Davos 2023 latest: UAE in talks with India to trade in rupees; Riyadh eyes Expo 2030

Davos 2023 latest: UAE in talks with India to trade in rupees; Riyadh eyes Expo 2030

Leaders and chief executives highlighted their plans and concerns over economic growth due to impending recession fears at the ongoing World Economic Forum (WEF) annual meeting in Davos, Switzerland.

UAE’s Minister for Foreign Trade Thani Al Zeyoudi said that the emirate is in early talks with India and China on settling non-oil commodity trade in local currencies.

Saudi Arabia, which has made a bid to host the Expo 2030 world fair, is pushing ahead with plans to turn its capital Riyadh into a major global metropolis, said Royal Commission for Riyadh City CEO Fahd Al-Rasheed

On the energy front, International Energy Agency (IEA) IEA Executive Director Fatih Birol said that markets could be tighter in 2023.

The Philippines’ President Ferdinand Marcos Jr meanwhile said the Asian state’s economy would resist global recessionary headwinds.

Zawya has compiled all the updates from Davos.

UAE and India discussing settling non-oil trade in rupees

The UAE is in early discussions with India to trade non-oil commodities in Indian rupees, Minister for Foreign Trade Dr Thani Al Zeyoudi said.

The minister said other countries, including China, have also raised the issue of settling non-oil trade payments in local currencies.

Riyadh city developing fast with eye on Expo 2030 bid

Saudi Arabia, which has made a