Economy Middle East exports to rebound as Red Sea fears ease Middle East goods export volumes, which include oil and gas, will expand 3.5 percent this year, the World Trade Organization predicts, adding that disruptions to Red Sea maritime trade are proving less severe than feared. The WTO’s Global Trade Outlook and Statistics report, published on Wednesday, says this expected increase contrasts with a 1.6 percent […] April 11, 2024
Trade Finance platform aims at $2.5trn trade funding hole A blockchain-based platform that lets institutions and wealthy individuals provide finance to importers and exporters for returns of up to 9 percent a year could help fill a multi-trillion-dollar hole in international trade, it says. In trade finance, the involvement of third-party financial companies removes payment and supply risks for sellers and buyers respectively. Historically, […] April 8, 2024
Aviation Saudi Arabia and China strengthen ties with extra flights Saudi Arabia is strengthening its ties with China with the launch of new passenger and cargo flights between the two countries. Beginning on April 16, China Southern Airlines (CZ) will operate four commercial passenger flights and three cargo flights connecting Beijing Daxing and Riyadh, according to a report on the Saudi Press Agency website. This […] April 8, 2024
Trade Egypt’s garment exports to Saudi Arabia rise 90% Egypt’s garment exports to Arab countries rose 35 percent year on year to $100 million during the first two months of 2024, a trade association executive has said. Sales to Saudi Arabia surged 90 percent year on year to $25 million during the January and February period, Daily News Egypt reported, quoting Marie-Louis Bishara, president […] April 8, 2024
Trade Israel’s trade with Arab countries up 16% in 2023 Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […] April 5, 2024
Trade Kuwait’s record performance tempered by costs Rising inflation and increasing staffing costs are weighing heavily on Kuwait’s non-oil business sector despite growth, the latest business sentiment survey has revealed. The seasonally adjusted S&P Global Kuwait purchasing managers’ index (PMI) revealed strong growth, with competitive pricing by businesses helping to attract new customers. The index was up at 53.2 for March from […] April 3, 2024
Trade Red Sea disruptions hit UAE business activity Backlogs of work in the UAE are at their highest levels in 15 years because of supply chain disruptions caused by the Red Sea shipping crisis. As a result growth in the country’s non-oil business sector eased slightly in March, the seasonally adjusted S&P Global UAE purchasing managers’ index shows. The latest PMI dropped marginally […] April 3, 2024
Infrastructure DP World teams up with Rumo for new Brazilian port terminal DP World and the Brazilian railway operator Rumo are to build a new terminal at the port of Santos in São Paulo, to handle 12.5 million tonnes of grain and fertiliser a year. The project is intended to make the port Brazil’s primary gateway, and central to trade for South America. Rumo estimates the total […] April 2, 2024
Opinion Economy In the Gulf, the age of the petrodollar will not be ending soon GCC currency pegs have provided stability for 40 years. The dollar remains the best bet for oil exporters April 2, 2024
Trade Angola project demonstrates GCC’s growing Africa interest Dubai Investments has appointed a Chinese construction company as the main contractor on its flagship project in Angola as GCC investments in Africa rise. China Harbour Engineering Company will undertake the first phase of Dubai Investments Park Angola, covering 2,000 hectares of residential, commercial and industrial property in the West African country. The award of […] March 28, 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
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
