Saudi Arabia Steps Up Against UAE
Saudi Arabia amends the regulations for importing goods from the Gulf Cooperation Council countries (GCC), in a move that appears to target UAE, which is in competition with Saudi Arabia in attracting investors and businesses.
Saudi Arabia has amended its rules on import from the Gulf Cooperation Council countries (GCC), in a move that appears to target the United Arab Emirates (UAE), which is its rival in attracting investors and businesses.
The amendments stipulate excluding goods made in free zones or using Israeli input from preferential tariff concessions. Saudi Arabia will henceforth exclude from the GCC tariff agreement goods made by companies with a workforce made up of less than 25 percent of local people and industrial products with less than 40 percent of added value after their transformation process.
Sources told "Sputnik" agency, Monday, that the "OPEC +" alliance canceled its scheduled session, without setting a new date for it. As a result, global oil prices increased by 1%, according to trade data.
Last Friday, "OPEC +" failed to reach an agreement to set production quotas starting from next August.
The UAE rejected a plan under negotiation, which it considered "unfair", in an escalation of the dispute that could impede the recovery of the crude market after the "Covid-19" pandemic.