Free trade negotiations between GCC, India mark latest phase of partnership
The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
GCC economies continue growth
The Gulf Cooperation Council Statistical Center on Saturday affirmed that GCC countries continue to achieve real growth in gross domestic product, driven by economic diversification programs and ongoing fiscal reforms across member states.
In a press statement marking the release of its report Cooperation Council in Figures, the center said the GCC system recorded steady economic, developmental, and social expansion during 2024, achieving notable qualitative advances in competitiveness, energy, trade, and digital transformation.
It added that 2024 was characterized by growth led by non-oil sectors, improved quality of life, enhanced digital infrastructure, and stronger regional and international economic presence, in line with macroeconomic indicators cited in the report.
The center noted that total GCC GDP reached USD 2.3 trillion, ranking ninth globally, with an annual growth rate of 2.2 percent, reflecting the resilience and diversification of Gulf economies.
It also highlighted improved global economic indicators, including competitiveness and flexibility, noting that GCC countries ranked first worldwide in proven oil reserves, third in natural gas production, and second in natural gas reserves.
The center further said GCC states ranked tenth globally in total exports and trade exchange, eleventh in imports, and between 15th and 52nd globally on the Human Development Index within the “very high” category.
UAE thwarts terrorist cyberattacks targeting major sectors
The UAE successfully prevented terrorist cyberattacks that targeted the country’s digital infrastructure and vital sectors, in an attempt to destabilize the nation and disrupt essential services, state news agency WAM reported.
The UAE Cybersecurity Council said the attacks included attempts to infiltrate networks, deploy ransomware, and conduct systematic phishing campaigns targeting national platforms.
It also involved the exploitation of artificial intelligence technologies to develop sophisticated offensive tools, reflecting a qualitative shift in the methods employed by terrorist groups and their ability to harness modern technologies to carry out digital attacks, WAM reported.
The Council reiterated the country’s national cybersecurity defense system makes sure that the safety of individuals, the protection of personal data and the continuity of critical services remain top priorities.
It further urged the public to report any cyber threats or suspicious attempts to ensure digital security in the country.
Ramadan economy: UAE consumers are spending in 2026?
Ramadan is a time of self-reflection, generosity, community and family, but it is also a period of intense consumer spending. Even as people fast from morning until dusk, spending rises across food and retail.
In 2026, how people spend is shifting, with more people staying home, ordering in, and buying not only products but experiences too.
Yet a recent survey suggests UAE consumers still expect to spend more this Ramadan. Redseer Strategy Consultants estimates the UAE Ramadan economy will grow from about $15 billion in 2025 to $16.4 billion this year.
In this episode of Business Extra, host Salim Essaid is joined by Sandeep Ganediwalla, managing partner at Redseer, to unpack what is changing in consumer behaviour a week into the holy month.
They discuss why excitement to spend is higher this year, how the winter weather is shifting people towards more outings and experiences, what Gen Y is doing differently with planned purchases, and why pre-Ramadan stock-ups are declining as delivery and loyalty programmes reshape habits.
UAE GDP hits Dh1.4 trillion with economy growing 5.1pc
The UAE economy expanded steadily during the first nine months of 2025, with gross domestic product reaching about Dh1.4 trillion, supported by continued strength in non-oil sectors and broad-based growth across key industries.
Data released by the Federal Competitiveness and Statistics Centre showed GDP grew 5.1 percent year on year during the period, reflecting sustained economic momentum despite shifting global conditions.
Non-oil activities remained the primary growth driver, expanding 6.1 percent to exceed Dh1 trillion, reinforcing the country’s progress toward building a diversified economic structure.