Analysis Trade Southeast Asia on the rise as UAE shifts trade focus Officials from the UAE are headed to Singapore as the country looks to improve ties and strengthen trade with Southeast Asia. Top officials from the Dubai Financial Market (DFM) stock exchange will arrive in Singapore on Wednesday to hold their first international investor roadshow there. The debut aims to underline DFM’s commitment to broaden its […] September 27, 2023
Aviation 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 […] September 26, 2023
Environment Indonesia launches carbon emissions trading Indonesia’s President Joko Widodo launched his country’s first carbon emissions trading on Tuesday, as it aims to create a market that will fund efforts to reduce emissions. Indonesia, an archipelago home to the world’s third largest area of rainforest, is also one of the world’s top greenhouse gas emitters. The Southeast Asian country has set […] September 26, 2023
Markets Bahrain’s Investcorp completes first IPO in Indonesia Investcorp has successfully listed its Indonesian franchisee of the Mothercare brand as its focus on Asia continues to grow. The listing of PT Multitrend Indo is the Bahrain alternative investment company’s first IPO on the Indonesian stock exchange and the 26th in its 40-year history. Mothercare is one of Indonesia’s leading baby and kids retailers, […] September 25, 2023
Agriculture China and Arab states sign $471m worth of agri deals A total of 34 deals worth AED1.73 billion ($471 million) were signed at the China-Arab States Expo, promoting cooperation and development in the agricultural sector. Agriculture has become an important part of China-Arab cooperation, and trade in agricultural products has recorded steady growth, the UAE state-run Wam news agency reported, citing the China Economic Net […] September 25, 2023
Real Estate Russians snap up plots of land to build ‘Little Moscow’ in Dubai Russian investors in Dubai are working to become real estate developers or acquire clusters of homes to build “Little Moscow” communities in the emirate. Buyers from Russia have become big investors in Dubai property since sanctions imposed on Moscow locked them out of European and North American markets. The UAE has also become a key […] September 20, 2023
Finance Singapore’s non-oil exports fall for 11th straight month Singapore’s annual exports fell for an 11th straight month in August as the trade-reliant economy continues to grapple with global headwinds on inflation and declining demand. Singapore’s non-oil domestic exports fell 20.1 percent year on year in August, official data showed on Monday, as both electronics and non-electronics exports to the US, Europe and China […] September 18, 2023
Finance 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 […] September 18, 2023
Markets Philippines reveals plan to issue first sovereign sukuk The Philippines government intends to issue its first sovereign sukuk before the end of the year, as it ramps up investment and trade opportunities in the Gulf. Discussions are ongoing about the sukuk’s potential structure, Rosalia de Leon, national treasurer, told reporters during the 2023 Philippine Economic Briefing in Dubai on Tuesday. She said it […] September 12, 2023
Analysis Trade Hong Kong thrives as GCC-China ‘super-connector’ As Hong Kong prepares to host the Belt and Road Summit this week, its focus is increasingly turning to the Gulf for trade and investment opportunities. The Chinese special administrative region has been strengthening its links with the Middle East since 2013, when the Belt and Road Initiative was launched. It now wants to attract […] September 12, 2023
Opinion Trade Meanwhile, on the G20 sidelines, history in the making The proposed India-Middle East-Europe Economic Corridor could become a 'green and digital bridge across continents and civilisations' September 11, 2023
Banking & Finance 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 […] September 11, 2023
Industry Philippines rules out import on ample sugar stocks The Philippines has plentiful stocks of sugar as it enters a new crop year this month and thus has no immediate plans to import any additional volume, the chief of the industry regulator said on Thursday. “At this very moment, as the milling season starts, we have very ample two-month buffer stocks. For crop year […] September 7, 2023
Finance Pakistan reveals Saudi investment of $25 billion Saudi Arabia will invest up to $25 billion over two years in Pakistan, according to a statement from Pakistan’s caretaker prime minister Anwaar-ul-Haq Kakar. The announcement was made to journalists at Mr Kakar’s residence in Islamabad, citing mining, agriculture and information technology as the main sectors to benefit. There was no Saudi statement about the […] September 5, 2023
Opinion Oil & Gas Saudi Arabia and Russia’s marriage of convenience There have been some bumps in the road, but oil price continues to bind the countries together September 4, 2023
Opinion Aviation Central Asia airline investments: a sprat to catch a mackerel The region is one of the world's fastest growing airline markets August 30, 2023
Environment Arab nations and China to launch drought research centre Representatives from Arab countries, China and a string of UN agencies on Tuesday agreed to establish a research centre for drought and desertification. The China-Arab International Research Centre for Drought, Desertification and Land Degradation will be built in an as yet unnamed location by China’s National Forestry and Grassland Administration and the Secretariat of the […] August 29, 2023
Energy China’s Sinopec profit falls 20% on lower oil prices Chinese refining giant Sinopec Corp plans to maintain steady refinery output during the second half of 2023 as domestic fuel demand recovers, after reporting a 20 percent decline in interim profit because of lower crude oil prices. Sinopec, the world’s largest refiner by capacity, plans 127 million metric tonnes of crude throughput, about 5.04 million […] August 28, 2023
Food & Drink HeroGo steps up fight against ‘ugly’ food waste HeroGo, an online delivery service for “ugly” or surplus produce, is planning to cut food waste beyond the UAE via partnerships with supermarkets and hotels, its founder reveals. “To have the biggest impact we need to be in multiple markets, so we’re in talks to expand in the near term,” HeroGo’s Daniel Solomon tells AGBI. […] August 28, 2023
Trade Exeed joins Chinese push to corner UAE EV market Another brand name is about to join the growing list of Chinese electric vehicles available in the UAE, with premium sports utility vehicle Exeed ready to enter the market in the next two years. AG Auto, an automobile subsidiary of Dubai-based family conglomerate Al Ghurair Investment, is the exclusive distributor for Exeed in the UAE. […] August 24, 2023
Finance India’s banks asked to settle trades in rupee and dirham India’s central bank is nudging local banks to ask their clients to settle trade between the UAE and India using the dirham or Indian rupee to reduce US-dollar-based transactions. The move is part of the Reserve Bank of India’s broader aim of promoting settlement in local currencies with countries with which India has a trade […] August 22, 2023
Opinion Economy What China’s economic challenges mean for the Gulf Reducing dependence would be a big macro-economic policy risk August 21, 2023
