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Free Trade Zones Help Develop GCC Economic Systems

Saud Al Mazrouei and the Hamriyah Free Zone Zone, Asharq Al Awsat
Saud Al Mazrouei and the Hamriyah Free Zone Zone, Asharq Al Awsat
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Free Trade Zones Help Develop GCC Economic Systems

Saud Al Mazrouei and the Hamriyah Free Zone Zone, Asharq Al Awsat
Saud Al Mazrouei and the Hamriyah Free Zone Zone, Asharq Al Awsat

Saud Al Mazrouei, Director of Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone (SAIF Zone), confirmed that free trade zones have become integral to the Gulf Cooperation Council’s economic system, pointing out that they provide an innovative solution to invest in the future.

Together, SAIF Zone and HFZA are home to at least 13,000 companies from 165 different countries, and Gulf entities make up to 12.8 percent of them.

Free trade zones, according to Mazrouei, play a major role in developing the global economy, attracting investments in various industrial, commercial and service fields, facilitating the flow of capital, stimulating the local economy, developing human capabilities, creating jobs, and keeping up with the latest economic trends.

“United Nations Conference on Trade and Development (UNCTAD) estimates show that there are more than 4,800 economic free zones worldwide. GCC free trade zones are an essential component of the overall economic system that contributes to the growth of GCC’s GDP,” Mazrouei elaborated in remarks to Asharq Al-Awsat.

Speaking more on the benefits of having free zones, Mazrouei said: “They represent one of the innovative solutions that Gulf countries have resorted to as a form of investing in the making of the future and achieving economic prosperity.”

“Today, we see that this wise vision imposed by the Gulf leadership bears fruit as GCC free zones have become globally influential in enhancing economic productivity, supporting employment and human resources, and growing expertise.”

On the possibility of attracting foreign investments to the free zones, Mazrouei stressed that there are a number of fundamental factors that play a major role in enhancing the status and competitiveness of free zones.

Among these factors are location, logistics, services and eased regulation.

HFZA, for example, is the second largest free trade zone in the UAE. It rests over 26.7 square meters of commercial and industrial land.

“Our free zones have become cities with integrated services and facilities that provide a welcoming environment for companies,” Mazrouei noted.

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Business

European Development Bank Unveils 5 Bn Euros for War-hit Economies

A Lebanese man walks past destruction at the site of an Israeli airstrike the day before that targeted a building in Beirut on April 9, 2026. (Photo by Ibrahim AMRO / AFP)
A Lebanese man walks past destruction at the site of an Israeli airstrike the day before that targeted a building in Beirut on April 9, 2026. (Photo by Ibrahim AMRO / AFP)
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European Development Bank Unveils 5 Bn Euros for War-hit Economies

A Lebanese man walks past destruction at the site of an Israeli airstrike the day before that targeted a building in Beirut on April 9, 2026. (Photo by Ibrahim AMRO / AFP)
A Lebanese man walks past destruction at the site of an Israeli airstrike the day before that targeted a building in Beirut on April 9, 2026. (Photo by Ibrahim AMRO / AFP)

The European development bank said Thursday it was unlocking five billion euros ($5.9 bn) to help shore up economies hit by the Middle East war.

The European Bank for Reconstruction and Development (EBRD) said it will "deploy EUR5 billion in 2026 in economies impacted by Middle East conflict".

The funds would be focused on Iraq, Jordan, Lebanon, the West Bank and Gaza "and affected neighboring economies" including Egypt, Türkiye, Armenia and Azerbaijan, the bank said in a statement.

"The economic and social impact of the conflict is already being felt across many of the bank's economies in the form of disrupted trade routes, energy and commodity shocks, weakened investor confidence and broader costs to the population," it added.

Established in 1991 to help former Soviet bloc nations embrace free-market economies, the bank later extended its reach to the Middle East and Africa.

"In a time of rising uncertainty, we are stepping up where others may pull back," said EBRD president Odile Renaud Basso.

"We are here to support economies, clients and people in our countries of operation in tough times," she added.

The bank said "the volume of conflict response investment will be demand driven due to the fast-changing nature of the situation".

The funds will provide immediate relief "by supporting economic activity" and "fostering financial sector stabilization".

EBRD will aim to strengthen energy security and aid state-owned enterprises to "ensure the uninterrupted provision of essential goods and services".

On Thursday it had approved "a project to support Lebanon's retail chain," it said, adding it also aimed to safeguard access to jobs, finance and essential services.

Since starting operations in the southern and eastern Mediterranean in 2012, the EBRD has invested more than EUR26.5 billion in 489 projects in the region.

In Türkiye alone, the lender has committed more than 23 billion euros since 2009.

Business

Saudia to Partially Resume Flights To, From Dubai, Abu Dhabi, and Amman on Saturday

One of Saudia’s aircraft (company website)
One of Saudia’s aircraft (company website)
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Saudia to Partially Resume Flights To, From Dubai, Abu Dhabi, and Amman on Saturday

One of Saudia’s aircraft (company website)
One of Saudia’s aircraft (company website)

Saudia announced on Thursday the partial resumption of its operations to and from Dubai, Abu Dhabi, and Amman starting Saturday, April 11.

In a post on its official account on the social media platform X, the airline said the resumption will be carried out through the operation of exceptional daily flights to and from those destinations.

Saudia advised passengers to check the status of their flights before heading to the airport, noting that further updates will be published through its official channels.

Business

IMF Expects to Provide Vulnerable Economies Hit by Iran War Up to $50 bn

FILED - 24 October 2024, US, Washington: The logo of the International Monetary Fund (IMF) is pictured on the facade of the conference building on Pennsylvania Street. Photo: Soeren Stache/dpa
FILED - 24 October 2024, US, Washington: The logo of the International Monetary Fund (IMF) is pictured on the facade of the conference building on Pennsylvania Street. Photo: Soeren Stache/dpa
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IMF Expects to Provide Vulnerable Economies Hit by Iran War Up to $50 bn

FILED - 24 October 2024, US, Washington: The logo of the International Monetary Fund (IMF) is pictured on the facade of the conference building on Pennsylvania Street. Photo: Soeren Stache/dpa
FILED - 24 October 2024, US, Washington: The logo of the International Monetary Fund (IMF) is pictured on the facade of the conference building on Pennsylvania Street. Photo: Soeren Stache/dpa

The International Monetary Fund expects to have to provide up to $50 billion in immediate financial assistance to countries affected by the Middle East war, its managing director said on Thursday, with the crisis likely to have lasting economic effects.

"Given the spillovers of the Middle East war, we expect near-term demand for IMF balance-of-payments support to rise to somewhere between $20 billion and $50 billion, with the lower bound prevailing if the ceasefire holds," Kristalina Georgieva said, according to prepared remarks shared with AFP.

She added that food insecurity due to transport and supply chain disruptions caused by the war was expected to affect at least 45 million people.

"Even in a best case, there will be no neat and clean return to the status quo ante," she said, as a fragile ceasefire appeared to hold on Thursday.

The IMF will pare its global growth forecast for 2026 based on the impact of the crisis, with spiraling energy costs hitting some vulnerable economies harder than others.

Georgieva said that even in the Fund's "most hopeful scenario," infrastructure damage, supply disruptions and a loss of market confidence among other "scarring effects" meant growth would be less than expected.

She highlighted the "asymmetric" effects of the crisis, hitting low-income energy importers with limited fiscal space much harder than others.

"Spare a thought for the Pacific Island nations at the end of a long supply chain, wondering if fuel will still reach them in the wake of such a severe disruption," she said.