The Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting,Announce will conduct a live webinar entitled “IsDB Group Private Sector Action Response to COVID-19”
28 Jun 2020 Written by Admin AdminDubai, UAE- The Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting, will conduct a live webinar entitled “IsDB Group Private Sector Action Response to COVID-19” on the 6th of July at 01:00 PM (KSA Time) to discuss the challenges facing the private sector and global economy during the COVID-19 outbreak.
The live session will also present the immediate joint action response of the IsDB Group Private Sector Entities namely, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), in order to overcome the COVID-19 pandemic.
The webinar will discuss the future outlook to overcome the COVID-19 pandemic. In addition, the webinar will highlight the IsDB Group’s US$2.3 billion Strategic Preparedness and Response Programme for COVID-19 under its 3Rs approach “Respond, Restore and Restart”.
The keynote speakers who will share their in-depth perspectives in the webinar are Mr. Ousama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); Mr. Ayman Sejiny, the CEO & General Manager of the Islamic Corporation for the Development of the Private Sector (ICD), Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and Ms. Cornelia Meyer, the Chairman & CEO of Meyer Resources.
Mr. Ousama Kaissi, the Chief Executive Officer of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and one of the keynote speakers in the webinar, stated: “While the disruption to global trade and investment flows is unavoidable due to the unprecedented nature of the coronavirus pandemic, it is essential that institutions with the mandate and means to stabilize the trade ecosystem during the crisis heighten their efforts to do so.
ICIEC is honoured to be a part of this webinar with the UAE Ministry of Economy and our IsDB Group peers in order to share how we are employing our multilateral insurance solutions toward the collective recovery of member countries.”
“The private sector can play a pivotal and proactive role to close funding gaps in the COVID-19 response. It is capable to minimize short-term risks to employees and long-term costs to businesses and the economy as a whole. ICD will work closely with 100+ local and regional financial institutions in its network to provide necessary support so they can continue to fund private sector, particularly SMEs in affected sectors within the markets they operate in” stated Mr. Ayman Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), and one of the keynote speakers in the webinar.
Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and one of the keynote speakers in the webinar, stated: “Since the outbreak of the pandemic, ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed.
Our COVID-19 ‘Rapid Response Initiative’ (RRI) has made US$ 300 million immediately available.
This has facilitated the immediate access to medical equipment, the supply of staple foods and critical energy needs. Continuing to work closely with IsDB and partners, ITFC is moving forward with its Recovery Response Plan (RRP) with the provision of US$550 million for deployment over the next two years.
The RRP is aimed at fixing the socio-economic damage which is expected to last longer than immediate impact of the virus; including the provision of lines of financing to fund the private sector and SMEs.”
“It is a great privilege to be in collaboration with the UAE Ministry of Economy and Islamic Development Bank Group in organizing this live webinar session that will tackle the major challenges currently being confronted by the private sector and the global economy as a whole,” Mr. Walid A. Farghal, Director General of the Annual Investment Meeting mentioned.
“The private sector is indispensable to economic growth. In fact, it contributes up to 90 per cent of employment and provides over 80 per cent of government revenues in developing countries. Thus, it is essential to highlight this huge initiative by the IsDB Group that enables the sectors adversely affected by COVID-19 to continue their business activities,” he furthered.
During the webinar, 3 online initiatives will be launched jointly by IsDB Group Private Sector Entities and AIM.
These initiatives will support the private sector, trade and exports in OIC member countries and will be focusing on:
- Digital Country Presentations: to promote and showcase the investment and trade opportunities in OIC member countries which will serve as a virtual gathering and strategic innovative platform to support the investors, government agencies, private institutions, investment promotion agencies to discuss the best possible means to attract FDI.
- Startups Virtual Pitch Competition: to connect Startups globally and support them in meeting potential partners and investors from other parts of the world.
- MADE IN…..SERIES: this digital platform is open to all SMEs who want to showcase and present their local products, project and services to international audience.
The webinar will gather more than 700 participants from multiple sectors across the globe such as government officials, Chairmen, Presidents & CEOs of local and international companies, multilateral and financial institutions, Chambers of Commerce & Industry, business associations, investment promotion agencies, individual investors, and entrepreneurs.
أعد اتحاد الغرف الخليجية تقريرا يوصي بإيجاد آلية بين القطاعين العام والخاص للرصد والمتابعة على مستوى كل دولة من دول مجلس التعاون الخليجي. ويوضح أهم مصادر التأثير الاقتصادي العالمي على القطاع الخاص الخليجي في ظل أزمة كورونا.
اتحاد الغرف الخليجية -17مايو 2020: خلص تقرير أعدته الأمانة العامة لاتحاد غرف دول مجلس التعاون الخليجي حول "تداعيات تفشي وباء كورونا على انشطة القطاع الخاص الخليجي" أن الحكومات الخليجية بادرت إلى اتخاذ حزمة من إجراءات الدعم المالي والاقتصادي الفاعلة والتي واكبت في أهدافها ونطاقها كافة الحزم الاحتوائية والانقادية التي أعلنت عنها دول العالم، وخاصة الدول المتقدمة، مما أسهم بشكل فاعل في حماية الاقتصاد، والعمالة وانشطة القطاع الخاص، ولاسيما أصحاب المهن والمؤسسات الصغيرة والمتوسطة من تداعيات تفشي الوباء إلى حد كبير خلال الفترة الراهنة.
ولفت التقرير إلى أن تفشي وباء كورونا له انعكاسات تختلف عن التداعيات التي تنجم عادة عن الأزمات المالية والاقتصادية التي شهدها العالم خلال العقود الماضية، وكان آخرها الأزمة العالمية عام 2008م، من حيث اتساع رقعت تأثيرها وطبيعة هذا التأثير وطول أمده مما يتوجب معه عدم اكتفاء الحكومات في العالم، بما في ذلك الحكومات الخليجية، بما تم اتخاذه حتى الآن. لذلك، قد يستدعي الأمر التدخل بمزيد من التدابير التي تفرضها طبيعة التداعيات الخاصة من جراء الوباء. كما أن الإجراءات المتخذة في الوقت الحاضر قد تتطلب المراجعة والتحديث والتطوير في كل مرحلة من مراحل الوباء.
لذلك، فقد أوصى التقرير بإيجاد آلية منسقة بين القطاعين العام والخاص للرصد والمتابعة على كل من مستوى كل دولة خليجية وعلى مستوى مجلس التعاون الخليجي ككل تنصب أهدافها على العمل و مراجعة كافة الإجراءات والخطوات المتخذة لدعم منشآت القطاع الخاص بصورة مستمرة والتقدم بالتوصيات اللازمة للعمل على تحديثها وتطويرها وفقا لمراحل انتشار الفايروس وتداعياته. كذلك وضع المقترحات لمرحلة الخروج من مرحلة مكافحة الفايروس إلى مرحلة الانعاش لمنشآت القطاع الخاص وما هي الإجراءات المطلوبة وفقا لنوع النشاط وحجم المنشأة.
وقد تناولت مقدمة التقرير تداعيات فايروس كورونا على الاقتصاد العالمي، حيث من المتوقع أن يشهد الاقتصاد العالمي انكماشا حادا بواقع -3% في عام 2020م، وهو أسوأ بكثير مما ترتب على الأزمة المالية العالمية في 2008م – 2009م. وفي أحد السيناريوهات الأساسية، الذي يفترض انحسار الجائحة في النصف الثاني من عام 2020م وإمكانية تخفيف جهود الاحتواء بالتدريج، من المتوقع أن ينمو الاقتصاد العالمي بمعدل 5,8% في 2021م مع عودة النشاط الاقتصادي إلى طبيعته، بمساعدة الدعم المقدم من متخذي السياسات الاقتصادية.
كما كرس التقرير فصل خاص لدراسة تداعيات تفشي وباء كورونا على الاقتصاديات الخليجية، حيث تبين آخر التقديرات الدولية إلى تعرض دول مجلس التعاون، كغيرها من بلدان العالم، إلى اضطراب اقتصادي كبير من خلال صدمات العرض والطلب المتزامنة. ومما فاقم من الآثار السلبية هو هبوط أسعار النفط بأكثر من 60% خاصة بعد عدم اتفاق اوبك بلس على تخفيض الإنتاج في بداية الأزمة. ويتوقع صندوق النقد الدولي أن يكون الأثر الاقتصادي لتفشي وباء كورونا بالغا على اقتصاديات دول التعاون، حيث ستشهد انكماشا بنسبة 2.7% في العام 2020م. كما سوف تتعرض دول التعاون لصدمة مزدوجة تتمثل في انخفاض الطلب العالمي على النفط وانخفاض أسعاره، حيث يتوقع الصندوق تراجع الصادرات النفطية بأكثر من 250 مليار دولار في أنحاء المنطقة. ونتيجة لذلك، من المتوقع أن تتحول أرصدة المالية العامة إلى السالب، متجاوزة 10% من إجمالي الناتج المحلي في معظم البلدان.
في المرحلة القادمة، وبعد الانحسار التدريجي للوباء، ينبغي أن يتمثل الهدف المنشود في وضع الاقتصاد الخليجي على مسار تحقيق النمو المستدام: وسيتطلب هذا استعادة الثقة، عن طريق توفير دعم واسع النطاق على مستوى المالية العامة والسياسة النقدية حيثما توافر الحيز اللازم. كما لا ينبغي إلغاء هذا الدعم إلا إذا كان الاقتصاد ماضيا بالفعل على مسار التعافي. ويدعم قدرة دول التعاون في تطبيق خطط انعاشية شاملة بعد انحسار وباء كورونا امتلاكها احتياطيات مالية تقدر بنحو تريليوني دولار.
ثم انتقل التقرير لتحليل تداعيات تفشي مرض كورونا على القطاع الخاص الخليجي، حيث تناول في البداية أهم مؤشرات دور القطاع الخاص في التنمية على صعيد الناتج المحلي الاجمالي والانفاق القومي والصادرات السلعية والتوظيف، حيث يتضح أن الاقتصاد الخليجي وخاصة خلال السنوات الماضية بعد تراجع أسعار النفط بات يعتمد بصورة متزايدة على القطاعات غير النفطية كمحرك للنمو، حيث يبلغ متوسط مساهمتها في الناتج الإجمالي نحو 73.6% عام 2018م، وهي تعكس نجاح خطط الحكومات الخليجية في برامج التنويع الاقتصادي والمشاركة المتزايدة للقطاع الخاص في التنمية. وما قبل أزمة كورونا، كان القطاع الخاص الخليجي يسعى للعب دور أكبر في المرحلة المقبلة في ظل التوجهات الحالية للحكومات الخليجية الرامية إلى تفعيل الشراكة الحقيقية بين القطاعين العام والخاص لتنفيذ البرامج التنموية والاقتصادية استنادا إلى رؤى التنمية الطويلة الأجل التي تنفذها.
ثم تناول التقرير بالتحليل مصادر التأثير الاقتصادي العالمية على القطاع الخاص الخليجي في ظل أزمة كورونا، واهمها أسعار النفط وتراجع النشاط الاقتصادي العالمي والتجارة العالمية وحجم العلاقة مع الصين و بيئة الاستثمار وفرص الأعمال والبورصات العالمية وسلسلة إمدادات السلع والخدمات وأسعار الفائدة والدولار الأمريكي، حيث اتضح من عرض هذه العوامل أن مصادر التأثير العالمية على انشطة القطاع الخاص الخليجي ترتبط ارتباطا وثيقا بالاقتصاد الخليجي ككل، الذي يعتمد اعتمادا كبيرا على الإيرادات النفطية، وتجارته مع العالم، وخاصة الصين، وكذلك ارتباط عملاته بالدولار الأمريكي وبسعر الفائدة الأمريكية، مما يولد عليه نفس الضغوط التي يتعرض لها الاقتصاد الخليجي ككل.
كما عرض التقرير بصورة مفصلة المبادرات التي اتخذتها الحكومات الخليجية لدعم الاقتصاديات الخليجية والعمالة، وانشطة القطاع الخاص، ولا سيما الأنشطة الأكثر تضررا، مشيدة بشمولية هذه المبادرات ومساهماتها الفاعلة في حماية القطاع الخاص بصورة كبيرة من تداعيات تفشي وباء كورونا، وتوفير حماية كبيرة للعمالة، ومكنت القطاع الخاص من مواصلة تقديم خدماته الأساسية، وهو بدوره ساهم في استدامة حماية المجتمع من تداعيات تفشي الوباء.
وقد كرس التقرير جانب كبير منه لتحليل تداعيات تفشي وباء كورونا على أنشطة القطاع الخاص، حيث تناول كل على حدة 15 قطاع ونشاط هي الصناعة والاستيراد والتصدير والبنوك والمؤسسات المالية والبورصات الخليجية والسفر والسياحة والمؤتمرات والفنادق والغذاء والخدمات اللوجستية والعقار والتطوير العقاري والتوظيف والعمالة الوافدة والتجارة الالكترونية وتجارة التجزئة وقطاع الخدمات والرعاية الصحية وقطاع التعليم الخاص وصناعة الترفيه المنزلي، حيث خرج التقرير بنتائج أولية أن معظم أنشطة القطاع الخاص تأثرت سلبا بتفشي هذا الوباء، وهذه مسألة طبيعية، وذلك بسبب توقف عجلة الإنتاج والخدمات على مختلف أنواعها بسبب إجراءات الحظر الاجتماعي والاقتصادي، حيث اعطيت الأولوية للحفاظ على أرواح البشر. لكن من اللافت أيضا أن تفشي الوباء خلق أنماط مختلفة من السلوك الاستهلاكي لدى الفرد، كما حفز الطلب على خدمات معينة واكبت نمط الاستهلاك ونمط حياة التباعد الاجتماعي، مما جعل بعض الأنشطة تستفيد من الأزمة مثل التجارة الالكترونية والتسوق عبر البوابات الالكترونية وتجارة الأغذية والتعليم عن بعد وتقديم الخدمات الصحية عن بعد وكذلك صناعات المعقمات والرعاية الصحية والأدوية وصناعة الترفيه العائلي.
ونوه التقرير إلى أن القطاع الخاص الخليجي بات يواجه في الوقت الراهن تحديات غير مسبوقة في تاريخه ويجب التصدي لها ومعالجتها بدرجة عالية من المسئولية والشمولية وبما يحافظ على محورية دوره في الاستدامة الاقتصادية، وأن أي ضرر يلحق بهذا الدور سيولد أضرار كثيرة للاقتصاد الخليجي ككل. لذلك لا بد من متابعة دراسة تداعيات تفشي وباء كورونا على القطاع الخاص الخليجي خلال المرحلة المقبلة، خاصة أن الأزمة لا تزال مستمرة، وابعاد التداعيات لا تزال قيد التبلور وبحاجة إلى تكاتف كافة جهود الجهات الرسمية مع القطاع الخاص من أجل العمل سوية لوضع الحلول المناسبة لمواجهتها، وإعادة الاقتصاد إلى مساره السليم.
UAE, Saudi central banks roll out $40 billion stimulus for virus-hit economies
01 Apr 2020 Written by Admin AdminThe central banks of the United Arab Emirates (UAE) and Saudi Arabia, the two largest Arab economies, on Saturday announced stimulus plans worth a combined $40 billion to ease the impact of the coronavirus outbreak in their respective countries.
The UAE regulator plans to support banks and businesses in the country, where the outbreak is affecting major economic sectors such as tourism and transport, with a 100 billion dirham ($27 billion) economic plan, it said on Saturday.
In a separate statement, the Saudi Arabian Monetary Authority said it had prepared a 50 billion riyal ($13.32 billion) package to help small and medium-sized enterprises (SMEs) cope with the economic impacts of coronavirus.
The disease has so far infected 85 people in the UAE and 105 in Saudi Arabia.
The Saudi funding aims to grant SMEs six-month deferrals on bank payments, concessional financing and exemptions from the costs of a loan guarantee program, SAMA said.
Concerts, sporting events and industry conferences have been canceled or postponed in the past few weeks in the UAE to contain the spreading of the new coronavirus.
In Dubai, the Middle East’s trade, finance, tourism and transportation hub, some businesses have started to feel the pain from the global travel slowdown caused by the outbreak.
Saudi Arabia, which has already suspended the Umrah pilgrimage and locked down its eastern Qatif region where many infections are located, plans to halt all international flights for two weeks from Sunday.
The UAE central bank said it will provide 50 billion dirhams through collateralized loans at zero cost to all banks operating in the UAE while an additional 50 billion dirhams will be freed up from lenders’ capital buffers.
“The CBUAE is allowing banks to free-up their regulatory capital buffers to boost lending capacity and support the UAE economy,” it said in a statement.
It said the scheme offers banks relief for up to six months from the payments of principal and interest on outstanding loans for affected private sector companies and retail customers.
Committed to peg
Adding to a likely economic slowdown caused by the virus, Saudi Arabia and the UAE are also expected to face wider fiscal deficits this year because of lower oil prices, due to an oil price war between Riyadh and Moscow.
The Gulf states’ currencies, which are pegged to the U.S. dollar, weakened in the forwards market last week.
The UAE regulator said on Saturday it maintained its commitment to the peg for the dirham, and said foreign currency reserves amounting to 405 billion dirhams as of March 10 were “adequate” to safeguard the stability of the currency.
Other measures introduced by the UAE central bank on Saturday include reducing by 15-25% the amount of capital banks have to hold for loans to SMEs, and better terms for first-time home buyers.
Importantly for the local real estate sector - which has been struggling in Dubai for the past decade - banks will be allowed to increase their exposure to real estate loans.
“When the exposure reaches 20% of the banks’ loan portfolio (measured by risk-weighted assets), banks will be allowed to increase it to 30%, but will be required to hold more capital,” it said.
The central bank also introduced regulations which reduce banking fees for small companies.
The Dubai and Abu Dhabi stock exchange indices dropped last week amid coronavirus concerns and because of tumbling oil prices.
To contain volatility in the markets, the central bank said it plans to issue guidelines on margin calls, asking banks to request additional collateral before liquidating stocks in the event of a market downfall.
source: cnbc
If there is one pastime that people in the Middle East are unlikely to give up, it is watching television. In 2018, the daily time spent watching TV per capita in the region was 6 hours and 20 minutes according to Statista, more than double the global time of 2 hours and 48 minutes.
But this is set to decline to 6 hours this year as users in the region switch from watching their shows on traditional television sets to streaming them online.
Between 2013 and 2019, the number of people watching television offline dropped from 98 per cent to 86 per cent in the Middle East and North Africa (Mena) according to the Media Use in the Middle East report.
This drop has been driven by cheaper and faster internet connectivity and the rise of video on demand (VOD) and streaming services, also known as over-the-top (OTT) players.
As a result, the space has become more competitive, but the penetration of these services in the region pales in comparison to other parts of the world.
Starzplay, a UAE-based subscription VOD service partly owned by Lionsgate, launched in 2014 in response to rising demand for good quality content. Now, the company has the biggest market share in the subscriptions market with 29 per cent compared to US-based Netflix which has the second largest share in Mena with Wit24 per cent, according to the IHS Markit in its Pay TV & Online Video Report Mena 2019.
Netflix arrived in the Middle East in 2016, giving the industry a boost and bringing with it a sense of credibility and awareness of subscription-based streaming services.
Telecommunication and pay TV operators like OSN have launched their own OTT services as a way to maintain market share, while the parallel launch of Apple TV+ and Disney+ into the streaming television space last November in the US poses the threat of even more competition once they are launched in Mena.
“It is not a ‘one player wins it all’ business, different providers complement each other. OTT subscription prices allow customers to have more than one service.
It is a great time to watch content,” says Danny Bates, co-founder and chief commercial officer at Starzplay.
The online subscription video market is pursuing the same growth pattern that the pay TV market had followed in the region.
By 2023, online video subscriptions will reach almost five million, while revenues will reach $416 million according to the IHS Markit report.
Much of the demand for streaming services is coming from the UAE and Saudi Arabia which together account for 49 per cent of the total subscriptions in Mena. The demand for online streaming subscriptions is likely to overtake pay TV subscriptions like OSN and beIN by 2025.
However, streaming services need to have premium content from the biggest studios in the world in order to stand a chance to compete and bring customers on board, and content remains an expensive product.
Additionally, the significance of telling relevant stories catering to Mena audiences is becoming key, hence the surge in investment in original content production.
Earlier this year, Shahid, MBC Group’s streaming platform relaunched, announcing a partnership with Disney and Fox to bring more than 3,000 hours of content to the biggest streaming library of Arabic content.
“Over the next two years, we aim to substantially increase the size of our investment into drama productions, thus increasing them fourfold, of which the majority will be original and exclusive content,” says Marc Antoine d’Halluin, group chief executive at MBC Group.
Netflix has also increased its original content offerings for Arab audiences while Starzplay recently announced a partnership with Academy Award-winning media and entertainment company, Image Nation Abu Dhabi, to create its first original content series.
Jawwy TV, an OTT platform launched in 2018 for the Mena region through Intigral, a digital provider of sports and entertainment, is seeking to make an impact in the way content is consumed in the region.
“Our roadmap is very intense, and we are trying to develop a product in order to match all the major OTT players in the world, but it will be dedicated for Mena content,” said Tony Saab, vice-president of products and content at Intigral.
The service continues to explore agreements with numerous players, in addition to creating original content and acquiring Arabic content.
As more users begin to consume content online, competition will no doubt intensify. One casualty of this growing competition was Malaysia-based iFlix, which pulled out of the Mena region two years after its launch in 2017, unable to replicate the success of its core market in South East Asia.
“Streaming services have just scratched the surface of the market in Mena, despite all the [high] numbers,” says Bates who believes that the market is still establishing itself, and businesses will have to continue to evolve and strengthen their product to meet the rising demand.
According to Bates, “iFlix never really came into the region, they had success in Asia, but they came to Mena with the exact model, while it is a different territory, people, culture and ways of doing business”.
For him, it was not about lack of market demand that caused iFlix to exit, it was unfit execution, something that every OTT player should bear in mind.
source: wamda
GCC MAJOR SOURCE MARKET FOR OUTBOUND MICE TRAVEL SAYS REGIONAL EXPERT MICEMINDS
WINS ‘BEST INCENTIVE PROGRAM IN AN INTERNATIONAL DESTINATION’ ACCOLADE AT
THE MALT EXCELLENCE AWARDS 2020
Dubai, United Arab Emirates: The global MICE industry is anticipated to reach over $1.4 billion in the next five years and the Middle East remains at the forefront as one of the fastest-growing tourism generators globally and an important source market for any destination.
According to the team at MiceMinds, the UAE is the second biggest source market for outbound travel from the Middle East, surpassed only by Saudi Arabia. This growth has been buoyed by the growth of the regional airlines as well as the game-changing mindset of companies like MiceMinds who create bespoke incentive travel experiences that are personalized and designed to lead positive business results.
An ITL World Company, MiceMinds was lauded for their ‘out of the box’ thinking where they won the ‘Best Incentive program in an International Destination’ award at the MALT Excellence Awards last night. The official award show of the renowned Mice Arabia and Luxury Travel Congress (MALT), the MALT Excellence Awards highlight, honor and celebrate path-breaking achievements of top organizations and individuals, who have demonstrated exemplary initiatives in the field of Meetings, Incentives, Conferences, Events (Mice), Business and Luxury Travel from the GCC.
This particular award recognized this unique organization within the ITL World portfolio that uses incentive trips as a tool to stimulate and motivate employees and partners and reward those who have achieved certain goals in the company.
“When we won the TMC of the Year award last year we didn’t rest on our laurels so to be rewarded for a 2nd year in a row is a real honor especially for a part of our business that usually goes unrecognized. The core objective of MiceMinds is to help organizations strengthen their team and overall performance through one-of-a-kind travel and event experiences, and this unique accolade underscores our steadfast commitment to excellence in making the MICE industry bigger, better with more customization and innovation across the board,” said Rafeeq Mohammed, CEO of ITL World.
“Awards such as this are a wonderful endorsement of our unique approach to delivering exceptional experiences to our MICE clients and the resolute commitment and expertise of our team,” he added.
Since its official launch in 1998, ITL World has been assisting companies across the globe to make the most of what they spend on business and incentive travel.
source: uaenews247
Badir-incubated technology startups raise SR508 million in 10 years
30 Jan 2020 Written by Admin AdminTechnology startups incubated by the Badir Program for Technology Incubators and Accelerators, one of the leading initiatives of King Abdulaziz City for Science and Technology (KACST), closed 2019 on a high note, raising a record SR236 million ($62.93 million) led by venture capital firms, individual investors, private companies, and governmental institutions.
The total funding for startups increased to SR508 million ($135.47 million) from 2010 until the end of December 2019 across 184 deals, according to a statistical report compiled by the Business Incubators and Accelerators Company (BIAC), which manages and operates the Badir Program.
The report revealed that venture capital firms were the most active in terms of funding size, investing SR 203 million into startups, equivalent to 40% of the total amount of funding and investment, while private sector companies provided SR 168 million, 33% of the total funding.
BIAC report further disclosed that the total financing by individual investors amounted to SR 104 million, 20% of the total amount of funding, followed by government institutions who invested SR 35 million, 7% of the total investment volume.
The increase in investments reflects the maturing startup environment in the Kingdom of Saudi Arabia and the continued and growing interest of local and international investors.
Furthermore, the number of startups incubated in the Badir Program rose to 655 companies since inception until the end of the third quarter of 2019.
The Badir Program offers one of the most important national and innovative environments in the field of entrepreneurship.
The Program was established in 2007 by the King Abdulaziz City for Science and Technology, to support and provide opportunities for technology- and innovation-based business enterprises.
Nawaf Al Sahhaf, the Chief Executive Officer of BIAC, said: “As the startup environment is thriving in Saudi Arabia, we have seen more of the startups succeed in receiving significant investments from several investors.
The success of startups provides an incentive for encouraging and enhancing the entrepreneurship environment in the market."
When the Badir Program incubates a technological startup company, it facilitates funding by providing a platform by connecting investors and entrepreneurs through its annually-held "Projects Presentation Day" program.
A state-owned subsidiary of the Saudi Technology Development and Investment Company (TAQNIA) – owned by the Public Investment Fund (PIF) – BIAC operates and manages entrepreneurship support platforms, innovation and technology transfer programs.
It also offers project management and business support with specialized consultancy and training services.
Offering an array of services in over nine different cities in the Kingdom, BIAC operates and manages 10 incubators and 8 accelerators in various fields, most notably the Badir Program's 8 incubators in 7 regions.
In addition, BIAC manages and operates the Saudi Innovation Center for Water Technology Program; the Fast Track to Innovation Program; the Innovation Center for Industry 4.0; the KAMIN Program for raising industrial capabilities and enhancing the capabilities of small- and medium-sized industrial enterprises; the Industrial Establishments Accelerator; Haramein Technology Accelerator; Badir Accelerator, and the Inventions Transfer Accelerator.
source: saudigazette
At a time when economic tensions are never far from the world’s headlines, the role of trade as a tool for promoting mutual growth can seem a distant memory.
And yet amidst this increasingly competitive and inward-looking landscape, some respite can be found in the Middle East, an innovative and fresh region of nations racing to diversify their economies away from hydrocarbons.
The diversification of the region helps boost the Middle East market and make it an emerging champion for trade.
Stronger together
Boosting non-oil exports and foreign investments are essential steps for diversification. Over the last two decades, Gulf nations have sought to forge closer ties with one another, removing non-tariff barriers and entering into international trade agreements as an integrated group. As well as a GCC-wide Free Trade Agreement (FTA) and the broader Greater Arab Free Trade Area to promote intraregional trade, the Gulf Cooperation Council (GCC) currently holds FTAs with Singapore and the EFTA states of Norway, Iceland and Switzerland. The cooperation council is collectively negotiating several more, including with:
- China
- Australia
- Japan
- Korea
- New Zealand
- The European Union
First of its kind FTA
As well as entering into international Free Trade Agreements collectively, GCC members have also forged new partnerships independently. Of particular note is Bahrain’s FTA with the US – the first US FTA with any GCC country. Last year saw USD 1.2 billion total in imports and USD 683 million in exports from this trade agreement alone. Furthermore, it has been a boon to Bahrain’s rapidly growing manufacturing sector, attracting international companies seeking to benefit from the Kingdom’s low-cost business environment, advanced infrastructure, supportive regulation, highly skilled workforce and access to both the US and growing USD 1.5 trillion Gulf markets.
Tariff-free competitive edge
Take Confectionary giant Mondelez, which chose the Bahrain International Investment Park for its sixth global mega-plant – a ‘Factory of the Future’ the size of 300 football fields. According to Plant Director Omar Nassef, “The US FTA grants the Bahraini business a competitive edge of having tariff-free access to the giant economy of the US.” Every year Mondelez produces some 60 million Oreo cookies – around 72 metric tonnes – and is generating some USD 70 million of revenue coming from the Middle East market and its tariff-free edge.
Skilled workforce
Or take 205-year-old US home textiles producer WestPoint Home. According to COO Steven Burns, most of the company’s competitors are in countries like Pakistan, China and India. Having set up in Bahrain to take advantage of the ease of doing business, access to decision-makers and skilled workforce (they employ more than 160 Bahrainis) they now export 90 percent of their production, duty-free, to the US.
Supportive infrastructure
Take the example of Bell Racing Helmets, which according to Executive Director & Chairman Stephane Cohen set up in Bahrain to take advantage of the supportive infrastructure for entrepreneurs and businesses and the high quality of life. They have been benefiting from the US FTA ever since.
Bucking the global trend
The results of attracting these international businesses are starting to show. The latest World Investment Report (WIR 2019) from the UN Conference on Trade and Development found that global flows of foreign direct investment (FDI) had sunk to their lowest level since the global financial crisis. Despite this, the West Asian subregion, which includes the Middle East, bucked the global trend, seeing a three percent rise in FDI to a total of USD 29 billion. The report singled out Bahrain, which saw a 6 percent increase in FDI inflows, attributed in large part to growing interest in its manufacturing sector.
Strengthening relations at home and abroad
The Middle East has long been seen as one of the world’s most fractious regions. Yet the need to evolve and adapt to a rapidly changing world has brought many Middle Eastern countries closer together, boosting the Middle East market. It is an irony of the digital era that while we are more connected than ever before, there is a growing trend towards nationalism and protectionism. In such a climate, there may be lessons to learn from the Middle East, which is strengthening relations at home while forging new alliances and visits across the world. And growing stronger because of it.
source: bahrainedb
عقد اجتماع مجلس ادارة اتحاد غرف دول مجلس التعاون الخليجي (52 ) في العاصمة العمانية مسقط مؤخراً ، بحضور ومشاركة أصحاب السعاده رؤساء الاتحادات وغرف دول مجلس التعاون الخليجي .
وتم خلال الإجتماع مناقشة المواضيع المُدرجة على جدول أعمال الإجتماع وهي التصديق على محضر الإجتماع (51) لمجلس الإتحاد الذي عقد بدولة الكويت بتاريخ 19 يونيه 2019 ومتابعة تنفيذ القرارات الصادرة عنه، وإنتقال رئاسة الإتحاد للدورة (21) إلى غرفة تجارة وصناعة البحرين بدءاً من 10 فبراير 2020 ولغاية 10 فبراير 2022، ومناقشة التوصيات الصادرة عن الإجتماعين (45)، (46) للجنة القيادات التنفيذية، ومناقشة التعديلات المقترحة على النظامين الأساسي والداخلي للإتحاد، وإعتماد التقرير السنوي للأمانة العامة للإتحاد لعام 2018، ومناقشة مشروع البرنامج السنوي للأمانة العامة للإتحاد لعام 2020، ومناقشة مشروع الموازنة التقديرية للأمانة العامة للإتحاد لعام 2020، ومتابعة تطورات تشييد المقر الجديد للأمانة العامة للإتحاد.
كما تم على هامش الإجتماع التوقيع على مذكرة تفاهم للتعاون والتنسيق في التعليم الخاص بين غرفة تجارة وصناعة البحرين ومجلس الغرف السعودية، حيث وقعها من جانب غرفة تجارة وصناعة البحرين رئيسها السيد سمير عبدالله ناس بينما وقعها من جانب مجلس الغرف السعودية الدكتور سامي بن عبدالله العبيدي رئيس المجلس، ويأتي التوقيع على مذكرة التفاهم في اطار التعاون والتنسيق في التعليم الخاص بين اللجنة الوطنية للتعليم الخاص والتدريب بمجلس الغرف السعودية، ولجنة التعليم بغرفة تجارة وصناعة البحرين للتأكيد على الدور المهم لقطاع التعليم الخاص بكافة مراحله في منظومة التعليم بدول مجلس التعاون الخليجي وتعزيز اسهاماته في رفع نسبة الإستثمار في الإقتصاد المعرفي الخليجي وتطويره للوصول الى المنافسة المعرفية العالمية، انطلاقاً من مبدأ التكامل الإقتصادي بين الغرف التجارية الأعضاء في اتحاد غرف دول مجلس التعاون الخليجي .
Arab Bank Switzerland Launches BTC and ETH Trading and Storage Services
29 Sep 2019 Written by Admin AdminThe Swiss subsidiary of Arab Bank, a banking giant in the Middle East, is starting to provide trade and storage services for BTC and ETH.
Thanks to this initiative, large-capital clients serviced by Arab Bank Switzerland, including business leaders and family entrepreneurs, can now access digital assets.
“We strongly believe that the blockchain will dramatically change the financial industry, and we intend to be one of the first banks to offer digital asset services for customers in a safe and regulated environment,” said Arab Robin CEO Serge Robin .
Regarding custodial services, the bank has partnered with Taurus Group, which has integrated its cold storage solution called TAURUS-PROTECT with the bank’s infrastructure.
Taurus notes that the solution uses the Federal Information Processing Standard (FIPS) 140-2, Certified Equipment Security Modules (HSM) Level 3, and “some of the safest hardware in the world”
“We now have a fully regulated and scalable infrastructure that we will use to provide our clients with institutional-grade digital asset services in addition to our traditional asset and credit management solutions,” said Rani Jabban, a member Board of Arab Bank Switzerland.
In February this year, the Swiss bank Julius Baer and SEBA, with the participation of the cryptocurrency company SEBA Crypto AG, began offering digital asset services.
source: omnia
The country’s growth is expected to accelerate to 2.6% this year from 1.6% in 2018, Kuwait-based banking major NBK said in a recent macroeconomic outlook
Qatar’s non-oil activity has been buoyed by government investment and the country’s growth is expected to accelerate to 2.6% this year from 1.6% in 2018, banking major NBK has said in a macroeconomic outlook.
The country’s growth is driven by a recovery in the hydrocarbon sector output (0.4%) and ongoing gains in non-hydrocarbon activity (4.4%) as the government’s expansive public investments bear fruit, it said.
Over the medium term, as infrastructure projects related to the FIFA World Cup 2022 and work on the broader Qatar National Vision 2030 advances, non-oil growth is expected to moderate to around 4% by 2021, NBK said.
By this time, the private sector should have assumed a greater role in driving diversification through greater-value add — in sectors such as manufacturing, services, transportation and real estate—as per 2018’s Qatar National Development Strategy 2018-2022 (NDS-2), NBK said in its July outlook.
NDS-2 also prioritises raising the average productivity of its local and foreign workers, which partly explains last year’s decision to offer long-term, skilled expats permanent residency and permit 100% foreign ownership across all business sectors.
The hydrocarbon sector, meanwhile, should get a welcome boost in 2020 from the commissioning of the delayed $10bn Barzan gas production facility, NBK noted.
“This should raise gas output by 12% (2 bncf/d) and drive higher condensates and NGLs volumes. The most significant contribution, however, will come over the medium-to-long term when LNG capacity expands by over 40% to 110mn tonnes per year (mn tpy), with the addition of four new LNG trains by 2024,” NBK said.
Qatar’s fiscal position has strengthened since the authorities began the process of fiscal reform and consolidation (merging ministries, liberalising fuel prices etc.) after the oil price downturn and as energy prices began to recover from their 2016 nadir. Qatar recorded a surplus in 2018 (2.2% of GDP); that should improve further to 3.2% by 2021 amid continued spending restraint and stable energy prices, NBK said.
“The improvement in government finances will also have a positive bearing on public debt. While the authorities accessed the debt markets in 2018 and early in 2019 — securing favourable rates amid considerable investor demand—to the tune of $24bn, debt levels are expected to fall from 53% of GDP in 2018 to 41% of GDP by 2021,” NBK’s macroeconomic outlook showed.
The external current account (CA) balance, which moved back into surplus in 2017 and reached an estimated 8.3% of GDP in 2018 should remain in surplus over the forecast period. Notwithstanding a slight deterioration in 2019 to 6.4% of GDP on softer oil and gas prices, the CA will benefit in the medium-to-long term from higher gas exports and returns from the Qatar Investment Authority’s overseas assets.
Qatar’s banking sector, NBK noted, “has overcome the shock” of non-resident capital flight and tighter liquidity associated with the 2017 blockade. Foreign deposits have returned (+29% year-on-year), private sector credit growth is at a near-three year high (+12.6% y-o-y) and overall liquidity has improved.
But, NBK cautioned, volatile energy prices and LNG competition are the main risks Qatar faced.
It said the country faces several challenges including continued sensitivity to volatile global energy prices and capital flows as well as increasing LNG competition (especially from Australia and the US), which could put downward pressure on prices.
source: .gulf-times
