GCC economic growth to double in 2025
The Gulf Cooperation Council (GCC) economies are forecast to see growth accelerate to 4 percent in 2025 from 1.9 percent in 2024, driven by a rebound in oil production and continued strength in non-energy sectors, according to the latest ICAEW Economic Update report.
UAE ranks 1st globally in 223 competitiveness indicators
The United Arab Emirates has maintained its upward trajectory in global competitiveness reports in 2024, securing top positions in key indicators thanks to the wise leadership and forward-thinking vision aimed at human development as the foundation and primary goal of development.
The UAE ranked first globally in 223 indicators, compared to 215 in 2023, and was among the top five countries globally in 444 indicators, compared to 406 in 2023. It also ranked among the top 10 globally in 661 indicators, compared to 604 in 2023 and 508 in 2022.
The UAE’s progress is a tangible reflection of ongoing modernisation efforts in the legislative framework, the launch of proactive initiatives supporting the economic system and investment, the rule of law, the utilisation of advanced technology, and the development of various sectors to enhance the quality of life for all citizens and residents.
UAE to curb oil shipments amid OPEC+ push
The United Arab Emirates, a key member of OPEC+, will reduce oil shipments early next year as the alliance seeks stronger discipline in meeting production targets to shore up prices.
Abu Dhabi National Oil Co., known Adnoc, has cut the allocation of crude oil cargoes for some customers in Asia, according to companies with contracts to receive the shipments. Volumes were reduced by as much as 230,000 barrels a day across a range of crude grades, they said, asking not to be identified as the transactions are private.
Saudi Arabia successfully extracts lithium
Saudi Arabia has successfully extracted lithium from brine samples from national giant Aramco’s oilfields and plans to launch a commercial pilot programme for direct extraction soon, the Saudi vice minister of mining affairs said on Tuesday.
Lithium Infinity, also known as Lihytech, a start-up launched out of King Abdullah University for Science and Technology, will lead the extraction project with cooperation from Saudi mining company Ma’aden and Aramco, Khalid al-Mudaifer told Reuters.
“They are extracting lithium through their new technology they have developed in King Abdullah University for Science and Technology and they are in accelerated development in this regard,” he said.
“They’re building a commercial pilot at the oil fields. So the brines that come out of the field will feed into this commercial pilot on a continuous basis,” added Al-Mudaifer.
Lithium is a key component in the batteries of electric cars, laptops, and smartphones. Reuters previously revealed that Saudi Arabia and the United Arab Emirates’ national oil companies planned to extract the mineral from oil runoffs.
Japan, UAE agree on further cooperation in many fields
Japanese Foreign Minister Takeshi Iwaya and United Arab Emirates (UAE) Industry and Advanced Technology Minister Sultan Al-Jaber agreed on Monday to further promote cooperation between the two countries, Japan’s Foreign Ministry said.
During their 25-minute phone talks, Iwaya showed Japan’s willingness to further strengthen cooperation with the UAE in various fields under the bilateral Comprehensive Strategic Partnership Initiative, the ministry said in a press release. In response, Al-Jaber expressed his renewed hopes for strengthening bilateral relations with Japan.
The two ministers also confirmed their continued cooperation to realize a high-level Japan-UAE Economic Partnership Agreement following the first round of negotiations for EPA, which was held in Tokyo last month. In the November meeting, the two sides discussed such issues as trade in goods, rules of origin, customs procedures and trade facilitation, investment, intellectual property and other areas.
Japan, GCC strengthen economic ties
Economic ties between Japan and the Gulf Cooperation Council advanced with the successful completion of the first round of Free Trade Agreement negotiations in Riyadh on Dec. 12.
Led by Saudi Arabia’s General Authority for Foreign Trade, the discussions aimed to lay the groundwork for future trade agreements, covering key areas such as trade in goods and services, customs procedures, digital trade, rules of origin, intellectual property, and general provisions.
This milestone marks a significant step towards deeper economic collaboration between the two regions. Fareed Al-Asaly, deputy governor of International Organizations and Agreements at GAFT, underscored the importance of the talks, emphasizing that the agreement could lead to increased trade volumes and closer economic integration. He also noted that Japan is a key market for GCC exports.
UAE,worldwide gold prices rise with FED’s policy decision in focus
Gold prices saw a marginal increase on Wednesday as the market awaited the Federal Reserve‘s monetary policy decision later in the day and insights into the policy trajectory for 2025.
In the UAE, gold rates gained AED0.25, with 24-carat gold reaching AED320.25 and 22-carat gold increasing to AED296.5. In addition, 21-carat gold rose to AED287 and 18-carat gold reached AED246.
Globally, spot gold gained 0.04 percent to $2,647.58 per ounce, as of 5:54 GMT, while U.S. gold futures rose 0.04 percent to $2,663.14.
The dollar index fell 0.06 percent to 106.90, making bullion more attractive for other currency holders.
Mastercard economics institute predicts 5pc gdp growth in UAE
Underpinned by robust non-oil economic activity, the Mastercard Economics Institute has projected the United Arab Emirates’ gross domestic product (GDP) to grow by 5 percent year over year in 2025 and continue to outperform global GDP growth.