Trade Qatar kicks back after post-World Cup slump There has been a rise in international companies considering a move to Qatar following a post-World Cup slump. Experts believe the spike in interest is partly due to the UAE’s decision to introduce corporate tax as well as an update to Qatar’s Single Window system, which was launched in 2019 to help companies set up […] August 31, 2023
Analysis Trade Saudi minister Al Falih heads to Milan for trade talks Saudi Arabian and Italian officials are to meet in Milan next week for talks on investment opportunities in clean energy, healthcare, manufacturing and hospitality. The Ministry of Investment of Saudi Arabia will co-host the Italian-Saudi Investment Forum on September 4, as the countries seek to build on bilateral trade that surpassed $11 billion last year. […] August 30, 2023
Trade Middle East moves closer to China with comms deal China’s Guodong Network Communication Group has raised $150 million from a Middle Eastern sovereign wealth fund in a further sign of strengthening relations between Beijing and the region. The proceeds will support the expansion of Guodong’s communication base stations, Reuters reported, citing a statement from Guodong’s deputy general manager Ji Xiaoling. The statement did not […] August 29, 2023
Trade New Saudi bid to turn around sliding non-oil trade Saudi Arabian non-oil trade exports, which have declined in the wake of oil production cuts, could get a boost via a credit insurance deal agreed this week with an affiliate of petrochemicals company National Industrialization Co (Tasnee). The initiative, provided by the Saudi Export-Import Bank (Saudi EXIM Bank) through Evonik Tasnee Marketing, protects against the […] August 25, 2023
Analysis Trade New Middle East members expand Brics reach Four Middle East countries are to join the Brics bloc of developing countries, bridging regional political divides and signaling increased Chinese influence around the world. The new memberships of Saudi Arabia, Iran, the United Arab Emirates and Egypt, as well as those of Argentina and Ethiopia, will be effective from 2024. The decision to add […] August 24, 2023
Trade Exeed joins Chinese push to corner UAE EV market Another brand name is about to join the growing list of Chinese electric vehicles available in the UAE, with premium sports utility vehicle Exeed ready to enter the market in the next two years. AG Auto, an automobile subsidiary of Dubai-based family conglomerate Al Ghurair Investment, is the exclusive distributor for Exeed in the UAE. […] August 24, 2023
Trade Dubai’s exports to Southern Africa growing fast Southern Africa is fast emerging as a vital export destination for Dubai-based companies, new figures show. Dubai Chamber of Commerce revealed on Wednesday that the emirate recorded an 81 percent year-on-year growth in exports to the region, to reach AED477.2 million ($130 million). This was up from AED264 million ($71.8 million) in the year-earlier period, […] August 24, 2023
Analysis Trade Joramco flies high as UAE and Jordan deepen industrial ties Commercial aircraft maintenance operator Joramco is establishing a new Boeing Converted Freighter production line in the Jordanian capital of Amman. The company, which is part of Dubai Aerospace Enterprise, is flying the flag for trade relations between the UAE and Jordan as they expand their joint industrial ambitions. Joramco said the new venture will support […] August 24, 2023
Opinion Economy With Saudi on side, the Brics can change the world The group gathering for its summit could be the architect and engineer of a different world order August 22, 2023
Analysis Trade Aid turns to trade as UAE plans Ethiopia investments The UAE is planning to increase its investments in Ethiopia as the economic relationship between the two countries evolves from aid to trade. More than a dozen memoranda of understanding were signed between public and private entities in Addis Ababa during an official visit to Ethiopia by UAE President Sheikh Mohamed bin Zayed al Nahyan […] August 21, 2023
Finance Japan’s foreign minister to visit Saudi Arabia Japan plans to hold a foreign ministers’ meeting with the six member states of the GCC in Saudi Arabia in early September. A free trade deal with the bloc is high on the agenda, said Kyodo news agency, citing diplomatic sources. Japan is aiming to strengthen relations with oil producers in the Middle East to […] August 21, 2023
Analysis Trade Nuclear energy to power UAE-Romania trade growth Dubai International Chamber has set up a Romanian Business Council as part of efforts to build on non-oil trade between the UAE and the Eastern European nation, which exceeded $1 billion last year. The council will promote the interests of Romanian businesses and Romanian-owned UAE-registered companies in Dubai. It will also support Dubai’s presence in […] August 10, 2023
Finance Turkey’s exports to Saudi surge 627% as ties improve Turkey’s exports to Saudi Arabia surged by 627 percent in the first seven months of 2023 as bilateral relations improved. Exports to the kingdom hit $1.25 billion between January and July this year compared to $172 million last year, the Daily Sabah newspaper reported, citing data from the Turkish Exporters Assembly. Turkey’s President Recep Tayyip […] August 10, 2023
Analysis Oil & Gas Adnoc gas deal fires up UAE-Azerbaijan ties Abu Dhabi National Oil Company (Adnoc) is to acquire a 30 percent equity stake in the Absheron gas and condensate field off the coast of Azerbaijan, as part of a plan to grow its international gas business. The deal will allow the state-owned company to facilitate a route into global markets for gas in Europe […] August 8, 2023
Trade Exports by Dubai Chamber members hit $10bn Dubai Chamber of Commerce said new member companies increased by 43 percent in the first half of 2023 to 30,146, from 21,098 a year earlier. The total value of exports and re-exports of member companies rose 7 percent to AED137.6 billion ($10.24 billion), up from AED129.4 billion in the same period last year. In addition, […] August 8, 2023
Analysis Trade Oil and services grow UK-GCC trade to $83bn Total trade between the UK and GCC countries rose by more than 70 percent to £64.5 billion ($82.7 billion) in the year to the end of March, driven by rising oil prices and a demand for services as Gulf states move to diversify their economies. According to an AGBI analysis of statistics released by the […] August 4, 2023
Analysis Trade In charts: How UK-GCC trade has soared The UAE was the UK’s largest trade partner in the GCC region last year, worth nearly $30 billion according to the latest data. Saudi Arabia followed with more than $22 billion while Kuwait encountered the fastest growth rate of 118 percent as total UK-GCC trade rose sharply to $83 billion. Below, is the story of a […] August 4, 2023
Analysis Agriculture Saudi and Brazil sow seeds to partner on food security Saudi Arabia is intensifying its trade and investment ties with Latin America in pursuit of food security and green energy, as a ministry-led delegation hunts for opportunities in Brazil, Chile, Costa Rica, Argentina, Panama and Paraguay. A visit to São Paulo earlier this week by Khalid al-Falih, Saudi minister of investment, coincided with a Brazilian […] August 3, 2023
Analysis Renewable Energy Clean energy set to power GCC-Central Asia trade growth Leaders from the GCC and countries in Central Asia, known as the C5 bloc, have pledged to boost trade, with clean energy expected to be at the heart of the relationship. The pledge was made at a summit held last week in Jeddah, which built on a meeting last September between foreign ministers from both […] July 26, 2023
Trade Dubai on track to seize record number of counterfeit goods Dubai is likely to seize millions more counterfeit items in 2023 than in 2022, according to the latest data from Dubai Customs. The emirate’s customs agency has seized 10.7 million counterfeit items — worth AED 53.277 million ($14.5 million) — so far in 2023, compared with 15 million for the whole of 2022. Dubai Customs […] July 24, 2023
Trade Dubai opens Vietnam office as South East Asia trade grows Dubai International Chamber has opened a representative office in Ho Chi Minh City, as analysts predict Vietnam will be one of the UAE’s fastest-growing trade corridors in the next few years. The office will support Dubai companies seeking to expand in the Southeast Asian country and create mechanisms to attract foreign direct investment from Vietnam, […] July 24, 2023
Trade Egypt finalises mining terms with UK and Canadian firms Egypt has signed agreements with UK-listed Centamin Plc and Canada’s Barrick Gold Corporation on the commercial, fiscal and legal terms for mining gold and associated minerals across several concession blocks awarded to them two years ago. All legal procedures are underway to submit the agreement to the authorities for approval, said Tarek El Molla, minister […] July 21, 2023
