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UAE, Turkey Accelerate Arrangements to Sign Comprehensive Economic Partnership Agreement

The UAE delegation and Turkish officials meet in Istanbul on Wednesday, April 27, 2022. (Asharq Al-Awsat)
The UAE delegation and Turkish officials meet in Istanbul on Wednesday, April 27, 2022. (Asharq Al-Awsat)
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UAE, Turkey Accelerate Arrangements to Sign Comprehensive Economic Partnership Agreement

The UAE delegation and Turkish officials meet in Istanbul on Wednesday, April 27, 2022. (Asharq Al-Awsat)
The UAE delegation and Turkish officials meet in Istanbul on Wednesday, April 27, 2022. (Asharq Al-Awsat)

The United Arab Emirates and Turkey have taken steps to accelerate the arrangements for finalizing the Comprehensive Economic Partnership Agreement (CEPA), which will be signed soon.

Officials from both countries have held discussions to foster business and investment partnerships between the business communities of the two countries.

UAE Trade Minister Thani al-Zeyoudi held talks on Wednesday with his Turkish counterpart, Mehmet Mus, in Istanbul.

They discussed different initiatives and ways to benefit from the qualitative leaps recently achieved by bilateral and economic ties.

The meeting came as part of the visit of an official and business delegation to Turkey, led by Zeyoudi.

He underlined the strong historical bilateral relations, noting that both sides look forward to bolster cooperation in all areas and develop economic partnership to higher levels in a sustainable manner.

This will serve the development agenda and the business communities of the two countries to advance towards more sustainable and resilient economies and achieve progress for their peoples.

UAE-Turkish relations have witnessed positive development and cooperation in all the areas of mutual interest, resulting in the signing of around 72 agreements and Memorandums of Understanding (MoUs) in various fields.

Zeyoudi said Abu Dhabi looks forward to maximizing relations with Ankara during this historic phase and “stimulating it towards more momentous levels in several strategic sectors in the coming days.”

“We have recently announced the launch of formal discussions to reach a CEPA with Turkey as part of the Global Economic Agreements Program within the UAE’s ‘Projects of the 50’.”

Today, the UAE continues its work with its partners in the Turkish government and the private sector in Turkey to finalize the arrangements of this agreement and formally sign it, paving the way for a new shift in both countries’ relations in the areas of trade, investment, talent exchange, and knowledge sharing.

The volume of non-oil trade between the UAE and Turkey has amounted to about AED50.4 billion in 2021, up 54% compared to 2020 and 86% compared to 2019.

Ankara accounts for more than three percent of the UAE's non-oil foreign trade volume.

In addition, UAE investments in Turkey rose to over AED18.3 billion by late 2020, while Turkish investments in the UAE amounted to AED1.1 billion by late 2019.

Zeyoudi called on the business community in Turkey to benefit from the growing economic collaboration between the two countries and explore promising growth prospects in the UAE market, which is rich with developmental and prosperity incentives.

“The business community should benefit from the UAE’s strategic location as an active logistic window for Turkish products to reach the markets in the Middle East, Asia, and Africa, as well as the technologically developed infrastructure.”

It also offers a chance for empowering companies to build regional and international networks for its brands, hence ensuring more profits, development, and growth.

Both sides explored new prospects to encourage businessmen and companies to increase and diversify trade, and promote the influx of mutual investments and businesses.

They further underlined the importance of promoting knowledge and talents exchange between the two countries in priority sectors in the future.

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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.

Business

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.