Malaysia to seal free trade deal with UAE by June, minister says 

The countries started negotiations over a Comprehensive Economic Partnership Agreement last year. Shutterstock
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Updated 27 February 2024
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Malaysia to seal free trade deal with UAE by June, minister says 

ABU DHABI: Malaysia expects to conclude a free trade agreement with the UAE by the end of June, the country’s trade minister said, adding the deal could boost investment in Malaysia by the Gulf state’s sovereign wealth funds. 

The countries started negotiations over a Comprehensive Economic Partnership Agreement last year. 

“We are in the last round of discussions,” Malaysian Trade Minister Tengku Zafrul told Reuters on Tuesday in an interview at a World Trade Organization meeting in Abu Dhabi. 

Following the agreement, Malaysia hopes that the UAE will invest in its energy, digital economy, electric vehicle and chip sectors. Mubadala Investment Co., one of Abu Dhabi’s three sovereign wealth funds, is already an investor in Malaysia. 

The UAE, a small but influential nation on the Arabian Peninsula, has signed a series of bilateral free trade agreements in recent years, including with India and Israel. As well as removing traditional tariffs on goods and services, deals have included preferential investment clauses. 

Tengku Zafrul said the trade deal could lead to Malaysia becoming a hub for UAE investments in Asia. 

He said there had been no progress on a broader free trade agreement between ASEAN and the six-member Gulf Cooperation Council, which includes the UAE and Saudi Arabia. 

Tengku Zafrul said Malaysia was talking with the EU for free trade agreement but cautioned that momentum behind a US-led Indo-Pacific agreement had slowed down. 

“I’m not too optimistic if Trump comes in,” he said of this year’s US presidential election, citing the US abandoning another Pacific trade deal under former President Donald Trump. 


Egypt inflation slows to 10.1% in January: CAPMAS  

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Egypt inflation slows to 10.1% in January: CAPMAS  

JEDDAH: Egypt’s annual inflation eased to 10.1 percent in January from 10.3 percent a month earlier, while consumer prices rose sharply on a monthly basis, highlighting persistent pressure on household costs. 

The consumer price index climbed to 268.1 points in January from 264.2 in December, the Central Agency for Public Mobilization and Statistics, also known as CAPMAS, said. Monthly inflation accelerated to 1.5 percent, compared with 0.1 percent in December. 

The government has stressed measures to contain inflation, with directives from President Abdel Fattah El-Sisi calling for coordination between the Central Bank of Egypt and the Ministry of Finance. 

Earlier, Prime Minister Mostafa Madbouli said these efforts aim to curb inflation pressures, support economic stability and encourage private sector growth. 

In its latest report, CAPMAS stated: “Among the most important indicators in price changes.... an increase in the prices of the grains and bread group by 0.1 percent, the meat and poultry group by 5.1 percent, the fish and seafood group by 1.7 percent, the dairy, cheese, and eggs group by 0.5 percent, the oils, and fats group by 0.2 percent.”  

Price movements in January contrasted with patterns seen in December 2025. Essential food and beverage categories recorded significant increases after some declines in the previous month. The meat and poultry group rose 5.1 percent in January following a 1.1 percent decline in December. 

Vegetables increased by 8.5 percent after falling 2 percent in December, while coffee, tea, and cocoa rose by 6.7 percent, up from 0.1 percent. Fish and seafood increased by 1.7 percent, dairy, cheese, and eggs by 0.5 percent, grains and bread by 0.1 percent, and tobacco and oils and fats rose by 0.7 percent and 0.2 percent, respectively. 

Housing-related costs continued to rise, with actual rents up 1.6 percent, imputed rents up 1.9 percent, and housing maintenance and repair up 0.8 percent. 

The report also showed hospital services increased by 3.4 percent, while outpatient clinic services rose by 1.0 percent, compared with December increases of 1.8 percent and 1.0 percent, respectively. 

Other consumer categories recorded moderate increases. Clothing and accessories rose by 1.4 percent, ready-made clothing by 1.1 percent, footwear by 0.4 percent, and cleaning, repair, and clothing rental by 1.0 percent. 

Personal care increased by 0.6 percent and transport services rose 0.3 percent, while household items and equipment rose between 0.2 percent and 0.7 percent. 

On the other hand, fruit prices decreased by 2.5 percent, and home appliances declined by 0.4 percent, continuing trends from December in some sectors.