UAE, Georgia to Double Trade to $1.5 Billion Annually

Sheikh Mohammed bin Rashid and Georgia's President virtually attend the signing of the comprehensive partnership between both countries. (WAM)
Sheikh Mohammed bin Rashid and Georgia's President virtually attend the signing of the comprehensive partnership between both countries. (WAM)
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UAE, Georgia to Double Trade to $1.5 Billion Annually

Sheikh Mohammed bin Rashid and Georgia's President virtually attend the signing of the comprehensive partnership between both countries. (WAM)
Sheikh Mohammed bin Rashid and Georgia's President virtually attend the signing of the comprehensive partnership between both countries. (WAM)

The UAE and Georgia have signed a Comprehensive Economic Partnership Agreement, with the aim of trebling non-oil trade from $481 million to $1.5 billion within five years.

Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: “The Partnership Agreement with Georgia reflects our consistent approach to stimulating economic growth and trade and investment exchange with friendly countries, in a way that contributes to reviving international trade and helping the global economy face current challenges.”

“In the UAE, we have a firm belief that constructive international cooperation and sustainable economic growth are capable of achieving stability and peace and enhancing the quality of people’s lives,” he added.

The agreement was signed during a virtual ceremony by Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and Georgian Vice Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili.

“It is our key priority to strengthen relations with one of the leading states of the world – the United Arab Emirates,” said Prime Minister of Georgia Irakli Garibashvili.

“The UAE has always been at the avant-garde of innovations and progress, which is a significant precondition of future hope and optimism. We are confident that this new stage in the relationship of our two countries made for the benefit of our people will facilitate the intensification and simplification of trade and economic relations.”

The comprehensive partnership agreement with Georgia is the sixth for the UAE as part of its plans to double non-oil trade to AED4 trillion ($1.08 trillion) and Emirati exports to AED800 billion ($217.7 billion) by 2031.

Al Zeyoudi said: “The UAE-Georgia CEPA unites two countries that have complementary strengths – both nations are strategic crossroads for trade, both possess dynamic, rapidly-expanding service economies and both share a similar vision for attracting FDI – with policies that welcome business and promote robust growth.”



Saudi PIF, Hong Kong Monetary Authority Sign MoU on Investment Fund

The MoU was signed at FII 8th Edition in Riyadh. SPA
The MoU was signed at FII 8th Edition in Riyadh. SPA
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Saudi PIF, Hong Kong Monetary Authority Sign MoU on Investment Fund

The MoU was signed at FII 8th Edition in Riyadh. SPA
The MoU was signed at FII 8th Edition in Riyadh. SPA

The Public Investment Fund (PIF) and the Hong Kong Monetary Authority (HKMA) signed on Thursday a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of $1 billion.

The MoU was signed at FII 8th Edition in Riyadh.

Under the MoU, the fund would explore investment in manufacturing, renewables, fintech, and healthcare, supporting the localization of companies connected to Hong Kong and the Greater Bay area in Saudi Arabia. It would create highly skilled local jobs and drive economic growth by fostering regional champions in the target sectors. It would reinforce Hong Kong’s position as one of the world’s leading financial hubs, leveraging its diverse talent pool, efficient financial infrastructure and deep liquidity. The signing of this MoU is a new milestone that underlines the economic ties between two leading institutions: PIF and HKMA.

The proposed new fund aligns with PIF’s economic diversification and sustainability strategy.

This partnership has the potential to drive shared prosperity by investing in industries that will shape future economies. It combines HKMA’s long-term investment expertise with PIF’s strategy for the target sectors.

The new fund would promote foreign direct investments via Hong Kong, providing a platform for companies to internationalize their businesses and access attractive investment opportunities in Saudi Arabia.