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
Trade Saudi shipping line to link Jeddah with Chinese ports The Saudi Ports Authority has launched a new shipping service, CBS, at Jeddah Islamic Port in partnership with China’s NewNew Shipping Line, strengthening trade links between the two nations. The arrangement also aims to improve Saudi Arabia’s position on the Liner Shipping Connectivity Index, increase operational efficiency at ports, and strengthen the country’s connectivity with […] July 2, 2024
Trade Oil export dip fails to dent Saudi trade with China China is holding up as Saudi Arabia’s main trading partner – even after a fall in crude oil exports in the first half of the year that led to an Aramco price cut, which takes effect this month. The latest international trade bulletin from the General Authority for Statistics says China accounted for 16.6 percent […] July 1, 2024
Trade Deals between European and Egyptian companies worth $43bn European companies are signing more than €40 billion ($43 billion) worth of deals with Egyptian companies across a range of sectors, European Commission president Ursula von der Leyen has said. “We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and to automotive,” she said at […] July 1, 2024
Finance Kuwait opens wealth fund office in Saudi Arabia Kuwait’s sovereign wealth fund is to open an office in Saudi Arabia, as the kingdom turns to its Gulf neighbours to shore up flagging foreign investment in its giga-projects. Anwar al-Mudhaf, chairman of the Kuwait Investment Authority and Kuwait’s finance minister, praised Saudi Arabia as an investment location and as a key player in the […] June 28, 2024
Opinion Agriculture Arab states must raise intra-trade to buffer against food shocks Gulf producers are neglecting their own farming potential June 24, 2024
ANALYSIS Economy Gulf to ‘see more rather than less’ despite China’s slowing economy Beijing's sluggishness need not be bad news for the GCC, analysts tell AGBI June 24, 2024
Trade UAE dominates Saudi imports Saudi Arabia’s imports from its neighbouring five GCC countries rose 5 percent to SAR21 billion ($5.6 billion) in the first quarter of 2024. Oman led the growth, but goods trade with Qatar suffered a steep decline, according to figures from Saudi platform Argaam, citing the Saudi General Authority for Statistics (GASTAT). Goods shipped from the […] June 19, 2024
Finance EU woos Emirati investors while keeping UAE on ‘grey list’ The European Union is intensifying efforts to attract investment from the UAE despite keeping the Emirates on its “grey list”, a marker of heightened scrutiny and potential obstacles for investors. An EU delegation visited Abu Dhabi last week to promote the bloc’s Capital Markets Union (CMU) plan. A single market for capital, harmonising exchange regulations […] June 11, 2024
Trade Suez Canal revenues and traffic fell in May Suez Canal revenues continued to decline in May because of instability in the Red Sea, according to Egyptian media. Revenues fell 64.3 percent year on year to $337.8 million. Last month 1,111 individual ships passed through the canal – down 54 percent on the May 2023 figure of 2,396. Finance minister Mohamed Maait said last […] June 10, 2024
Finance Oman trade balance surplus up 37% on higher oil exports Oman’s trade balance surplus rose 37 percent year on year to OR2.6 billion ($6.8 billion) at the end of the first quarter of 2024, as rising oil and gas revenues benefited the sultanate’s balance of payments, official data showed. The total value of merchandise exports jumped 16.7 percent year on year to OR6.5 billion, state-run […] June 10, 2024
Finance Turkey hikes customs duty on Chinese vehicles by 40% Turkey will start imposing an additional 40 percent customs duty on vehicles imported from China next month, in an attempt to lower its current account deficit and protect domestic car manufacturers. The extra tariff will be set at a minimum of $7,000 per vehicle or 40 percent of the import value, whichever is higher, according to […] June 10, 2024
Agriculture Citrus produce helps Egypt agricultural exports rise The value of Egypt’s agricultural exports in the first five months of 2024 rose 24 percent year on year, following greater land allocation for produce such as oranges and potatoes. The minister of agriculture and land reclamation, Mohamed Al Sayed Al Quseir, told reporters on Thursday that more than 4.5 million tonnes of agricultural produce, […] June 7, 2024
Trade Saudi Arabia to set up logistics centre in Djibouti A delegation of 100 Saudi investors visited Djibouti this week to sign a contract for a logistics centre in the country’s free zone, the latest development in Saudi Arabia’s efforts to extend trade ties with Africa. Saudi Logistics City will cover 120,000 sq m in the first phase on a 92-year lease, and will include […] June 6, 2024
Video length: 05:11 Opinion Trade Oman and UK remain firm friends in uncertain times Britain is well positioned to lend knowledge-based services and training June 5, 2024
Trade What Modi must do for India-UAE relationship to thrive While Narendra Modi claims a rare third term as India’s prime minister, a raft of issues must be addressed for economic relations with the UAE to thrive. Despite the strong foundations laid, experts highlight ongoing concerns such as bureaucratic red tape, protectionism, sluggish investment and trade growth. The Modi-led Hindu nationalist Bharatiya Janata Party won […] June 5, 2024
Oil & Gas QatarEnergy signs naphtha deal with Japanese refiner QatarEnergy will supply six million tonnes of naphtha to Japan over the next 10 years starting in July. The state-backed gas producer has signed a supply deal with Idemitsu Kosan Company, a Japanese refining and petrochemicals company. Naphtha is a flammable liquid hydrocarbon mixture commonly used as a solvent. It can also be used in […] June 5, 2024
Analysis Economy 642 million votes counted … now India can get back to business Narendra Modi has claimed victory in India’s election – and many in the Gulf will be delighted at the prospect of a third Modi term. The prime minister’s pro-business credentials and economically liberalising tendencies remain credible, if battered, after 10 years in office. His Bharatiya Janata Party did not perform as well as expected, however, […] June 5, 2024
Opinion Trade The GCC will benefit from a US-China chill The Gulf's expanding strategic links with Asia mean higher growth at home June 4, 2024
Manufacturing Indian manufacturers urged to set up shop in UAE The future of the UAE’s economic partnership with India hinges on more manufacturing taking place in the Gulf state, a senior executive from a royal family office has said. Zulfiquar Ghadiyali, managing director of Royal Arab Holdings, the business arm of the private office of Sheikh Tahnoon bin Zayed Al Nahyan, said Indian businesses were […] June 4, 2024
Real Estate Saudi HQ drive forces up Riyadh office rents A shortage of prime office space in Riyadh has pushed up B-grade office rents by 26 percent over the last year, a real estate report said this week, as companies rush to set up premises in the kingdom. Saudi Arabia says companies must base their regional headquarters in the kingdom if they want access to […] June 3, 2024
Trade India must cut red tape for investors, says Mubadala executive Reducing red tape is critical to making India more attractive to global investors, an executive at Abu Dhabi’s sovereign wealth fund Mubadala has said. Sridhar Iyengar, chief financial officer of Mubadala’s Aerospace, Renewables and Information Communications Technology business, said the New Delhi government must enhance its bureaucratic efficiency to improve the pace at which projects […] May 31, 2024
