Economy

Saudi Arabia announced on Thursday, its strategy for the 'Riyadh Vision'. The plan was revealed by Crown Prince Mohammed bin Salman and it aims to make Riyadh among the world's top 10 economic cities in order to drive forward the country’s economic, industrial and tourism growth in the upcoming years. 

The UAE Minister of State for Foreign Trade affirmed the UAE’s willingness to support joint Gulf action in various priority economic issues. Some of the expected changes is an amended consumer protection system, the adoption of the amended patent system, and continuing to support and encourage small and medium enterprises and institutions.

Uzbekistan and Saudi Arabia are taking steps to promote business ties and investment at a time when both countries continue to prioritise economic reform and development.

In a press statement following the meeting, EU leaders welcomed the new agreement as an "important milestone" that would give European companies "unparalleled market access" to China, thus promoting the "level playing field". 

Emphasising its resilience as the leading economic hub in the Gulf, the Emirate of Dubai on Sunday (27 December) unveiled a growth-oriented 2021 budget that seeks to accelerate the pace of economic recovery, strengthen social benefits and enhance infrastructure. Dubai seeks a quick bounce back in 2021 after the setbacks due to the coronavirus pandemic

This is yet another example of shifting alliances and relations in the wider Middle East. It also further embeds Pakistan in China's sphere of influence as both countries step up their pressure on India.