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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 […]

Mubadala CEO Khaldoon Al Mubarak said its main investment flows were changing, with more emphasis on India and Southeast Asia

Mubadala’s Beijing office to deepen UAE-China ties

Mubadala Investment Company, the second-biggest state fund in Abu Dhabi, has officially opened an office in Beijing. The move marks a significant development in the growing economic relations between the UAE and the world’s second largest economy. The sovereign fund entered China a few years ago but had to delay its office opening ceremony due […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met at Abu Dhabi in July

UAE president and Indian PM to meet at G20 summit

UAE President Mohammed bin Zayed is likely to hold a bilateral meeting with India’s Prime Minister Narendra Modi during the G20 summit in New Delhi over the weekend, Indian media reported. The UAE has been invited as a guest for the G20 summit by India, the host nation. Though not a state visit by the […]

UAE exports to Egypt are set to increase after the two Arab countries signed a revolving loan facility of $100 million

UAE exports to Egypt given $100m financing boost

The UAE’s exports to Egypt are set to increase after the two Arab countries signed a revolving loan facility of $100 million. Abu Dhabi Exports Office (Adex), the export-financing arm of the Abu Dhabi Fund for Development, has signed a financing agreement with the National Bank of Egypt to reinforce bilateral trade and economic relations. […]

Shanghai Stock Exchange president Cai Jianchun and Saudi Tadawul Group CEO Khalid Abdullah Al-Hussan at the signing ceremony

Saudi and Chinese bourses to explore cross-listings

Saudi Tadawul Group and Shanghai Stock Exchange have signed a memorandum of understanding to promote mutual development and collaboration – a sign of deeper ties between the kingdom and the world’s second largest economy. The two exchanges will explore opportunities in cross-listing, fintech, ESG, data exchange, and research, the Shanghai Stock Exchange said in a […]

Rising inflation has led to Iran's citizens making tough choices about how they live

Iran seeks relief from inflation and FX shortages

The transfer of $6 billion in funds frozen by the US cannot come soon enough for Iran’s hard-pressed citizens.  As part of an agreement last month for the release of American-Iranian prisoners, President Biden’s administration has agreed to the release of the foreign exchange which had been blocked in South Korea.  Rising prices are at […]

A trader at the Egyptian stock exchange. The government previously collected $5 billion by offering stakes in 13 companies between March 2022 and July 2023

Egypt targets $5bn from state IPOs by mid-2024

Egypt is aiming to raise $5 billion by listing power plants and state-owned companies from October 2023 until the end of June 2024, a local daily reported. The government plans to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant and Zafarana wind farm, in addition to Safi and Watanya, […]

Brics Video length: 03:36

Brics expansion could hasten move away from dollar

The addition of six new countries to the Brics bloc – including some of the world’s largest oil exporters – is likely to expedite the decline in the US dollar’s prominence in global trade, according to a Dubai financial analyst. Saudi Arabia, the UAE, Egypt, Iran, Argentina and Ethiopia have all been accepted as members […]

Chinese ambassador Zhang Yiming said China and the GCC are putting the final touches on a trade agreement

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 […]

Egypt expects Brics entry will lure foreign investment

Egypt hopes its imminent inclusion in the Brics bloc of developing nations will help ease its shortage of foreign currency and attract new investment, but analysts say it may take time before any benefits appear. The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to […]

Saudi Arabia's foreign minister Faisal bin Farhan Al Saud at the 2023 Brics Summit. The country will join the bloc in 2024

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 […]