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AD Ports Group, SEG Sign Deals to Develop Logistics, Freight, Food Trading Infrastructure in Uzbekistan

Officials at the signing ceremony between AD Ports and SEG. (WAM)
Officials at the signing ceremony between AD Ports and SEG. (WAM)
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AD Ports Group, SEG Sign Deals to Develop Logistics, Freight, Food Trading Infrastructure in Uzbekistan

Officials at the signing ceremony between AD Ports and SEG. (WAM)
Officials at the signing ceremony between AD Ports and SEG. (WAM)

Abu Dhabi Ports Group launched a joint venture with SEG, one of Uzbekistan's largest oil and gas companies, to open new logistics and freight businesses.

They also signed a Memorandum of Understanding (MoU) to develop a food trading hub in Uzbekistan.

During a ceremony in Tashkent, the two companies signed the key agreements to support the collaboration, which aims to develop logistics infrastructure and services that will enable Uzbek and SEG's refined products to reach global markets at competitive costs.

The signing saw the announcement of AD Ports Group's office in Uzbekistan, the Group's first in the Central Asia region.

The office will oversee the projects announced within the agreements signed in Tashkent and coordinate with the Group's headquarters in Abu Dhabi to ensure the progress of work on projects and meet all requirements.

Under the joint venture agreement, the two companies will create a partnership for logistics and freight forwarding services, including intermodal freight forwarding, road, rail, and air transport services, the development of inland ports, container depots, warehousing, and other logistics infrastructure, contract logistics and customs clearance.

The venture will deploy new technology and specialized processes to address the challenges caused by Uzbekistan's double-landlocked geographical location, surrounded by five additional landlocked nations.

An MoU was also signed to support the development of an integrated food storage and distribution hub to enhance Uzbekistan's food trade across global markets and drive Central Asian food security.

Under the MoU, the two companies will collaborate on opportunities relating to food storage, transportation, and security and explore related end-to-end solutions for the project.

The two sides will cooperate under the initial agreement to take advantage of the collaborative opportunities available in food storage and transportation and ensuring food security, as well as exploring integrated solutions that can be employed in the project.

The hub will be operated near Samarkand International Airport by a subsidiary of SEG - MARAKAND LOGAIR.

Chairman of AD Ports Group, Falah al-Ahbabi, said the agreement would support the direction of the wise leadership and strengthen the strategic partnership with Uzbekistan.

"We are delighted to be able to deploy the expertise and resources of AD Ports Group to address the core logistics challenges and opportunities present within the country," Ahbabi said.

He indicated that the project would contribute to unlocking the broader economic potential of the nation by building new supply chains and opening new trade routes.

"Our capacity to build one-stop economic hubs and logistics centers will be put to good use by creating a dedicated food hub and inland ports and depots," noted Ahbabi.

The Chairman of the Board of SEG, Bakhtiyor Fazilov, stressed that Uzbekistan is a major producer of key exports, including oil, natural gas, and gold.

Fazilov noted that Uzbekistan is "the second-largest exporter of cotton in the world. Through these joint ventures, we will be able to bring a wider range of products to more markets worldwide, transforming our trade potential."

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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
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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.