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)
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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.



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.