Real Estate South Korea’s house prices suffer worst fall in nearly 19 years House prices in South Korea fell 1.98 percent in December from a month earlier, the fastest drop since data releases began in late 2003 and a seventh consecutive month of decline, data from the Korea Real Estate Board showed on Monday. That follows a 1.37 percent loss in November and marked a 4.68 percent decline […] January 16, 2023
Aviation Emirates resumes Tokyo flights as UAE and Japan deepen ties Emirates said on Thursday it will resume flights to Tokyo-Haneda airport from April 2, after a three-year hiatus due to the coronavirus pandemic. Dubai’s flag carrier said the service will be operated by one of its Boeing 777 Game Changer aircraft, with the outbound flight EK312 departing Dubai at 07.50 and arriving in Haneda at […] January 12, 2023
Analysis Indian exports to GCC boom ahead of free trade talks Indian exports to the GCC are booming, with nearly $30 billion of business in the first seven months of the fiscal year – and analysts are predicting more growth as talks resume on a free trade deal. The GCC is already India’s largest trading partner bloc, with bilateral trade valued at over $154 billion in […] January 11, 2023
Analysis Agriculture Export deal with India tipped to boost Morocco’s fertiliser industry Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […] January 11, 2023
EXCLUSIVE Development Emirati partners in demand despite easing of company laws The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […] January 9, 2023
Aviation Airlines lift China international flight capacity as border opens Airlines have boosted January international seat capacity to and from China by 9.5 percent over the last week as they ramp up flights after its border opening, according to aviation data provider Cirium, though flights remain at a fraction of pre-pandemic levels. Hong Kong’s Cathay Pacific Airways Ltd added more than 52,000 seats as its […] January 9, 2023
Banking & Finance Tesla owners in China demand rebate after surprise price cuts Hundreds of Tesla owners gathered at the automaker’s showrooms and distribution centres in China over the weekend, demanding rebates and credit after sudden price cuts they said meant they had overpaid for electric cars they bought earlier. On Saturday, about 200 recent buyers of the Tesla Model Y and Model 3 gathered at a Tesla […] January 8, 2023
Manufacturing Tesla slashes prices in China for second time in three months Tesla cut car prices in China for the second time in less than three months on Friday, deepening its discounts in the world’s largest auto market as competition picks up and the demand outlook darkens. The latest cut, along with a reduction in October as well as various incentives that amount to as much as […] January 6, 2023
Tech Sony and Honda roll out Afeela EV prototype Japan’s Sony has unveiled a prototype of the new Afeela electric vehicles it will build together with Honda as it looks to become a player in next-generation cars. Sony gave a glimpse of the Afeela at the CES 2023 technology trade show in Las Vegas. The car will use technology from hardware maker Qualcomm Inc, […] January 5, 2023
Economy Pakistan and UAE begin free trade deal talks Negotiations have begun on a comprehensive economic partnership agreement between Pakistan and the UAE as both countries aim to build on the $10.6 billion bilateral trade registered during the past year. Faisal Niaz Tirmizi, Pakistan’s ambassador to the UAE, described the talks as “very important”, adding that he hoped there would be “significant progress” by […] January 4, 2023
Analysis Economy Chinese investors target Middle East for growth More than three-quarters of Chinese businesses are looking to expand their presence in Middle East markets or enter them. The UAE and Saudi Arabia were named as the top two destinations for Chinese investment over the next three to five years. According to a new survey – part of the Report on Chinese Investors’ Confidence […] January 4, 2023
Analysis Banking & Finance Indian families shift wealth to UAE in ‘unprecedented numbers’ Indian families are coming to Dubai and other UAE cities in “unprecedented numbers” to set up financial structures to relocate their wealth. Industry experts say the Emirates is attracting significant numbers of Indian family offices thanks to “compelling characteristics” such as the relaxation of business ownership rules, residency options and the promotion of golden visas. […] January 4, 2023
Economy Singapore’s economy beats 2022 forecasts but new risks growing Singapore’s economy grew faster than official forecasts in 2022 but slower activity in the fourth quarter points to significant risks ahead for the city-state in the new year as global demand weakens and inflationary pressures weigh. Singapore’s economy grew 3.8 percent in 2022, preliminary data from the Ministry of Trade and Industry showed on Tuesday, […] January 3, 2023
Economy Vietnam 2022 GDP grows at the fastest pace since 1997 Vietnam’s gross domestic product grew 8.02 percent in 2022, the fastest pace annually since 1997, backed by strong domestic retail sales and exports. The reading is higher than an official growth target of 6-6.5 percent and growth last year of just 2.58 percent, when Covid-19 lockdowns left a dent on the economy and impacted factory […] December 29, 2022
Economy Japan central bank debates rising wages and fading deflation risks Bank of Japan (BOJ) policymakers saw the need to keep ultra-low interest rates but discussed growing prospects that higher wages could finally eradicate the risk of a return to deflation, a summary of opinions at their December meeting showed. Their increasing attention to mounting inflationary pressures could keep alive market expectations the BOJ will phase […] December 28, 2022
Economy Japan to unveil record $864bn budget driven by military costs Japan is set to unveil on Friday a record $864 billion budget for the next fiscal year from April, pushed up by increased military spending and higher social security costs for a fast-ageing population, according to a final draft reviewed by Reuters. The draft budget – to be endorsed by Prime Minister Fumio Kishida’s cabinet […] December 23, 2022
Manufacturing Japan to invest $187m in Moroccan automotive industry Japanese group Sumitomo is to invest MAD1.965 billion ($187 million) in nine industrial projects across Morocco to boost the North African country’s automotive ecosystem. Regions set to benefit from the investment in the manufacturing of wiring and components include Rabat-Salé-Kenitra, Tangier-Tetouan-Al Hoceima and Casablanca-Settat. Some 16,000 jobs are expected to be created by 2028. Morocco […] December 22, 2022
Analysis Real Estate China the ‘wild card’ for Dubai property sales, says Damac The reopening of China following their strict Covid lockdown will be the “wild card” that propels the Dubai real estate surge for at least another 18 to 24 months, says a senior executive at Damac Properties. “It’s no secret that there is a large influx of Russian buyers. European buyers have [also] increased drastically,” Ali […] December 21, 2022
Economy Bank of Korea stresses highly uncertain inflation path South Korea’s central bank said on Tuesday the country’s consumer inflation would remain around five percent for some time and then gradually ease, but cautioned that domestic and global factors are raising uncertainty about how fast prices will slow. “Going forward, uncertainty is high with regard to the oil prices, foreign exchange rates, domestic public […] December 20, 2022
Analysis ‘Primed for growth’: UAE and Indonesia cement trade ties When Kaesang Pangarep, the son of President Joko Widodo of Indonesia, married this month, the guests included Sheikh Khaled Bin Mohamed Al Nahyan, chairman of the Abu Dhabi Executive Office, representing the UAE’s president, his father Sheikh Mohamed. The invitation highlighted the growing relationship between the UAE and Indonesia, just weeks after the two countries […] December 19, 2022
Economy Chinese business confidence falls to lowest in almost a decade China’s business confidence fell to its lowest since January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging Covid-19 cases on economic activity with the abrupt lifting of many pandemic control measures. The index fell to 48.1 in December from 51.8 in November, showed the World Economics’ survey of sales […] December 19, 2022
Opinion Development Goodbye 2022: Lessons to be learnt from a year of challenges From the coronavirus pandemic to the Russian invasion of Ukraine, the immense challenges of 2022 inform hopes and fears for the future December 16, 2022
