Trade Vietnam courts Middle East investors after US boost Vietnam is aiming to establish itself as a manufacturing hub to rival China and it is hoping improved relations with the US will be the catalyst for investment from the Middle East. The country is currently engaged in talks with the UAE about a trade agreement. During a visit to Vietnam by President Joe Biden […] October 20, 2023
Finance IMF seeks lower deficit and strong budget from Sri Lanka The International Monetary Fund (IMF) is looking for a strong budget and narrower deficit from Sri Lanka as it seeks funding to bridge the gap between government revenue and expenditure, the IMF mission chief for the country said on Friday. Sri Lanka plunged into its worst financial crisis in seven decades last year after its […] October 20, 2023
Analysis Trade GCC trade deal to help ‘level playing field’ for Pakistan The GCC has signed a preliminary free trade agreement with Pakistan as the South Asian nation looks to boost exports to ease its financial woes. The agreement was signed in Riyadh earlier this month. It aims to increase trade and investment with GCC countries by up to 50 percent by eliminating tariffs on goods and […] October 19, 2023
Finance India-GCC free trade talks ‘to start in November’ India and the Gulf Cooperation Council (GCC) expect to begin discussing a free trade agreement as early as November after the appointment of chief negotiators from both sides, according to Indian commerce ministry officials. The plans to begin talks on an FTA were announced last November, but delayed due to the non-appointment of a chief negotiator […] October 17, 2023
Analysis Tech Race is on for AI chips as nations seek tech supremacy The Gulf states are expected to invest heavily in powerful semiconductor chips in the years ahead to drive artificial intelligence forward. However, US restrictions on exports of the world’s biggest player in the chips market are a potential stumbling block. AI technology is critical to developing global influence and expanding high-growth industries, and the high-performance […] October 12, 2023
Retail Cenomi enters Uzbekistan as new mall launches Saudi franchiser Cenomi Retail has announced plans to enter Uzbekistan as part of its capital city’s urban redevelopment. The retailer has signed an agreement for nine international brands to open in Tashkent City Mall, an upcoming 250,000 sq m project. Having signed Aldo and Cinnabon agreements in April, the company confirmed that it will also […] October 11, 2023
Sustainability Taiwan’s Miniwiz to build UAE upcycling plant A Taiwanese architect who co-founded the business Miniwiz is looking to turn the UAE’s rubbish into riches with the opening of an upcycling plant in Abu Dhabi. Arthur Huang, who is also Miniwiz CEO, promotes the concept of a circular economy, upcycling consumer and industrial waste into usable products. The circular economy involves breaking from […] October 5, 2023
Renewable Energy Renewables workforce nearly doubles in a decade Employment in the renewable energy sector has almost doubled over the past decade, the International Renewable Energy Agency and International Labour Organization have found. There were 13.7 million jobs in the global industry in 2022, up from 7.3 million in 2012, the agencies said in the report Renewable Energy and Jobs: Annual Review. Employment growth […] October 3, 2023
Renewable Energy Masdar enters Tajikistan with solar and hydro ambitions A joint venture between Abu Dhabi state clean energy company Masdar and W Solar Investment is exploring floating solar power and hydropower projects in landlocked and water-abundant Tajikistan. MW Energy has signed an agreement with Tajikistan’s Ministry of Energy and Water Resources and plans to develop at least 500MW capacity of clean energy. With an […] October 3, 2023
Adipec Energy Japan’s oil firm Adoc to ramp up investment in UAE Abu Dhabi Oil Company (Adoc), a company from Japan, plans to increase investments in the UAE’s oil sector as part of its expansion strategy, a senior company executive said. “We are planning to expand our production facilities and increase extraction rates,” Takahiko Shingai, deputy general manager and director of the development department at Adoc, told […] October 3, 2023
Transport Brunei’s GallopAir to launch after taking Chinese aircraft GallopAir, a new Brunei-based airline, is in talks with potential investors and plans to launch operations after taking delivery of its first Chinese aircraft in the second half of next year, its chief executive told Reuters. GallopAir last month announced a $2 billion deal to buy 30 regional and narrow-body jets from Commercial Aircraft Corporation […] October 2, 2023
Finance Thailand to inject $15.2bn into economy next year Thailand’s Prime Minister Srettha Thavisin said on Monday his government would inject 560 billion baht ($15.23 billion) into the economy next year through its signature digital wallet policy. The stimulus will be driven by the key plank of Srettha’s Pheu Thai Party’s electoral platform, where each citizen over 16 will receive a 10,000 baht ($282) […] October 2, 2023
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
Sustainability 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
