on trade policies in effect as of April 14.

North America is expected to bear the brunt of the decline, with exports forecast to drop 12.6 per cent and imports by 9.6 per cent in 2025.

This regional downturn is set to subtract 1.7 percentage points from global trade growth, tipping overall merchandise trade into negative territory.

Director-general Ngozi Okonjo-Iweala expressed concern over continued policy uncertainty and escalating tensions, particularly between the US and China.

Pressure on global trade, WTO report shows

“The recent de-escalation of tariff tensions has temporarily relieved some of the pressure on global trade. However, the enduring uncertainty threatens to act as a brake on global growth, with severe negative consequences for the world, the most vulnerable economies in particular,” she said.

Despite the temporary pause in reciprocal tariffs, the WTO warned that a reactivation of such measures — combined with broader trade policy uncertainty —could push the contraction in goods trade to -1.5 per cent next year.

The report also included, for the first time, a forecast for commercial services trade, which is projected to grow by 4 per cent in 2025, approximately one percentage point lower than previously expected.

While services are not directly subject to tariffs, spillover from weaker goods trade is expected to curb growth in transport, logistics, and travel-related sectors.

WTO chief economist Ralph Ossa highlighted the broader implications of policy instability. “Our simulations show that trade policy uncertainty has a significant dampening effect on trade flows, reducing exports and weakening economic activity,” he said. “Tariffs are a policy lever with wide-ranging, and often unintended consequences.”

In 2024, merchandise trade had grown by 2.9 per cent, outpacing global GDP growth of 2.8 per cent — a rare occurrence outside of the Covid-19 rebound years. But the outlook for 2025 is significantly more subdued.

Regional trade divergence

Asia and Europe are expected to post modest gains in both exports and imports next year, with Asia forecast to see 1.6 per cent growth on both fronts, and Europe anticipating a 1 per cent rise in exports and 1.9 per cent in imports.

The Middle East and other commodity-producing regions are expected to support global trade through energy exports, which typically remain stable across business cycles.

Trade diversion triggered by US-China tensions is likely to bolster Chinese exports to regions outside North America by 4 to 9 per cent.

Conversely, US imports from China — particularly in textiles, apparel, and electronics — are expected to plunge, opening up opportunities for other suppliers, including least-developed countries (LDCs) with similar export profiles.

LDCs, while vulnerable to external shocks, may temporarily benefit from the ongoing trade diversion, especially as they compete in sectors like textiles and electronics.

However, the WTO cautioned that renewed tariffs could severely undermine their fragile export sectors.

Services trade growth to slow

In 2024, services accounted for 26.4 per cent of global trade — the highest share since 2005 — reaching a total of $8.69tn, up 9 per cent year-on-year. The WTO attributed this growth to strong demand and increased digitalisation.

However, economic uncertainty and weakened goods trade are expected to reduce demand for transport and intermediate services in 2025. The organisation noted that international travel, particularly leisure, could be among the first sectors to feel the pinch, with potential ripple effects on professional, R&D, and IT services.

Regional services growth in 2025 will be led by Europe (5 per cent) and Asia (4.4 per cent), while North America is expected to slow to 1.6 per cent.

The Middle East is forecast to grow by 1.7 per cent, with further deceleration in 2026. The outlook is weakest for Africa and Latin America, both expected to record declines.

Looking ahead

At the start of 2024, the WTO had anticipated a more optimistic outlook for 2025 and 2026, with merchandise trade growing in step with GDP and services trade outpacing both. But the introduction of a “large number of new tariffs” since January prompted a major reassessment.

The WTO urged its members to seize the moment to modernise trade rules and reinforce the multilateral trading system. “WTO members have the unprecedented opportunity to inject dynamism into the organisation, foster a level-playing field, streamline decision-making, and adapt our agreements to better meet today’s global realities,” Okonjo-Iweala said.

Read: UAE foreign trade soars Dhs5.23tn in 2024

How entrepreneur Mansi Panchal is dominating the sales game

The CEO of FounderX says she’s on a mission to fill the enormous gap that exists in GCC’s business set-up industry and in sales training to mentor the up-and-rising generation of sales reps

Gulf Business
Gulf Business

21 April, 2025

How entrepreneur Mansi Panchal is dominating the sales game
Images: Supplied

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Sales executive turned entrepreneur Mansi Panchal has boldly made her way down the founder’s world.

Just in her twenties, Panchal has proved that regardless of your age, if you are determined enough, you can achieve your dreams, which is clearly visible with her company, FounderX.

The company helps potential entrepreneurs find their ‘X-factor to venture’, by helping them set up their businesses in the UAE.

Kicking it off as a business set-up advisor in Dubai, Panchal sharply pivoted to sales, where she found her passion: connecting with people. And no, she’s not your ordinary salesperson; she emphasises the art of listening; “God gave us two ears and one mouth for a reason,” she says.

Her USP? Getting in-depth with her clients, finding out what makes her clients tick, and then using that as the ideal insight to seal the deal.

Now, she’s on a mission to fill the enormous gap that exists in GCC’s business set-up industry and in sales training to mentor the up-and-rising generation of sales reps.

Let’s dive into the young entrepreneur’s journey that made her who she is today:

Why sales? What is it about the profession that intrigues you?

Why not? Let’s be real here – this is the sole profession where you get to control a huge chunk of your income and live the life you want.

To me, sales isn’t just about persuading people to buy what you sell, but rather, it’s about the adrenaline and the experience of meeting new people.

Every client is different, and every deal has a thrill of its own. What intrigues me most is getting to know the ‘why,’ and the psychological drive behind each transaction.

How did you manage to stand out in a male-dominated field?

Simply put, it’s more about the mindset than about the gender. I walk into every boardroom knowing my worth, regardless of who is in there; I could be in a room full of men being the only woman with the right sales pitch.

You have to develop an “I will make it happen” mindset. You can’t sit around and wait for an invite to the table, but you have to build your own.

What made you realise you need to offer mentorship to up-and-rising salespeople today?

I started off in the business set-up industry and went ahead with working in sales, I had no mentor to guide me through the thick and thin of sealing deals, but soon, having worked with multiple corporations, both big and small, what made me realise that majority of people didn’t even know what they were selling, and the reason behind that was the lack of sufficient training.

That’s when I mastered the art of sales — through my own experiences (the hard way), and now I want to change that for others.

Now, I even mentor up-and-coming sales pros, guiding them through the crooks of sales strategies and closing deals and teaching them what I wasn’t taught myself; I’ve been doing so by offering free tips and tricks on my social media platforms.

What was your vision behind FounderX?

Having dealt in the business set-up industry for more than six years and engaged with over 4,500 entrepreneurs a year, I realised the existing market gap: buyers not getting in touch with the right sellers, and I saw one too many startups fail.

Ninety per cent of young startups fail solely because founders and teams don’t “sell themselves or their offerings” effectively. This, I think, is not stressed enough.

At FounderX, I focus on understanding the core vision behind an entrepreneur’s business and use that insight to help them identify their “X-factor” — the unique element that drives success.

I aim to create a team that embodies this passion and delivers top-tier service to entrepreneurs, ultimately building a community of skilled sales professionals.

I envision training my team with the passion that gives our clients the best first-hand experience in UAE’s business market – with that, creating a community of killer sales reps.

What’s your driving force as a young entrepreneur?

I really do think everyone has their own vision behind their startups, from following a dream to just simply making more money.

But my vision doesn’t only revolve around monetisation, and this may sound silly, but I really look more for the adventure of doing something new all the time because it really gives me a sense of fulfillment when I set a whole blueprint of an idea and implement it successfully.

I don’t ever believe in stopping at one milestone, but rather always have a new project to work on in my mind while succeeding in my current one.

Would you say you’re an impulsive decision-maker?

I personally don’t mind being impulsive with my decisions – I mean, it’s easy to weigh the pros and cons of your decision if you put your mind to it, and if the pros or cons outweigh one another, that might be a sign on its own.

I do emphasise being objective with my decisions because we obviously can’t make decisions blindly, but I love keeping it spontaneous rather than confining myself to one shell.

What are your views on the business set-up industry in the UAE?

Since I’ve been in the business set-up industry for over six years, I have really seen all the ins and outs of the industry, which widely helped me understand where to and not to put my foot in.

Our role is more than just being sales reps – we play a vital role as consultants, bringing entrepreneurs closer to their business dreams, reflecting on our clarity and transparency, and ultimately building trustworthy relationships.

With the business set-up industry being one of UAE’s fastest growing industries, it’s our responsibility to cater to expat entrepreneurs and help them find success in the country’s competitive market, along with showing the world why they should start their busines in the UAE.

Dubai: New bridge linking Jumeirah Street, Al Mina Street opens

The newly opened structure spans 985 metres, features two lanes, and is designed to handle up to 3,200 vehicles per hour

Gulf Business
Gulf Business

20 April, 2025

Dubai: New bridge linking Jumeirah Street, Al Mina Street opens
Image: Dubai Media Office/ RTA

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Dubai’s Roads and Transport Authority (RTA) has inaugurated a new bridge connecting Jumeirah Street to Al Mina Street in the direction of the Infinity Bridge, a key infrastructure development under Phase 4 of the Al Shindagha Corridor Improvement Project.

The newly opened structure spans 985 metres, features two lanes, and is designed to handle up to 3,200 vehicles per hour, providing smoother traffic flow and improving connectivity in one of the city’s busiest corridors.

Major boost to Dubai’s road network

The bridge is part of a wider effort to enhance mobility and reduce congestion along the Al Shindagha Corridor, a vital artery that stretches 4.8 kilometres from the intersection of Sheikh Rashid Road and Sheikh Khalifa bin Zayed Street to the Falcon Intersection on Al Mina Street.

In line with Dubai’s leadership directives, the RTA is focused on addressing the emirate’s growing urban and population needs through strategic infrastructure upgrades.

The launch of this bridge is expected to have an immediate positive impact, cutting travel time by 67 per cent — from 12 minutes to just four minutes — for vehicles travelling from Jumeirah Street towards Infinity Bridge via Al Mina Street.

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Additional infrastructure underway

Phase 4 of the Al Shindagha Corridor Project includes five more bridges with a combined length of 3.1 kilometres, designed to accommodate a total capacity of 19,400 vehicles per hour.

The overall phase also involves 4.8 kilometres of roadworks and surface intersection improvements on key routes including Jumeirah Street, Al Mina Street, and Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Street.

In addition to vehicular infrastructure, the project includes two pedestrian bridges — one on Sheikh Rashid Road and another on Al Mina Street — aimed at enhancing safety and accessibility for non-motorised users.

Major completion expected

A further highlight of the Al Shindagha Corridor expansion is the upcoming completion of a 780-metre, three-lane bridge by Q2 2025.

This bridge will link Infinity Bridge to Al Wasl Street via Al Mina Street, with the capacity to support up to 4,800 vehicles per hour, significantly strengthening east-west traffic movement within central Dubai.

The Al Shindagha Corridor Improvement Project is among the largest infrastructure initiatives in the region. Upon full completion, the corridor is expected to transform traffic dynamics across the emirate, supporting continued urban growth and economic development.

Read: New Dhs786m bridge to boost Bur Dubai-Dubai Islands connectivity

50 self-driving taxis to hit Dubai roads: Here’s what to expect

The trial phase will begin with 50 autonomous vehicles in the coming months, setting the stage for the public launch in 2026

Gulf Business
Gulf Business

20 April, 2025

50 self-driving taxis to hit Dubai roads: Here’s what to expect
Image credit: WAM/Website

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Dubai’s Roads and Transport Authority (RTA) has signed a Memorandum of Understanding (MoU) to begin the experimental operation of 50 autonomous vehicles in the coming months, paving the way for the official public launch of the service in 2026.

According to a WAM report, the RTA has partnered with Baidu’s autonomous ride-hailing service, Apollo Go—a global leader in autonomous transport solutions—to roll out driverless taxis on a large scale across the emirate.

Read-Dubai speeds up autonomous taxi rollout plans with global tie-ups

The MoU was signed during a ceremony attended by Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors at RTA, and Halton Niu, General Manager of Overseas Business at Baidu’s Intelligent Driving Group (IDG).

On behalf of the RTA, the MoU was signed by Ahmed Hashim Bahrozyan, CEO of Public Transport Agency, while Liang Zhang, General Manager of Overseas Business, MENA, Baidu Intelligent Driving Group, signed on behalf of Baidu. Several representatives from both parties were also present.

Experimental operation

The trial phase will begin with 50 autonomous vehicles in the coming months, setting the stage for the public launch in 2026.

Under the MoU, Apollo Go will deploy the sixth—and latest—generation of its RT6 autonomous taxis, specifically designed for driverless mobility services.

These vehicles feature 40 sensors and detectors to ensure the highest standards of automation and safety. The RT6 model has already achieved significant success and received widespread acclaim from users in China.

The data collection and testing phase will start with 50 vehicles and gradually expand to 1,000 autonomous taxis over the next three years, based on established efficiency and service quality standards.

Apollo Go’s first international expansion

This initiative marks Apollo Go’s first international venture outside mainland China and Hong Kong in testing and operating autonomous vehicles.

To date, Apollo Go has logged over 150 million kilometres of safe driving, supporting large-scale driverless taxi services across multiple cities in China. The company has completed more than 10 million autonomous trips, making it the world’s largest operator of autonomous vehicle fleets.

Al Tayer expressed his satisfaction with the agreement, highlighting Apollo Go as a pioneer of China’s first autonomous taxi service and a leader in integrating artificial intelligence, big data, and automation to shape the smart cities of the future.

“This MoU aligns with the directives of our leadership to strengthen partnerships with global entities and leading companies, positioning the emirate at the forefront of advanced and sustainable transport solutions. It aims to leverage cutting-edge technologies and promote innovative mobility solutions,” said Al Tayer.

He added that the agreement marks a pivotal step in realizing Dubai’s Smart Self-Driving Transport Strategy, which aims to make 25 percent of all trips in Dubai autonomous by 2030. This builds on the RTA’s ongoing efforts in autonomous vehicle trials, which began in 2016.

RTA’s role in advancing autonomous mobility

Self-driving transport is becoming a global reality, with leading companies accelerating the development of enabling technologies and software.

Governments and relevant authorities are simultaneously working on licensing frameworks, infrastructure, and regulatory guidelines for autonomous vehicle operations.

RTA is committed to reinforcing Dubai’s global leadership in autonomous mobility through the testing of various autonomous vehicles, including air taxis and marine transport, in line with its Smart Self-Driving Transport Strategy.

“The collaboration with RTA not only reflects Dubai’s proactive embrace of innovative technology, but also supports the UAE’s ambition to lead in autonomous driving,” said Halton Niu. “Apollo Go is committed to delivering safe, sustainable, and efficient smart mobility services globally.”

Liang Zhang, General Manager of Overseas Business, MENA, at Baidu IDG, added, “Our partnership with RTA marks Apollo Go’s most significant international expansion to date. This collaboration demonstrates Dubai’s strong commitment to next-generation mobility innovation.”

Ahmed Bahrozyan emphasised the societal benefits of self-driving transport, including greater accessibility for children, the elderly, and those unable to drive, while improving road safety and saving time.

“The MoU with Apollo Go is crucial for strengthening cooperation and knowledge-sharing to develop autonomous driving technologies in Dubai,” he said. “This will be achieved through field trials and a roadmap for deploying autonomous taxis.”

Riyadh Air unveils luxe cabin interiors ahead of launch

Each seat is ergonomically crafted with plush foam, premium home-inspired fabrics, and tufted stitching designed for deep, restorative comfort whether you’re sitting or sleeping

Gulf Business
Gulf Business

20 April, 2025

Riyadh Air unveils luxe cabin interiors ahead of launch
Images: Riyadh Air

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Riyadh Air, Saudi Arabia’s ambitious new airline, has unveiled its highly anticipated cabin interiors, aiming to redefine the premium travel experience ahead of its inaugural flights set for later this year.

Positioning itself as the world’s first digital-native airline, Riyadh Air is taking a bold “no legacy” approach as it blends high-end design, advanced technology, and deep cultural inspiration across all cabin classes aboard its Boeing 787-9 fleet.

Innovative and exclusive interiors

The newly revealed interiors emphasise luxury, comfort, and technology, with bespoke seating layouts and immersive entertainment systems designed to elevate the guest journey from booking to arrival.

Riyadh Air’s cabin designs are set to feature consistently across the fleet to offer a unified, quality experience.

“Riyadh Air has always promised to deliver a world-class experience for our guests and the unveiling of our cabin interiors makes this ambition a reality,” said the airline’s CEO Tony Douglas. “From the ergonomic and luxurious fabrics in the seats to the high-end technology used in the entertainment systems, every facet of the cabins has been chosen to deliver relaxing luxury.”

Cabin layout and features

The airline’s Boeing 787-9 aircraft will accommodate 290 guests across four distinct classes:

  • Business elite: Four seats in a private ‘1-2-1’ layout using the Safran Unity Elite seat, featuring 52-inch-high privacy walls, sliding doors, and 78-inch lie-flat beds. A center double-bed option is available.
Business Elite seats
  • Business class: 24 seats also in a ‘1-2-1’ layout, using the Safran Unity model with similar specifications, including 22.5-inch width and 78-inch bed length.

  • Premium economy: 39 seats in a ‘2-3-2’ configuration with Recaro PL3530 seating, 38-inch pitch, 19.2-inch width, and expansive 15.6” 4K OLED touchscreens.
  • Economy: 223 seats in a 3-3-3 layout featuring Recaro R3 seats with a 31-inch pitch and 17.2-inch width, each equipped with a 13.3” 4K OLED screen.

All cabins will include next-generation entertainment systems, customizable lighting, and ergonomic comfort. Riyadh Air’s interiors incorporate a refined color palette — featuring dark indigo, mocha gold, lavender, and skyline blue — reflecting Saudi heritage and Riyadh’s cultural identity.

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Technology-driven guest experience

As part of its digitally native strategy, Riyadh Air will offer free high-speed Wi-Fi via Viasat for all loyalty members, with full gate-to-gate streaming, browsing, and gaming capability.

Live TV streaming on seatback screens will also be available.

Riyadh Air is also the first to adopt Panasonic Avionics’ Modular Interactive (MI), a cutting-edge IFE design tool allowing rapid updates to match passenger trends and seasonal promotions.

A standout feature is the collaboration with Devialet, the French acoustic pioneer, integrating high-fidelity sound into Business Elite and business class headrests, offering immersive audio without the need for headphones.

Attention to detail

Premium cabin finishes include mocha gold and veined stone accents, with privacy-focused design elements and expanded personal storage.

Premium economy seats offer calf rests, side table extensions, and four USB-C charging points.

Economy guests benefit from six-way adjustable headrests and two USB-C ports per seat.

Lighting adjusts throughout the flight to align with natural circadian rhythms, enhancing onboard well-being and creating a calming ambiance.

Riyadh Air: Recent milestones

Riyadh Air, which recently obtained its air operator certificate (AOC) and received its first technical spare aircraft, is expected to announce its route network and launch date in the coming months.

The airline is also preparing to unveil Version 3.0 of its digital guest journey, aligning with its vision of seamless and intuitive travel.

ORA Developers accelerates UAE growth with new headquarters, key appointments

The new headquarters reinforces ORA Developers’ strategy when it comes to regional expansion

Nilufer Najeeb
Nilufer Najeeb

18 April, 2025

ORA Developers accelerates UAE growth with new headquarters, key appointments
Engineer Naguib Sawiris, chairman and CEO of ORA Developers.

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ORA Developers has established its UAE headquarters at One Central, in Dubai’s central business district.

This move reinforces ORA Developers’ regional expansion while directly supporting the UAE’s vision for sustainable, future-ready urban environments that drive economic growth.

Founded by Engineer Naguib Sawiris, ORA Developers has a global portfolio spanning residential, hospitality, commercial, and entertainment.

With a land bank of over 76 million sqm, ORA Developers has a global portfolio spanning 17 projects across seven countries, with an estimated total sales value of over $45bn.

Industry forecasts indicate that the UAE’s real estate market is on a robust growth trajectory, with a projected increase in total market value from $704.25bn in 2024 to $1.08tn by 2030.

Engineer Naguib Sawiris, chairman and CEO of ORA Developers, emphasised the significance of the new headquarters.

He stated that establishing this regional hub is a step that aligns with the UAE’s long-term vision for urban development in a fast-evolving real estate landscape.

This hub strengthens their ability to deliver innovative, future-ready communities and allows them to integrate global best practices with the UAE’s dynamic market needs.

By prioritising nature, connectivity, and design, they are committed to shaping sustainable, well-balanced developments.

Their leadership team’s extensive experience and long-standing commitment have been instrumental in building their diverse portfolio, driving growth, and ensuring the successful execution of transformative projects, said Sawiris.

Since entering the UAE in 2023, ORA Developers has rapidly scaled its presence acquiring prime land, obtaining regulatory approvals, and laying the groundwork for transformative developments.

The company built its UAE team from the ground up-growing to nearly 94 employees, with plans to at least triple by the end of 2025. By combining local market expertise with a seasoned leadership team, ORA Developers has established a robust foundation for operational continuity and sustained growth.

Driving the UAE expansion a leadership team with expertise through development, sales, branding, marketing and finance. Khaled Morgan, chief development officer, ensures delivering unique and innovative urban experiences, while Ahmed Samir, chief human resources officer, drives talent acquisition in the UAE to support rapid scaling.

Expanding on this foundation, Tamer Fikry, chief sales officer, enhances investor engagement, Mohamed Sheta, chief financial officer, leads financial strategy, and Lana Sawiris, chief brand officer, alongside Rasha Georgy, chief marketing officer, shapes global positioning. Amr Abdelmoneim, chief technical officer, oversees engineering and execution, maintaining top industry standards.

The company will soon announce its major investment in the UAE: a 4.8 million square meter master-planned community located in Ghantoot.

This strategically positioned project, situated between Abu Dhabi and Dubai, will feature 1.2km of prime Arabian Gulf beachfront. To ensure dedicated client and stakeholder engagement, the company will establish customer experience centers in both Abu Dhabi and Dubai.

ORA Developers is also a strategic investor in Discovery Dunes, a project by Discovery Land Company.

The ultra-luxury community is designed around a championship golf course by Tom Fazio. This project further validates ORA’s strategic investment decisions in the sector and the UAE market.

With its strengthened presence in the UAE, ORA Developers remains committed to creating forward-thinking, balanced communities that seamlessly integrate nature, connectivity, and modern infrastructure.

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