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
Video length: 07:05 Analysis Trade India’s Cepa review could cut up rough for UAE diamond trade Dubai’s status as a re-export hub for diamonds to India is under threat as New Delhi pushes for a review of terms it agreed in the Comprehensive Economic Partnership Agreement (Cepa) with the UAE two years ago. India’s commerce secretary Sunil Barthwal raised concerns earlier this month about potential use of loopholes that could weaken […] September 4, 2024
Video length: 07:05 Trade GCC-India trade tumbles as New Delhi snaps up Russian oil India’s trade with the GCC countries fell 12 percent to $162 billion in 2023-24, according to its Ministry of Commerce and Industry. The drop from $184 billion in 2022-23 comes as energy-hungry New Delhi snaps up discounted Russian crude and slashes imports of Gulf oil. Ajay Srivastava, founder of the Global Trade Research Initiative think […] September 4, 2024
Trade Services upturn eases Turkey’s trade deficit woe Exports by Turkey’s services sector are helping trim the country’s trade deficit, with growth in overseas sales the best in the G20 and far outstripping other segments of the economy. Though narrowing, Turkey still has a wide trade deficit, with imports totalling almost $199 billion for the first seven months of 2024, against exports of […] September 3, 2024
Trade Saudi Arabia’s non-oil exports to GCC jump 31% Saudi Arabia’s non-oil commodity exports with Gulf Cooperation Council (GCC) countries rose 31 percent year on year to SAR24.4 billion ($6.5 billion) during the second quarter of 2024, according to official data. The UAE was the leading trade partner, with exports totalling SAR15.1 billion, making up 62 percent of the kingdom’s non-oil trade with the […] September 3, 2024
Trade UAE-Philippines trade talks to enter third round The next round of trade negotiations between the UAE and the Philippines will take place next month, with a final deal expected to be signed in October. Beyond lower tariffs and reduced barriers to trade, the UAE-Philippines comprehensive economic partnership agreement (Cepa) is expected to drive capital flows by opening avenues for new investments and […] August 30, 2024
Trade Turkish trade gap narrows as imports drop A sharp drop in imports, combined with a solid rise in outbound shipments, led Turkey’s trade deficit to narrow in July This aligned with government efforts to curb domestic demand while looking to exports to sustain growth. Turkey’s exports jumped 13.8 percent in July to a total value of $22.5 billion, according to data issued […] August 29, 2024
Trade UAE’s non-oil foreign trade closing in on 2024 target The UAE achieved a record-high non-oil foreign trade volume of AED1.4 trillion ($381 billion) in the first half of 2024, progressing steadily toward the year-end target of AED3 trillion ($817 billion). “A few years ago, we set ambitious national economic goals, aiming for AED4 trillion in foreign trade by 2031 – a goal that was […] August 26, 2024
Trade Gold exports from the UAE to Oman reach $433m The UAE emerged as the leading gold exporter to Oman in the first five months of 2024, with exports valued at OMR170 million ($443 million). Hong Kong followed with exports of OMR3.2 million and Turkey with OMR1.4 million, state-run Oman News Agency reported, citing data from the National Center for Statistics and Information. The total […] August 26, 2024
Analysis Trade Metals market under pressure with India-UAE pact review The UAE’s lucrative trade in gold, silver and other precious metals is facing fresh scrutiny as India seeks a review of a Comprehensive Economic Partnership Agreement between the two countries. The evaluation could significantly alter the flow of these metals, impacting UAE businesses and particularly affecting exports from Russia via the Gulf state. Sunil Barthwal, […] August 20, 2024
Trade Saudi export financing grows while trade deficit widens Credit facilities for Saudi Arabian exporters surged in the first half of 2024 as the kingdom aimed to curb its non-oil trade deficit. The Saudi Export-Import Bank awarded SAR16.3 billion ($4.3 billion) in financing and insurance during the first six months of this year, an increase of 128 percent year on year, the state-owned Saudi […] August 19, 2024
Trade India pushes for more rupee-dirham payment in UAE trade India’s central bank has told lenders dealing with the UAE to settle at least part of their trade payments directly using the rupee and dirham. The Reserve Bank of India (RBI) has not provided specifics of the targets, but has asked banks to report back the extent of rupee or dirham-denominated payments, Reuters reported, citing […] August 19, 2024
Analysis Banking and Finance Riyadh’s investment law reforms tipped to win over sceptics Saudi Arabia’s investment law reforms are poised to release a backlog of pent-up deals – and are a tacit admission that procedures have often been cumbersome, analysts have told AGBI. Under the overhaul announced on Sunday, elements of Vision 2030 and the National Investment Strategy will be combined in a single framework that aims to […] August 13, 2024
Banking and Finance Riyadh revamps investment law as it seeks giga-project cash Saudi Arabia has updated its investment laws as it looks to attract more private sector funding for giga-projects. The update, announced on Sunday, pulls together Vision 2030 reforms and the National Investment Strategy under one framework. It aims to provide investors with “greater transparency, flexibility and confidence”, according to a government statement. Saudi Arabia has […] August 12, 2024
