GCC, ASEAN to boost economic ties
GCC leaders agreed to continue furthering partnerships with ASEAN nations in the face of global challenges and attain common economic opportunities.
'We want to raise this figure to US$180bn by 2032 because there is huge potential that has yet to be explored in bilateral trade and investment,' said Sheikh Sabah Khaled al Hamad al Sabah, Crown Prince of Kuwait. The total trade volume between the two blocs amounted to US$130.7bn in 2024.
Sheikh Sabah stressed the importance of accelerating negotiations for a GCC–ASEAN Free Trade Agreement, which is expected to unlock new investment opportunities and enhance regional supply chains. He also called for greater collaboration in energy security, climate action and technical fields.
Key summit topics included economic cooperation, regional security, food and energy security, climate change and collaboration in education, technology and culture.
In his opening remarks, Anwar Ibrahim, Prime Minister of Malaysia, expressed 'appreciation for the presence of all leaders, a strong signal of their shared resolve to strengthen ASEAN-GCC cooperation and to explore broader, forward-looking partnerships for the benefit of their peoples'.
The ASEAN-GCC Framework of Cooperation 2024-2028, adopted at the inaugural summit in Riyadh in 2023, 'serves as our strategic roadmap to advance collaboration across political and security, economic and socio-cultural pillars', said Anwar.
Oman's delegation was led by H H Sayyid Asaad bin Tarik al Said, Deputy Prime Minister for International Relations and Cooperation Affairs and Special Representative of His Majesty the Sultan.
Addressing the summit, H H Sayyid Asaad said permanent peace in the Middle East cannot be achieved unless Israel halts its policy of genocide against the Palestinian people. 'The international community, and all nations represented at this summit, must take urgent political, diplomatic and economic measures to end Israeli aggression and ensure the unimpeded delivery of humanitarian aid to the Gaza Strip.'
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
20 minutes ago
- Zawya
UAE: Invest Bank returns to strong profitability in H1
Invest Bank today announced its financial results for the six-month period ended June 30, 2025, demonstrating strong operational performance and continued balance sheet expansion across all key metrics. The Bank's total assets grew by AED1.2 billion year-on-year (+11%), primarily driven by a robust expansion in the loan portfolio (+AED 1.4 billion, +32%), reflecting initiation of the diversification journey across business segments. Net loans increased by AED1.4 billion (+32%), with performing assets (Stage 1 & 2) now constituting 44% of gross loans (December 2024: 37%). The Bank maintains a strong provision coverage ratio of around 38% across the portfolio, with stage 3 loans being fully covered, consistent with its December 2024 position. Customer deposits experienced significant growth of AED1.3 billion (+15% YoY), with CASA deposits increasing by AED 141 million (+6%) and term deposits expanding by AED1.2 billion (+18%). Supporting this growth, the Bank launched two innovative deposit products, iPlus and Cashback deposits, alongside enhanced digital banking solutions. Edris Al Rafi, Chief Executive Officer of Invest Bank, said, "The Bank's first-half results are a clear reflection of progress. By strengthening our product offering and advancing our strategy, we are building the momentum needed to move forward with confidence and deliver lasting value to our customers and shareholders." Additionally, Invest Bank strengthened its leadership team by electing Mohamed Obaid Rashid Al Shamsi as Vice Chairman. He brings over two decades of distinguished experience in the banking and governmental sectors, with a focus on business development, performance management, growth strategies, compliance, governance, capital reputation enhancement, and client relations. His expertise extends to operations, change management, and stakeholder engagement, positioning him to contribute significantly to Invest Bank's continued growth trajectory. Commenting on his election, Mohamed Obaid Rashid Al Shamsi said: "I am honored by the trust the Board has placed in me. At this important stage in Invest Bank's journey, I look forward to working alongside our leadership team to continue building on this positive momentum and guiding the Bank with strength and responsibility." In line with its customer-focused strategy and commitment to technological advancement, Invest Bank is currently developing a new mobile banking application designed to enhance customer experience, provide scalable solutions, and support diversification.
Zawya
21 minutes ago
- Zawya
Stonepeak rolls out Middle East renewables platform WahajPeak
Stonepeak, the New York-based alternative investment firm managing $76.3 billion in assets, has launched a renewable energy platform in the Middle East to develop utility-scale projects across the region. WahajPeak, will target solar, wind, and battery storage developments across the GCC and broader Middle East. It will be led by Mothana Qteishat, former Vice President at Jinko Power. The launch builds on Stonepeak's partnership with The Arab Energy Fund, with plans to jointly invest $1 billion in energy infrastructure across the region. Stonepeak has launched platforms such as Peak Energy and Synera Renewable Energy in Asia—both focused on the development, ownership, and operation of renewable assets including energy storage. The alternative investment firm opened an office in Abu Dhabi Global Market (ADGM) in September 2024. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
4 hours ago
- Zawya
Universal Rubber Belts Manufacturing opens Dubai-based production hub to boost regional supply chain resilience
Dubai, UAE: Universal Rubber Belts Manufacturing has officially launched its high-specification manufacturing facility in Dubai, establishing a local source of precision-engineered rubber belts for the automotive and industrial sectors throughout the GCC. This new "Made in Dubai" facility enhances regional supply chain resilience by reducing reliance on imported power transmission components and offering shortened lead times, consistent quality, and application-specific engineering. 'Universal Rubber Belt Manufacturing is addressing a long-standing gap in the regional market: the need for reliable, locally manufactured rubber belts that meet global technical standards,' said Mr. Mahyar Razaghi, CEO at Universal Rubber Belt Manufacturing. 'Our production is tailored to serve both automotive aftermarket distributors and industrial OEMs with durable, high-performance solutions.' Universal Rubber Belt Manufacturing's product portfolio includes: Automotive V-belts, multi-rib belts, and timing belts for passenger and commercial vehicles Industrial power transmission belts for pumps, compressors, and HVAC systems High-temperature, oil-resistant, and anti-static belt options Custom engineering and private-label manufacturing for regional partners Manufactured using advanced compounding, precision molding, and rigorous QC protocols, Universal Rubber Belt Manufacturing belts conform to global standards such as ISO, SAE, and DIN. The facility is equipped to handle both high-volume series production and specialized, low-batch configurations to meet client-specific technical requirements. With centralized operations in Dubai and seamless logistics connectivity, Universal Rubber Belt Manufacturing offers rapid delivery to clients across the UAE, Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain, with full support for recurring supply agreements and export compliance. About Universal Rubber Belt Manufacturing Universal Rubber Belts Manufacturing is a UAE-based specialist in the design and manufacture of technical rubber belts for automotive and industrial applications. Headquartered in Dubai, Universal Rubber Belt Manufacturing combines quality-focused production with agile regional distribution to serve clients across the Gulf with consistency, speed, and technical precision.
