Shipping containers at a port in Tianjin, China. The Asian country is the largest trading partner of Saudi Arabia and UAE's largest partner for non-oil trade. AP
Shipping containers at a port in Tianjin, China. The Asian country is the largest trading partner of Saudi Arabia and UAE's largest partner for non-oil trade. AP
Shipping containers at a port in Tianjin, China. The Asian country is the largest trading partner of Saudi Arabia and UAE's largest partner for non-oil trade. AP
Shipping containers at a port in Tianjin, China. The Asian country is the largest trading partner of Saudi Arabia and UAE's largest partner for non-oil trade. AP

Why a China-GCC free trade agreement might be a game changer


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Trade and investment relations between China and the six-member GCC economic bloc could soon receive a major boost, especially in the new energy sector, as the two sides edge closer to signing a free trade agreement, according to analysts.

While a Gulf-China FTA has been on the table for nearly two decades, the deal received fresh impetus after China’s new Foreign Minister Qin Gang this week called for it to be finalised “as soon as possible” during a telephone conversation with Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan.

“It is important that the two sides further expand co-operation in such areas as economy and trade, energy, infrastructure, investment, finance and high-tech … strengthen the China-GCC strategic partnership, and build a China-GCC free trade zone as soon as possible,” he said.

Nasser Saidi, president of Nasser Saidi & Associates and former chief economist of the Dubai International Financial Centre, says an FTA could be signed as early as this year.

“The China-GCC FTA negotiations have been ongoing since 2004. While it has taken a long time, agreements have been reached on most trade-related issues,” says Mr Saidi, who also previously served as Lebanon’s minister of economy and industry and deputy governor of the country's central bank.

“This is the last mile for negotiations, and considering [the] GCC’s plans to increase economic diversification, the agreement is likely to focus beyond just oil, [and] into trade [and] services (including digital), tech sectors and both portfolio and direct investments.”

Chinese President Xi Jingping’s historic visit to Saudi Arabia in December heralds a “major shift” in the strategic relationship between China and the GCC.

“President Xi's visit will give a strong impetus and I anticipate an initial FTA could be signed in 2023,” says Mr Saidi.

Lombard Odier macro strategist Homin Lee says the deal could be signed soon.

“We can expect a quick wrap-up of the negotiations as soon as both sides have the resolve to move forward on key issues that have been holding them back,” he says.

Strong ties

Mr Saidi says trade between the GCC and China has been steadily rising and doubled between 2010 and 2021, with China accounting for about 16.7 per cent of the Gulf region’s total trade in 2021.

China, the world’s second-largest economy, is already the top trading partner of Saudi Arabia, with bilateral trade volumes hitting 295.6 billion Saudi riyals ($78.8 billion) in the first nine months of 2022, according to data from the General Authority for Statistics (Gastat).

Exports to China from the kingdom reached 189.5 billion riyals, accounting for 16 per cent of total exports during the period.

Meanwhile, imports from the Asian nation represented about 21 per cent of Saudi Arabia’s total imports at 106.1 billion riyals.

Trade between China and the Emirates is also growing rapidly.

Volumes reached a record high of $99.27 billion last year, marking an annual increase of 37.4 per cent, Zhang Yiming, China's Ambassador to the UAE, tweeted on Friday.

China's imports from the UAE stood at $45.41 billion, up about 59 per cent, while its exports to the Emirates also grew more than 23 per cent to $53.86 billion, he said.

The Asian nation has become the UAE’s largest non-oil trading partner, while the Emirates is China’s second-largest trading partner and the largest export market in the Arab region, Mr Yiming told state news agency Wam in November.

“An FTA will definitely boost trade connections. This was very much visible with the comprehensive economic agreement signed with India [by the UAE] and it should help in deepening trade ties further between the GCC and China,” says Abu Dhabi Commercial Bank's chief economist Monica Malik.

Mr Lee from Lombard Odier says China would have a chance to compete better on the supply of intermediate goods to the GCC if the FTA comes into effect.

“The region is ramping up its infrastructure investments amid a boom in energy markets, and China is in a good position to help with such efforts with its large industries capable of supplying capital goods and related commercial services for projects abroad.”

But the FTA will have a major impact on more than just trade.

“Generally, tariffs on good are fairly low, so while a FTA will benefit trade, it is probably investment linkages that will generate the greater returns,” says Scott Livermore, chief economist at Oxford Economics Middle East.

  • Xi Jinping, President of the People's Republic of China, leaves Riyadh. SPA
    Xi Jinping, President of the People's Republic of China, leaves Riyadh. SPA
  • Mr Xi during the China-Arab Summit in Riyadh. AFP
    Mr Xi during the China-Arab Summit in Riyadh. AFP
  • Mr Xi and Palestinian President Mahmoud Abbas. AP
    Mr Xi and Palestinian President Mahmoud Abbas. AP
  • Iraqi Prime Minister Mohammed Shia Al Sudani and Mr Xi.
    Iraqi Prime Minister Mohammed Shia Al Sudani and Mr Xi.
  • Saudi Arabia's King Salman welcomes Mr Xi to Riyadh. EPA
    Saudi Arabia's King Salman welcomes Mr Xi to Riyadh. EPA
  • The Chinese president is on a three-day working visit to Saudi Arabia. EPA
    The Chinese president is on a three-day working visit to Saudi Arabia. EPA
  • He will attend a GCC summit, a wider China-Arab conference and also seek to strengthen ties with Saudi Arabia. EPA
    He will attend a GCC summit, a wider China-Arab conference and also seek to strengthen ties with Saudi Arabia. EPA
  • Saudi Arabia and China signed agreements on 'harmonising' the kingdom's Vision 2030 plan and China's Belt and Road Initiative on Thursday. EPA
    Saudi Arabia and China signed agreements on 'harmonising' the kingdom's Vision 2030 plan and China's Belt and Road Initiative on Thursday. EPA
  • The new agreements also covered judicial assistance, direct investments, education and hydrogen energy. EPA
    The new agreements also covered judicial assistance, direct investments, education and hydrogen energy. EPA
  • King Salman and Mr Xi agreed to hold meetings every two years. AFP
    King Salman and Mr Xi agreed to hold meetings every two years. AFP
  • Saudi Crown Prince Mohammed bin Salman welcomes Mr Xi during a ceremony in the capital, Riyadh. AFP
    Saudi Crown Prince Mohammed bin Salman welcomes Mr Xi during a ceremony in the capital, Riyadh. AFP
  • Mr Xi met Prince Mohammed on the second day of his state visit to Saudi Arabia. Reuters
    Mr Xi met Prince Mohammed on the second day of his state visit to Saudi Arabia. Reuters
  • They shook hands in the Royal Court in Riyadh before Prince Mohammed led Mr Xi inside to meet King Salman. AFP
    They shook hands in the Royal Court in Riyadh before Prince Mohammed led Mr Xi inside to meet King Salman. AFP
  • Mr Xi will attend the inaugural China-Arab States Summit. Saudi Press Agency
    Mr Xi will attend the inaugural China-Arab States Summit. Saudi Press Agency
  • It is only Mr Xi's third overseas visit since the outbreak of Covid-19. SPA
    It is only Mr Xi's third overseas visit since the outbreak of Covid-19. SPA
  • Mr Xi is greeted by Prince Faisal bin Bandar, Governor of Riyadh. SPA
    Mr Xi is greeted by Prince Faisal bin Bandar, Governor of Riyadh. SPA
  • A billboard welcomes the Chinese president to Saudi Arabia. AFP
    A billboard welcomes the Chinese president to Saudi Arabia. AFP
  • Saudi and Chinese flags adorn a street a street in Riyadh before the arrival of Mr Xi. AFP
    Saudi and Chinese flags adorn a street a street in Riyadh before the arrival of Mr Xi. AFP

Focus areas

While oil is a major focus for trade between China and the GCC, the FTA will open up several opportunities outside that sector.

“The broader energy sector beyond crude oil is likely to be an important focus, especially natural gas and renewables,” says Robert Mogielnicki, senior resident scholar at the Arab Gulf States Institute in Washington.

The non-oil goods and services trade is also an important component of any FTA negotiations, he says.

Mr Saidi says an FTA would open new sectors such as services, technology, artificial intelligence and robotics, and strengthen linkages in infrastructure, transport and logistics, leading to a “potential doubling of non-oil trade in three years”.

Opportunities also exist in construction, manufacturing, tourism and space exploration, as well as the linking of financial markets, he says.

ADCB's Ms Malik says GCC sectors linked to petrochemicals will also be key areas since China is expected to be a main driver for petrochemicals demand globally going forward.

“In the longer term, as diversification programmes in the region deepen, we will see a broader range of exports going to China. In the near term, we expect much of the benefit of the non-oil trade will be cheaper imports from China,” she says.

Mr Lee says the Gulf region could look at adding “competitively priced” imports of machinery, transport equipment and manufacture products from China.

“China’s green sectors might also get a boost from the deal since the GCC region is trying to diversify its energy infrastructure and China has leading positions in many sub-sectors that are key to electrification and electric vehicles.”

Changing flows

Globally, geopolitical factors have shifted the nature of trade significantly. Last year's overall trade growth is projected at 3.5 per cent owing to a deceleration in the world economy, according to World Trade Organisation estimates.

The WTO has trimmed its forecast for trade growth to 1 per cent in 2023, citing increasing downside risks from high inflation, declining consumer spending and the continuing energy crisis.

However, countries such as the UAE significantly outpaced the global trade growth last year — at an estimated 15 per cent — and continue to seek new opportunities across continents.

“We expect the GCC countries to maintain a degree of strategic flexibility for the foreseeable future when it comes to trade, as they are fundamentally incentivised to get the best value for the commodities they export to other countries,” Mr Lee says.

According to Mr Livermore, while the Gulf states are looking to the East for growth opportunities, the bloc is seeking to broaden its economic sphere and the “West will remain important economically, as well as politically”.

Mr Mogielnicki from the Arab Gulf States Institute believes Asian economies clearly present a longer-term priority for GCC countries’ global economic engagement.

“Growth across the strongest Asian countries is likely to outplace global averages over the short and medium terms,” he says.

Combining strengths

Looking ahead, China-GCC relations are set to grow significantly in the longer term.

“China will remain one of the GCC’s main energy importers and the GCC will have the option to use China’s competitive cyclical industries for its efforts to expand and diversify domestic capacity, and prepare for the global climate transition,” says Mr Lee.

Ms Malik says China and GCC trade relations are already on a strong footing, but going forward, “broadening and strengthening trade will be key, it will be prioritised and it will be an area of mutual growth”.

While China is a big export market, Mr Saidi sees many opportunities beyond trade and investment.

“First and foremost, there could be significant benefits from the adoption of the PetroYuan,” he says.

  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, is received by Li Yuanchao, Vice President of China, at the Great Hall of the People during a state visit to China. Mohamed Al Suwaidi / Crown Prince Court - Abu Dhabi
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, is received by Li Yuanchao, Vice President of China, at the Great Hall of the People during a state visit to China. Mohamed Al Suwaidi / Crown Prince Court - Abu Dhabi
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces and Xi Jinping, President of China witness the signing of a memorandum of understanding between the UAE State Minister’s Office and the National Committee for Development and Reforms (NDRC) of China pertaining to a $10 billion joint strategic investment fund. Seen signing on behalf of the UAE at the Great Hall of the People is Dr Sultan Al Jaber, Minister of State Chairman of Masdar and Chairman of the Abu Dhabi Ports Company (ADPC) (L), during a state visit to China. Ryan Carter / Crown Prince Court - Abu Dhabi
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces and Xi Jinping, President of China witness the signing of a memorandum of understanding between the UAE State Minister’s Office and the National Committee for Development and Reforms (NDRC) of China pertaining to a $10 billion joint strategic investment fund. Seen signing on behalf of the UAE at the Great Hall of the People is Dr Sultan Al Jaber, Minister of State Chairman of Masdar and Chairman of the Abu Dhabi Ports Company (ADPC) (L), during a state visit to China. Ryan Carter / Crown Prince Court - Abu Dhabi
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, meets with Xi Jinping, President of China (4th L), at the Great Hall of the People during a state visit to China. Seen with Hussain Al Hammadi, Minister of Education, Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Dr Amal Al Qubaisi, Speaker of the Federal National Council, Sheikh Hamed bin Zayed, Chairman of Crown Prince Court - Abu Dhabi and Managing Director of the Abu Dhabi Investment Authority (ADIA), Dr Anwar Gargash, Minister of State for Foreign Affairs, Reem Al Hashimi, Minister of State, Mohammed Al Bowardi, Undersecretary of the Ministry of Defence and Khaldoon Al Mubarak, Chief Executive and Managing Director Mubadala and Chairman of the Abu Dhabi Executive Affairs Authority (EAA). Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, meets with Xi Jinping, President of China (4th L), at the Great Hall of the People during a state visit to China. Seen with Hussain Al Hammadi, Minister of Education, Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Dr Amal Al Qubaisi, Speaker of the Federal National Council, Sheikh Hamed bin Zayed, Chairman of Crown Prince Court - Abu Dhabi and Managing Director of the Abu Dhabi Investment Authority (ADIA), Dr Anwar Gargash, Minister of State for Foreign Affairs, Reem Al Hashimi, Minister of State, Mohammed Al Bowardi, Undersecretary of the Ministry of Defence and Khaldoon Al Mubarak, Chief Executive and Managing Director Mubadala and Chairman of the Abu Dhabi Executive Affairs Authority (EAA). Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
  • Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (not shown) meets with Xi Jinping, President of China, at the Great Hall of the People during a state visit to China. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
    Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (not shown) meets with Xi Jinping, President of China, at the Great Hall of the People during a state visit to China. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (7th R) meets with Xi Jinping, President of China (5th L), at the Great Hall of the People during a state visit to China. Seen with Sheikh Khaled bin Mohammed bin Zayed, Sheikh Sultan bin Hamdan bin Zayed, Abdullah Al Suwaidi, Director General of Abu Dhabi National Oil Company (Adnoc), Dr Khalifa Al Romaithi, Chairman of the UAE Space Agency, Omar Al Bitar UAE Ambassador to China, Mubarak Al Mansoori, Governor of the UAE Central Bank, Dr Sultan Al Jaber, Minister of State Chairman of Masdar and Chairman of the Abu Dhabi Ports Company (ADPC), Suhail Al Mazrouei, Minister of Energy, Hussain Al Hammadi, Minister of Education, Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Dr Amal Al Qubaisi, Speaker of the Federal National Council (FNC), Sheikh Hamed bin Zayed, Chairman of Crown Prince Court - Abu Dhabi and Managing Director of the Abu Dhabi Investment Authority (ADIA), Dr Anwar Gargash, Minister of State for Foreign Affairs, Reem Al Hashimi, Minister of State, Khaldoon Al Mubarak, Chief Executive and Managing Director Mubadala and Chairman of the Abu Dhabi Executive Affairs Authority (EAA) and other dignitaries. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (7th R) meets with Xi Jinping, President of China (5th L), at the Great Hall of the People during a state visit to China. Seen with Sheikh Khaled bin Mohammed bin Zayed, Sheikh Sultan bin Hamdan bin Zayed, Abdullah Al Suwaidi, Director General of Abu Dhabi National Oil Company (Adnoc), Dr Khalifa Al Romaithi, Chairman of the UAE Space Agency, Omar Al Bitar UAE Ambassador to China, Mubarak Al Mansoori, Governor of the UAE Central Bank, Dr Sultan Al Jaber, Minister of State Chairman of Masdar and Chairman of the Abu Dhabi Ports Company (ADPC), Suhail Al Mazrouei, Minister of Energy, Hussain Al Hammadi, Minister of Education, Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Dr Amal Al Qubaisi, Speaker of the Federal National Council (FNC), Sheikh Hamed bin Zayed, Chairman of Crown Prince Court - Abu Dhabi and Managing Director of the Abu Dhabi Investment Authority (ADIA), Dr Anwar Gargash, Minister of State for Foreign Affairs, Reem Al Hashimi, Minister of State, Khaldoon Al Mubarak, Chief Executive and Managing Director Mubadala and Chairman of the Abu Dhabi Executive Affairs Authority (EAA) and other dignitaries. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, is received by Xi Jinping, President of China (not shown), at the Great Hall of the People during a state visit to China. Ryan Carter / Crown Prince Court - Abu Dhabi
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, is received by Xi Jinping, President of China (not shown), at the Great Hall of the People during a state visit to China. Ryan Carter / Crown Prince Court - Abu Dhabi
  • Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces greets Xi Jinping, President of China, at the Great Hall of the People during a state visit to China. Mohamed Al Suwaidi / Crown Prince Court - Abu Dhabi
    Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces greets Xi Jinping, President of China, at the Great Hall of the People during a state visit to China. Mohamed Al Suwaidi / Crown Prince Court - Abu Dhabi
  • Chinese Paramilitary guards stand on the stairs after Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces left the Great Hall of the People in Beijing, China. Fred Dufour / EPA / Pool Pool
    Chinese Paramilitary guards stand on the stairs after Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces left the Great Hall of the People in Beijing, China. Fred Dufour / EPA / Pool Pool
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, poses with Chinese President Xi Jinping during their meeting at the Great Hall of the People in Beijing, China. Fred Dufour / EPA / Pool Pool
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, poses with Chinese President Xi Jinping during their meeting at the Great Hall of the People in Beijing, China. Fred Dufour / EPA / Pool Pool
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces speaks to Chinese President Xi Jinping (unseen) during a signing ceremony at the Great Hall of the People in Beijing, China. Fred Dufour / EPA / Pool Pool
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces speaks to Chinese President Xi Jinping (unseen) during a signing ceremony at the Great Hall of the People in Beijing, China. Fred Dufour / EPA / Pool Pool
  • Mohammed Al Mazrouei, Undersecretary of the Crown Prince Court of Abu Dhabi (L), Omar Al Bitar UAE Ambassador to China (2nd L) Maj Gen Essa Saif Al Mazrouei, Deputy Chief of Staff of the Armed Forces (3rd L) Staff Maj Gen Juma Al Bowardi, Commander of the Armed Forces Land Forces (4th L) Maj Gen Ibrahim Al Alawi, Commander of the Air Forces and Air Defence (5th L) and other dignitaries attend a signing ceremony at the Great Hall of the People. Rashed Al Mansoori / Crown Prince Court - Abu Dhabi
    Mohammed Al Mazrouei, Undersecretary of the Crown Prince Court of Abu Dhabi (L), Omar Al Bitar UAE Ambassador to China (2nd L) Maj Gen Essa Saif Al Mazrouei, Deputy Chief of Staff of the Armed Forces (3rd L) Staff Maj Gen Juma Al Bowardi, Commander of the Armed Forces Land Forces (4th L) Maj Gen Ibrahim Al Alawi, Commander of the Air Forces and Air Defence (5th L) and other dignitaries attend a signing ceremony at the Great Hall of the People. Rashed Al Mansoori / Crown Prince Court - Abu Dhabi
  • (Front row R-L) Dr Amal Al Qubaisi, Speaker of the Federal National Council (FNC), Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Sheikh Hamed bin Zayed, Chairman of Crown Prince Court - Abu Dhabi and Managing Director of the Abu Dhabi Investment Authority (ADIA), Dr Anwar Gargash, Minister of State for Foreign Affairs, Suhail Al Mazrouei, Minister of Energy, Reem Al Hashimi, Minister of State, Mubarak Al Mansoori, Governor of the UAE Central Bank, attend a reception held at the Great Hall of the People during a state visit to China. Seen with Dr Sultan Al Jaber, Minister of State Chairman of Masdar and Chairman of the Abu Dhabi Ports Company (ADPC), Sheikh Khaled bin Mohamed bin Zayed, Sheikh Sultan bin Hamdan bin Zayed, Faris Al Mazrouei and Maj Gen Essa Al Mazrouei, Deputy Chief of Staff of the Armed Forces. Ryan Carter / Crown Prince Court - Abu Dhabi
    (Front row R-L) Dr Amal Al Qubaisi, Speaker of the Federal National Council (FNC), Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Sheikh Hamed bin Zayed, Chairman of Crown Prince Court - Abu Dhabi and Managing Director of the Abu Dhabi Investment Authority (ADIA), Dr Anwar Gargash, Minister of State for Foreign Affairs, Suhail Al Mazrouei, Minister of Energy, Reem Al Hashimi, Minister of State, Mubarak Al Mansoori, Governor of the UAE Central Bank, attend a reception held at the Great Hall of the People during a state visit to China. Seen with Dr Sultan Al Jaber, Minister of State Chairman of Masdar and Chairman of the Abu Dhabi Ports Company (ADPC), Sheikh Khaled bin Mohamed bin Zayed, Sheikh Sultan bin Hamdan bin Zayed, Faris Al Mazrouei and Maj Gen Essa Al Mazrouei, Deputy Chief of Staff of the Armed Forces. Ryan Carter / Crown Prince Court - Abu Dhabi
  • Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, greets a member of the Chinese delegation after being received by Li Yuanchao, Vice President of China (not shown), at the Great Hall of the People during a state visit to China. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
    Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, greets a member of the Chinese delegation after being received by Li Yuanchao, Vice President of China (not shown), at the Great Hall of the People during a state visit to China. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
  • Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior (3rd R), Sheikh Hamed bin Zayed, Chairman of Crown Prince Court - Abu Dhabi and Managing Director of the Abu Dhabi Investment Authority (ADIA) (2nd R), Dr Amal Al Qubaisi, Speaker of the Federal National Council (FNC) (R), Dr Anwar Gargash, Minister of State for Foreign Affairs (4th R), Dr Sultan Al Jaber, Minister of State Chairman of Masdar and Chairman of the Abu Dhabi Ports Company (ADPC) (5th R), Mubarak Al Mansoori, Governor of the UAE Central Bank (3rd L), Dr Khalifa Al Romaithi, Chairman of the UAE Space Agency (2nd L) Maj Gen Essa Al Mazrouei, Deputy Chief of Staff of the Armed Forces (L) and other dignitaries attend a signing ceremony at the Great Hall of the People. Rashed Al Mansoori / Crown Prince Court - Abu Dhabi
    Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior (3rd R), Sheikh Hamed bin Zayed, Chairman of Crown Prince Court - Abu Dhabi and Managing Director of the Abu Dhabi Investment Authority (ADIA) (2nd R), Dr Amal Al Qubaisi, Speaker of the Federal National Council (FNC) (R), Dr Anwar Gargash, Minister of State for Foreign Affairs (4th R), Dr Sultan Al Jaber, Minister of State Chairman of Masdar and Chairman of the Abu Dhabi Ports Company (ADPC) (5th R), Mubarak Al Mansoori, Governor of the UAE Central Bank (3rd L), Dr Khalifa Al Romaithi, Chairman of the UAE Space Agency (2nd L) Maj Gen Essa Al Mazrouei, Deputy Chief of Staff of the Armed Forces (L) and other dignitaries attend a signing ceremony at the Great Hall of the People. Rashed Al Mansoori / Crown Prince Court - Abu Dhabi

“Oil could continue to be priced in USD, but payment and settlement would be in Yuan. The Yuan could be used for all bilateral trade with only the net balance settled in euro or USD.”

At the moment, the greenback still accounts for 60 per cent of the global reserve currency and the pricing and selling of crude is in US dollars.

Deeper economic ties mean that China and the Gulf region can benefit from increased co-operation on numerous fronts such as the integration of banking and payment systems, the expansion of central bank swap agreements, collaboration between special economic zones and state-owned enterprises becoming an instrument of economic and industrial policy.

“Sovereign wealth funds can also be used as an instrument for co-operation — for example GCC SWFs can focus more of their portfolios on Asian economies, especially China, and vice versa,” says Mr Saidi.

“In parallel, China will emerge as a geostrategic partner of the GCC in defence and security, given alignment on most political issues.”

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

MATCH INFO

Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
 
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned

MATCH INFO

Real Madrid 2

Vinicius Junior (71') Mariano (90 2')

Barcelona 0

Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
The biogs

Name: Zinah Madi

Occupation: Co-founder of Dots and links

Nationality: Syrian

Family: Married, Mother of Tala, 18, Sharif, 14, Kareem, 2

Favourite Quote: “There is only one way to succeed in anything, and that is to give it everything.”

 

Name: Razan Nabulsi

Occupation: Co-founder of Dots and Links

Nationality: Jordanian

Family: Married, Mother of Yahya, 3.5

Favourite Quote: A Chinese proverb that says: “Be not afraid of moving slowly, be afraid only of standing still.”

The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

All you need to know about Formula E in Saudi Arabia

What The Saudia Ad Diriyah E-Prix

When Saturday

Where Diriyah in Saudi Arabia

What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.

Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

Francesco Totti's bio

Born September 27, 1976

Position Attacking midifelder

Clubs played for (1) - Roma

Total seasons 24

First season 1992/93

Last season 2016/17

Appearances 786

Goals 307

Titles (5) - Serie A 1; Italian Cup 2; Italian Supercup 2

Essentials

The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours 
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.

The%20specs
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Grand Slam Los Angeles results

Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos

Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

Ultra processed foods

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

COMPANY PROFILE

Name: N2 Technology

Founded: 2018

Based: Dubai, UAE

Sector: Startups

Size: 14

Funding: $1.7m from HNIs

Updated: February 03, 2023, 9:00 PM