Trade Maharashtra plans food security corridor with UAE The central Indian state of Maharashtra is working to develop a food security corridor with the UAE. The government of Maharashtra, which has 11 million farmers, has linked up with US fund manager Pegasus Capital Advisors for the food trade project. Under their agreement, the Maharashtra authorities will share an operational plan within three months, […] February 14, 2024
Trade Saudi Arabia buys South Korean missile system Saudi Arabia has signed a $3.2 billion deal to buy a mid-range surface-to-air missile defence system from South Korean company LIG Nex1, South Korea’s Ministry of National Defence said this week. The agreement was made in November but finalised via a memorandum of understanding signed on February 6 by Saudi defence minister Khalid bin Salman […] February 7, 2024
Economy OECD predicts modest growth but conflict risk remains Global growth is holding up and inflation is falling, but conflict in the Middle East represents a significant near-term risk, the Organisation for Economic Cooperation and Development (OECD) has said. In its interim outlook published on Monday, the Paris-based organisation projected that GDP expansion worldwide would remain moderate at around 3 percent in 2024-2025. Energy […] February 7, 2024
Trade 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 […] February 5, 2024
Logistics AD Ports to invest $150m to upgrade Karachi cargo port The UAE’s AD Ports Group has signed an agreement for bulk and general cargo operations with the Pakistani-government-backed Karachi Port Trust (KPT), allocating $150 million for the port expansion. Under the terms of the 25-year concession agreement, Karachi Gateway Terminal Multipurpose Limited (KGTML), a joint venture between AD Ports Group, a majority shareholder, and UAE-based […] February 5, 2024
Opinion Sustainability Baku gets planning for Cop29 – with a little help from the UAE Azerbaijan to underline the role of petrostates in climate change policy January 30, 2024
Finance Egypt turns to Asia to secure low-cost funding Egypt is ready to explore the Asian financial market to diversify funding sources and reduce financing costs, according to the country’s finance minister. “We are expanding our green, sustainable, and low-cost blue financing, with the aim of directing it towards funding projects in sustainable public transportation, health, education, agriculture, food, and other socially impactful projects,” […] January 25, 2024
Video length: 06:59 Employment UAE diversity law causing visa issues for businesses UAE businesses are encountering difficulties getting work visas for new employees of South Asian nationalities following the enforcement of a government directive to boost diversity in the workforce. Abeer Al Husseini, a Dubai-based partner at immigration law practice Fragomen, told AGBI that the Ministry of Human Resources and Emiratisation has “reinstated” its demographic diversification regulation. […] January 19, 2024
Infrastructure DP World to develop new projects in Pakistan Global ports operator DP World and Pakistan government entities have agreed to build a freight corridor and economic zone near Karachi. The freight corridor is planned to run from Karachi Port on the Arabian Sea, passing through Karachi, Pakistan’s most populous city, to the Pipri Marshalling Yard, nearly 45 km away, the UAE state-run Wam […] January 19, 2024
Opinion Oil & Gas Houthi strikes have little impact in a world awash with oil Oil prices are sticking at $75-80 despite rising security risks January 15, 2024
Infrastructure ADIA unit invests in Indonesian toll roads system A wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) has invested in Indonesia’s Trans Java Toll Roads, partnering with Dutch pension fund APG Asset Management and Indonesia’s sovereign wealth fund Indonesia Investment Authority (INA). APG said the deal is part of Indonesia’s bid to raise up to $2.75 billion in investment in its toll […] January 11, 2024
Trade Healthcare, hydrogen and more: Saudi-Thai deals in sight Saudi Arabia and Thailand are strengthening economic ties with prospective deals in healthcare, hydrogen and agriculture after patching up a longstanding diplomatic spat. The two nations reached a rapprochement in January 2022, more than three decades after a dispute over a 1989 jewellery heist known as the Blue Diamond Affair. “The economic opportunities from cooperation […] January 11, 2024
Finance ADQ-backed fintech buys rural bank in Philippines Salmon, a consumer fintech company backed by Abu Dhabi sovereign wealth fund ADQ, will acquire a majority stake in a Philippine rural bank. The startup has received regulatory approval from the Philippine central bank to purchase 59.7 percent of Rural Bank of Sta. Rosa, which operates in Laguna province, south of Manila. The transaction will […] January 10, 2024
Opinion Economy GCC can emerge as ‘Middle Powers’ in second Cold War Three factors will enable the GCC to benefit from the fragmentation January 9, 2024
Tech UAE partners with Nasa to develop lunar space station The UAE’s Mohammed bin Rashid Space Centre (MBRSC) and Nasa have agreed to collaborate on the Gateway project, the world’s first space station to orbit the moon. As part of the agreement, MBRSC will provide Gateway’s Crew and Science Airlock module. The US state space agency will fly a UAE astronaut to Gateway in a […] January 8, 2024
Trade GCC and South Korea sign free trade agreement South Korea and the GCC have signed a free trade agreement as the region continues to pivot eastwards for growth. The agreement will cover trade in goods, services and government procurement, as well as cooperation among small and medium-sized enterprises, customs procedures and intellectual property, among other areas, according to a statement. Trade between the […] December 28, 2023
Analysis Trade Gulf’s pivot to Asia set to keep on rolling in 2024 2023 has been the year of the comprehensive economic partnership agreement, better known as the Cepa, as the UAE seeks to increase non-oil trade to $1.1 trillion (AED4 trillion) by 2031. The Emirates has seven deals in the bag and several more in the pipeline – and like many of its Gulf neighbours, it is […] December 27, 2023
Opinion Oil & Gas Cops in Baku and Belem bode well for Global South Azerbaijan and Brazil can bring their own perspectives on climate change December 19, 2023
Trade ADQ and Azerbaijan invest in $1bn joint venture Abu Dhabi-based ADQ has announced a $1 billion joint venture with Azerbaijan’s sovereign wealth fund to invest in major sectors. The JV with Azerbaijan Investment Holding will focus on agriculture, technology, pharmaceuticals and energy infrastructure. Investments will primarily be concentrated in Azerbaijan, the UAE and Central Asia, with the potential to expand to other countries, […] December 18, 2023
Industry e& unit buys Norway’s telecoms subsidiary in Pakistan e&, formerly known as Etisalat, said its subsidiary in Pakistan will acquire a 100 percent stake in Norway telecom-owned Telenor Pakistan Private Limited. The transaction has an enterprise value of PKR108 billion ($380.95 million) on a cash-and-debt-free basis, the Abu Dhabi-listed telco said in a statement. e& holds a 23.4 percent stake in Pakistan Telecommunication […] December 15, 2023
Trade Saudi Arabia and China sign $25bn of deals Deals worth more than $25 billion have been signed at the Saudi-China Investment Conference in Beijing. More than 60 agreements and memoranda of understanding were completed at Tuesday’s meeting, the Saudi Ministry of Investment said in a statement. The deals covered sectors including energy, agriculture, tourism, mining, financial services, logistics, infrastructure, technology and healthcare. About […] December 12, 2023
Analysis Trade Saudi leaders gather in Beijing to boost $106bn trade Saudi Arabia’s investment minister Khalid Al Falih is leading a delegation in Beijing this week as the kingdom looks to tighten ties with its largest trade partner. Government and private sector leaders will participate in the China-Saudi Investment Conference on Tuesday, as part of Al Falih’s six-day visit. China-Saudi trade stood at $106 billion in […] December 11, 2023
