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UAE, Australia Sign Comprehensive Economic Partnership Agreement

UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH
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UAE, Australia Sign Comprehensive Economic Partnership Agreement

UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH

The United Arab Emirates and Australia have signed a Comprehensive Economic Partnership Agreement (CEPA) hat removes or reduces tariffs, lifts barriers to trade and enhances market access, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on X on Wednesday.

It aims to boost the bilateral trade threefold from $4.23 billion in 2023 to $15 billion by 2032, the minister said.

The UAE and Australia finalized negotiations on CEPA in September.

The signing of the agreement built on the growing economic relations between the UAE and Australia, with bilateral non-oil trade reaching US$2.3 billion in H1 2024, an increase of 10 percent from H1 2023.

The UAE is Australia’s leading trade partner in the Middle East and its 20th largest partner globally. As of 2023, the two countries have also committed a combined $14 billion to each other’s economies, with more than 300 Australian businesses operating in the UAE in sectors such as construction, financial services, agriculture, and education.

A CEPA with Australia will be a significant addition to the UAE's foreign trade network, which is helping to propel non-oil foreign trade towards its target of $1.1 trillion by 2031.

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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.