UAE and Kenya finalize terms of Comprehensive Economic Partnership Agreement

UAE and Kenya finalize terms of Comprehensive Economic Partnership Agreement
The new agreement is described as marking a “significant milestone” in the UAE’s trade deal program.
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Updated 23 February 2024
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UAE and Kenya finalize terms of Comprehensive Economic Partnership Agreement

UAE and Kenya finalize terms of Comprehensive Economic Partnership Agreement

RIYADH: The UAE and Kenya have concluded negotiations on a trade deal that will boost investment flows in logistics, healthcare, and travel and tourism between the two countries. 

The Comprehensive Economic Partnership Agreement will enhance market access for businesses on both sides, according to a press release.

Investments in the infrastructure and ICT sectors are also set to benefit, and the deal will also see a platform for small and medium enterprise cooperation and expansion on both sides.

Kenya's economy experienced real annual GDP growth of 5 percent in 2023, up from 4.8 percent in the previous 12 months. 

Its services sector, which accounts for 53.6 percent of Kenya’s economy, and agriculture sector, comprising around a quarter of national GDP, offer vast potential for UAE businesses looking to expand into the region, the release added.

The UAE’s Minister of Foreign Trade Thani bin Ahmed Al-Zeyoudi described the new agreement as marking a “significant milestone” in the country’s trade deal program.

He added: “It is a testament to our commitment to strengthening economic ties with the African continent and to creating new opportunities for businesses and investors in both of our countries. 

“The UAE-Kenya CEPA will not only boost trade and investment, but also foster innovation and sustainable growth in key sectors such as agriculture, technology and tourism. 

“We look forward to deepening our relationship with Kenya and to further expanding our presence in Africa as a trusted partner and investor.”

Kenya’s Cabinet Secretary for Investments, Trade and Industry Rebecca Miano said the agreement was testament to her government’s drive to use international commerce as “a key lever of economic growth and transformation.”

She added: “The Comprehensive Economic Partnership Agreement with the United Arab Emirates will play a key role in these efforts, enabling our exports to reach important markets in Asia and the Middle East, and also in stimulating the investment inflows that will further develop our national capabilities. We look forward to its implementation and the mutual benefits it will deliver.”

In 2023, the UAE’s non-oil trade in goods reached an all-time high of $710 billion, a 12.6 percent increase on 2022 – and 34.7 percent more than 2021. 

The UAE has already concluded 10 CEPAs, including with India, Israel, and Indonesia, as well as Türkiye, Georgia, and South Korea.


Jordan’s new mining strategy is set to create a $2.9bn industry 

Jordan’s new mining strategy is set to create a $2.9bn industry 
Updated 12 sec ago
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Jordan’s new mining strategy is set to create a $2.9bn industry 

Jordan’s new mining strategy is set to create a $2.9bn industry 

RIYADH: Jordan’s mining sector is set to grow substantially, with projections indicating that its contribution to the nation’s gross domestic product will reach 2.1 billion Jordanian dinars ($2.9 billion) by 2033. 

Up from 0.7 billion dinars in 2023, this ambitious target is part of the government’s newly announced initiative to transform Jordan into a mining state by 2033, as outlined in the country’s National Mining Strategy. 

This strategic overhaul aims to elevate the sector’s workforce to 27,500 and boost the value of its exports to 3.5 billion dinars from 1 billion dinars, according to a report issued by the state-owned Jordan News Agency, also known as Petra.   

The strategy emerges from its Economic Modernization Vision and is backed by directives from Jordan’s King Abdullah, emphasizing the need to accelerate investment-stimulating procedures in mineral exploration.  

A cornerstone of this transformation was the formulation of the strategy, spearheaded by the global consultancy firm Wood Mackenzie.  

In 2023, the Jordanian Ministry of Energy and Mineral Resources completed initiatives and projects under the EMV for the mining sector and set priorities within the vision’s executive program.  

The vision’s main pillars revolve around expediting the nation’s full economic potential while improving the quality of life for its citizens and maintaining sustainable measures. 

Moreover, the ministry’s proactive engagement has led to the signing of 11 memorandums of understanding to bolster investment in Jordan’s extractive industries.  

An additional three memorandums of cooperation were signed with various companies to further these goals.  

According to statements made to Petra, the ministry plans to continue advancing these undertakings throughout 2024, pushing these MoUs toward value-added mining operations.  

These initiatives are part of the nation’s ongoing efforts to boost its standing in the mining and minerals industry. 

In a report carried by Petra earlier in January, the ministry said that it aims to position the country on the global mining map by capitalizing on positive mineral exploration results. 

Over the past two years, the country established several partnerships with international companies in mining exploration.  

Moreover, it recently launched an investment platform to showcase national resources and opportunities in the energy sector. 


Egypt to increase funds for health sector by 25% in upcoming budget

Egypt to increase funds for health sector by 25% in upcoming budget
Updated 43 min 52 sec ago
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Egypt to increase funds for health sector by 25% in upcoming budget

Egypt to increase funds for health sector by 25% in upcoming budget

RIYADH: Egypt will increase health sector allocations in the next general budget to 495.6 billion pounds ($10.4 billion), according to the country’s finance minister. 

The North African country’s upcoming fiscal year is set to begin in July. Mohamed Maait said in a statement that this reflects an annual growth rate of 24.9 percent compared to the funds allocated for the sector in the current fiscal. 

This is in line with the nation’s goal to improve medical services for citizens, which is also an objective of Egypt’s Vision 2030.

Moreover, the minister added that allocations for the education sector will also be raised to 858.3 billion pounds, with an annual growth rate of 45 percent. 

Scientific research reserves are also on track to increase to more than 139.5 billion pounds in the next budget, reflecting an annual growth rate of 40.1 percent.


Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023

Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023
Updated 50 min 24 sec ago
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Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023

Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023

RIYADH: Oman’s top five ports saw a 1.5 percent annual increase in cargo handling in 2023, surpassing 93.2 million tonnes, underscoring their growing significance in maritime trade.  

The terminals of Sultan Qaboos, Salalah Sohar and Khasab as well as Shinas, and A’Suwaiq handled approximately 91.8 million tonnes of general, liquid, and bulk cargo in 2022, according to the Oman News Agency. 

It also highlighted a significant increase in the number of berthed ships in 2023, reaching approximately 11,005 vessels compared to 10,553 watercraft in 2022, marking a 4.3 percent rise. 

Cruise ship passengers at the Sultan Qaboos, Salalah, and Khasab Ports have increased considerably. This achievement reflects the government’s collaborative efforts with tourism partners to enhance hospitality traffic to Oman. 

The news agency added that the government succeeded in attracting major cruise ship operators to several Omani connection points, including Salalah, Khasab, and Sultan Qaboos Port. 

It also reported that in 2023, 229 cruise ships brought 599,000 passengers to Omani terminals, compared to around 87 ocean liners carrying over 205,000 travelers in 2022. This represents an increase of over 190 percent in commuters. 


Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar

Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar
Updated 19 min 45 sec ago
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Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar

Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar

RIYADH: Saudi drilling firm ADES is set to operate a SR350 million ($93.3 million) jack-up rig in Qatar, having secured a contract from TotalEnergies.  

ADES noted in a statement to Tadawul that the letter of award from the French petroleum company includes a mandatory and optional extension period of up to 18 months. 

The project is expected to commence in the second half of 2024, utilizing the firm’s fleet of jack-up offshore drilling units. 

Additionally, ADES indicated that the contract will enable it to maintain its market share in Qatar by operating three drilling rigs. This comes after the relocation of its Emerald Driller platform to Indonesia, anticipated to take place in the second half of 2024. 

Commenting on the letter of award, Mohamed Farouk, CEO of ADES Holding, said: “We are very pleased with our ability to quickly market and secure new campaigns for the five recently suspended rigs in Saudi Arabia.”

Farouk added: “New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig presence in Qatar following the planned departure of our jack-up rig, Emerald Driller, from Qatar to Indonesia in the second half of 2024.”  

He added that the Emerald Driller had delivered an exceptional safety and operational performance during its operation in the Al-Khaleej field over the past few years, and “we look forward to continuing our journey in Qatar with our client and to providing exceptional safety and operational performance that has become synonymous with the ADES name.” 

In November, ADES Holding Co. secured three new contracts totaling $293 million, marking its entry into Indonesia and strengthening its presence in Algeria. 

The company announced its foray into Southeast Asia with a long-term contract valued at SR803 million with Pertamina Drilling Services Indonesia, according to a bourse filing. 

ADES will operate Pertamina’s existing jack-up drilling rig, Emerald Driller, located in the Java Sea. This contract, comprising a three-year firm period and a two-year option, is slated to commence in the second half of 2024.  

With this expansion, ADES now operates in eight countries. 

“We are pleased with the opportunity to enter the Indonesian market through our strategic partnership with Pertamina Drilling Servies Indonesia, who is a leading drilling contractor in Southeast Asia, to provide our best-in-class drilling service to Pertamina in Region 2,” said Farouk.   

With this award, he said ADES extends its geographical footprint to a promising and demanding market, namely Indonesia and Southeast Asia.


Najran Municipality introduces 20 investment opportunities in Yadamah governorate 

Najran Municipality introduces 20 investment opportunities in Yadamah governorate 
Updated 14 April 2024
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Najran Municipality introduces 20 investment opportunities in Yadamah governorate 

Najran Municipality introduces 20 investment opportunities in Yadamah governorate 

RIYADH: Saudi Arabia’s Najran Municipality has unveiled 20 diverse investment opportunities across the governorate of Yadamah, encompassing commercial, sports, recreational, shopping, and event activities. 

These prospects are dispersed across various locations within the locale, including parks, squares, main roads, and public walkways, as reported by the Saudi Press Agency. 

The municipality clarified that the investment opportunities range from temporary agreements to investment deals spanning five to 25 years in various activities. It invited interested investors to review the possibilities and details of the competition through the Forsah platform, which translates to “opportunity” in English.