The Arab Monetary Fund expected that economic growth in Qatar would grow broadly, driven by oil and non-oil activity, expecting continued improvement in economic performance in the medium term by supporting economic policies and policy space conducive to growth and employment, according to the report "Arab Economic Outlook" issued by the Arab Monetary Fund.

The Fund expected that increased spending on infrastructure projects within the framework of implementing the Qatar National Vision 2030 will support growth, as the vision includes a strategy to support economic diversification to achieve sustainable long-term growth based on a diversified economy.

According to the Arab Monetary Fund, the oil and gas sector is likely to grow in light of the planned expansion of energy production over the next few years, which will have a stimulating effect on the non-oil sector.

The report showed that the various reforms in the legislative environment, including the issuance of the new foreign direct investment law that allows foreigners full ownership of projects, as well as the creation of an "investment promotion agency" to coordinate investment promotion and marketing activities with major stakeholders will provide an overall environment conducive to attracting foreign capitals and pushing forward the economic development and growth in the short and medium-term.

On the other hand, Qatar's announcement of a set of reforms in the labor market to improve working conditions and the application of the minimum wage will contribute to creating more job opportunities.

In terms of employment conditions, the above-mentioned report showed that according to the workforce survey by the Planning and Statistics Authority, the economic participation rate of the population (15 years and over) was 87.9% in the second quarter of 2019, so that the unemployment rate would remain at 0.1% during the period from the second quarter of 2018 until the second quarter of 2019.

source: uac-org.org

The results of the survey by International Budget Partnership reflected recent efforts exerted by the Saudi government to enhance transparency and disclosure in public finance.

Saudi Arabia has made a marked improvement in terms of budget transparency and accountability, according to the Open Budget Index survey released on Wednesday.

According to the survey, conducted by International Budget Partnership (IBP), an international non-profit organization concerned with evaluating disclosure and transparency of general budgets worldwide, Saudi Arabia has advanced 18 ranks compared to the previous survey, after scoring 18 points compared to one point in the previous survey conducted in 2017.

The results of the survey reflected recent efforts exerted by the Saudi government to enhance transparency and disclosure in public finance.

Commenting on the result of the survey, Dr. Saad Alshahrani, deputy minister for macro-fiscal policies at the Ministry of Finance, highlighted the importance of this achievement that the Kingdom managed to realize within a short period of time and confirmed that with this progress, we aspire in the future to achieve a higher ranking that reflects efforts made in the framework of improving the quality of fiscal data and enhancing the level of transparency and disclosure thereof, which is one of the important tracks pursued by the government of the Custodian of the Two Holy Mosques in line with the Kingdom's Vision2030.

The Ministry of Finance has sought to develop its fiscal systems, providing the greatest possible amount of information about its fiscal policy, disclosing its fiscal and economic data and publishing relevant periodic reports to inform specialists, analysts and citizens in a timely manner.

This has also allowed the private sector and investors to plan ahead and make informed decisions.

Dr. Alshahrani said that the budget forum held annually by the ministry is an effective way to enhance communication and an important channel for identifying the best ways to develop the budget preparation process.

He also said that this forum underscores the importance of partnership between different government agencies to share challenges in preparing the budget and mechanisms to achieve the goals.

The forum is considered a successful initiative to inform the public finance stakeholders on the various projects of the finance ministry and related programs, and to provide training opportunities following the highest international standards.

The deputy minister added that the jump in the Kingdom’s score was the result of several concrete measures taken to enhance transparency. Since the launch of the Kingdom's Vision2030, the ministry has released many reports and has continuously developed its content on an annual basis according to best practices.

The reports address a broad base of specialized recipients and the general public inside and outside the Kingdom.

In 2017, the ministry issued the first detailed budget statement, quarterly (periodic) reports for the budget performance, the citizen’s budget, in addition to the publication of its medium-term fiscal framework. During the past two years, the ministry began periodically publishing the pre-budget statement and year-end report on its website.

Dr. Alshahrani explained that transparency is one of the important aspects of concern to international financial and investment institutions, impacting their investment decisions and is usually reflected in their reports.

He added that, in the past year, the Kingdom’s government joined the Special Data Dissemination Standard (SDDS) adopted by the International Monetary Fund, as well as implemented the Statistical Data and Metadata Exchange (SDMX) initiative on the national data page, making the Kingdom the first among the G20 countries adopting SDDS and to apply SDMX.

The general government coverage was also introduced in the presentation of fiscal data for the first time in the past year. Also, the National Fiscal and Economic Data Page was created on the website of the Ministry of Finance with the participation of the Saudi Arabian Monetary Authority and the General Authority for Statistics.

All of these measures contributed to a material and unprecedented shift in the levels of disclosure and transparency in the Kingdom, leading to an enhanced position on various international indicators and contributing to supporting domestic and foreign investment, as well as the credit rating of the Kingdom.

The Open Budget Index (OBI) is an important global tool, independently prepared every two years to assess the transparency of government budgets around the world.

Countries covered by the open budget survey are ranked according to their scores in the survey.

source: zawya

The total gross deposits of the private sector in the UAE banks amounted to circa AED1.076 trillion by the end of March 2020, a 1.7 percent growth of AED18 billion from AED1.058 trillion in December 2019, figures by the Central Bank of the United Arab Emirates have shown.

These deposits account for around 58 percent of the total gross deposits held by the UAE banks, which stood at around AED1.852 trillion by the end of the same month.

In the meantime, the domestic credit to private sector amounted to AED1.149 trillion, a growth of 1.3 percent from AED1.134.6 trillion in December 2019.

The growth in private sector credit is a significant indicator of its contribution to economic activity and reflects increase in the sector's investment activity.

source: wam.ae

Cairo Angels, a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East and Africa, is delighted to announce its top finalists who will move to the final round and pitch their solution virtually on Wednesday at 6:00 PM CT.

Finalist Startups are: 

• Kofoof under iNet.works, founded by Mohammad AboAli, iNet.works is a software company that specializes in business software development that helps worldwide businesses succeed. 

- Markazzy, founded by Omar Nasser, the first platform in Egypt that helps homeowners find, choose and use home improvement products with ease and convenience. 

- NIoTEK, founded by Anas Naguib, NIoTEK is a startup that joins hardware and Software and apply them in Internet of Things (IoT) to help companies make better. 

- Tactful AI, founded by Mohamed Elmasry, Tactful is AI-powered and data-centric customer engagement technology. Unlike traditional contact center and helpdesk solutions that only optimize the workload, Tactful uses AI and real-time analytics to provide 360-view of the customer and empower customer care agents to deliver personalized and rewarding experience across digital platforms.

The initiative was launched by Mr. Ayman Ashour, Advisory Board Member at The Cairo Angels has decided to support the campaign  #نحنا في ضهرك ("We’ve Got Your Back") one week ago with EGP 100,000, which aims at helping elderly or vulnerable people living alone complete their shopping and errands. lowering their risk of infection from the novel coronavirus.

The network is seeking to establish a secure and updated database for volunteers, whose identity can be verified through social media accounts and ID cards, with the inclusion of reviews.

Zeina Mandour, General Manager at The Cairo Angels said “We are launching a series of activities to support startups in MENA region.“ 

Also Zeina highlighted that Cairo Angels believes in the importance of solidarity with the most vulnerable and the idea of this campaign is to bring the ingenuity of startups, technology for a societal support and solidarity effort at this time of global crisis. 

Finally she mentioned “We at Cairo Angels are grateful for the support of our partners Mayday and Microsoft who have agreed to provide additional important awards to the ultimate winner of the competition.“ 

The winner will be announced on Thursday after the voting is done and will start working directly with The Cairo Angels team who will provide mentorship and support for his solution besides the funding.

source: magnitt

From medical consultations to free services, local startups become more agile in light of crisis

More startups and entrepreneurship stakeholders have started to adapt and enhance their services in light of the COVID-19 - known as the “coronavirus” - spread, in an aim to help customers and partners get through this phase safely and healthy.

Highlights from the ecosystem:

• The Cairo Angels seeks solutions for “We’ve got your back” initiative with EGP 100,000

Angel investment network The Cairo Angels is supporting the #احنا_في_ضهرك (“We’ve got your back”) initiative with EGP 100,000, which aims at helping elderly or vulnerable people living alone complete their shopping and errands.

The network is seeking to establish a secure and updated database for volunteers, whose identity can be verified through social media accounts and ID cards, with the inclusion of reviews.

Hence, existing startups and/or startup founders are needed to develop the product and launch it within one week. Applications are accepted until March 25th, 2020.

• Taskty offers sanitization services for companies, factories

Home improvement website Taskty built teams to offer sanitization services for companies and factories alike at cheap prices, following the guidelines of the World Health Organization (WHO) and the Egyptian Ministry of Health. Additionally, Taskty is conducting phone training with the cleaners, technicians and workers that are registered on their website on how to best keep themselves and their customers safe.

• estshara launches “Salamet Masr” initiative

Medical consultation platform estshara launched the Salamet Masr initiative to help fight COVID-19, by providing free medical consultations on the coronavirus through its application by consulting a doctor via a voice call or text chat.

Moreover, the app spreads awareness and educates the community about the symptoms and methods of preventing the disease.

Users can access the free consultations by entering the Promocode “freedoc” in the estshara application, available until March 31, 2020. estshara is a platform that provides online healthcare consultations, aiming to make healthcare services accessible to everyone in the MENA region.

• WideBotbuilds free Arabic-speaking chatbots for businesses

Arabic chatbot company WideBot is offering three months of bot building for free on their platform, so that businesses can completely shift their communication with other brands, employees and customers online. Using the Promocode “BeSafe” allows interested businesses and startups to set up their chatbots, and thus, reduce face-to-face interactions. Widebot is the first Arabic-focused bot-builder platform, which does not require coding and uses AI to maximize conversions and increase loyalty.

• TakeStep offers free sessions, launches COVID-19 symptom-checker with Al-Tibbi

Egyptian healthcare startup TakeStep now offers startups and their families free psychiatric sessions in order to help them cope with the psychological impact of the COVID-19 spread worldwide. Psychologists are coining the term “corona phobia” to describe how people are affected by the panic and fear that comes along with the virus-spread. This could include anxiety, depression, as well as severe fear of germs. Additionally, TakeStep partnered with Al-Tibbi to launch a free symptom-checker for the coronavirus, in which website visitors can enter the symptoms they feel, and be diagnosed either positive or negative for COVID-19.

• Brainy Squad launches free online consultations for businesses

Creative agency Brainy Squad launched free online consultation sessions to support businesses facing economic consequences of the spread of COVID-19.

These sessions provide expertise to help businesses adopt the best digital transformation tactics to ensure continuity and growth under the current conditions. Brainy Squad is a creative one-stop-shop for businesses’ digital and creative needs.

• Breadfast waives delivery fees, adds more products for customers’ convenience

Online native grocery application Breadfast added more commodities to its offering at their customers’ convenience, in support of the ''stay at home'' safety measures.

These products include fruits, vegetables, groceries, hand sanitizers and face masks. Additionally, the company applied special safety standards at all stages of production, packaging, and delivery, while customers can leave a note to have their order left at the door.

Breadfast also waived all delivery fees until the end of the month in support of customers’ circumstances during the current times.

Breadfast is an online grocery application that produces fresh bakeries using products like eggs and flour also produced by Breadfast, in addition to providing other groceries delivered daily to their customers’ doorstep.

source: zawya

Coronavirus! Yes, it's a serious situation, and yes, it deserves your vigilance and attention.

But the constant spring of information, precautions and warnings, whether it's straight from the CDC or some recirculated, dubiously-sourced post on Facebook, can take a real toll on your mental health.

When does caution become overreaction? When does staying informed cross the line into, well, too much information?

The good news is, there is a happy medium between willfully ignoring the biggest story in the world right now, and going into a full-on panic.

Here are some tips. Think of it like hand-washing and social distancing, but for your brain.

Pare down your sources of information

"There is a ton of information out there. The challenge is trying to determine which information is accurate." says Lynn Bufka, Associate Executive Director for Research and Policy at the American Psychological Association. She suggests taking control of your intake through the following steps:

• Find a few sources you trust and stick with them. Choose one national or international source like the CDC, and another local nor national source so you can know what's going on in your community.
• Limit the frequency of your updates.Things may be changing rapidly, but that doesn't mean you need to hang on every update. Think of it this way: If there is a tornado coming your way, you need information as soon as possible. The coronavirus is not a tornado. This may mean disabling constant notifications from news sites or social media.
• Know when to walk away. "Try to get used to not knowing every little thing, and feeling okay with uncertainty," says Bufka.
• She recommends getting your phone off your person so you're not tempted to check it. Bufka says she leaves her phone on a charging station when she gets home so it's not constantly with her, beckoning with new information.
• Practice social media self discipline.No, it's not easy to limit time on social media.
• But chances are, the churn of information and commentary you get from friends and acquaintances on your Facebook feed is more incessant than actual updates from news or health organizations. Bufka recommends uninstalling social media apps so it's harder to get to the content, or using tools to limit your aimless scrolling.

Name your fears

A pandemic is a rather abstract villain, so it may help to sit down and really consider what specific threats worry you. Do you think you will catch the coronavirus and die? "The fear of death taps into one of our core existential fears," says Bufka. "But you have to think about what your fear is, and how realistic it is." Consider your personal risk and how likely it is that you will actually come in contact with the virus.

And, even if your greatest fear is realized and you or someone you love does fall ill, you may not have really thought about what comes next. Yes, you may get it. Yes, you may need treatment. But in all likelihood, hope is still not lost. "We tend to overestimate the likelihood of something happening, and we tend to underestimate our capacity to deal with it," Bufka says.

Of course, you could have other, more practical fears. "Some people may worry about what would happen if they were moved into self quarantine, or if they're not able to work. They're wondering if they would have access to groceries or childcare," says Bufka. "Again, people have greater abilities to manage hardships than they think they do. Think about a plan. Consider options if you can't telework. Do you have savings? Do you have support?" Being prepared for your fears will help keep them in scale.

Think outside yourself

Since action can allay our anxieties, you may want to also consider what you can do to help others who may be more affected by the outbreak than you. Service workers, medical workers, hourly workers and people in the restaurant or entertainment industries may have their livelihoods paralyzed or have to put themselves in disproportionate danger. "It will be important for us as communities to think about how to support these individuals whose lives are going to be disrupted," Bufka says. "How can we even this burden and support those who have less options?"

After all, most of the precautions put in place to help stall the spread of the virus aren't just for you, as an individual. They're intended to keep entire communities and vulnerable demographics safe. Doing the same with your own time and care can empower you to see the real effects of the situation, rather than your abstract fears.

Seek support, but do it wisely

People are going to talk. But if you want to run to a friend to discuss the latest outbreak cluster or your family's contingency plans, try not to create an echo chamber. "If you are overwhelmed, don't necessarily go to someone who has a similar level of fear," Bufka says. "Seek out someone who is handling it differently, who can check you on your anxiety and provide some advice."

If you can't seem to get a handle on your thoughts, professional help can be an option. "It doesn't need to be a long-term thing," Bufka says. "It means you can get some guidance for this specific situation."

Pay attention to your basic needs

In short, don't get so wrapped up in thinking about the coronavirus that you forget the essential, healthy practices that affect your wellbeing every day. "In times of stress, we tend to minimize the importance of our foundation when we really should be paying more attention to it," Bufka says. Make sure you are:

• Getting adequate sleep
• Keeping up with proper nutrition
• Getting outside as much a possible
• Engaging in regular physical activity

Practicing mindfulness, meditation, yoga or other forms of self care can also help center you in routines and awareness, and keep your mind from wandering into the dark and sometimes irrational unknown.

Don't chastise yourself for worrying

Finally, don't let guilt be your anxiety's unwelcome companion. You are allowed to worry or feel bad. When discussing how to talk to children about the coronavirus, health experts told CNN people should acknowledge a child's fear and let them know their feelings are valid. Surely, you can afford yourself the same compassion. The key is to work toward understanding and contextualizing your fears so they don't keep you from living your healthiest life.

source: cnn

Uncertainty has powered the incredible roller coaster ride in stock prices these past weeks and the remarkable (as well as historic) drop in bond yields.  Don’t expect that to go away anytime soon.  But do keep in mind legendary investor Ben Graham's advice: “The intelligent investor is a realist who sells to optimists and buys from pessimists.” 

Translation: During market routs like the one happening now consider adding to your investment portfolio.

Graham’s student, Warren Buffett famously said, “Widespread fear is your friend as an investor because it serves up bargain purchases.” Translation: Now might be a good time to put some cash to work or increase your contribution to your 401(k).

My tune will rarely change on this subject. Corrections, even bear markets, create opportunities for patient investors.  According to J.P. Morgan’s 2020 Guide to Retirement, from Jan. 3, 2000, to Dec. 31, 2019, $10,000 invested in the Standard & Poor's 500 index grew to $32,421 for an annualized total return of 6.06%. By simply missing the ten best days, that same $10,000 investment grew by half as much, to $16,180 for an annualized return of 2.44%. Ouch.

Can cash carry coronavirus? World Health Organization says use digital payments 

In recent columns, we discussed how to prepare your 401(k) for a downturn and talked about sound investing principles in the face of violent sell-offs. Stock prices may still face selling pressure as the number of COVID-19 cases in the U.S. rise. So it is still a good time to review a few facts.

What's really moving the market

• In the near term, no one has any idea what is moving stock prices. If you've been glued to the financial news networks you might be struck, as I have been, by how many pundits can tell you with certainty why stocks are trading as they are at any moment. Yet we know that in the short-term stock prices are influenced by computer-driven buy and sell programs and institutional money which moves in and out with lightning speed. Short-term moves then reflect money flows rather than fundamentals. 
  
  

See beyond the moment

• The underlying fundamentals of a company will eventually matter again. Take tech bellwether Microsoft. The stock peaked on February 10th at $188.70. After warning on February 26th that sales in the PC unit — about 35% of total sales — will come in below expectations, the stock has been hopping around like a lotto ball on Powerball jackpot night. The long-term fundamentals of the company will likely still delight investors for years and when the focus returns to fundamentals the stock price will trade accordingly.  Buffett once said: “…when a great company gets into temporary trouble…we want to buy them when they’re on the operating table.“ Consider that as you review your investments this weekend. 
  
  

Don't get sucked into the panic

• Human nature never changes. Panic begets panic.  The Dutch tulip bulb bubble in the 1600s, one of the most famous bubbles of all time, demonstrates very clearly what rampant speculation wrought. At the height of the mania, rare tulip bulbs traded for multiples of the average person’s annual salary. Remain cool. And rational.  
  
  

Think about your mix

• Diversification is always smart. I can’t add much on this topic, except to say—you should follow a prudent diversification strategy that aligns with your appetite for risk. Stocks may be down double- digits but bonds are up.  That is the point of diversification. 
  
  

Keep cash to the side

• Keeping your powder dry is for times like these. Cash on the sidelines comes in handy when stocks decline. Consider adding cash to your stock holdings and if your bond holdings have appreciated above your target, trim those back and add to stocks to ensure your allocation reflects your goal.  Graham and Buffett would be proud.  
  

source: usatoday