Category: Market

Egypt’s financial sector, not traditionally distinguished by its speed, is evolving fast backed by the reforms efforts made by the Central Bank of Egypt (CBE), the Euromoney Institutional Investor PLC said on Monday2/5/2022.

In a statement posted on its website, Euromoney said it will hold its 25th annual conference under the title of “The New Egypt: Investing in Sustainability”, set for September 26 in the New Administrative Capital.

The statement said: “Whilst the world slowed down, battling the economic headwinds of lockdowns and restrictions, Egypt went from strength to strength.

Before the pandemic, Egypt’s government initiated a major fiscal spending programme, investing in infrastructure: cities; roads; monorails; bridges; tunnels and more. The results of this investment were plain to see – the IMF forecasted 5.4% growth in 2022 and Egyptians looked set fair to benefit.”

“But, out of a clear blue sky, another huge geopolitical and supply-side storm has hit.” the statement added.

“Egypt has moved fast to manage the impact – it devalued the Egyptian pound and entered urgent talks with the IMF” the statement noted.

Egypt’s fintechs want more from the banks – more support, more partnerships and more funding – and there are clear signs that the industry is starting to deliver. Egypt’s financial sector, not traditionally distinguished by its speed, is evolving fast. It needs to, as the digital transformation of consumer finance in the country is well underway, the Euromoney statement noted.

The pandemic accelerated the adoption of fintech solutions worldwide, but Egypt’s government was already making good headway in its push for a cashless society and the provision of digital financial services before Covid-19 hit, according to the Euromoney statement.

“In its FinTech & Innovation Strategy gave shape and purpose to reform; and an entire chapter of Egypt’s new 2020 banking law focused on payment service providers and technology.” added the statement.

Source: State Information Service Egypt

Petroleum Minister Tareq el Molla has unveiled a number of projects meant to upgrade the efficiency of the national gas grid as production from the Eastern Mediterranean fields continue to take an upturn.

Molla, in statements Monday, put the value of investments in the new ventures at more than six billion pounds.

He cited a project to duplicate the Capital-Dahshour pipeline to extend over 67 kilometers. Another pipeline duplication should connect Sulaymaniyah and Northern Giza along 20 kilometers, the minister added.

Molla also touched upon a 15km duplication project through Sinai and a 135km duplication project between Abu Qorqas and Assiut.

Work is also underway to expand the Western Desert Gas Complex through adding a fourth line that would produce some 600 million cubic feet daily, the minister added.

Molla said all the new ventures are part of his Ministry’s strategy to sustain natural gas supplies to the local market and to meet needs of citizens, particularly in the countryside.

Source: State Information Service Egypt

Manama, The world’s largest aluminium smelter ex-China, Aluminium Bahrain B.S.C. (Alba) set new records in Safety on 30 April 2022 as it surpassed 25 million Safe working-hours without Lost Time Injury (LTI) for the first time in the history of its commercial operations. This milestone came alongside exceeding 25 million metric tonnes (MT) in overall production since the Company began its operations in 1971.

Commenting on this highest-ever Safety performance, Alba’s Chief Executive Officer Ali Al Baqali stated:

“Alba is the author of its own destiny. Achieving 25 million-milestone, in both Safety and Production, allowed us to sign up in history books for our Golden Jubilee of Operations.

Safety and Production are mutually inclusive, and these numbers reflect that our strong Safety culture is behind our productivity performance. All our endeavours – Safety Campaigns, Hours, Visits, Lectures, etc., embody our belief that Safety comes first, no matter what.

I thank our people, employees and contractors’ personnel, for going above and beyond to deliver first-class results amidst the COVID-19 crisis.”

The Company marked this occasion with a small celebration at the Oasis Hall attended by Company’s Executives, Management and employees from different departments.

Source: Bahrain News Agency

Abu Dhabi, The UAE Central Bank of the UAE (CBUAE) has announced that the new AED5 and AED10 banknotes have entered circulation following distribution to all banks operating in the country.

The CBUAE – in collaboration with the UAE Banks Federation (UBF) – has provided the new AED5, AED10 and AED50 notes through participating banks’ ATMs.

Emirates NBD, Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB) and Bank of Sharjah are amongst the national banks to programme their ATMs for the new denominations and update their settings in a short time span.

Source: Bahrain News Agency

The UAE government has always endeavored to respond to the needs of the community, and to translate this, in addition to all the initiatives and programs launched across the country, the Ministry of Foreign Affairs and International Cooperation has adopted innovation in the creation and design of its services. The Ministry was recognized by the country’s wise leadership in September 2021, as it was ranked among the top 5 government agencies in digital services following a performance evaluation of the federal government, the efficiency of its services, and customers’ access to services at any time and anywhere.

In implementing the seventh principle of Principles of the 50 as part of digital, technical and scientific excellence plans set by the UAE to design its development and economic journey, and to consolidate the country’s stature as a capital for talent, companies and investments in these fields and make it the next capital of the future, the Ministry of Foreign Affairs and International Cooperation seeks to engage all segments of society in the innovation and design of its services and the way they are provided to customers within a pioneering methodology that contributed to their upscaling to meet the needs of each individual in the community through the involvement of customers in designing the services they need, and how to obtain these services.

The Ministry of Foreign Affairs and International Cooperation elaborated an integrated strategy to hone its digital services, as it aimed to design and develop sustainable digital services in partnership with the community, to enhance customer trust and quality of life. The Ministry then assessed their needs and expectations regarding the speed of services and various delivery channels. The digital services team in the ministry remains in full swing to continuously refine all available services and work on digitizing them.

The Ministry’s work teams spared no effort in a comprehensive re-design of processes and services with the aim of transforming them in line with the UAE digital government strategy 2025 and under the supervision and follow-up of Emirati competencies specialized in the field. They employed emerging technologies for capacity building and data collection through user engagement, placing customer needs and comfort as main determinants in the re-designing processes, services, and policies. The ministry rolled-out comprehensive mechanisms to ensure user involvement in all stages of service design and development, making user voice and opinion a reference in identifying needs and bridging the gaps that may exist in the service provision process.

Work teams got together with a number of customers from various social segments to get a closer look at how they use all the services available through the ministry’s website and smartphone application, and to collect opinions and feedback about steps, technical elements, and improvement possibilities. They were thus able to draw up and implement the necessary plans and test the resulting changes.

As the UAE sails towards its centennial, the government sector must periodically test the services it provides, to keep pace with global developments and the achievements of the country where all is possible. The Ministry of Foreign Affairs and International Cooperation remains committed to continuing to meet the aspirations of customers and enhance their confidence in using its digital services through effective communication and their involvement in the development process of seamless and integrated services.

Source: Ministry of Foreign Affairs & International Cooperation

Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State, and President of Rwanda, Paul Kagame, have reviewed ways to further boost bilateral ties between the two nations in various fields of interest.

This came as Sheikh Shakhboot met, in the capital, Kigali, with the Rwandan leader, and conveyed to him the greetings of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and their wishes for further progress and development to Rwanda and its people.

The President of Rwanda reciprocated the greetings, and wished continued progress and prosperity to the UAE government and people. He affirmed that the UAE-Rwanda relations are steadily growing, noting the numerous opportunities to accelerate cooperation for the higher good of both nations.

On another note, the UAE Minister of State met with Dr. Vincent Biruta, Rwanda’s Minister of Foreign Affairs and International Cooperation, and Prof Nshuti Manasseh, the Rwandan Minister of State in Charge of East African Community at the Ministry of Foreign Affairs and International Cooperation, and conveyed to them the greetings of H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.

During the two meetings, the prospects for boosting investment and economic cooperation and accelerating projects between the two nations were reviewed, and an agreement on consolidating economic and technical collaboration was signed.

Dr. Biruta congratulated the UAE for the successful hosting of Expo 2020 Dubai, including the various achievements made during the world’s greatest show, as well as the impressive organisation of the World Government Summit.

During his visit to the east African nation, Sheikh Shakhboot visited Carnegie Mellon University Africa, where he was welcomed by Paula Ingabire, Rwandan Minister of ICT and Innovation. He was briefed on the university’s laboratories, activities and technological innovations, especially in the field of Artificial Intelligence, where he noted the importance of using ground-breaking technology for social welfare?.

Source: Ministry of Foreign Affairs & International Cooperation

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Mohamed Mosh (Mehmet Mus), Minister of Trade of Turkey discussed different initiatives to foster business and investment partnerships between the business communities of the two countries during a round table held on April 27th in Istanbul.

The two ministers also discussed ways to utilise the qualitative leaps recently achieved by bilateral and economic relations, and arrangements for finalising the forthcoming Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

The meeting came as part of the visit of an official and business delegation to Turkey led by Al Zeyoudi.

He asserted that there are strong historical relations and ties between the UAE and Turkey and that the two sides are looking forward to strengthening cooperation in all areas in view of the common desire to develop economic partnership to higher levels in a sustainable manner.

This, he said, will serve the development agenda and the business communities of both the two countries to move towards more sustainable and resilient economies and achieve progress for the peoples.

UAE-Turkey relations have witnessed positive development and cooperation in all the areas of mutual interest, following the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Turkey by the end of 2021; and President Recep Erdogan’s visit to the UAE in February 2022, which resulted in the signing of around 72 agreements and Memorandums of Understanding (MoUs) in various fields.

Al Zeyoudi said, “We look forward to maximising the cooperation between the two countries during this historic phase and stimulating it towards more momentous levels in several strategic sectors in the coming days. We have recently announced the launch of formal discussions to reach a CEPA with Turkey as part of the Global Economic Agreements Programme within the UAE’s ‘Projects of the 50’. Today, we continue our work with our partners in the Turkish Government and the private sector in Turkey to finalise the arrangements of this Agreement and formally sign it, paving the way for a new shift in both countries’ relations in the areas of trade, investment, talent exchange, and knowledge sharing.”

He added, “The volume of non-oil trade between the UAE and Turkey has reached about AED 50.4 billion in 2021, growing by 54 per cent as compared to 2020, which had witnessed an increase of 86 per cent against 2019. Ankara accounts for more than 3 per cent of the UAE’s non-oil foreign trade volume. In addition, UAE investments in Turkey rose to over AED 18.3 billion by the end of 2020, while Turkish investments in the UAE amounted to AED 1.1 billion by the end of 2019.”

Al Zeyoudi highlighted the elements of the new economic module of the UAE based on flexibility, proactiveness, and openness to international markets.

He further shed light on ‘Projects of the 50’ and the amendments adopted by the country to promote the competitiveness of its legislative economic system as well as the leading technological infrastructure and attractive incentives in investments and attracting talents.

He also called upon the business community in Turkey to benefit from the growing economic collaboration between the two countries and explore promising growth prospects in the UAE market, which is rich with developmental and prosperity incentives. “The business community should benefit from the strategic location of the UAE as an active logistic window for Turkish products to reach the markets in the Middle East, Asia, and Africa, as well as the technologically developed infrastructure. Not to mention empowering companies to build regional and international networks for its brands, hence ensuring more profits, development, and growth,” he added.

Moreover, both sides explored new prospects to encourage businessmen and companies to increase and diversify trade, as well as promote the influx of mutual investments and businesses.

They further emphasised on promoting knowledge and talents exchange between the two countries in priority sectors during the upcoming stage – including renewable energy, financial and bank sector, entrepreneurship and SMEs, advanced technology and innovative industries, logistic support (such as transportation, freight, and civil flights), agricultural sector, food security, healthcare, and tourism.

The delegation included Saeed Al Dhaheri, the Ambassador of the UAE to the Republic of Turkey, Juma Al Keet, Assistant Under-Secretary for Foreign Trade Affairs at the UAE Ministry of Economy, Abdullah Alshamsi, Assistant Under-Secretary, Industry Growth, at the Ministry of Industry and Advanced Technology, Sameh Abdulla Al Qubaisi as Director General of Economic Affairs at the Abu Dhabi Department of Economic Development, Fahad Al Gergawi, Chief Executive Officer of Dubai Investment Development Agency (Dubai FDI), Mohamed Sharif Habib Mohamed Al-Awadi, Director-General at Fujairah Free Zone Authority, Mohammed Juma’a Al Musharrakh, the Chief Executive Officer (CEO) of the Sharjah FDI Office (Invest in Sharjah), as well as a number of UAE governmental officials and businessmen. As from the Turkish side, the round-table meeting witnessed the participation of Nail OLPAK, the President of the Turkish Foreign Economic Relations Board (DEIK).

Source: Ministry of Foreign Affairs & International Cooperation

The direct investments supervised by Qatar Development Bank (QDB) in small and medium-sized enterprises (SMEs) exceeded QR100 million for the first time, bringing the total amount of direct and indirect investments in its portfolio to QR220 million, supporting nearly 100 companies operating and providing highly skilled jobs and innovative services to various entities and companies in Qatar.

Mr Abdul Rahman bin Hisham Al Suwaidi, Acting CEO of QDB, said that QDB will continue to advance the level of progress in the strong investment sector in Qatar, and will also strengthen its efforts in this aspect through investment products to develop and support a larger number of innovative companies with the aim of enhancing their ability to expand regionally and globally.

He added that QDB is aware of the importance of this type of investment for its role in achieving economic growth and providing high-skilled jobs in the private sector that support the goals of the Qatar National Vision 2030 in building a knowledge-based economy.

Source: Government of Qatar

Milan, Luxury sports car maker Ferrari (RACE.MI) will recall 2,222 cars in China due to a potential fault in its braking systems, China’s market regulator said in a statement on Friday.

The recall covers the 458 Italia, 458 Speciale, 458 Speciale A, 458 Spider, 488 GTB and 488 Spider series models, the State Administration for Market Regulation said, and is for cars imported between March 2010 and March 2019.

According to Reuters, the recall will begin on May 30.

A source close to the matter said that the recall is part of a wider action Ferrari is undertaking globally over the same issue for models produced over the period, which also saw the carmaker agreeing to a recall campaign in the United States in November last year.

In the car industry, recalls and their timings are normally decided by each individual national authority after issues emerge or are flagged by the constructor.

Ferrari said that, after investigating the matter together with its supplier Bosch (ROBG.UL), they had identified the cause of the defect in affected vehicles in a brake reservoir fluid cap that may not vent properly, thereby potentially creating a vacuum inside the brake fluid reservoir.

“The safety and wellbeing of our clients is our priority. We operate according to stringent safety and security guidelines to ensure the right systems and procedures are in place at all times” Ferrari said.

Based on data available on the company’s website, which date back until 2014 when it was still part of Fiat group, Ferrari has sold a total of around 5,400 cars in its ‘Greater China’ region, which includes Hong Kong and Taiwan, between 2014 and last year.

By 1145 GMT Milan-listed shares in Ferrari were down 3.1%, underperforming a 1.7% fall for Italy’s blue chip index (.FTMIB).

Source: Bahrain News Agency

DOHA, Qatar – Qatar Airways today launched a voluntary carbon offset programme for corporate customers. This initiative will enable corporate and trade clients to offset their own carbon emissions via a dedicated web portal at any time before or after a flight.

The Qatar Airways voluntary carbon offset programme allows its corporate clients to offset or reduce the carbon emissions associated with their business travel, and empowers them to make sustainable choices. With this, companies work towards their sustainability goals while they collaborate with the global airline to advance their carbon neutrality goals.

Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: “Building a long-term sustainable aviation industry requires coordinated efforts, and businesses play an important role in building more environmentally friendly and more sustainable air travel. We are happy to provide an opportunity for our corporate clients to voluntarily offset the carbon footprint of corporate trips through recognised projects that help both communities and the environment, and encourage them to make carbon offsetting part of their carbon management plan. This further supports the Qatar Airways Group’s goal to strengthen our environmental sustainability efforts and enhances our leadership position in the aviation industry.”

Built on a partnership with the International Air Transport Association’s (IATA), the leading programme provides Qatar Airways’ customers a customised environmental solution with the assurance that the credits bought to offset these emissions are from projects delivering independently verified carbon reductions, as well as wider environmental and social benefits. This new programme reaffirms our industry’s ambition to reach our climate targets while we drive innovation and bring other social, environmental or economic benefits.

This new programme uses the IATA industry best practice for calculating CO2 emissions, and it has been designed to simplify the process for our customers, offering them innovative solutions towards achieving their environmental commitments on climate change. Initial emissions will be offset with a leading renewable energy project with additional verified projects to be included in the near future.

Since 2020, the Qatar Airways’ Voluntary Carbon Offsetting Programme has been contributing with the Fatanpur Wind Farm project located in the central Indian state of Madhya Pradesh, consisting of 54 wind turbines, which generate a combined output of 108 MW, and avoids 210,000 tonnes of greenhouse gas emissions per year. The support for the Fatanpur project not only reduces global carbon emissions, it also provides employment opportunities; delivers improved education through providing materials and expertise to nearby schools; and supports a mobile medical unit – enabling improved healthcare to the local community.

In November 2020, Qatar Airways announced the official launch of its voluntary carbon offset programme for passengers. Subsequently in November 2021, Qatar Airways Cargo, the freight division of Qatar Airways Group, also launched its new voluntary carbon offsetting programme for air cargo shipments, becoming the first cargo carrier to join the IATA CO2NNECT platform and the first airline in the world to make a carbon transaction through the IATA Aviation Carbon Exchange (ACE) via IATA Clearing House (ICH).

As one of the world’s leading airline, Qatar Airways is committed in its efforts collaborate with the industry stakeholders to address carbon emissions, and allow its customers to easily incorporate carbon-neutral business practices into their overall corporate strategy.

A multiple award-winning airline, Qatar Airways was recently announced as the ‘Airline of the Year’ at the 2021 World Airline Awards, managed by the international air transport rating organisation, Skytrax. It was also named ‘World’s Best Business Class’, ‘World’s Best Business Class Airline Lounge’, ‘World’s Best Business Class Airline Seat’, ‘World’s Best Business Class Onboard Catering’ and ‘Best Airline in the Middle East’. The airline continues to stand alone at the top of the industry having won the main prize for an unprecedented sixth time (2011, 2012, 2015, 2017, 2019 and 2021). Qatar Airways recognises the importance of environmental sustainability in aviation. We are committed to being at the forefront and working in collaboration with our global and regional partners on achieving the industry’s decarbonisation goals.

Source: Qatar Airways