OIC roundup: UAE, Malaysia conclude CEPA negotiations
Here's a roundup of key developments across the OIC ecosystem during the month of October
Editor's note: Agreements and collaborations have kept the GCC region humming. The UAE concluded negotiations for a free-trade agreement with Malaysia, in an attempt to reduce tariffs, trade barriers and boost private sector cooperation. The GCC state is also exploring investment opportunities in Uzbekistan.
Meanwhile, Saudi is reviewing trade and investment prospects with Egypt, and is looking to enhance its trade partnership with Oman.
Trade Developments
Saudi Arabia / Egypt
Egypt, Saudi explore opportunities to boost trade, investments
Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, met with Saudi Arabia’s Deputy of the General Authority for Foreign Trade, Abdulaziz Al-Sukran, to explore strategies for boosting economic cooperation between the two nations.
El-Khatib highlighted the strong bilateral relationship and the potential to significantly increase trade and joint investments. He commended the efforts of Saudi officials in securing an investment protection agreement. (Zawya)
UAE / Malaysia
UAE, Malaysia conclude negotiations towards CEPA
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Malaysia’s Minister of Investment, Trade and Industry, Zafrul Aziz, announced the completion of negotiations for a comprehensive economic partnership agreement (CEPA) between the two countries.
The deal aims to reduce tariffs, remove trade barriers, and boost private sector cooperation. In 2023, bilateral non-oil trade reached over $4.9 billion, with a 7% increase in early 2024. (Zawya)
Saudi Arabia / Oman
Saudi Arabia, Oman to enhance trade and economic partnership
Saudi Arabia and Oman discussed strengthening their economic partnership, with trade between the two nations reaching 36.8 billion Saudi riyals and Saudi exports to Oman totaling 22.5 billion Saudi riyals.
The discussions occurred during Omani Minister of Economy Dr. Said Al-Saqri's visit to the kingdom, where he met with Saudi Minister of Commerce Dr. Majed Al-Qasabi. The meeting highlighted efforts by GCC countries to boost regional and external trade. (Saudi Gazette)
Qatar / Uzbekistan
Qatar, Uzbekistan chambers discuss enhancing commercial ties
Qatar Chamber’s first vice-chairman, Mohamed bin Towar al-Kuwari, met with Uzbekistan Chamber of Commerce and Industry deputy chairman, Safarov Umidbek Akbarovich, to discuss enhancing cooperation and boosting trade between the two countries.
The meeting explored investment climates and partnership opportunities for Qatari and Uzbek business owners. Al-Kuwari emphasized Qatari businessmen’s interest in Uzbekistan and the chamber’s commitment to encouraging joint ventures. (Gulf Times)
Qatar / Tajikistan
Qatar, Tajikistan review trade, investment ties
Qatar's Minister of Commerce and Industry met with representatives from Tajikistan, Pakistan, and Iran, discussing enhanced cooperation in trade, investment, and industry.
The meetings were held in conjunction with the Asian Cooperation Dialogue's forum.
The focus was on supporting and developing these sectors, with exchanges on the forum's agenda topics. (Zawya)
Kuwait / Oman
Kuwait, Oman sign preliminary agreements in various fields
Kuwait and Oman have signed nine memoranda of understanding and executive programs across multiple sectors, according to Kuwaiti foreign minister Abdullah Al-Yahya.
The agreements were finalized during an official visit by Oman’s minister of foreign affairs, Bader Al-Buseidi, to Kuwait, marking the tenth session of the Kuwait-Oman Joint Committee. (Zawya)
Qatar / Algeria
Qatar-Algeria business meet to strengthen partnerships
Mohamed bin Hassan Al Malki, undersecretary of the ministry of Commerce and Industry, highlighted the strong ties between Qatar and Algeria, noting cooperation agreements and successful joint investments that have deepened bilateral collaboration.
His remarks were made at the Qatar-Algeria Business Meeting, organized by the Qatar Chamber in partnership with the Algerian Chamber of Commerce and Industry. (Zawya)
UAE / Uzbekistan
UAE trade delegation explores investment opportunities in Uzbekistan
A UAE trade delegation, led by Dr. Ali Saeed bin Harmal Al Dhaheri, first Vice Chairman of the Abu Dhabi Chamber of Commerce and Industry, engaged in discussions to foster commercial partnerships with Uzbek business leaders and investors.
The meetings occurred during the UAE-Uzbekistan Business Forum held in Tashkent from October 14 to 16, bringing together 200 public and private sector representatives. (Middle East Economy)
Investment
Uzbekistan
IFC announces $240m loan for ACWA Power’s renewable energy projects in Uzbekistan
The International Finance Corporation (IFC) has announced a $240 million Islamic Equity Bridge Loan (EBL) for ACWA Power to bolster Uzbekistan’s renewable energy sector.
The financing will aid the construction and operation of two key projects in Uzbekistan: a 1-gigawatt solar photovoltaic (PV) plant, a 668-megawatt Battery Energy Storage System (BESS), and about 500 kilometers of high-voltage transmission lines. (Devdiscourse)
