Opinion Finance Trump Derangement Syndrome, and how to treat it I thought Kamala had a chance. What if I was wrong? Unthinkable November 8, 2024
Leisure & Hospitality Sotheby’s pins hopes on Saudi auction launch Sotheby’s is to open an office and stage its first auction in Saudi Arabia next year. The new branch will be located in the Faisaliah Tower in the capital Riyadh. The auction will take place on February 8, 2025 in the Unesco World Heritage site of Diriyah. Prior to the auction, an exhibition featuring the […] November 7, 2024
Trade UAE-Australia trade expected to triple after Cepa deal Trade between the UAE and Australia is expected to grow threefold in the next eight years following the signing of a comprehensive economic partnership agreement (Cepa) on Wednesday. The trade agreement will eliminate tariffs on more than 99 percent of Australia’s exports to the UAE. The deal, which was announced in September, is expected to […] November 7, 2024
Opinion Trade Welcome back Donald, it’s time to get down to business Next 10 weeks are crucial for the Middle East, then there is much to look forward to from the new President November 7, 2024
Analysis Tech US and China in race to get their tech into Gulf markets Gulf countries are likely to face mounting pressure to adopt American technology as the US tries to exploit its best-in-class semiconductor and artificial intelligence products to muscle China out of their markets before the Asian superpower catches up. The US is walking a fine line between increasing the regional uptake of its chips and software […] November 7, 2024
Analysis Trade Macron’s Morocco trip the catalyst for $11bn in deals France and Morocco have announced a series of deals, from railways to phosphates to renewables, worth up to $11 billion during a state visit last week by Emmanuel Macron, his first to the north African kingdom since becoming president in 2017. The 22 deals followed French recognition of Morocco’s claims to the disputed Western Sahara […] November 6, 2024
Trade Arab world welcomes Trump back to the White House The Arab world has hailed Donald Trump’s successful bid to return to the White House, with his long-standing personal, business and political ties to the region bringing hopes of closer bilateral relationships with the United States for the next four years. The Emir of Qatar, Tamim bin Hamad Al Thani, was the first GCC leader […] November 6, 2024
Telecoms First Saudi Arabia-to-Egypt subsea cable announced Mobily and Telecom Egypt have signed an agreement to lay the first subsea cable between Saudi Arabia and Egypt, the companies announced in a joint press statement on Monday. The new cable will connect the Red Sea resort of Sharm El Sheikh with the Saudi city of Duba. Egypt already has landing points for 18 […] November 5, 2024
Trade More Turkish companies open in UAE after trade deal A free trade agreement between the UAE and Turkey has been followed by a jump in the number of Turkish companies opening offices in the UAE. The signing of the comprehensive economic partnership agreement (Cepa) between the two nations in March 2023 was designed to create greater collaboration and remove tariffs on a range of […] November 5, 2024
Trade New Zealand agrees free-trade deal with GCC The GCC has agreed a new free-trade deal with New Zealand. The agreement will give duty-free access to 99 percent of New Zealand exports over 10 years, according to New Zealand trade minister Todd McClay. McClay said the agreement was the culmination of an 18-year-long ambition to agree a trade deal in the Middle East. […] November 1, 2024
Trade PIF signs Japan and Hong Kong pacts worth $52bn Saudi Arabia’s Public Investment Fund has signed memorandums of understanding (MoUs) worth up to $51 billion with five Japanese banks. The kingdom’s sovereign wealth fund said the agreements cover a variety of areas, including encouraging two-way capital flows through both debt and equity. The agreements were signed with Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG […] November 1, 2024
Saudi Arabia agrees more Pakistan investment deals Saudi Arabia has signed seven more investment agreements with Pakistan, bringing the total value of what has been agreed in recent weeks to $2.8 billion, Saudi Arabia’s minister of investment Khalid Al-Falih said on Wednesday. Three weeks ago Al-Falih led a delegation from Saudi Arabia to Islamabad, where 27 investment agreements, valued at $2.2 billion, were […] October 31, 2024
Finance Duo dream big with Abu Dhabi’s first tokenised treasuries fund The first tokenised treasury bill fund licensed in the Abu Dhabi Global Market launched on Thursday, with its creators hoping to attract $100 million from investors within a year. Such funds buy United States treasuries, which are US government bonds, and then create a blockchain-based token to represent these assets, thereby enabling digital, fractional ownership […] October 31, 2024
Analysis Trade Nigeria-UAE trade tipped to recover as Emirates restarts flights Nigeria’s trade with the UAE is expected to rise significantly following the resumption of Emirates flights to Lagos this month. The daily return flights from Dubai offer more than 300 tonnes of “bellyhold” capacity – cargo carried in the hold on passenger flights – every week. Emirates suspended the flights nearly two years ago after […] October 30, 2024
Opinion Logistics A new dawn for logistics as the GCC and India draw closer For both parties to benefit, investment in transport infrastructure is needed October 30, 2024
Renewable Energy Acwa Power signs $1.8bn deals to promote renewables Saudi renewable energy major Acwa Power has signed agreements worth $1.8 billion to develop renewable energy and battery storage projects, as well as research and development, across the GCC, China, Central Asia and North Africa. The agreements were signed during the Future Investment Initiative conference in Riyadh. The first pact includes a $690 million agreement […] October 30, 2024
Video length: 02:32 VIDEO Finance UK is ‘actively seeking’ Gulf investors, says trade minister “Britain is back and Britain is open for business,” UK trade minister Douglas Alexander has told AGBI. In an interview at the Future Investment Initiative summit taking place this week in Riyadh, Alexander said the Labour government’s budget on Wednesday would seek to “raise the level of investment in the UK economy”. “The kind of […] October 29, 2024
Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain October 29, 2024
Trade UAE and Vietnam pact aims for $20bn in bilateral trade The UAE and Vietnam have signed a comprehensive economic partnership agreement (Cepa), paving the way for $20 billion in bilateral trade. This marks Vietnam’s first Cepa with a Middle Eastern country and was signed by prime minister Pham Minh Chinh in Dubai on Monday, the UAE state-run Wam news agency reported. The agreement seeks to […] October 29, 2024
Opinion Trade Europe needs to revisit Gulf relations or lose out to Asia The recent EU-GCC summit could not have come at a more critical moment October 28, 2024
Industry Morocco plans to increase its military spending in budget Morocco is planning to increase its military spending by 6 percent next year, as it looks to improve national security and modernise its local capabilities. The defence budget in Morocco’s 2025 Finance Law will be MAD133 billion ($13.4 billion), an increase on the MAD124 billion in the current year’s budget. The Minister of Economy and […] October 23, 2024
Trade Former UK chancellor Zahawi calls for UAE trade talks A former UK chancellor has called for the UK to initiate trade talks with the UAE as discussions over a UK-GCC-wide agreement head towards a seventh round. Nadhim Zahawi said a standalone free trade deal between the UK and UAE would “accelerate a full trade agreement” with the UAE, Bahrain, Kuwait, Saudi Arabia, Qatar and […] October 22, 2024