THE EARLY PHOENIX
The Gulf
August 26, 2024
Gulf Diplomacy: UAE Facilitates 1,788 Russia-Ukraine Prisoner Exchanges
The UAE successfully mediated its seventh prisoner exchange between Russia and Ukraine, releasing 230 captives, evenly split between both sides. This brings the total number of prisoners exchanged through UAE’s efforts to 1,788. The UAE Ministry of Foreign Affairs emphasized the nation’s role as a trusted intermediary, reinforcing its commitment to peaceful resolution initiatives. The UAE’s mediation highlights its ongoing dedication to reducing tensions and advocating dialogue to mitigate the humanitarian impact of the conflict.
Gulf Trade: Saudi Arabia Hits $130.9 Billion Q2 2024
Saudi Arabia’s foreign trade volume reached $130.9 billion in Q2 2024, reflecting Vision 2030’s economic diversification efforts. Non-oil exports, including re-exports, grew by 10.5% to SAR 73.73 billion ($19.65 billion), while total merchandise exports slightly declined by 0.2%. The trade balance surplus stood at SAR 98.37 billion. Expansion in manufacturing, petrochemicals, and technology sectors contributed significantly to this growth. Challenges such as fluctuating oil prices and global economic uncertainties persist, but Saudi Export-Import Bank’s credit facilities bolstered competitiveness.
Gulf Trade: UAE Non-Oil Reaches $380 Billion in Six Months
The United Arab Emirates’ non-oil trade surged 11.2% in the first half of 2024, reaching 1.395 trillion dirhams ($380 billion). This outpaced the global trade growth rate of 1.5%, showing UAE’s growing economic influence. Non-oil exports strengthened, increasing their share of total trade to 18.4%, up from 16.4% last year. Exports to the top 10 trading partners grew by 33.4%, while other exports increased by 12.6%. Overall, non-oil exports jumped 25% to 256.4 billion dirhams, more than doubling the annual total from five years ago.
Gulf Finance: Saudi Telecom Shares Surge 9.9% in 2024
Shares of Saudi Telecom Company (STC) surged 9.9%, reaching their highest level since 2014, following the announcement of increased dividends. STC will distribute 0.55 riyals per share each quarter until Q3 2027, a 37.5% increase from Q2 dividends. The company saw a 9.8% rise in net profits, reaching 3.3 billion riyals, contributing to this investor confidence. STC also hinted at potential additional dividends based on future financial assessments, strategic investments, and capital requirements.
Gulf Finance: Saudi Electricity Secures $4 Billion Credit Facility
The Saudi Electricity Company signed an international credit facility worth 15 billion riyals ($4 billion) with a three-year term, extendable for two years. The financing will support the company’s general purposes and involves multiple financial institutions, including Bank of America Europe, HSBC Middle East, and First Abu Dhabi Bank. The deal reflects the company’s strategic financial planning and its ability to secure substantial international support for ongoing and future projects.
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Explore Gulf’s 2022-2024 economic, political, social events in ACLS’s Journey Into History archive.
