عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE Says to Expand CEPAs in 2025

Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
TT
TT

UAE Says to Expand CEPAs in 2025

Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat

Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has affirmed that the UAE will continue to increase its Comprehensive Economic Partnership Agreements (CEPAs) in 2025, targeting additional countries to maximize benefits for the UAE and its global trade partners.

Emirates News Agency (WAM) quoted Al Zeyoudi as saying that these agreements will strengthen rules-based international trade, drive sustainable development, increase investments, and enhance opportunities for trade in goods, services, and re-exporting.

In remarks to WAM, Al Zeyoudi explained that the UAE's CEPAs program is designed to expand the country's commercial and investment partnerships worldwide, positioning the UAE as a key gateway for non-oil goods and services and a global hub for business and investment.

He emphasized that these agreements reflect the UAE's vision, which recognizes the vital role of free trade based on clear rules in driving sustainable economic growth and inclusive development. The agreements' diversity and the UAE's ability to form valuable partnerships across five continents significantly increase opportunities for various sectors and open new markets.

Al Zeyoudi pointed out that the CEPAs have already had a positive effect on various areas of the UAE's foreign trade, particularly non-oil trade, re-export services, logistics, clean and renewable energy, technology, financial services, green industries, advanced materials, agriculture, and sustainable food systems.

He explained that CEPAs continue to have a tangible and direct impact on the country's foreign trade data, positively affecting various vital sectors, including the advanced technology sector.

Since the program's launch in September 2021 until early December 2024, the UAE has concluded 24 CEPAs with countries and international blocs, covering approximately 2.5 billion people—about a quarter of the global population.

In the first half of 2024, UAE foreign trade reached a historic milestone, surpassing AED1.395 trillion, reflecting an 11.2% growth compared to the same period in 2023. The growth rates reached 28.8%, 54.7%, and 66%, compared to the same periods in 2022, 2021, and 2019, respectively.

Most Viewed

 
 
Business

Gold Set for Third Weekly Gain as US Rate Outlook Offsets Dollar Strength

FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
TT
TT

Gold Set for Third Weekly Gain as US Rate Outlook Offsets Dollar Strength

FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo

Gold steadied on Friday as US-Iran ceasefire uncertainty lingered, but the metal stayed on course for a third consecutive weekly climb as investors priced in earlier and deeper US rate cuts, supporting non-yielding bullion.

Spot gold held its ground at $4,764.54 per ounce by 0532 GMT. The metal, however, has gained 1.8% so far this week.

US gold futures for June delivery fell 0.6% to $4,787.80.

The ‌dollar index strengthened, ‌making greenback-priced bullion more expensive for holders of other currencies, Reuters said.

"There's ‌a ⁠lack of clarity ⁠about the way that the ceasefire is evolving in the Middle East and what that means to energy markets... so we're in sort of a little bit of a holding pattern (with gold) going into the final session of the week," said Kyle Rodda, senior financial market analyst at Capital.com.

Spot gold has fallen about 10% since the US-Israel conflict with Iran ⁠erupted on February 28, with elevated energy prices sparking ‌inflation concerns and the prospect of ‌higher US interest rates.

The fragile two-week ceasefire between the US and Iran showed further ‌strain on Friday, as Washington accused Tehran of breaching promises on ‌the Strait of Hormuz.

Brent crude, however, has slid more than 11% this week on optimism that the ceasefire could reopen the Strait of Hormuz, through which about 20% of the world's oil and liquefied natural gas passes.

"If things break down, (gold) ‌could end up back in mid-$4,000's pretty quickly. But if the ceasefire holds and the peace deal starts ⁠to look more ⁠likely, then we could push through $5,000," Rodda added.

On the data front, the US Personal Consumption Expenditures index, the Federal Reserve's preferred inflation gauge, advanced 2.8% in the 12 months through February, in line with estimates, and likely rose further in March.

Investors are now looking out for March's US Consumer Price Index data, due later in the day, for further clues on Fed's monetary policy direction.

Markets are pricing in a 31% chance for a US rate cut of at least 25 basis points at the Fed's December meeting, according to CME's FedWatch Tool, up from 20% in the prior session.

Among other metals, spot silver rose 1.3% to $76.03 per ounce, platinum lost 2% to $2,061.10, and palladium fell 0.2% to $1,553.92.

Business

Saudi Business Confidence Index Remains Optimistic

A street in the Saudi capital, Riyadh (Reuters)
A street in the Saudi capital, Riyadh (Reuters)
TT
TT

Saudi Business Confidence Index Remains Optimistic

A street in the Saudi capital, Riyadh (Reuters)
A street in the Saudi capital, Riyadh (Reuters)

Saudi Arabia’s Business Confidence Index remained in optimistic territory at 52.1 points in March, underscoring private sector resilience despite geopolitical challenges.

The index fell from 60.7 in February but stayed above the neutral 50 threshold, reflecting continued confidence in stable economic activity and sustained growth across key sectors, according to the General Authority for Statistics (GASTAT).

A statement released by GASTAT said that the BCI for the industrial sector recorded 50.8 points, maintaining an optimistic level despite a decline of 15.8 percent compared to February.

The BCI for the services sector recorded 52.0 points, maintaining an optimistic level despite a decline of 14.9 percent compared to February, it said.

Regarding the BCI in the construction sector, the data revealed that in March, it recorded an optimistic level at 53 points, confirming the continued positive confidence among establishments in the sector, the statement added.

Business

Syria Nears Correspondent Bank Account Deal with Türkiye, Mulls Currency Swap

This picture shows stacks of Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Photo by LOUAI BESHARA / AFP)
This picture shows stacks of Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Photo by LOUAI BESHARA / AFP)
TT
TT

Syria Nears Correspondent Bank Account Deal with Türkiye, Mulls Currency Swap

This picture shows stacks of Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Photo by LOUAI BESHARA / AFP)
This picture shows stacks of Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Photo by LOUAI BESHARA / AFP)

Syria ‌is in the final stages of establishing a correspondent bank account with neighboring Türkiye's central bank and will also discuss a potential currency swap aimed at boosting trade, the Syrian central bank chief said.

Türkiye has been the main backer of the Syrian government of President Ahmed al-Sharaa since the ousting of Bashar al-Assad in late 2024. Al-Sharaa has been seeking to rebuild state institutions and the ‌economy after ‌more than a decade of war, sanctions ‌and ⁠financial isolation, Reuters said.

Trade between ⁠the two countries has surged but businesses say the lack of a cross-border payments system was one of the biggest impediments to further growth and investment. A correspondent bank account would help to facilitate cross-border payments and trade finance transactions ⁠which traders say are currently cash only ‌and handled by traditional ‌money transfer offices.

In written responses to Reuters questions, Syria's ‌central bank Governor AbdulKader AlHussrieh said he expected Syrian-Turkish ‌cooperation to expand "into integrated payment systems, cross-border settlements, and more structured trade finance frameworks".

"Cooperation with Türkiye, particularly between the Central Bank of Syria and Turkish authorities, is accelerating ‌and becoming increasingly institutionalized," said AlHussrieh, who was on a two-day working visit to ⁠ Türkiye ⁠this week.

Turkish state lender Ziraat Bank and smaller private Aktif Bank were also expected to begin Syrian operations "in the near term", he said.

Türkiye 's exports to Syria jumped following Assad's ouster by 60% to $3.5 billion last year, official data show, while Syria's imports were at $235 million. The countries aim to almost triple trade volume to $10 billion over the medium term.

"This ambition will require a fully functioning financial system in Syria, supported by strong correspondent banking relationships," AlHussrieh said.