Trade Oman-China trade value hits $15bn Bilateral trade between Oman and China increased by 8 percent year on year in the first five months of 2024, reaching more than $15 billion, according to local media. Officials said during an Omani-Chinese friendship forum in the southern city of Salalah that the major joint projects with China currently being implemented in Oman are […] August 9, 2024
Retail Turkey hikes customs duties on overseas ecommerce sales Turkey is raising customs duties on goods bought online from international retailers as it seeks to defend local retailers against the global ecommerce giants. Under regulations announced on August 6 and due to come into force on August 21, items valued at up to €30 ($32.75) ordered online from a European Union vendor and delivered by […] August 8, 2024
Opinion Economy Trump redux could bring in the law of unintended consequences Gulf states need to expect the unexpected as an 'America First' agenda could fragment global trade August 5, 2024
Trade Turkey narrows trade deficit in first half of year Turkey’s trade deficit fell 30.5 percent in the first six months of the year after a drop in imports and inbound trade. Turkish exports totalled just over $126 billion, up 2.6 percent on the same period in 2023, according to data issued by state statistics agency Turkstat on July 31. This compared to imports of […] August 1, 2024
Logistics Suez Canal monthly losses reach $550m Egyptian prime minister Mostafa Madbouly has said the Suez Canal is reporting losses of up to $550 million per month due to ongoing regional tensions. In January Suez Canal Authority chairman Osama Rabie said dollar revenues from the Suez Canal were down 40 percent since the start of the year after attacks forced global shippers to opt […] July 31, 2024
Trade Chile deal marks UAE’s latest trade agreement A trade deal signed between the UAE and Chile is expected to more than double non-oil bilateral trade and add $73 million to the UAE’s economy by 2031. Non-oil trade between the two countries is forecast to grow from $305 million in 2023 to $750 million by 2030 as a result of the latest comprehensive […] July 30, 2024
Trade Brazil’s JBS to open Saudi food factory as trade ties deepen Brazilian multinational JBS is to open a food factory in Saudi Arabia with an investment of SAR500 million ($133 million), in a further sign of the strengthening ties between the two countries. JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by […] July 25, 2024
Oil & Gas Israel to develop more natural gas exports UK oil and gas company Energean has agreed the $1.2 billion development of the Katlan offshore gas field in Israel, with output set to start in the first half of 2027. The production will underpin Energean’s existing gas sales agreements with Israeli clients and target international markets. Katlan – owned and operated by Energean – […] July 24, 2024
Trade UAE to revive EU trade talks before year-end The UAE plans to restart trade talks with the European Union by the end of the year despite a broader agreement with GCC remaining on hold, according to a news report. The UAE has initiated the discussion both through the GCC and bilaterally, Reuters reported, quoting trade minister Dr Thani bin Ahmed Al Zeyoudi. NewsletterGet the […] July 23, 2024
Trade Iraq resumes talks to join World Trade Organization Iraq has resumed discussions to join the World Trade Organization, almost 20 years since first applying for membership. Negotiation teams from Iraq began preparatory meetings at the Geneva headquarters of the WTO this week. The country’s first application was submitted in 2004 with the creation of a working party, although there has been little movement […] July 18, 2024
Analysis Aviation Damascus resumes Saudi flights but sanctions stifle trade Syria has resumed weekly flights from Damascus to Saudi Arabia as commercial relations warm up further after diplomatic ties were restored last year. But Syrian integration into regional economies is still moving slowly, because of US sanctions. Syrianair began the once-weekly flights to Riyadh on July 10, adding its list of Gulf destinations including Dubai, […] July 17, 2024
Retail PepsiCo growth defies Middle East boycott of Western brands PepsiCo Inc has reported robust growth in the Middle East, defying the boycotts that have battered other Western brands in the region. The food and beverage giant posted double-digit organic revenue growth in Egypt for the second consecutive quarter, even though it has been the subject of a backlash linked to perceived US support for […] July 16, 2024
Trade Turkey slashes current account gap by 84% Turkey has cut its current account gap by more than 80 percent in a year, with improved trade data and strong portfolio inflows. However, a slowing of foreign direct investment points to underlying caution by outsiders. The current account deficit for May was $1.2 billion, a report issued by the Turkish Central Bank on July […] July 16, 2024
Opinion Finance American business weighs prospect of ‘Trump trade’ Some sectors, such as energy and real estate, stand to gain on an election win July 15, 2024
Trade Thailand opens investment office in Saudi Arabia Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […] July 12, 2024
Video length: 04:28 VIDEO Trade UK investors need to ‘change mindset’ on UAE economy The possibility of a free trade agreement between the UK and the GCC – worth as much as £1.6 billion ($2 billion) a year – should prompt UK investors to reconsider their preconceptions about the economic approach of the UAE and its fellow members of the Gulf bloc. Bradley Jones from the UK-UAE Business Council […] July 12, 2024
Analysis Agriculture Balancing the scales of Morocco’s food exports Free trade access to the EU and UK markets, and a longer – or at least different – growing season mean that Moroccan farmers are producing bumper exports that are helping to reshape the country’s economy around agriculture. However, those exports are drawing criticism from those who believe the country should prioritise its citizens’ own […] July 11, 2024
Real Estate UAE developer to build $500m project in Egypt KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo. The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news […] July 10, 2024
Opinion Economy Macron gambled and lost. Now bond markets will have their say The election result puts France on a collision course with global capital markets and the EU July 9, 2024
Analysis Trade The changing face of Morocco-Spain relations For decades now, the start of the European school summer holidays has been the time when thousands of Moroccans living in Europe pile into their cars and head south. This summer is no exception. Around 6 million car-loads of Moroccans resident abroad (MREs) travel back and forth across the Strait of Gibraltar during this annual, […] July 8, 2024
Opinion Trade UK election is a quaint reminder of how democracy can work Starmer will not want to upset investment flows from the Gulf July 8, 2024
Trade Trade flourishes between Israel and Arab states Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […] July 2, 2024
