UAE to Double National Economy to $816 Billion by 2030

The UAE aims through economic agreements to remove or reduce customs duties with a carefully selected group of markets. (WAM)
The UAE aims through economic agreements to remove or reduce customs duties with a carefully selected group of markets. (WAM)
TT

UAE to Double National Economy to $816 Billion by 2030

The UAE aims through economic agreements to remove or reduce customs duties with a carefully selected group of markets. (WAM)
The UAE aims through economic agreements to remove or reduce customs duties with a carefully selected group of markets. (WAM)

The Ministry of Economy has announced that the UAE will soon sign comprehensive economic partnership agreements (CEPA) with several countries.

It will also sign trade preference agreements with the member countries of the Organization of Islamic Cooperation in early 2023.

The ministry said that the new partnership agreements aim to enhance the role of international trade to double the size of the national economy by 2030.

The UAE development plans for the next 50 years are largely focused on trade.

By 2030, the country aims to double the size of its economy from 1.4 trillion dirhams ($381 billion) to 3 trillion dirhams ($816 billion) through greater trade openness.

Jumaa Muhammad Al Kait, Assistant Undersecretary for International Trade Affairs, said that the countries currently negotiating to conclude CEPA are: Indonesia, Colombia, and Turkey, in addition to several countries with which the initial terms of agreement are being agreed upon.

The UAE is signing CEPA agreements with the aim of removing or reducing customs duties bilaterally with carefully selected markets of strategic importance regionally and globally.

Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, pointed out that the trade preference system is the selection of a group of targeted goods, according to which the state obtains the advantage of reducing customs tariffs while exporting its national products to the markets of those countries.

He explained that the most important feature of this new system is to grant the UAE customs discounts on a wide and selected range of goods.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.