logo
Navigating PR for businesses in the MENA region

Navigating PR for businesses in the MENA region

Campaign ME11-04-2025
According to estimates, the PR industry in the MENA region is set to double in value by 2030, reaching an impressive $2bn.
One key driver of this growth is the UAE's commitment to nurturing its startup ecosystem. In just 50 years, the Emirates has transformed into a global economic powerhouse. As highlighted in the Global Startup Ecosystem Index 2024, the UAE ranks as the second-strongest startup hub in the Middle East and North Africa (MENA) region.
Additionally, one of its key emirates, Dubai, holds the 18th spot among the world's most promising emerging startup ecosystems.
The UAE's booming startup scene
In recent years, the UAE government has rolled out numerous programs to support startups.
For example, the accelerator Hub71, established in 2019, has welcomed more than 260 businesses over the years, which have collectively raised over $1bn in venture capital. The Sharjah Entrepreneurship Center is another stellar initiative, assisting over 150 startups and creating 1,400 jobs. Business also plays a crucial role in developing the startup ecosystem in the UAE.
A prominent example is the in5 hub for startups, founded in Dubai by the publicly listed TECOM Group. It provides entrepreneurs with mentorship, workshops, and support in connecting with investors and other valuable partners. Since its launch in 2013, in5 has hosted more than 500 startups, according to its official website. The country is also attracting entrepreneurs and investors through the Gold Visa, granting long-term residency permits that extend up to a decade.
In 2023, Dubai alone had 158,000 holders of such visas. That is double to the number of visas granted in 2022. In addition, the UAE authorities have established investment funds to support technological entrepreneurs, including the Mohammed Bin Rashid Innovation Fund, an initiative by the Ministry of Finance launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum.
Meanwhile, venture capital markets in the region are evolving. In 2024, startups across MENA raised $1.9bn, marking a 29 per cent decline compared to 2023. However, the number of active investors in the region grew by 20 per cent, suggesting that the venture capital market could see a rebound in 2025. In contrast, Saudi Arabian startups secured $750m, but this represented a 44 per cent drop compared to the previous year.
PR in MENA and UAE: an art of connection
Thriving startup ecosystems needs media relations specialists who can help these technological companies to stand out. In the first months of 2025, the number of inquiries for media relations increased sharply, according to Wordstat.
This highlights growing demand for PR. Many PR pros come from abroad. Some of them are established experts, but, as experts say, there is a need to combine these talents with local professionals who understand cultural nuances.
PR in the MENA region is distinct from the Western or Asia-Pacific, and each Arab nation possesses unique characteristics too. As the International Public Relations Association website further states, 'It is crucial not to ignore the significance of regional differences,' and effective strategies in one MENA country may not necessarily be applicable in a neighboring state.
'To truly establish your presence in the Arab world, your PR campaign must be targeted, localised, adapted to local conditions, and conducted in the appropriate languages.' In the UAE, dozens of local PR agencies offer support to businesses, including startups, with service costs typically ranging from $3,000 to $5,000 per month. Collaborating with them presents both advantages and disadvantages. On the positive side, local pros offer a deeper understanding of the local market and the knowledge of the Arabic language.
On the downside, many local PR specialists maintain a more traditional approach to public and media relations, viewing it primarily as the distribution of press releases to the media.
Using AI in PR in MENA
Technologies are becoming more and more prominent in business. According to McKinsey's estimates, 72 per cent of organisations worldwide have already adopted AI in at least one business function, and PR and communications is no exception.
According to Statista, 86 per cent of pros worldwide with different frequencies use AI tools with 20 per cent using them all the time. According to a recent survey, content creation is the most common task where communication professionals utilise AI, with 54 per cent of respondents indicating its use.
Data analysis ranks second, followed by background or landscape research. Other notable AI applications in PR include media relations (24 per cent), coverage reporting (20 per cent), and measuring PR impact (16 per cent).
AI can also adapt pitches and press releases to different media creating highly personalised email campaigns and increasing the likelihood of successful coverage.
PR departments in MENA should harness this technology, but see it as a complement to, not a replacement for, human interaction. Clients may use AI to inform their decisions, yet they highly value the presence of a human counterpart in their PR.
Media landscape in the UAE
Media in the UAE can be classified into English-language and Arabic-language outlets. The UAE hosts correspondents from esteemed media outlets like Forbes Middle East and The New York Times.
Dubai is home to offices of Bloomberg, Reuters, CNN, Wired Middle East, and the English newspaper Gulf News. Abu Dhabi hosts a CNN hi-tech hub, plus, here The National is published.
Engaging with English-language and Arabic-language editorial boards involves different strategies. English-speaking journalists prefer email communication and are occasionally active on X (ex-Twitter).
Arabic journalists, on the other hand, respond to email and WhatsApp, with Facebook searches often proving futile. Arabic media outlets in the UAE tend to prioritise interactions with local residents. This makes collaborating with a professional who is fluent in Arabic and, if possible, has local connections, advantageous. However, this is not a strict requirement; the key factor is the direct relevance of your product or project to the UAE.
Journalists typically receive from 200 to 300 press releases per day. Hence, it is highly recommended to follow up on your initial communication.
Without it, there's a 50 per cent chance that your press release may go unnoticed. It's crucial to note that English-language media places a high premium on exclusivity, whereas Arabic may cover news that has already been disseminated. If an Arabic media outlet approves your submission but doesn't publish it the next day, don't be alarmed; Arabic journalists often operate at a more deliberate pace, with releases typically appearing 2–3 days later.
Nonetheless, working with journalists in the UAE has some advantages over Europe and America. Just about ten years ago, it was common for journalists to request company CEOs to write articles directly. Newspapers often offer columns as part of standard advertising packages, but exceptionally high-quality content may be published independently.
Tips to get media attention
Startups operating within the MENA and in the UAE in particular enjoy a near guarantee of being covered in Arabic media. Government-related news also usually receives coverage from all media outlets. However, businesses not based in the UAE or not entering its market may struggle to gain attention.
To ensure your PR campaign thrives in the Emirates, take into account several factors:
Relevance to the UAE: your product or project should directly connect to the country. This accounts for nearly half of the success.
your product or project should directly connect to the country. This accounts for nearly half of the success. Language : while not obligatory, speaking Arabic can be a significant advantage.
: while not obligatory, speaking Arabic can be a significant advantage. Patience : adapt to the different work pace and atmosphere compared to Western counterparts.
: adapt to the different work pace and atmosphere compared to Western counterparts. Contacts : keep your journalist contact list up-to-date, as there's high turnover in UAE media.
: keep your journalist contact list up-to-date, as there's high turnover in UAE media. WhatsApp: embrace this as the primary mode of communication, as it's the most popular messenger in the UAE.
embrace this as the primary mode of communication, as it's the most popular messenger in the UAE. Personal connection: strive to build personal relationships and remember gifts on key holidays.
A successful PR campaign in the country combines local understanding with global expertise, following fundamental PR principles while adapting to the unique characteristics of the market.
By Evgeniya Zaslavskaya, founder and CEO at Zecomms.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Merck Foundation Chief Executive Officer (CEO) and First Ladies of Africa and Asia share their partnership journey in Transforming Patient Care Landscape, Supporting Girl Education and Breaking Infertility Stigma
Merck Foundation Chief Executive Officer (CEO) and First Ladies of Africa and Asia share their partnership journey in Transforming Patient Care Landscape, Supporting Girl Education and Breaking Infertility Stigma

Zawya

timean hour ago

  • Zawya

Merck Foundation Chief Executive Officer (CEO) and First Ladies of Africa and Asia share their partnership journey in Transforming Patient Care Landscape, Supporting Girl Education and Breaking Infertility Stigma

Merck Foundation ( the philanthropic arm of Merck KGaA Germany, conducted the 7 th Edition of Merck Foundation First Ladies Initiative - MFFLI Summit 2025 on 19 th and 20 th June. The summit was inaugurated by Prof. Dr. Frank Stangenberg-Haverkamp, Chairman of Merck Foundation Board of Trustees, and Senator, Dr. Rasha Kelej, CEO of Merck Foundation and President of Merck Foundation First Ladies Initiative along with The First Ladies of 14 African and Asian countries, who joined as the Guests of Honor and Keynote Speakers. H.E. Amai Dr. AUXILLIA MNANGAGWA, The First Lady of the Republic of Zimbabwe H.E. Madam MARIE KHONE FAYE, The First Lady of the Republic of Senegal H.E. Mrs. MARIA DE FATIMA VILA NOVA, The First Lady of the Democratic Republic of São Tomé and Príncipe H.E. Senator OLUREMI TINUBU, CON, The First Lady of the Federal Republic of Nigeria H.E. Dr. GUETA SELEMANE CHAPO, The First Lady of the Republic of Mozambique H.E. Mrs. SAJIDHA MOHAMED, The First Lady of the Republic of Maldives H.E. Mrs. KARTUMU YARTA BOAKAI, The First Lady of the Republic of Liberia H.E. Mrs. RACHEL RUTO E.G.H., The First Lady of the Republic of Kenya H.E. Mrs. LORDINA DRAMANI MAHAMA, The First Lady of the Republic of Ghana H.E. Mrs. FATOUMATTA BAH-BARROW, The First Lady of the Republic of The Gambia H.E. Madam ZITA OLIGUI NGUEMA, The First Lady of the Gabonese Republic H.E. Madam BRIGITTE TOUADERA, The First Lady of the Central African Republic H.E. Dr. DÉBORA KATISA CARVALHO, The First Lady of the Republic of Cabo Verde H.E. Dr. ANA DIAS LOURENÇO, The First Lady of the Republic of Angola Merck Foundation CEO, Senator, Dr. Rasha Kelej emphasized, 'I am very proud to conduct Merck Foundation Africa First Ladies Initiatives –MFFLI, together with our Guests of Honor and Keynote Speakers, the First Ladies of 14 African and Asian Countries, who are also the Ambassadors of 'Merck Foundation More Than a Mother'. I extend a special welcome to the new members joining our platform. Together we reflected on the impact of our programs and discussed our strategy to continue and explant our efforts to build healthcare capacity and raise awareness on a wide range of sensitive and critical social issues like Breaking Infertility Stigma, Supporting Girl Education, Ending Child Marriage&FGM, Stopping GBV, Women Empowerment, and important health issues like Diabetes and Hypertension Awareness.' Watch the speech of Senator Dr. Rasha Kelej during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: Prof. Dr. Frank Stangenberg-Haverkamp, Chairman of Merck Foundation Board of Trustees emphasized 'I was pleased to hear from the First Ladies of Africa and Asia about the remarkable progress they have achieved in their countries through Merck Foundation programs. Their achievements play a vital role in our journey of success.' Watch the speech of Prof. Dr. Frank Stangenberg-Haverkamp during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: Merck Foundation has provided till today, more than 2270 scholarships to young doctors from 52 countries in 44 critical and underserved specialties. During the Inauguration Session of the Luminary, the First Ladies delivered their keynote speeches to share the impact of their partnership journey with Merck Foundation. H.E. Amai Dr. AUXILLIA MNANGAGWA, The First Lady of the Republic of Zimbabwe&Ambassador of Merck Foundation More Than A Mother expressed, 'Since our partnership began in 2019, we've achieved remarkable milestones. Over 130 scholarships have been provided for our young Zimbabwean doctors in critical and underserved specialties such as Fertility, Oncology, Diabetes, Cardiology, Neonatal Care, Psychiatry, and more. Moreover, through the 'Educating Linda' program, we've also supported 40 girls by covering their tuition fees to help them complete their education. We have never before witnessed a program of such transformative impact in Zimbabwe, we are making history.' Watch the video of The First Lady of Zimbabwe during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Madam MARIE KHONE FAYE, The First Lady of the Republic of Senegal & Ambassador of Merck Foundation More Than A Mother shared, 'It is an honor to join the 7th Edition of the Merck Foundation First Ladies Initiative Summit. As a first-time participant, I'm happy to be among my dear sisters—First Ladies of Africa and Asia—and truly inspired by their achievements through Merck Foundation. I'm proud to share that Senegal has received 25 scholarships for young doctors in Oncology, Diabetes, Fertility, and Embryology. We look forward to strengthening this partnership, and eager to scale up further for the benefit of our people.' Watch the speech of The First Lady of Senegal during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Mrs. MARIA DE FATIMA VILA NOVA, The First Lady of the Democratic Republic of São Tomé and Príncipe&Ambassador of Merck Foundation More Than A Mother shared, 'As the Ambassador of the Merck Foundation More Than a Mother campaign, I'm truly grateful for the impactful programs of Merck Foundation. For the first time, we are implementing such transformative initiatives in our country, and their positive impact is already visible. Under the Educating Linda program, we've supported the education of 40 high performing but underprivileged girls by covering their tuition fees, giving them the opportunity to complete their education and pursue their dreams.' Watch the speech of The First Lady of São Tomé and Príncipe during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Senator OLUREMI TINUBU, CON, The First Lady of the Federal Republic of Nigeria & Ambassador of Merck Foundation More Than A Mother shared, 'As a first-time participant in this remarkable platform, I'm honored to join such a distinguished group of leaders and proud to serve as the Ambassador of the Merck Foundation More Than a Mother campaign. Merck Foundation has significantly improved patient care in Nigeria by providing 64 scholarships for our young Nigerian doctors in critical specialties like Fertility, Oncology, and Diabetes. We are also supporting the education of 20 high-performing but underprivileged girls through the Educating Linda program. I look forward to strengthening our long-term partnership to build healthcare and media capacity, break infertility stigma, and support girl education in Nigeria.' Watch the video of The First Lady of Nigeria during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Dr. GUETA SELEMANE CHAPO, The First Lady of the Republic of Mozambique & Ambassador of Merck Foundation More Than A Mother shared, 'I recently assumed the role of First Lady of Mozambique, and I am truly impressed by the unique and useful programs of the Merck Foundation. It is inspiring to hear firsthand from my fellow First Ladies about the remarkable achievements they have realized in their respective countries through their partnership with Merck Foundation. I am proud to share that 18 scholarships have been provided for young doctors in Mozambique in Diabetes, Acute Medicine, Infectious diseases, and Pain Management. I am excited to be the Ambassador of "Merck Foundation More Than a Mother" and drive meaningful and lasting change across our country and beloved continent.' Watch the video of The First Lady of Mozambique during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Mrs. SAJIDHA MOHAMED, The First Lady of the Republic of Maldives & Ambassador of Merck Foundation More Than A Mother shared, 'This is my second time joining this meaningful platform to share the progress of our partnership with Merck Foundation. I'm pleased to note that the Chairman and CEO recently visited the Maldives, and we have started providing scholarships to local doctors in Fertility and Embryology—two vital specialties for our country. We aim to expand into more fields, strengthening our healthcare system. I truly value Merck Foundation's impactful programs and their sincere, results-driven approach. We are proud of this partnership and look forward to deepening it for the benefit of our people.' Watch the video of The First Lady of Maldives during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Mrs. KARTUMU YARTA BOAKAI, The First Lady of the Republic of Liberia &Ambassador of Merck Foundation More Than A Mother said, 'It was an enriching experience, learning from my dear sisters as they shared success stories and impactful programs in their countries. To date, 51 scholarships have been provided for our doctors in Fertility, Embryology, Oncology, and Diabetes. I'm especially proud that our current Minister of Health is a Merck Foundation alumnus—a powerful example of the program's lasting impact. It equips doctors with vital skills and empowers them to become healthcare leaders. Additionally, we are providing scholarship to support the education of 20 deserving girls through the Educating Linda program. We are proud to keep making history in our country.' Watch the video of The First Lady of Liberia during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Mrs. RACHEL RUTO E.G.H., The First Lady of the Republic of Kenya & Ambassador of Merck Foundation More Than A Mother shared, 'I am proud of our partnership with Merck Foundation, through which we have provided 244 scholarships for our Kenyan doctors—half of them awarded to women, marking a strong step toward healthcare equity and women empowerment. I also value the 'Educating Linda' program, through which 47 underprivileged but high-performing Kenyan girls are receiving full support to complete their education. Together, we are shaping a healthier and more equitable future for Kenya.' Watch the video of The First Lady of Kenya during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Mrs. LORDINA DRAMANI MAHAMA, The First Lady of the Republic of Ghana & Ambassador of Merck Foundation More Than A Mother emphasized, 'This is my first time attending this conference, and I am thrilled to hear the inspiring stories and achievements of my dear sisters. Dr. Rasha Kelej shared with me in detail about their very impressive programs. I am happy to learn that 210 scholarships have been provided for our young Ghanaian doctors in critical specialties. I am also proud to know that education of 20 of our deserving but underprivileged schoolgirls is being supported through the Educating Linda program. I am committed to supporting more talented girls and look forward to working closely with Merck Foundation to drive lasting change across our continent.' Watch the video of The First Lady of Ghana during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Mrs. FATOUMATTA BAH-BARROW, The First Lady of Republic of The Gambia & Ambassador of Merck Foundation More Than A Mother emphasized, 'I am very proud of our partnership that began in 2017, we have achieved significant milestones together since then. We have provided 88 scholarships for young Gambian doctors in many critical specialties. This is a very high number for our country and has significantly contributed to transform our patientcare landscape. Together, we have also supported the education of 40 schoolgirls as a part of Educating Linda program, giving them an opportunity to shape a brighter and more secure future for themselves, their families, and their communities.' Watch the video of The First Lady of The Gambia during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Madam ZITA OLIGUI NGUEMA, The First Lady of the Gabonese Republic & Ambassador of Merck Foundation More Than A Mother shared, 'I am honored to be part of this esteemed platform. Though our partnership with Merck Foundation began only last year, it is already making an impact. Three doctors from Gabon have received scholarships in Oncology and Diabetes Care, and I look forward to scaling it up together with our Ministry of Health. I am also proud of the Educating Linda Program, through which we are supporting the education of 20 schoolgirls who are high0perfoming yet under-privileged, and we are committed to benefit more. I am confident that our long-term partnership will lead to even greater impact and outcomes.' Watch the video of The First Lady of Gabonese during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Madam BRIGITTE TOUADERA, The First Lady of Central Africa&Ambassador of Merck Foundation More Than A Mother emphasized 'I am proud to be one of the earliest members of this impactful platform. Since 2015, our partnership with Merck Foundation has supported healthcare capacity building through scholarships for our doctors in Oncology and Diabetes. Together, we launched the 'Empowering Berna' program to help infertile and childless women start small businesses and become financially independent. Under the 'Educating Linda' program, we are providing scholarships to 40 underprivileged schoolgirls from our country.' Watch the video of The First Lady of Republic of Central African Republic during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Dr. DÉBORA KATISA CARVALHO, The First Lady of the Republic of Cabo Verde&Ambassador of Merck Foundation More Than A Mother said, 'I'm proud to share that we've enrolled our local doctors for specialized training in Oncology and Fertility, a milestone in strengthening our healthcare system. Through the Educating Linda Program, we've also provided scholarships to 42 schoolgirls, helping them complete their education and help them reach their full potential. I look forward to our continued impact — transforming lives and building a healthier, brighter future.' Watch the Speech of The First Lady of Cabo Verde during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: H.E. Dr. ANA DIAS LOURENÇO, The First Lady of the Republic of Angola & Ambassador of Merck Foundation More Than A Mother shared, 'I am truly impressed by the significant impact of Merck Foundation's programs. Together we are committed to building lasting impact in Angola by supporting girls' education, ending gender-based violence and child marriage, and strengthening healthcare and media capacity for a better future.' Watch the video of The First Lady of Angola during the inaugural program of the Merck Foundation first Ladies Initiative – MFFLI Summit 2025 here: The 7 th Edition of Merck Foundation First Ladies Initiative is streamed live on the social media handles of Merck Foundation and Senator, Dr. Rasha Kelej, CEO of Merck Foundation: @ Merck Foundation: Facebook ( X ( Instagram ( and YouTube ( @ Rasha Kelej: Facebook ( X ( Instagram ( and YouTube ( Merck Foundation is transforming the Patient care landscape and making history together with their partners in Africa, Asia, and beyond, through: • 2280+ Scholarships provided by Merck Foundation for doctors from 52 Countries in more than 44 critical and underserved medical specialties. Merck Foundation is also creating a culture shift and breaking the silence about a wide range of social and health issues in Africa and underserved communities through: • 3700+ Media Persons from more than 35 countries trained to better raise awareness about different social and health issues • 8 Different Awards launched annually for best media coverage, fashion designers, films, and songs • Around 30 songs to address health and social issues, by local singers across Africa • 8 Children's Storybooks in three languages - English, French, and Portuguese • 7 Awareness Animation films in five languages - English, French, Portuguese, Spanish and Swahili to raise awareness about prevention and early detection of Diabetes&Hypertension and supporting girl education. • Pan African TV Program "Our Africa by Merck Foundation' addressing Social and Health Issues in Africa through 'Fashion and ART with Purpose' Community • 950+ Scholarships provided to high performing but under-privileged African schoolgirls to empower them to complete their studies 15 Social Media Channels with more than 8 Million Followers. Distributed by APO Group on behalf of Merck Foundation. Additional Images: Contact: Mehak Handa Community Awareness Program Manager Phone: +91 9310087613/ +91 9319606669 Email: Join the conversation on our social media platforms below and let your voice be heard: Facebook: X: YouTube: Instagram: Threads: Flickr: Website: Download Merck Foundation App: About Merck Foundation: The Merck Foundation, established in 2017, is the philanthropic arm of Merck KGaA Germany, aims to improve the health and wellbeing of people and advance their lives through science and technology. Our efforts are primarily focused on improving access to quality&equitable healthcare solutions in underserved communities, building healthcare&scientific research capacity, empowering girls in education and empowering people in STEM (Science, Technology, Engineering, and Mathematics) with a special focus on women and youth. All Merck Foundation press releases are distributed by e-mail at the same time they become available on the Merck Foundation Website. Please visit to read more. Follow the social media of Merck Foundation: Facebook ( X ( Instagram ( YouTube ( Threads ( and Flickr ( The Merck Foundation is dedicated to improving social and health outcomes for communities in need. While it collaborates with various partners, including governments to achieve its humanitarian goals, the foundation remains strictly neutral in political matters. It does not engage in or support any political activities, elections, or regimes, focusing solely on its mission to elevate humanity and enhance well-being while maintaining a strict non-political stance in all of its endeavors.

Trump hits more countries with steep tariffs, markets dive
Trump hits more countries with steep tariffs, markets dive

Al Etihad

time3 hours ago

  • Al Etihad

Trump hits more countries with steep tariffs, markets dive

1 Aug 2025 19:26 ZURICH/WASHINGTON (Reuters) US President Donald Trump's latest wave of tariffs on exports from dozens of trading partners sent global stock markets tumbling on Friday, and countries and companies scrambling to seek ways to strike better Trump presses ahead with plans to reorder the global economy with the highest tariff rates since the early 1930s, Switzerland, "stunned" by 39% tariffs, sought more talks, as did India, hit with a 25% tariffs also include a 35% duty on many goods from Canada, and 50% for presidential order listed higher import duty rates of 10% to 41% starting in a week for 69 trading partners, taking the US effective tariff rate to about 18%, from 2.3% last year, according to analysts at Capital shares stumbled, with Europe's STOXX 600 down 1.8% on the day and 2.5% on the week, on track for its biggest weekly drop since Trump announced his first major wave of tariffs on April 2. Wall Street also opened sharply lower on broadest index of Asia-Pacific shares outside Japan fell 1.5%, bringing the total loss this week to roughly 2.7%. In commodity markets, oil prices continued to fall after a 1% plunge on new tariffs have created yet more uncertainty, with many details unclear. They are set to take effect on August 7 at 0401 GMT, a White House official European Union, which struck a framework deal with Trump on Sunday, is still awaiting more Trump orders to deliver on agreed carve-outs, including on cars and aircraft, EU officials said, saying the latest executive orders did not cover it is unclear how the administration intends to define and police the transhipment restrictions, which threaten 40% levies on any exporter deemed to have tried to mask goods from a higher-tariffed originator, such as China, as their new tariffs will kick in at what has become a perilous moment for the US economy, with US data on Friday showing employment growth was weaker than previously tariff rollout also comes amid evidence that they have begun driving up Commerce Department data released Thursday showed prices for home furnishings and durable household equipment jumped 1.3% in June, the biggest gain since March 2022. No Winners Countries hit with hefty tariffs said they will seek to negotiate with the US in hopes of getting a lower said it would push for a "negotiated solution" with the US."It's a massive shock for the export industry and the whole country. We are stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing Switzerland's mechanical and electrical engineering Africa's Trade Minister Parks Tau said he was seeking "real, practical interventions" to defend jobs and the economy against the 30% US tariff it Asian countries, however, breathed a sigh of relief after the US tariffs on their exports were lower than threatened and levelled the playing field with a rate of about 19% across the region's biggest finance minister said a reduction from 36% to 19% would help his country's economy."It helps maintain Thailand's competitiveness on the global stage, boosts investor confidence and opens the door to economic growth, increased income and new opportunities," Pichai Chunhavajira products could become more competitive in the US market, helping businesses boost exports, Trade Minister Don Farrell said, after Trump kept the minimum tariff rate of 10% for businesses and analysts said the impact of Trump's new trade regime would not be positive for economic growth."No real winners in trade conflicts," said Thomas Rupf, co-head of Singapore and CIO Asia at VP Bank. "Despite some countries securing better terms, the overall impact is negative.""The tariffs hurt the Americans and they hurt us," winemaker Johannes Selbach said in Germany's Moselle Valley, adding jobs and profits on both sides of the Atlantic would be hit.L'Oreal and a growing number of European fashion and cosmetics companies are exploring the use of an obscure, decades-old US customs clause known as the "First Sale" rule as a potential way to soften the impact of the "First Sale" rule allows companies to pay lower duties by applying tariffs to the value of a product as it leaves the factory, much lower than the eventual retail price. Canada and India Trump has tapped emergency powers, pressured foreign leaders, and pressed ahead with trade policies that sparked a market sell-off when they were first announced in order said some trading partners, "despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters."Trump issued a separate order for Canada that raises the rate on Canadian goods subject to fentanyl-related tariffs to 35%, from 25% previously, saying Canada had "failed to cooperate" in curbing illicit narcotics flows into the higher tariffs on Canadian goods contrasted sharply with Trump's decision to grant Mexico a 90-day reprieve from the higher tariffs of 30% on many goods to allow time to negotiate a broader trade Prime Minister Mark Carney said he was disappointed by Trump's decision and vowed to take action to protect Canadian jobs and diversify exports. India is in trade talks with the US after Washington imposed a 25% tariff on New Delhi, a move that could impact about $40 billion worth of its exports, an Indian government source with knowledge of the talks told Reuters on Friday.

India to invite financial bids for IDBI Bank stake sale in Oct-Dec, official says
India to invite financial bids for IDBI Bank stake sale in Oct-Dec, official says

Zawya

time3 hours ago

  • Zawya

India to invite financial bids for IDBI Bank stake sale in Oct-Dec, official says

India has completed due diligence for the stake sale of IDBI Bank and plans to invite financial bids between October and December, the country's divestment secretary said on Friday. A successful bidder will be announced by the end of March 2026, said Arunish Chawla, Department of Investment and Public Asset Management Secretary. Banking sector deals in India, especially those involving foreign entities, are rare. A full takeover of troubled Indian lender Lakshmi Vilas Bank by Singapore-based DBS Group in a regulatory-driven transaction in 2020 was the last major deal. The sale of a majority stake in IDBI Bank has been seen as a first step towards privatising state-run banks. The government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corporation of India which holds 49.24%, together plan to sell 60.7% of the lender. The sale process was first announced in 2022. Reuters has reported that interested buyers include Emirates NBD and Canadian billionaire Prem Watsa.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store