UAE-Japan trade pact aimed at boosting Japanese car exports
The trade pact negotiated last week by the UAE and Japan should strengthen Japanese auto exports by gradually removing tariffs.
The agreement calls for the UAE to eliminate duties on many finished cars from Japan within seven years, easing costs for manufacturers such as Toyota, Nissan and Honda, Nippon reports.
Japanese officials say the deal will help their companies compete more effectively with South Korean automakers, whose country already has a similar trade agreement with the UAE spaced over 10 years.
The UAE has become Japan’s biggest trading partner in the Middle East and Africa, making the Gulf market increasingly important for Japanese car exports.
ADNOC signs $3 billion LNG deal with Hindustan Petroleum
India signed a $3 billion deal to buy liquefied natural gas from the United Arab Emirates, making it the UAE’s largest LNG customer, as the two countries moved to deepen trade and defense ties.
The agreement was struck during a visit by UAE President Sheikh Mohamed bin Zayed, with both sides pledging to double bilateral trade to $200 billion within six years and pursue a strategic defense partnership.
According to the agreement, Abu Dhabi state firm ADNOC Gas will supply half a million tons of LNG a year to Hindustan Petroleum over 10 years, taking ADNOC’s total contracts with India to more than $20 billion.
Indian officials asserted that defense cooperation with the UAE would not draw New Delhi into regional conflicts, despite shifting alliances in the Gulf.
Hong Kong, Abu Dhabi exchanges strengthen market connections
In a bid to bring two financial hubs closer together, Hong Kong’s HKEX stock market and Abu Dhabi’s ADX signed an agreement to expand cooperation and strengthen links.
The deal includes potential initiatives in exchange-traded funds, ESG-focused products and cross-listings, Reuters reports.
The Hong Kong exchange last year granted the ADX and Dubai Financial Market the status of Recognized Stock Exchanges and is also preparing to open a representative office in Saudi Arabia.
HKEX CEO Bonnie Y. Chan said the partnership seeks to “unlock new investment opportunities, strengthen market infrastructure, and meet the evolving needs of global issuers and investors.”
Mubadala-backed Aldar inks deal with DP World for Dubai logistics park
Mubadala-backed Aldar Properties has signed an agreement with DP World to develop a 1.55 million-square-foot logistics park as Abu Dhabi’s biggest real estate developer looks to expand in Dubai and respond to e-commerce driven demand for warehousing.
The project at National Industries park in the Jebel Ali neighborhood of Dubai gives Aldar access to develop and lease assets in a strategic location between Dubai’s major port and Al Maktoum International Airport.
The deal comes at a time when the UAE is jockeying for position in the global supply chain and to play a role in the region’s future food security.
The agreement with DP World is part of a $270 million investment Aldar announced in January to expand its logistics real estate business in Abu Dhabi and Dubai.
