(WAM)-


Global Food Week witnessed intensive trade activity, with total deals signed over the three days amounting to AED6.2 billion, reflecting a 59% growth compared to the previous edition's AED3.9 billion.

Over 1,600 meetings were held between buyers and exhibitors from across the globe, discussing additional deals worth AED 1.7 billion. Several Memoranda of Understanding (MoUs) and agreements were also signed, underscoring the event's pivotal role in promoting international collaboration and advancing the global food and beverage sector.

The event was organised by ADNEC Group in collaboration with the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA).

The event attracted significant investments and strategic partnerships that bolstered regional and global food systems, cementing Abu Dhabi's position as a hub for agricultural innovation and supporting global efforts toward sustainable solutions for food security for future generations.

Global Food Week 2024, supported by ADQ, an Abu Dhabi-based investment and holding company, featured four key events:
1. The Global Food Security Summit hosted 21 government ministers and over 80 global experts to discuss critical issues like climate-smart agriculture, agri-tech, and supply chains.
2. The 3rd Abu Dhabi International Food Exhibition and the 10th Abu Dhabi Date Palm Exhibition, alongside the inaugural Abu Dhabi Coffee Festival, showcased national programmes for ensuring food availability within an integrated food security system.

The Abu Dhabi International Food Exhibition provided participants access to a wide network of investors and one of the fastest-growing global food and beverage markets. It served as an effective commercial platform to showcase the latest innovations and products to regional and international stakeholders.

The event drew 34,437 visitors, achieving a remarkable 103% growth from the previous edition’s 16,899 visitors. It also featured 1,900 companies and brands, a 46% increase, with 600 new exhibitors from 67 countries – a 42% rise in participation compared to the last edition. Companies demonstrated advancements in food technology and sustainable food industries.

The UAE Farmers’ Market highlighted local agricultural milestones. Hassan Juma Al Zaabi, owner of VIP Farm and winner of the Sheikh Mansour Agricultural Excellence Award for Best Greenhouse Farm, stressed the importance of supporting food security and self-sufficiency through local agriculture.

Abu Dhabi’s efforts in fostering the food industry extend to companies like Polaris Technology, invited by the Emirates Entrepreneurship Association to showcase AI-powered solutions for resource planning in the food and restaurant industries.

The Abu Dhabi Date Palm Exhibition, held in partnership with the Khalifa International Award for Date Palm and Agricultural Innovation, explored the implementation of advanced technologies in date production. According to Dr. Abdelouahhab Zaid, Secretary General of the award, this initiative cultivates agricultural innovation and supports international collaboration.

(WAM)-


Marwan Hussein Al Shaali, Member of Ajman Chamber's Board of Directors, participated in the 13th Arab-Hellenic Economic Forum held in Athens, Greece.

The forum aimed to enhance economic cooperation, increase the volume of Arab-Hellenic investments, and explore partnership opportunities, with a focus on developing mutual investments in the energy and construction sectors.

The forum was attended by officials and representatives from government and economic institutions of Arab countries and Greece, along with leaders of companies, entrepreneurs, experts, and specialists in the fields of energy, construction, and related sectors.

Al Shaali commended the UAE-Greece relations, emphasising the mutual commitment of both countries to diversifying areas of cooperation, increasing bilateral trade, and promoting mutual investments.

He reiterated Ajman Chamber’s commitment to enhancing and expanding cooperation with Greece and organising future forums between the business communities of Ajman and Greece to support the growth of trade and mutual investments.

Al Shaali also emphasised the importance of the forum as a strategic platform for strengthening Arab-Hellenic economic relations, particularly highlighting the energy and construction sectors as some of the fastest-growing and most impactful in promoting sustainable economic development and increasing joint investment opportunities.

He noted that these sectors hold strategic significance in the UAE, particularly in Ajman, stressing that the emirate offers an ideal environment for investment growth in both sectors. This is due to Ajman's strategic location and advanced infrastructure, which supports the aspirations of investors and entrepreneurs.

Al Shaali further pointed out that the real estate, building, and construction sectors contributed 29 percent to the GDP of Ajman in 2023.

The forum focused on a series of sessions covering a range of topics, including "Successive Changes and Opportunities for Traditional Energy Alternatives," "Electrical Interconnection Projects," "Capabilities and Investment Opportunities in Energy," "Green Energy Project Map," "Clean Energy," "Infrastructure and Construction Projects," "Opportunities for Cooperation in Energy and Infrastructure Projects," "Sustainability, Innovation, and Smart Technology in City Development and Future Cities," as well as “Green Buildings and Construction Industry Technologies.”

On the sidelines of the forum, Al Shaali held a series of bilateral meetings with Greek officials and representatives from Arab countries participating in the forum. The discussions centred on ways to enhance joint cooperation, expand investment opportunities in the energy and construction sectors, and explore possibilities for organising future bilateral forums.

(WAM)–


The UAE Fuel Price Committee approved the fuel prices for December 2024 as follows:

- Diesel: AED2.68 per litre.
- Super "98" : AED2.61 per litre.
- Special "95" : AED2.50 per litre.
- E-Plus “91” : AED2.43 per litre.

(WAM)-


The General Administration of Abu Dhabi Customs will participate in the first edition of Abu Dhabi Business Week, themed "Deliver Value. Create Impact", and which will take place from 4th to 6th December 2024 at ADNEC Abu Dhabi.

During the event, Abu Dhabi Customs will showcase its most prominent initiatives and future plans aimed at boosting trade and the business sector, as well as supporting Abu Dhabi’s rapidly growing economy, and strengthening the emirate’s standing as a hub for attracting investments and capitals.

Abu Dhabi Customs will brief the visitors to its stand on the customs facilities and preferential treatment provided to companies and establishments registered in the Authorised Economic Operator Programme.

Additionally, it will introduce them to the customs clearance journey in Abu Dhabi through the invisible customs system, including the pre-arrival clearance system and clearance from outside the country.

Visitors will also be able to see a display of proactive and automatic digital services and the AI-supported systems designed to raise the efficiency of operational processes. Such initiatives help facilitate the movement of global trade and enhance supply chains in a way that supports the efforts Abu Dhabi Emirate to accelerate the transformation towards a smart, diversified and sustainable economy.

Abu Dhabi Customs’ participation in Abu Dhabi Business Week comes within the framework of strengthening strategic partnerships, which can help drive sustainable economic development in the emirate, knowing that the event brings together more than 150 speakers and 8,000 participants from decision makers, CEOs, international investors, and entrepreneurs who will explore the opportunities provided by the business support system in Abu Dhabi, which stimulates the building of a flexible and sustainable economy.

(WAM)-


Japan imported 31.80 million barrels of oil from the UAE in October 2024, accounting for 47.8 percent of its total imports for the month, according to data from the Agency for Natural Resources and Energy under Japan’s Ministry of Economy, Trade and Industry.

The data shows that Japan’s total oil imports in October reached approximately 66.53 million barrels, of which 97.8 percent, or around 65.06 million barrels, came from Arab countries, including the UAE.

Youm7-


The Egyptian Stock Exchange ended trading on Sunday, the first session of December, with a collective rise in the indices, driven by buying operations from Egyptian and foreign traders, while Arab trading tended to sell, amid trading amounting to EGP 3.2 billion, and the market capitalization gained EGP 17 billion at EGP 2.229 trillion.

The "EGX 30" index rose by 0.84% ​​to close at 30,497 points, the "EGX 30 Capped" index rose by 1% to close at 37,715 points, and the "EGX 30 Total Return" index jumped by 0.88% to close at 13,407 points.
The EGX 70 Equal Weight Index for Small and Medium Enterprises also rose by 1.43% to close at 8,394 points, the EGX 100 Equal Weight Index rose by 1.47% to close at 11,546 points, and the Sharia Index increased by 1.36% to close at 3,173 points.

Trading Economics-


Japan's industrial production increased by 3.0% month-over-month in October 2024, accelerating from 1.6% in the previous month but falling short of the market consensus of 3.9%, preliminary data showed.It was the second consecutive month of expansion in industrial output, marking the strongest rise since July. The main contributors to the upturn were production machinery (21.7% compared to -1.7% in September), motor vehicles (6.4% compared to 7.1%), and fabricated metals (8.1% compared to -0.2%). Yearly, industrial production grew by 1.6%, reversing a 2.6% decline in September and marking the first increase in three months.

Trading Economics-


The S&P/ASX 200 Index shed 0.1% to close at 8,436 on Friday, retreating slightly from record highs, weighed down by losses in the financial sector. Investors reacted to hawkish comments from Reserve Bank of Australia Governor Michele Bullock, who stated that Australia’s core inflation remains too elevated to justify interest rate cuts in the near term. She emphasized that policy will stay restrictive until there is greater confidence in the inflation outlook, noting that there is still some way to go before prices sustainably return to the RBA’s target. Heavyweight banks led the decline, with notable losses from Macquarie Group (-0.6%), ANZ Group (-1.1%), and National Australia Bank (-1.1%). The healthcare, consumer and industrial sectors also saw significant declines. Still, the benchmark index rallied 3.38% in November, its best monthly performance since July.

Trading Economics-


The Nikkei 225 Index dropped 0.37% to close at 38,208, while the broader Topix Index fell 0.24% to 2,681 on Friday, reversing some of the gains from the previous session. Investors reacted to data showing that Tokyo’s inflation accelerated above 2% in November, fueling speculation that the Bank of Japan may raise interest rates next month. Markets are now pricing in a 60% chance of a 25 basis point rate hike in December, up from around 50% a week ago. Meanwhile, the latest data on industrial production, retail sales, and employment pointed to signs of slowing economic activity. Technology stocks led the decline, with notable losses from Disco (-2.8%), Lasertec (-0.8%), Tokyo Electron (-2%), SoftBank Group (-1.1%), and Sakura Internet (-5.9%). For the month, the Nikkei and Topix indexes lost 2.23% and 0.55%, respectively.

The Saudi Stock Exchange main index closed today up 100.43 points to close at 11741.74 points, with trades worth 4.6 billion Saudi riyals.

The volume of traded shares - according to the Saudi Press Agency's daily economic bulletin for the Saudi Stock Exchange - amounted to 313 million shares, in which the shares of 159 companies recorded an increase in their value, while the shares of 64 companies closed down.

The shares of GIG, Saico, Lazurde, ACWA Power, and Saudi Ceramics were the most rising, while the shares of Tamkeen, Etihad Etisalat, Northern Cement, Anaam Holding, and Red Sea were the most declining in trading, as the rates of increase and decrease ranged between 8.35% and 11.34%.

While the shares of Al Baha, Shams, SMASCO, Saudi Aramco, and Tamkeen were the most active in terms of quantity, the shares of Al Rajhi, Tamkeen, Saudi Aramco, Fakieh Medical, and Etihad Etisalat were the most active in terms of value. The Saudi Parallel Stock Index (Nomu) closed today down 221.58 points to close at 30,173.12 points, with trading valued at 119 million Saudi riyals, and the volume of traded shares exceeded 21 million shares.

(QNA)-


Qatar Airways Cargo, the worlds leading air cargo carrier, and Cainiao, a global leader in e-commerce logistics, agree to strengthen their existing partnership, aiming to support the growth of cross-border e-commerce and enhance consumer experiences worldwide.
Cainiao, with its deep e-commerce insights and technological expertise, and Qatar Airways Cargo, with its extensive global connectivity, will together leverage their complementary strengths through this partnership to enhance global e-commerce logistics and stimulate economic growth at both regional and global levels.
Qatar Airways Cargo Chief Officer Cargo, Mark Drusch, said: "Since the inception of our collaboration with Cainiao in 2021, the partnership has seen strong growth, driven by ongoing flying agreements and a shared vision to support the burgeoning e-commerce industry.
He continued: "We are now further deepening our ties with Cainiao to work even closer together. By utilising the Qatar Airways Cargo hub at Hamad International Airport in Doha, we aim to expedite shipments to customers in Europe, the Middle East, and Africa, reinforcing our commitment to Cainiao." For his part, Cainiao Chief Executive Officer, Wan Lin, said: "At Cainiao, were committed to building a smart, future-proof logistics network for e-commerce. We are pleased to strengthen our partnership with quality players like Qatar Airways Cargo to build a more robust global express network and better support our global customers with faster deliveries and enhanced supply chain efficiency." E-commerce remains the largest driver of air cargo capacity demand worldwide. Qatar Airways Cargos extensive global network and state-of-the-art fleet have positioned it as an essential partner in meeting this demand. Through this collaboration, both companies continue to enhance connectivity and reliability for businesses and consumers across the globe.
Qatar Airways Cargo looks forward to further developing this strategic relationship, reinforcing its position as a leader in the air cargo industry.
Founded in 2013, Cainiao Group is a global leader in e-commerce logistics. Drawing on our deep e-commence insights, purposely built technology and a proven commitment to sustainability, we offer three core services, including global express, global supply chain, and global logistics technology.

(QNA)-


Oil Prices Close Higher. Brent crude futures rose by 34 cents, or 0.5 percent, settling at $73.17 per barrel.
U.S. West Texas Intermediate (WTI) futures climbed 16 cents, or 0.2 percent, to $68.88 per barrel.
The OPEC+alliance, which includes OPEC members and partners like Russia, postponed a meeting until Dec. 5. The meeting is expected to discuss further delays to a planned production increase, originally set to begin in January.

Trading Economics-


New Zealand's benchmark S&P/NZX 50 index inched 0.1% higher at 13,067 on Friday as investors digested robust consumer confidence data. Consumer confidence in New Zealand rose to its highest level in over three years in November, attributed to falling interest rates and easing inflationary pressures. Earlier this week, the Reserve Bank of New Zealand cut its official cash rate by 50bps to 4.25% and flagged more substantial easing. Investors expect that more interest-rate cuts next year could unlock money for equity markets. Meanwhile, some investors are recalibrating their expectations for future Federal Reserve interest rate cuts following inflation data. On the corporate front, the technology services sector led the gains, with standout performances from Gentrack Group (3.7%) and Vista Group (4.6%). The index rose 0.2% over the week and surged 3.4% for the month.

Trading Economics-


Turkey's GDP grew by 2.1% year-on-year in Q3 2024, marking the slowest expansion since the contraction in Q2 2020, as high interest rates continue to weigh on the economy. It follows a downwardly revised 2.4% growth in Q2 and compares with forecasts of 2.6%. Gross capital formation shrank 0.8%, the first decline in two years (vs 0.8% in Q2) and government expenditure contracted the most since Q1 2021 (-0.9% vs -0.4%). Also, exports growth slowed and imports shrank much more (-9.6% vs -5.8%). On the other hand, household spending increased at a faster pace (3.1% vs 1.5%). Compared to the previous quarter, GDP contracted by 0.2%, matching the revised 0.2% decline recorded in Q2. This marks the first time since 2018 that the economy has shrunk for two consecutive quarters.

Trading Economics-


Annual inflation rate in France edged up to 1.3% in November 2024, the highest in three months, compared to 1.2% in October, but below forecasts of 1.5%, preliminary estimates showed. Inflation nearly stabilized, driven by a slowdown in food prices (0.2% vs 0.6%) that was offset by a sharper rise in services (2.5% vs 2.3%) and a milder decline in energy costs (-0.7% vs -2%). Meanwhile, prices for manufactured goods declined 0.2%, the same as in October and tobacco soared 8.7%, also the same as in the previous period. Compared to the previous month, the CPI edged down 0.1%, following a 0.3% rise in October, mainly due too transportation. Considering the EU-harmonised CPI, it increased 1.7% on the year, slightly above 1.6% in October and matching expectations. On a monthly level, it also decreased 0.1%.