Manufacturing Saudi Arabia willing to drop China for US tech alliance Saudi Arabia will sever technology ties with China if the United States compels it to, the chief executive officer of Alat, an investment company backed by $100 billion in capital from the Public Investment Fund, has revealed. According to Bloomberg US officials have told their Saudi Arabian counterparts that they will have to decide between […] May 9, 2024
Trade EU looks for alternatives as trade talks with GCC stall The European Union is actively seeking alternative “avenues” for economic cooperation with the GCC following a deadlock in free trade agreement talks, said Johannes Hahn, the EU commissioner for budget and administration. “We would be interested, of course, to get an agreement [with the GCC], but we have not made a lot of progress,” Hahn […] May 8, 2024
Trade UAE and NZ in talks to build on non-oil trade The UAE has agreed to start negotiations on a comprehensive economic partnership agreement (Cepa) with New Zealand as part of plans to boost the Gulf state’s foreign trade to AED4 trillion ($1.1 trillion) by 2031. A joint declaration of intent confirming the agreement has been signed by Dr Thani bin Ahmed Al Zeyoudi and Todd […] May 8, 2024
Opinion Trade Food can transform the Gulf’s trade relations with Africa The Gulf's food safety expertise could become a vital part of its trade with African countries May 7, 2024
Trade Philippines is next stage of UAE’s Asean trade push Negotiations on a free trade agreement between the UAE and the Philippines began this week as the Gulf state turns its focus to the Association of Southeast Asian Nations bloc (Asean). Manila is hoping to seal a deal before the end of this year, said Allan Gepty, undersecretary for international trade at the Department of […] May 7, 2024
Logistics Red Sea disruption to hit capacity by 20% says Maersk Danish shipping major Maersk expects Red Sea disruption to lead to a 15 to 20 percent industry-wide capacity loss on the Asia to North Europe and Mediterranean routes in the second quarter of 2024. The complexity of the situation in the Red Sea has intensified over the last few months, the company said in an […] May 7, 2024
Transport Work to start on $3bn Oman-UAE rail network Work will soon start on the $3 billion Hafeet Rail, a railway network between Oman and the UAE, local media has reported. The railway line will include two 2.5 km long tunnels and 36 bridges, Oman Daily Observer reported, citing Abdul Al Hatmi, CEO of Asyad Group. Oman Rail, part of Asyad Group, and the UAE’s Etihad […] May 6, 2024
Mining Saudi industry minister tempts investors with funding incentives Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers. Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […] May 3, 2024
Trade Dubai free zone to build on UAE-Japan trade A Dubai free zone has concluded a trade roadshow in Japan as the UAE looks to increase non-oil bilateral trade, which was worth nearly $7.5 billion in the first half of 2023. Dubai Multi-Commodities Centre (DMCC) said its first Made for Trade Live roadshow in Japan focused on web3, gaming and artificial intelligence. DMCC contributes […] May 2, 2024
Trade UAE and Iran to meet in Abu Dhabi after 10 years The UAE-Iran Joint Economic Cooperation Commission will convene in Abu Dhabi this week, marking its first meeting in a decade and the continued improvement of diplomatic relations between the countries. The commission will host Mehrdad Bazrpash, Iranian minister of roads and urban development, alongside Abdulla bin Touq Al Marri, the Emirati minister of economy, this […] May 1, 2024
Trade UAE-Estonia trade grows around tech collaboration The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […] April 30, 2024
Trade UAE prepares for ‘new era’ in Ukraine with trade deal The UAE has finalised the terms of a trade deal with Ukraine, as the Gulf state looks to become a key player in rebuilding the country once its war with Russia is over. The comprehensive economic partnership agreement (Cepa) aims to build on the $386 million bilateral non-oil trade between the two countries last year. […] April 29, 2024
Trade UAE and India on track to hit $100bn non-oil trade The UAE and India will surpass the $100 billion non-oil trade target by 2030, with increasing aviation links between the two countries seen as a potential catalyst. Bilateral trade increased by 15 percent since the comprehensive economic partnership agreement (Cepa) was implemented in May 2022, the Indian government-owned Press Trust of India reported, quoting Cepa council director […] April 29, 2024
Analysis Trade Emirates in trade talks with South American quartet The UAE is talking to the four South American countries of the Mercosur bloc to deepen trade relations and boost two-way commerce currently worth almost $8 billion a year. The group, which consists of Argentina, Brazil, Paraguay and Uruguay, is in the preliminary stages of negotiations “to define next steps” of a free trade deal […] April 26, 2024
Industry RAK free zone reports 61% surge in new companies Ras Al Khaimah Economic Zone (Rakez) reported a 61 percent year on year surge in new company registrations in the first quarter of 2024. Over the three months, 3,000 companies joined the economic zone, marking a solid start to the year. Rakez has attracted global investors, mostly from India, Pakistan, the UK and Egypt. NewsletterGet […] April 26, 2024
Trade Florida port service could increase Saudi non-oil exports Saudi Arabia’s exports are set to improve following the introduction of a new container service that will link Jeddah with Florida. Non-oil exports rose 4.4 percent year on year in February while production cuts led oil exports to slip to 77 percent of the total, the government said. Jacksonville Port Authority (Jaxport) in Florida said […] April 25, 2024
Mining UAE and Kenya sign mining and technology deal The UAE and Kenya have signed an agreement to boost investment in the mining and technology sectors, as the Gulf state focuses on Africa to enhance its precious metals and minerals reserves. As part of the agreement, the UAE Ministry of Investment and the Republic of Kenya Ministry of Finance and National Treasury will work […] April 25, 2024
Trade UK election adds urgency to GCC trade talks An imminent general election in the UK and a potential change of government has accelerated pressure on negotiators to resolve talks about a GCC trade deal. Talks between the six countries of the Gulf Cooperation Council – the UAE, Saudi Arabia, Bahrain, Qatar, Oman and Kuwait – and the UK are almost two years old. […] April 25, 2024
Finance Oman and UAE sign deals worth $35bn The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said. Investment and collaboration agreements covered areas including renewable energy, green metals, […] April 23, 2024
Trade India’s silver imports from UAE on the rise Supplies of silver to India from the UAE have increased this year, as the Emirates’ exporters benefit from an agreement signed between the countries two years ago. The India-UAE comprehensive economic partnership agreement signed in 2022 has significantly boosted imports, according to a report by Indian English-language business newspaper The Financial Express. The UAE route […] April 23, 2024
Trade 300 UK company chiefs to descend on Riyadh for expo The UK is sending hundreds of business executives to a trade expo in Riyadh in May as part of a year-long drive to win contracts in Saudi Arabia, as the Gulf state seeks to increase foreign investment in its giga-projects. “The Great Futures launch event in Riyadh on 14-15 May 2024 aims to bring to […] April 23, 2024
Trade Philippines and Qatar sign nine agreements on trade The Philippines and Qatar have signed nine agreements aimed at boosting trade and investment between the two countries, while also addressing global challenges such as climate change and human trafficking. The agreements were signed by Philippine President Ferdinand Marcos Jr and Qatari Emir Sheikh Tamim bin Hamad Al Thani on Monday, the Philippine News Agency […] April 22, 2024
