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Energy

Avia to buy 40 Boeing aircraft

The transaction for the purchase of 737 MAX 8 jets valued at $4.9bn.

Emirates half-year profit $2.5bn

The record profit is subject to new 9% corporate tax for the first time.

Lulu’s IPO raises $1.72bn

The proceeds make it the largest UAE IPO of 2024 to date.

DAE 9M net profit $310m

The company said this was a 54.9 percent YoY increase in net profit.

ADNEC to acquire ‘Royal Catering’

Royal Catering has more than 2.500 employees.
UAE, China eye $200bn bilateral trade by 2030

UAE, China eye $200bn bilateral trade by 2030

The Gulf country re-exports more than 60 percent of Chinese exports to the region as bilateral trade exceeds $70 billion.

The UAE is China’s most important trade partner in the Arab world and responsible for 28 per cent of total non-oil trade between China and the region. The region’s second largest economy is also home to thousands of Chinese firms.

Business deals enhance GCC-China cultural ties

Business deals enhance GCC-China cultural ties

Chinese art exhibits in Qatar and educational exchanges between China and UAE and Saudi Arabia are just a few examples.

Strengthening of political, economic and trade relations between China and the Gulf Cooperation Council countries during the past 15 years has also led to a cementing of cultural ties between the two powerhouses.

GCC’s two biggest trade allies are Asians

GCC’s two biggest trade allies are Asians

The Gulf countries rely heavily on assistance from Asia, particularly China, to modernize their economies and diversify away from oil.

As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is taking place in areas such as the new energy, artificial intelligence, and industrial diversification.

Gulf nations add momentum to Asianization of global economy

Gulf nations add momentum to Asianization of global economy

While economic ties may have been the GCC's first point of contact with Asia, they have since grown to encompass greater political involvement and an increasingly geopolitical dimension. Its impact is more than visible in Asia.

Following the US withdrawal from Afghanistan, many experts believe that Washington is shifting its attention and resources to the “priority theatre” of the Indo-Pacific. But as the world recovers from the Covid-19 pandemic, the GCC countries are expected to play a more significant role in the ongoing Asianization of the global economy. 

Visits, talks boost GCC-Asia trade ties

Visits, talks boost GCC-Asia trade ties

Trade relations between the Gulf countries and their Asian counterparts have become warmer as their leaders have been making frequent business visits and regularly holding talks with each other.

Traditionally, GCC trade was focused on the West. However, now it is moving to the East. This eastward shift is not too surprising given the continuing travails of many developed Western economies. With the sluggish recovery from the financial crisis in the EU and the US, Gulf economies have had to look elsewhere. A relationship…

New technologies bolster GCC-Asia trade relations

New technologies bolster GCC-Asia trade relations

The Gulf nations and Asian countries are mutually benefitting from technological advancements, which have potential to make cross-border trade more efficient, inclusive and equitable for small and medium-sized businesses.

Beyond oil and gas, Gulf companies have made some strategic investments in sectors with strong potential for growth, including fintech, e-commerce and logistics. For example, in 2020, Saudi fintech startup Tamara established operations in Vietnam, and the UAE’s B2B e-commerce provider Distichain set up a base in Singapore.