GCC chambers federation to organize Gulf-Azerbaijan economic forum
The Federation of Gulf Cooperation Council (GCC) Chambers is scheduled to organize the second edition of the Gulf-Azerbaijan Economic Forum on September 25, under the theme “Sustainability, Investments, Partnerships,” in Baku. The two-day forum aims to boost economic relations between the two sides in several promising economic sectors. It is organized in collaboration with the Azerbaijan Export and Investment Promotion Agency (AZPROMO), with support from the Ministry of Economy of Azerbaijan and the GCC General Secretariat. President of the Federation of GCC Chambers Faisal bin Abdullah Al-Rawwas noted that the forum reflects the importance of enhancing and developing trade relations between the GCC countries and Azerbaijan and increasing the volume of trade exchange between the two sides.
Indian businesses see GCC partnerships in renewables, health, tourism
India’s top business stakeholders discussed on Tuesday the future of economic and commercial engagements with Gulf Cooperation Council countries amid growing opportunities in sectors such as infrastructure, renewable energy, health and tourism. The GCC is India’s largest bloc trading partner, with trade valued at $162 billion in the 2023-24 fiscal year, up about 4 percent from the previous year. In 2023, Gulf nations also contributed about $3.7 billion in foreign direct investment to the South Asian country. India-GCC ties are also growing in other areas, with 8.8 million Indian nationals living and working in the region forming a bulk of its workforce and millions of travelers from India becoming a growing target market for the Gulf’s tourism sector.
UAE leads in q2 gross loan growth
Net income reported by listed banks in the GCC reached a new record high during Q2 2024 after four out of the six country aggregates showed growth as compared to Q1-2024, GCC Banking Sector report said. Aggregate net profits reached $14.8 billion during the quarter as compared to $14.4 billion during the previous quarter, resulting in a quarter-on-quarter growth of 2.6 percent. The year-on-year growth was also healthy at 9.2 percent when compared to Q2 2023, according to the report by Kamco Invest.
Qatar’s strategic measures attract global investments
The National Strategic initiatives carried out by Qatar are assertive in drawing foreign investments in the construction market amidst facing challenges, said an expert.
Colin McBride, Director of Cost Management, Qatar at Turner & Townsend said: “Despite the challenges the sector is facing, state initiatives like Qatar’s National Vision 2030 promise to spur on activity and continue to attract foreign investment, particularly as inflation cools in the market. Updates to regulations, payment conditions, and sustainability practices are also adding to the industry’s potential for growth.” Emphasising on the foremost challenges in the market, McBride said: “Capacity is the main challenge confronting the sector.
Saudi Arabia seeks increased economic contracts with Bangladesh
Saudi Arabian Ambassador to Bangladesh Essa Yousef Essa Al Duhailan on Tuesday laid emphasis on increased economic relationship as businesses are interested in investing more in Bangladesh. He mentioned investment in the logistics, services sector, and renewable energy by RSGT international and ACWA Power. During a courtesy meeting with Chief Adviser Prof Muhammad Yunus at state guesthouse Jamuna, the ambassador praised the leadership of Prof Yunus saying he is capable of leading the country to prosperity. The chief adviser called Saudi Arabia a “very important friend of Bangladesh” and recalled his visit to the country last year for the World Football Summit where he addressed the Saudi Arabian women’s football team and spoke about sport’s incredible power to transform the world.
Hanoi urges early conclusion of Vietnam-UAE CEPA negotiations
Hanoi – Prime Minister Pham Minh Chinh called for the early conclusion of negotiations on the Vietnam-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) at a reception in Hanoi on August 26 for UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and leaders of 19 major UAE corporations. Welcoming the Minister of State and business leaders from sectors such as logistics, energy, minerals, food, investment funds, finance, and banking, PM Chinh commended the progress in CEPA negotiations and highlighted the role of Al Zeyoudi as the UAE’s chief negotiator. Congratulating the UAE on its remarkable achievements, particularly in economy, the PM expressed Vietnam’s eagerness to learn from the UAE’s experiences. Both sides expressed their delight at the recent positive development of the bilateral ties, with regular exchanges of all-level delegations and two-way trade estimated at nearly 4 billion USD in the first seven months of this year, up 47 percent year on year.
Dubai economy to introduce ‘DED Café’
Dubai Economy in partnership with the High Level For Government Transaction Centre, will launch a ‘DED Cafe’ for an enhanced customer experience to transform service outlets across all government departments in Dubai into customer happiness centres. The ‘DED Café’ will offer business owners with a convenient and flexible option to complete registration and licensing transactions, including a drive-through service. The initiative is focused on enhancing customer happiness through improved speed and quality of services and reduced waiting time. Customers can drive into the café and choose the type of service sought upon which an employee will explain the requirements and procedures and assist with completing the transaction.