Page 12 - MEOG Week 28 2022

MEOG NEWS IN BRIEF MEOG

POLICY Washington has lobbied Middle East oil that resulted in cooperation agreements,
giants and OPEC members to increase oil in addition to agreements and MoUs to
Iraq’s Kadhimi to attend output in recent months, in order to curb boost cooperation across different fields that
contribute to enhancing sustainable economic
international reliance on Russian energy
summit in Saudi Arabia in response to Vladimir Putin’s invasion of development.
Ukraine.
“Our companies see opportunities
Iraq’s Prime Minister Mustafa al-Kadhimi will Iraq, Egypt, and Jordan also share strong in developing gas resources, energy
participate in a summit in Saudi Arabia next ties. The countries have held tripartite infrastructure and renewable energy;
week, announced a statement from his office meetings over the last year, aimed at healthcare, biotech and agri-tech; defense,
on Wednesday, aiming to discuss a variety of strengthening cooperation in the gas and logistics, digital communications, e-commerce
topics including energy and environmental electricity sector. and financial services. While we are keen to
challenges. RUDAW expand our investments in Turkey, we also
Kadhimi has accepted an invitation from want to drive mutually beneficial partnerships
Saudi Arabia’s King Salman bin Abdulaziz Al UAE, Turkey explore for industrial investment in the UAE,” he said.
Saud to partake in the summit, which will also Dr Sultan Al Jaber invited Turkish
be attended by leaders of Egypt, Jordan, and collaboration in energy, companies to invest in the UAE’s industrial
the United States, according to the statement. sector and benefit from industrial investment
US President Joe Biden arrived in Israel tech and industry opportunities in petrochemicals, metals,
on Wednesday, kick starting a four day tour pharma, medical equipment, electrical
to the Middle East that will also see him visit A high-ranking UAE delegation, led by machinery, agri-tech, defense and space.
Saudi Arabia on Friday where he is expected Dr Sultan bin Ahmed Al Jaber, Minister Dr Thani bin Ahmed Al Zeyoudi, Minister
to also attend the summit. of Industry and Advanced Technology, of State for Foreign Trade, who was part of
“When U.S. President Joe Biden comes to concluded a two-day visit to Turkey from July the delegation, said: “Our Comprehensive
the Middle East this week, he will be arriving 13-14. Economic Partnership Agreement with
in a region facing numerous challenges, from The visit was aimed at exploring new Turkey will bring unique opportunities to
terrorism to food insecurity and climate areas for future collaboration, especially enhance bilateral trade and investments.”
change. But the Middle East is also a region in the energy, industry and advanced Dr Al Zeyoudi added: “Our economic
that is increasingly facing those challenges technology sectors. Dr Al Jaber, met with partnership with Turkey is deeply rooted.
together under a group of leaders pursuing Turkish Minister of Industry and Technology, Non-oil trade between the two countries
positive change,” wrote Kadhimi in an Mustafa Varank, during his visit in addition amounted to about Dhs50.4bn in 2021,
opinion piece for Foreign Policy, an American to attending meetings with other senior achieving a growth of 54 per cent compared to
publication, on Wednesday. government and private sector officials. A 2020, and an increase of 86 percent compared
The topics of energy, food security, and UAE Turkey Investment Workshop, where the to 2019. Turkey accounts for more than three
environmental challenges will be discussed, delegation outlined investment opportunities per cent of the UAE’s non-oil foreign trade
as well as outlining the steps needed for across the UAE’s industrial value chain, was and is our seventh largest trading partner.
cooperation between countries of the region also held. UAE investments in Turkey amounted to
to resolve crucial issues, according to the Dr Al Jaber emphasised that the two almost Dhs18.3bn by the end of 2020, while
statement from Kadhimi’s office, adding that countries share a clear vision for sustainable the value of Turkish investments in the UAE
the summit will be conducted “early next economic growth and continue to expand amounted to Dhs1.1bn by the end of 2019.
week” without specifying the day. their relations, as highlighted by the visit The UAE announced a $10bn investment fund
The statement added that Iraq seeks to of Sheikh Mohamed bin Zayed Al Nahyan, in Turkey and the signing of 72 cooperation
continue its commitment to developing President of the UAE, to Turkey at the end agreements, highlighting this relationship’s
diplomatic relations, and a maintaining a of 2021, and the visit of Turkish President positive trajectory.”
balance when it comes to regional alliances. Recep Tayyip Erdogan to the UAE in February Sarah bint Yousef Al Amiri, Minister of

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