GCC and Ukraine Sign Political, Economic, Security MoU

President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
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GCC and Ukraine Sign Political, Economic, Security MoU

President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)

Gulf Cooperation Council (GCC) and Ukraine signed a memorandum of understanding (MoU) in the fields of politics, economy, security, culture, as well as education and tourism in the presence of Ukrainian President Petro Poroshenko, the General Secretariat of GCC and the Ukrainian Ministry of Foreign Affairs.

The MoU was co-signed by GCC Secretary-General Abdullatif al-Zayani and Ukrainian Minister of Foreign Affairs Pavlo Klimkin.

The MoU aims to hold consultations between the two sides in order to explore fields of cooperation and dialogue.

Assistant Secretary General of GCC for Political Affairs and Negotiations Abdulaziz al-Owaisheq reiterated that the memorandum deals with political negotiation and countering terrorism and its funding. He stated that the MoU has three main fields; security and political cooperation, economic cooperation, and exchange between Gulf and Ukrainian people through tourism, education and culture.

Speaking to Asharq Al-Awsat, Owaisheq stated that the MoU will be the beginning of a series of negotiations dealing with politics, security, and countering terrorism, then it will deal with trade, investment, energy, education, health and tourism.

The Assistant Secretary-General stated that terrorism is an important issue for both the Gulf and Ukraine and there are three fields of cooperation between the two: security cooperation between security forces: Gulf police in UAE, security forces of GCC and their counterparts in Ukraine. Second, GCC and Ukraine want to counter terrorism funding through a committee of the GCC, according to Owaisheq. He also stated that GCC wants to fight terrorist rhetoric and ideologies and that GCC has specialized centers in Saudi Arabia and UAE which will cooperate with their peers in Ukraine for that purpose.

Owaisheq also explained that the MoU stipulates that both sides should hold meetings and negotiations to further explore means of cooperation and dialogue and suggest a suitable mechanism to achieve that. In addition, GCC and Ukraine agreed to hold an annual meeting, or whenever needed on the sidelines of UN’s General Assembly, and to task a group of experts with discussing any issues both parties agree on.



Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.