Analysis Finance China and US vie for FDI supremacy in Gulf’s biggest economies China and the United States invested more than $23 billion in projects in the Gulf’s two biggest economies last year. The US more than doubled its “greenfield” foreign direct investment in the UAE to nearly $4 billion, while China’s commitment to Saudi Arabia rose 10-fold to almost $17 billion. Greenfield FDI involves a foreign entity […]
Analysis Trade Weakening dollar should strengthen Gulf exports The US dollar will fall against the euro and Chinese yuan, economists are forecasting, reducing the purchasing power of Gulf currencies but making the bloc’s exports more competitive. A weaker dollar will raise the relative cost of imports from China and much of the European Union, but other factors are more likely to affect inflation […]
Analysis Trade Modi’s UAE visit ‘adds to execution of deals’ Indian prime minister Narendra Modi deftly blended politics and commerce last week as he opened the Middle East’s largest Hindu temple on a visit to the UAE, a Muslim state that is home to 3.5 million Indian expatriates and a major trading ally. The temple’s inauguration was widely covered in Indian media, while tens of […]
Video length: 09:01 Analysis Economy Currency bond traders flow into Egypt after bailout deals JPMorgan Chase & Co has issued a circular urging its clients to buy up Egyptian sovereign debt, less than two months after it removed Egypt from local-currency bond indexes. “The Egypt carry trade is back in focus, and this time should be different,” the New York bank’s Gbolahan Taiwao wrote in a note on March […]
Analysis Banking & Finance DIFC’s law tipped to help digital assets go mainstream The Dubai International Financial Centre has introduced a law to define and regulate digital assets – a move that should herald their integration into more parts of the economy, lawyers have told AGBI. The DIFC legislation came into effect on March 8 and classifies the assets as property. Digitally tracked items such as cryptocurrencies, non-fungible […]
Analysis Trade Emirates in trade talks with South American quartet The UAE is talking to the four South American countries of the Mercosur bloc to deepen trade relations and boost two-way commerce currently worth almost $8 billion a year. The group, which consists of Argentina, Brazil, Paraguay and Uruguay, is in the preliminary stages of negotiations “to define next steps” of a free trade deal […] April 26, 2024
Industry RAK free zone reports 61% surge in new companies Ras Al Khaimah Economic Zone (Rakez) reported a 61 percent year on year surge in new company registrations in the first quarter of 2024. Over the three months, 3,000 companies joined the economic zone, marking a solid start to the year. Rakez has attracted global investors, mostly from India, Pakistan, the UK and Egypt. Rakez […] April 26, 2024
Trade Florida port service could increase Saudi non-oil exports Saudi Arabia’s exports are set to improve following the introduction of a new container service that will link Jeddah with Florida. Non-oil exports rose 4.4 percent year on year in February while production cuts led oil exports to slip to 77 percent of the total, the government said. Jacksonville Port Authority (Jaxport) in Florida said […] April 25, 2024
Mining UAE and Kenya sign mining and technology deal The UAE and Kenya have signed an agreement to boost investment in the mining and technology sectors, as the Gulf state focuses on Africa to enhance its precious metals and minerals reserves. As part of the agreement, the UAE Ministry of Investment and the Republic of Kenya Ministry of Finance and National Treasury will work […] April 25, 2024
Trade UK election adds urgency to GCC trade talks An imminent general election in the UK and a potential change of government has accelerated pressure on negotiators to resolve talks about a GCC trade deal. Talks between the six countries of the Gulf Cooperation Council – the UAE, Saudi Arabia, Bahrain, Qatar, Oman and Kuwait – and the UK are almost two years old. […] April 25, 2024
Finance Oman and UAE sign deals worth $35bn The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said. Investment and collaboration agreements covered areas including renewable energy, green metals, […] April 23, 2024
Trade India’s silver imports from UAE on the rise Supplies of silver to India from the UAE have increased this year, as the Emirates’ exporters benefit from an agreement signed between the countries two years ago. The India-UAE comprehensive economic partnership agreement signed in 2022 has significantly boosted imports, according to a report by Indian English-language business newspaper The Financial Express. The UAE route […] April 23, 2024
Trade 300 UK company chiefs to descend on Riyadh for expo The UK is sending hundreds of business executives to a trade expo in Riyadh in May as part of a year-long drive to win contracts in Saudi Arabia, as the Gulf state seeks to increase foreign investment in its giga-projects. “The Great Futures launch event in Riyadh on 14-15 May 2024 aims to bring to […] April 23, 2024
Trade Philippines and Qatar sign nine agreements on trade The Philippines and Qatar have signed nine agreements aimed at boosting trade and investment between the two countries, while also addressing global challenges such as climate change and human trafficking. The agreements were signed by Philippine President Ferdinand Marcos Jr and Qatari Emir Sheikh Tamim bin Hamad Al Thani on Monday, the Philippine News Agency […] April 22, 2024
Opinion Economy Shanghai’s enterprising spirit is China’s best hope Returning to the city 20 years after his first visit, our columnist is still bowled over by its dynamism April 22, 2024
Finance Oman’s sultan in UAE to push for rebound in trade Sultan Haitham bin Tariq of Oman will arrive in the UAE on Monday for a state visit as he looks to cement ties with his country’s biggest trade partner. During the visit the Omani ruler will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral relations which were worth more than $14 […] April 22, 2024
Trade UAE strikes Colombia deal to strengthen Latin American links The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […] April 19, 2024
Banking & Finance Acwa Power takes China bank loan in first for Saudi Arabia Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […] April 19, 2024
Trade Costa Rica added to UAE economic partners The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the Central American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […] April 18, 2024
Analysis Banking & Finance Iraq shapes up as a destination for UAE investors Emirati investors may be increasingly tempted to look at Iraq after additional safeguards are introduced under a new bilateral investment treaty, observers believe. The treaty between Iraq and the UAE was signed in October 2021 and ratified by both states last year. All that is left now is for the instruments of ratification to be […] April 18, 2024
Trade Jordan’s exports rise 15% in Q1 despite regional unrest Jordan’s exports increased by more than 15 percent in the first quarter of the year despite the conflict between Israel and Hamas and the disruptions to maritime trade in the Red Sea. The country recorded “remarkable” growth in export value from January to March, according to the Amman Chamber of Industry. Export value rose to […] April 17, 2024
Trade Romania touts $16bn of opportunities as PM visits Qatar Romania is looking to secure €15 billion ($16 billion) of investment from Qatar during a visit by its prime minister, Marcel Ciolacu. He is set to hold talks with Qatar’s prime minister and minister of foreign affairs, Mohammed bin Abdulrahman bin Jassim Al Thani. Ciolacu is also due to have discussions with representatives of Qatar […] April 16, 2024
Trade UAE and India to discuss first phase of trade corridor Senior officials from the UAE and India will meet next month to start work on the first phase of the India-Middle East-Europe Economic Corridor (Imeec), according to a media report. The officials are slated to meet on May 15 after UAE president Sheikh Mohamed bin Zayed Al Nahyan and Indian prime minister Narendra Modi signed […] April 11, 2024
Economy Middle East exports to rebound as Red Sea fears ease Middle East goods export volumes, which include oil and gas, will expand 3.5 percent this year, the World Trade Organization predicts, adding that disruptions to Red Sea maritime trade are proving less severe than feared. The WTO’s Global Trade Outlook and Statistics report, published on Wednesday, says this expected increase contrasts with a 1.6 percent […] April 11, 2024
Trade Finance platform aims at $2.5trn trade funding hole A blockchain-based platform that lets institutions and wealthy individuals provide finance to importers and exporters for returns of up to 9 percent a year could help fill a multi-trillion-dollar hole in international trade, it says. In trade finance, the involvement of third-party financial companies removes payment and supply risks for sellers and buyers respectively. Historically, […] April 8, 2024
