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UAE, Australia Sign Comprehensive Economic Partnership Agreement

UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH
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UAE, Australia Sign Comprehensive Economic Partnership Agreement

UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH

The United Arab Emirates and Australia have signed a Comprehensive Economic Partnership Agreement (CEPA) hat removes or reduces tariffs, lifts barriers to trade and enhances market access, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on X on Wednesday.

It aims to boost the bilateral trade threefold from $4.23 billion in 2023 to $15 billion by 2032, the minister said.

The UAE and Australia finalized negotiations on CEPA in September.

The signing of the agreement built on the growing economic relations between the UAE and Australia, with bilateral non-oil trade reaching US$2.3 billion in H1 2024, an increase of 10 percent from H1 2023.

The UAE is Australia’s leading trade partner in the Middle East and its 20th largest partner globally. As of 2023, the two countries have also committed a combined $14 billion to each other’s economies, with more than 300 Australian businesses operating in the UAE in sectors such as construction, financial services, agriculture, and education.

A CEPA with Australia will be a significant addition to the UAE's foreign trade network, which is helping to propel non-oil foreign trade towards its target of $1.1 trillion by 2031.

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Business

Saudi Industry Ministry Signs MoUs to Advance Manufacturing Empowerment

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
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Saudi Industry Ministry Signs MoUs to Advance Manufacturing Empowerment

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA

The Ministry of Industry and Mineral Resources has signed a number of memoranda of understanding (MoUs) with leading local and international companies to advance advanced manufacturing, support local content, and strengthen national supply chains, enhancing the regional and global competitiveness of Saudi industry.

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition, organized by the ministry in partnership with Deutsche Messe and Riyadh Exhibitions Company Ltd.

The ministry signed two memoranda to provide innovative financing solutions for industrial establishments, strengthen national supply chains, and support local content.

Additionally, the ministry's National Center for Advanced Manufacturing and Production signed several memoranda of understanding with local and international industrial and advisory companies to support the path of advanced manufacturing, develop supply chains, enhance technological innovation, and boost the competitiveness of national factories, in line with the National Industrial Strategy and Saudi Vision 2030.

These strategic partnerships are part of the ministry's ongoing efforts to develop the Kingdom's industrial ecosystem, enable manufacturers to access the latest industrial solutions, support supply chain development, and stimulate innovation, contributing to the building of a sustainable industrial sector that competes regionally and globally.

Business

China Says Working on Streamlining Rare Earth Export Licenses

FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
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China Says Working on Streamlining Rare Earth Export Licenses

FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo

China said on Thursday it is working on streamlining rare earth export licenses - a key promised outcome after a meeting between US President Donald Trump and his counterpart Xi Jinping.

"The government is actively adapting," Commerce Ministry spokesman He Yadong told reporters at a weekly briefing, adding that authorities "were aligning themselves with general license mechanisms".

Reuters reported on Tuesday that at least three Chinese rare earth magnet makers had secured licenses enabling them to accelerate exports to some customers.

He did not say if new licenses had been issued.

China began designing the new rare earth licensing regime following a late October meeting between Trump and Xi that eased trade tensions between the two countries.

Business

Saudi Aramco's Jafurah Gas Plant Begins Output with 450 Million Cubic Feet Per Day

The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
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Saudi Aramco's Jafurah Gas Plant Begins Output with 450 Million Cubic Feet Per Day

The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)

The first phase of oil giant Aramco's Jafurah gas plant is complete and production has begun with a capacity of 450 million cubic feet per day, the Saudi finance ministry said on Tuesday.

The finance ministry, in its 2026 budget statement, listed the milestone as an achievement reached in 2025.

Jafurah's gas output will be used for domestic power generation, freeing up crude for export that is currently used for power in the kingdom.

Aramco has said its unconventional gas program at peak production is expected to generate electricity equivalent to displacing 500,000 barrels per day of oil.

The $100 billion Jafurah project, estimated to contain 229 trillion standard cubic feet of raw gas, is central to Aramco's ambitions to become a major global player in natural gas and boost its gas production capacity.

Aramco's gas production was 12.6 billion cubic feet per day at the end of September, up from 12 bcfd a year earlier.

Aramco last month said it was boosting its gas growth target to 80% above 2021 levels from a previous targeted growth of 60%.

In its 2021 annual report, Aramco said it reached a single-day record gas output at the time of 10.8 bcfd.

Aramco CEO Amin Nasser, who has called Jafurah a crown jewel in the company's portfolio, said during an earnings call last month the first phase was on track for completion by the end of this year.