A trade agreement between the UAE and the five-nation Eurasian Economic Union — Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan — entered into force on October 6, eliminating or reducing tariffs across 85% of tariff lines and covering 95% of bilateral trade by value.

Non-oil trade between the UAE and the EAEU reached more than $33.3 billion in 2025, up 15% on the previous year. The Eurasian Economic Commission expects the agreement to add at least $5–6 billion annually to that figure.

"The agreement has an asymmetric effect on the two sides' tariff commitments. For the UAE, it mainly expands the range of goods traded duty-free, while for the EAEU the main effect is lower tariffs," the Russia-UAE Business Council said, adding that for established trade flows, the deal would make it easier for companies to bring new products to market.

The asymmetry reflects the two sides' starting positions. UAE import tariffs are generally low, with most goods subject to rates of 0% or 5%. EAEU tariffs can reach 80% on some product lines, meaning the cuts represent a more substantial change for exporters selling into the bloc. Russia's Resource Agribusiness Group noted that the UAE's existing 5% tariff on crude sunflower oil from the EAEU will fall to zero in the first year.

For UAE-based manufacturers, lower EAEU tariffs open a new incentive to produce or process goods in the Emirates for export into the bloc. Abu Dhabi coffee producer Maatouk 1960 Factory, which imports green beans from Latin America, Africa and Asia and packages them as UAE-origin products, plans to begin shipments to the EAEU in the first quarter of 2027.

The agreement also raises concerns in some EAEU industries. The Russian jewellery sector faces the prospect of gold and silver jewellery from the UAE — currently subject to a 10% import duty — entering at zero tariff once the deal takes effect. Questions have been raised about whether goods from third countries such as China or India could be routed through the UAE to benefit from the preferential rate after simple repackaging.

Serafima Pankratova, counsel at Balayan Group, a Moscow-based law firm, said the main legal challenge would be proving the origin of goods. Customs authorities may also verify eligibility for preferential treatment after clearance and recover duties if origin requirements are not met, she said. Dmitry Antonov, senior vice-president of Resource, cautioned that tariff reductions alone would not be sufficient, pointing to product approvals, certification, logistics and local distribution as core requirements for sustainable trade.

The deal aligns with Dubai's D33 economic agenda, which aims to more than double manufacturing value added by 2033, and with the UAE's broader strategy of using its expanding trade agreement network to attract manufacturing and processing activity. Although the full impact will take time to materialise, the agreement is expected to shift how companies structure supply chains between the two markets.

Qatar is opening its domestic debt market to international investors through a new settlement link with Euroclear, the Brussels-based international central securities depository, allowing global buyers to access and settle Qatari riyal-denominated government bonds and sukuk for the first time.

Under the arrangement, Euroclear Bank will provide international settlement services for eligible conventional government bonds and Islamic bonds, while Edaa, Qatar's central securities depository, will continue to serve local investors. Qatar's central bank will retain responsibility for issuing securities and making payments to investors.

"By making Qatari government bonds and sukuk Euroclearable, we are helping to simplify market access, enhance liquidity and strengthen Qatar's appeal to global investors," said Valérie Urbain, chief executive of Euroclear.

Sheikh Ahmed Al-Thani, deputy governor of the Qatar Central Bank, said the move was a practical step towards expanding international access to Qatari government debt instruments. The initiative is expected to improve market liquidity and deepen capital flows into Qatar, and aligns with the country's National Development Strategy 2024–30, which aims to build a more globally connected capital market.

The link comes as Qatar navigates a period of economic pressure. Gross domestic product fell 7% year-on-year to QAR171 billion ($47 billion) in the first quarter of 2026, while public borrowing from local banks has declined by $5 billion since the onset of the Iran conflict. Private-sector credit has grown little since Qatar hosted the 2022 football World Cup.

Qatar holds the world's third-largest proven gas reserves, but liquefied natural gas exports have been disrupted by Iranian missile and drone attacks on its energy facilities and the near-closure of the Strait of Hormuz.

Kazakhstan's largest bank by assets has secured shareholder approval to apply for a licence to conduct Islamic banking operations, in a move that would give Sharia-compliant finance access to the country's largest banking platform.

Shareholders at Halyk Bank voted to pursue the licence at an extraordinary general meeting on September 25, also approving amendments to the bank's charter to accommodate the planned Islamic banking activities.

Halyk will establish an Islamic Financing Principles Council to oversee compliance with Islamic finance requirements. Shareholders elected three members to serve on the one-year council: Aznan Hasan, a Malaysian academic and Islamic capital-markets specialist; Salim Al Ali, an expert in Islamic finance law and regulation; and Aida Othman, a specialist in Islamic banking law and financial regulation.

The council will assess whether the bank's proposed transactions and products conform to Islamic financing principles, including the prohibition of interest, or riba. No launch date for specific products has been announced. The additional licence is intended to enable the bank to serve retail and corporate customers seeking financing and investment products structured according to Islamic principles.

The application follows Kazakhstan's expansion of its Islamic banking framework, which now allows conventional banks to offer Sharia-compliant services through dedicated Islamic windows rather than requiring them to establish a separate Islamic bank. These operations must be separately accounted for and overseen through an independent governance structure. Kazakh banks became eligible to establish Islamic windows from January 16, 2026.

Fitch Ratings has noted that Kazakhstan's new banking law, enacted in March 2026, expanded the scope of Islamic banking by permitting conventional banks to open Islamic windows, and that the change could increase the availability of Islamic products and support market development in Central Asia.

Kazakhstan's Islamic banking sector has historically been small, with activity before the regulatory changes largely confined to specialised institutions including Zaman Bank and Al Hilal Islamic Bank. Al Hilal was rebranded as ADCB Islamic Bank in 2024 after its parent, Abu Dhabi Commercial Bank, shifted the Kazakh operation towards corporate and institutional banking.

Halyk's planned entry into the market could increase competition in asset-backed financing, leasing, trade finance and investment products structured to Sharia principles. The bank's decision comes as Kazakhstan seeks to strengthen its role as a financial and investment hub between Central Asia and the Gulf, where a larger Islamic banking market could help attract capital from Gulf-based institutions. The immediate next steps are expected to include completing the licensing process, creating separate accounting and operational arrangements for Islamic banking, and developing products subject to approval by the new council and Kazakhstan's financial regulator.

The Government of Maldives and Abu Dhabi-based developer Eagle Hills have signed a commercial terms agreement for a $12 billion integrated waterfront and marina development in the Ras Malé area, in what would be the largest single foreign investment in the country's history.

The agreement, announced on September 21, sets out the shared vision and principal commercial terms for the Maldives Waterfront and Marina project, with detailed terms to be finalised as development progresses across multiple phases.

"For the Maldives, this is the largest investment programme in our history — billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing," said Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development.

The development is planned for reclaimed land in the Ras Malé area and will include hotels and resorts, premium and branded residences, a marina, waterfront promenades, retail, dining, wellness, entertainment, education, healthcare and community infrastructure. Properties will be offered under a leasehold framework of up to 99 years, with the term renewed upon each transfer through sale or inheritance.

Eagle Hills chairman Mohamed Alabbar said the project would build on the Maldives' existing international appeal. "Our ambition is to build responsibly on that strength and create something world-class," he said.

The project is expected to generate tax revenues, stimulate demand across hospitality, construction, retail and marine services, and create direct and indirect employment. Eagle Hills has committed to no further dredging beyond the existing reclaimed land, with independent marine monitoring to accompany construction throughout.

Dr. Muththalib said the development was designed to establish real estate as a structural pillar of the Maldivian economy alongside tourism. "It is a decisive step on our path to becoming a high-income country by 2040," he said.