Category: Business

Minister of Imitational Cooperation Rania el Mashat discussed on Friday 14/7/2023 with Export-Import Bank of China (China Exim Bank) Chairman Wu Fulin the development cooperation portfolio and distinguished economic relations between a group of major Chinese investors and private sector companies working in the field of infrastructure, climate action, green transformation, communications and information technology. El Mashat held the meeting at the headquarters of the Egyptian Embassy in “Beijing”, as part of the activities of her visit to China to participate in the activities of the high-level forum.

The minister discussed means to advance international action for common development, with the aim of boosting mechanisms for implementing the “Global Development Initiative” put forward by the Chinese President in 2021.

Meanwhile, El Mashat said that meeting aimed to strengthen global development efforts to confront shocks facing different countries, through multilateral cooperation.

The meeting was attended by Ambassador Assem Hanafi, Egyptian Ambassador to the Republic of People’s Republic of China and many officials.

Source: State Information Service Egypt

Oil prices recorded slight gains on Friday, with global benchmark Brent crude hovering above $81 a barrel, as sentiment on US demand rose supported by supply disruptions in Libya and Nigeria. Brent and West Texas Intermediate crude futures rose for the third consecutive session and in early Asian trading today, Friday. They are on their way to achieving gains for the third consecutive week for the first time since April, according to CNBC. Brent crude futures were trading at $81.36 a barrel and West Texas crude futures at $76.89 a barrel.

Source: Jordan News Agency

Oil prices in Lebanon have edged up on Friday as the price of gasoline (95 octanes) has increased by LBP 5,000 and (98 octanes) has increased by LBP 4,000. The price of diesel has increased by LBP 5,000 while the price of a gas canister remained stable. Consequently, the new prices are as follows: 95 octanes: LBP 1,630,000 98 octanes: LBP 1,670,000 Diesel: LBP 1,424,000 Gas: LBP 767,000

Source: National News Agency – Lebanon

China’s North Petroleum International Company (NPIC), said that, it is eager to expand operations in Egypt’s oil and gas sector.

The NPIC Chairman, Wang Yuetao, told Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla in a meeting that, his company plans to increase investments in Egypt, to help ramp up crude oil production.

The two sides discussed ways to increase cooperation between the NPIC and the Egyptian petroleum sector.

The NPIC, a subsidiary of China ZhenHua Oil Co., has been operating in Egypt since 2014, and is involved in the exploration and production of oil and gas in Egypt, through the joint venture Petro Amir Petroleum Company.

El-Molla welcomed the NPIC’s expansion plan in Egypt, adding that, Egypt is committed to encouraging foreign investments that will ultimately boost petroleum production.

Source: Nam News Network (NNN)

ABU DHABI, 13th July, 2023 (WAM) — Ethmar International Holding (EIH) has recorded significant profits in the first half of 2023 to bolster its position as a leading holding company, reporting an increase in net profit, reaching AED445 million at the end of the first half of the year 2023, compared to approximately AED24 million during the same period last year, an increase in its net profit amounting to AED421 million. This remarkable increase reflects the continuous efforts of EIH to diversify its revenue sources, which will further consolidate its position as a successful holding company. The total assets of EIH have also increased significantly, from AED77.7 million at the end of 2022 to over AED2.23 billion at the end of the first half of 2023. Additionally, there has been a significant increase in total equity, reporting approximately AED1.35 billion, compared to AED66.3 million during the same period last year. Ali El Gebely, Managing Director and Group Chief Executive Officer of EIH, said, “With exceptional and successful positive results in the first half of the year, EIH Ethmar International Holding proudly showcases its strong and resilient business performance across all sectors, further solidifying its position as a key player in the region. Committed to providing a thriving and prosperous business environment, EIH aligns its investment strategies with the principles of development, diversity, and governance, adhering to the highest standards and international best practices. “Each opportunity pursued by EIH is thoughtfully chosen to create significant value, contribute to the economy, and prioritize the best interests of its esteemed investors. These remarkable achievements underscore EIH’s innovative and visionary approach, setting new industry standards and paving the way for continued success,”

Source: Emirates News Agency (WAM)

WINDSOR, 13th July, 2023 (WAM) — Dr. Sultan Al Jaber, COP28 President-Designate, has participated in high-level discussions on climate finance with US President Joe Biden and H.M King Charles III, alongside leading investors and philanthropists, in a visit to the UK to advance innovative climate finance to deliver climate action and a just energy transition. During his visit, Dr. Al Jaber attended a forum on Climate Finance Mobilisation convened by the UK Secretary of State for Energy Security and Net Zero, the Rt Hon. Grant Shapps MP and the US Special Presidential Envoy for Climate, John Kerry. The forum was attended by UN Special Envoy for Climate Action and Finance, Mark Carney, as well as private sector and philanthropic leaders from finance, sustainability, and climate action. Dr. Al Jaber encouraged all parties to set their ambitions high ahead of COP28 and continue to galvanise UK and US-based businesses and philanthropists to do the same. Dr. Al Jaber said, “The leadership of the US and UK is crucial to both fulfil climate finance pledges and mobilize further capital. We must deliver on the $100bn of annual climate finance promised in 2009, and I have been encouraged by recent assurances that this pledge will be fulfilled. However, we need to mobilise trillions, not billions, of dollars if we are to reach our climate, biodiversity and SDG targets. “To achieve this we need to mobilise capital at all levels, public, business and philanthropic. Capital and finance are critical enablers of climate action. But to unleash its power, it must be available, accessible and affordable throughout the world.” Dr. Al Jaber added, “Climate change is a global problem that requires a global solution. All financial actors must work within a new framework of solidarity to enable climate finance at the scale, scope and speed that the world needs. As an outcome of today’s meetings, I am pleased to announce that COP28 will host a High-Level Business and Philanthropy Delivery Forum, during the World Climate Action Summit. The forum will focus on removing barriers to progress, showcasing what is working, and identifying opportunities for co-creation, collaboration, and acceleration.” Dr. Al Jaber restated his call for major reform of international financial institutions and multilateral development banks, and added “To invest the amounts required, we must build the right risk mitigation instruments that incentivize private sector action at scale. This is not a time for incremental reform. We need a holistic approach underpinned by collaborative frameworks.” Discussing the announcements made by organisations in attendance, Dr. Al Jaber continued, “Initiatives like the Climate Finance Mobilisation Forum provide a key avenue for progress. The funding announced today by some of the world’s leading private sector actors and philanthropists is exactly what we need to see ahead of COP28.” During his visit, Dr. Al Jaber also welcomed progress on the World Bank’s Private Sector Investment Lab which will be charged with developing solutions to address barriers to private sector climate finance. Dr. Al Jaber said, “Capital is a key enabler of climate action, and catalyzing private investments is a key priority for the COP28 Presidency. I look forward to actionable recommendations coming out of the Private Sector Investment Lab that can be integrated into COP28’s climate finance agenda.” He concluded that “The UK and US are home to two of the largest financial markets in the world. Their action and the funding announced today is vital to keep 1.5C within reach and must be replicated on a global scale.”

Source: Emirates News Agency (WAM)

ABU DHABI, 13th July, 2023 (WAM) — The Securities and Commodities Authority (SCA) signed a memorandum of understanding (MoU) with the UAE Banks Federation (UBF) to foster mutual cooperation in developing the financial sector, establishing the UAE as a major attraction for asset and wealth management in line with the government’s aspirations for the next fifty years, and ensuring the sustainable growth of the national economy. The MoU was signed between Dr. Maryam Butti Al Suwaidi, Chief Executive Officer of the SCA, and Jamal Saleh, Director-General of the UBF, in the presence of officials from the two sides. “As changes accelerate, new features of an unprecedented world are being created. We aspire to make the UAE a major global hub for asset and wealth management. Cooperation between the government and the private sector is vital, and therefore we are committed to partnering and collaborating with all entities that help us realise our vision. To this end, the Securities and Commodities Authority has been keen to coordinate and cooperate with the UAE Banks Federation to provide the infrastructure and legislation needed for a flexible environment that attracts foreign businesses and, at the same time, motivates banks and financial institutions to set up local asset management firms and helps support and promote the local investment fund industry, including green and sustainable funds, at the regional and international levels,” Dr. Al Suwaidi said. For his part, Saleh said, “The UAE has managed to cement its standing as one of the world’s top seven financial hubs. Efforts undertaken nationwide contributed to attracting asset management institutions and developing local institutions specialised in this field in light of the advanced financial markets and the legislative and regulatory frameworks that keep pace with the most recent trends in global markets. “This has established the UAE as the most prominent destination for asset and wealth management in the region. Signing this MoU with the Securities and Commodities Authority is part of our ongoing cooperation to promote the investment environment and the asset and wealth management industry, which is in line with the UAE Central Bank’s vision and that of the entities operating in the country’s economic and financial sectors. This industry is contributing–and will contribute even more–to the economic and social development in the UAE.” Under the MoU, the two parties agreed to cooperate and share expertise and studies aimed at improving the local asset management sector, setting up a joint committee to improve the legislation governing the activities described earlier and to keep pace with the emerging trends and developments in the financial sector, and establishing an integrated framework to organise events promoting the asset management sector to motivate foreign entities to establish their businesses in the UAE.

Source: Emirates News Agency (WAM)

Minister of Agriculture, Khaled Hneifat, on Thursday said the ministry is making continued efforts to provide an “appropriate” environment for local seed production companies, and overcome related obstacles. Launching a “Field Day” event, in the presence of Arab and foreign agents, Hneifat inaugurated laboratories of Amman-Based Universal Seed Company, affirming the ministry’s role to support and develop this sector. He said a total of 6 companies operate in the seed industry in 2011, adding that their production volume did not exceed 11 tonnes, to jump to 36 firms now that export their products to about 65 countries across the world. He noted the sector’s entrepreneurs were given opportunities to develop new varieties with “high” productivity, adding that some types tolerate various plant diseases, while other varieties are suitable for diverse agricultural environments. The Kingdom, he noted, hosts 9 experimental research and development offices for international companies, based on Jordanian expertise that proved its efficiency. Hneifat added that the ministry plays a “major” role in organizing seed production processes, registration, and quality control and regulates related trade and marketing operations, trading activities and provides an umbrella of laws, regulations, and instructions to protect “innovative” varieties and grant intellectual property. The ministry, in cooperation with the private sector, rehabilitated the laboratory of the Seed Technology Unit at the National Agricultural Research Center (NARC), and trained workers on seed tests, in preparation for Jordan’s accreditation as a member of the International Seed Testing Association (ISTA), he pointed out. Hneifat said food security is an “essential” pillar of societal security, and therefore the farmer’s work is a “sacred” duty that deserves sacrifice and appreciation. Touring the experimental site and the production exhibition, he listened to the attendee’s interventions, who appreciated the ministry’s efforts in sponsoring and supporting the seed sector.

Source: Jordan News Agency