Gulf Cooperation Council, Malaysia agree to launch free trade talks, GCC says
(Reporting by Menna Alaa ElDin and Ahmed Elimam; Editing by Hugh Lawson)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
3 hours ago
- Khaleej Times
UAE's GDP to surge stronger in 2026 on back of buoyant financial system: CBUAE
The overall growth trajectory of the UAE economy is expected to continue its upward trend, with the Central Bank of the UAE (CBUAE) forecasting 4.4 per cent growth in 2025 and a stronger rise to 5.4 per cent in 2026. Unveiling its 2024 Financial Stability Report, the apex bank portrayed a buoyant financial system and projected reassuring economic growth for the years ahead. The optimistic outlook is reinforced by independent forecasts from the International Monetary Fund (IMF) and the World Bank, offering further validation of the UAE's stability and resilience. CBUAE's report highlights that real GDP grew by four per cent in 2024. Non‑hydrocarbon sectors led the charge, expanding by around five per cent, while the hydrocarbon sector rebounded modestly by one per cent. Independent institutions echo this confidence. The IMF projects real GDP growth of roughly four per cent in 2025, increasing to five per cent in 2026. The World Bank has revised its estimates upward, now forecasting UAE GDP growth of 4.6 per cent in 2025 and 4.9 per cent in both 2026 and 2027, with the non‑oil economy expected to expand by 4.9 per cent in 2025. Meanwhile, the World Bank projects GCC-wide growth of 3.2 per cent in 2025, rising to 4.5 per cent in 2026. CBUAE Governor Khaled Mohamed Balama emphasised that prudent policies, robust fundamentals, and proactive regulatory frameworks have helped insulate the UAE from growing global risk and support sustained momentum. This aligns with national strategies and global leadership aspirations, as the financial system evolves to support long-term economic vision and growth . Growth drivers in 2025–26 are expected to include both oil and non‑oil sectors. Hydrocarbon-related GDP is forecast to grow by 4.1 per cent in 2025 and surge by 8.1 per cent in 2026 amid easing Opec+ production quotas. Non‑hydrocarbon activity is likely to sustain a 4.5 per cent growth rate over both years, backed by public investment, diversification strategies, and private-sector dynamism. International observers highlight the UAE's capacity to maintain stronger-than-average growth compared to its regional peers. As the IMF notes, GCC growth is projected at 3 per cent in 2025 and 4.1 per cent in 2026, while non‑oil exporters in Mena continue to face slower prospects amid global uncertainty. The World Bank stresses that careful public spending in infrastructure, education, and green energy is key to translating growth into resilience across the region. According to economists, in practical terms, the outlook suggests that the UAE will remain a magnet for investment and capital inflows, supported by surpluses, moderate inflation, and stable sovereign buffers. The World Bank anticipates the current account surplus standing at around 6.2 per cent of GDP in 2025, rising further to 6.4 per cent in 2026. Job creation is expected to remain healthy as well, with employment growth projected at 3.3 per cent in 2025 and an unemployment rate holding at around 2.1 per cent. In sum, CBUAE's 2024 Financial Stability Report, supported by independent global institutions, presents a compelling picture of a UAE economy underpinned by safeguarding regulations, innovation, and prudent fiscal management. 'With diversified growth engines firing across oil, finance, tourism, and logistics, enhanced oversight structures, and digital transformation marking progress, the outlook through 2025 and 2026 is decidedly optimistic,' says Sunil Ambalavelil, a leading financial and legal consultant. 'The UAE appears well positioned to deliver sustained stability, moderate but steady expansion, and resilience even against a shifting global economic backdrop,' Ambalavelil added. These forecasts provide robust endorsement of the CBUAE's internal projections and reflect international confidence in the UAE's economic strategy—particularly its diversification and reform agenda. CBUAE emphasises that the stability of the financial system is underpinned by strong capital and liquidity buffers, improved asset quality, and effective macro‑prudential regulations. The introduction of the UAE Financial Stability Council in 2024 has enhanced coordination among key stakeholders, facilitating faster responses to systemic risks and improving oversight. Stress tests commissioned by CBUAE confirmed banks' ability to withstand adverse scenarios while continuing to extend credit and maintaining sufficient capital above regulatory minimal. The report also notes resilience among non‑bank financial institutions. The insurance sector saw written premiums rise 21.4 per cent in 2024, reaching Dh64.8 billion, while finance companies and money exchanges maintained healthy capital and liquidity positions. Digital innovation accelerated in 2024 with expanded FinTech adoption and rollouts like the Domestic Card Scheme 'Jaywan', the Aani Instant Payment Platform, and the advancing 'Digital Dirham' central bank digital currency pilot—these initiatives bolstered efficiency, inclusion, and systemic resilience, the report said.
Zawya
4 hours ago
- Zawya
Salasa closes $30mln Series B round led by Artal Capital to transform regional e-commerce logistics
Expanding fulfillment centers, darkstores, and bonded zones to meet growing demand across Saudi Arabia and GCC. Salasa is strengthening its cross-border infrastructure and international shipping to unlock new markets for merchants. Riyadh, Saudi Arabia — Salasa, Saudi Arabia's leading e-commerce fulfillment platform, announced today that it has closed a $30 million Series B funding round to accelerate its evolution into a technology-first logistics company and expand its cross-border reach. The round was led by Artal Capital, with participation from SVC, Wa'ed Ventures, 500 Global, Alsulaiman Group, and other strategic investors. This milestone reflects investors' confidence in Salasa's vision to transform e-commerce logistics into a growth engine for retailers. Founded in 2017 and based in Riyadh, Salasa offers turnkey solutions spanning fulfillment, shipping, inventory management, bonded zones, last-mile delivery, and cross-border logistics. The Series B funding will accelerate Salasa's local and global expansion, scale its dark store network, enhance bonded zone capabilities, and advance its AI-driven technology ecosystem to enable smarter, more efficient supply chain operations. "This funding marks a major milestone," said Abdulmajeed Alyemni, Co-founder and CEO of Salasa. "We're scaling across fulfillment, technology, and talent to become a tech-first logistics company. With our investors' backing, we'll plan smarter, deliver faster, and expand globally with forward-thinking logistics.' "We're embedding AI across planning, inventory, and fulfillment to create predictive, self-optimizing logistics," said Hasan Alhazmi, Co-Founder and CBO of Salasa. "This boosts speed, accuracy, and efficiency for merchants, while our cross-border expansion and bonded zone operations open access to new markets regionally and beyond." Wassim Moukahhal, Head of Alternative Investments at Artal Capital, said: 'Salasa is solving one of the biggest pain points in regional e-commerce: reliable, scalable logistics infrastructure. We're excited to partner with a visionary team that is building a future-ready platform, combining physical scale with technological innovation. This investment aligns with our conviction that logistics is a key enabler of Saudi Arabia's digital transformation and a critical layer of the next generation of commerce.' With over 50 million products fulfilled and shipped domestically and internationally since inception, Salasa has become the logistics partner of choice for over a 1,000 merchants, including major brands like Noon, Amazon, Cenomi, Boutiqaat, Laverne, Sharaf DG and Alothaim Retail. Its ecosystem includes key platform integrations with Salla, ZID, Amazon, Trendyol, and Shopify, and carrier partnerships with Aramex, DHL, Saudi Post, and more than 40 other logistics providers. As Saudi Arabia's e-commerce market continues its double-digit growth, exceeded SAR 86 billion by 20241, Salasa is positioned to play a foundational role in powering the Kingdom's digital economy. About Salasa Salasa is Saudi Arabia's leading eCommerce fulfillment company, established in 2017 by Abdulmajeed Alyemni and Hasan Alhazmi. Headquartered in Riyadh, Salasa provides end-to-end logistics solutions including warehousing, last-mile delivery, and cross-border shipping. These services are designed to help modern retail brands scale with speed and reliability. Trusted by over 1,000 merchants and having shipped more than 50 million products, Salasa combines operational excellence with integrated technology to reduce cost, accelerate fulfillment, and safeguard brand reputation. Its infrastructure supports a wide range of industries, empowering local and international businesses to grow across the Kingdom and beyond. Backed by leading investors including Artal Capital, Alsulaiman Group, Saudi Venture Capital Company, and 500 Global, Salasa is building the logistics backbone of digital commerce in alignment with Saudi Arabia's Vision 2030.
Zawya
4 hours ago
- Zawya
BlueFive Capital announces Mumtalakat's acquisition of a stake in the global investment platform
Manama, Bahrain: BlueFive Capital announced today that Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, has acquired a stake in the firm, underscoring Mumtalakat's commitment to supporting emerging financial players. Mumtalakat's stake follows BlueFive Capital's successful close of its Founding Shareholders Circle, and it joins the 25 prominent GCC and global investors backing the firm. This latest investment provides BlueFive with long-term institutional backing as it continues to scale internationally. Founded in 2024, BlueFive Capital has rapidly grown to manage more than $2.6 billion in assets. As well as a flagship office in Manama, the firm operates across key global centres including London, Abu Dhabi and Beijing. It is founded by private equity veteran Hazem Ben-Gacem and chaired by Sheikh Mohamed Isa Al Khalifa, the former Chief Executive Officer of Bahrain's national pension fund. BlueFive Chairman Sheikh Mohamed Isa Al Khalifa, said: 'Welcoming Mumtalakat as one of our anchor shareholders is both a milestone and a strong statement of confidence in our vision and capabilities. This partnership provides stability and credibility as we accelerate our global expansion, firmly rooted in Bahrain's dynamic financial landscape." About BlueFive Capital BlueFive Capital is a global investment platform that today has $2.6 billion in AUM and targets opportunities in high-growth economies with the goal of transforming traditional financial models and fostering sustainable growth. Incorporated in Abu Dhabi Global Market and with offices in London, Manama, Abu Dhabi, Dubai and Beijing, the firm provides strategic exposure to sectors that will define the next generation of economic prosperity through consolidating parts of the financial services industry across insurance, private wealth and public markets. BlueFive Capital was founded in late 2024 and is led by Hazem Ben-Gacem, one of the longest tenured professionals in the global private equity landscape. About Mumtalakat Established in 2006 by Royal Decree, Mumtalakat is the sovereign wealth fund of the Kingdom of Bahrain. It manages a globally diversified portfolio of non-oil and gas assets spanning Strategic Investments, Global Asset Management, Local Impact Investments, and Government Holdings. The fund is focused on creating long-term value for Bahrain through collaborative, sustainable investment strategies.
