Asia Briefing’s Middle East Focused Regulatory and Operational Business Updates

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August 22, 2024

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Weekly business and foreign investment news roundup in Asia

by Asia Briefing and Dezan Shira & Associates.

MIDDLE EAST EDITION

Egypt Announces 30 GW Renewable Energy Expansion

Egypt has unveiled plans to increase its renewable energy capacity by 30 GW, targeting substantial growth in solar, wind, and green hydrogen projects. This move aims to diversify the energy mix, reduce fuel costs, and meet the country’s goal of 42 percent renewable energy by 2035.

The UK’s New Trade Priorities and Investment Prospects in the Middle East

The Labour government, led by Prime Minister Keir Starmer and Business and Trade Secretary Jonathan Reynolds, has set ambitious goals, including making the UK the fastest-growing economy in the G20. Their strategic focus on boosting trade abroad is seen as essential to delivering strong economic growth at home.

Saudi Arabia’s PIF Eyes New Cargo Airline to Strengthen Logistics Hub Ambitions

In a strategic move to position Saudi Arabia as a global logistics powerhouse, the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, is reportedly exploring the creation of a new cargo airline. This initiative aligns with Saudi Arabia’s broader ambition to diversify its economy beyond oil, emphasizing growth in tourism, aviation, and logistics sectors.

India Pushes for Rupee-Dirham Trade Settlement to Reduce Dollar Dependence

In a move aimed at reducing reliance on the U.S. dollar, it is being reported that the Reserve Bank of India (RBI) has encouraged banks involved in transactions with the United Arab Emirates (UAE) to settle a portion of their trade payments directly in Indian rupees (INR) and Emirati dirhams (AED).

China and UAE Strengthen Economic Ties with Landmark Intellectual Property Agreement

China and the UAE recently signed an MoU to enhance intellectual property cooperation, marking a significant step in their economic partnership. This agreement aims to boost innovation, strengthen IP protection, and support sustainable development through joint efforts in capacity building, information exchange, and collaborative research.

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