OIC Economies

Newswrap: OIC

The UAE introduces agricultural reform to boost local production, while Saudi Arabia establishes four special economic zones to attract international investors; Tunisia secures $18 million in funding for infrastructure and medical equipment from AFESD; NEOM awards a $2 billion contract for railway construction; UAE and Morocco aim to double trade and investment, and Egypt allocates $980.3 million to support exports; Iran's non-crude oil trade with OIC countries grows by 15%.


Regulatory - UAE
UAE announces major agriculture and farming reform and tourism opportunities (April 27th, 2023)

The UAE has announced a major agricultural and farming reform aimed at increasing local production and reducing imports. The plan includes providing incentives for farmers and reducing water and electricity costs for agricultural activities. (Arabian Business)

Investment - Saudi Arabia
Four new special economic zones to be established in Saudi Arabia (April 14th, 2023)

Saudi Arabia's Crown Prince Mohammed bin Salman has announced the creation of four special economic zones in Riyadh, Jazan, Ras Al-Khair and King Abdullah Economic City to attract international investors. The zones will offer competitive tax rates, exemption from customs duties on imports, and 100% foreign ownership of companies, among other benefits. (Arab News)

Investment - Tunisia
Tunisia, AFESD (Arab Fund for Economic & Social Development) sign funding agreement (May 1st, 2023)

Tunisia has signed an agreement with the Arab Fund for Economic and Social Development (AFESD) for $18 million in funding. The funds will be used for building and upgrading classified roads in four regions of the country, and to acquire medical equipment for the Tunisian health ministry. (Zawya)

Investment - Saudi Arabia
NEOM awards $2bn contract to join OXAGON with The Line (May 3rd, 2023)

NEOM has awarded a $2bn contract to Webuild and Shibh Al-Jazira Contracting for building a railway line between OXAGON and The Line development. The infrastructure will include 14 viaducts, seven roads, and nine rail underpasses. (Arab News)

Trade Developments - UAE/Morocco
UAE, Morocco to double trade & investment in seven years (May 1st, 2023)

UAE and Morocco aim to double trade and investment exchanges in the next seven years, as part of strengthening cooperation in priority sectors, such as finance, technology, and infrastructure. The agreement was reached during the first-ever UAE-Morocco Joint Economic Committee (JEC) session in Rabat. (Zawya)

Trade Developments - Egypt
Egypt allocates $980.3m to support exports in coming fiscal year: Egyptian PM (April 30th, 2023)

Egypt will increase its support for exports to almost $1 billion in the next fiscal year, up from $262 million, as part of a three-year program. In addition, Egyptian President Abdel Fattah El-Sisi announced the issuance of golden permits to investors to expedite projects and increase investment. (Arab News)

Trade Developments - Iran
Iran's Trade with OIC Grows by 15 Percent to $54 Billion during 11 Months (April 10th, 2023)

Iran's non-crude oil trade with members of the Organization of Islamic Cooperation was worth $54.32 billion, a 15.53% increase in value from the previous year. Trade volume declined by 4.05%, with the United Arab Emirates, Turkey, and Iraq as Iran's top trade partners among OIC members. While weight decreased, Iran's exports to OIC increased in value. (Financial Tribune)


Intra-OIC trade