Trade Saudi Arabia signs deals worth $15bn with Egypt Egypt and Saudi Arabia provisionally agreed investment deals worth a combined $15 billion following the meeting of President Abdel Fattah El Sisi and Crown Prince Mohammed bin Salman in Cairo on Tuesday. Speaking to Al Arabiya TV on Wednesday, the head of the Saudi-Egyptian Business Council, Bandar Al-Ameri, said that the deals include projects in […] October 17, 2024
Trade UAE agrees to review India’s precious metal export concerns The UAE has agreed to examine India’s concerns over a sharp increase in precious metal exports, New Delhi said in a statement on Tuesday. The concerns were raised at the second meeting of the joint committee under comprehensive economic partnership agreement (Cepa) on Monday as the two nations hoped to reached the $100 billion non-oil […] October 17, 2024
Finance Kenya in loan talks with UAE to reduce debt Kenya and the UAE are discussing a commercial loan worth $1.5 billion, according to the Kenyan minister of finance. The loan would have an 8.25 percent interest rate and a seven-year tenor, John Mbadi told a press conference on Wednesday. “This loan is cheaper than the Eurobond we borrowed at 10.7 percent,” Mbadi told the […] October 16, 2024
Trade Tech startups drive rise in Ireland’s exports to UAE Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies. The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […] October 16, 2024
Trade Inaugural EU summit seeks GCC support to isolate Russia The EU holds its first summit with the Gulf Cooperation Council states on Wednesday, part of a diplomatic push for far-flung friends as it enlists international support to isolate Russia. Since Moscow’s invasion of Ukraine, the 27-member EU has reached out to other regional blocs, holding its first summit with Asean countries and its first […] October 16, 2024
Trade Clouds clear as DP World seals London Gateway deal UAE port operator DP World has announced that it will go ahead with a £1 billion ($1.3 billion) investment in the UK after days of uncertainty, but the episode should be viewed as a “warning”, an expert has told AGBI. The expansion of DP World’s London Gateway port is intended to make it Britain’s largest […] October 14, 2024
Trade Saudi Arabia to establish economic zone with China King Salman International Airport Development Company (KSIADC) has signed an agreement with EWPartners, an investment company backed by Saudi Arabia’s Public Investment Fund, to establish a special economic zone to increase trade with China. The KSA-Sino Logistics Zone will be located at the King Salman International Airport in Riyadh, which is expected to be one of […] October 14, 2024
Manufacturing Turkey hits major Asian steel exporters with tariffs Turkey’s decision to introduce tariffs on cheap foreign imports of steel has been welcomed by domestic industry experts. Ankara last week moved to protect its domestic steel industry against cheap imports from Asia by imposing taxes on hot rolled steel (HRS) produced in China, India, Japan and the Russian Federation. The tariffs range from 6 […] October 14, 2024
Trade UAE and Malaysia sign Cepa to increase bilateral trade The UAE and Malaysia have signed a free trade deal, bringing the number of deals the Gulf state has agreed with foreign governments to 12. The comprehensive economic partnership agreement (Cepa) will seek to eliminate or reduce tariffs, lower trade barriers, increase private sector collaboration and create new investment opportunities, the two countries said in a […] October 11, 2024
Analysis Trade Morocco-EU trade in turmoil after court ruling It has been a difficult week for Morocco and its partnership with the European Union. The European Court of Justice (ECJ) ruled last week that fishing and farming deals between the two parties struck in 2019 are now invalid. The agreements faltered over the thorny – and sensitive – issue of the Western Sahara, which […] October 11, 2024
Finance Transport and finance help Bahrain overcome oil slump Bahrain’s economy expanded by 1.3 percent in the second quarter of 2024, thanks to double-digit growth in some of its non-oil sectors. The ministry of finance and national economy said 2.8 percent growth in its non-oil sector, which accounted for 85 percent of gross domestic product in Q2, helped to offset a 6.7 percent decline […] October 9, 2024
Trade China files trade complaint against Turkey over EV tariffs Beijing has lodged a trade dispute complaint against Turkey at the World Trade Organisation over Ankara’s efforts to stem a potential tide of imported Chinese electric vehicles. China’s launching the first stage of the dispute mechanism (termed a request for consultations) comes more than two years after Turkey first imposed tariffs on Chinese made-EVs, with […] October 9, 2024
Banking and Finance ADIA’s new office in India to fast-track investments Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, is accelerating its India investment plans after starting operations from the special economic zone in Prime Minister Narendra Modi’s Gujarat home state. “India is one of the world’s fastest growing economies and has been a key focus for our investment activities for a number […] October 8, 2024
Economy Abu Dhabi to announce new 2045 strategy for GDP growth Abu Dhabi will soon launch a new 2045 economic strategy aimed at accelerating GDP growth in the emirate, sources told AGBI. The strategy, expected to be released early next year, outlines a broad transformation that seeks to further diversify the emirate’s economy, significantly reduce its reliance on oil, and position Abu Dhabi as a major […] October 6, 2024
Opinion Trade UAE-Australia trade deal will help business take off Tariff savings will help to grow multi-billion bilateral trade across many industries October 4, 2024
Video length: 06:31 VIDEO Economy Saudi Arabia cuts military spending as deficit increases Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […] October 1, 2024
Agriculture UAE pledges $30m for Ghana’s biodiversity push The UAE and Ghana have signed a $30 million partnership for nature-based community development and climate initiatives. The agreement covers six areas of investment, including biodiversity corridors, which allow animals to travel from one patch of native forest to another, reforestation and agroecology – sustainable farming that works with nature. The partnership aims to deliver […] September 30, 2024
Economy Algeria’s UK ambassador: ‘We must modernise our economy’ Weeks after presidential elections in which the incumbent, Abdelmadjid Tebboune, was re-elected, Algeria has set its sights on systemically modernising its economy, having seen what it says are positive results from introducing investment reforms and enabling 100 percent foreign ownership in some sectors. “We hope the economy will continue to grow with more reforms … […] September 30, 2024
Trade UAE adds New Zealand to long list of trade partners The UAE’s plans to increase non-oil foreign trade to AED4 trillion ($1 trillion) by 2031 took another step forward on Thursday as New Zealand became the 12th country to sign a comprehensive economic partnership agreement (Cepa) with the Gulf state. The deal will reduce or remove tariffs, eliminate barriers to trade, improve market access and […] September 26, 2024
Video length: 04:09 VIDEO Banking and Finance The digital currency that could upend how the Gulf trades Project mBridge – a China-led central bank digital currency initiative, which the UAE and Saudi Arabia are part of – could have “broad strategic implications” for regional trade, according to market analysts. A CBDC is a digital form of a country’s fiat currency, which is backed by a government. It eliminates the need for intermediaries […] September 26, 2024
Tech Defence and tech at forefront of UAE leader’s historic US visit Defence and technology were among the key topics of discussion during UAE President Sheikh Mohamed bin Zayed Al Nahyan’s official visit to the US this week. “The strategic and enduring partnership that unites our countries is unwavering,” said Sheikh Mohamed, after what was the first meeting between sitting UAE and US presidents on American soil […] September 25, 2024
Trade Qatar is first Gulf state to join US visa waiver programme Qatar has become the first Gulf state to join the US visa waiver programme, allowing Qatari citizens to visit visa-free for up to 90 days from December 1. The US Department of Homeland Security and the Department of State said in a statement on Tuesday that the move would help to “significantly enhance the security […] September 25, 2024
