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Saudi Crown Prince Chairs Meeting of Council of Economic and Development Affairs

Prince Mohammed bin Salman, Crown Prince an Prime Minister, during a cabinet meeting in Riyadh on Tuesday. (SPA)
Prince Mohammed bin Salman, Crown Prince an Prime Minister, during a cabinet meeting in Riyadh on Tuesday. (SPA)
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Saudi Crown Prince Chairs Meeting of Council of Economic and Development Affairs

Prince Mohammed bin Salman, Crown Prince an Prime Minister, during a cabinet meeting in Riyadh on Tuesday. (SPA)
Prince Mohammed bin Salman, Crown Prince an Prime Minister, during a cabinet meeting in Riyadh on Tuesday. (SPA)

Prince Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs, chaired a meeting for the council on Tuesday.

The council reviewed several economic and development issues, including a presentation submitted by the Ministry of Economy and Planning regarding local and global economic development.

The presentation included details of the most important indicators related to the national economy, especially the growth witnessed by the sectors of the national economy, as well as a large number of other sectors and activities during the past period.

It also reviewed the prospects of the global economy during the coming period and an analysis of the most prominent indicators.

The council discussed the presentation submitted by the Strategic Management Office of the Council regarding the governance of the Kingdom's Vision 2030 and the roles of the supporting agencies.

It reviewed a presentation submitted by the Ministry of Health regarding the latest health developments related to the COVID-19 pandemic and a presentation by the Project Management Office at the Secretariat of the Council regarding the follow-up on decisions and recommendations of the Council during the fourth quarter of the past year 2022.

The council made the necessary decisions and recommendations regarding these issues.

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UAE, Malaysia Sign Comprehensive Economic Partnership Agreement

The agreement is designed to accelerate bilateral trade, promote private sector collaboration, and create new opportunities for investment in high-growth sectors. WAM
The agreement is designed to accelerate bilateral trade, promote private sector collaboration, and create new opportunities for investment in high-growth sectors. WAM
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UAE, Malaysia Sign Comprehensive Economic Partnership Agreement

The agreement is designed to accelerate bilateral trade, promote private sector collaboration, and create new opportunities for investment in high-growth sectors. WAM
The agreement is designed to accelerate bilateral trade, promote private sector collaboration, and create new opportunities for investment in high-growth sectors. WAM

The United Arab Emirates and Malaysia have signed a Comprehensive Economic Partnership Agreement (CEPA) during a ceremony witnessed by President Sheikh Mohamed bin Zayed Al Nahyan and Malaysian Prime Minister Anwar Ibrahim, Emirates News Agency (WAM) reported Tuesday.

The agreement is designed to accelerate bilateral trade, promote private sector collaboration, and create new opportunities for investment in high-growth sectors, WAM said.

The CEPA was signed at Abu Dhabi National Exhibition Center (ADNEC) by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Malaysia’s Minister of Investment, Trade and Industry Tengku Zafrul Aziz.

Sheikh Mohamed emphasized the significance of the agreement in strengthening the economies of both nations, noting that it is a pivotal milestone in UAE-Malaysia relations.

He remarked that Malaysia, with its fast-growing economy and pro-trade policies, is a vital partner in Southeast Asia. He noted that the agreement aims to deepen cooperation in key sectors, reinforce supply chains, unlock investment potential, and open new doors for the two countries’ private sectors to thrive together.

The UAE-Malaysia CEPA will reduce or eliminate tariffs on a wide range of goods, streamline trade procedures, and enhance market access for service exports. Malaysia, Southeast Asia’s fourth-largest economy, is already one of the UAE’s top trading partners in the ASEAN region, with non-oil bilateral trade reaching $4.9 billion in 2023 and $4 billion in the first nine months of 2024. The UAE is also Malaysia’s second-largest trade partner in the Arab world, accounting for 32% of Malaysia’s trade with Arab nations.

The agreement is projected to solidify the UAE as a strategic hub for Malaysian exports to the Middle East, North Africa, and beyond while opening the ASEAN market to UAE investors and entrepreneurs.

The UAE’s CEPA program is a cornerstone of its efforts to drive non-oil foreign trade to AED 4 trillion ($1.1 trillion) by 2031 and foster international cooperation with strategic markets such as the ASEAN bloc, which boasts a GDP of more than $2.9 trillion and a population of 647 million people.