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UAE Completes Requirements of Gulf Economic, Financial Integration

Undersecretary of the Ministry of Finance Younis Haji Al Khouri. (WAM)
Undersecretary of the Ministry of Finance Younis Haji Al Khouri. (WAM)
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UAE Completes Requirements of Gulf Economic, Financial Integration

Undersecretary of the Ministry of Finance Younis Haji Al Khouri. (WAM)
Undersecretary of the Ministry of Finance Younis Haji Al Khouri. (WAM)

United Arab Emirates Undersecretary of the Ministry of Finance Younis Haji Al Khouri announced the completion of all projects and studies required for Gulf economic and financial integration, which will become effective in 2025.

In his remarks to WAM, he stressed that the Gulf Cooperation Council (GCC) countries were keen on equality in the joint Gulf market in order to achieve integration.

Khouri noted that the GCC citizens' investments in UAE joint-stock companies hit AED41.453 billion ($11.2 billion) in 2019, an 11 percent increase over the previous year, while the real estate transactions conducted by GCC investors amounted to around AED1.294.2 billion ($352 million).

He explained that the number of GCC citizens owning properties in the UAE increased 10 percent to 48,535 in 2019 as compared to 2018, while the number of business licenses awarded to GCC investors totaled 29,352, a growth of 9 percent.

Further, the number of GCC shareholders in joint-stock companies grew to 204,032 in 2019.

Khouri pointed out that 1,826 GCC citizens were working in the UAE public sector in 2019, a 3 percent growth compared to 2018. Some 7,332 GCC citizens were working in the private sector in 2019, a 16 percent increase from the previous year.

Moreover, 9,426 GCC citizens are currently benefitting from pensions in the UAE, while those receiving social insurance benefits reached 5,478, he further added.

Saudi Arabia is the UAE’s top trading partner, at a total of AED113.2 billion ($30.8 billion) trade exchange in 2019, followed by Oman, at AED48 billion ($13 billion), which accounts for 22 percent of the UAE's total trade exchange with GCC states, he noted.

He added that the Supreme Council of the GCC stressed in its 41st session the significance of projects that have an integrative strategic prospect in the economic and development field.

The Council further ordered an accelerated path in implementing the roadmap and finishing the studies and projects required for economic unity among the GCC countries by 2025.

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Business

Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
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Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)

Syrian President Ahmed al-Sharaa met during his visit to Washington with International Monetary Fund chief Kristalina Georgieva to discuss Syria’s “economic transformation.”

“It was a privilege to welcome President Ahmed al-Sharaa to the IMF. We discussed the economic transformation Syrians need & deserve—which his government is making possible,” Georgieva said on X on Sunday.

“I reiterated IMF's readiness to help, including through our existing technical support for key institutions,” she added.

US President Donald Trump is set to welcome al-Sharaa on Monday in the first-ever visit by a Syrian president to the White House.

Also Sunday, al-Sharaa met with the Syrian community in Washington, D.C., attended by Foreign Minister Asaad al-Shaibani and US Special Envoy to Syria Tom Barrack.

During the meeting, al-Sharaa highlighted the important role of Syrians abroad in maintaining strong ties with their homeland, conveying Syria’s true image, and defending its just causes. He praised their efforts and initiatives as demonstrations of deep belonging and pride in their nation.

For his part, al-Shaibani thanked the community for its contributions and role in supporting the homeland from abroad, stressing that the government
keeps channels of communication open with Syrian expats.

Barrack also delivered remarks, commending the Syrian community’s role in strengthening relations between Syria and the international community.

Business

China Suspends 'Special Port Fees' on US Vessels

The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
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China Suspends 'Special Port Fees' on US Vessels

The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File

China said Monday it would suspend for one year "special port fees" on US vessels "simultaneously" with Washington's pause on levies targeting Chinese ships, as a fragile trade truce between the superpowers continues to take shape.

The United States and China have been involved in a volatile trade and tariff war for months, but agreed to walk back some punitive measures after presidents Xi Jinping and Donald Trump met last month in South Korea.

At one point, duties on both sides had reached prohibitive triple-digit levels, hampering trade between the world's two largest economies and snarling global supply chains.

The suspension of the port fees, which applied to ships operated by or built in the United States that visited Chinese ports, began at 13:01 (05:01 GMT) on Monday, a transport ministry statement said.

The US shipbuilding industry was dominant after the Second World War but has gradually declined and now accounts for just 0.1 percent of global output.

The sector is now dominated by Asia, with China building nearly half of all ships launched, ahead of South Korea and Japan.

Separately, Beijing said it would suspend sanctions against US subsidiaries of Hanwha Ocean, one of South Korea's largest shipbuilders.

The year-long suspension of measures against Hanwha, effective from November 10, was linked to the US halting port fees it had levied on Chinese-built and operated ships, China's commerce ministry said in an online statement.

"In light of this (US suspension)... China has decided to suspend the relevant measures" for one year, the statement said.

China had imposed sanctions on five US subsidiaries of Hanwha in October, accusing them of supporting a US government "Section 301" investigation that found Beijing's dominance of the shipbuilding industry unreasonable.

Organizations and individuals in China had been banned from cooperating with Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp.

A planned probe into whether the Section 301 investigation impacted the "security and development interests" of China's shipbuilding industry and supply chain had also been shelved for one year, according to the transport ministry.

The suspensions are the latest sign of a thaw in economic ties since the Xi-Trump meeting.

On Wednesday, China said it would extend the suspension of additional tariffs on US goods for one year, keeping them at 10 percent, and suspend some tariffs on soybeans and other US agricultural products.

China also suspended an export ban on gallium, germanium and antimony, metals crucial for modern technology, on Sunday.

Also following talks, Beijing agreed to halt for one year restrictions on the export of rare earths technology.

Washington in turn agreed to suspend for one year export restrictions on affiliates of blacklisted foreign companies in which they had at least a 50 percent stake, the Chinese commerce ministry said Wednesday.

Business

Gold Hits Two-week High on Fed Rate-cut Bets, Slowdown Worries

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Hits Two-week High on Fed Rate-cut Bets, Slowdown Worries

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices jumped to a two-week high on Monday, helped by expectations of another Federal Reserve interest rate cut in December and a slew of weak economic data that raised global slowdown worries.

Spot gold climbed 1.8% to $4,070.99 per ounce by 0643 GMT, hitting its highest since October 27. US gold futures for December delivery rose 1.8% to $4,079.70 per ounce, Reuters reported.

"Gold is catching a solid bid from traders to kick off the week, with the precious metal rising on anticipation that a rate cut could still arrive next month, even though the Fed has been downplaying the chances of it occurring," KCM Trade Chief Market Analyst Tim Waterer said.

The US economy shed jobs in October amid losses in the government and retail sectors, while cost-cutting and artificial intelligence adoption by businesses led to a surge in announced layoffs, data showed last week.

US consumer sentiment weakened to the lowest level in nearly 3-1/2 years in early November amid worries about the economic fallout from the longest ever government shutdown, a survey showed on Friday.

Market participants now see a 67% chance of a December rate cut, according to the CME FedWatch Tool. Non-yielding gold tends to do well in a low-interest-rate environment and during economic uncertainties.

On Sunday, the US Senate appeared poised to move forward with a measure aimed at reopening the federal government and ending a 40-day shutdown that has sidelined federal workers, delayed food aid and snarled air travel.

"While it looks like we could be moving towards an end to the shutdown, with this comes greater visibility over key economic indicators, which have been short on the ground since the shutdown commenced," Waterer said.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.16% to 1,042.06 metric tons on Friday from 1,040.35 tons on Thursday.

Elsewhere, spot silver rose 2.5% to $49.52 per ounce, platinum rose 1.3% to $1,565.22 and palladium added 1.1% to $1,396.37.