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Abdul Aziz Al Ghurair Dubai Chambers Video length: 04:40

UAE companies ‘can do more’ with Brics

UAE businesses need to do more to take advantage of the UAE joining Brics and signing free trade agreements with various countries, according to the chairman of Dubai Chambers. “Other countries are aware, but our business community needs to take advantage of what they can do with India, Indonesia, Turkey and other countries,” Abdul Aziz […]

Saudi defence minister Prince Khalid bin Salman bin Abdulaziz signed the deal with his South Korean counterpart Shin Won-Sik

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 […]

A car assembly worker in Michigan. Motor vehicles are the largest US export to Saudi Arabia

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 […]

Brazil, China, South Africa, India and Russia see Brics expansion as a tool to counter US influence, but Saudi Arabia has yet to decide whether to join

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 […]

Saudi Arabia Brics

Saudi Arabia not a member of Brics yet says minister

Saudi Arabia has not formally become a member of the Brics bloc of countries, the kingdom’s minister of commerce has confirmed. “Saudi Arabia has been invited to attend Brics, we have not yet officially joined Brics,” Majid Al Kasabi told the World Economic Forum in Davos. The minister’s statement comes in response to an earlier […]

Soldiers walk past the Sandton Convention Centre, north of Johannesburg, which will host the Brics summit

Saudi Arabia and UAE among five new Brics members

The membership of the Brics bloc will double with Saudi Arabia, the UAE, Egypt, Ethiopia and Iran set to formally join on January 1, Bloomberg reported, citing South Africa’s envoy to the bloc Anil Sooklal. The founding members Brazil, Russia, India, China and South Africa invited six other nations to become part of their group […]

President Vladimir Putin is greeted by the UAE's foreign affairs minister, Sheikh Abdullah bin Zayed, at Abu Dhabi airport on Wednesday

UAE-Russia trade grows as Putin arrives in Gulf

President Vladimir Putin will be hoping to build on Russia’s $9 billion of trade with the UAE as he visits the Gulf this week. Putin arrived in Abu Dhabi on Wednesday and is also expected to travel to Saudi Arabia for talks with Crown Prince Mohammed bin Salman. Trade between Russia and the UAE increased […]

The initial phase of Befar Group's industrial complex in the Suez Canal Economic Zone will see investments of $500m

Chinese firm to build $2bn industrial complex in Egypt

Chinese company Befar Group will build a $2 billion industrial green complex in Suez Canal Economic Zone for the production of specialised chemicals, according to a local media report. The project’s initial phase will see investments of $500 million, leading to the creation of 1,000 jobs, Egypt Today newspaper reported. The complex is expected to […]

Egypt's PM Mostafa Madbouly greets President Xi Jinping at the Great Hall of the People in Beijing

China shows faith in Egypt with deeper investment

When President Xi Jinping welcomed the prime minister of Egypt, Mostafa Madbouly, to Beijing’s Great Hall of the People in October, it was a signal that China is stepping up bilateral co-operation with Cairo. Their meeting, on the sidelines of the Belt and Road forum, took place as Egypt grapples with mounting debt and delays […]

UAE economy

Emirates economy grows 3.7% in first half of year

The UAE economy grew 3.7 percent in real terms in the first half of the year, buoyed by strong tourism revenues and increased activity in other non-oil sectors. “While this may seem modest, it represents a robust growth against a backdrop of global and regional uncertainty,” minister of economy Abdulla bin Touq Al Marri told […]

Chinese ‘decision makers’ at Saudi conference doubles

Around 300 Chinese “decision makers” are attending Saudi Arabia’s flagship investment conference this year, organisers said on Thursday, double last year’s attendance as Riyadh deepens its relationship with China despite US concerns. Only around 15 people have cancelled their attendance of the annual Future Investment Initiative (FII), Richard Attias, CEO of the FII Institute said, […]

Egypt new financial hub

UAE-South Africa firms to build financial hub in Egypt

A consortium of UAE and South African companies will create a financial hub in Egypt’s New Administrative Capital, an upcoming economic and business district. The hub is in partnership with a consortium from the UAE and South Africa, Hossam Heiba, executive director of the General Authority for Investment and Free Zones (Gafi), said in a […]

The new deal with Hainan Airlines is part of Saudi Arabia's plan to attract 4m visitors from China by 2030

China and Saudi Arabia agree to more direct flights

The Saudi Air Connectivity Program (ACP) has signed an agreement with Hainan Airlines to launch two new air routes serving the kingdom and China as the two countries continue to forge closer ties. Flights from Riyadh and Jeddah to Beijing were opened by Saudia in August, providing 165 million people in northern China with direct […]

Saudi Crown Prince Mohammed bin Salman has announced plans for Vision 2040

Saudi Arabia to begin preparing Vision 2040

Saudi Arabia is to begin working on the next phase of its economic diversification plan known as Vision 2030 and hopes to unveil its Vision 2040 as early as 2027, Crown Prince Mohammed bin Salman said in an interview this week.  “Today we’re trying to close a few things, we’re aiming to close in the […]

The relationship between Hainan and the UAE resulted in bilateral non-oil trade more than doubling in 2022 to $900m

UAE boosts trade ties with China’s Hainan province

The UAE and China’s Hainan province have signed four major private sector agreements to boost bilateral trade and investment ties. The agreements include a memorandum of understanding between Ajlan & Bros Holding, Hainan Airlines Holding and Yangpu Economic Development Zone Management Committee and a cooperation framework agreement between Dubai Integrated Economic Zones and Hainan Airport […]

Bank Of China is only the second Chinese bank to open a branch in Saudi Arabia

Bank of China opens Riyadh branch

Bank of China has opened its first branch in Riyadh with the aim of extending use of the yuan in finance and trade, Chinese and Saudi media reported.  One of China’s top four state banks, Bank of China opened the branch two years after obtaining approval from Saudi authorities with a staff of 20, most […]