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UAE Cooperates with Iraq to Conduct Studies on Investment Opportunities in Ports, Economic Zones

The signing of a memorandum of understanding between Emirati and Iraqi officials on Monday (Asharq Al-Awsat)
The signing of a memorandum of understanding between Emirati and Iraqi officials on Monday (Asharq Al-Awsat)
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UAE Cooperates with Iraq to Conduct Studies on Investment Opportunities in Ports, Economic Zones

The signing of a memorandum of understanding between Emirati and Iraqi officials on Monday (Asharq Al-Awsat)
The signing of a memorandum of understanding between Emirati and Iraqi officials on Monday (Asharq Al-Awsat)

AD Ports Group signed a Memorandum of Understanding with the General Company for Ports of Iraq (GCPI) to promote increased cooperation within the fields of maritime transportation.

The MoU was signed in the presence of Minister of Energy and Infrastructure in the UAE Suhail Al Mazrouei, and Minister of Transportation in Iraq Nasser Hussein Al Shebly by Group CEO, AD Ports Group Captain Mohamed Juma Al Shamisi, and Director General of the General Company for Ports of Iraq Dr. Eng. Farhan Muhesen Al Fartosi.

It was signed during the visit of an Iraqi delegation to the UAE.

The MoU is set for an initial period of 12 months with a clause for automatic renewal.

AD Ports Group will conduct feasibility studies on the management and operation of the General Company for Ports of Iraq’s ports and economic zones and other infrastructure, while also exploring potential investment opportunities.

As part of its scope, AD Ports Group will also develop national infrastructure, such as roads and rail networks, which will connect Al Faw Ports in Iraq with markets in Jordan and Turkey, while simultaneously financing the feasibility studies stated in the MoU.

Mazrouei said: “In line with the wise leadership’s vision, the signing of this MoU exemplifies the UAE’s drive to enhance cooperation with sister Arab states.

“Leveraging the lessons learned as part of our nation’s pursuit to develop strategic sectors and build frameworks that contribute to the economic and social development of the UAE, we are transferring this invaluable knowledge to our kin in Iraq to support the formulation of a diverse and sustainable economy in Iraq.”

“The MoU will serve as the starting point for future collaboration that will drive the development of a wide range of services, while also supporting investors across both our proud nations,” said Shebly.

“It also sets the foundation to foster an Arabi ports’ ecosystem that can cater to the increasing global demands of this sector and keep pace with ambitious plans of the governments in Iraq and the UAE.”

Shamisi noted: “We are confident that the cooperation with Iraq will serve as the foundation of a promising future of success and developmental opportunities that will benefit both nations.

“It will also enhance trade and the flow of foreign investments to Iraq and will elevate the quality of maritime transportation and logistics services available in the region.”

For his part, Iraq’s Ambassador to the UAE Mudhafar Al-Jubouri, said: “The Iraqi Embassy succeeded in convening this meeting at a short notice, and it led to the signing of this MoU that will benefit the two sister states.

The embassy was also successful in promoting cooperation between the Iraqi Ministry of Transportation on the one hand, and the Ministry of Energy and Infrastructure in the UAE and AD Ports Group on the other.”

Director-General of the General Company for Ports of Iraq Dr. Eng. Farhan Muhesen Al Fartosi, commented: “We are pleased to sign this MoU with a leading entity like AD Port Group, a titan with a rich history within the Middle East’s maritime transportation and logistics segment.

Capitalizing on its robust portfolio of service capabilities and world-class infrastructure, we fully expect to see our ports and transportation ecosystem in Iraq rise to new heights in the coming years.

We look forward to promoting our cooperation with the UAE to foster the strategic position of the Arab Gulf region across the global supply chain.”

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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.