Thani Al Zeyoudi, Minister of Foreign Trade of the UAE/Image: WAM
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The United Arab Emirates is discussing a currency swap line with the United States, its trade minister said on Monday.
“We have this discussion and conversation with many, it’s part of an elite group that the US is having this swap policy with. They are only having it with five countries,” Thani Al Zeyoudi, Minister of Foreign Trade of the UAE, said at a conference in Abu Dhabi.
“Being part of that group means that transactions… trade, investments between both nations reach a level where that swap is highly needed … so it is an elite matter, (it) is not about bailing out,” he told the “Make It In The Emirates” event.
Currency swap lines between central banks allow each institution to obtain the other’s currency without resorting to foreign exchange markets, reducing transaction costs and exchange-rate risk for cross-border trade and investment.
The US Federal Reserve has permanent standing central bank currency swap lines with five other major central banks – the Bank of Canada, the Bank of Japan, the European Central Bank, the Bank of England and the Swiss National Bank.
US Treasury Secretary Scott Bessent said last month that a number of allies in the Gulf region and in Asia had requested currency swap lines from the United States to help deal with energy shocks and other fallout from the Middle East war.
The war, which started with US and Israel strikes on Iran on February 28, has effectively shut the Strait of Hormuz, a vital chokepoint through which about 20 per cent of global oil and liquefied natural gas shipments pass, raising oil prices.
Al Zeyoudi did not provide further details on the discussions, size or timeline for an agreement on the currency swap line with the United States.
Iran warns US Navy to stay clear of Hormuz as Trump seeks to help stranded ships
Tehran warns it will “respond harshly” to any US presence in the Strait of Hormuz after Washington signals plans to assist hundreds of vessels trapped by the ongoing conflict
US forces patrol the Arabian Sea near the M/V Touska on April 20, 2026. (Image: Getty)
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Iran’s military warned US forces on Monday not to enter the Strait of Hormuz after President Donald Trump said the United States would start helping to free ships stranded in the Gulf by the US-Israeli war on Iran.
Trump gave few details of the plan to aid ships and their crews that have been “locked up” in the vital waterway and are running low on food and other supplies more than two months since the conflict began.
“We have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” Trump said in a post on his Truth Social site on Sunday.
The unified command of Iran’s armed forces responded by warning US forces to stay out of the strait.
Its forces would “respond harshly” to any threat, it added, telling commercial ships and oil tankers to refrain from any movement in the absence of coordination with Iran’s military.
“We have repeatedly said the security of the Strait of Hormuz is in our hands and that the safe passage of vessels needs to be coordinated with the armed forces,” Ali Abdollahi, the head of the forces’ unified command said in the statement.
“We warn that any foreign armed forces, especially the aggressive US army, will be attacked if they intend to approach and enter the Strait of Hormuz.”
US Central Command said it would support the effort with 15,000 military personnel, more than 100 land and sea-based aircraft, along with warships and drones.
“Our support for this defensive mission is essential to regional security and the global economy as we also maintain the naval blockade,” Admiral Brad Cooper, the CENTCOM commander, said in a statement.
Hundreds of ships and as many as 20,000 seafarers have been unable to transit the strait during the conflict, the International Maritime Organization says.
Soon after Trump’s comments, the United Kingdom Maritime Trade Operations agency said a tanker had reported being hit by unknown projectiles in the strait.
The agency said all crew were reported safe in the incident, which occurred 78 nautical miles north of Fujairah, in the United Arab Emirates, but few details were immediately available.
Iran has been blocking nearly all shipping from the Gulf apart from its own for more than two months, sending energy prices soaring.
Some vessels attempting to transit the strait have reported being fired on, and Iran seized several other ships. Last month, the US imposed its own blockade of ships from Iranian ports.
The Trump administration has been seeking help from other countries to form an international coalition to secure shipping in the strait. CENTCOM said the latest effort would combine “diplomatic action with military coordination.”
It was not immediately clear which countries the US operation would aid or how the operation would work. It will not necessarily include US Navy ships escorting commercial ships, Axios reporter Barak Ravid said in a post on X.
The White House did not immediately respond to a request for comment.
Trump threatened that any interference with the US operation would “have to be dealt with forcefully.”
Iran reviewing US response on peace proposal
Meanwhile, equity markets edged higher on Monday while crude oil prices were little moved, having surged back above $100 a barrel last week amid uncertainty over when and how the conflict will be resolved.
On Sunday, Iran said it had received a US response to its latest offer for peace talks a day after Trump said he would probably reject the Iranian proposal because “they have not paid a big enough price.”
Trump, responding to shouted questions from reporters, said on Sunday evening talks were going “very well”, without elaborating.
Iranian state media said Washington had conveyed its response to Iran’s 14-point proposal via Pakistan, and that Tehran was now reviewing it. There was no immediate confirmation from Washington or Islamabad of the U.S. response.
“At this stage, we do not have nuclear negotiations,” state media quoted Iran’s foreign ministry spokesperson Esmaeil Baghaei as saying.
The comment was an apparent reference to Iran’s proposal to set aside talks on nuclear issues until after the war has ended and the foes have agreed to lift opposing blockades of Gulf shipping.
The United States and Israel suspended their bombing campaign against Iran four weeks ago, and US and Iranian officials held one round of talks. But attempts to set up further meetings have so far failed.
Dubai Airport navigated weeks of disruption: Here’s what comes next
Operations were maintained under rapidly changing conditions, with flight schedules, passenger handling, and ground services continuously adjusted to align with available airspace capacity
Dubai International Airport (DXB) has successfully maintained global connectivity during a period of significant regional disruption, positioning itself for a strong rebound as UAE airspace restrictions are fully lifted and flight operations ramp up.
During a challenging period that began on February 28 and intensified through March, DXB remained operational despite severe airspace limitations affecting one of the world’s busiest aviation corridors. According to Dubai Airports, the hub facilitated the safe movement of approximately 6 million passengers, more than 32,000 aircraft movements, and 213,000 tonnes of essential cargo as of April 30.
Operations were maintained under rapidly changing conditions, with flight schedules, passenger handling, and ground services continuously adjusted to align with available airspace capacity. Industry coordination played a critical role in ensuring continuity.
Coordinated response ensures stability
Dubai Airports credited its success during the disruption to seamless collaboration across the aviation ecosystem. Airlines, service partners, and regulatory authorities worked closely to ensure that passenger and cargo movement continued safely and efficiently.
Image credit: Dubai Airport/Website
The oneDXB community, including major carriers Emirates and flydubai, played a central role in this coordinated effort. Together, stakeholders enabled the airport to adapt swiftly to evolving conditions while preparing for recovery.
Paul Griffiths, CEO of Dubai Airports, highlighted the scale of the challenge and the importance of DXB’s role in global aviation.
“The extraordinary events of the past few weeks are unprecedented for any major airport hub such as DXB,” Griffiths said. “Maintaining the smooth operation of DXB is critical to keep global journeys moving.”
He added that the airport’s response demonstrated agility and preparedness.
“Our collective response to these challenges has sharpened our ability to adapt at pace. That readiness will enable us to accommodate returning demand as capacity is restored,” he said.
Airspace reopens, recovery gains momentum
With all precautionary restrictions on UAE airspace now lifted, Dubai Airports has entered a new phase of recovery.
Flight movements are being steadily increased, allowing airlines to restore schedules in line with regional airspace availability.
Capacity remains influenced by routing options outside UAE airspace, but ongoing coordination with neighboring regions is helping optimise flight paths and improve efficiency.
This gradual scaling of operations is expected to accelerate in the coming weeks as conditions stabilize further.
DXB’s strategic role in global travel
Dubai’s aviation sector plays a pivotal role in international transfer traffic. Of the 99.3 million passengers whose journeys could route through the Middle East annually, the region captures around 70 per cent, with DXB alone handling approximately 32 per cent of that traffic.
This dominance underscores the airport’s importance as a global hub, particularly for long-haul connections between Asia, Europe, and the Americas.
As airspace constraints ease, this segment is expected to recover rapidly, driven by strong underlying demand that cannot easily be diverted to alternative hubs.
Traffic impact reflected in Q1 figures
Despite operational resilience, the impact of the disruption was evident in first-quarter performance figures for 2026.
DXB welcomed 18.6 million passengers in Q1, marking a 20.6 per cent decline compared to the same period last year. March was particularly affected, with traffic dropping to 2.5 million passengers, down 65.7 per cent year-on-year.
India remained the airport’s largest market, contributing 2.5 million passengers, followed by Saudi Arabia (1.3 million), the UK (1.2 million), and Pakistan (918,000).
London retained its position as DXB’s busiest destination city with 752,000 passengers, followed by Mumbai (520,000) and Jeddah (505,000).
Cargo volumes also saw a decline, reaching 399,600 tonnes in Q1, down 22.7 per cent, while aircraft movements fell by 20.8 per cent to 88,000.
Despite the disruption, DXB maintained relatively strong operational performance. The airport handled 17.6 million bags during the quarter, including 2.6 million in March.
The mishandled baggage rate stood at 3.5 per 1,000 passengers, higher than last year’s 1.95 but still significantly below the global average of approximately 6.3 per 1,000 passengers.
This reflects the airport’s continued focus on efficiency and service quality even under strained conditions.
Growth and expansion ahead
Looking ahead, Dubai Airports remains optimistic about the remainder of the year. Strong underlying demand is expected to drive a swift recovery as airspace capacity improves.
The airport is actively increasing flight movements and working with airline and airspace partners to unlock additional capacity across its network.
At the same time, long-term expansion plans at Dubai World Central – Al Maktoum International (DWC) continue to progress, reinforcing Dubai’s ambition to remain a leading global aviation hub.
With operations stabilising and demand returning, DXB appears well-positioned to regain momentum and sustain its role at the heart of global air travel.
Bolt launches dedicated school rides across Dubai
To support adoption, the service is launching with a 20 per cent discount on all scheduled rides within eligible school zones, enhancing accessibility for families
Dubai Taxi Company (DTC), in partnership with Bolt, has launched a new ride category in Dubai designed to support safer and more structured school commutes, as mobility providers expand into specialised, everyday transport use cases.
The new service, Bolt School, is now available via the Bolt app and has been introduced to address growing demand from parents and guardians for reliable and convenient school transport options. The service initially covers more than 90 per cent of schools across Dubai, selected based on student population size, with plans for further expansion.
Bolt School allows users to schedule rides in advance, aligning with school drop-off and pick-up timings. The offering is positioned as a structured alternative within the ride-hailing ecosystem, aimed at simplifying daily routines for families while enhancing predictability and consistency.
Safety and service quality form a core part of the proposition. Trips will be fulfilled by top-rated drivers within Bolt’s Comfort category, while an in-app Safety PIN verification feature ensures that students are matched with the correct vehicle before the journey begins.
To support adoption, the service is launching with a 20 per cent discount on all scheduled rides within eligible school zones, enhancing accessibility for families.
The initiative aligns with Dubai’s broader push to enhance smart and safe mobility solutions, particularly in high-frequency, everyday travel segments. It also reflects the increasing diversification of ride-hailing services, with operators targeting niche use cases such as school transport to drive engagement and long-term user retention.
By introducing Bolt School, Dubai Taxi Company and Bolt are extending their role beyond general ride-hailing into more specialised mobility services, reinforcing their focus on delivering tailored solutions that reflect evolving urban transport needs.
UAE’s biggest-ever Make it in the Emirates forum opens with AI showcase, industrial push
The event comes as the UAE accelerates efforts to strengthen its industrial sector, with industrial GDP rising 70 per cent since 2021 and exports more than doubling to Dhs262bn
Make it in the Emirates, the UAE's major industrial event, is underway in Abu Dhabi. It aims to expand the manufacturing base and diversify the economy. This year's edition, themed 'Advanced Industry. Emerging Stronger', features 1,200 exhibitors and new hubs focusing on technology, start-ups, quality, and industrial heritage.
The UAE’s flagship industrial event, Make it in the Emirates, opened today in Abu Dhabi with its largest edition to date, expecting more than 120,000 visitors as the Gulf state pushes ahead with plans to expand its manufacturing base and diversify its economy.
The fifth edition of the event, held under the theme ‘Advanced Industry. Emerging Stronger’, has attracted 1,245 exhibitors across 88,000 square metres at ADNEC Centre Abu Dhabi, covering 12 strategic sectors, including advanced manufacturing, aerospace and defence, pharmaceuticals, energy, mobility and sustainable materials.
The event comes as the UAE accelerates efforts to strengthen its industrial sector, with industrial GDP rising 70 per cent since 2021 and exports more than doubling to Dhs262bn, according to organisers.
Major agreements involving government entities, national companies, global corporations and local businesses are expected to be announced during the four-day event.
The Ministry of Industry and Advanced Technology is also set to unveil new initiatives aimed at improving industrial resilience and supporting businesses amid global economic volatility.
These include the next phase of the UAE’s In-Country Value programme, which officials said has redirected more than Dhs473bn into the national economy while supporting local employment and supply chain development.
Four new hubs at Make it in the Emirates 2026
This year’s event introduces four new dedicated hubs as organisers seek to move beyond investment announcements and focus on industrial capability building.
The new ‘Intelligence Hub’, a 1,400-square-metre technology showcase, will feature artificial intelligence, robotics, drones, electric vehicles, batteries, industrial cybersecurity and smart manufacturing technologies, including products developed locally and through international partnerships.
A separate ‘Industry NextGen Hub’ will target startups and small businesses, which account for 61 per cent of exhibitors this year, by offering investor matchmaking, pitch competitions and access to procurement opportunities.
The ‘Quality Hub’ will focus on certification and accreditation standards required for UAE-made products to compete internationally.
Meanwhile, the ‘House of Industry’ will debut as what organisers describe as the country’s first immersive industrial heritage exhibition, tracing the UAE’s economic evolution from traditional trade to advanced manufacturing.
Make it in the Emirates 2026 is hosted by the Ministry of Industry and Advanced Technology in partnership with the Ministry of Culture, Abu Dhabi Investment Office, ADNOC and L’IMAD, and organised by ADNEC Group.
Launched to advance the UAE’s industrial strategy, the event has become a central platform for connecting manufacturers, investors and policymakers as the country seeks to build long-term economic resilience beyond oil.
ADNOC will award £43.5 billion worth of projects between 2026 and 2028 to expand upstream and downstream operations and meet global energy demands. This investment supports local manufacturing and strengthens UAE supply chains under the In-Country Value programme. The announcement was made at the "Make it With ADNOC" forum, connecting contractors with local manufacturers to bolster the UAE economy.
Abu Dhabi National Oil Company (ADNOC) said on Sunday it plans to award Dhs200bn ($55bn) worth of projects between 2026 and 2028, as it accelerates expansion across its upstream and downstream businesses.
The planned awards are part of ADNOC’s five-year capital expenditure plan approved by its board last year and come as the company looks to expand production capacity and meet rising global energy demand.
The announcement was made at ADNOC’s ‘Make it With ADNOC’ forum in Abu Dhabi, which brought together engineering, procurement and construction contractors with 70 UAE-based manufacturers that have met the company’s technical qualification standards.
The event was attended by more than 400 representatives from government entities, private sector companies and contractors, ADNOC said.
Make it with ADNOC forum. Image: Supplied
The state energy firm said the projects would support local manufacturing and strengthen domestic supply chains under its In-Country Value programme, which aims to boost spending within the UAE economy.
ADNOC to connect with buyers at Make it in the Emirates
ADNOC said it plans to hold a separate “ADNOC Value Connect – meet the buyer” event on May 5 and 6 during the Make it in the Emirates 2026 forum, where more than 1,000 companies are expected to participate.
UAE Minister of Industry and Advanced Technology and ADNOC chief executive Dr Sultan Ahmed Al Jaber said the company was entering a new execution phase focused on project delivery and industrial growth.
“As we deliver on this phase of growth, we are bringing together leading EPC contractors with 70 top UAE manufacturers,” he said in a statement.
ADNOC has been expanding internationally while increasing domestic gas, chemicals and lower-carbon investments as the UAE seeks to diversify its economy while maintaining its role as a major energy producer.
