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July 3, 2022

Jordan’s garment industry showed ‘resilience’ during pandemic

Jordan’s garment industry did not witness the pandemic’s worst impact, proving to be ‘relatively’ resilient in its adaptability to new trends, according to Better Work Jordan Annual Report 2021, which noted that the economic downturn in the country’s garment industry has only had a 15 per cent reduction in exports and a full rebound is expected by 2021 end.

The report presents findings and observations from Better Work Jordan’s interactions in the garment sector throughout 2020. Better Work Jordan (BWJ) is a partnership between the International Labour Organisation (ILO) and the International Finance Corporation (IFC).

“…The sector has fared relatively well in comparison with Jordan’s other sectors,” the report said. Other garment industries saw major contractions of 30 to 50 per cent.

Despite the resilience, COVID-19 has exposed some weaknesses in the sector as well, the report said. “Some factories had severe violations, such as forced labour, inaccurate and late payment of wages and reductions in the number of meals provided to workers,” it said.

The 12th BWJ annual report also showed that the country’s garment exports in 2020 were valued at $1.6 billion and made up 22 per cent of all exports.

Source:

https://www.fibre2fashion.com/news/company-reports-news/jordan-s-garment-industry-showed-resilience-during-pandemic-report-275398-newsdetails.htm

July 3, 2022

Jordanian Industrial Estate is presenting and offering Investment Opportunities in Emirates

Jordanian Industrial Estates Company recently participated the Annual Investment meeting 2022 in Dubai and presented The Industrial estates with its services, incentives and the discounts on selling and renting standard Lands and Buildings for the new estates which built in (Alsalt – Madaba– Altafilah).

Furthermore, COE Dr. Luay Sahwil and The General Manager Mr. Omar Juaid; participated with the Businessmen and Investors in certain secondary meetings who are interested in the Industrial investments and the plenty of the Jordanian & guest Emirates businessmen and who were sorting & focusing out of the opportunities and benefits that applied throughout JIEC with its incentives granted to invest.

Mr. Juaid assured with the participants who are participated to build a point of view for this visit to promote JIEC in The Globe Market; firstly The Arab Gulf Countries to present the Industrial Investment in all Industrial Estates in the Region.

SOurce:https://www.jiec.com/en/news/159/

July 3, 2022

Gov’t incentives to bring more investments to Tafileh Industrial Estate

The investment package the government has recently endorsed is aimed to enhance the production competitiveness in the Tafileh Industrial Estate, attracting more investments to the estate and creating more jobs in the governorate to address unemployment, Chairman of the Jordan Industrial Estates Corporation (JIEC) Luai Sihweil said on Monday.

Sihwil, in a JIEC statement cited by the Jordan News Agency, Petra, said that the difference of electric power tariffs will be covered through the industry support and development fund or through Jordan Enterprise Development Corporation (JEDCO) programmes.

The Council of Ministers, upon a recommendation by its development and economy committee, decided to grant investment incentives for the Tafileh Industrial Estate, including reducing power prices for industrial investments in the estate by 75 per cent for the first five years of starting the project.

The Cabinet also decided to include the estate in the satellite factory programme and grant its investments a 50 per cent discount on handling processes at the Arab Container Terminal for goods manufactured in the estate.

JIEC Director General Omar Juwaied praised the government’s efforts aimed to support the industrial investment environment in Tafileh, noting that this package of incentives is a continuation of incentives the government offered some two years ago.

The first phase of the estate has completely finished and includes establishing ready-made buildings with an area of 10,000 square metres, while the entire estate is constructed on 500 dunums out of its total area of 1,000 dunums, Petra added.

Source:https://www.jiec.com/en/news/160/

July 3, 2022

Jordan, UAE, Egypt launch industrial partnership for $10 bn projects

Jordan, the United Arab Emirates (UAE) and Egypt have launched the Industrial Partnership for Sustainable Economic Development to implement industrial projects worth $10 billion.

Jordan’s state-run Petra news agency reported that under the partnership announced on Sunday during a meeting between the three countries in Abu Dhabi, a fund will be created and managed by ADQ, a UAE holding company, to accelerate work across priority sectors.

The partnership, which seeks to boost industrial cooperation between the three countries, aims at implementing joint investments and projects to foster mutual and strategic interests, Xinhua news agency reported.

The investments will be implemented in the fields of pharmaceuticals, agriculture, food manufacturing, petrochemicals, metals, minerals, and others, said the news agency.

Jordan’s Prime Minister Bisher Al-Khasawneh said the partnership will help boost the three countries’ exporting abilities and increase their industrial competitiveness.

He added that the joint investments will have a direct positive impact on their economies and will create much-needed jobs and will help ensure food security in several sectors.

Source:https://www.business-standard.com/article/international/jordan-uae-egypt-launch-industrial-partnership-for-10-bn-projects-122053000080_1.html

July 3, 2022

Lebanon hopes summer is promising for business

A welcoming billboard is seen along the airport road in Lebanon’s capital Beirut on Wednesday following a campaign by the Tourism Ministry to replace the pictures of political figures with images of natural sites as the country is trying to draw more tourists (AFP photo)

BEIRUT — Lebanon’s economy should receive a welcome injection of more than $3 billion, thanks to a rebound in tourist arrivals over the summer, the tourism minister said on Wednesday.

Lebanon defaulted on its debt in 2020, the local currency has lost around 90 per cent of its value on the black market, and the UN now considers four in five Lebanese to be poor.

While soaring inflation is ravaging households with incomes in Lebanese pounds, the informal exchange rate makes prices attractive to most tourists.

“This summer is promising. We expect more than a million tourists and income of $3-3.5 billion during this summer season,” Minister Walid Nassar said in an interview.

Reservations show that three quarters of the arrivals will be Lebanese nationals from the diaspora, he said.

“The remaining 25 per cent are foreigners hailing mostly from Egypt, Iraq, Jordan and Gulf countries,” Nassar added.

The diaspora had shunned the traditional summer homecoming in recent years, with a deadly 2020 Beirut port blast and biting shortages compounding pandemic-linked restrictions.

The sector had been one of the pillars of Lebanon’s economy, bringing in around $10 billion annually.

Global tourism is roaring back to life after the COVID-19 pandemic, and Lebanon has been keen to draw tourists and their cash dollars.

Despite crumbling infrastructure and massive electricity shortages, the tourism ministry launched a large PR campaign to promote the country as a destination.

With central bank coffers critically depleted and foreign aid hinging on reforms, a summer tourism windfall could buy Lebanon more time.

The country’s top political and security brokers “are aware of how important it is for this summer season to be a success”, Nassar said.

Source:https://www.jordantimes.com/news/business/lebanon-hopes-summer-promising-business-%E2%80%94-minister

June 25, 2022

Bahrain’s GFH successfully lists on Abu Dhabi Securities Exchange

In what is the fourth dual listing on the Abu Dhabi Securities Exchange (ADX), GFH Financial Group B.S.C. announced its secondary listing on the exchange on Tuesday.

The listing is set to further expand GFH’s investor base and enhance liquidity in its shares amid increased regional and international participation on the exchange.

This is GFH’s fourth regional listing with its shares already listed and actively traded on the Bahrain Bourse, Boursa Kuwait and the Dubai Financial Market.

“As part of our ADX One strategy to promote greater market liquidity, we have been actively encouraging listings on our dynamic capital market and forging deeper ties with regional markets, including the Bahrain Bourse,” said Saeed Hamad Al Dhaheri, ADX managing director.

“The pipeline for IPOs and listings on our main market and growth market remains strong for the remainder of the year, a testament to our strength and resilience amid global market volatility,” he added.

The listing comes as GFH undergoes continued expansion and growth having recently partnered with SQ Asset Management Company in the USA, completed the acquisition of logistic warehouses with assets of more than $2 billion and spun out infrastructure and real estate assets.

Currently, GFH has over $15bn of assets and funds under management including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America. This includes new investments of more than $2bn over the past 12 months alone.

“GFH is delighted to celebrate another landmark achievement for the Group with our listing on ADX. This is a strategic move supporting our expansion and enhancing our financial position and funding for the next phase of growth,” said Hisham Alrayes, GFH’s Group CEO.

“With our listing, we continue to broaden our shareholder base and increase our reach and visibility among key global and regional investors. Importantly, we also underscore the strong demand for GFH’s shares and the market and investor confidence that exists in the Group, our performance and prospects,” he continued.

The listing of GFH on ADX brings the number of dual listings on the exchange to four. Shares of Ooredoo, Sudan Telecom Group and Oman and Emirates Investment Holding Company also have secondary listings on the exchange.

During the first quarter of 2022, ADX recorded an 87 percent year-on-year increase in the value of total trades made in the first quarter of 2022. Traded values (buy + sell) on the exchange rose to AED202bn in Q1 2022 from AED108bn in Q1 2021.

Meanwhile, the market value of shares owned by foreign investors in Q1 2022 jumped 163 percent to AED131bn from AED50bn in Q1 2021.

GFH was advised on the cross-listing by First Abu Dhabi Bank as its listing advisor and Al Tamimi and Company as its legal advisor.

Source:https://www.arabianbusiness.com/money/corporate/capital-markets/bahrains-gfh-successfully-lists-on-abu-dhabi-securities-exchange

June 25, 2022

Bahrain’s Al Waha to invest $85mn in Israel-based digital health-focused fund

Bahrain-based Al Waha Fund of Funds announced on Monday its participation in LionBird III, an $85 million digital health-focused fund, floated by Tel Aviv-based venture capital LionBird.

Al Waha’s partnership with LionBird will also seek to aid Bahraini and GCC startups in navigating the complex US healthcare market and connecting with the right experts and partners, the company said in a statement.

LionBird is a US-focused digital health fund that specialises in seed-stage venture capital.

“We are pleased to be able to partner with LionBird in its latest fund and to help startups in the region access advice on digital health best practices, and support in penetrating the lucrative US healthcare market,” said Khalid Al Rumaihi, chief executive officer of Mumtalakat and vice chairman of Al Waha Fund.

Al Waha also said it was partnering with LionBird based on the latter’s track record of success helping startups access the burgeoning US healthcare market.

Jonathan Friedman, partner at LionBird, said the partnership with Al Waha Fund will give the venture capital access to innovation and networking opportunities in Bahrain, expanding its exposure in the MENA region.

“We believe we are well-positioned to support startups in Bahrain and the region as they plan their entry into the US market,” Friedman said.

The US currently spends around 17 percent of its GDP on healthcare, around twice as much than most other developed countries. Post-pandemic, the US healthcare market is undergoing significant shifts, which are opening new opportunities for startups.

There is a greater focus on health-tech startups as the sector pivots towards outpatient services and solutions such as telemedicine.

The digital startups in the US are estimated to have raised about $30 billion in 2021 across 729 deals, with investment in the market nearly doubling compared to 2020.

Al Rumaihi said Al Waha was committed to connecting the startup ecosystem in Bahrain and the Gulf with others around the world, providing a supportive environment for tech businesses to thrive.

“There are significant opportunities for the region’s startups in international markets, but the lack of access to capital remains a significant challenge for entrepreneurs,” Al Rumaihi, said.

The partnership between Al Waha Fund and LionBird could also lead to more Israeli companies choosing Bahrain as the location for their Middle East headquarters as they seek to leverage Al Waha Fund’s unique platform of value creation, Al Rumaihi added.

Al Waha Fund, launched in 2018 with a $100 million corpus with the aim of driving greater venture capital investment in the region, has deployed $80 million in 11 venture capital funds to date.

Source:https://www.arabianbusiness.com/startup/bahrains-al-waha-to-invest-85mn-in-israel-based-digital-health-focused-fund

June 25, 2022

Bahrain’s residential capital values hold steady during Jan-March

Capital values across Bahrain’s residential real estate segment have remained largely stable on a quarterly basis, according to real estate service provider Savills.

The capital value index for apartments and villas in the country, when compared annually, however has dropped by an average 1.2 percent and 2.6 percent respectively, Savill’s said in its Q1 2022 Bahrain Market in Minutes report.

Demand for rental properties across villas and townhouses has remained strong across Bahrain during Q1 2022. This led to a marginal rental price increase of 1.5 – 2 percent y-o-y across the high-end and the low-end segment.

Rents across apartments, on the other hand, have largely remained stable on a quarterly basis.

A revival in economic activity followed by a strong push from the government and a general improvement in market sentiment has led to an increase in demand for office space across the city, consequently leading to an increase in asset pricing, according to the report.

The stability that was witnessed in the office rental market in 2021 extended into the first quarter of this year supported by the low-end segment, recording a 1.6 percent y-o-y price increase. However, the mid-end sector’s price correction has sustained, with the y-o-y rental price decreasing 5.5 percent, the report said.

“We have noted an increase in inquiries from prospective tenants in relation to the environmental social and governance (ESG) credentials of current office stock with higher interest for those possessing sustainability accreditations. Given the demand-supply imbalance in the market, developments which incorporate these demands will claim a larger share of the market going forward,” Hashim Kadhem, head of professional services, Savills Bahrain, said.

The recovery also continues in the retail and tourism space. The number of mall visitors rose by 26.9 percent y-o-y in the first quarter of 2022, while the volume of commercial licenses issued increased by 35.4 percent y-o-y.

On the back of Formula 1 Gulf Air Bahrain Grand Prix 2022, international tourist arrivals increased by 50 percent during January-March this year, compared with the same period in 2019.

Speaking on the outlook for the industrial and logistics sector, Swapnil Pillai, Associate Director Research, Middle East at Savills, said, “Bahrain has launched the fastest Global Sea-to-Air Logistics Hub in the region with only a 2-hour turnaround time for all containers.

“This means that products can reach customers in half the time it took earlier and at 40 percent of the cost. This move is likely to significantly improve Bahrain’s position as a hub for logistics activity in the future,” Pillai said.

Source:https://www.arabianbusiness.com/money/wealth/money-wealth-real-estate/bahrains-residential-capital-values-hold-steady-during-jan-march

June 5, 2022

Saudi stocks start the week on a positive note

Saudi stock markets opened higher in early morning trade, as oil prices fluctuated steadily.

Oil prices rose on Friday, with Brent crude exiting the week at $119.72 and US West Texas Intermediate settling at $$118.87.

The main index, TASI, opened 0.18 percent higher at 12,627, while the parallel market, Nomu, started 0.08 higher at 22,861 as of 10:07 a.m. Saudi time.

Saudi Public Transport Co. climbed 4.46 percent, leading the gainers; Saudi Printing and Packaging Co. slipped 2.05 percent, leading the market fallers.

Among the fallers on the list, Amana Cooperative Insurance Co. lost 1.17 percent and Saudi Tadawul Group Holding Co. declined 1.42 percent.

Among the gainers on the list, Tabuk Agricultural Development Co. gained 2.21 percent, and Arab National Bank edged up 2.64 percent

In the pharma sector, Aldawaa Medical Services Co. shed 0.13 percent and Nahdi Medical Co. rose 0.75 percent

In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 0.10 percent, while Alinma Bank slid 0.27 percent.

The shares of both telecom giants stc and Zain KSA started the day flat

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.75 percent.

https://www.arabnews.com/node/2096941/business-economy

June 5, 2022

DMS attracts local and international investors in transportation, logistics and mobility

DMS is the outcome of Vision 2030’s revolutionary potential in shaking up the fields of mobility and logistics. It is a digital growth engine launched by SAPTCO to explore new possibilities and build innovative startups. DMS is working toward becoming the leading venture builder in the mobility sector; it aims to make it seamless, smart and sustainable.

DMS plans on uplifting the digital mobility sector and on building more radically innovative ideas from the ground up. It is implementing new strategies to create innovative solutions in ride-sharing technologies, shipping aggregation and travel marketplaces.

It is also adopting new business models that are “light asset” and “future ready” for revenue opportunities. Its groundbreaking plan of action can already be seen in ventures like Rekab, Fastmile and ejourney. They represent a creative approach to transportation in the region, each with its unique points of strength that are garnering more and more users daily.

DMS has already embarked on a number of ventures and is currently developing two new ones. It utilizes a diverse team that combines talents, research skills, and expertise all directed to take startups to the next level. It is on a mission to empower brilliant minds and to unlock the potential of mobility in the region by creating new digital solutions across Saudi Arabia and the MENA region.

DMS is pioneering the way through a board of experts in entrepreneurship, technology and transportation headed by Chairman of the Board of Directors of DMS and SAPTCO Khalid Al-Mudaifer and President of the International Association of Public Transportation (UITP) and CEO of SAPTCO Khalid Al-Hogail.

DMS is revolutionizing the field with top tech talents, entrepreneurial minds and digital endeavors as it is guided by Vision 2030 and its objectives to provide a better and more effective environment for everyone in the country.

Source:https://www.arabnews.com/node/2096926/corporate-news