Middle East Briefing (2024)

21/03/2024

The spirit of piety and blessings as Ramadan begins in the UAE on March 11

For businesses operating in the UAE, Ramadan presents a dual landscape. On the one hand, the altered working hours and cultural sensitivities could be challenging for foreign firms who are new to the market. Yet, on the other hand, it offers opportunities, especially for those who can adapt to the shifting consumer needs during the period.

Experience the sacred month with reduced working hours for both public and private sector workers: https://ow.ly/V7s250QXmYn

We offer key cultural tips and discuss how businesses in the UAE can plan their enterprise operations during the holy month of Ramadan.

20/03/2024

How have the UAE's strategic investments in Africa's booming sectors surged past $60 billion, rivaling global giants?

The United Arab Emirates (UAE) is the fourth largest investor in Africa over the last decade, following China, the European Union (EU), and the United States (US). UAE investments in Africa are primarily directed towards the high-growth sectors of infrastructure, energy, transport, and logistics and has likely crossed US$60 billion in the period since 2012.

Explore opportunities for growth and collaboration: https://ow.ly/5gBc50QWn09

The UAE is competing with Saudi Arabia, Qatar, and China for strategic influence in Africa and better trade access.

19/03/2024

The UAE's transition from reliance on oil to diversified economic growth, led by dynamic sectors primed for rapid expansion

For decades, the UAE’s economic landscape has been firmly rooted in its renowned oil and gas industry, serving as a cornerstone of its prosperity. However, in recent years, a discernible shift towards diversification has taken center stage. With a keen eye on the future, the UAE government has initiated a proactive strategy aimed at nurturing emerging industries.

Discover the lucrative opportunities and potential investments in the UAE's burgeoning sectors: https://ow.ly/s9LX50QVk5h

Economic diversification plans in the UAE have catalyzed growth across emerging sectors like hospitality, e-commerce, cryptocurrency, and AI.

18/03/2024

How are the region's youthful demographic and tech-driven innovation shaping its retail landscape?

The MEA region has emerged as a powerhouse in the retail landscape. A pivotal factor in this ascent is the region’s youthful demographic. In recent years, the MEA has experienced a remarkable surge in tech-savvy middle-class youth, whose ambitious shopping behavior is propelling the development and innovation of the region’s retail growth, with a particularly positive effect in Saudi Arabia.

Dive into the dynamic world of retail with Kearney's Global Retail Development Index (GRDI): https://ow.ly/nbC450QU1q8

Saudi Arabia ranked the third position on the 2023 Global Retail Development Index. We discuss factors underpinning this performance.

15/03/2024

The financial achievements of the UAE in 2023, as scrutinized by His Highness Sheikh Mohammed bin Rashid Al Maktoum

The review revealed that the UAE’s Cabinet issued a total of 151 decisions related to the financial sector during that year, encompassing the promotion of a variety of new policies and initiatives, laws and legislations, and the approval of international agreements.

Discover how the UAE's strategic decisions are shaping a prosperous future: https://ow.ly/HBsL50QSXtX

In 2023, the UAE Cabinet made 151 financial sector decisions to advance development goals and establish its investment-friendly status.

14/03/2024

NIO's groundbreaking deal with Forseven opens doors to a new era of electric vehicles

The cooperation between NIO and Forseven Limited in technology is based on the complementary advantages of both parties. NIO has an advanced intelligent EV platform and a series of technical solutions, while Forseven Limited has rich market resources and research and development experience. Through technical cooperation, the two sides can jointly develop, manufacture, sell, and promote new energy vehicles that meet market demand and achieve win-win results.

Stay ahead in the evolving world of sustainable mobility: https://ow.ly/oomx50QRUlP

Chinese new-energy vehicle manufacturer Nio has entered into a technology licensing agreement with Forseven, a subsidiary of Abu Dhabi’s CYVN Holdings L.L.C.

13/03/2024

Embrace the spirit of piety, charity, and blessings as the United Arab Emirates gears up for the auspicious 2024 Ramadan

United Arab Emirates (UAE)’s Moon-Sighting Committee announced that the 2024 Ramadan will commence on Monday, March 11 in the country. It will span 30 days and conclude on Tuesday, April 9. Ramadan is the ninth month of the Islamic calendar, which is the month of piety, charity, and blessings. During this month, capable Muslims are required to fast from dawn to dusk.

How businesses can prepare: https://ow.ly/aRmF50QQTN4

We offer key cultural tips and discuss how businesses in the UAE can plan their enterprise operations during the holy month of Ramadan.

12/03/2024

The crucial deadlines and requirements for businesses to register for corporate tax under the UAE's new regime

The UAE’s Federal Tax Authority (FTA) has issued a new Decision specifying the time frames for businesses to register for corporate tax (CT) under the country’s new CT regime. The registration deadlines vary depending on the month in which a company obtained its business license. The new Decision took effect on March 1, 2024.

Here's what you need to know: https://ow.ly/YWjc50QPWs4

Businesses in UAE should note the deadlines for corporate tax registration in 2024 as issued by the Federal Tax Authority.

11/03/2024

UAE's removal from FATF's 'grey list' signifies a robust commitment to combat financial crime

The removal from the FATF grey list is a significant achievement for the UAE; it reflects the country’s prioritization of delisting and the strengthening of anti-money laundering measures. The UAE has implemented various measures to achieve this goal, including enhancing financial investigations and prosecutions, fostering international cooperation, and aligning virtual asset regulations with global standards.

Discover how this transformation can benefit your ventures and investments: https://ow.ly/M7Ug50QOeMU

The global financial crimes watchdog, FATF, has removed the UAE from its list of countries at risk of illicit money movement.

08/03/2024

H2O Hospitality makes waves in MENA, partnering with Abu Dhabi to set up its regional HQ, aligning South Korea's innovation prowess with the smart city status of the capital

South Korea’s H2O Hospitality (H2O), a pioneering digital firm specializing in accommodation and leisure, has established its regional headquarters in Abu Dhabi in partnership with the Abu Dhabi Investment Office (ADIO). This move highlights South Korean firms’ proactive approach to tapping into the burgeoning hospitality market of the MENA region.

Seize the opportunities with H2O at the forefront of global expansion: https://ow.ly/YL9950QNgpz

South Korea's H2O Hospitality (H2O) has set up its regional headquarters in Abu Dhabi in collaboration with the Abu Dhabi Investment Office (ADIO).

07/03/2024

Saudi Arabia has skyrocketed to third place in the 2023 Global Retail Development Index

In the dynamic realm of global retail, Saudi Arabia has made considerable progress, emerging as a prominent player in the 2023 Global Retail Development Index (GRDI), released by the leading consultancy firm Kearny.
Traditionally dominated by countries like China and India, this year’s report revealed the Middle East and Africa (MEA) regions as emerging “hot spots” for the global retailing sector, with Saudi Arabia taking the central stage.

Discover how Saudi Arabia has surged to the forefront of global retail here: https://ow.ly/gSYa50QMo12

Saudi Arabia ranked the third position on the 2023 Global Retail Development Index. We discuss factors underpinning this performance.

06/03/2024

2024 will be a tremendous year for XPeng’s global expansion

Chinese electric vehicle (EV) maker XPeng Motor has established a strategic partnership with Ali&Sons, a dealership group in the United Arab Emirates (UAE).
The partnership marks XPeng’s further pe*******on into the international market, especially in the Middle East. Through the cooperation with Ali&Sons, XPeng plans to launch several models in the region to meet local consumers’ demand for high-performance, intelligent electric vehicles. For XPeng, this cooperation will not only help to enhance brand awareness, but also lay the foundation for greater success globally.

Explore the future of electric mobility with XPeng Motor's latest dealer partnerships: https://ow.ly/v1Wq50QKyL7

XPeng announced new additional dealer partnerships in 2024, including with Ali&Sons in the UAE, RAYA Group in Egypt, T Gargour&Fils Group in Jordan, and Gargour Asia SAL Group in Lebanon.

05/03/2024

NIO's groundbreaking collaboration with Forseven marks a pivotal moment as the company extends its technological prowess

On February 26, NIO announced on the Hong Kong Stock Exchange that its subsidiary NIO Automotive Technology (Anhui) Co., Ltd. has entered into a technology licensing agreement with Forseven.
Under the signed technology license agreement, NIO will grant Forseven Limited with a worldwide non-exclusive and non-transferable license. This means that Forseven Limited will have access to the existing and future technical information, solutions, software, and intellectual property related to or contained in NIO’s smart electric vehicle platform.

How to understand the deal? Read for more: https://ow.ly/Lt5t50QKyCC

Chinese new-energy vehicle manufacturer Nio has entered into a technology licensing agreement with Forseven, a subsidiary of Abu Dhabi’s CYVN Holdings L.L.C.

04/03/2024

The UAE emerges triumphant as the FATF removes it from the 'grey list,' solidifying its position as a global financial powerhouse

In a significant boost to its standing as a premier financial and commercial hub and with major investment interests across the world, the global financial watchdog FATF has dropped the UAE from its ‘grey list’. The FATF releases two public documents three times a year to identify jurisdictions lacking effective measures against money laundering and terrorist financing (AML/CFT). Its method of publicly listing countries with deficient AML/CFT regimes has demonstrated efficacy.

Experience the triumph of financial integrity as the UAE: https://ow.ly/uWG750QJIN4

The global financial crimes watchdog, FATF, has removed the UAE from its list of countries at risk of illicit money movement.

01/03/2024

The United Arab Emirates (UAE) and the Kingdom of Cambodia have forged an unprecedented bond, solidifying their economic futures

The United Arab Emirates (UAE) and the Kingdom of Cambodia have cemented their economic ties with the finalization of the Comprehensive Economic Partnership Agreement (CEPA). This agreement, which was signed on June 8, 2023, and entered into force on January 31, 2024, marks a pivotal moment in the bilateral relationship between the two nations. The CEPA between the UAE and Cambodia aims to bolster their economic ties by fostering a mutually beneficial relationship.

For a more in-depth understanding, read the full details here: https://ow.ly/NHzM50QJ1lJ

The UAE and Cambodia have cemented their economic ties with the finalization of the Comprehensive Economic Partnership Agreement (CEPA).

29/02/2024

A new era of economic cooperation emerged, promising to redefine the fortunes of both nations, Qatar and Kazakhstan

From February 13-14, 2024, President Kassym-Jomart Tokayev of Kazakhstan embarked on a state visit to Qatar, engaging in pivotal trade and investment discussions with Emir Sheikh Tamim bin Hamad Al Thani. The culmination of these talks resulted in the signing of commercial agreements worth US$24 billion, symbolizing a robust commitment to advancing economic cooperation and fostering mutually advantageous partnerships between the two nations.

Delves into the deepening relations between the two countries: https://ow.ly/aBTJ50QIFe9

During Kazakhstan President Kassym-Jomart Tokayev's state visit to Qatar, commercial agreements totaling US$24 billion were signed.

28/02/2024

UAE and Greece have been enjoying a vibrant and growing economic partnership over the past few years.

On February 2, 2024, the Ministry of Investment of the United Arab Emirates (UAE) and the Ministry of Digital Governance of the Hellenic Republic (Greece) signed a Memorandum of Understanding (MoU). This is aimed at setting the framework for substantial investments in the digital infrastructure.

Here are some of the key points of the MoU agreement: https://ow.ly/gUap50QI64e

UAE and Greece recently signed an MoU agreement, which sets the framework for investing in data center projects in Greece.

27/02/2024

India’s pharmaceutical exports account for just 3-4 percent in the Saudi pharmaceutical market leading to lengthy drug approval processes.

Secretary-General of the Indian Pharmaceutical Alliance (IPA), an organization representing the pharmaceutical industry, the Saudi kingdom is eager to procure pharmaceutical products from India that are manufactured in US Food and Drug Administration (USFDA)-approved or other facilities approved by the country’s regulatory bodies.

Ready to invest in the future? Explore this opportunity now: https://ow.ly/IQXf50QHFTM

Indian pharmaceutical companies are actively exploring opportunities in the US$8.9 billion Saudi Arabia market - also a gateway to MENA.

26/02/2024

India and the United Arab Emirates (UAE) concluded seven agreements on February 13, including a bilateral investment treaty (BIT), International Framework Agreement on the India-Middle East-Europe Economic Corridor (IMEC), and memorandum of understanding (MoU) on port infrastructure development, power trade, linking digital payment platforms like UPI, credit and debit cards, among others.

For a more in-depth understanding, read the full details here: https://ow.ly/3B5250QH0xE

India and the UAE have signed a BIT and multiple MoUs in the field of energy, fintech, culture, power trade, and digital infrastructure.

23/02/2024

Starting from February 22, 2024, you can benefit from the new Electronic Travel Authorisation (ETA) Scheme when traveling to the United Kingdom.

The United Kingdom (UK) has expanded a two-year multiple-entry visa scheme to citizens of the GCC countries – Bahrain, Kuwait, Oman, the United Arab Emirates (UAE), Saudi Arabia, as well as Jordan. Citizens of Qatar are already required to apply under the new scheme at the time of announcement.

For a more in-depth understanding, read the full details here: https://ow.ly/xrLV50QGCvX

The UK has expanded a two-year multiple-entry visa scheme to citizens of Bahrain, Kuwait, Oman, the United Arab Emirates (UAE), Saudi Arabia, and Jordan.

21/02/2024

UAE Economic Resilience: Navigating Challenges, Fostering Growth in 2024

Amidst global economic uncertainties, the United Arab Emirates (UAE) demonstrates remarkable resilience and growth potential. Projections indicate a robust 5.7% GDP expansion, showcasing strategic initiatives and diverse sectors driving economic prosperity.

The Central Bank of the UAE (CBUAE) elevates the GDP growth forecast to 5.7%, emphasizing optimism and proactive policies. Insights from the Q3 2023 Quarterly Economic Review reveal a resilient non-oil private sector, with notable growth in business activity and positive sentiments for the future.

For more insights, read the full article: https://ow.ly/7MWe50QFsX7

The UAE economic outlook is bright for 2024, with a projected 5.7% GDP growth rate, supported by the performance of key non-oil sectors.

20/02/2024

Streamlining UAE Tourism: Emirates' New Visa for Indian Travelers

Emirates Airlines, in partnership with VFS Global, has launched a pre-approved 14-day single-entry visa on arrival for Indian travelers, starting from February 1, 2024. This collaboration aims to enhance the arrival experience for passengers and streamline customs procedures in Dubai.

By simplifying the visa process, the UAE not only intensifies the ease of travel from India to Dubai but also enhances people-to-people transfer, facilitating greater interaction and exchange between the two nations.

For a more in-depth understanding, read the full details here: https://ow.ly/AxTO50QEOpQ

Emirates Airline, in collaboration with VFS Global, has introduced a new visa tailored for eligible travelers from India.

19/02/2024

Exciting News for Expatriates in Saudi Arabia

Saudi Arabia has lifted the three-year ban on foreign workers with expired exit and re-entry visas, showcasing its commitment to fostering a more favorable and flexible business environment.

The ban, which was previously imposed to ensure compliance with visa regulations, has been rescinded to adapt to evolving labor market needs and attract skilled foreign talent. This move reflects the kingdom's proactive approach to introducing reforms and streamlining processes for expatriates and employers alike.

Discover more about the significance of this development: https://ow.ly/QrJk50QyHa7

Saudi Arabia has lifted the three-year ban on foreign workers who failed to return before the expiration of their exit and re-entry visas.

16/02/2024

Breaking New Ground in Digital Infrastructure Collaboration

The United Arab Emirates (UAE) and Malaysia have joined forces with an MoU to advance investment cooperation in the realm of digital infrastructure. The focus is on the expansion of data centers and advancements in artificial intelligence (AI).

Malaysia, emerging as a strategic hub for data centers, is set to experience substantial growth in this sector, projected at a CAGR of 16% from 2022 to 2027. The collaboration aims to propel this growth further, with potential projects anticipated to achieve a total capacity of 500 megawatts.

Stay tuned for more updates as we witness the transformative impact of this strategic collaboration: https://ow.ly/zrYY50QyH1q

The UAE and Malaysia have signed an MoU to advance investment cooperation on digital infrastructure, including data center and AI assets.

15/02/2024

Empowering the Future: eSports Takes Center Stage in the Middle East

As the global gaming phenomenon continues to captivate audiences, the Middle East emerges as a thriving hub for eSports. From the rise of powerhouse teams to visionary government initiatives, let's unravel the key facets of the gaming revolution in the MENA region.

Embark on a journey into the heart of the Middle East's gaming renaissance: https://ow.ly/ZIIr50Qybyp

As the eSports sector thrives in the Middle East, we delve into the region's burgeoning gaming culture, governmental initiatives, standout players, and promising future.

14/02/2024

Transforming Global Commodities Exchange

Saudi Tadawul Group (STG) takes a substantial leap into the international commodities arena, acquiring a 32.6% stake in Dubai Mercantile Exchange (DME). This strategic move, valued at SAR 107M, positions STG and CME as equal stakeholders and propels DME into a new era as the Gulf Mercantile Exchange.

Charting a new course in the global commodities landscape: https://ow.ly/e71e50Qybl5

Saudi Tadawul Group (STG) has signed a binding agreement with existing shareholders of DME Holdings Limited to acquire a 32.6 percent stake in Dubai Mercantile Exchange (DME), one of the leading international commodities exchanges.

13/02/2024

Saudi Tadawul Group (STG) continues its strategic expansion by acquiring a 32.6% stake in Dubai Mercantile Exchange (DME) with a SAR 107 million (approx. US$28.5 million) investment. Marking a significant milestone, DME is set to be renamed the Gulf Mercantile Exchange, symbolizing strengthened cooperation.

Explore the details of this transformative alliance: https://ow.ly/UGpm50QxLR7

Saudi Tadawul Group (STG) has signed a binding agreement with existing shareholders of DME Holdings Limited to acquire a 32.6 percent stake in Dubai Mercantile Exchange (DME), one of the leading international commodities exchanges.

12/02/2024

Saudi Basic Industries Corporation (SABIC) and Fujian Energy & Petrochemical Group Co. join forces for a groundbreaking US$6.4 billion petrochemical complex in Fujian province, China.

The project will be developed via a Sino-foreign joint venture formed by SABIC and the state-owned Fujian Energy & Petrochemical Group Co., LTD, in which SABIC holds 51 percent stake.

This strategic move expands SABIC's footprint in Asia, fostering economic cooperation and technological advancements.

Explore the details of this significant investment: https://ow.ly/ZUey50QxLHf

Saudi Basic Industries Corporation (SABIC) has finalized its investment decision to construct a petrochemical complex in Fujian, China.

09/02/2024

SABIC to Invest $6.4 Billion in Petrochemical Complex in China's Fujian Province

On January 21, 2024, Saudi Basic Industries Corporation (SABIC) made a significant announcement, revealing its final investment decision to construct a petrochemical complex in China's southeastern Fujian province. The project, valued at approximately $6.4 billion, represents the largest one-time investment ever received by Fujian province.

Here's a closer look at the key details and the broader context of this strategic move: https://ow.ly/V9Jq50Qx52L

Saudi Basic Industries Corporation (SABIC) has finalized its investment decision to construct a petrochemical complex in Fujian, China.

08/02/2024

Strengthening Economic Ties: Ducab India and Emirates NBD Sign Bilateral Partnership

In a significant development, Ducab India, a major energy solutions provider and manufacturing firm based in the UAE, has entered into a bilateral partnership with Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) Region. This marks the first such partnership between two "National Champion" companies in the UAE, contributing to economic diversification and increased non-oil trade.

As both countries pursue their strategic goals, such collaborations contribute to the resilience and growth of national economies: https://ow.ly/WJC350Qx4Yr

The India branch of leading energy solutions provider and manufacturer based in the UAE, Ducab Group, has entered a partnership with Emirates NBD, a prominent banking group in the MENAT Region.

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