The UAE’s Ministry of Finance said on Tuesday it has launched an electronic invoicing “4-Corner” model, allowing businesses to exchange invoices through accredited service providers as part of a broader push to digitise the country’s financial ecosystem.

The system enables companies to send and receive e-invoices via approved channels, with firms able to select an accredited provider through the EmaraTax platform and begin onboarding.

Under the model, businesses enter into agreements with service providers before initiating invoice exchanges between suppliers and customers, improving transaction efficiency and compliance.

“This milestone reflects the UAE’s continued commitment to advancing its digital financial ecosystem in line with global best practice,” said Younis Haji AlKhoori, Undersecretary at the ministry.

He added that the framework would enhance transparency and integration across the tax system while supporting the country’s efforts to build a competitive, technology-driven economy.

The ministry said an additional tax reporting function, referred to as “Corner 5”, is expected to go live ahead of a pilot phase scheduled for July.

The initiative aligns with international standards for e-invoicing and is designed to support scalability and interoperability as adoption increases, the ministry said, urging businesses to begin onboarding with accredited providers.

Emirates Global Aluminium (EGA) said on Tuesday it intends to acquire an 80 per cent stake in Italian aluminium recycling firm Eco Green, as it accelerates its push into recycled metal production in Europe.

The deal, which is subject to regulatory approvals, marks the latest step in EGA’s global expansion strategy and is expected to strengthen its access to the European aluminium scrap market.

Eco Green, founded in 1993 and still led by the Scappini family, specialises in scrap collection, sorting, casting and dross processing.

The company distributes more than 70,000 tonnes of aluminium annually and serves over 60 customers across Europe, mainly in the automotive, construction and industrial sectors.

Its operations include a scrap facility in Villafranca di Verona that handles about 23,000 tonnes per year, and a nearby plant in Nogara di Verona that produces more than 20,000 tonnes of secondary aluminium annually. An expansion at the Nogara site is expected to add a further 15,000 tonnes of capacity by the second half of 2026.

EGA said the acquisition would lift its global recycling capacity to more than 400,000 tonnes per year across the UAE, Europe and the US, with a further 200,000 tonnes under development.

Chief executive Abdulnasser Bin Kalban said the deal would enhance the company’s reach in Europe and support its plans to build a larger recycling business alongside its primary aluminium operations.

EGA is expanding its international footprint

EGA has been expanding its recycling footprint in recent years, including the acquisition of Germany-based Leichtmetall in 2024 and US recycler Spectro Alloys the same year. It is also developing expansion projects at both sites.

The company typically exports more than 600,000 tonnes of primary aluminium from the UAE to Europe annually, supplying industries such as automotive and construction.

Analysts expect global demand for recycled aluminium to double by 2040, driven by lower energy use and emissions. Recycling aluminium requires around 95 per cent less energy than producing primary metal.

Europe is the world’s third-largest recycled aluminium market, and demand is projected to grow from about 4.9 million tonnes in 2025 to 7.2 million tonnes by 2033, according to industry estimates.

EGA, jointly owned by Mubadala Investment Company and Investment Corporation of Dubai, is the largest industrial company in the UAE outside the oil and gas sector and one of the world’s biggest producers of premium aluminium.

The UAE has strongly rejected suggestions that it requires external financial support, after US President Donald Trump said Washington was considering potential financial cooperation measures, including a currency swap arrangement.

In a series of posts on X, the UAE ambassador to the US, Yousef Al Otaiba, said any notion that the Emirates needs backing “misreads the facts”, pointing instead to the country’s deep financial strength and long-standing economic ties with the US.

“Any suggestion that the UAE requires external financial backing misreads the facts,” Al Otaiba said, adding that the country remains “one of the world’s most financially resilient economies”.

He highlighted more than $2tn in sovereign investment assets, over $300bn in foreign currency reserves held by the central bank, and a banking sector with approximately $1.5tn in deposits.

Al Otaiba further framed the UAE-US relationship as one rooted in mutual benefit rather than reliance.

“We very much appreciate President Trump’s recognition of the UAE as one of America’s most important economic and trade partners,” he said, describing the partnership as built on “mutual interest, mutual investment and long-term strategic confidence”.

He added that the UAE has already invested more than $1tn into the US economy, with scope for that figure to grow further.

“That strength is precisely why the UAE has already invested more than $1 trillion in the US economy,” he said.

Trump comments spark response

The remarks follow comments by Trump in which he suggested a potential currency swap with the UAE could be under consideration, describing the country as “a good ally”.

“They’re really led by incredible people… I mean, I’m surprised, because they are really rich,” Trump said in an interview, adding: “If I could help them, I would.”

The idea of a currency swap, where central banks exchange currencies to support liquidity, has been raised in recent discussions between UAE and US officials, although economists note such arrangements are typically about financial coordination and status rather than emergency support.

Al Otaiba concluded by reinforcing the long-term trajectory of the bilateral relationship.

“The UAE and the United States will continue to prosper together for decades to come,” he said, “not because one depends on the other for support, but because both benefit from one of the world’s most important economic partnerships.”

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, has reaffirmed the strategic importance of Dubai’s aviation sector in driving global connectivity and economic growth.

During a high-level visit to Dubai International Airport, Sheikh Hamdan highlighted the sector’s continued evolution under the vision of Sheikh Mohammed bin Rashid Al Maktoum UAE Vice President, Prime Minister and Ruler of Dubai, noting its role in facilitating seamless passenger and cargo movement while shaping the future of global aviation, a WAM report said.

Read more-Dubai Airport: How the world’s busiest aviation hub is functioning amid crisis

Sheikh Hamdan commended the performance of teams across Dubai International Airport, praising their efficiency and resilience amid changing global conditions. He noted that the sector’s success is underpinned by strong leadership, particularly that of Sheikh Ahmed bin Saeed Al Maktoum, who oversees Dubai’s civil aviation ecosystem.

Accompanied by Sheikh Ahmed, Sheikh Hamdan reviewed key airport operations, including passenger services provided by Emirates Airline, one of the world’s leading carriers.

“I am proud of the teams at Dubai Airports, Emirates and flydubai. Our world-class aviation ecosystem continues to maintain smooth, efficient operations amid evolving conditions while ensuring safety, reflecting the resilience and preparedness of Dubai’s systems,” Sheikh Hamdan said.

Focus on safety and smart technologies

As part of the visit, Sheikh Hamdan toured the Dubai Police operations centre at the airport, where he was briefed on advanced security measures and smart services designed to enhance traveller safety.

Officials outlined ongoing upgrades involving cutting-edge technologies aimed at improving operational efficiency and ensuring a seamless passenger experience. These include systems to expedite travel procedures, optimise passenger flow, and elevate comfort levels across terminals.

The integration of smart solutions reflects Dubai’s broader push to lead in innovation-driven infrastructure.

Sheikh Hamdan emphasised that Dubai Airports remains central to the emirate’s long-term development strategy and global positioning.

“Dubai Airports continues to play a central role in reinforcing the city’s sustainable growth and its position as a bridge between global markets,” he said.

“As we look to the future, Dubai Airports will continue to advance its expansion plans in line with our vision to shape the future of global aviation, driven by our relentless focus on innovation and excellence. We continue to invest in advanced infrastructure and talent to further strengthen Dubai’s position as a vital global gateway connecting people, markets, and opportunities worldwide,” he added.

Emirates Airline’s expanding global reach

The Crown Prince also reviewed Emirates Airline’s operations, commending its teams for maintaining high service standards and operational consistency.

He highlighted the airline’s critical role in connecting Dubai to the world, with a network spanning 123 destinations across 65 countries. Under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, Emirates continues to strengthen Dubai’s standing as a leading global aviation hub.

Sheikh Hamdan praised the professionalism of pilots and cabin crew, noting their commitment to excellence under varying conditions.

During the visit, Sheikh Hamdan received a detailed briefing on Emirates’ Network Operations Control Centre, widely regarded as the nerve centre of the airline’s operations. The facility has recently undergone significant upgrades and is equipped with advanced artificial intelligence, high-precision computer vision systems, and real-time geospatial mapping tools. These technologies enable proactive monitoring of flight schedules, weather conditions, and global developments.

The system supports rapid decision-making, enhances operational efficiency, and ensures on-time arrivals and departures. It also strengthens cargo and logistics performance through integrated coordination across departments.

Dubai International Airport continues to set global benchmarks. In 2025, the airport welcomed more than 95 million passengers, retaining its title as the world’s busiest international airport for the twelfth consecutive year.

Total flight movements reached 454,800, marking a 3.3 per cent increase year-on-year, reflecting sustained growth in both network expansion and operational capacity.

The visit underscores Dubai’s commitment to maintaining its leadership in global aviation while investing in future-ready infrastructure and innovation.

US President Donald Trump said he would indefinitely extend the ceasefire with Iran to allow for further peace talks, although it was not clear on Wednesday if Iran or Israel would agree.

Trump said in a statement on social media the US had agreed to a request by Pakistani mediators “to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal … and discussions are concluded, one way or the other.”

Pakistan’s leaders have hosted peace talks in Islamabad to end a war that has killed thousands of people and shaken the global economy.

But even as he announced what appeared to be a unilateral ceasefire extension, Trump also said he would continue the US Navy’s blockade of Iran’s trade by sea, considered an act of war by Iran.

There was no response early on Wednesday to Trump’s announcement from senior Iranian officials, although some initial reactions from Tehran suggested Trump’s comments were being treated skeptically.

Tasnim News Agency, affiliated with the Islamic Revolutionary Guards Corps, said Iran had not asked for a ceasefire extension and repeated threats to break the US blockade by force. An adviser to Iran’s lead negotiator, the speaker of parliament Mohammad Baqer Qalibaf, said Trump’s announcement carried little weight and may be a ploy.

Trump’s wartime rhetoric has veered between extremes. In an expletive-filled threat against Iran only two weeks ago he promised that a “whole civilization will die tonight”, while at other times has appeared keen to end the violence and market uncertainty.

With his announcement, Trump again pulled back at the last moment from his threats to bomb Iran’s power plants and bridges. United Nations Secretary General António Guterres and others have condemned those threats, noting international humanitarian law forbids attacks targeting civilians and civilian infrastructure.

Next peace talks uncertain

The US and Israel began the war on February 28 with aerial bombardments of Iran. The conflict quickly spread to Gulf states that host US military bases and to Lebanon once the Iran-allied militant group Hezbollah joined the fighting.

Israeli Prime Minister Benjamin Netanyahu has for decades sought to oust Iran’s leadership, but Trump has given shifting and sometimes contradictory rationales for joining Israel to launch the war and how he foresees it ending, stirring confusion in global markets.

More than 3,000 civilians have been killed across the region and hundreds of thousands displaced so far, mostly in Iran and Lebanon, and the war has led to the virtual closure of the Strait of Hormuz, a vital chokepoint in global energy markets between Iran and Oman, sending oil prices soaring and fears that the global economy could enter a recession.

Iran has repeatedly exploited its ability to control the passage of oil tankers and other ships in the strait in response to US and Israeli attacks.

Trump said in his statement he was willing to extend the ceasefire because “the Government of Iran is seriously fractured, not unexpectedly so,” a reference to US-Israeli assassinations of some of the country’s leaders in the war’s first weeks, including the late Supreme Leader Ayatollah Ali Khamenei, who has been succeeded by his son.

A few hours before his announcement, Trump had told the CNBC news channel that he was not inclined to continue the temporary truce and the US military was “raring to go.”

Those comments came as tentatively scheduled peace talks in Islamabad seemed on the verge of falling apart: US.Vice President JD Vance, whose presence has been requested by the Iranians, had planned to return to Pakistan on Tuesday.

Before Trump’s latest announcement, a senior Iranian official told Reuters that Iran’s negotiators had been willing to attend another round of talks if the US abandoned a policy of pressure and threats, and rejected negotiations aimed at surrender.

Iran has condemned the US Navy intercepting and seizing two commercial Iranian ships at sea as part of its blockade, the second earlier on Tuesday, with its foreign ministry accusing the US of “piracy at sea and state terrorism.” The US, joined by multiple other countries, has condemned Iran for impeding freedom of navigation in the Strait of Hormuz.

A first session of talks 10 days ago produced no agreement, with much of the focus on Iran’s stockpiles of highly enriched uranium.

Trump wants to take the uranium out of Iran in order to prevent the country from enriching it further to the point where it could develop a nuclear weapon. Iran says it has only a peaceful civilian nuclear programme and a sovereign right to continue that as a signatory of the nuclear weapons non-proliferation treaty.