Banking and Finance UK helps UAE address financial grey list challenges The UK is helping the UAE deal with shortcomings highlighted by the Financial Action Task Force when it grey listed the Gulf state, a British government minister has told AGBI. “Our officials have very strong links in terms of assisting the UAE in how to improve systems and internal compliance and what sort of transparency […] July 20, 2023
Trade Turkey and UK plan talks to build on $31bn trade ties Turkey and the UK are to begin talks on a revised free trade agreement, building on a relationship that was worth £23.5 billion ($30.7 billion) in 2022. The deal would replace the existing UK-Turkey agreement, which was put in place after Brexit and does not cover services or digital industries. The UK is the second […] July 18, 2023
Trade Saudi and Turkey strengthen energy and defence ties Saudi Arabia and Turkey have signed energy and defence agreements with plans to boost direct investments and build on bilateral trade worth over $6 billion last year. Turkey’s President Tayyip Erdoğan and Saudi Crown Prince Mohammed bin Salman were present as the agreements were signed, state-run Saudi Press Agency reported. The deals included two contracts […] July 18, 2023
Opinion Economy Insights into the UAE-India love-in The dirham-rupee link was the talk of Dubai even before Modi's visit July 17, 2023
Trade GCC and Japan to restart talks on free trade deal Japan and the GCC are to resume free trade talks, the pair have announced, as Prime Minister Fumio Kishida visits the region. Kishida is meeting leaders in Saudi Arabia, the UAE and Qatar this week as he seeks to build economic ties across the Gulf. The GCC announcement followed talks between the Japanese prime minister […] July 17, 2023
Analysis Trade Deals and state visits fuel UAE-Turkey trade hopes The trade corridor with Turkey is expected to become one of the UAE’s fastest growing for the rest of the decade on the back of a new economic deal and high-profile state visits. UAE President Sheikh Mohamed bin Zayed Al Nahyan visited Turkey last month, an event described by his minister of economy as taking […] July 14, 2023
Trade Saudi Arabia and Turkey sign trade deals worth $610m Saudi Arabia and Turkey have signed trade deals worth SR2.3 billion ($610 million) as the two countries continue to forge stronger diplomatic and economic ties. The agreements, finalised at the Saudi-Turkish Business Forum in Istanbul, will see investment in real estate, construction, engineering consultancy and other sectors, according to a report by the state-run Saudi […] July 13, 2023
Analysis Trade Pakistan looks to UAE for trade deals, not loan debts The UAE confirmed late on Wednesday it has deposited $1 billion in Pakistan’s central bank, a day after Saudi Arabia also transferred $2 billion. In addition to direct funding, the Islamabad government is aiming to attract multi-billion dollar investments from the UAE and other Gulf countries to create millions of new jobs after struggling with […] July 13, 2023
Analysis Trade Defence giant leads UAE charge into Latin America UAE defence conglomerate Edge has partnered with the Brazilian navy to develop long-range anti-ship missiles, weeks after opening a new regional office in the federal capital, Brasilia. The deal, described as a “significant milestone” by Mansour AlMulla, managing director and CEO of Edge, was signed during the visit of a delegation led by Reem bint […] July 10, 2023
Trade India expects EU carbon tax to hit steel and iron exports Already facing subdued demand from developed nations, India’s exports are likely to be hit by the European Union’s 20-to-35 percent tariffs on high-carbon goods such as steel, iron ore and cement, the finance ministry said in a report released on Thursday. In April, the EU approved the world’s first plan to impose a levy on […] July 6, 2023
Economy Saudi exports fall by 25% in April on lower oil sales Saudi Arabia’s exports fell by 25.2 percent in the year to April, a state-owned statistical centre said. Total exports were worth SAR103 billion ($27.46 billion) in April this year, from SAR137.7 billion in April 2022. The decline was due to a fall in oil exports by 23.6 percent, the General Authority for Statistics data showed. […] June 29, 2023
Opinion Trade The GCC should leverage its power to trade as a bloc Comprehensive, wide-ranging deep FTAs can achieve greater geopolitical stability June 28, 2023
Aviation UAE and Iran sign air transport deal The UAE has signed an air transport services agreement with Iran as the two countries look to enhance trade and tourism relationships. The tie-up aims to better organise air transportation and strengthen air connections. A meeting in Dubai between Sheikh Abdullah bin Zayed Al Nahyan, UAE minister of foreign affairs, and Hossein Amir-Abdollahian, Iran’s minister […] June 23, 2023
Trade South Korea delivers as UAE trade continues to grow Adnoc Logistics and Services took delivery of its first new-build oil tanker on Tuesday as part of growing UAE-South Korea trade and investment ties. The Adnoc subsidiary received Hafeet, a large crude carrier built by Hanwha Ocean at its Okpo Shipyard in Geoje Island, South Korea. The vessel, designed for long-haul voyages to ship crude […] June 22, 2023
Trade Saudi and France to ‘unleash potential’ after $2.9bn deals Saudi Arabia and France will work together to “unleash the full potential” of their trade relationship as they look beyond traditional sectors such as energy. That was the message from Saudi investment minister Khalid Al-Falih at the conclusion of the French-Saudi Investment Forum. Last year, French-Saudi trade volumes increased by more than 80 percent to […] June 21, 2023
Analysis Trade Deals surge as trade between Spain and UAE increases Barcelona outdoor furniture brand Kettal will enter the UAE luxury living market next year in an agreement with family office Vivium Holding, as UAE-Spain trade rose sharply in early 2023. Vivium Holding will exclusively distribute Kettal’s premium collections, with plans to open a flagship store in the UAE in 2024. Elie Khouri, founder and CEO […] June 21, 2023
Trade Dubai Chambers London hub opens to grow trade Dubai Chambers has opened an office in London aimed at boosting bilateral trade with the UK, as the number of British companies setting up in the emirate grew by a quarter in the last year. “We are opening this office for three main reasons,” Khalid al Shamsi, vice president of operations at Dubai Chambers, told […] June 19, 2023
Analysis Trade India predicted to be central to Saudi and UAE exports India is forecast to be one of the fastest growing export corridors for both Saudi Arabia and the UAE over the next decade. The Future of Trade report by Standard Chartered projects that global trade will reach $32.6 trillion with a growth rate of 5 percent by 2030. The combined value of exports from the […] June 16, 2023
Trade UAE investments in India rise to $3.4bn The UAE has become the fourth largest investor in India, as foreign direct investment (FDI) jumped over three-fold to $3.35 billion in 2022-23 One of the driving factors for the increase is the signing of the comprehensive economic partnership agreement (Cepa), which came into effect on May 1 2022. Under the deal, several goods from […] June 13, 2023
Analysis Trade UAE tightens Southeast Asia ties with Cambodia pact The UAE has signed a trade deal with Cambodia as it accelerates efforts to strengthen economic ties across the Association of Southeast Asian Nations. The comprehensive economic partnership agreement (Cepa) aims to more than double non-oil bilateral trade from $407 million in 2022 to $1 billion within five years. Similar talks have been launched with […] June 13, 2023
Opinion Trade Saudi Arabia’s ‘transactional’ relationship with China is evolving fast There's more to the partnership than just energy June 12, 2023
Banking and Finance Saudi Arabia and China sign 30 agreements worth $10bn Saudi Arabia and China signed 30 investment agreements worth over $10 billion (SAR37.5 billion) on the first day of the Arab-China Business Conference in Riyadh. Deals were made in sectors including technology, renewables, agriculture, real estate, minerals, supply chains, tourism and healthcare. One of the largest was a $5.6 billion agreement between the Saudi investment […] June 12, 2023
