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SAMA: Banks to Postpone Payment of Installments for Saudi Workers

SAMA: Banks to Postpone Payment of Installments for Saudi Workers
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SAMA: Banks to Postpone Payment of Installments for Saudi Workers

SAMA: Banks to Postpone Payment of Installments for Saudi Workers

The Saudi Arabian Monetary Authority (SAMA) has directed Saudi local banks to postpone three months installments of all financing products for Saudi workers registered in the support of unemployment insurance (SANED) without any additional costs or fees.

The decision is effective as of April.

SAMA said that postponing the installments does not require submitting request forms from clients, however it said banks should consider and accept the requests of clients who are unwilling to postpone installments.

This comes upon the royal order issued by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to compensate Saudis working in private sector firms that have been impacted by the current consequences of COVID-19 outbreak.

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UAE Says to Expand CEPAs in 2025

Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
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UAE Says to Expand CEPAs in 2025

Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat

Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has affirmed that the UAE will continue to increase its Comprehensive Economic Partnership Agreements (CEPAs) in 2025, targeting additional countries to maximize benefits for the UAE and its global trade partners.

Emirates News Agency (WAM) quoted Al Zeyoudi as saying that these agreements will strengthen rules-based international trade, drive sustainable development, increase investments, and enhance opportunities for trade in goods, services, and re-exporting.

In remarks to WAM, Al Zeyoudi explained that the UAE's CEPAs program is designed to expand the country's commercial and investment partnerships worldwide, positioning the UAE as a key gateway for non-oil goods and services and a global hub for business and investment.

He emphasized that these agreements reflect the UAE's vision, which recognizes the vital role of free trade based on clear rules in driving sustainable economic growth and inclusive development. The agreements' diversity and the UAE's ability to form valuable partnerships across five continents significantly increase opportunities for various sectors and open new markets.

Al Zeyoudi pointed out that the CEPAs have already had a positive effect on various areas of the UAE's foreign trade, particularly non-oil trade, re-export services, logistics, clean and renewable energy, technology, financial services, green industries, advanced materials, agriculture, and sustainable food systems.

He explained that CEPAs continue to have a tangible and direct impact on the country's foreign trade data, positively affecting various vital sectors, including the advanced technology sector.

Since the program's launch in September 2021 until early December 2024, the UAE has signed 24 CEPAs with countries and international blocs, covering approximately 2.5 billion people—about a quarter of the global population.

In the first half of 2024, UAE foreign trade reached a historic milestone, surpassing AED1.395 trillion, reflecting an 11.2% growth compared to the same period in 2023. The growth rates reached 28.8%, 54.7%, and 66%, compared to the same periods in 2022, 2021, and 2019, respectively.