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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)
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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.”

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Business

Riyadh Air Wins Approval to Operate US Flights

A Boeing 787-9 Dreamliner aircraft of Saudi airline Riyadh Air is pictured on the tarmac at King Khalid International Airport in Riyadh on June 7, 2026. (AFP)
A Boeing 787-9 Dreamliner aircraft of Saudi airline Riyadh Air is pictured on the tarmac at King Khalid International Airport in Riyadh on June 7, 2026. (AFP)
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Riyadh Air Wins Approval to Operate US Flights

A Boeing 787-9 Dreamliner aircraft of Saudi airline Riyadh Air is pictured on the tarmac at King Khalid International Airport in Riyadh on June 7, 2026. (AFP)
A Boeing 787-9 Dreamliner aircraft of Saudi airline Riyadh Air is pictured on the tarmac at King Khalid International Airport in Riyadh on June 7, 2026. (AFP)

Saudi Arabia's new airline Riyadh Air won the right to operate flights to and from the United States, the US Transportation Department said in an order Tuesday.

The airline launched its first London flight on its new Boeing fleet last week. Launched in 2023, Riyadh Air is Saudi Arabia's second national airline ‌after Saudia, ‌and is owned by the country's ‌Public ⁠Investment Fund.

USDOT ⁠said "the grant of this authority is consistent with the public interest."

Riyadh Air told USDOT when it sought approval last month that it intends to operate to more than 100 international destinations by 2030 and currently ⁠has or is planning partnerships with ‌at least 10 ‌international air carriers including Delta Air Lines.

Delta has said ‌it plans to begin nonstop service ‌to Riyadh from Atlanta in October.

Deliveries are set to bring its fleet to eight by the end of July, and it plans to fly ‌to 22 cities by March 2027, Riyadh CEO Tony Douglas said last ⁠week.

With ⁠up to 72 787s and as many as 60 A321neos and 50 A350s on order, Douglas calls it "the biggest global aviation startup in modern history".

The airline is part of the Kingdom's plan to diversify its economy into new industries such as tourism, logistics and technology.

Riyadh Air has announced routes to Cairo, Dubai, Jeddah, Madrid and Manchester so far, and cities in India are likely to follow, Douglas said.

Business

Exxon Mobil to Supply South Africa's First Planned LNG Terminal

AUSTIN, TEXAS - JUNE 16: Gas prices are displayed at an Exxon Mobil gas station on June 16, 2026 in Austin, Texas. Brandon Bell/Getty Images/AFP
AUSTIN, TEXAS - JUNE 16: Gas prices are displayed at an Exxon Mobil gas station on June 16, 2026 in Austin, Texas. Brandon Bell/Getty Images/AFP
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Exxon Mobil to Supply South Africa's First Planned LNG Terminal

AUSTIN, TEXAS - JUNE 16: Gas prices are displayed at an Exxon Mobil gas station on June 16, 2026 in Austin, Texas. Brandon Bell/Getty Images/AFP
AUSTIN, TEXAS - JUNE 16: Gas prices are displayed at an Exxon Mobil gas station on June 16, 2026 in Austin, Texas. Brandon Bell/Getty Images/AFP

Exxon Mobil has signed a preliminary deal to supply liquefied natural gas to Zululand Energy Terminal, which will be South Africa's first LNG import facility once built, the companies said on Wednesday.

The planned terminal is part of South Africa's pivot away from coal-fired power generation, which accounts for the bulk of its electricity supply.

Reuters reported in March that the Zululand Energy Terminal (ZET) hoped to strike a deal with Exxon Mobil on LNG supply.

Exxon Mobil's ⁠participation helps reinforce ⁠the importance of Richards Bay port, where ZET is being built on South Africa's east coast, as an entry point for LNG and supports plans to unlock a "competitive and sustainable gas market", said Oliver Naidu, ZET director.

Exxon Mobil has identified South Africa ⁠as a priority market and wants to grow its LNG supply to more than 40 million metric tons per annum (mtpa) by 2030.

"This agreement reflects Exxon Mobil's global LNG experience and our commitment to support South Africa's energy security with reliable supply," said Andrew Barry, chairman of ExxonMobil LNG Market Development Inc.

Earlier this month, South African state power utility Eskom signed a long-term LNG agreement with ZET that will support a planned ⁠3,000 ⁠megawatt gas-to-power plant project.

Phase 1 of the terminal includes a floating storage unit and an onshore regasification system with capacity of around 3 mtpa, or 400 million standard cubic feet of gas a day.

Phase 2, which will bring the project's total expected cost to $1 billion, will introduce extra regasification capacity and storage onshore, boosting total volumes to 4.5 mtpa, or about 600 million standard cubic feet a day, Naidu said.

Business

IEA Sees Gradual Hormuz Recovery Tipping Into Significant 2027 Surplus

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 16, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 16, 2026. REUTERS/Stringer
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IEA Sees Gradual Hormuz Recovery Tipping Into Significant 2027 Surplus

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 16, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 16, 2026. REUTERS/Stringer

The world oil market will recover gradually from the closure of the Strait of Hormuz before tipping into a significant surplus in 2027, the International Energy Agency said in its monthly oil market report on Wednesday.

The US and Iran reached an agreement to end the three-month-old war, which includes Iran reopening the Strait of Hormuz ⁠and the US lifting ⁠its naval blockade, potentially bringing an end to the largest oil supply disruption in history which shut in over 14 million barrels per day of Middle East oil output, according ⁠to the IEA.

"If the deal holds, exports and production from the Gulf should see a gradual recovery – not least because Iranian oil exports can fully resume once the US blockade is lifted," the agency, which advises industrialized countries, said.

The oil market will then enter a significant supply overhang next year, the IEA said ⁠in ⁠its first look at 2027, with global oil supply set to surge by 8 million bpd and demand rising by just 2 million bpd.

"This may provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to build new strategic reserves, as countries review their energy strategies and policies in response to the crisis."