-
Houthi, Hamas mull ‘encircling’ Israel in Lebanon meet
Yemen's Iran-backed Houthi rebels discussed "expanding confrontations and encircling" Israel in a meeting in Lebanon with Hamas and other Palestinian factions, a Houthi official told AFP. Houthi attacks on Red Sea ships since the start of the Israel-Hamas war have disrupted global trade, actions the rebels say are in solidarity...
-
Non-oil trade between UAE and US hits $31.4 billion in 2023
Abu Dhabi, UAE -- Non-oil trade between the UAE and the United States reached $31.4 billion in 2023 and is expected to continue growing at the same pace in 2024, said Danny E. Sebright, President of the US-UAE Business Council. Sebright added, in statements to the Emirates News Agency (WAM),... -
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said. Commercial ships have been taking longer and costlier journeys around the southern tip of Africa to avoid attacks by Yemen's Houthi rebels in the Red Sea. -
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment between the two nations.  The agreement was signed in the Hungarian capital Budapest by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and... -
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the UAE. There's been a significant increase in Indian businesses setting up there, with 28 percent more new companies in 2023 compared to the previous year. This resulted in over 190... -
Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products worth US$5.5 billion to over 130 countries during the first eleven months of the year. Rouhollah Latifi, the spokesperson for the Trade Development Commission at the Iranian Ministry of Industry,... -
India, European EFTA bloc sign $100 billion free trade deal
The deal will see the European Free Trade Association (EFTA) -- made up of non-European Union nations, including Iceland and Liechtenstein --Â invest $100 billion over 15 years in India, the world's fifth largest economy, India's Trade Minister Piyush Goyal said. -
Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was signed by Minister of Finance Ali bin Ahmed Al Kuwari and Minister of Economy and Information Technology in Estonia Tiit Riisalo. Stressing the importance of the agreement, Al Kuwari said... -
Asian markets mostly down as China sets 5 percent growth goal
Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and Wall Street shares dropped ahead of the release of key US economic indicators. Tokyo finished flat, a day after Japan's benchmark Nikkei index hit a record high, closing above 40,000... -
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing to increasing trade and investment flows and enhancing global economic growth, according to top officials from the country. Top economic officials have stressed the UAE's significant role in supporting the... -
Tunisians take to streets to protest economic woes
Head of Tunisia's trade union confederation Noureddine Taboubi said in a speech to protestors that the economic and social situation continues to worsen in the country, slamming the implementation of "diktats from the International Monetary Fund" (IMF) at the expense of ordinary Tunisians. -
WTO conference ends with acceptance of Abu Dhabi Declaration
Abu Dhabi, UAE--The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has concluded with the acceptance of Abu Dhabi Declaration, a landmark document securing important new trade agreements that will extend the benefits of the global trading system to more nations. Following a week of intensive negotiations, Dr... -
WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite our best efforts, we failed to agree on some texts which are of great importance to many of our members," said Al Zeyoudi, who also serves as the UAE's foreign... -
Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while the mobilization of reservists and the displacement of communities on the borders with Gaza and Lebanon have disrupted the economy. Confronted with the conflict, Arab countries that have normalized relations... -
WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release. It will help reduce the costs of global services trade by more than $119 billion every year, it added. -
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system" and boost international cooperation. "Looking around, uncertainty and instability are everywhere," the WTO chief said, adding that the world is in an "even tougher place today" compared to two years... -
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa, Chief Economist at the World Trade Organization (WTO), said the country's focus on low tariffs, export diversification, and active participation in the multilateral trading system demonstrates its commitment to free... -
Saudi Arabia’s trade surplus remains stable at $26bn
Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of 2023 sustaining a level comparable to the previous quarter. According to recent data from the General Authority for Statistics (GASTAT), the trade surplus in December 2023 was SR39 billion ($10.4... -
Glencore 2023 profit down 75%
The company said lower energy prices cut into its profits. -
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member states traded over US$5 billion (€4.7 billion) worth of goods in 2023. Trade between Iran and the member states of the European Union recorded a decrease of 9 percent from... -
Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to Israel, in solidarity with the Palestinians in Gaza. In December the United States announced a maritime security initiative, Operation Prosperity Guardian, to protect shipping in the area. -
35 Jordanian companies to participate in Gulfood 2024 in Dubai
AMMAN, JORDAN – A total of 35 Jordanian companies are taking part in Gulfood 2024, the world's largest annual food and beverage trade exhibition, in Dubai, UAE.The Jordan Exporters Association (JEA) is coordinating the country's participation in the event, which will open next Monday at Dubai World Trade Center.The JEA’s... -
WTO chief insists global trade body still counts
WTO members' trade ministers have their biennial meeting in Abu Dhabi from February 26-29, at which they could put the final touches to a further fisheries deal. But other potential agreements seem stuck in the weeds as anxiety swells over the impact of current geopolitical tensions. -
Iran, Armenia eye $3 billion bilateral trade volume
Tehran, Iran – Deputy Prime Minister of Armenia Mher Grigoryan on Thursday said that Iran and Armenia have the potential to increase the volume of their bilateral trade to $3 billion. Grigoryan made the remarks during the 18th meeting of the Iran-Armenia Joint Economic Commission where he also described Iran... -
Erdogan’s Egypt visit aimed at rapprochement with al-Sisi
Turkey and Egypt cut ties in 2013 after Sisi, then Egypt's defense minister, ousted Islamist president Mohamed Morsi, an ally of Turkey and part of the Muslim Brotherhood movement. At the time, Erdogan said he would never speak to "anyone" like Sisi, who in 2014 became president of the Arab... -
IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red Sea" are among the top challenges to the global economic outlook. "When you add variables to what is turning out to be probably the lowest growth of the last 55... -
Yemen-based Houthis say 17 fighters killed in US strikes
A total of 17 Houthi fighters were killed in US strikes, the Iran-backed Yemeni rebel group said through its official media. "The bodies of a number of martyrs of the nation as a result of the bombing of the American-British aggression were carried through Sanaa in a solemn funeral procession,"... -
DMCC witnesses 10 percent rise in US companies in 2023
DUBAI, UAE – DMCC successfully concluded its most recent Made for Trade Live tour of the US, hosting events in New York, Brooklyn and Washington DC as it continues to build on growing bilateral trade and investments between the two countries. In 2023, DMCC saw a rise of over 10... -
Qatar and Egypt discuss ways to boost economic, trade ties
Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways to encourage investors from Qatar to widen their investment in Egypt. In this regard, Qatar Chamber First Vice-Chairman Mohamed bin Ahmed bin Twar Al Kuwari's met with Vice President of... -
OECD predicts rise in global economy amid Middle East ‘risk’
The OECD raised its 2024 world economic growth forecast Monday but warned that the Middle East conflict posed a risk, with disruptions in Red Sea shipping threatening to increase consumer prices. Global growth "proved unexpectedly resilient" in 2023, reaching 3.1 percent as inflation declined faster than anticipated.. -
Saudi Arabia launches program to boost exports
Riyadh, Saudi Arabia - Saudi Arabia has embarked on a program to equip Saudi exporters with the necessary information on procedures, requirements, targeted markets, and available opportunities for exporting products globally. General Authority for Foreign Trade, through its Agency for Private Sector Affairs and International Representation, has launched a series... -
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next month to address the potential challenges of de-globalization and its impacts on global supply chains, Minister of State for Trade of Spain Xiana Mendez said. “The main challenges we may... -
IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia department, adding that "the drop in trade accelerated in the beginning of this year." -
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries. In this regard, Khalid Najibi, First Deputy of the Chairman of the Bahrain Chamber of Commerce and Industry (BCCI), highlighted the high potential of investment opportunities for the Bahraini private sector and its... -
Iran and Turkey to set up free trade zone at border in Khoy city
Tehran, Iran--Iran and Turkey will join hands to set up a free trade zone at the border crossing in Khoy city. Head of the Iranian-Turkish parliamentary friendship group in the Iranian shura council Adel Najafzadeh said during the recent visit of the Iranian President Ebrahim Raisi to Turkey, Raisi and... -
Qatar and Nepal discuss boosting economic cooperation
Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment climate, numerous opportunities available in both countries, and identified the most important sectors for cooperation and partnership In this regard, the acting general manager of the Qatar Chamber, Ali Saeed... -
US troops destroy Houthi’s anti-ship missile in Yemen
US forces struck an anti-ship missile in Houthi-held Yemen that they said was ready to fire, hours after the Iran-backed rebels caused a fire on a British tanker in the Gulf of Aden. US and British forces have launched joint strikes aimed at reducing the Houthis' ability to target vessels... -
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU) between Al Jouf Agricultural Development Company (JADCO) and E Green Global (EGG) of the Republic of Korea. The agreement involves the transfer and localization of potato seed production techniques in... -
UAE, Malaysia sign MoU to enhance ties in digital-infrastructure sector
Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the digital-infrastructure sector with an emphasis on data centres in Malaysia. The MoU centres on establishing robust and efficient collaboration through the development of bilateral relationships between public and private organisations.... -
French court censures parts of controversial immigration law
PARIS, FRANCE - France's top constitutional authority on Thursday rejected parts of a controversial immigration bill adopted under pressure from the right, in a ruling applauded by government but slammed by the far right. The bill adopted last month is a flagship reform of President Emmanuel Macron's second term, but the... -
UAE-Hong Kong non-oil foreign trade surges to US$16.23 billion
Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in the first 11 months of 2023. According to Dr. Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), the United Arab Emirates has solidified its position... -
DMCC launches global trade roadshow in London to attract FDI from UK
Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking to attract a greater amount of foreign direct investment (FDI) from the United Kingdom. DMCC is the world’s flagship free zone and Government of Dubai Authority on commodities trade and... -
EU plans measures to protect sensitive technology from China
The European Union unveiled plans to strengthen the bloc's economic security including measures to protect sensitive technology from falling into the hands of geopolitical rivals like China. Brussels has bolstered its armoury of trade restrictions to tackle what it deems to be risks to European economic security, following Russia’s invasion... -
ASML profit soars to US$8.5bn
It has shrugged off geopolitical tensions to post high profits. -
Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering trade balance, imports, exports of products with national origin, and re-exports. The value of imports has increased by 5 percent, reaching US$3.92 billion (BD1.476 billion) during Q4 2023 in comparison... -
Dubai World Trade Centre to host Japan trade exhibition next week
Dubai, UAE--The first edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd January, at Dubai World Trade Centre. The three-day exhibition, jointly hosted by the governments of Kyoto, Japan, and the Department of Economy and Tourism in Dubai (DET), is expected to... -
Sharjah Chamber discusses collaboration with AAAID on trade, investment
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) has held discussions with the Arab Authority for Agricultural Investment and Development (AAAID) to support business community and foster trade and investment between the two entities. The discussions took place at the chamber's headquarters, where Abdullah Sultan Al Owais, Chairman of... -
In Davos, Chinese premier takes aim at trade ‘barriers’
Li's remarks came as the World Economic Forum's (WEF's) 54th annual conference is preoccupied with a slew of global risks, including wars in Ukraine and Gaza, climate change and the rapid rise of artificial intelligence. He said "new discriminatory trade and investment measures" had appeared every year, adding: "Any obstacles... -
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the highest volume in the region, Iran's ambassador to Saudi Arabia, Alireza Enayati, said during his meeting Sunday with the President of the Federation of Saudi Chambers, Hassan bin Mujab Al-Huwaizi.... -
US targets Houthis in new strikes over Red Sea threat
Violence involving Iran-aligned groups in Yemen, Lebanon, Iraq and Syria has surged since the war in Gaza began in early October. The Houthis, who say they are acting in solidarity with Gaza, have carried out a growing number of attacks on what they deem Israeli-linked shipping on the key Red... -
China, Russia trade soared in 2023 as commerce with US sank
Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday, as commerce with the United States fell for the first time in four years on the back of geopolitical tensions. China-Russia trade reached more than $240 billion, customs figures showed,...