ASEAN-GCC Axis: the global south’s answer to us volatility?
When Gulf leaders touched down in Kuala Lumpur for a summit with the Association of Southeast Asian Nations this May, the ink was barely dry on their massive investment pledges of some US$2 trillion in the United States to placate President Donald Trump.
But as the summit doors closed, the senior officials from the Gulf Cooperation Council (GCC) turned their attention eastward, towards forging a pan-Asian economic zone reminiscent of Brics that could shield them and Asean from the unpredictability of Washington’s erratic tariffs and dictates.
“The need to diversify trade away from an unpredictable US administration is likely to further fuel new links, including with GCC countries,” said Jayant Menon,, a visiting senior fellow at the ISEAS–Yusof Ishak Institute in Singapore.
New licensing requirement for key logistics professions proclaimed in Oman
The Sultanate of Oman’s Ministry of Labour (MoL) has announced that a Professional Practice License will become mandatory for several professions within the logistics sector, effective September 1, 2025.
This initiative is part of the Ministry of Labour’s ongoing efforts to regulate the labour market, enhance workforce efficiency in the Sultanate of Oman, and ensure that professions are practised in adherence to approved professional standards.
The new requirement applies to all individuals – both Omani and expatriate – currently working in or intending to work in the designated professions listed below, across various sectors.
S&P: GCC governments’ digitalization push fuels telecom resilient performance, expansion into Europe
Gulf Cooperation Council (GCC) telcos have completed several bolt-on acquisitions and financial investments over the past two years. Their high profitability and robust cash flow generation have enabled Emirates Telecommunications Group Company PJSC (e&) and Saudi Telecom Co. to expand into stable European markets, a new report from S&P Global highlighted.
With mature domestic markets and mobile penetration exceeding 100 percent, GCC telcos now face revenue growth converging to single-digit figures, a stark contrast to the double-digit growth seen historically. This situation compels these companies to pursue geographic and technological expansion.
Despite elevated capital expenditures (capex) and active M&A, leverage levels are expected to stay low. For e&, headroom is limited due to recent transactions; however, recovery to below 1.5x is anticipated by 2026.
UAE’s trade in telecommunication services surges by 4.3 pc in 2024
The trade in telecommunication services within the UAE saw a notable increase of 4.3 percent in 2024, amounting to AED10.2 billion ($2.8 billion), up from AED9.8 billion in 2023, as per data published by the Federal Competitiveness and Statistics Centre (FCSC).
This growth was primarily fueled by a robust performance in the fourth quarter of 2024, which witnessed a year-on-year surge of 12.95 percent, elevating the quarterly trade value in telecom services to AED2.70 billion.
Furthermore, the data indicated that exports of telecom services rose by 6.49 percent in 2024, reaching AED4.9 billion, while imports experienced a growth of 2.38 percent, totaling AED5.3 billion.
Oman’s circular economy
Oman has begun preparing a national roadmap for the circular economy, marking a key step in aligning its economic model with sustainability goals and low-carbon development.
Ministry of Economy hosted the second workshop of the Circular Economy Gap Calculation Project on Monday to review initial results and consult stakeholders on the proposed strategy. The roadmap aims to serve as a guiding framework for policy integration and resource management in the coming decades.
The project also seeks to define a baseline for measuring the circular economy gap and comparing Oman’s performance with international benchmarks. It will assess how far the country is from adopting a circular model and provide tools to measure the environmental and economic impacts of new policies, including the creation of green jobs.
Bahrain, us firms sign $17bn in deals
Bahraini and US companies signed a series of agreements worth approximately $17 billion, aimed at strengthening economic ties and advancing cooperation across key sectors, Bahrain’s state news agency BNA reported on Wednesday. The deals span sectors such as aviation, technology, industry, and investment. Among the agreements, Cisco Systems will provide digital solutions for Bahrain’s government information and telecommunications infrastructure. Separately, plans were announced to establish an 800-km, or 497-mile, multi-fiber submarine cable linking Bahrain, Saudi Arabia, Kuwait, and Iraq to global networks, according to BNA.
Saudi Arabia raises $1.34bn through Sukuk issuance
Saudi Arabia’s National Debt Management Center raised SR5.02 billion ($1.34 billion) through its riyal-denominated sukuk issuance for July, marking a sharp 113.6 percent increase compared to the previous month.
In June, the Kingdom issued sukuk worth SR2.35 billion, while May and April saw issuances of SR4.08 billion and SR3.71 billion, respectively.
Sukuk are Shariah-compliant financial instruments that offer investors partial ownership in an issuer’s underlying assets, making them a popular alternative to conventional bonds.
According to NDMC, the July issuance was divided into four tranches. The first tranche, valued at SR776 million, will mature in 2029. The second, worth SR1.34 billion, is set to mature in 2032, followed by a third tranche of SR823 million due in 2036. The largest tranche, totaling SR2.08 billion, will mature in 2039.
Saudi Arabia’s debt market has witnessed robust growth in recent years, attracting strong investor interest in fixed-income instruments amid a global environment of rising interest rates.