Analysis Trade Costa Rica sets up UAE for Central America trade Talks to establish a comprehensive economic partnership agreement with Costa Rica could signal a new push by the UAE to strengthen trade ties in Central America. Manuel Tovar Rivera, Costa Rica’s minister of foreign trade, said the proposed Cepa would boost collaboration between the wider Central America and Middle East regions. Experts told AGBI that […] June 9, 2023
Trade Clean energy and tech power UAE-Scotland trade It’s a long way from the icy waters of the North Sea to the saline depths of the Straits of Hormuz, but the world’s first offshore floating wind farm is proof of a burgeoning arrangement between Scotland and the UAE. Masdar, the UAE’s government-owned clean energy company, has a 25 percent stake in the 30 […] June 8, 2023
Video length: 02:59 Tourism UK cuts GCC visa costs to boost trade and tourism The UK is cutting the costs of visiting the country for nationals from the GCC and Jordan in a bid to boost business and tourism links. Gulf and Jordanian visitors will soon only be required to pay £10 ($12.45) to apply for an electronic travel authorisation (ETA). They pay £30 per visit under the current […] June 7, 2023
Analysis Economy Gem of a deal: how Accords unified UAE and Israel It is almost three years since the Abraham Accords brought together the UAE and Israel in a partnership in which trade was always central to the proposition. Amir Hayek, a former president of Israel’s hotel association, was appointed Israel’s ambassador to the UAE in a nod to the importance of economic diplomacy. A free trade agreement […] June 7, 2023
Analysis Trade China dominates Saudi trade in Q1 as ties strengthen China’s trade with Saudi Arabia topped SAR91 billion ($24.3 billion) in the first quarter of 2023, making up 19 percent of the kingdom’s total commerce. Data from Riyadh’s General Authority for Statistics (Gastat) said China was the top trading partner for both imports and exports. Exports to China, which are dominated by crude oil, amounted […] June 6, 2023
Trade GCC countries urged to stick together for UK trade deal GCC countries negotiating with the UK for a free trade agreement must stick together as one rather than seeking individual national deals, according to the outgoing UK Middle East trade commissioner. Trade talks between the six countries in the Gulf bloc – Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain – and the UK […] June 6, 2023
Analysis Trade Gulf telcos nurse FX losses as foreign expansion sours Gulf telecom operators have suffered multi-billion-dollar currency losses arising from their foreign subsidiaries. They would have to recognise these in their income statements should they ever sell or lose overall control of the units in question. As mobile penetration in their home markets topped 100 percent – meaning there were more mobile subscriptions than residents […] June 6, 2023
Opinion Trade GCC joint trade deals risk untenable delays A deal between two countries is hard enough, but seven is a minefield June 5, 2023
OPINION Energy Crisis looms for the Iranian natural gas sector While the world’s attention has been focused on the sanctioned Iranian oil industry, another vital part of the country’s energy infrastructure is deteriorating – its natural gas sector. Iran’s domestic economy and its consumers depend far more on gas than they do on oil. But if urgent financial, technical and commercial support is not provided […] June 2, 2023
Exclusive Trade GCC-EU trade soars 77% on back of Ukraine crisis Energy exports from the GCC sent its trade with the European Union soaring last year. Trade between the two regions increased to nearly 175 billion euros ($186 billion) last year after the global energy market disruption caused by Russia’s invasion of Ukraine. Trade with the Gulf jumped 77 percent from approximately $124 billion in 2021, […] June 2, 2023
Aviation US electric aircraft developer lands in Abu Dhabi A hybrid-electric vertical take-off and landing aircraft developer from California is planning to set up a regional HQ in Abu Dhabi as trade deals between the Emirates and the US focus on advanced technologies. Odys Aviation has joined the UAE Ministry of Economy’s NextGen foreign direct investment programme, which aims to attract digitally enabled businesses […] May 31, 2023
Trade Turkey’s trade deficit widens as exports dip in April Turkey’s trade deficit widened to $8.7 billion in April 2023, a 42.1 percent surge year-on-year (YoY), Turkish Statistical Institute (TurkStat) data showed. Exports fell 17.1 percent YoY to $19.3 billion, driven by a decline in mining, quarrying and manufacturing. Imports slipped 4.8 percent YoY to $28.1 billion, Daily Sabah newspaper reported. The country revealed a […] May 31, 2023
UK Middle East trade commissioner steps down Simon Penney has resigned as the UK’s trade commissioner to the Middle East, as talks over attempts to agree a UK-GCC free trade agreement continue. Penney announced his decision on social media, bringing to an end his five years in the role, saying it was time to “pass the reins on”. “It has been without […] May 29, 2023
Trade Canada and Saudi Arabia restore diplomatic relations Canada and Saudi Arabia have brought an end to a five-year dispute by resuming diplomatic relations. They will now appoint new ambassadors and renew diplomatic talks. A statement from both countries said that the decision was reached “on the basis of mutual respect and common interests”. Canadian Prime Minister Justin Trudeau and Saudi Crown Prince […] May 25, 2023
Analysis Neom Italy woos Saudi and other Gulf nations in trade drive Italy is courting Saudi Arabia to invest in a new fund, as the European country increasingly turns to the GCC to boost trade and investment volumes. Industry minister Adolfo Urso said Saudi was ready for further investments following a video call with the kingdom’s investment minister, Khalid Al Falih. Italy’s prime minister Giorgia Meloni plans […] May 25, 2023
Analysis UAE and Malaysia seek to grow $4.6bn trade with Cepa talks The UAE and Malaysia will embark on negotiations for a Comprehensive Economic Partnership Agreement (Cepa) after non-oil trade between the two countries last year grew to $4.6 billion. The Emirates are Malaysia’s 17th biggest trade partner globally and the second in the Middle East, accounting for 32 percent of Malaysia’s trade with Arab countries. Trade […] May 24, 2023
Logistics UAE-Iraq trade lifted by new freight ferry link DP World has launched the first direct freight ferry service between the UAE and Iraq. The service, called P&O Maritime Transports – a DP World company, aims to make the flow of goods between the UAE and Iraq faster, safer and more efficient. It caters for unaccompanied trailers that can be transported by sea without […] May 23, 2023
Analysis UK debates merits of GCC bloc trade versus separate deals The UK’s International Trade Committee has voiced doubts about the country’s ability to strike a free trade deal with the GCC. As negotiations approach a fourth round, a new report from the cross-party committee that scrutinises spending policies of the Department for International Trade raised a number of issues. These include differing net-zero targets, agri-food […] May 18, 2023
Video length: 02:08 Dubai charts plans to boost trade with Australia Negotiations for an “exciting” and “important” Free Trade Agreement (FTA) between Australia and the UAE are still under way, according to the chairman of the Australia Arab Chamber of Commerce. Mohamed Hage was in Dubai last week with Margaret Beazley, the governor of New South Wales, to sign a trade-boosting memorandum of understanding with Dubai […] May 16, 2023
DMCC opens Mumbai office as trade grows A Dubai-based free zone has opened a new representative office in Mumbai. Dubai Multi-Commodities Centre (DMCC) is host to 3,700 Indian businesses and is seeking to capitalise on a rise of trade between the UAE and India since the signing of a bilateral agreement last year. It announced the opening on Monday after concluding its […] May 15, 2023
Analysis Lebanon’s export orders rise for first time in two years In spite of an overall decline in business activity, Lebanon recorded an increase in its export orders during April owing to improved currency stability. “Lebanon’s currency started to stabilise, particularly around mid-April,” Wael Menhem, a partner in the Beirut office of Lundy Investors, said. “It’s the first time in a long time that the currency […] May 15, 2023
Analysis Energy UAE in position to plug South Africa’s energy crisis Energy is likely to drive a new era in trade relations between the UAE and South Africa as the latter’s power supply crisis will dominate debate at next year’s general election. Experts say UAE energy powerhouses Masdar and Abu Dhabi National Oil Company (Adnoc) could be attracted to South Africa in light of the crippling […] May 12, 2023
