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UAE, Georgia Discuss Comprehensive Economic Partnership Agreement

Georgia's delegation at the Expo 2020 Dubai. (WAM)
Georgia's delegation at the Expo 2020 Dubai. (WAM)
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UAE, Georgia Discuss Comprehensive Economic Partnership Agreement

Georgia's delegation at the Expo 2020 Dubai. (WAM)
Georgia's delegation at the Expo 2020 Dubai. (WAM)

The UAE's Minister of State for Foreign Trade, Thani al-Zeyoudi, and Georgia's Minister of Economy and Sustainable Development, Natia Turnava, officially launched talks to establish a Comprehensive Economic Partnership Agreement (CEPA).

CEPA aims to build on both nations' deep and evolving trade and investment ties.

The UAE's non-oil foreign trade with Georgia in the first ten months of 2021 exceeded $165 million, with a 33 percent growth compared to the same period in 2020.

As a strategic gateway to African and Asian markets, the UAE accounts for more than 60 percent of Georgia's trade with Arab countries and more than 40 percent of its trade with the Middle East and North Africa.

The UAE is also Georgia's most important source of foreign direct investment from the Arab world and the sixth-largest globally.

The launch of CEPA talks was followed by signing a Memorandum of Understanding (MOU) on economic cooperation at the Expo 2020 Dubai.

Both countries agreed to expand cooperation in transportation and logistics, hospitality and real estate, small and medium-sized enterprises, industry and mining, food security and agriculture, tourism, science, technology, telecommunications and innovation, finance and banking, infrastructure and construction, and environment.

Following the agreement, Zeyoudi said Georgia and the UAE enjoy close cultural, diplomatic, and economic ties that have evolved and strengthened to establish their partnership over the years.

"We are already active trading partners and, as the world emerges from the coronavirus pandemic, we must prepare for the future by developing a deeper trade and investment relationship."

The launch of talks on the UAE-Georgia CEPA reflects the shared desire to work together to enhance the capacity of the private sector, promote startups and entrepreneurs, improve market access and substantially increase the volume of two-way trade, according to the Emirati official.

For her side, Turnava said that bolstering of UAE-Georgian relations had become an increasing priority to both nations as bilateral trade grows, and there is a shared desire and ambition to build on these relations further with a mutually-beneficial comprehensive economic partnership agreement.

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‘Saudi Architecture Characters Map’ Boosts City Appeal for Investment

Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
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‘Saudi Architecture Characters Map’ Boosts City Appeal for Investment

Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)
Image of buildings in the “Najdi Architecture” style (Eastern Province Development Authority)

Economic and architectural experts have described Crown Prince Mohammed bin Salman’s launch of the “Saudi Architecture Characters Map” as a strategic shift, transforming architecture into an economic asset for investment.

In statements to Asharq Al-Awsat, they emphasized that the initiative will enhance Saudi Arabia's competitive edge in the tourism and cultural real estate development sectors.

Additionally, it is expected to boost the sustainability of the tourism economy and stimulate the manufacturing industries, from local stone production to carpentry, traditional carvings, and decorative arts.

The move could also lead to the creation of specialized companies focused on reviving traditional crafts, gradually transforming them into export industries.

Featuring 19 distinct architectural styles inspired by the Kingdom’s diverse geographical and cultural characteristics, the initiative is expected to contribute over 8 billion riyals ($2.13 billion) to the cumulative GDP and create more than 34,000 jobs in engineering, construction, and urban development sectors by 2030.

This move is part of a broader effort to transform and develop Saudi cities.

As Chairman of the Supreme Committee for Saudi Architectural Design Guidelines, the Crown Prince said that Saudi architecture reflects the cultural and geographical diversity of the Kingdom.

“Saudi architecture blends our rich heritage with contemporary design thinking. We are enhancing urban landscapes and quality of life as well as building an architectural framework that balances the past and the present. This model will serve as a global source of inspiration for innovation in architectural design,” he said.

Dr. Mohammed Al-Qahtani, an economics professor at King Faisal University, told Asharq Al-Awsat that the launch of the Map by the Crown Prince is more than just a cultural or architectural announcement.

It represents a move with deep economic implications that redefines the investment and real estate landscape in Saudi Arabia, in line with a developmental vision that transcends traditional urban growth.

He emphasized that “the architectural identity of any country is one of the pillars of soft power, and when this identity becomes a standard for developmental projects, we are witnessing a strategic shift. Architecture becomes an economic asset to be invested in, extending beyond just aesthetic value.”

Al-Qahtani added that the unification of architectural identity means both local and international investors will reassess their plans in light of new requirements that demand higher quality, thereby increasing real estate market value and attracting capital seeking authentic and sustainable projects.