ABCC Ebulletin February 2025

ABCC 50th Anniversary GALA DINNER

23 June 2025

The year 2025 sees the Arab British Chamber of Commerce reach its fiftieth year in business.

We will be marking this milestone anniversary with a gala dinner celebration on 23rd June coinciding with our flagship 4th Arab British Economic Summit (ABES2025).

The ABCC is pleased to extend an invitation to all our members, partners and friends to join us for this important celebration.

For the past half century, the ABCC has worked unflinchingly to serve the Arab and British business communities with its essential trade and commercial services.

Our 50th anniversary gala dinner will be a spectacular event to herald our half century. Join with us as we celebrate 50 years of building a stronger, closer Arab British partnership.

We hope that you can be with us as we reach this landmark in the pursuit of “friendship through trade.” The gala dinner will be an ideal opportunity for us all to look to the future with hope and confidence.

Ambassadorial Roundtable on Tunisia

Wednesday, February 19, 2025

An ambassadorial roundtable on Investment Opportunities in Tunisia was hosted by the ABCC on 19 February in the Boardroom at the Chamber’s Mayfair premises.

The audience consisted of potential investors and business executives from various sectors of industry and members of the ABCC.

His Excellency Mr Yassine El Oued, Ambassador of The Republic of Tunisia in the UK, and his entourage were greeted and welcomed to the Chamber by Mr Bandar Reda, ABCC Secretary General & CEO and Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General.

The roundtable was held in close cooperation with the Embassy of Tunisia and assisted by FIPA, the Tunisian foreign investment promotion agency, which had

prepared a detailed presentation. Mr Reda opened the discussion by introducing the Ambassador whom he warmly thanked for his participation in the event which would enable ABCC members to learn about Tunisia and gain valuable insights into the latest investment opportunities in the country.

In his keynote remarks, His Excellency paid tribute to the work of the Chamber and expressed his confidence that the meeting would not only strengthen collaboration between the UK and his country but would also help unlock new opportunities for growth, innovation and prosperity.

The Ambassador went on to stress the importance of British involvement in the Tunisian economy, in particular the energy sector where British Gas was one of the largest foreign investors with substantial investment in Tunisian energy infrastructure.

The energy sector was not the only area where UK companies were actively involved, His Excellency insisted, citing sectors such as automotives, engine components, textiles and information technology where UK firms were making positive contributions.

His Excellency Mr Yassine El Oued, the Tunisian Ambassador and Mr Bandar Reda, ABCC Secretary General & CEO

The Ambassador continued by elucidating the ambitious reform programme that Tunisia had been enacting in recent years, including incentives which were designed to attract more foreign investment and stimulate growth through partnerships between the public and private sectors.

Mention was made of the significant assets that Tunisia possessed, for example, its robust infrastructure and a skilled workforce that was one of the most well educated in the region.

In concluding, His Excellency Mr Yassine El Oued looked forward to the UK and Tunisia working closer together to build a brighter future based on innovation, collaboration and shared prosperity.

He invited British investors and entrepreneurs to visit the country

where they could meet with their Tunisian counterparts to explore the opportunities.

Following the Ambassador’s encouraging opening remarks, a more detailed presentation was delivered by Mr Zied Braham, Director of FIPA in London, who provided a detailed description of the country’s investment landscape.

The FIPA director began by outlining the flows of FDI over the past few years and explained that over 4,000 global companies were currently active in the local economy, contributing some 467 thousand jobs.

He said that almost 75% of these foreign companies were involved in wholly exporting.

In summary, Mr Braham highlighted

key attractions of Tunisia in sectors such as, aeronautics, digital, automotives, agribusiness, textiles and pharmaceuticals.

As well as boasting a dynamic businessfriendly environment, Tunisia offered exceptional living conditions conducive to successful personal and professional development.

Once Mr Braham had completed his wide ranging presentation, Mr Reda opened up the discussion by inviting contributions from those gathered around the table. Great interest was expressed in the various opportunities that had been outlined by the Ambassador and the FIPA Director, who expressed their readiness to assist any company seeking to further explore the potential that Tunisia was able to offer across the many sectors.

Mr Bandar Reda, ABCC Secretary General & CEO

Opportunities in Iraq

8-11 September 2025

Baghdad International Fairground, Baghdad, Iraq

This international trade exhibition to be held in the Iraqi capital, Baghdad, will feature latest details of oil, natural gas and petroleum projects in Iraq with a focus on the opportunities for foreign participation and investment. To attend this trade event or for more information, please contact the following

Contact details Azhar21hadi@yahoo.com Or UK19@iraqcomattache.com

OIGATECH - Iraq Oil and Gas Technology Exhibition

1-4 June 2025

This edition of the Iraq Oil and Gas Technology Exhibition OIGATECH 2025 will be held 1–4 June 2025 at Baghdad International Fairground in Baghdad, Iraq, with the Iraqi Ministry of Oil serving as host.

For details of this event contact the following or see the website info@oigatech.iq https://oigatech.iq/contact/

Customs Procedures and Documentation

Friday April 4th GMT+1 10:00 - 12:30

Course description:

This is an online course which covers the rules and procedures that were introduced after the UK left the EU on submitting customs declarations. A customs declaration is a form that must be submitted to UK customs that enables goods to be imported and exported. It is vital that importers and exporters understand the information required to be submitted to customs, as in most cases it is the importer and exporter who would be liable for this information, even if it is done by a third party.

The course will cover:

• The UK customs procedures

• Explanation of an EORI number

• What free circulation is

• Explanation of the SAD C88

• Key information for both import and export entries

• Procedures Codes

• Checking Entries

• UK Global Tariff - Tariff code/ Commodity codes

• Middle East Tariffs

• Key import and export documentation

• Content Requirements

• Commercial Invoices

• Proof of Export

• Certificates of Origin

• Non-Preference

• Preference

• WTO Methods of Valuation for Import

• Customs Special Procedures

• Customs Warehousing

• Inward Processing

Who should attend?

This course is suitable for people new to international business as well as experienced companies who need to refresh their knowledge post Brexit. It is especially beneficial for staff who work in export sales, purchasing, logistics, accountancy, import and export shipping departments, customer services, import and export administration.

JOIN US AT ABES 2025

A

Message from Our CEO

‘I am delighted to invite you to participate in the Arab-British Chamber of Commerce’s flagship event of the year, the 4th Arab British Economic Summit – ‘Friendship Through Trade’.

This annual summit serves as a crucial platform for discussing emerging bilateral business opportunities including sustainable tourism, e-commerce, franchising, and innovations across all sectors among other topics. Now in its fourth year, ABES hosts a distinguished assembly of government ministers, officials, industry leaders, and visionaries from both the UK and the Arab world who convene to explore and debate the burgeoning opportunities that technological innovations and economic shifts are creating. Our past summits have set precedents for success and innovation and the 4th Arab British Economic Summit will not only continue this tradition but will elevate it to new heights.

With over 1,000 delegates registered and more than 35 speakers hosted during the 2023 summit across all sectors, I invite you to be at the forefront of this technological and economic transformation through joining us at this year’s summit. Your participation will offer your company several benefits, including increased brand exposure through numerous speaking opportunities, extensive media coverage and prominent exhibition booths.

Join us to pave the way for a future marked by enhanced collaboration and mutual prosperity. We are excited about the prospects that the forthcoming ABES2025 will open for enlightening discussions and invaluable networking opportunities.’

Mr Bandar Reda ABCC Secretary General & CEO

“The UK government has signalled that it wants to attract more investment into the economy, and its new drive for growth should certainly give momentum to the determination of UK negotiators to push forward the talks on the FTA toward a satisfactory conclusion,” said Bandar Reda, Secretary-General and CEO of the Arab British Chamber of Commerce.

The report carried by Arab News is as follows.

Why pressure is growing to finalize UK-GCC free trade agreement

The UK’s economic fragility and global turmoil from President Donald Trump’s trade wars have given increased impetus for Britain to reach a free trade agreement with the Gulf Cooperation Council.

Talks for a deal between the six-nation bloc and Britain are continuing apace after restarting in September and are said to be at an advanced stage.

Yet the agreement could not come soon enough for the UK government, which is struggling to breathe life into a stagnant economy.

Prime Minister Keir Starmer has prioritized growth, and a GCC FTA would bring a significant boost to the UK’s finances and the governing Labour Party’s political fortunes.

The benefits would also be plentiful for Gulf countries, many of which have embarked on extensive reforms to diversify their economies away from hydrocarbons and toward modern sectors.

Update on UK-GCC Free Trade Agreement

Arab News recently conducted an interview with our CEO & Secretary General, Mr Bandar Reda, on the prospects for the successful conclusion of the much discussed UK-GCC FTA.

Details of the negotiations are closely guarded, but economists and experts told Arab News they believe a final deal is close and that there is will from both sides to get the agreement in place.

“The UK government has signalled that it wants to attract more investment into the economy, and its new drive for growth should certainly give momentum to the determination of UK negotiators to push forward the talks on the FTA toward a satisfactory conclusion,” said Bandar Reda, secretary-general and CEO of the Arab-British Chamber of Commerce.

“With a fair degree of optimism then we can probably look forward to a positive outcome being achieved a little sooner than previously expected.”

The UK believes a GCC FTA would increase bilateral trade by 16 percent and could add an extra £8.6 billion ($10.7 billion) a year to the existing £57.4 billion worth of annual trade between the two sides.

Officials say it could also boost UK annual workers’ wages by around £600 million to £1.1 billion every year and increase UK GDP by between £1.6 and £3.1 billion by 2035.

The UK has been looking to forge fresh trade deals since leaving the EU, its biggest trading partner, in 2020.

With already strong trade links and historic ties to Gulf countries, establishing an agreement with the GCC as a whole became a priority.

Consisting of Saudi Arabia, the UAE, Qatar, Bahrain, Oman and Kuwait, the

GCC economic and political union is also seeking to make more trade agreements as a bloc.

A UK government report published in 2022 said an FTA with the GCC “is an opportunity to boost trade with an economically and strategically important group of countries, support jobs and advance our global interests.”

After the July election brought in his new UK government, Starmer prioritized relations with the Gulf, and a seventh round of trade negotiations got underway.

Jonathan Reynolds, the business and trade secretary, visited the region in September and delegations have travelled back and forth since.

The latest negotiation team from the GCC was in London last month, according to the Department for Business and Trade.

Starmer travelled to Saudi Arabia in December and met with Prime Minister and Crown Prince Mohammed bin Salman. He also visited the UAE and hosted the Qatari emir in London.

Several deals were announced during those meetings, as the new government made clear that attracting foreign investment from Gulf countries was key to its growth strategy.

At the same time, the economic pressures on Starmer’s administration have increased. Despite a relatively strong start to 2024, the UK economy failed to grow in the second half of the year.

Mr Bandar Reda CEO & Secretary General

Chancellor Rachel Reeves came under fire for her first budget, which dented business confidence with a series of tax hikes.

With UK borrowing costs hitting their highest level for several years last month, boosting trade with a bloc like the GCC through an FTA would be a significant boon for Starmer.

But it is not just the UK’s domestic economic woes that are looming over negotiators. With the US administration’s threats to impose tariffs on both allies and adversaries causing global financial uncertainty, Gulf countries will also be keen to ease trade restrictions with a major partner like the UK.

“One effect of the threat of tariffs might be to add urgency to the negotiations to conclude the UKGCC FTA,” Reda, of the Arab-British Chamber of Commerce, told Arab News.

Primarily, the agreement would remove or reduce tariff barriers to trade between GCC countries and the UK, easing the flow of goods and services.

The average tariff applied to UK exports by the GCC is around 5.5 percent, whereas imports from the Gulf face a 5.8 percent levy. However, the UK places no tariffs on oil and gas bought from GCC countries, and this accounts for most of the import value.

Still, removing the tariffs would help businesses on both sides by reducing costs but would particularly benefit the UK given that its exports account for 60 percent of total trade.

Perhaps more important, according to Freddie Neve, lead Middle East associate at the London-based Asia House think tank, would be removing red tape faced by importers and exporters.

“While reducing tariffs on these goods is an obvious target in the negotiations, arguably a larger opportunity relates to the reduction of non-tariff barriers,” Neve said. “These relate to regulations, standards, and procedures required of foreign firms to do business.

“A government analysis published before negotiations counted over 4,500 non-tariff measures applied by the GCC on the UK. Naturally, some of these will have been ameliorated by recent Gulf economic reforms, but an FTA that reduces these barriers would make it easier for UK companies to operate in and across the GCC.”

While the timing of the FTA would be good for the UK it also fits perfectly with the timetable of economic diversification underway in the GCC.

Saudi Arabia and the UAE in particular are moving away from reliance on oil revenues to modern, technologydriven economies.

Investing in the UK means they are able to tap into services and expertise in sectors where Britain has a competitive advantage, such as technology, life sciences, creative industries, education and financial services.

In particular, the UK’s 2022 assessment predicted an FTA would allow for cooperation in “industries of the future” such as artificial intelligence and renewable energy, in which Gulf countries are investing heavily.

“Over the past three years, innovations in AI and related sectors to do with the digital economy, e-commerce, advanced data and computing have developed enormously,” Reda said. “The Gulf states have all been seeking to position themselves at the forefront of these developments that are reshaping how we do business.

“These areas open up major new areas for UK-GCC cooperation as we all seek to maximize the potential offered by AI and cutting-edge tech. The FTA should give a tremendous boost to cooperation in these industries of the future.”

An FTA negotiation is a vast and complex process and there may well still be sticking points to be ironed out before a final deal is reached.

Douglas Alexander, the UK’s minister of state for trade policy and economic security, said in December that negotiators on the GCC agreement continued to have “constructive discussions on areas of sustainable trade,” such as environment and labour.

MPs have raised questions over whether the UK should be focusing on a GCC-wide agreement rather than individual deals with Gulf countries, citing variations in policies and regulations across the bloc.

But the GCC countries have been developing their concerted approach to trade and are pursuing similar agreements with the EU, China, and Turkiye.

“Negotiations with a bloc are always more challenging than bilateral deals,” Justin Alexander, a director at US consultancy Khalij Economics, told Arab News. “However, the GCC is functioning in the most joined-up way I have seen in my career, and all the GCC members are important partners for the UK, so it is highly motivated to make this work.”

He said he was not aware of any significant obstacles remaining in the talks and believed the deal is very near completion.

“The most significant element of the UK-GCC FTA for both sides will be the fact that it has been done, setting a precedent for further trade deals for both parties,” Alexander said. “Both sides are open, globally integrated economies and would benefit from modern trade deals.”

The Department for Business and Trade said trade deals played a “vital role” in the government’s mission for economic growth.

“We’re seeking a modern trade deal with the Gulf as a priority, and our focus is securing a deal that delivers real value to businesses on both sides, rather than getting it done by a specific date,” the department said.

Source: Arab News, 5 February 2025

ABCC New Members

The ABCC welcomes its new members and looks forward to working with them in the coming year.

Harley Street Practice Limited

Recovery Advisers

Riyad Bank

CaviarData NOVO Electric Technology

Value Retail Management (Bicester Village) Ltd

ABCC Translation Services

For all your translations from English to Arabic or Arabic to English.

With over 40 years’ experience in technical translation, the Arab-British Chamber of Commerce specialises in Arabic/English and English/Arabic translation and has excellent facilities and top quality translators.

Our translators are officially qualified and trained to handle customer requirements accurately and professionally in both languages. Our experience lies in first class commercial, financial, legal and technical translation of the highest standard.

The Chamber’s translation service is officially recognised by all the Arab embassies in London and by the Foreign, Commonwealth & Development Office (FCDO).

However, we strongly advise clients that the FCDO should authenticate all official documentation translated from Arabic to English if it is to be used in the UK. Translation of official documents from English to Arabic, for use in the Arab world, must be authenticated by both the FCO and the Arab embassy of the country where the document is to be used.

The ABCC translation service covers all types of documents, including:

Birth/marriage/baptism/divorce/death certificates

Certificates of academic qualification

Certificates of Origin

Commercial invoices

Company/personal financial documents

Divorce documents from the Shar’i Mazun or from a court of law

Memorandum & Articles of Association

Passport details.

Bahrain enjoys 2.1% economic growth boosted by non-oil

The Kingdom of Bahrain’s economy expanded by 2.1 percent year on year in the third quarter of 2024, driven by strong performance in its non-oil sectors, official data showed.

According to data from the Ministry of Finance and National Economy, non-oil sectors grew 3.9 percent during the period, accounting for 86.4 percent of real gross domestic product.

Key contributors included the information and communication sector, which surged 11.9 percent year on year, supported by increased mobile and broadband subscriptions.

Bahrain’s third-quarter growth mirrors positive trends across the Gulf Cooperation Council, with Saudi Arabia’s GDP rising 2.8 percent and Qatar’s advancing 2 percent, driven by ongoing economic diversification.

Despite these gains, Bahrain’s economy faced challenges in the oil sector, where activities contracted by 8.1 percent year on year, contributing to a 0.9 percent decline in nominal GDP.

However, non-oil sectors fared well, with the country’s financial and insurance activities performing strongly, growing by 5.8 percent, while electronic funds transfers increased by 13.7 percent year-on-year.

Manufacturing expanded by 4.2 percent, aided by higher production at the Bapco Refinery, while wholesale and retail trade grew by 2.1 percent, bolstered by a significant rise in e-commerce transactions.

In contrast, the oil sector faced headwinds due to maintenance activities at the Abu Sa’afa field and declining global oil prices. This resulted in a year-on-year contraction of oil

activities by 8.1 percent in real terms, while average daily oil production from the Abu Sa’afa field fell by 11.5 percent year on year.

Trade and investment activities also presented mixed results. The current account surplus narrowed by 54.5 percent year on year to 148.6 million Bahraini dinars ($394.2 million), largely due to a 19.2 percent decline in the value of oil exports.

Non-oil exports, however, saw modest growth of 1.1 percent, with base metals and mineral products leading the category. Foreign direct investment stock increased by 3.5 percent year on year, reaching 16.5 billion dinars. The financial and insurance sector remained the dominant contributor, accounting for 67.3 percent of the total foreign direct investments.

Development projects in various sectors continued to advance during the quarter. The Bapco Modernization Programme, completed in December 2024, increased refinery capacity by 42 percent, representing the largest capital investment in Bapco’s history.

Tourism

In the tourism sector, four new fivestar hotels and the “Hawar Resort by Mantis” were inaugurated, enhancing Bahrain’s hospitality offerings.

The healthcare sector saw the construction of a new rehabilitation center in Al Jasra, while the Aluminum Downstream Industries Zone was launched as part of Bahrain’s Industrial Strategy.

Monetary and financial indicators reflected positive trends. The broad money supply expanded by 6.1 percent year on year, supported by a 15.6 percent increase in government deposits.

Total loans provided by retail banks grew by 4.9 percent year on year, with personal loans comprising nearly half of the total. The labour market recorded a 1.7 percent increase in the number of Bahrainis employed in the public and private sectors, reaching 153,842.

Recruitment under the Economic Recovery Plan met 98 percent of its annual target for 2024, while over 13,679 Bahrainis received training.

Capital markets

Bahrain’s capital markets also performed well, with the Bahrain All Share Index closing the third quarter at 2,012.77 points, a year-on-year increase of 3.8 percent. The Bahrain Islamic Index recorded even stronger growth, rising by 10.1 percent. Market capitalization increased by 2.4 percent, reaching 7.8 billion dinars.

In global competitiveness rankings, Bahrain retained its position as the freest economy in the Arab world, ranking 34th globally in the Economic Freedom of the World report.

Bahrain has also climbed eight places to rank 30th in the IMD World Digital Competitiveness Ranking, reflecting significant progress in adopting and leveraging digital technologies.

Source: Bahrain EDB

Jordan charts bold course toward a circular economy

This transition toward a circular economy reflects the country’s commitment to sustainability, resource efficiency, and economic resilience

Jordan is taking decisive steps toward a structural transformation of its economic model, transitioning from a linear economy – characterised by resource extraction, production, and waste disposal -- toward a circular economy that prioritises resource efficiency, waste minimisation, and the regeneration of materials.

This strategic shift presents a compelling opportunity for the Kingdom to foster inclusive and sustainable economic growth, uphold its environmental commitments, enhance the added value of domestic production, and generate new employment opportunities.

According to the “Accelerating Circularity in the Arab Region” report issued by the United Nations Economic and Social Commission for Western Asia (ESCWA), a circular economy is defined as “an economic system in which materials and products remain in continuous use, alleviating pressure on natural ecosystems and facilitating their regeneration.”

The Jordanian Ministry of Environment underscores the circular economy’s pivotal role in mitigating environmental degradation, notably by reducing waste through recycling, reuse, and other sustainable practices. Furthermore, this model contributes to lowering greenhouse gas emissions, optimising resource utilisation, and promoting sustainable consumption and production patterns.

“The circular economy is an integral component of Jordan’s broader green economy agenda, pursued in collaboration with public and private sector stakeholders, as well as civil society institutions,” the Ministry stated to the Jordan News Agency (Petra), highlighting its incorporation into the nation’s education.

In line with this vision, the Ministry has developed the National Green Economy Action Plan (2021-2025), which prioritises six key sectors: energy, water, waste management, agriculture, tourism, and transportation.

Additionally, Jordan has aligned its climate action efforts with circular economy principles through strategic frameworks such as the Nationally Determined Contributions (NDCs) under the Paris Agreement.

The Ministry has licenced 183 waste management facilities, including privatesector enterprises engaged in recycling activities. These include eight battery recycling plants, 12 facilities for oil recycling, and an equivalent number for tire repurposing.

Furthermore, 34 electronic and electrical waste collection centres have been established across the Kingdom, complemented by the licencing of eight specialised e-waste recycling plants.

Vision

Jordan’s Economic Modernisation Vision (EMV)—a roadmap for long-term economic transformation—identifies the circular economy as a strategic priority within its Sustainable Environment pillar. The vision seeks to drive economic

expansion, generate employment, and ensure the preservation of natural and environmental resources.

A key focus of the EMV is the development of industrial eco-parks and the formulation of circular economy standards for industrial activities. Given that the per capita waste generation rate in Jordan ranges between 0.8 and 1 kilogram per day, the need for structured waste management and resource efficiency measures is pressing.

Green Growth

The Green Growth Executive Summary, which outlines the EMV’s strategic direction, identifies six critical sectors— energy, water, waste management, transportation, tourism, and agriculture—as drivers of the green economy. The report also emphasises the necessity of developing robust financing strategies to support these efforts.

At the global and national levels, responses to climate change present Jordan with a unique opportunity to accelerate its green transition through sustainable energy, green transportation, resource efficiency, cleaner production methods, and circular waste management solutions.

The Jordan Strategy Forum (JSF), a prominent private-sector think tank, asserts that Jordan can unlock significant economic, social, and environmental benefits by fully integrating circular economy principles beyond conventional waste management and resource efficiency strategies.

According to the JSF, the manufacturing sector, the largest contributor to Jordan’s economy, is poised for exponential growth. Forecasts indicate that by 2033, the sector will double in size, creating approximately 260,000 new jobs in chemicals, textiles, food production, pharmaceuticals, and engineering industries.

Given the sector’s substantial consumption of energy and raw materials, it is a prime candidate for circular economy adoption— offering opportunities to enhance efficiency, reduce waste, and reinforce sustainability.

In alignment with these objectives, Jordan launched an Integrated Resource Efficiency and Cleaner Production Initiative two years ago. The programme aims to provide technical and advisory

services to 15 industrial enterprises, supporting the implementation of cleaner production methodologies and resource-efficient practices across various sectors.

Waste Management

Official data from the Ministry of Environment indicates that Jordan produces an estimated 2.7 million tonnes of waste annually, with municipal solid waste accounting for 2.5 million tonnes, 50 percent of which is organic matter. Additionally, medical waste generation stands at 2,745 tonnes per year, while hazardous industrial waste reaches 45,000 tonnes annually. Plastic waste constitutes approximately 35 percent of total waste output.

Municipal waste collection services cover 90 percent of urban areas and 70 percent of rural regions, with certain categories—such as used mineral oils and lead-acid batteries—already being recycled. Approximately 2,000 tonnes of hazardous waste are processed annually at designated treatment centres.

Recycling

In a pioneering move, Jordan established its first Recycling Bank Centre in Amman, adhering to international best practices in commercial waste recycling. This facility enables the systematic collection of plastics, paper, metals, and cardboard from source-separated waste streams.

Fathi Jaghbir, President of the Jordan Chamber of Industry, emphasised the growing adoption of circular economy principles across Jordan’s industrial landscape. “Sectors such as construction, food production, chemicals, paper, and plastic manufacturing are increasingly integrating sustainable materials and recycled inputs into their production cycles,” he stated.

“The renewable energy sector is a cornerstone of the circular economy, providing clean and sustainable power solutions. Additionally, the agriculture sector is leveraging circular practices through organic farming, waste composting, and biomass energy production.”

Jaghbir highlighted that Jordanian industries are recognising the competitive advantages of circular economy integration, particularly in the context of global market dynamics that increasingly favour environmentally sustainable products. This transition is expected to reduce production costs,

improve product quality, and foster industrial innovation, positioning Jordanian businesses favorably in international markets.

Mohammad Walid Al-Jitan, a representative of the food and beverage manufacturing sector at the Jordan Chamber of Industry, echoed these sentiments. He underscored the sector’s commitment to enhancing efficiency, minimising waste, and utilising organic waste streams for compost or bioenergy production. The industry is also investing in biodegradable and recyclable packaging innovations.

Several Jordanian companies are at the forefront of circular economy innovation. Samer Al-Zumar, CEO of Smart Systems Company, noted that his firm is actively involved in recycling municipal waste, tires, plastics, and agricultural residues. These materials are converted into alternative fuels suitable for industrial applications, household heating, and poultry farming.

Al-Zumar stressed that Jordan faces dual challenges: high energy costs and mounting waste accumulation, both of which can be addressed through circular economy solutions. His company has established a primary waste sorting station in Amman, a recycling plant in Mafraq, and additional production lines in Al-Muwaqqar and Al-Dhabi’a.

Similarly, Alaa Abu Khazna, a representative of Jordan’s plastics and rubber industry, underscored the sector’s reliance on circular economy practices, particularly waste collection, sorting, and recycling into new plastic products.

Meanwhile, Mohammad Al-Samadi, Deputy General Manager of Al-Emlaq Industrial Group, emphasised that circular economy principles are the future of industrial sustainability. The group has implemented waste recycling, water reuse initiatives, and solar energy projects, including a 3-megawatt rooftop solar system covering 70 percent of its electricity needs.

Jordan’s transition toward a circular economy reflects its commitment to sustainability, resource efficiency, and economic resilience. With strong government policies, private sector engagement, and a growing recycling infrastructure, the Kingdom is positioning itself as a regional leader in sustainable economic transformation.

Sharjah’s free zones attract over 1,600 international companies in 2024

UK companies among those attracted to the emirate

The Emirate of Sharjah’s free zones marked major achievements in 2024, reinforcing their pivotal role in establishing the emirate as one of the most attractive destinations for local, regional, and international companies.

During the last year, the Hamriyah Free Zone Authority (HFZA) and the Sharjah Airport International Free Zone Authority (SAIF Zone) combined attracted more than 1,600 companies from various countries around the world, including the UK, as well the US, various countries in Africa, India, Japan, Spain, Belgium and more.

In 2024, the Hamriyah Free Zone Authority attracted 900 companies and corporations across diverse sectors, specifically for the iron and steel manufacturing industry in the Middle East and Africa.

In a global acknowledgement of these achievements, the authority clinched prestigious international awards at the 2024 iteration of the Global Free Zones of the Year Award by fDi Intelligence, a publication by the Financial Times Group, for the second consecutive time.

The Sharjah Airport International Free Zone Authority experienced significant growth in the past year, attracting over 700 international and local companies from diverse sectors.

SAIF Zone has further strengthened its position as a regional investment destination for the gold, jewellery, and gemstone industries. Its Gold, Diamond, and Commodities Park is recognised as one of GCC’s largest gold refinery hubs,

accommodating over 55 gold refineries and hosting more than 250 regional and international companies specialising in gold, platinum, silver, and titanium manufacturing and trade.

Saud Salim Al Mazrouei, Director of HFZA and the SAIF Zone, emphasised that the significant accomplishments and milestones achieved by both zones in 2024 reflect the resilience and strength of Sharjah’s economy.

The achievements are guided by directives of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who has prioritised efforts to diversify Sharjah’s economy and enhance the competitiveness of its free zones.

As a result, the emirate’s zones continue to attract foreign direct investment, fostering growth as hubs for advanced industries and commercial activities across various sectors.

Both HFZA and SAIF Zone have firmly established themselves as leading investment destinations in the Middle East and globally, hosting over 15,000 companies from 160 countries worldwide.

Al Mazrouei noted that these achievements create a strong impetus among Sharjah’s free zones to strengthen their developmental role and further their contributions to the emirate’s economy in 2025. This progress is underpinned by the steady growth of Sharjah’s economy, driven by the diversity and complementarity of its sectors and their alignment with

the emirate’s strategic ambitions and development plans.

This is reflected in Sharjah’s 2025 general budget, where the economic development sector accounts for 27 percent of the new budget, while the infrastructure sector ranks first, comprising 41 percent of the total general budget for 2025.

In line with their commitment to innovation and sustainability, both HFZA and SAIF Zone enhanced their operational frameworks in 2024 by leveraging cutting-edge digital technologies to create flexible and inclusive work environments.

Together, they now offer a comprehensive portfolio of 600 smart services, designed to optimise operational efficiency, streamline business activities, and deliver an investor experience centred on efficiency, speed, and excellence.

The two free zones also strengthened their focus on environmental sustainability by adopting innovative strategies to build an integrated system of eco-friendly services.

This included signing a strategic partnership agreement with “Bee’ah Group” and organising targeted initiatives, including events and workshops to encourage businesses and investors to embrace effective environmental solutions focused on energy efficiency, natural resource preservation, and emission minimisation.

Source: Emirates News Agency (edited)

UK Appoints New Trade Envoys in Drive for Growth

A

new ‘global growth team’ of UK Trade Envoys has been appointed by the British Trade Secretary in a bid to drive forward UK exports and investment.

The appointment of new trade envoys comes ahead of a UK Trade Strategy set to be unveiled in the Spring, which will prioritise rebuilding relations with the EU and seizing opportunities to access new markets around the world, according to the Department for Business and Trade.

In an announcement from the DBT, the UK government stated that it was pulling “every lever available to drive economic growth under its Plan for Change”.

The new trade envoys are 32 parliamentarians drawn from across the political spectrum. They have been assigned target markets and tasked with identifying trade and investment opportunities for businesses and championing the UK as a destination of choice for investment in those markets.

Each market has been identified by the DBT as presenting significant potential for growing UK trade.

Business and Trade Secretary Rt Hon Jonathan Reynolds MP stated: “Trade and investment are key to delivering economic growth, the number one mission of this Government and a key part of our Plan for Change.”

As previously, the Trade Envoys work closely with the DBT and are appointed for their ability, relevant skills and experience based on their respective markets or sector knowledge, including government-to-government experience, as well as a commitment to the UK’s growth mission.

Alongside bolstering exports, attracting investments, and removing trade barriers, the government is also resuming trade talks with prospective

FTA partners, including – so far - the GCC, Switzerland and South Korea.

Among the new appointments are the following Trade Envoys designated for markets in the MENA region:

• Ben Coleman MP appointed to Morocco & Francophone West Africa

• Lord Iain McNicol of West Kilbride appointed to Jordan, Kuwait & the Occupied Palestinian Territories

• Sarah Olney MP appointed to North Africa

• Yasmin Qureshi MP appointment to Egypt.

Information derived from the Department for Business and Trade, 28 January 2025.

UK-Arab Trade & Investment Updates

The latest official data on trade and investment between the UK and each of the Arab countries.

Algeria

Total trade in goods and services (exports plus imports) between the UK and Algeria was £2.4 billion in the four quarters to the end of Q3 2024, a decrease of 5.0% or £125 million in current prices from the four quarters to the end of Q3 2023.

Of this £2.4 billion:

• Total UK exports to Algeria amounted to £673 million in the four quarters to the end of Q3 2024 (an increase of 3.9% or £25 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Algeria amounted to £1.7 billion in the four quar ters to the end of Q3 2024 (a decrease of 8.2% or £150 million in current prices, compared to the four quar ters to the end of Q3 2023).

Algeria was the UK’s 63rd largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.1% of total UK trade.

In 2023, the outward stock of foreign

direct investment (FDI) from the UK in Algeria was £146 million. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Algeria was £3 million, 48.6% or £3 million lower than in 2022. In 2023, Algeria accounted for less than 0.1% of the total UK inward FDI stock.

Bahrain

Total trade in goods and services (exports plus imports) between the UK and Bahrain was £916 million in the four quarters to the end of Q3 2024, a decrease of 12.2% or £127 million in current prices from the four quarters to the end of Q3 2023.

Of this £916 million:

• Total UK exports to Bahrain amounted to £676 million in the four quarters to the end of Q3 2024 (an increase of 5.3% or £34 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Bahrain amounted to £240 million in the four quar ters to the end of Q3 2024

(a decrease of 40.1% or £161 million in current prices, compared to the four quar ters to the end of Q3 2023).

Bahrain was the UK’s 91st largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Bahrain was £69 million, 16.1% or £10 million higher than in 2022.

In 2023, Bahrain accounted for less than 0.1% of the total UK outward FDI stock. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Bahrain was £54 million.

The Comoros

Total trade in goods and services (exports plus imports) between the UK and Comoros was less than £1 million in the four quarters to the end of Q3 2024, a change of less than £1 million in current prices from the four quarters to the end of Q3 2023. Of this less than £1 million:

• Total UK exports to Comoros amounted to less than £1 million in the four quarters to the end of Q3 2024 (a change of less than £1 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Comoros amounted to less than £1 million in the four quarters to the end of Q3 2024 (a change of less than £1 million in current prices, compared to the four quarters to the end of Q3 2023).

Comoros was the UK’s joint 229th largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Comoros was less than £500 thousand. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Comoros was £4 million, 84.9% or £2 million higher than in 2022.

In 2023, Comoros accounted for less than 0.1% of the total UK inward FDI stock.

Djibouti

Total trade in goods and services (exports plus imports) between the UK and Djibouti was £35 million in the four quarters to the end of Q3 2024, a decrease of 31.4% or £16 million in current prices from the four quarters to the end of Q3 2023.

Of this £35 million:

• Total UK exports to Djibouti amounted to £25 million in the four quarters to the end of Q3 2024 (a decrease of 24.2% or £8 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Djibouti amounted to £10 million in the four quarters to the end of Q3 2024 (a decrease of 44.4% or £8 million in current prices, compared to the four quarters to the end of Q3 2023).

Djibouti was the UK’s 179th largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Djibouti are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Djibouti was £929 million, 11.0% or £92 million higher than in 2022.

In 2023, Djibouti accounted for less than 0.1% of the total UK inward FDI stock.

Egypt

Total trade in goods and services (exports plus imports) between the UK and Egypt was £4.7 billion in the four quarters to the end of Q3 2024, an increase of 2.6% or £118 million in current prices from the four quarters to the end of Q3 2023.

Of this £4.7 billion:

• Total UK exports to Egypt amounted to £2.7 billion in the four quarters to the end of Q3 2024 (an increase of 6.6% or £169 million in current prices, compared to the four quarters to the end of Q3 2023);

Trade & Investment

Continued from page 23...

• Total UK imports from Egypt amounted to £2.0 billion in the four quarters to the end of Q3 2024 (a decrease of 2.5% or £51 million in current prices, compared to the four quarters to the end of Q3 2023).

Egypt was the UK’s 48th largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.3% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Egypt are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Egypt was £621 million, 2055.6% or £593 million higher than in 2022.

In 2023, Egypt accounted for less than 0.1% of the total UK inward FDI stock.

Iraq

Total trade in goods and services (exports plus imports) between the UK and Iraq was £1.3 billion in the four quarters to the end of Q3 2024, an increase of 17.5% or £189 million in current prices from the four quarters to the end of Q3 2023.

Of this £1.3 billion:

• Total UK exports to Iraq amounted to £1.0 billion in the four quarters to the end of Q3 2024 (an increase of 22.5% or £188 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Iraq amounted to £247 million in the four quarters to the end of Q3 2024 (an increase of 0.4% or £1 million in current prices, compared to the four quarters to the end of Q3 2023).

Iraq was the UK’s 85th largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Iraq are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Iraq are not available due to data disclosure.

Jordan

Total trade in goods and services (exports plus imports) between the UK and Jordan was £1.3 billion in the four quarters to the end of Q3 2024, an increase of 17.1% or £194 million in current prices from the four quarters to the end of Q3 2023.

Of this £1.3 billion:

• Total UK exports to Jordan amounted to £1.0 billion in the four quarters to the end of Q3 2024 (an increase of 21.8% or £182 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Jordan amounted to £308 million in the four quarters

to the end of Q3 2024 (an increase of 4.1% or £12 million in current prices, compared to the four quarters to the end of Q3 2023).

Jordan was the UK’s 83rd largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Jordan was £6.4 billion accounting for 0.3% of the total UK outward FDI stock. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Jordan was £959 million, 12.6% or £108 million higher than in 2022.

In 2023, Jordan accounted for less than 0.1% of the total UK inward FDI stock.

Kuwait

Total trade in goods and services (exports plus imports) between the UK and Kuwait was £6.2 billion in the four quarters to the end of Q3 2024, an increase of 25.9% or £1.3 billion in current prices from the four quarters to the end of Q3 2023.

Of this £6.2 billion:

• Total UK exports to Kuwait amounted to £2.0 billion in the four quarters to the end of Q3 2024 (a decrease of 1.9% or £39 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Kuwait amounted to £4.2 billion in the four quarters to the end of Q3 2024 (an increase of 46.0% or £1.3 billion in current prices, compared to the four quarters to the end of Q3 2023).

Kuwait was the UK’s 40th largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.4% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Kuwait was £-34 million, £7 million lower than in 2022. In 2023, Kuwait accounted for less than 0.1% of the total UK outward FDI stock. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Kuwait was £262 million, 334.2% or £202 million higher than in 2022.

In 2023, Kuwait accounted for less than 0.1% of the total UK inward FDI stock.

Lebanon

Total trade in goods and services (exports plus imports) between the UK and Lebanon was £707 million in the four quarters to the end of Q3 2024, an increase of 2.8% or £19 million in current prices from the four quarters to the end of Q3 2023.

Of this £707 million:

• Total UK exports to Lebanon amounted to £535 million in the four quarters to the end of Q3 2024 (a decrease of

1.7% or £9 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Lebanon amounted to £172 million in the four quarters to the end of Q3 2024 (an increase of 19.4% or £28 million in current prices, compared to the four quarters to the end of Q3 2023).

Lebanon was the UK’s 96th largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Lebanon was £75 million, 29.2% or £17 million higher than in 2022.

In 2023, Lebanon accounted for less than 0.1% of the total UK outward FDI stock. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Lebanon was £63 million, 12.6% or £9 million lower than in 2022.

In 2023, Lebanon accounted for less than 0.1% of the total UK inward FDI stock.

Libya

Total trade in goods and services (exports plus imports) between the UK and Libya was £2.5 billion in the four quarters to the end of Q3 2024, an increase of 61.7% or £941 million in current prices from the four quarters to the end of Q3 2023.

Of this £2.5 billion:

• Total UK exports to Libya amounted to £241 million in the four quarters to the end of Q3 2024 (a decrease of 14.5% or £41 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Libya amounted to £2.2 billion in the four quarters to the end of Q3 2024 (an increase of 79.0% or £982 million in current prices, compared to the four quarters to the end of Q3 2023).

Libya was the UK’s 62nd largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Libya are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Libya was £10 million, 28.3% or £4 million lower than in 2022.

In 2023, Libya accounted for less than 0.1% of the total UK inward FDI stock.

Mauritania

Total trade in goods and services (exports plus imports) between the UK and Mauritania was £127 million in the four quarters to the end of Q3 2024, an increase of 5.8% or £7 million in current prices from the four quarters to the end of Q3 2023.

Continued from page 25...

Of this £127 million:

Of this £3.8 billion:

• Total UK exports to Mauritania amounted to £92 million in the four quarters to the end of Q3 2024 (an increase of 5.7% or £5 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Mauritania amounted to £35 million in the four quarters to the end of Q3 2024 (an increase of 6.1% or £2 million in current prices, compared to the four quarters to the end of Q3 2023).

Mauritania was the UK’s 142nd largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Mauritania are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Mauritania was £1 million, 67.6% or £2 million lower than in 2022.

In 2023, Mauritania accounted for less than 0.1% of the total UK inward FDI stock.

Morocco

Total trade in goods and services (exports plus imports) between the UK and Morocco was £3.8 billion in the four quarters to the end of Q3 2024, an increase of 7.7% or £274 million in current prices from the four quarters to the end of Q3 2023.

• Total UK exports to Morocco amounted to £1.4 billion in the four quarters to the end of Q3 2024 (a decrease of 4.1% or £59 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Morocco amounted to £2.4 billion in the four quarters to the end of Q3 2024 (an increase of 15.8% or £333 million in current prices, compared to the four quarters to the end of Q3 2023).

Morocco was the UK’s joint 51st largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.2% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Morocco are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Morocco was £17 million, 2.6% or £426.2 thousand higher than in 2022.

In 2023, Morocco accounted for less than 0.1% of the total UK inward FDI stock.

Oman

Total trade in goods and services (exports plus imports) between the UK and Oman was £1.5 billion in the four quarters to the end of Q3 2024, an increase of 1.4% or £20 million in current prices from the four quarters to the end of Q3 2023.

Of this £1.5 billion:

• Total UK exports to Oman amounted to £1.1 billion in the four quarters to the end of Q3 2024 (a decrease of 2.6% or £30 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Oman amounted to £383 million in the four quarters to the end of Q3 2024 (an increase of 15.0% or £50 million in current prices, compared to the four quarters to the end of Q3 2023).

Oman was the UK’s 78th largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Oman are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Oman was £142 million, 113.1% or £75 million higher than in 2022.

In 2023, Oman accounted for less than 0.1% of the total UK inward FDI stock.

Palestine (Occupied Palestinian Territories – UK Gov)

Total trade in goods and services (exports plus imports) between the UK and Occupied Palestinian Territories was £54 million in the four quarters to the end of Q3 2024, an increase of 38.5% or £15 million in current prices from the four quarters to the end of Q3 2023.

Of this:

• Total UK exports to Occupied Palestinian Territories amounted to £21 million in the four quarters to the end of Q3 2024 (a decrease of 4.5% or £1 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Occupied Palestinian Territories amounted to £33 million in the four quarters to the end of Q3 2024 (an increase of 94.1% or £16 million in current prices, compared to the four quarters to the end of Q3 2023).

Occupied Palestinian Territories was the UK’s joint 164th largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Occupied Palestinian Territories are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Occupied Palestinian Territories was less than £500 thousand.

Qatar

Total trade in goods and services (exports plus imports) between the UK and Qatar was £5.6 billion in the four quarters to the end of Q3 2024, a decrease of 39.6% or £3.7 billion in current prices from the four quarters to the end of Q3 2023.

Of this £5.6 billion:

• Total UK exports to Qatar amounted to £4.4 billion in the four quarters to the end of Q3 2024 (a decrease of 19.9% or £1.1 billion in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Qatar amounted to £1.2 billion in the four quarters to the end of Q3 2024 (a decrease of 68.3% or £2.6 billion in current prices, compared to the four quarters to the end of Q3 2023).

Qatar was the UK’s 45th largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.3% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Qatar was £83 million, 23.4% or £25 million lower than in 2022. In 2023, Qatar accounted for less than 0.1% of the total UK outward FDI stock.

In 2023, the inward stock of foreign direct investment (FDI) in the UK from Qatar are not available due to data disclosure.

Saudi Arabia

Total trade in goods and services (exports plus imports) between the UK and Saudi Arabia was £15.8 billion in the four quarters to the end of Q3 2024, a decrease of 8.7% or £1.5 billion in current prices from the four quarters to the end of Q3 2023.

Of this £15.8 billion:

• Total UK exports to Saudi Arabia amounted to £12.4 billion in the four quarters to the end of Q3 2024 (a decrease of 0.8% or £103 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Saudi Arabia amounted to £3.4 billion in the four quarters to the end of Q3 2024 (a decrease of 29.2% or £1.4 billion in current prices, compared to the four quarters to the end of Q3 2023).

Saudi Arabia was the UK’s 24th largest trading partner in the four quarters to the end of Q3 2024 accounting for 0.9% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Saudi Arabia was £6.2 billion accounting for 0.3% of the total UK outward FDI stock. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Saudi Arabia was £685 million, 13.3% or £105 million lower than in 2022.

In 2023, Saudi Arabia accounted for less than 0.1% of the total UK inward FDI stock.

Somalia

Total trade in goods and services (exports plus imports) between the UK and Somalia was £34 million in the four quarters to the end of Q3 2024, a decrease of 56.4% or

Continued from page 27...

£44 million in current prices from the four quarters to the end of Q3 2023.

Of this £34 million:

• Total UK exports to Somalia amounted to £30 million in the four quarters to the end of Q3 2024 (a decrease of 41.2% or £21 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Somalia amounted to £4 million in the four quarters to the end of Q3 2024 (a decrease of 85.2% or £23 million in current prices, compared to the four quarters to the end of Q3 2023).

Somalia was the UK’s 180th largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Somalia was £611 thousand. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Somalia was less than £500 thousand.

Sudan

Total trade in goods and services (exports plus imports) between the UK and Sudan was £82 million in the four quarters to the end of Q3 2024, a decrease of 1.2% or £1 million in current prices from the four quarters to the end of Q3 2023.

Of this £82 million:

• Total UK exports to Sudan amounted

to £68 million in the four quarters to the end of Q3 2024 (an increase of 1.5% or £1 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Sudan amounted to £14 million in the four quarters to the end of Q3 2024 (a decrease of 12.5% or £2 million in current prices, compared to the four quarters to the end of Q3 2023).

Sudan was the UK’s 156th largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Sudan was less than £500 thousand. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Sudan was less than £500 thousand.

Syria

Total trade in goods and services (exports plus imports) between the UK and Syria was £2 million in the four quarters to the end of Q3 2024, a decrease of 33.3% or £1 million in current prices from the four quarters to the end of Q3 2023.

Of this £2 million:

• Total UK exports to Syria amounted to £2 million in the four quarters to the end of Q3 2024 (a decrease of 33.3% or £1 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Syria amounted to less than £1 million in the four quarters to the end of Q3 2024 (a change of less than £1 million in current prices, compared to the four quarters to the end of Q3 2023).

Syria was the UK’s joint 214th largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Syria was £292 million, 8.3% or £22 million higher than in 2022. In 2023, Syria accounted for less than 0.1% of the total UK outward FDI stock.

In 2023, the inward stock of foreign direct investment (FDI) in the UK from Syria was £13.0 billion accounting for 0.6% of the total UK inward FDI stock.

Tunisia

Total trade in goods and services (exports plus imports) between the UK and Tunisia was £746 million in the four quarters to the end of Q3 2024, an increase of 19.7% or £123 million in current prices from the four quarters to the end of Q3 2023.

Of this £746 million:

• Total UK exports to Tunisia amounted to £245 million in the four quarters to the end of Q3 2024 (an increase of 7.0% or £16 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Tunisia amounted to £501 million in the four quarters to the end of Q3 2024 (an increase of 27.2% or £107 million in current prices, compared to the four quarters to the end of Q3 2023).

Tunisia was the UK’s 95th largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Tunisia was £62 million, 28.3% or £14 million higher than in 2022. In 2023, Tunisia accounted for less than 0.1% of the total UK outward FDI stock. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Tunisia was £5 million, 15.8% or £977 thousand lower than in 2022.

In 2023, Tunisia accounted for less than 0.1% of the total UK inward FDI stock.

United Arab Emirates

Total trade in goods and services (exports plus imports) between the UK and United Arab Emirates was £23.4 billion in the four quarters to the end of Q3 2024, an increase of 2.0% or £454 million in current prices from the four quarters to the end of Q3 2023.

Of this £23.4 billion:

• Total UK exports to United Arab Emirates amounted to £14.9 billion

in the four quarters to the end of Q3 2024 (an increase of 5.1% or £719 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from United Arab Emirates amounted to £8.5 billion in the four quarters to the end of Q3 2024 (a decrease of 3.0% or £265 million in current prices, compared to the four quarters to the end of Q3 2023).

The United Arab Emirates was the UK’s 19th largest trading partner in the four quarters to the end of Q3 2024 accounting for 1.4% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in the United Arab Emirates was £4.3 billion accounting for 0.2% of the total UK outward FDI stock. In 2023, the inward stock of foreign direct investment (FDI) in the UK from the United Arab Emirates was £3.6 billion accounting for 0.2% of the total UK inward FDI stock.

Yemen

Total trade in goods and services (exports plus imports) between the UK and Yemen was £88 million in the four quarters to the end of Q3 2024, an increase of 69.2% or £36 million in current prices from the four quarters to the end of Q3 2023.

Of this £88 million:

• Total UK exports to Yemen amounted to £86 million in the four quarters to the end of Q3 2024 (an increase of 79.2% or £38 million in current prices, compared to the four quarters to the end of Q3 2023);

• Total UK imports from Yemen amounted to £2 million in the four quarters to the end of Q3 2024 (a decrease of 50.0% or £2 million in current prices, compared to the four quarters to the end of Q3 2023).

Yemen was the UK’s joint 151st largest trading partner in the four quarters to the end of Q3 2024 accounting for less than 0.1% of total UK trade.

In 2023, the outward stock of foreign direct investment (FDI) from the UK in Yemen are not available due to data disclosure. In 2023, the inward stock of foreign direct investment (FDI) in the UK from Yemen was £4 million, 49.7% or £1 million higher than in 2022.

In 2023, Yemen accounted for less than 0.1% of the total UK inward FDI stock.

Source: DBT country by country factsheets of the latest statistics on trade and investment between the UK and each stated country, 31 January 2025

Saudi Arabia sees investment licenses jump 68% to over 14k

The Kingdom of Saudi Arabia issued 14,321 investment licenses in 2024, reflecting a 67.7 percent year-on-year increase and underscoring the country’s growing appeal as a global business hub.

The kingdom is seeking to stimulate investment across its growing sectors including tourism, entertainment, healthcare, science, technology, and renewable energy.

A report from the KSA’s Ministry of Investment showed that 4,615 licenses were issued in the fourth quarter of 2024, marking a 59.9 percent increase compared to the same period the previous year.

According to the ministry, the surge highlights Saudi Arabia’s position as a leading investment destination, offering competitive advantages and a stable, supportive environment for businesses.

The report confirmed that this figure does not include licenses granted under the Kingdom’s Tasattur anticoncealment initiative.

Despite regional tensions, Saudi Arabia’s stable political environment and proactive economic reforms continue to attract investors.

Investor confidence

The government’s commitment to economic diversification and reducing dependence on oil revenues has been a key factor in strengthening investor confidence.

The Ministry of Investment previously reported that Gross Fixed Capital Formation — a key indicator of investment activity — grew 7.4 percent

year on year in the third quarter of 2024.

This increase was primarily driven by an 8.3 percent rise in fixed capital formation within the non-government sector, along with a 2.3 percent uptick in government investment.

The consistent growth in private-sector investment reflects rising confidence among multinational corporations, reinforcing Saudi Arabia’s efforts to attract foreign direct investment and diversify its economy as part of Vision 2030.

According to a previous Invest Saudi report, the sectors with the highest number of licenses issued since the launch of Vision 2030 include manufacturing, construction, professional and scientific services, as well as wholesale and retail trade, and information and communication technology.

These industries have become key drivers of Saudi Arabia’s economic diversification strategy, highlighting the success of ongoing efforts to position the Kingdom as a regional hub for business and innovation.

Regional HQs

Saudi Arabia has launched various initiatives to attract investment and solidify its status as a regional business hub. A key element of this strategy is

the Regional Headquarters Programme, which encourages multinational companies to establish operations in the Kingdom.

The initiative provides 30 years of tax relief, including zero percent corporate income and withholding tax on RHQ activities, along with a 10-year exemption from Saudization requirements.

Additionally, the top three RHQ executives receive premium residency at no cost, further enhancing Saudi Arabia’s appeal to global corporations.

Vision 2030

In October last year, Saudi Investment Minister Khalid Al-Falih announced the Kingdom had already surpassed its Vision 2030 target of attracting 500 companies to Riyadh, with 540 making the city its regional base.

Beyond this programme, the Saudi government has taken steps to simplify investment processes. Initiatives include the Tourism Development Fund, launched with an initial capital of $4 billion, and the Kafalah programme, which provides loan guarantees of up to $400 million.

All these efforts aim to stimulate private investment in tourism, entertainment, healthcare, science, technology, and renewable energy.

For details of opportunities see the Invest Saudi website, https://investsaudi.sa/en/sectorsopportunities/

Arab Airports Ambitious Upgrades and Expansion Plans

Highlighting some of the major developments in Arab airports over the past year along with future expansion plans.

Algeria

‘Algiers airport can become an international hub’

Passenger traffic at Algiers International Airport is expected to exceed 10 million in 2025.

That was the prediction of the Chairman and CEO of Société de gestion des services et infrastructures aéroportuaires d’Alger (SGSIA), Mokhtar Saïd Mediouni, who announced that passenger traffic at Algiers International Airport will exceed 10 million at the start of the year.

The official also spoke about digitization and other new facilities for air travel in Algeria. Addressing the APN Transport and Telecommunications Committee, Mediouni hailed measures to facilitate air transport, particularly for Algerians abroad and international travellers. He also highlighted the widespread digitization of airport services in the

country and the integration of new applications to enhance the passenger experience.

Source: Algeria Invest

Bahrain

Bahrain International Airport kicks off runway maintenance plan

Bahrain Airport Company (BAC), the managing body of Bahrain International Airport (BIA), has commenced its 2025 runway maintenance plan aimed at ensuring safety, efficiency, and operational sustainability at the key regional airport.

The plan, which adheres to international aviation safety standards, is being executed in coordination with the Bahrain Civil Aviation Authority (BCAA).

Eyad Ismaeel, BAC’s acting VP of Facility Management, stated, “This

comprehensive runway maintenance plan shows BAC’s commitment to maintaining the highest levels of safety and efficiency at BIA throughout 2025. By adhering to international aviation safety and operational standards, we are not only enhancing BIA’s regional standing but also ensuring a seamless and secure travel experience for all passengers.”

What’s involved

The initial phase of the plan includes several crucial maintenance tasks, including rubber removal, friction testing, asphalt patching, runway remarking, shoulder repairs, strip grading, joint sealant and nitoseal applications, as well as airfield ground lighting repairs.

The lighting system will undergo LED upgrades, photometric testing, and manhole dewatering as part of the maintenance.

BAC emphasised that the 2025 maintenance plan is part of its broader strategy to invest in BIA’s infrastructure, enhancing the airport’s operational efficiency, and ensuring the provision of world-class service to both passengers and airlines.

Source: Gulf Business

Jordan

QAIA welcomes 8.8 million passengers in 2024

Airport International Group (AIG) celebrated an outstanding year in 2024, marked by achievements and initiatives for Queen Alia International Airport (QAIA) across operations, customer experience, environmental sustainability and community development.

This journey of progress culminated with “prestigious” recognitions that emphasised QAIA’s standing as Jordan’s

prime gateway to the world, most notably the Silver Jubilee Medal from His Majesty King Abdullah in recognition of its contributions to the service of Jordan, particularly in supporting local communities, according to a statement for The Jordan Times.

QAIA was acknowledged for its passenger satisfaction, earning the title of ‘Best Airport by Size and Region: Middle East’ for the second consecutive year and the eighth time overall in the ACI World 2023 ASQ Survey.

QAIA also attained a 4-Star Airport Rating by SKYTRAX World Airport Audit and renewed Level 3 of the ACI World Airport Customer Experience Accreditation.

Adding to its accolades, AIG received the Seal of Excellence under the King Abdullah II Award for Excellence for the Private Sector, lauding its achievement of organisational objectives.

Regarding airport infrastructure and operations, AIG signed an agreement with Joramco to build a new hangar, expanding aircraft maintenance capabilities and creating 400 jobs, where both sides renewed contracts for 30 years, reinforcing a long-term partnership to support QAIA’s strategic growth, the statement said.

Source: Jordan Times

Qatar

Hamad Airport completes key terminal expansion

Qatar’s Hamad International Airport (DOH) has announced the opening of Concourse E as part of its latest terminal expansion programme.

Under this programme, two new concourses are being built, said the statement from DOH.

With the first of the two concourses, the Concourse E completion, it increases the number of overall contact gates by 20%.

Designed to further elevate the passenger journey, this development prioritises boarding efficiency, reduces reliance on remote gates and buses and incorporates accessibility and sustainability focused design, it stated.

The expansion adds 51,000 sq m of space to the airport, featuring eight new contact gates representing a 20% overall addition that enable faster boarding and improved operational efficiency.

Airports

Vital New Features

The Concourse E boast several vital features including:

*Advanced Self-Boarding Technology: Enhancing passenger convenience with self-boarding gates that scan boarding passes automatically for a smoother travel experience.

Sustainable Infrastructure: Featuring cutting-edge energy-efficient systems, innovative water management solutions, and optimized thermal comfort, the concourse reinforces Hamad International Airport’s commitment to sustainability.

Hamad Ali Al Khater, the Chief Operating Officer at Hamad International Airport, said: “We are thrilled to see this modern concourse come to life, providing our passengers with a more seamless and comfortable travel experience. This expansion reflects our commitment to delivering world-class facilities that emphasize efficiency, accessibility and sustainability.”

“With the launch of Concourse E, travellers can experience the first phase of a transformative expansion aimed at elevating every aspect of their journey. This marks only the beginning, with further developments planned to enhance connectivity, capacity, and the overall experience at Hamad International Airport,” he added.

Sources: DOH/ Trade Arabia/Construction Week

Saudi Arabia Kingdom to open its domestic sector to international charter flights

The Saudi General Authority of Civil Aviation (GACA) is opening the domestic private aviation market to international operators, by announcing the removal of cabotage restrictions for foreign on-demand charter flights within the kingdom.

The new policy, effective May 1, 2025, will allow foreign charter operators to apply for permission to operate domestic flights, following specific requirements set by GACA.

The decision is part of GACA’s broader strategy to boost the private jet market, supported by the establishment of a sector development committee to engage international and domestic business jet operators. >>>

Airports

“GACA is unlocking new opportunities for the global aviation industry, by removing restrictions on charter flight businesses to operate domestically in the Kingdom,” remarked Imtiyaz Manzary, the General Manager for General Aviation at GACA.

“This regulatory decision supports GACA’s roadmap to establish Saudi Arabia as a general aviation hub, alongside an unprecedented infrastructure program to establish new private airports and terminals across the kingdom,” he stated.

Manzary said the removal of cabotage restrictions marks an important step in GACA’s strategy to enhance competition, attract foreign investment and provide greater flexibility for operators in the general aviation industry.

Aviation Hub

Alongside this decision, GACA has announced a national General Aviation Sector Development committee to enhance Saudi Arabia’s proposition as a general aviation hub, including international private aviation investors, operators, and service providers.

The committee will engage on infrastructure planning and regulatory processes, to enhance the Kingdom’s general aviation sector value proposition, he explained.

According to a company press release, the removal of cabotage restrictions marks an important step in GACA’s strategy to enhance competition, attract foreign investment, and provide greater flexibility for operators in the general aviation industry.

GACA’s General Aviation Roadmap was launched during the Future Aviation Forum in May 2024, including a comprehensive transformation programme to develop the general aviation sector into a $2 billion industry by 2030, supporting 35,000 jobs.

The roadmap aligns infrastructure planning and regulations

across the sector, delivering six dedicated business aviation airports and a further nine dedicated business aviation terminals.

It will also increase the number of business aviation Fixed-Base Operators and Maintenance, Repair and Overhaul capacity for business jets.

“Saudi Arabia’s business jet sector achieved a record 24% jump in flight volumes in 2024 to 23,612 flights, with domestic jet flights rising 26% to 9,206 and international jet flights rising 15% to 14,406,” said the company.

Saudi Arabia’s business jet sector achieved a record 24% jump in flight volumes in 2024 to 23,612 flights, with domestic jet flights rising 26% to 9,206 and international jet flights rising 15% to 14,406, GACA added.

Source: GACA

UAE

‘Dubai – the world’s airport’

Dubai has marked 10 years of Dubai International Airport, known as DXB, as the qorld’s busiest international hub.

In response, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, described Dubai as “the airport of the world.”

“Over the past 10 years, Dubai International Airport welcomed more than 700 million passengers and was the busiest international airport with 3.3 million flights according to Airports Council International,” Sheikh Mohammed said.

“Dubai is the airport of the world and a new world in the aviation sector,” he added.

Al Maktoum International Airport

Apart from DXB, Dubai also has the Al Maktoum International Airport, which had initially opened for cargo operations in 2010 but now includes passenger flights since 2013.

And the aviation landscape in Dubai is set to expand further with a new terminal set to come up at Al Maktoum International Airport.

At an estimated cost Dh128 billion, the expansion will see five parallel runways come up and feature 400 aircraft gates within a total area of 70 square kilometres.

“Over the next 10 years, Dh128 billion will be spent to reshape the international aviation landscape,” Sheikh Mohammed said.

The Dubai Ruler had approved the designs for the new passenger terminal in April last year with construction beginning immediately.

Once completed, the Al Maktoum International Airport will be five times the size of the current Dubai International Airport. All operations from DXB will gradually be transferred to the Al Maktoum International Airport.

DXB numbers

The airport welcomed 92.3 million guests in 2024, surpassing its previous all-time high of 89.1 million in 2018

It achieved an incredible milestone in 2024 by handling 81.2 million bags while maintaining an industry-leading success rate of 99.45%. This translates to just 5.5 mishandled bags per 1,000 guests, beating the international standard of 6.9 bags/1000 guests as reported by SITA.

Despite the massive surge in guest numbers, 98.2% of guests waited less than 10 minutes at departure passport control and 99.2% guests waited under five minutes at security

It handled 2.2 million tonnes of cargo during 2024, a sharp increase of 20.5% from last year when the hub registered 1.8 million tonnes in annual cargo

The number of all flight movements increased by 5.7% in 2024 to reach 440,300, with a load factor of 78.1, a marginal growth of 0.3% for the year.

Source: KT

Mideast airlines see 9.4% traffic rise in past year

Middle Eastern airlines saw a 9.4% traffic rise in 2024 compared to 2023, according to the International Air Transport Association (IATA) in its recently released data for 2024.

For the full year, M E airline capacity increased 8.4% and load factor climbed 0.7 percentage points to 80.8%. for the month of December demand climbed 7.7% compared to the same month in 2023, IATA said.

The performance of the region’s airlines comes at a time when the international passenger market performance in December experienced a record high demand.

African airlines, meanwhile, witnessed an annual traffic rise of 13.2% in 2024 versus the prior year. Full year 2024 capacity was up 9.5% and load factor climbed 2.5 percentage points to 74.5%, the lowest among regions but a record high for Africa. December 2024 traffic for African airlines rose 12.4% over December 2023.

Total full-year traffic in 2024 (measured in revenue passenger kilometers or RPKs) rose 10.4% compared to 2023, IATA reported. This was 3.8% above pre-pandemic (2019) levels. Total capacity, measured in available seat kilometers (ASK),

was up 8.7% in 2024. The overall load factor reached 83.5%, a record for full-year traffic.

International full-year traffic in 2024 increased 13.6% compared to 2023, and capacity rose 12.8%.

Domestic full-year traffic for 2024 rose 5.7% compared to the prior year, while capacity expanded by 2.5%.

December 2024 was a strong finish to the year with overall demand rising 8.6% year-on-year, and capacity growing by 5.6%. International demand rose by 10.6% and domestic demand by 5.5%. The December load factor reached 84%, a record for the month.

Mideast air cargo demand

Middle Eastern carriers saw 13% yearon-year demand growth for air cargo in 2024. Capacity increased by 5.5% yearon-year, the IATA report said adding that December year-on-year demand increased 3.3% and capacity increased 0.2%.

Full-year demand for 2024, measured in cargo tonne-kilometres (CTK), increased 11.3% (12.2% for international operations) compared to 2023. Fullyear 2024 demand exceeded the record volumes set in 2021.

December 2024 brought the year to a close with continued strong performance. Global demand was 6.1% above December 2023 levels (7.0% for international operations). Global capacity was 3.7% above December 2023 levels (5.2% for international operations). Cargo yields were 6.6% higher than December 2023 (and 53.4% higher than in December 2019).

“Air cargo was the standout performer in 2024 with airlines moving more air cargo than ever before. Importantly, it was a year of profitable growth,” IATA said.

IATA’s full report can be seen at https://www.iata.org/ en/pressroom/2025releases/2025-01-30-01/

MENA Investment Banking in 2024

An estimated $1.5 billion worth of investment banking fees were generated in the Middle East & North Africa during the last year, 2024, 24% more than the value recorded in 2023 and the third highest annual total in the region since 2000.

Investment banking activity in the past year was brought to light in a recent annual review issued by the London Stock Exchange Group - LSEG Data & Analytics, one of the world’s largest providers of financial markets data.

The MENA Investment Banking Review Full Year 2024 brings together the year’s data on banking fees, mergers and acquisitions, capital markets, deals and debt, and Islamic finance bonds.

Some of the findings highlighted are as follows.

Banking Fees Highlights

• An estimated US$1.5 billion worth of investment banking fees were generated in the MENA during 2024, 24% more than the value recorded in 2023 and the third highest annual total in the region since our records began in 2000.

• Debt capital markets underwriting fees increased 59% to US$389.5 million, an all-time high, while

equity capital markets underwriting fees increased 54% year-on-year to US$403.8 million.

• Advisor y fees earned from completed M&A transactions totalled US$295.9 million in 2024, a 3% increase from year ago levels.

•Syndicated lending fees were flat compared to 2023, at US$449 million.

• For ty percent of all MENA fees were generated in the United Arab Emirates in 2024, followed by Saudi Arabia (38%).

• HSBC earned the most investment banking fees in the region during 2024, a total of US$107.3 million or a 7% share of the total fee pool.

M&A Highlights

• The value of announced M&A transactions with any Middle East or North African involvement reached US$75.0 billion in 2024, down 4% compared to year ago levels and the lowest annual total since 2020.

The number of deals announced in the region increased 1% from 2023.

• Deals involving a MENA target totalled US$30.3 billion during 2024, down 8% from 2023 levels as domestic deals in the region declined 31% to a seven-year low of US$16.1 billion. In bound deals, involving a non-MENA acquiror, increased 49% in value to a threeyear high of US$14.2 billion.

• MENA outbound M&A totalled US$40.2 billion in 2024, a 3% decline from year ago levels.

• The largest deal with MENA involvement during 2024 was Adnoc’sUS$17.6 billion takeover offer for German chemicals company Covestro.

• Industrials was the most active sector, accounting for 27% of MENA target M&A during 2024, followed by materials and the financial sector. The UAE was the most targeted nation, followed by Saudi Arabia.

•Morgan Stanley took first place in the any MENA involvement

Banking & Finance

• Proceeds raised from follow-on offerings reached a 16-year high of US$17.9 billion, largely boosted by a US$12.3 billion stock sale by Saudi Aramco in June.

Equity Capital Markets

• MENA equity and equity-related issuance totalled US$30.0 billion during 2024, a 126% increase from year ago levels and the highest annual total in the region since 2019.The number of issues increased 16% from year ago levels.

• Initial public offerings accounted for 41% of activity, while follow-on issuance accounted for 59%.

• A total of 54 initial public offerings were recorded during 2024, six more than in 2023 and the highest annual total since 2007. They raised a combined US$12.2 billion, a 12% increase from last year. Food delivery firm Talabatraised US$2.0 billion in its stock market debut in Dubai in November, the largest IPO in the region during 2024.

• The energy & power sector was most active with issuers raising a combined US$16.1 billion, accounting for 54% of total equity capital raisings in the region during 2024.Retail followed, accounting for 16%.

• EFG Hermes took first place in the MENA ECM underwriting league table during 2024, with a 9.6% market share.

Debt Capital Markets

• MENA bond issuance totalled US$119.6 billion during 2024, 66% more than the value recorded in 2023, and an annual total only exceeded once before, in 2020.The number of issues increased 86% over the same period.

• Saudi Arabia was the most active issuer nation during 2024 accounting for 45% of total bond proceeds, followed by the United Arab Emirates (33%), and Qatar (10%).

• Financial issuers accounted for 63% proceeds raised during 2024, while Government & Agencies accounted for 23%.

• Islamic bonds in the region raised US$46.2 billion during 2024, a 44% increase from year ago levels and an all-time annual record. Sukuk account for 39% of total bond proceeds raised in the region, compared to 45% last year at this time.

This report can be accessed here: https://thesource.lseg.com/ thesource/getfile/index/74d1ab2c767a-422a-8aa5-fdd1386926e8 announced M&A financial advisor league table during 2024, for their advisory work on deals worth a combined US$31.8 billion.

• Standard Chartered took the top spot in the MENA bond bookrunner ranking during 2024 with US$11.2 billion of related proceeds, or a 9.4% market share. Standard Chartered also took first place in the MENA Islamic bonds league table.

2024 a Record Year for the Dubai Financial Market

Dubai Financial Market Company (PJSC) at the end of January announced its consolidated results for the fiscal year ending 31 December 2024, highlighting a 24% increase in net profit (pre-tax) to AED 409.3 million, compared to AED 329.6 million in 2023. It was a record year for DFM.

The growth was driven by robust trading volumes, strong capital inflows, a surge in both retail and institutional investor activity and sustained market performance in addition to investment returns performance, DFM stated.

The strong result for the past year underscored the DFM’s position as the leading financial exchange in the region. The year witnessed three highly successful IPOs, including talabat’s listing, which stood out as the largest global tech IPO of the year.

A Strong Financial Performance

DFM reported total revenues of AED 632.3 million for the full year of 2024, marking a15.5% increase from the previous year. This revenue includes AED 353.1 million in operating income and AED 279.2 million in investment returns and other income.

Meanwhile, overall expenses excluding tax amounted to AED 223 million, compared to AED 217.9 million during the same period in 2023. Reflecting on the achievements of 2024, Hamed Ali, Chief Executive Officer of DFM and Nasdaq Dubai, said: “Our long-term focus on innovation and the success of our strategic

initiatives have borne fruit, driving DFM’s strong performance in 2024. This year has been transformative for our business, significantly expanding opportunities for a diverse range of investors and issuers alike.”

Trading and Market Performance

Performing at its highest level in a decade, DFM General Index recorded a 27.1% increase by the end of December 2024, reflecting the largest annual gain in three years. It further marks the fourth consecutive year of increase, reflecting strong investor confidence regionally as well as globally and the and steady market dynamics.

Last year, DFM onboarded 138,262 new investors, marking a significant increase of 120.5% compared to the 62,676 new investors registered in 2023, of this, 85% were foreign investors. Foreign investors contributed to 50% of the total trading value in 2024 compared to 47% in 2023 with market capitalization share at 21% at the close of the year.

Additionally, the exchange witnessed a notable surge in interest from institutional investors, with their trading share rising sharply to 65% compared to 58% in 2023 reflecting the market’s

strong appeal for a broadening and increasingly diverse investor base.

An Expanding IPO Market

DFM’s IPO market had a robust year with three successful listings, across family business, private sector and government-related entity. Public offerings significantly boosted market activity, with listings from Parkin, Spinneys, and talabat raising AED 10.48 billion, a substantial increase from AED 1.97 billion raised through IPOs in 2023. Talabat Holding plc, the region’s premier on-demand delivery platform, raised AED 7.5 billion through its IPO.

The listing drew significant demand from regional and international investors, standing out as the largest global technology IPO of the year. To address the exceptional demand, which included significant anchor orders from global long-term and technologyfocused investors, the offering size was increased during the bookbuilding phase from 15% to 20% of the company’s total issued share capital.

Spinneys 1961 Holding plc, a premium grocery retailer, also made a notable debut on DFM. The IPO attracted AED 71 billion in orders and was

oversubscribed by 64 times, making it one of the most sought-after nongovernment-related IPOs on DFM.

The offering raised AED 1.38 billion and implied a market capitalization of AED 5.51 billion. Similarly, Parkin Company raised approximately AED 1.57 billion through its IPO. The offering generated record-breaking demand of AED 259 billion, achieving an oversubscription level of 165 times — the highest ever recorded for a DFM IPO.

CEO Hamed Ali added: “The achievements of 2024 reflect the growing depth and maturity of Dubai’s financial markets. The success of landmark IPOs in 2024, coupled with increased trading activity and foreign participation, reinforces Dubai’s appeal as a preferred destination for companies and investors worldwide. Moving forward, we remain focused on creating a transparent and innovative marketplace to drive future growth.”

Driving Retail Investor Participation

Retail investor participation on the Dubai Financial Market (DFM) has grown substantially in 2024, Retail segment contributed 35% of total trading activity last year, highlighting the influence of

retail investors, which was more evident in the recent IPOs, where retail tranches were expanded to meet strong demand: Spinneys increased its retail tranche from 5% to 7% while Parkin raised its tranche from 10% to 12%.

A major contributing factor has been DFM’s accessibility enhancements for retail investors through digital platforms and streamlined subscription processes. The upgraded iVestor App launched in 2024, offers digital financial management for investors with seamless onboarding, direct IPO subscriptions, portfolio management, and dividend tracking, while the IPO Upgrade Programme, enables investors to enhance their subscriptions by up to five times through leverage, thereby increasing their potential allocation in IPOs.

These efforts have helped strengthen DFM’s position as a leading hub for retail investor engagement, capturing approximately one-third of total retail IPO inflows.

Investor Roadshow

DFM successfully conducted its international investor roadshow in 2024, held in collaboration with HSBC

in London. This roadshow featured 12 top-listed companies with a combined market capitalization of AED 326 billion and recorded a 20% increase in investor engagements compared to previous years.

Additionally, DFM’s marquee event — the second edition of the Capital Market Summit — brought together over 1,000 delegates and 60 distinguished speakers, reinforcing its position as the region’s premier gathering for capital markets.

The event included discussions on key topics such as digital transformation of capital markets, MENA IPO pipeline and trajectory, venture capital growth, integration of AI and financial markets, as well as cross border stock exchange collaborations within GCC and globally across Swiss, Shenzhen and other markets.

The summit also introduced ARENA by DFM, a new private platform that streamline access to capital by connecting investors with opportunities in diverse assets including private equity and private debt, with plans to introduce additional asset classes.

For more on the DFM, see https://www.dfm.ae/

Roundup of Legal Updates

Iraq New Social Security Platform Launched

Executive summary

Effective immediately, the Directorate of Retirement and Social Security for Workers has launched the “Daman” digital platform designed to provide social security services for individuals including employers, business owners, and private-sector workers covered by the Labor Retirement and Social Security Law.

A closer look

The “Daman” platform marks a significant advancement in the government’s digital transformation strategy, providing users with a streamlined and efficient way to access social security services while reducing reliance on manual processes.

Key features include online application for various services, including registration and de-registration for both Iraqi and foreign employees, annual report submissions and monthly contribution payments, clearance requests and business contract registrations, project information updates, additional digital services for self-employed and retired individuals. Previously, these processes were conducted manually.

However, any newly established entity registration with social security will still require a manual process, necessitating an in-person visit to the social security office to initiate the process.

Notably, companies are no longer required to use a dedicated “.iq” domain for registration and can now register on the platform with any email domain of their choice.

Impact

The “Daman” platform replaces manual processes with a digital system aimed at streamlining procedures and reducing processing time for users, though some challenges may arise during the initial rollout.

Kuwait E-Visa Issuance Resumes

Executive summary

Effective immediately, e-visa issuance for Kuwait resumes through an enhanced platform.

Effective immediately, e-visa issuance for Kuwait resumes. Eligible individuals travelling to Kuwait can now apply for an e-visa for Kuwait through an enhanced platform.

Notable changes on the new E-Visa platform:

Profile creation: Applicants must now create a profile to submit visa applications for themselves or others.

Visa types: Currently limited to tourist visas, with plans to expand to include Business, Family, and Government Visas.

New requirements: Applications now require a passport-sized photo and either a confirmed hotel reservation or the host’s address in Kuwait.

The platform is still undergoing changes, and we anticipate further enhancements.

Impact

The resumption of e-visa issuance through the enhanced platform will facilitate travel to Kuwait.

Legal Updates

Steps to use the Qatar Digital Identity (QDI) App for entry and exit

1. Download the QDI app and log in.

2. Navigate to the correct Travel Document Card.

3. Tap the icon at the top of the card to verify facial recognition.

4. Position your phone near the gate scanner to confirm your identity.

Previously, individuals used their physical passports or Qatari identity documents to enter and exit Qatar. However, it is still advisable to carry both, as airport authorities may still request them.

Launched in 2024, the QDI app allows Qatari nationals and residents of Qatar to securely access digital copies of their documents, including passports, identity documents, and driving licenses. The app also offers a range of features, including biometric login, a digital wallet, electronic signature, document verification, and identity authentication.

Impact

This development offers a more seamless and efficient travel experience for eligible individuals, reducing reliance on physical documents and speeding up the process at Hamad International Airport.

Clarification on Yellow Fever Vaccination Requirements for Visitors to Saudi Arabia

Background

In December 2024, the Ministry of Interior announced the temporary suspension of e-visa issuance as part of efforts to upgrade the e-visa platform.

Qatar Digital Identity App Simplifies Entry and Exit at Hamad Airport

Executive summary

The Ministry of Interior has announced that Qatari nationals and residents of Qatar can now use the Qatar Digital Identity app for entry and exit through the E-Gate at Hamad International Airport.

A closer look

Executive summary

Recent reports by unofficial media sources have created significant confusion regarding the yellow fever vaccination requirements for travellers to Saudi Arabia. Misinterpretations of the guidance have led to misunderstandings about the scope of these requirements. In response, Fragomen has obtained verbal clarifications from relevant government authorities to provide a clearer understanding of the rules.

A closer look

According to verbal clarifications, the yellow fever vaccination requirement applies specifically to nationals of certain countries (please refer to this guideline for more details) traveling to Saudi Arabia for pilgrimage purposes, including Hajj and Umrah. >>>

This requirement does not apply to individuals visiting the Kingdom for other reasons.

However, nationals from affected countries traveling for non-pilgrimage purposes may still be asked to provide proof of yellow fever vaccination upon arrival at airports in Jeddah, Madinah, or Taif (due to their proximity to pilgrimage sites), depending on the discretion of the government officials upon arrival.

It is also important to note that foreign nationals traveling for Hajj must obtain a dedicated Hajj visa. For Umrah, individuals may use a dedicated Umrah visa or other types of visas, such as an e-visa for tourism purposes or a business visit visa, to enter Saudi Arabia.

Individuals planning to travel to Saudi Arabia are advised to check with their airline regarding vaccination requirements prior to entry.

UAE Authorities Recommit to Stricter Tenancy Contract Rules for Dependent Residence Permits

Executive summary

After a period of leniency, authorities in Abu Dhabi are once again only accepting Abu Dhabi-registered tenancy contracts (and not accepting tenancy contracts registered in other emirates) when foreign nationals apply for, or seek to renew, an Abu Dhabibased dependent residence permit.

After a period of leniency, authorities in Abu Dhabi are once again only accepting Abu Dhabi-registered tenancy contracts when foreign nationals apply for, or seek to renew, an Abu Dhabi-based dependent residence permit. The contract must be submitted via Tawtheeq (an Abu Dhabi government online tenancy contract registration system). Failure to comply with this rule will result in rejection of the dependent resident permit application.

In 2017, the requirement to provide only Abu Dhabi-registered tenancy contracts for such applications was first introduced, but authorities subsequently adopted a lenient interpretation of the rule and began accepting tenancy contracts registered in other emirates. This latest change, however, sees authorities recommitting

to a strict interpretation of the 2017 policy.

This rule may be waived at the discretion of immigration authorities if the sponsoring individual’s employer (as evidenced by their trade license) is legally registered in the same emirate as that of the associated tenancy contract. Each request is evaluated on a case-by-case basis.

Impact

This recommitment to a strict interpretation of the tenancy contract rule introduces new administrative steps for employers and foreign nationals, who must now – except in limited circumstances – always source an Abu Dhabi-registered tenancy contract even if they have already arranged a tenancy contract in another emirate. This may delay the arrival schedule for dependent residence permit holders.

New Abu Dhabi Global Market Employment Regulations Forthcoming

Executive summary

The Abu Dhabi Global Market Authority has issued new employment regulations, which will take effect on April 1, 2025.

The Abu Dhabi Global Market Authority (ADGM) has issued new employment regulations set to take effect on April 1, 2025. These regulations aim to align with global changes in labor practices while providing greater clarity on the rights and obligations of employers and employees. The new regulations are specific to the ADGM and do not apply to other jurisdictions within the United Arab Emirates.

A closer look

In 2024, the ADGM proposed amendments to its existing employment regulations. The finalized regulations, which differ from the initial proposal, introduce significant updates on employment matters (for detailed guidance, consulting with an employment law specialist in the United Arab Emirates is recommended). Additionally, certain changes will impact immigration processes. The most notable immigration-related changes are outlined below:

Work Permit/Visa cancellation. Employers will be required to promptly cancel work permits and, as applicable, residency visas and identity cards, and pay all related costs. Failure to comply may result in fines. Under current regulations, while employers must process and pay for work permits, residence visas and identity cards, no specific provisions exist regarding cancellation procedures or costs.

End-of-service gratuity. The new regulations clarify rules for calculating end-of-service gratuity, notably removing the two-year pay cap. They also state that gratuity must be paid regardless of the termination reason. Unlike current practice, employees terminated for cause (for instance, misconduct) will no longer forfeit their end-of-service gratuity entitlement. Employers may also offer a pension or savings scheme as an alternative to gratuity payments.

Part-time employment. A new category, “Part-Time Employee,” will be introduced, simplifying the calculation of leave and other entitlements for individuals working reduced hours. The current regulations do not define or address part-time employment.

Remote employees. The new regulations recognize “Remote Employees” with slightly different rights and obligations compared to standard employees. Remote employees residing and working outside the United Arab Emirates will not require a UAE residency visa or work permit. Current regulations are silent on remote working.

Impact

Employers within the ADGM should review and update their employment policies to ensure compliance with the new regulations. Adjustments to recruitment strategies and internal processes may be necessary to avoid penalties.

Fragomen is a Platinum member of the ABCC.

The principal activity of Fragomen is provision of immigration consultancy services to corporations, organisations expanding their global footprint and individuals.

https://www.fragomen.com/

Head of International Trade

Atava Education & Trainingserving international students and business clients

Atava Education & Training has been a trusted advisor, assisting international students and business clients with their training and educational needs since 2013.

We welcome students from around the world and offer comprehensive assistance with English language programmes, summer schools, boarding schools, and university courses.

Our services also include short courses designed to meet the needs of corporate clients and individuals looking to upskill, reskill, or pursue personal and career development. Whether you’re seeking to advance in your current role, explore a new industry, or build a foundation for future opportunities, our wide range of options ensures flexibility and quality education tailored to your goals.

Our mission is to provide students with a safe and reliable route to education in the UK, grounded in honest, impartial advice. We take pride in our in-depth knowledge of the UK education system and our commitment to meeting each student’s unique needs with integrity and professionalism.

With multilingual staff, our business clients trust us for expert advice and solutions for vocational and technical training, and other continuing professional education and soft skills.

Fluent in English, Arabic, Turkish, Hindi, and French, we are dedicated to ensuring that language is never a barrier to communication. Our values of trust, inclusiveness, and warmth define our approach, helping clients feel supported at every step.

Discover why students choose Atava Education & Training—see our Google reviews

Feedback

Mohammed Alghuwaibi, Yemen (Studying University Foundation Course in Business)

I had an incredible experience! The staff was always welcoming, knowledgeable, and genuinely supportive every step of the way. They went above and beyond to ensure everything was smooth and stress-free, and their guidance was invaluable. The attention to detail and dedication they put into assisting students is unmatched. I highly recommend them to anyone seeking professional and caring support. Thank you for making the journey enjoyable and memorable!

Ahmad Emad, Iraq (Studying MSc Medical Molecular Biology - Genetics)

Firstly, I would like to express my appreciation for the support and guidance provided throughout the application process. The information shared about available programmes, as well as the steps involved in the application, was clear and helpful. I felt that the team was always available to address any questions or concerns, which made the experience smoother.

Atava team and students

These are some of the many questions we are asked and assist with daily, in queries from all around the world. The UAE is a growing and resilient economy and people want to operationalise their existing business, or set up new ones, across the Middle East and the UAE offers many financial gains and importantly, a lifestyle that no one in the world can match.

Gatestone Group is a market leading Corporate Services Provider offering a one stop solution for businesses of all sizes. The company is head-quartered in Dubai, Business Bay, and has offices in London and Jeddah. The company specialises in business consultancy, company formation, legal services, accounting and bookkeeping guiding businesses through the intricacies of the UAE business landscape.

Our seasoned professionals ensure a seamless transition, offering strategic solutions for success. We understand the unique challenges and opportunities that the UAE’s dynamic business landscape offers. Our commitment to providing expert guidance, tailored strategies, and unwavering support sets us apart. With a dedicated team of experienced professionals, we have the knowledge and expertise to navigate complex legal and financial matters, ensuring that our clients thrive in a competitive environment.

Why do people and businesses choose Gatestone Group to support their journey in the UAE?

This is simply because we understand our clients and our approach is not a one size fits all but rather a tailored strategy leaving no room for costly errors. Unfortunately, re-work is something we

Gatestone Group market leading Corporate Services Provider

Can I open a business in the UAE remotely?

How can I open a bank account? Who will look after my accounting? What are the compliance requirements for my company? Mainland, Free Zone or Offshore?

have noticed is becoming commonplace. We find clients who have initially approached other firms to assist with their requirements but have been set up incorrectly, or not as cost effective from a tax, compliance and legal perspective.

We offer a free consultancy session to better understand a prospective client’s requirements and expectations. It does not take too long to know we can do better and have proved this time and time again which is why we enjoy a 98% client retention rate. It is critical to get the fundamentals of structuring a business in the UAE right from the start otherwise it can be a costly experience which can include financial penalties from the regulators.

Numerous times we have saved our clients from financial challenges and streamlined their operations, optimising not only their businesses but giving clients the freedom to focus on financial success. We do the hard work, so they don’t have to!

London team

We are seeing an influx of queries coming from Europe and the United Kingdom. We have a dedicated team based in London who meet new and existing clients making our services accessible to most across the other side of the world. We simply put the context into layman terms and then into action.

There is a lot of hand holding through the process of setting up in the UAE, and it’s just exactly what our clients need. British and overseas clients who want to relocate or expand their business in the UAE have shown tremendous interest in setting up in the Kingdom of Saudi Arabia market in the last couple of years.

Gatestone Group has an office in Jeddah and is at the forefront of servicing the growing need for corporate services in the KSA. Although many clients think KSA is a growing market, it is undoubtedly a robust business environment and is opening more and more to the rest of the world elevating their position as a global player. In our professional opinion we believe if you have been successful in the UAE, KSA is your next stop.

Why? Both the UAE and KSA are a melting pot of expatriates and an excellent platform for global connectivity, diverse business skills and networking, three critical elements for global success.

What sets both regions apart from the rest of the world? The markets are growing, thriving, fuelled by an unmatched pool of talent like no other country in the world.

Gatestone Group’s core team consist of a collective 50+ years of on the ground experience with a rich history of serving clients across various industries. Our partnership with authorities in the UAE has positioned us to leverage our established relationships and apply best outcomes for our clients.

Our unique approach is that we operate as a strategic partner with our clients navigating a myriad of legal, compliance and taxation challenges which we strive to provide innovative and comprehensive corporate solutions, standing shoulder to shoulder through every stage of their journey.

Mahmood Tassadaq Chairman, Gatestone Group info@gatestonegroup.com

www.gatestonegroup.com

As the most populous nation in the Middle East and a strategic gateway connecting Africa, Europe, and Asia, Egypt presents unparalleled investment prospects across a diverse range of industries. The Economic Focus Publication – March 2025, produced by the Arab British Chamber of Commerce (ABCC) in collaboration with WPL and NGage Consulting, will provide a comprehensive insight into Egypt’s rapidly evolving economic landscape.

Key sectors driving the nation’s growth include large-scale construction projects, finance and banking, real estate development, and mining. Additionally, the Suez Canal Economic Zone (SCZone) stands as a pivotal hub for global trade. Further advancements in aviation infrastructure, energy, cybersecurity, artificial intelligence, and legislative reforms continue to reinforce Egypt’s status as a premier investment destination. The tourism sector remains a fundamental pillar of economic resilience, further strengthening the country’s financial outlook.

This high-profile publication serves as an exclusive platform for organisations seeking to connect with influential decisionmakers, investors, and industry leaders within the Arab-British business network. Offering elite sponsorship and advertising opportunities, businesses can amplify their presence, highlight expertise, and align their brand with Egypt’s economic transformation.

Contact:

Wendy Chapman: wendy@wplcontractpublishing.com

Sameh Metawea: sameh@wplcontractpublishing.com

We Are A Creative DIGITAL Agency

At Waltons Digital Media, we blend creativity with technology to elevate your brand online. Our comprehensive services include tailored digital marketing strategies, visually stunning web design and development, engaging content creation, and impactful graphic design. We focus on delivering solutions that drive engagement, enhance visibility, and ensure your brand stands out in a crowded digital landscape. With a commitment to quality and innovation, we partner with you every step of the way to bring your vision to life and achieve lasting success in the digital world. Let’s create something extraordinary together, turning your ideas into powerful digital experiences that resonate with your audience and leave a lasting impact.

Content Marketing

At Walton’s Digital Media, we create content that grabs attention and builds lasting connections with your audience.

Marketing Consultancy

At Walton’s Digital Media, we offer expert Marketing Consultancy services to provide strategic direction and hands-on guidance.

Sameh Metawea BA (Hons) Head of Client Services

Digital Marketing

At Walton’s Digital Media we craft powerful, results-driven digital and marketing strategies tailored to your business.

Public Relations (PR)

Walton’s Digital Media offers expert Communication and PR services, from crafting compelling messages to managing crises effectively.

Graphic Design & Branding

At Walton’s Digital Media, we specialise in Graphic Design & Branding services that enhance and strengthen your brand.

Website Design & Development

At Walton’s Digital Media, we design custom, mobile-responsive websites that are visually stunning on any device.

Your guaranteed road

Surrounding the uncertainty of Brexit, the Arab-British Certificate of Origin remains the certain method to trade with the Arab world. There will be no changes to the certificate, and the ABCC’s services will suffer no interruption irrespective of Brexit’s outcome.

The Arab-British Certificate of Origin remains the only certain, secure and reliable means of export documentation for companies trading with the Arab world. There have been no changes to the certificate, and, likewise, the ABCC’s range of trade services remain entirely unaltered in the post-Brexit trading environment.

We at the ABCC remain available to support your exporting and wider business needs.

We at the ABCC remain available to support your exporting and wider business needs. www.abcc.org.uk