Category: Market

The Ministry of Commerce and Industry (MoCI) hailed car dealers and suppliers’ adherence to the circular the MoCI has issued regarding their obligations to consumers when purchasing or reserving vehicles, confirming the delivery of a roughly 4,000 new vehicles to consumers.

In a statement on Tuesday, the MoCI indicated that such an adherence comes based on the periodic and extensive campaigns carried out by the MoCI’s inspectors on car agencies to ensure their adherence to the circular No. (1) of 2023, determining the car suppliers’ obligations to consumers when they purchase or reserve vehicles. It pointed out that the Consumer Protection and Combating Commercial Fraud has already issued the circular No. (1) of 2023, through preparing “the delivery deadline” form that includes mandatory data in accordance with the provisions of the law.

It pointed out that this came based on the law No. (8) of 2008, regarding consumer protection, and its modifications on suppliers’ obligations, and ways of implementing them through conditions and standards that conform to the law’s provisions and its executive regulation. However, the obligations shall come within the framework of ensuring consumers’ rights towards those who deal with them to fulfill their essential needs, based on article No. (8) on consumers’ rights to obtain other data, as determined by the executive regulation of this law which stipulated in its fourth article the kind of data that must be provided in the document issued by the suppliers.

In addition, the MoCI stated that it had given car suppliers residing in the State of Qatar one week deadline effective from the date of knowledge of this decision to regularize their situation and adhere to the circular’s contents, in addition to notifying the Consumer Protection and Combating Commercial Fraud of what has been implemented in this regard. It asserted that once the deadline is expired, the MoCI would intensify its inspection campaigns to monitor car suppliers’ adherence to these rules, stressing that it would firmly confront everyone who neglects his obligations enshrined in the law No. (8) of 2008, on consumer protection and its executive regulation.

The MoCI urged all citizens and residents to report any infractions or violations through the communication center line: 16001, and on the MoCI’s account on social media platforms.

Source: Qatar News Agency

Saudi Arabian Oil Company “Saudi Aramco” announced today the financial results for the first quarter of the current year 2023, as follows:

Net income: $31.9 billion (Q1 2022: $39.5 billion)

Cash flow from operating activities: $39.6 billion (Q1 2022: $38.2 billion)

Free cash flow1: $30.9 billion (Q1 2022: $30.6 billion)

Gearing ratio1: -10.3% as at March 31, 2023, compared to -7.9% at end of 2022

Q4 2022 dividend of $19.5 billion paid in the first quarter; representing a 4.0% increase on the previous quarter

Q1 2023 dividend of $19.5 billion to be paid in the second quarter

Intention to introduce a mechanism for performance-linked dividends, in addition to the base dividend

Extraordinary General Assembly approves bonus shares grant of one bonus share for every 10 shares held

Major investments advance strategic downstream expansion in key global markets

iktva signings valued at around $7.2 billion expected to further strengthen supply chain efficiency

Agreement with Linde Engineering for the development of a new ammonia cracking technology, which supports the advancement of lower-carbon energy solutions

Saudi Press Agency (SPA) quoted Aramco President & CEO Amin Nasser, as saying that: “The results reflect Aramco’s continued high reliability, focus on cost and our ability to react to market conditions, as we generate strong cash flows and further strengthen the balance sheet. Reinforcing our commitment to maximize long-term shareholder value, we are also announcing our intention to introduce a mechanism for performance-linked dividends, in addition to the base dividend the Company currently distributes.

“Our growth strategy remains on track and we made significant progress on the strategic expansion of our Downstream business during the quarter, announcing a key acquisition in the US as well as important investments and partnerships in China and South Korea. Our global Downstream strategy is gaining momentum, and we are leveraging cutting-edge technologies to increase our liquids-to-chemicals capacity and meet anticipated demand for petrochemical products.

“We are also moving forward with our capacity expansion, and our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future.

“Our intention is to continue to be a reliable energy supplier with the ability to provide more sustainable energy solutions, supporting efforts to achieve an orderly energy transition. By working to further reduce the carbon footprint of our operations, and adding new lower-carbon energy options to our portfolio, I am confident about the contributions we will make.”

Source: Bahrain News Agency

Saudi Stock Exchange’s main index ended trading higher today, gaining 137.88 points to close at 11,256.65 points.

The total value of trading reported was SAR 4.9 billion, while the total number of shares traded was 184 million.

The Saudi Parallel Market Index (NOMU) ended the day by gaining 198.80 points to close at 21,094.37 points, with a valuation of SAR 24 million and an overall tally of more than 420,000 stocks.

Source: Bahrain News Agency

The US stock indexes closed down at the end of Monday’s trading.

The Standard and Poor’s 500 index ended trading down 2.15 points, or 0.05 percent, to record 4,167.33 points.

The Nasdaq Composite Index fell 14.83 points, or 0.12 percent, to end trading at 12,211.75 points.

The Dow Jones Industrial Average fell 50.42 points, or 0.15 percent, to close at 34,047.74 points.

Source: Qatar News Agency

Following the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, the Board of Directors of Bahrain Mumtalakat Holding Company (Mumtalakat) chaired by HE Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy and Chairman of the Board of Directors of Mumtalakat, welcomed Shaikh Abdulla bin Khalifa Al Khalifa as the new Chief Executive Officer of Mumtalakat effective 1st May, 2023.

Shaikh Abdulla bin Khalifa Al Khalifa expressed his gratitude and appreciation of the trust given from the Kingdom’s leadership and Mumtalakat’s Board of Directors, adding, “I look forward to working closely with the executive management, the wider Mumtalakat team and portfolio companies to enhance our contribution to the economy of the Kingdom as part of Team Bahrain.”

Prior to joining Mumtalakat, Shaikh Abdulla bin Khalifa Al Khalifa served as Chief Executive Officer of Osool Asset Management, the investment arm of the Social Insurance Organisation, which manages around USD12 billion across different asset classes globally.

Shaikh Abdulla also serves as the Chairman of the Bahrain Telecommunications Company (BEYON) Board of Directors as a representative of Mumtalakat since 2018. In addition, he serves on the boards of the Supreme Council of Youth and Sports and Hope Fund.

Shaikh Abdulla has previously served as the Chairman of the Board of SICO Investment Bank, Vice Chairman of The Bank of Bahrain and Kuwait (BBK), and on the Boards of both financial and non-financial institutions.

Shaikh Abdulla holds a Bachelor of Science degree in Business Administration from George Washington University, USA, and has more than 22 years of experience in the Banking and Financial Services industry.

Source: Bahrain News Agency

The Ministry of Tourism and Bahrain Tourism and Exhibitions Authority (BTEA) participated in the 30th edition of the Arabian Travel Market in Dubai, which began on May and runs until May 4.

The event is focused on the theme “Working Towards Net Zero” and brings together global travel industry leaders, decision-makers, and experts from 150 countries. Prominent speakers from the region and the world are also in attendance.

The Ministry of Tourism and BTEA are participating in the exhibition through the Kingdom of Bahrain’s national pavilion, which features 23 Bahraini exhibiting companies including Gulf Air, The Ritz-Carlton Bahrain, Lagoona Beach Resort, Hilton Garden Inn Bahrain Bay, Novotel Al Dana Resort, Four Seasons Hotel Bahrain Bay, The Diplomat Radisson Hotel, Ibn Firnas Travel and Tourism Company, and Visit Bahrain, among others. The pavilion also includes 2,000 exhibiting companies from top hotels, destination management companies, tour operators, and airlines from around the world.

As part of the exhibition’s events, Minister of Tourism, Fatima bint Jaafar Al Sairafi, participated in a ministerial panel discussion under the title of “The Future of Travel for the GCC” where she highlighted the importance of promoting the GCC countries as one destination which in turn will lead to increasing the tourism revenue in the GCC countries as well as increasing the international tourism footfall.

Al-Sairafi also discussed the unprecedented accomplishments of Bahrain’s tourism sector in 2022, noting the Kingdoms major progress and projects, particularly highlighting the new Exhibition World Bahrain.

In addition, she provided some perspective on investment opportunities in the sector and ongoing efforts to promote it both regionally and globally, leaving attendees with a newfound appreciation for Bahrain’s thriving tourism industry.

In a statement, Fatima bint Jaafar Al-Sairafi, emphasised that Bahrain’s participation in the Arabian Travel Market 2023 reflects the Ministry’s and the BTEA’s commitment to investing in major regional and international tourism events to promote the travel and tourism sector in the Kingdom of Bahrain. The goal is to attract more tourists from around the world to Bahrain, particularly from countries that have significant tourism potential, and to continue achieving the strategic goals of Bahrain’s Tourism Strategy 2022 – 2026.

Al-Sairafi added that the Arabian Travel Market is one of the largest tourism and travel exhibitions in the world, showcasing the latest trends and developments in the travel industry and offering favorable opportunities for businesses related to the sector. She emphasized that the Ministry of Tourism and the Bahrain Tourism and Exhibitions Authority have made all necessary preparations to ensure the maximum possible success of Bahrain’s participation in this global event. Moreover, the aim is to forge new partnerships and reach more tourist markets, which will contribute to the development of Bahrain’s tourism industry.

The Bahraini pavilion at the exhibition witnessed an outstanding and noteworthy presence from the participating entities. Visitors from across the globe were given a comprehensive overview of the latest sustainable developments in Bahrain’s tourism facilities, services, and plans to solidify its position as a prominent global hub for “green tourism” and a sustainable tourist destination. This was achieved through the presentation of innovative projects and plans by tourism sector companies that prioritize the preservation of the environment while maintaining the quality of tourist experiences.

The Bahraini tourism entities in attendance also engaged in productive working meetings with regional and international counterparts, wherein they explored opportunities for collaborative efforts to further advance the travel and tourism industry. They also discussed the practical measures taken by Bahraini tourism towards shaping a sustainable tourism future, along with exchanging insights on best practices in the sector.

Through its participation in the Arabian Travel Market, Bahraini tourism companies are demonstrating their dedication to supporting international initiatives aimed at advancing the global tourism industry and achieving the ambitious goal of net zero emissions. They are also actively seeking to establish and strengthen relationships with countries, organizations, companies, and tourism facilities worldwide, with the aim of enhancing cooperation in the fields of tourism and travel at both regional.

Source: Bahrain News Agency

The 11th session of the Syrian -Iraqi Joint Committee started its meetings on Monday at the Damascus-based Dama Rose Hotel with the participation of Minister of Economy and Internal Trade, Dr. Mohammad Samer al-Khalil and Iraqi Trade Minister Atheer al-Ghurairy.

The current session aims to discuss bilateral cooperation in the domains of economy, trade, agriculture, investment and education.

Minister al-Khalil underlined the importance of enhancing the volume of intra-trade between Syria and Iraq.

According to al-Khalil, the meetings will deal with the issue of customs duties and would address everything that prevents the flow of Syrian products to Iraqi markets or the entry of Iraqi products into Syria, out of both sides’ keenness on increasing the level of trade exchange.

He stressed the need to develop bilateral economic relations in the domain of investment, and to sign initial documents for cooperation in the sectors of health, trade, education and other fields.

Minister al-Khalil hailed the recent measures taken by the Iraqi side with regard to transit and transportation between the two countries and facilitating the entry of Syrian products through Iraq to the markets of other countries, which greatly contributes to saving time and cost.

In turn, the Iraqi Minister of Trade said that launching the work of the joint Syrian-Iraqi committee is a step towards a better future for the Syrian-Iraqi relations in the best interests of the two countries.

He noted that the work of the committee will deal with all sectors and what resulted from the previous meeting of the committee with regard to signing memos of understanding in the fields of health, trade and education.

Minister al-Ghurairy said that the ambition is great to attract Syrian industrial capabilities and expertise inside Iraq, indicating that the Iraqi market is promising, and the laws and legislations are flexible to open up to all sectors.

The Chairman of the Planning and International Cooperation Commission, Dr. Fadi Salti al-Khalil, considered that the comprehensive representation of the two sides in the committee’s meetings indicates a real determination by both countries to develop bilateral cooperation.

“The participation in the talks aims to establish the mutual economic relationship between the Iraqi and Syrian sides,” Ali Abdul Hadi al-Dakhili, Vice-President of the Federation of Iraqi Industries said.

Al-Dakhili added that there is a real desire of the Syrian investor to make investments in Iraq, and there is an intention to transfer the joint industry between the two sides, in a way that would contribute to strengthening the Syrian-Iraqi economic relations.

Source: Syrian Arab News Agency

The dollar-to-ruble rate fell by 10 kopecks to the closure of previous trading and amounted to 80.15 rubles at the opening of trading on the Moscow Exchange on Tuesday.

There were no deals at the euro exchange rate at the beginning of trading.

In turn, the yuan lost 0.3 kopecks amounted to 11.583 rubles

Source: Syrian Arab News Agency

Director-General of the Syrian Investment Agency (SIA), Median Dyab, discussed with Chairman of Iraq’s National Investment Commission (NIC), Dr. Haider Makiya ways to enhance investment cooperation and activate agreements signed between the two sides.

During the meeting held in the Investment Agency building in Damascus, Dyab gave a presentation on Investment Law No. 18 and its amendments, the benefits and incentives granted to the investor, as well as tax and customs exemptions that it included.

Dyab underlined the need to develop an integrated plan to activate the bilateral memorandum of understanding that was signed in 2021 in a way that achieves the interest of the two countries by encouraging investment in sectors that add value to the Syrian and Iraqi economies.

In turn, Makiya noted the investment aspect between Syria and Iraq attaches special importance to the industry sectors of textile, glass and agriculture, in addition to communicating with businessmen and investors of both sides to draw features of an investment relationship that benefits both countries.

The Iraqi delegation’s visit to the Syrian Investment Agency is prat of the meetings of the 11th session of the joint Syrian-Iraqi committee, which kicked off at Dama Rose Hotel in Damascus, with the participation of representatives from the concerned bodies of both sides, and will last for two days.

Source: Syrian Arab News Agency

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef, who is also Chairman of National Industrial Development Center (NIDC), announced that the industry and mining sector is working with relevant authorities to attract 50 investment opportunities worth more than SAR 96 billion in the machinery and equipment sector.

The investment opportunities, which have been developed and uploaded on the Invest Saudi platform, aim at activating the National Industry Strategy (NIS), which seeks to expand the industrial base in the Kingdom, reduce imports by up to 50%, and work towards exporting products to regional and global markets.

AlKhorayef indicated that among the largest projects achieved during 2021 and 2022 are three projects for casting and forging, which are considered among the inputs of the machinery and equipment sector, and one of the basics of the NIS, with investments exceeding $1 billion.

The minister noted that these projects would contribute to establishing complete value chains from raw materials to finished products and replacing imports of casted and forged products, as well as manufacturing valves and pumps with investments amounting to $119 million.

The minister added that the NIDC has worked the past two years with investors in the Saudi Arabian Schneider Electric Company’s project for a production line for the product “Altivar Modular Drives” by providing data, information, and a study report for supply chains.

The total value of the project is $2.6 million, and the production line was opened and put into operation at the end of 2022.

Moreover, AlKhorayef revealed that the “Future Factories Program,” an initiative adopted by the Ministry, seeks to automate factory operations. Consequently, he said, the machinery sector has developed an investment opportunity that it is working on now with a potential investor to assemble its industrial robotic arms, which are in its initial stage as a step to develop the robotics industry in the Kingdom.

He emphasized that preserving existing factories and enabling them through policies and regulations developed by the machinery and equipment sector in the NIDC in cooperation with the Local Content and Government Procurement Authority is one of the most important pillars of the NIS.

The ministry has achieved some notable successes in this regard, among which is supporting the Hitachi Factory for gas-insulated high-voltage switchgear products by adding it to the mandatory list of governmental procurement. This comes in addition to supporting the TECO Middle East (TME) Factory for electric motors in qualification processes with major national companies.

The Minister also stated that the NIDC was collaborating with the Public Investment Fund (PIF) to build a business model to take advantage of the investment opportunities developed by the sector. Eight opportunities have been selected for initial evaluation and two opportunities for final evaluation.

The machinery and equipment sector supports all industries, including oil and gas, petrochemicals, mining, food, construction, and others. Its revenues in 2019 were estimated at nearly $32 billion.

Source: Saudi Press Agency