Briefings by Thinking Arabian | 69

June 2024

Contents

• In a nutshell
• Briefings on?Saudi Arabia, Qatar, the United Arab Emirates, GCC & MENA, Tunisia, Egypt and Morocco

In a Nutshell

Oman Investment Authority assets to rise to $49.9 billion by 2023?

• According to new figures, the total assets of Oman's sovereign wealth fund have increased by an estimated 7.4 percent year-on-year and will reach 19.24 trillion Omani rials ($49.9 billion) by 2023. ?

UAE non-oil sector maintains steady growth despite flooding

• Growth in the UAE's private non-oil sector remained stable in May. An economic tracker shows that the country's Purchasing Managers' Index remained unchanged from the previous month at 55.4.?

Qatar Chamber explores cooperative relations with the Turkish Business Council

• The first deputy chairman of the Qatar Chamber, Mohamed bin Towar al-Kuwari, recently met with a Turkish business delegation led by Basar Arioglu, chairman of the Turkish Business Council.

Leading politicians from Egypt, Bahrain, and Tunisia travel to China

• The talks will focus on a possible free trade agreement between China and the Gulf states

UAE and Malaysia seek closer ties after trade reaches $4.7 billion in 2023

• The trade pact between the two countries is expected to boost investment in Malaysia by Gulf sovereign wealth funds

Egyptian bourse posts record gains in May 2024; main index jumps 10.12 percent

• The Egyptian bourse posted record gains in May 2024, supported by strong stock buying across many sectors amid continued optimism over improving economic conditions.

Qatar and Brazil discuss investment relations

• The meeting discussed topics of mutual interest to enhance cooperation between the two countries in the fields of trade, investment, and industry.

Qatar and Saudi Arabia sign agreement to avoid double taxation

• The State of Qatar, represented by its Ministry of Finance, and the friendly Kingdom of Saudi Arabia, represented by the Saudi Ministry of Finance, have signed an agreement to avoid double taxation and prevent income tax evasion.

Qatar participates in the GCC-ASEAN Economic and Investment Conference

• Qatar participated in the Gulf Cooperation Council and Association of Southeast Asian Nations (ASEAN) Economic and Investment Conference, which was held in Riyadh on May 28, 2024, in the presence of GCC trade, industry, and investment ministers, relevant ASEAN ministers, and senior officials from both sides.

Saudi Arabia's real GDP to grow by 2.5% in 2024, driven by non-oil activities

• Saudi Arabia's real GDP is expected to grow by 2.5% in 2024, driven primarily by robust non-oil private activity, which is forecast to grow by 4.8%.

Briefings

Saudi Arabia

Saudi Arabia leads the solar revolution in the Middle East and looks to a renewable future

According to a new report, Saudi Arabia has achieved a world record low-levelized cost of electricity for photovoltaics at USD 10.4 per megawatt hour. (30.05.2024, Arab News)

Saudi Arabia strengthens industrial ties with the Netherlands to boost economic growth?

Saudi-Dutch relations in the industrial and mining sectors are set to be strengthened after the Kingdom's Minister of Industry visited some of the leading manufacturing companies in the Netherlands. (30.05.2024, Arab News)

The Rapid adoption of clean technologies makes energy cheaper

Rapid adoption of clean technologies can improve the affordability of energy, according to a new report. (31.05.2024, Arab News)

Saudi startups take the lead in MENA funding sector

The Saudi Arabian startup ecosystem has confirmed its leading position in the funding space and will receive over 53 percent of venture debt funding in the region in 2023, according to MAGNiTT's latest report. (02.06.2024, Arab News)

Saudi economy shines with low inflation rates and Vision 2030 success

According to an official report, the Saudi economy has proven resilient, boasting sustained growth in non-oil sectors and a low global annual inflation rate of 1.6 percent. (29.05.2024, Arab News)

Qatar

Qatar's sustainability approach drives growth and strengthens economy

Qatar is playing a central role in achieving sustainability across all sectors of the economy, underpinned by a stronger economy, an official has said. (02.06.2024, The Peninsula)

Qatar aims to lead the global AI race

An official said that Qatar has made significant progress in technology by introducing artificial intelligence (AI) and building a knowledge-based economy for the country's people. (05.06.2024, The Peninsula)

Qatar's emir sees several investment opportunities in Cyprus

Cyprus and Qatar have agreed to establish a working group to monitor and promote the progress of their economic and political cooperation. (29.05.2024, Doha News)

United Arab Emirates

UAE GDP rises 3.6%, securing 5th place among the largest economies in the global real GDP growth index

?Minister of Economy Abdullah bin Touq Al Marri said preliminary data for the UAE's GDP for 2023 shows positive growth trends in various indicators, including key sectors crucial to the national economy, as the Federal Center for Competitiveness and Statistics outlines. (30.05.2024, WAM)

Dubai Commercial and Logistics Land Transport Strategy 2030 to contribute AED 16.8 billion to the emirate's economy

Mattar Al Tayer, Director General and Chief Executive Officer of the Roads and Transport Authority (RTA), presented the Dubai Commercial and Logistics Land Transport Strategy 2030 details. (02.06.2024, WAM)

UAE Emirates Development Bank provides Dhs 5 billion to boost the manufacturing sector

The development bank plans to provide Dhs30 billion in funding by 2026 to support 13,500 companies in five priority sectors. (29.05.2024, Gulf Business)

AI and clean energy are the keys to accelerating “climate-friendly” development

According to Dr. Al Jaber, the growth of technology through the expansion of data centers will require using renewable energy in addition to natural gas. (04.06.2024, The National)

Dubai ranks first in the world for foreign direct investment in the cultural and creative industries, according to the Financial Times FDI Index 2023

H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture), reaffirmed the emirate's commitment to maintaining its leadership role and increasing its competitiveness as the global capital of the creative industries. (04.06.2024, WAM)

Abu Dhabi bans some polystyrene foam products

Abu Dhabi began banning some polystyrene foam products on June 1 as part of a larger campaign in the country to stop the use of plastic products, state news agency WAM reported. (01.06.2023, Arab News)

GCC & MENA

GCC countries to lead the energy transition in the Middle East?

Saudi Arabia, the United Arab Emirates, and Oman are set to lead the Middle East's solar transition thanks to several key factors, according to a new report. (30.05.2024, Arab News)

Arab Environment Forum unites region on environmental issues

The third Arab Environment Forum, hosted by the Kingdom this year, was held in Riyadh from June 3-4 to discuss and propose solutions to the emerging environmental issues in the Arab region. (04.06.2024, Arab News)

Arab economies to grow by 3.3% in 2024 with falling inflation

According to a new analysis by the Arab Monetary Fund, Arab economies are expected to grow by 3.3 percent in 2024, compared to 2.2 percent in the previous year. (04.06.2024, Arab News)

Saudi Arabia and Qatar sign agreement on tax regulations

Saudi Arabian Finance Minister Mohammed Al-Jadaan and his Qatari counterpart Ali Al-Kuwari signed an agreement on Thursday to avoid double taxation and prevent tax evasion. (30.05.2024, Arab News)

AD Ports Group from the UAE develops green methanol plant in Egypt

The chemical compound is a promising alternative to fossil fuels in industries where decarbonization is a challenge (28.05.2024, Gulf Business)

ACWA Power of Saudi Arabia and Tunisia agree to develop a major green hydrogen project

ACWA Power will explore the development of a large-scale green hydrogen project with a capacity of 200,000 tons per year in the first phase, powered by 4 GW of renewable energy. (03.06.2024, Gulf Business)

Adnoc Distribution plans to produce motor oil in Egypt by the end of 2024

The company is also seeking a license to set up charging stations for electric vehicles. (05.06.2024, Enterprise)

Saudi Arabia and Morocco seek closer industrial relations

Economic relations between Saudi Arabia and Morocco will be expanded, particularly in the mining and energy sectors. An official delegation from the Kingdom is visiting the northwest African country to explore opportunities for cooperation. (04.06.2024, Arab News)

Jordanian and Egyptian business leaders discuss investment cooperation

Members of the Jordanian Chamber of Commerce and representatives of Egyptian companies met in Amman on Monday to discuss ways to promote investment cooperation between their countries. (03.06.2024, Arab News)

Tunisia

Energy transition in Tunisia: Everything new in May?

Tunisia wants to become an important electricity producer from renewable energy sources and green hydrogen - both with an eye on Europe. Plans are now gaining new momentum. (31.05.2024, GTAI)

Egypt

Egypt calls on the WTO to take on development issues in developing countries

The Egyptian Trade Office in Geneva has called on the World Trade Organization (WTO) to adopt industrial development policies and comprehensive development issues in developing countries, especially in Africa. (02.06.2024, Egypt Independent)

Egypt is becoming a center of smartphone manufacturing

Egypt is on its way to becoming a leading center for smartphone manufacturing, working with Samsung, Oppo, Xiaomi, Vivo, and Nokia. According to Arab Finance for Information Technology, Egypt's oldest stock market information portal, the government is eyeing tech giant Apple to set up local iPhone production to strengthen Egypt's position in regional manufacturing. (30.05.2024, Egyptian Streets)

Egypt opens groundbreaking data and cloud computing center to drive digital transformation

Egypt opened its largest data and cloud computing center (P1) on the Ain-Sokhna highway on April 28, creating a pioneering center for large-scale data analytics and artificial intelligence (AI) in Egypt and North Africa. (29.05.2024, Egyptian Streets)

Morocco

Morocco invites tenders for floating LNG terminal in the West Med port of Nador

Morocco's energy strategy also envisages connecting this pipeline to newly emerging gas fields in the east and west of the country. (31.05.2024, Morocco World News)