Malaysia, one of the fastest growing economies in the Association of South-East Asian Nations, is on track to reach a free trade agreement with the UAE by the end of the year and hopes to explore a broader trade treaty with the wider GCC economic bloc, a senior official said.
Malaysia has “excellent relations with the Middle East” and plans to further boost ties with Arab economies, the country's Minister of Investment, Trade and Industry, Tengku Zafrul Aziz, told the ninth annual Belt and Road summit in Hong Kong.
“This has been the case regardless of the ideological queue of the government in power [in Malaysia], which indicates how strategic the region is to us,” Mr Aziz said on Thursday. “For Malaysia, we are continuing discussions with the GCC for an FTA, and we are on track to conclude an FTA with the UAE by end of the year on a wider scale.”
[Malaysian Prime Minister] Anwar Ibrahim has proposed an Asean-GCC FTA, and this is something that needs to be explored seriously
Tengku Zafrul Aziz,
Malaysia's Investment, Trade and Industry Minister
The UAE, the Arab world’s second largest economy, and Malaysia initiated talks for a comprehensive economic partnership agreement (Cepa) last year and have held several rounds of discussions.
Mr Aziz’s latest comments come after Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, visited Malaysia in June, where the two sides held talks to explore trade and investment opportunities in high-growth sectors such as technology, manufacturing and services.
“Our nations both recognise the developmental importance of open, rules-based trade and are committed to ensuring [that] our private sectors are able to maximise the opportunities available in each other’s economies,” state news agency Wam quoted Dr Al Zeyoudi as saying at the time. “We see considerable potential for greater trade and investment flows … and we look forward to making progress on our Cepa negotiations."
In 2023, the two countries reported bilateral non-oil trade worth $4.7 billion, maintaining the record levels achieved in 2022.
UAE trade treaties
The UAE is actively seeking trade, investment and economic co-operation treaties with nations around the world as it pursues its national economic goal of Dh4 trillion ($1.1 trillion) in foreign trade by 2031. The country is pushing to diversify its economic base and has signed a series of Cepas with fast-growing economies in Asia, the Middle East and Africa, which have already provided a boost to the UAE's non-oil foreign trade.
The Emirates has signed Cepas with Indonesia, the biggest economy in the Asean trading bloc, as well as Cambodia. The UAE is continuing trade discussions with other Asean members, including the Philippines and Vietnam.
In the first six months of this year, the UAE’s non-oil foreign trade hit a record Dh1.4 trillion as a 25 per cent year-on-year surge in non-oil exports helped the aggregate non-oil foreign trade jump 11.2 per cent on an annual basis, the latest government data shows.
The UAE's Cepa programme is expected to grow the country's exports by 33 per cent and contribute more than Dh153 billion to its gross domestic product by 2031. The country, which aims to sign 26 Cepa deals, has already signed trade treaties with India, Turkey, Israel, Cambodia and Georgia, while talks are under way with Serbia, New Zealand and Ecuador.
Boosting GCC trade ties
Hong Kong on Monday said it was exploring options, including free trade agreements, with the UAE and the Gulf to boost trade and investment ties with economies in the region. The pacts being considered include investment protection treaties, as well as economic co-operation deals and avoidance of double taxation agreements, Dr Patrick Lau, deputy executive director of Hong Kong Trade Development Council, told The National at the Belt and Road Summit.
Malaysia also called for a GCC-Asean trade treaty, which will benefit economies in the two blocs. “[Malaysian Prime Minister] Anwar Ibrahim has proposed an Asean-GCC FTA, and this is something that needs to be explored seriously,” Mr Aziz said during his keynote speech in Hong Kong.
Several major global economies are also pursuing trade deals with the Gulf region. Trade and investment relations between China, the world’s second-largest economy, and the GCC, which is home to a third of the world's proven oil reserves, would receive a major boost from a potential FTA.
The UK is also in talks with the GCC over an FTA, while a free trade treaty between the Gulf economies and Turkey is expected to create a $2.4 trillion trade opportunity.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
More on animal trafficking
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
UAE currency: the story behind the money in your pockets
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
