Israel and the UAE sign landmark trade agreement
Israel + UAE ink trade agreement: Following months of negotiations, Israel and the UAE have inked a bilateral trade agreement that they hope will boost the value of trade between them by more than USD 10 bn and add USD 1.9 bn to the UAE’s GDP over the next five years, Emirati state news agency WAM reported yesterday. The trade agreement — which is the first Israel has signed with an Arab country — is set to either remove or reduce tariffs on over 96% of goods traded between the two countries.
Israel wants to up trade with us, too: Egypt and Israel want to more than double the value of annual bilateral trade to USD 700 mn by 2025 (excluding natural gas exports and tourism). The two countries could turn the Nitzana border crossing in Sinai into a logistics zone to increase commercial trade, and collaborate on green energy projects and R&D.
ALSO IN PLANET FINANCE-
- Abu Dhabi-based petrochemicals firm Borouge raised some USD 2 bn in its IPO, selling some 3 bn shares in a transaction that values the company at USD 20 bn. (Bloomberg)
- Whatever it takes: US Federal Reserve Governor Christopher Waller is the latest to throw his weight behind accelerating the bank’s tightening cycle, advocating making 50-bps hikes until inflation is brought under control. (Bloomberg)
- The Central Bank of Oman is working to develop a digital currency. (Oman News Agency)
- The GBP is heading towards EM status, says BofA: “The increasing politicization of UK policy undermines the GBP in ways that would appear EM-like,” warns Bank of America strategist Kamal Sharma, who warns that the currency is heading towards an “existential” crisis. (Bloomberg)
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THE CLOSING BELL-
The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 1.5 bn (44.4% above the 90-day average). Foreign investors were net buyers. The index is down 15.1% YTD.
In the green: E-Finance (+4.1%), Abu Qir Fertilizers (+3.1%) and Ezz Steel (+2.8%).
In the red: Palm Hills Development (-9.4%), Cleopatra Hospital (-6.4%) and Heliopolis Housing (-4.3%).