Analysis Banking and Finance DIFC’s law tipped to help digital assets go mainstream The Dubai International Financial Centre has introduced a law to define and regulate digital assets – a move that should herald their integration into more parts of the economy, lawyers have told AGBI. The DIFC legislation came into effect on March 8 and classifies the assets as property. Digitally tracked items such as cryptocurrencies, non-fungible […] March 27, 2024
Trade Abu Dhabi buys majority of Georgia logistics centre Abu Dhabi Ports Group is buying a 60 percent stake in the Tbilisi Dry Port, a new logistics centre in Georgia. The project, which is scheduled to be operational by the end of this year, will be developed in phases on two parcels of land, while an additional 88,000 sq m of land is available […] March 26, 2024
Opinion Economy Oman’s blame game threatens economic progress Instead of waiting for contract awards, businesses must seek opportunities and be more innovative March 26, 2024
Finance UAE invests $2.5 trillion overseas, with US the top recipient The UAE has invested an estimated $2.5 trillion overseas as of early 2024, with the United States the prime destination. “The UAE has strengthened its position in the global economy,” Jamal bin Saif Al Jarwan, secretary-general of the UAE International Investors Council, was quoted as saying by the state-owned Wam news agency. “It ranked first […] March 25, 2024
Trade US approves $2bn military order for Bahrain The US has approved a $2 billion order from Bahrain for advanced battle tanks and other military equipment as the kingdom continues to ramp up its defence spending. Although the deal is still to be ratified by Congress, the US State Department revealed it is ready to sell 50 M1A2 Abrams tanks to Bahrain, which […] March 22, 2024
Trade Turkey and GCC to create $2.4trn free trade area Turkey and the Gulf Cooperation Council (GCC) will begin negotiations on a free trade agreement (FTA), to create one of the world’s largest free trade areas worth $2.4 trillion. GCC secretary general Jasem Mohamed Albudaiwi and Turkish trade minister Omer Bolat signed a pact to proceed with the talks. The GCC comprises the UAE, Saudi […] March 22, 2024
Analysis Finance Green finance focus of UAE-Rwanda trade ambitions With trade between the UAE and Rwanda topping $1 billion last year, Kigali International Financial Centre and Abu Dhabi Global Market (ADGM) are to work together on developing green and Islamic finance options. The two markets have signed an agreement to establish a framework for collaboration, with sustainable finance highlighted as a “major focus” for […] March 21, 2024
Trade Barakah Unit 4 adds extra power to UAE-South Korea trade The fourth and final nuclear reactor at the UAE’s Barakah nuclear energy plant will be connected to the country’s electricity grid in the next few weeks. The $32 billion Barakah plant, 140 miles west of Abu Dhabi city, has been developed by Barakah One, a joint venture between Emirates Nuclear Energy Corporation and Korea Electric […] March 20, 2024
Trade Turkey imposes dumping duties on solar panel imports Turkey plans to implement anti-dumping measures on solar panel imports from five countries to combat unfair competition, according to a local media report. The countries are Vietnam, Malaysia, Thailand, Croatia and Jordan, state-run Anadolu Agency reported, citing the government’s official gazette. The solar panel imports will be subject to a fee of $25 per sq m, […] March 20, 2024
Analysis Trade Weakening dollar should strengthen Gulf exports The US dollar will fall against the euro and Chinese yuan, economists are forecasting, reducing the purchasing power of Gulf currencies but making the bloc’s exports more competitive. A weaker dollar will raise the relative cost of imports from China and much of the European Union, but other factors are more likely to affect inflation […] March 19, 2024
Finance UAE and US non-oil trade reached $31bn in 2023 Non-oil trade between the UAE and the US reached $31.4 billion in 2023, said Danny Sebright, president of the US-UAE Business Council. Trade is projected to grow at the same pace this year, the UAE state-owned Wam news agency reported, citing Sebright. US exports to the UAE reached $24.8 billion last year, rising 19 percent […] March 18, 2024
Trade UK and Turkey open fresh trade negotiations The UK and Turkey have launched fresh trade talks targeting the services sector as part of any new deal. The two countries are planning to enhance their current trade deal, which was negotiated back in the 1990s and has remained despite the UK leaving the European Union in 2020. Bilateral trade stood at £26 billion […] March 15, 2024
Video length: 09:01 Analysis Economy Currency bond traders flow into Egypt after bailout deals JPMorgan Chase & Co has issued a circular urging its clients to buy up Egyptian sovereign debt, less than two months after it removed Egypt from local-currency bond indexes. “The Egypt carry trade is back in focus, and this time should be different,” the New York bank’s Gbolahan Taiwao wrote in a note on March […] March 14, 2024
Analysis Trade Saudi Arabia courts China’s Shandong province Saudi Arabia is targeting more investment from the Chinese province of Shandong after hosting a delegation of more than 200 private sector and government officials. The Economic Cities and Special Zones Authority (ECZA), in collaboration with Invest Saudi, entertained the visitors last week with the aim of cultivating investment prospects for Chinese enterprises considering expansion […] March 14, 2024
Trade UAE developer wins $6bn Budapest contract An Emirati developer has finalised a €5.5 billion ($6 billion) deal to transform a rundown area of Budapest in the same week that the UAE and Hungary signed an economic cooperation agreement aimed at improving bilateral trade and investment. Eagle Hills International, which is based in Abu Dhabi, has partnered with the Hungarian government to […] March 14, 2024
Analysis Trade Boats, baubles and balsamic lift Italian exports to UAE Italian boat manufacturers were out in force at the Dubai International Boat Show earlier this month, doubtless buoyed by the news that nautical exports to the UAE totalled nearly $120 million in the first 11 months of 2023. More than 20 Italian companies attended the event at Dubai Harbour, part of a strengthening Italy-UAE trade […] March 14, 2024
Trade Dubai’s diamond trade grows 2% to $38bn in 2023 Dubai’s trade in rough and polished diamonds rose 2 percent year on year to $38 billion, making the emirate one of the world’s largest trading centres for the precious gems. The free zone registered a five-year compound annual growth rate of 11 percent, Dubai Media Office reported, citing a statement from the Dubai Multi-Commodities Centre […] March 14, 2024
Trade Cenomi’s Uzbekistan debut a sign of Saudi trade ambitions Saudi retail major Cenomi has announced its debut in Uzbekistan in tandem with the kingdom’s efforts to expand bilateral trade with the Central Asian nation. Uzbekistan is Cenomi’s 11th-largest international market, and it has signed a deal to open eight international brands – including a flagship Zara store – at the newly developed Tashkent City […] March 13, 2024
Analysis Trade Digital economy focus of UAE-Malaysia trade talks The UAE is expected to sign a free trade deal with Malaysia by the end of June as the latter courts more investment to develop its digital economy. Talks on establishing a comprehensive economic partnership agreement (Cepa) began last year and Tengku Zafrul Abdul Aziz, Malaysia’s minister of investment, trade and industry, said the two […] March 13, 2024
Industry Egypt and China in talks to set up industrial zone Egyptian and Chinese officials have engaged in further discussions about setting up a Chinese industrial zone along the Mediterranean Sea, according to a local news report. Egypt’s Minister of Trade and Industry, Ahmed Samir, and Zhang Tao, the acting Chinese Ambassador to Cairo, discussed the progress made since last month’s meeting with Samir’s Chinese counterpart, […] March 13, 2024
Tourism Direct Shanghai flights reinforce Saudi air links scheme China Eastern Airlines is to launch direct flights to Riyadh as part of the Saudi Air Connectivity Program (ACP) and the ‘Air Silk Road’ initiative to improve trade and tourism links between the two countries. Commencing on April 8, 2024, the three weekly flights will operate directly from Shanghai Pudong Airport and Riyadh’s King Khalid […] March 12, 2024
Trade Tech deal aims to improve UK-Saudi trade engagement The UK and Saudi Arabia signed an agreement on Monday aimed at elevating science and technology links and trade growth opportunities. Officials said the deal will pave the way for the UK and Saudi Arabia to work together on deep science and technology breakthroughs that underpin progress in tackling challenges such as food security and […] March 5, 2024
