Trade Oman-Saudi trade tops $2.6bn in first half of 2024 Trade between Oman and Saudi Arabia exceeded OMR1 billion ($2.6 billion) in the first six months of 2024, official data shows. Metal products accounted for the largest proportion of Omani exports to the kingdom by value, totalling OMR161 million, the state-run Oman News Agency reported, quoting data from the National Centre for Statistics and Information. […] September 25, 2024
Trade UAE and Malaysia edge closer to free trade deal The UAE is expected to sign a free trade deal with Malaysia by the end of the year as it strengthens its ties with countries in south-east Asia. The update was delivered by Tengku Zafrul Aziz, Malaysia’s minister of investment, trade and industry, at the ninth annual Belt and Road summit in Hong Kong. Aziz […] September 25, 2024
Opinion Trade The UK’s economic woes make Gulf trade deal a priority As Sir Keir Starmer's government runs into turbulence, it will need the help of its GCC allies as never before September 24, 2024
Industry Turkey imposes restrictions on hybrid car imports Turkey has introduced stringent regulations on the import of plug-in hybrid vehicles from some countries, including China. The notice includes rules such as importers need to have at least 20 authorised service centres across seven regions in Turkey for chargeable hybrid vehicles not manufactured in the European Union or in countries with which Turkey has […] September 23, 2024
Analysis Markets ‘Bot traders’ defy Opec and determine the price of oil Oil has been trading at its lowest levels in a year, posing a severe challenge to Opec in its efforts to impose a floor on prices. But analysts say that speculative financial players are also driving price determination, alongside traders who study the fundamentals of supply and demand. Opec has voiced frustration at what it […] September 20, 2024
Trade Sharjah’s Microsoft deal ‘will not harm China relationship’ Sharjah, the third largest emirate by population in the UAE, will not undermine its growing relations with China through its AI partnership with the American giant Microsoft, a prominent investment official has said. This week Sharjah unveiled the first AI-generated trade licence system in the world, developed jointly by Invest in Sharjah, Sharjah Publishing City […] September 19, 2024
Trade UAE and Japan to begin talks on trade agreement The UAE and Japan will start negotiations on a comprehensive economic partnership agreement (Cepa), President Sheikh Mohamed bin Zayed Al Nahyan has said. “We look to strengthen our bilateral ties and explore new opportunities that support sustainable economic growth for both countries,” he said in a post on social messaging platform X. Japanese prime minister […] September 18, 2024
Trade Australia and UAE hope for $678m boost after trade deal Australian exports to the UAE are expected to increase by $678 million after the two countries completed discussions over a comprehensive economic partnership agreement (Cepa). The deal, expected to be signed later this year, will make more than 99 percent of Australian exports to the UAE tariff-free, saving exporters up to $160 million annually. The […] September 17, 2024
Trade UK ministers visit Gulf in pursuit of free trade deal Senior ministers from the UK have arrived in Oman as part of a whirlwind tour of the Gulf designed to accelerate trade talks under the new Labour government. The UK topped the list of countries investing into Oman in 2022, with OR9.6 billion ($25 billion), dwarfing the US in second spot on OR3.7 billion, according […] September 17, 2024
Opinion Oil & Gas Investment and trade are on a steady eastward trajectory The direction of capital flow is set to continue from the Middle East to Asia September 16, 2024
Trade Saudi Arabia anticipates US easing Nvidia chip ban Saudi Arabia is welcoming reports that the US government is considering lifting export restrictions on Nvidia chips to the kingdom, which maintains close trade ties with US rival China. Asked at an artificial intelligence (AI) forum in Riyadh if he would be content to see exports without limits, minister of industry and mineral resources Bandar […] September 16, 2024
Trade Turkish exports to the UK hit all-time high Turkey’s exports to the United Kingdom reached a record high in the first eight months of 2024, according to official data. Exports rose 11 percent year on year to $8.3 billion between January and August, Anadolu Agency reported, citing data from the Turkish Exporters Assembly. The automotive sector led the way, with exports reaching $2.7 […] September 13, 2024
Analysis Food & Drink Champagne shipments to the Gulf slow but still flowing The growth in champagne shipments to the Gulf has slowed in recent years but the market is still one of the strongest in the world, bucking a global trend for declining sales. Around 3.5 million bottles of champagne were shipped to the Gulf states in 2023, an increase of about 40 percent, according to data […] September 13, 2024
Trade Indonesia-GCC trade talks start in Jakarta The GCC has formally opened negotiations with Indonesia over a free trade agreement. The bloc of six – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – started the trade talks in Jakarta on Monday. Total trade between Indonesia and the GCC in 2022 was $16 billion. The amount of investments from the Gulf […] September 10, 2024
Trade New shipping route links Jeddah to major Indian ports Saudi Arabia has launched a new shipping route between Jeddah Islamic Port and Mundra and Nhava Sheva, two of India’s largest ports. The 10-day service, operated by Folk Maritime Services, a subsidiary of the Public Investment Fund, started this month. The new route aims to increase the movement of goods such as petrochemicals, aligning with […] September 10, 2024
Retail Turkish ecommerce growing faster than wider economy Turks are embracing online life in ever growing numbers, both as users and as service providers, with ecommerce gaining a strong foothold in the domestic economy and scaling up in overseas markets. Turkish ecommerce is expanding at a rate far faster than the general economy, Ömer Bolat, the trade minister, told delegates at a summit […] September 10, 2024
Energy UAE and India deepen energy ties The UAE has signed long-term liquefied natural gas (LNG) and strategic petroleum reserve development agreements with India, supporting New Delhi’s energy security initiatives. The agreements were signed during the two-day visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India. Under the UAE-India comprehensive economic partnership agreement (Cepa), Abu Dhabi […] September 10, 2024
Trade Upfront payment drive eases working capital struggle Companies in the Middle East are negotiating better payment terms before beginning a project to try to prevent working capital issues down the line. Katy Holmes, CEO of the British Chamber of Commerce Dubai, said there had been a “significant shift” towards more favourable terms for suppliers across a wide spectrum of sectors represented by […] September 6, 2024
Trade Turkey and Egypt mend relationship with state visit Turkey and Egypt have moved closer to rapprochement after a decade of strained ties. Turkey’s president Recep Tayyip Erdoğan and Egypt’s president Abdel Fattah Al-Sisi signed 17 memorandums of understanding during the latter’s one-day visit to Ankara on Wednesday. Among the agreements signed were commitments to boost cooperation in finance, energy, defence and tourism. NewsletterGet […] September 5, 2024
Infrastructure UAE backs Jordan’s $2.3bn rail line for mining exports A new $2.3 billion railway project in Jordan, supported by the UAE, will help increase its mineral export capabilities. Construction tenders are slated to be issued in early 2026. Etihad Rail, the developer and operator of the UAE national railway network, and Jordan’s transport ministry have signed four agreements for the railway, which will connect […] September 5, 2024
Trade Doubts grow over Turkey’s Brics application A report that Turkey has formally applied to join the non-Western aligned Brics bloc is looking premature, with a Turkish government spokesman refusing to confirm the claim. Bloomberg reported that Turkey had submitted its application to join the bloc that consists of Brazil, Russia, India, China and South Africa, plus more recent members, the United […] September 4, 2024
Finance Saudi Arabia cuts more red tape to tempt foreign investors Saudi Arabia is simplifying its registration process for foreign investors as part of its strategy to attract more international companies. The government approved a revamp of its investment law last month, aiming to reassure overseas investors that they would be on a level playing field with Saudi nationals. The reforms come into effect in January […] September 4, 2024
