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Abu Dhabi Investment Office, Israel Export Institute Lay Trade Foundations

The Israeli side during the signing of the agreement. Asharq Al-Awsat
The Israeli side during the signing of the agreement. Asharq Al-Awsat
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Abu Dhabi Investment Office, Israel Export Institute Lay Trade Foundations

The Israeli side during the signing of the agreement. Asharq Al-Awsat
The Israeli side during the signing of the agreement. Asharq Al-Awsat

The Abu Dhabi Investment Office, ADIO, has signed a cooperation agreement with the Israel Export Institute, establishing the foundation for strong trade bridges between Abu Dhabi and Israel by unlocking opportunities to collaborate on investments, Emirates News Agency (WAM) reported.

The agreement covers the facilitation of introductions with potential investee companies in both markets, hosting joint events and supporting government and industry delegations. ADIO will work closely with the Israel Export Institute to support trade and investment opportunities for Israeli companies, connecting them with strategic partnerships and resources to foster long-term success in the emirate, WAM said.

The signing of the agreement took place virtually on Monday, and was attended by Adiv Baruch, Chairman of the Israel Export Institute, Gadi Ariely, Director-General of the Israel Export Institute, and Dr. Tariq bin Hendi, Director-General of ADIO.

Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said, "Rapid progress is being made in laying the foundations for closer private sector cooperation for Abu Dhabi and Israel. This agreement is an important opportunity to strengthen business cooperation and enable technical and commercial collaboration between our respective markets."

Dr. Tariq Bin Hendi, Director-General of ADIO, said, "ADIO is working to establish links with the key facilitators of investment and innovation between Abu Dhabi and Israel. Our agreement with the Israel Export Institute is an important next step in creating the platform to advance and accelerate opportunities for companies in Abu Dhabi and Israel."

The Israel Export & International Cooperation Institute, IEICI, supported by member firms, private sector bodies and the Government of Israel, promotes global economic and business activities, by providing a wide range of export-oriented services to Israeli companies, and complementary services to the international business community. IEICI helps build successful joint ventures, strategic alliances and trade partnerships.

Israel’s Minister of Economy and Industry Amir Peretz said the cooperation agreement is another step towards strengthening the growing economic ties with the UAE.

“This agreement gets even greater significance, specifically now, when facing the COVID-19 crisis and while the Israeli economy is in a difficult situation, and the revenue cycle of many established Israeli companies is suffering considerably as a result. I do hope that the economic ties that are being built with the UAE will play a significant part in accelerating the Israeli economy during this difficult period."

Adiv Baruch expressed confidence that the new collaboration will bring significant business outcomes for both parties and we are excited to embark on this common path.

“The Israel Export Institute, together with the Foreign Trade Administration at the Ministry of Economy, and with the Ministry of Foreign Affairs will continue to build the most professional infrastructure promoting global economic activities between the UAE and Israel. The collaboration with ADIO will play a major role in promoting the economic relations between Abu Dhabi and Israel."

ADIO recently announced plans to open an office in Tel Aviv to facilitate connections between innovation-focused companies and organizations in Abu Dhabi and Israel.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.