Can biodiversity credits unlock billions for nature?
Paris, France - For supporters, biodiversity credits could unlock billions in much-needed funding for nature, but critics fear a repeat of scandals that have dogged other financial approaches to protecting the environment.Paying to safeguard tropical rainforests or compensate for habitat destruction is an area of growing interest, and trading credits in...
Malaa Technologies to set up a bank in KSA
Malaa Technologies will launch its banking operations in Saudi Arabia after it obtained an approval from the kingdom’s central bank.
How GCC nations can tame rising inflation?
Investing in inflation-protected bonds and gold may provide some hedge against consumer price rise. Putting money into the real estate sector is also a safe bet, believe some regional experts.
Sanctions seek to cripple Russian economy as Ukraine invasion continues
The sanctions came as the Russian military stepped up its bloody, multi-pronged assault against Kyiv and other Ukrainian cities.
Egypt sets up $50m venture capital fund for startups
The World Bank and MSMEDA is eager to review and develop the needs of startups.SWIFT: The Russia sanctions threat for Ukraine invasion
Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded his country on Wednesday.
With Spanish funds, Lebanon plans to revive railway out of service since ’70s
Lebanon's transport minister has said that Spain will finance a plan to revive the railway network that has been out of service since the start of the 1975-1990 civil war. A deal for a "comprehensive master plan for the 407 kilometer-long (252 miles) railway" is expected next month, Public Works...
Etihad Rail and FAB sign pact
The bank will arrange finances worth $541m for passenger transport.
Financial corruption hinders Gulf economic model
Beside Covid-19 pandemic, many countries in the region face war and conflicts. A robust economic system necessitates an effective strategy to combat corruption. If GCC countries wishes to be prosperous, there must be systems in place to fight corruption and ensure that the integrity of the state is maintained.
Cloud tech gains strength in GCC
Cloud market in UAE is at emerging stage and is likely to witness rapid growth in the coming years due to high adoption rate among SME’s and the digital transformation agenda.UAE sees climate action as catalyst of economic prosperity
UAE’s Minister of Industry and Advanced Technology, and UAE Special Envoy for Climate, Sultan Ahmed Al Jaber has said that the UAE views climate action as a key enabler of stability and economic prosperity.
Digital banks help Kuwait keep pace with global trends: CBK official
Executive Director of the Supervision Sector at the Central Bank of Kuwait, Waleed Al-Awadhi said that the digital banks will have no branches.
UAE indices witness a great week
The Saudi Stock Exchange’s main index TASI started and ended the week with a 0.5 percent rise despite the fluctuation.
Oman signs three agreements worth $244m with Saudi Fund for Development
Oman has signed three agreements RO 94 million ($244 million) with the Saudi Fund for Development (SFD) for supporting SMEs and infrastructure development. The first MoU dealt with supporting small and medium enterprises (SMEs) through a soft loan portfolio of RO 57.6 million catering to SME projects in governorates. The...Will corporate tax hit UAE businesses, consumers?
The new tax -- to be implemented in the UAE from 1 June 2023 -- comes at a time when speculations are rife that other Gulf countries might also impose taxes on economic sectors.
Second instalment of Sunref energy program launched in Palestine
Bank of Palestine (BOP) and Proparco in cooperation with the EU have jointly announced the signing of Sunref II Green Program after successfully completing Sunref I, local media said. The purpose of SUNREF Green Finance Program is to provide solutions to promote energy efficiency and renewable energy projects for the...TASI starts low; Emirati markets gain
The Emirati indices managed to show gains throughout the week, while the Saudi index was unchanged.
Tunisia allows digital sector firms to bid in convertible foreign currencies
The Central Bank of Tunisia (BCT) has authorized companies operating in the digital sector to bid for public tenders in convertible foreign currencies. Tunisian media reports, citing the National Federation of the Digital Sector, have said that bidding has been allowed within the framework of calls for tenders for imported...
UAE leads GCC in ICT investments, spending
The Gulf region stays strong both regionally and globally in terms of the number of internet users and the populations with maximum number of cell phones.Saudi finance minister calls for GCC cooperation
Saudi Arabia's finance minister, Mohammed bin Abdullah Al-Jadaan, has stressed the need for the promotion of the joint Gulf action, with the need to raise the pace of coordination among all GCC states.
Arada secures $41m in finance
The money will fund Aljada mixed-use project in Sharjah.Arab countries see surge in crypto investors
In 2021, Triple-A estimated global crypto ownership rates at an average of 3.9 percent, with over 300 million cryptocurrency-owners and users worldwide. Over 18,000 businesses are already accepting cryptocurrency payments.TASI rises for 10th session, UAE bourses fluctuate
The surge in oil prices fueled the start of the week's high for the Saudi stock market, while the UAE indices fluctuated throughout the week.
US sanctions Hezbollah-affiliated international network
The US State Department announced in a statement that "Adnan Ayad, Jihad Adnan Ayad, Ali Adel Diab, and 10 companies are designated under Executive Order 13224.”
OPEC Fund extends $35m loan to support Vietnam SMEs
The amount will reportedly be given to the Vietnam-based Southeast Asia Commercial Joint Stock Bank (SeABank) for on-lending.
Lebanon govt may hike power supply to 8-10 hours
Lebanon ministers said they aim to increase the hours of EDL’s power supply in the near future by securing Egyptian gas and Jordanian electricity.
Iran, Syria to establish joint free zone, joint bank
Qasemi, who headed a high-ranking delegation to Syria, met with senior officials from Syria.
Huawei revenues down 29%
Huawei is the world's biggest supplier of telecoms network gear.
Bitcoin faces uncertain 2022 after record year
Having more than trebled in value to $60,000 between December 2020 and April, bitcoin has lost some shine to trade at under $50,000 heading into the new year.
Critics of Turkish lira slide threatened with lawsuit
Finance Minister Nureddin Nebati urged citizens to sue economists who comment on social media about the lira's slide. His remarks followed the banking regulator's decision to file complaints against more than 20 people over their Twitter posts.
Cash-strapped Tunisia to borrow $7 billion more in 2022
Debt-ridden Tunisia unveiled a 2022 budget on Tuesday that will see it borrow almost $7 billion more, as it seeks to stimulate an economy battered by the coronavirus pandemic. The 2022 finance law boosts spending by over three percent year on year to 57.3 billion dinars ($19.8 billion, 17.6 billion...
Palestine Q3 current-account deficit stands at $316m
The preliminary results showed a surplus value for the capital and financial account amounting to $222 million, mainly caused by the surplus in the capital account which amounted to $114 million.
Afghanistan’s asset freeze hurts everyone
To avoid giving the Taliban access to Afghanistan's reserves, Washington froze an estimated $10 billion held by the central bank abroad after the Taliban seized power on August 15.
World Bank approves $112 million to fund employment in Jordan
Jordan’s persistently high levels of unemployment are driven by the limited capacity of its private sector to create more and better jobs. The private sector generates far fewer jobs than the number of new entrants into the labor force, and the public sector is not able to make up for...
CBUAE enhances framework for real estate exposure of banks
The new methodology also introduces measurement of these exposures, based on credit risk-weighted assets using the CBUAE’s capital adequacy standards.Dubai World Trade Center to become regulator for virtual assets, crypto
The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies.Chinese firms will build 1,000 schools in Iraq
School constructions across Iraq will take two years and three phases.IMF examines Lebanon’s financial losses before aid program
Disagreements over the size of the losses between Lebanon's government, central bank, and banking sector contributed to the collapse last year of negotiations with the fund over a new loan program, which is seen as essential to the country's efforts to emerge from a severe economic slump.Oman revenues to rise 6% in 2022, with oil at $50
Oil and gas returns are set to comprise 68 percent of total revenues, against 32 percent for non-oil and gas revenues.
REVEALED: Billions missing from Lebanese Central Bank
Even as Lebanon faces one of the worst economic crises, about US$7 billion remains missing from the Lebanese central bank’s 2020 balance sheet, data analysis by TRENDS suggests.REVEALED: Billions of dollars missing from BDL
About US$7 billion is missing from Lebanese central bank’s 2020 balance sheet, data analysis by TRENDS suggests while highlighting weak government policies for the economic crisis.UAE and Mauritius stress boosting economic, commercial relations
The UAE and Mauritius have stressed the importance of boosting economic and commercial relations between the two countries. A meeting was held between Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and Dr. Renganaden Padayachy, Minister of Finance, Economic Planning and Development of Mauritius, at the Ministry...
OFID’s $80m loan expected to boost trade in Africa
The OPEC Fund for International Development (OFID) has signed an $80 million loan agreement with the African Export-Import Bank (Afreximbank) to finance international trade directly among corporates or through financial intermediaries.Tunisia’s budget deficit narrows to nearly $1.3 billion at Sept end
Tunisia's budget deficit has narrowed to nearly 3.8 billion ($1.3 billion), at the end of September 2021, against 4.9 billion dinars, in September 2020, down 23 percent, local media reports said, citing Finance Ministry's budget data. The decrease in the budget deficit is due to the increase in budgetary resources...
OPEC Fund extends $80m loan to Afreximbank
The OPEC Fund’s support will assist in boosting Afreximbank’s liquidity to grow its loan portfolio as it finances exports and imports in critical sectors across Africa.
Central Bank of Jordan joins network of 100 central banks in green finance pursuit
The Central Bank of Jordan (CBJ) has joined the Network for Greening the Financial System (NGFS), a network of 100 central banks and financial supervisors that aims to accelerate the scaling up of green finance and develop recommendations for central banks' role in climate change. The bank, according to local...UAE reviews measures to counter money laundering
Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, chaired a meeting of the Higher Committee Overseeing National Strategy on Anti-Money Laundering and Countering Financing of Terrorism in 2021 at Expo Dubai.El Salvador to build ‘Bitcoin City’ at the base of a volcano
The city will be built near the Conchagua volcano to harness geothermal energy to power the city and Bitcoin mining.
EDB and Dubai IE sign pact to offer UAE exporters access to finance
Emirates Development Bank (EDB) has signed a strategic agreement with Dubai Industries & Exports (Dubai IE) to provide innovative financing and banking solutions to SMEs and corporates The initiative is aimed at supporting the growth of UAE’s industrial sectors and exports. Ahmed Mohamed Al Naqbi, CEO of EDB, said EDB...This week, Gulf markets closed on a high
Stock markets in the Arab region were mostly in the green in the week gone by.ADFD provides Lesotho with $20m finance for water supply
Abu Dhabi Fund for Development (ADFD) will provide the Butha-Buthe District in Lesotho with $20 million in finance for the development of a water supply system in the area.
