Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a one percent increase compared to the same month last year.According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at $919...
Russia assures Egypt of providing grains as per order
Russia's top diplomat reassured Egyptian leaders Sunday that their orders for Russian grain would be met as he began a tour of African countries dependent on imports for their food supply. Between 20 million and 25 million tonnes of grain has been blocked in Ukrainian ports since Russia and Ukraine...
Germany to partner with Egypt to build hydrogen economy
Germany is looking to partner with Egypt to build the hydrogen economy as Europe seeks to diversify away from its current reliance on Russian gas.
US companies struggle with rising dollar
The rapid rise of the US dollar since the start of the year is a double-edged sword for American multinational companies, pushing some of them to decide whether to hedge or reposition their activities abroad to avoid fallout. And they also lose money when converting foreign revenue back into dollars.Qatar trade balance surplus surged 120 percent in May
The year-on-year increase in total exports was mainly due to higher exports of petroleum gases and other gaseous hydrocarbons reaching QR 30.3 billion in May 2022.
Iraq settles $1.6 billion payment of Iranian gas imports
The debt dates back to 2020, but payment was stalled amid sanctions against Iran by the United States.
SALIC gets Saudi Grains Organization contract to supply wheat
The amount awarded represents 20 percent of the total allocated to investors abroad, Governor of SAGO, Ahmad Al-Fare said.
Egypt to sign wheat-for-goods swap deal with India to fight shortage
Moses Elhy met with the Indian ambassador to Egypt on Wednesday to discuss the potential swap agreement for 500,000 tons of wheat.Jordan’s exports to US rise by six percent in first quarter
Jordan's trade balance with the United States registered a surplus of JD105 million ($147.85 million) in the first quarter of 2022, according to the latest foreign trade statistics. Data released by the Department of Statistics on Sunday noted that the national exports to the United States increased by six percent...
Russians prepare for hardships as sanctions begin to hit
With billions of dollars in financial reserves and money still coming in from oil and gas exports, Russia has yet to feel the full impact of the barrage of Western sanctions imposed over its offensive in Ukraine.
Iran signs multiple trade deals with Oman during president’s visit
A delegation of 50 Iranian businessmen travelled to Oman last week, with Iran's minister for roads and urban development announcing plans for a joint shipping line and tourist flights.
China to cut coal import taxes to ensure energy security
China will slash coal import tariffs to ensure energy security, the finance ministry said Thursday, the latest move to cast doubt on the country's environmental promises. The Chinese leadership has pledged the country will curb coal consumption after 2025.Saudi Arabia lifts ban on poultry and eggs from Denmark
Saudi Arabia had stopped the imports as reports of avian influenza, or bird flu, emerged from across the world.
New trends drive Arab automotive growth
From pre-owned cars to electric vehicles, a number of trends are driving the growth of the automobile sector in countries like the UAE and Saudi Arabia.
Egypt turns to India to import much needed wheat
Egypt will import wheat from India to compensate for the loss of wheat supplies from Ukraine and Russia, the north African nation's main sources of wheat. El-Said Marzouq El-Qosair, Egypt’s minister of agriculture and land reclamation, said this comes within the framework of the state’s efforts to secure new sources...Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.Saudi Arabia to import 625,000 tons of wheat later this year
The wheat is being procured from Europe, North and South America, and Australia, and will arrive in Saudi Arabia from September to November this year.
Saudi deposits $5bn in Egypt, plans to invest double: State media
The Egyptian and Saudi governments have signed a draft agreement for Saudi investments in the country totaling a projected $10 billion, according to a statement by the Egyptian cabinet.
Jordan to soon resume oil imports from Iraq’s Kirkuk fields
Jordan imports crude from Iraq under an MoU that was signed by the two governments on January 28 last year.Russia warns embargo on its oil imports will impact everyone
An embargo on Russian oil imports, pushed for by some European countries over Moscow's military action in Ukraine, would have a direct impact on everyone, the Kremlin said Monday.
Tunisia to initiate harsh action against food speculators
Tunisian President Kais Saied declared war Wednesday on food speculators amid a shortage of products such as wheat and semolina -- key staples in a country already mired in a political-economic crisis.Global and regional trade: The economic booster for GCC govts
The squeeze on real incomes within the region due to higher inflation may depress regional trade flows. The situation may worsen further if the global central banks' attempts to control rising consumer prices, which will ultimately dampen global economic activity.
Arab world may suffer shortage of bread
Russia's invasion of Ukraine could mean less bread on the table in Egypt, Lebanon, Yemen and elsewhere in the Arab world where millions already struggle to survive.Saudi Arabia overall export rose 62.6% y-o-y in December
GASTAT data said the value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021.Palestine exports rose 23% y-o-y in December
The rise in exports was 7 percent when compared to November of the same year.
Global trade hit record $28.5trn in 2021: UNCTAD
The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the fourth quarter of 2021.Dubai imports 8 million tons of food in 2021
Dubai has imported eight million tons of food during 2021 and re-exported 6.277 million shipments through all its ports, a Dubai Municipality press release said on Thursday.MAWANI signs pact with Bahri to build logistics park
The Saudi Ports Authority (MAWANI) signed an agreement with shipping giant Bahri to build and operate an integrated logistics park on land leased at the Jeddah Islamic Port with a total area of 95436m2. President of MAWANI Omar Talal Hariri and Eng. Abdullah Ali Aldubaikhi, CEO of Bahri signed the...UAE F&B trade hit $20bn in first 9 months of 2021: Dubai Chamber
The rise was said to have been supported by growing demand and expanded efforts to enhance food security and diversify food imports.
Jordan’s trade with US touches $1.384bn in 2021
Jordan was the first Arab country to sign a free trade agreement (FTA) with the United States in 2000.
Lebanon to import power from Jordan via Syria to boost ailing grid
The agreement signed by Energy Minister Walid Fayad with his Jordanian and Syrian counterparts is expected to give Lebanon two extra hours of mains electricity a day, doubling the supply currently provided by the cash-strapped government.
Saudi merchandise exports shot up 82.5 percent
According to a report by General Authority for Statistics (GASTAT), the overall merchandise exports of Saudi Arabia increased by 82.5% in November 2021.
Lebanon looks to import gas from Egypt
Mikati held a meeting with Egyptian Prime Minister Dr. Mostafa Madbouly in Sharm El-Sheik on Monday.Mesopotamian Epic comes home to Iraq
A 3,500-year-old tablet featuring the Mesopotamian Epic of Gilgamesh has been returned to Iraq three decades after it was stolen and illegally imported to the US.Egypt to levy 10% customs tax on import of mobile phones
Egypt has decided to levy a ten percent customs tax on the import of mobile phones in order to promote local industry.UAE to boost arms industry in order to reduce imports
Drones, guided missiles, simulators: the United Arab Emirates is on the offensive to develop its defense industry in a bid to wean itself off dependence on imports.
Saudi EXIM inks $118m deals
The deals were signed at the Saudi Trade Finance Summit.
Dubai Chamber identifies UAE-Indonesia trade opportunities
There appears to be plenty of scope for Indonesia to expand its cooperation with the UAE in the area of food security. The Southeast Asian country was the seventh-largest food exporter in the world in 2020, while the UAE imports about 80 percent of its food requirements.Brazil’s InvestSP joins Global Logistics Passport initiative
InvestSP Corporation and the Global Logistics Passport initiative have signed a Memorandum of Understanding or MoU for better shipping and logistics.Lebanon to soon give medicines for chronic, incurable disease for free
The Lebanese central bank has opened a credit line of $60 million for medicine importers.Saudi EXIM Bank and SMBC sign MoU to streamline businesses
The Saudi Export-Import Bank and Sumitomo Mitsui Banking Corporation (SMBC) have signed an agreement under which the two will work toward providing more financial solutions to Saudi and Japanese exporters and importers, streamlining business and reducing risk for both sides. In a statement, Saudi EXIM Bank said the MoU is...Bahrain national-origin exports grow to $3.12bn in Q3 2021
Bahrain’s imports grew 16 percent, but its export of national origin ballooned 76 percent in the third quarter of 2021.
Egypt stops buying wheat due to high cost
Egypt, the world’s biggest importer of wheat, has stopped buying the grain because the price of it is too high for the North African nation to afford.Iran bans LG and Samsung home appliances
The import of home appliances made by these two South Korean companies is now banned by Iran, following an apparent request from local manufacturers, who may now ramp up production of similar products indigenously.
Bahrain cuts truck wait duration by 15 times
Bahrain’s Customs president hailed importers, traders, and customs agents for the achievement.Iran may need to import 8m tons of wheat
Iran is currently suffering a drought that has led to water protests in several regions, most so in the Khuzestan province.
Lebanon leaders, central bank lock horns over fuel subsidies
In a country suffering from one of the worst economic crises in the world, this could effectively raise prices for fuel, amid its shortage.
Egypt records 13 percent jump in food exports in first half
Arab countries topped Egypt's food export market destinations with a value of $1.090 billion or 55%, followed by the European Union (EU) with $340 million or 14%.
US mulls crackdown on Chinese imports of Iranian oil
The United States is planning a crackdown on Iranian oil sales to China in violation of its sanctions
