Food & Drink Kuwait’s Alshaya in talks to sell Starbucks stake Kuwait’s Alshaya Group is in talks to sell a minority stake in its regional Starbucks business that covers the Middle East, North Africa and central Asia, according to reports. The Kuwaiti retailer operates 70 brands in 4,000 stores across 18 countries. This includes the franchise for Starbucks, with 2,000 stores in 17 countries. US private […] February 9, 2024
Manufacturing China and Russia beaten by South Korea at Riyadh arms show China and Russia displayed their wares and Iranian officials toured the exhibits, but South Korea took the top prize at the Riyadh arms show. Saudi Arabia’s second World Defense Show, held in Riyadh this week, was a stark indicator of a military procurement strategy that is not only relying more on local manufacture, but also […] February 9, 2024
Trade Saudi Arabia buys South Korean missile system Saudi Arabia has signed a $3.2 billion deal to buy a mid-range surface-to-air missile defence system from South Korean company LIG Nex1, South Korea’s Ministry of National Defence said this week. The agreement was made in November but finalised via a memorandum of understanding signed on February 6 by Saudi defence minister Khalid bin Salman […] February 7, 2024
Analysis Trade Middle East revenues hit record high for top UK firms Middle East revenues as a proportion of global sales for top UK companies have climbed to a new high, analysts have announced. Companies listed on the FTSE 100 and FTSE 250 indexes (the top 100 and the top 101st to 350th companies by market cap on the London Stock Exchange) saw their Middle East revenues […] February 6, 2024
Trade UAE’s Invictus seeks takeover of Moroccan grain trader Invictus Investment Company is planning to acquire a majority stake in one of the largest grain traders in Morocco as it seeks to expand operations across Africa. The UAE commodities house, which is listed on the Abu Dhabi bourse, is aiming to buy a 60 percent stake in Graderco from Zalar Holding. The deal is […] February 6, 2024
Trade AD Ports deal to transform Jordan’s Aqaba Abu Dhabi is to play a key role in transforming operations at Aqaba Port, Jordan’s primary trade hub. A joint venture company comprising a subsidiary of Abu Dhabi Ports Group and the Aqaba Development Corporation (ADC) aims to “revolutionise” the port by digitalising operations within a year. The UAE wants to build on bilateral trade […] February 6, 2024
Trade Saudi Arabia signs defence deal with South Korea Saudi Arabia has signed an agreement on defence cooperation with South Korea under which Seoul could sell weapons to Riyadh. It could also help Saudi Arabia to develop its own armaments industry. The memorandum of understanding was signed on February 4 by Saudi Arabian minister of defence Prince Khalid bin Salman bin Abdulaziz and South […] February 5, 2024
Trade Morocco’s 2023 trade deficit contracts on lower imports Morocco’s trade deficit narrowed 7.3 percent year on year to $28.6 billion in 2023, the country’s foreign trade watchdog, Office des Change (OE), said in a report. The improvement was due to an annual 2.9 percent reduction in imports, reaching $71.5 billion, and a marginal 0.2 percent rise year on year in export values to […] February 5, 2024
Analysis Trade Saudi-US trade banks sign deal despite kingdom’s China links The export-import banks of Saudi Arabia and the US have signed a new agreement that seeks to build on bilateral trade of SAR130 billion ($34.7 billion) between the two countries in 2022. Saudi Exim Bank said the deal with US Exim will focus on facilitating more trade financing, supporting exports, and promoting investment opportunities in […] February 2, 2024
Trade Saudi Arabia ‘still has not joined Brics’ Saudi Arabia is still considering an invitation to become a member of the Brics bloc of countries after being asked to join by the group last year, a Saudi official source told Reuters. The comment comes after South Africa’s foreign minister Naledi Pandor said the kingdom and five other countries have joined the bloc. “Saudi […] February 2, 2024
Trade UK agrees instant two-year visas for Saudi nationals Saudi Arabian nationals can obtain instant two-year multiple entry visas to the UK for business, tourism and study visits following a deal made during a British business delegation trip to the kingdom this week. “The new visa offers a validity period of up to two years and multiple entries during the validity period, in addition […] February 1, 2024
Trade Red Sea crisis ‘will push up Middle East consumer prices’ Higher prices will be seen in Middle East shops if the crisis in the Red Sea continues for another two months, the research firm BMI has warned. In late November, Houthi rebels in Yemen began attacking commercial vessels travelling through the Red Sea in what they claim is a show of support for Palestinians in […] January 30, 2024
Logistics Saudi Arabia to establish shipping route with Iran Saudi Arabia is planning to establish shipping links between Dammam on the Gulf coast and the Iranian port of Bandar Kangan, an Iranian official said this week, following the resumption of diplomatic ties between the two countries last year. The Iranian port, which lies across from Dammam in the Gulf, is currently undergoing renovations to […] January 29, 2024
Renewable Energy Solar deal shows power of East Africa for Dubai A Dubai energy company has joined a $150 million solar project in Mozambique, the latest indication of the UAE’s interest in investing in East Africa. Amea Power will work with Mozambique’s Hidropower to develop the 125 megawatt Matambo solar photovoltaic power plant. The joint Mozambique-Dubai project will provide electricity to more than 150,000 homes in […] January 29, 2024
EXCLUSIVE Finance UK steps up hunt for Mena projects with £50bn budget The UK’s export credit agency is stepping up its search for “transformational” projects to finance across the Middle East and North Africa and has a potential war chest of about £50 billion ($63 billion). Since 2018, UK Export Finance has completed £11 billion worth of business and delivered thousands of jobs for UK businesses related […] January 25, 2024
Opinion Trade Pressing of palms is at the heart of UAE-India ties A deeply rooted mercantile ethos underpins today’s relationship between the two nations January 24, 2024
Trade Saudi-Morocco fund to drive investments – and closer ties Saudi Arabia and Morocco are setting up a joint investment fund as part of a deal to strengthen co-operation between their private sectors. The Saudi-Moroccan Economic Forum, held in Riyadh on Sunday, also included an agreement on direct shipping line projects. In addition, Saudi companies will get more support in accessing North African and European […] January 23, 2024
Trade Bahrain’s trade deficit increases 200% Bahrain’s trade deficit increased by 212 percent in the fourth quarter of last year following a drop in exports and re-exports from the kingdom. The trade balance, which shows the difference between exports and imports, recorded a deficit of BD276 million ($733.2 million) in the fourth quarter, up from BD88 million in the same period […] January 22, 2024
Trade Turkey targets 2024 chemical export revenues of $35bn Turkey is aiming to increase chemical export revenues by 15 percent year on year to $35 billion in 2024, according to an industry trade body. Exports reached $30.57 billion last year, down 8.7 percent from 2022, Hürriyet Daily News reported, citing Adil Pelister, president of the Istanbul Chemicals and Chemical Products Exporters’ Association. Global commodity prices fell […] January 16, 2024
Opinion Trade The Red Sea: a cautionary tale The Gulf nations could use the latest shipping crisis as a stimulus to bolster food security January 12, 2024
Trade UAE and Costa Rica finalise trade pact terms The UAE and Costa Rica have concluded negotiations on the final terms of a comprehensive economic partnership agreement (Cepa) between the two countries. Once implemented, the Cepa will eliminate or lower tariffs, reduce trade barriers, promote private-sector collaboration and develop pathways for investment, the UAE state-run Wam news agency reported. The UAE’s minister of state […] January 12, 2024
Trade Turkey’s exports to UAE and Saudi Arabia rise 78% Turkey’s exports to the United Arab Emirates (UAE) and Saudi Arabia reached $11.2 billion (336 billion lira) in 2023, an increase of 78 percent from $6.3 billion in 2022, according to a local media report. Exports to the UAE increased by 63.4 percent year on year to $8.58 billion last year, state-owned Anadolu Agency said, […] January 12, 2024
