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Arabtec shareholders launch last-ditch bid to save construction giant

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A group of Arabtec shareholders are making a last-ditch attempt to save the construction giant from liquidation and have added new items to the agenda of the company’s general assembly meeting to be held later on Monday.

According to a filing on the Dubai Financial Market, shareholders representing more than 5 percent of the capital of Arabtec Holding want the meeting to vote on a resolution to cancel a decision made by shareholders on September 30 to dissolve the company due to its untenable financial situation.

The resolution of the shareholders granted the Arabtec board a maximum period of two months to allow for discussions with the main stakeholders before submitting the liquidation application.

But now, some shareholders are urging a different approach and have asked for the meeting to consider a special resolution for the “continuity and restructuring” of the company instead of dissolving it.

A second added agenda item also suggests disatisfaction over the way the decision to liquidate Arabtec was taken, with three shareholders seeking approval to file a claim of liability against board members and auditors.

Experts say the impact of the liquidation of Arabtec will send “reverberations” throughout the region’s construction industry, with the repercussions felt on a much wider scale than simply those who are directly involved with the company and its current pipeline of projects.

Arabtec Holding was valued at about AED30bn ($8.17bn) at its peak in 2014 and is now worth AED795m, with the stock down 60 percent this year alone.

SOurce:https://www.arabianbusiness.com/construction/455289-arabtec-shareholders-launch-last-ditch-bid-to-save-construction-giant

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Boursa Kuwait sees $3.1bn inflows after MSCI upgrade

Boursa Kuwait on Monday hailed an “important” step onto the global investment map with its inclusion inclusion into the MSCI Emerging Markets Indices.

A total of seven listed companies – the National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Zain, Agility, Boubyan Bank, Mabanee and Gulf Bank – were included.

The inclusion brought in huge inflows to the market, as the total traded value during the inclusion was over KD961.6 million, most of which came from foreign inflows.

Boursa Kuwait’s CEO, Mohammad Saud Al-Osaimi, said: “We saw values of over KD961.6 million traded today, which is proof of the Kuwaiti capital market apparatus’s success in absorbing these unprecedented foreign inflows.

“Kuwait’s inclusion in the MSCI Emerging Market Index represents an important milestone in advancing the Kuwaiti capital market and putting Kuwait on the worldwide investment map, as well as a recognition of Boursa Kuwait’s instrumental role in improving market access and efficiency, enhancing transparency and governance, increasing liquidity and strengthening investor confidence.”

In cooperation with the Capital Markets Authority, the Kuwait Clearing Company and Kuwaiti brokerage firms, Boursa Kuwait conducted a series of stress tests to enable Kuwait’s trading systems to absorb the amount of orders and trades that would be conducted during the inclusion.

MSCI announced the reclassification of Kuwait to Emerging Market status in December 2019. The landmark development comes as global recognition of the sweeping market development efforts undertaken by Boursa Kuwait, a statement said.

Boursa Kuwait said over the past three years, the company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development plans.

Source:https://www.arabianbusiness.com/markets/455359-boursa-kuwait-sees-31bn-inflows-after-msci-upgrade

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UAE, Saudi Arabia progress with common digital currency for central banks

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The central banks of the UAE (CBUAE) and Saudi Arabia (SAMA) have officially launched a project for a common digital currency.

A final report on the Aber project follows ongoing experiments and research into the initiative which is considered one of the first of its kind internationally at the level of central banks.

It aims to provide proof of concept for the feasibility of issuing a digital currency for central banks called the Wholesale CBDC, with a view of developing cross-border payment systems and reducing transfer times and costs between banks, CBUAE and SAMA said in a joint statement.

It will also experiment with the direct use and application of technologies such as distributed ledgers.

During the trial period, the Wholesale CBDC was only used by the central banks and banks participating in the initiative as a settlement unit for domestic as well as cross-border commercial bank transactions between the UAE and Saudi Arabia, the statement added.

Over the course of one year, usage solutions were designed, implemented, and managed… These results showed that the distributed ledger technology would enable central banks to develop payment systems at both local and cross-border levels,” the statement said.

CBUAE and SAMA both expressed satisfaction with the achieved results, which they described as being “beneficial to the central bank community and the financial system in general”.

“The project results are expected to contribute to developing clear perceptions of the potential of this technology and its applications on the financial sector,” they added.

Plans to develop the Aber project were first announced in early 2019 to transact financial settlements between Saudi Arabia and the UAE through Blockchain and distributed ledgers technologies.

It was devised as one of seven initiatives agreed by the Executive Committee of the Saudi-Emirati Coordination Council at its first meeting in Abu Dhabi last year.

Source:https://www.arabianbusiness.com/banking-finance/455283-uae-saudi-arabia-cenbanks-satisfied-with-results-of-common-digital-currency-plan

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Heart of Europe developer says property handovers to start in December

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The Heart of Europe, the $5 billion (Dh18.3 billion) luxury tourism destination off the Dubai coastline, will start handing over private villas and beach palaces to investors in December, it was announced on Monday.

Developer Kleindienst said the handovers will be part of its phased delivery of about 2,000 residential and hospitality units in phase one of the project.

The announcement comes as construction of St Tropez, the fifth hotel of phase one, is nearing completion and will recreate the famous French Riviera town with a private long beach, restaurants, promenade and luxury yachts and boats.

Overall, the ultra-luxury island will host around 4,000 units spread across 15 hotels and resorts in a cluster of inter-connected six islands and a floating Lido Island about 4km off the Jumeirah coast of Dubai.

Phase one components will commercially open once the situation normalises after the Covid-19 pandemic, Kleindienst said.

It added that construction of the project’s landmarks, including the Floating Seahorse Villas, Sweden Beach Palaces, Germany Island Villas, Honeymoon Island, Portofino Hotel and Côte d’Azur Resort, are “progressing in full speed”.

“At the beginning of the year, we made a commitment to deliver part of the phase 1 of the Heart of Europe to the owners by the end of 2020,” said Josef Kleindienst, chairman of Kleindienst Group, said. “At that time, we were not fully aware of the devastating effects of the coronavirus pandemic and its magnitude.

“However, despite the challenges posed by the Covid-19 pandemic, we were determined to go ahead with our planned development and as the lockdown was announced in March, we shifted our entire team to the Heart of Europe islands and continued to construct. During the lockdown, we were isolated from the mainland and confined to the island and focused on construction.

“Now, I am pleased to announce that, we are ready to hand-over residential units to home-owners so that they can fit out the interiors. This reflects our strong commitment to the investors and as they start taking over, I am also excited to announce that we have started construction of the phase two of the project – and plan to complete the development of the island by 2022.”

Since about 90 percent of the developments of the island are hospitality units, hotels and resorts will be opened when large-scale tourism traffic starts to pick up, he added.

Kleindienst said construction of St Tropez is on a “fast track” and has already topped out, and will be connected to the UAE’s largest unbroken private pristine beaches stretching up to 700 metres. It is one of the 15 hotels that are being built on the Heart of Europe.

St Tropez will offer seven cultural festivals annually.

Source:https://www.arabianbusiness.com/property/455306-heart-of-europe-developer-says-property-handovers-to-start-in-december

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UAE and S. Arabia are part of the Zionist project in West Asia: Saudi analyst

It was announced on Thursday that Israel and the United Arab Emirates had reached a deal that will lead to full normalization of diplomatic relations between the two sides.

The deal came after a phone call between United States President Donald Trump, Israeli Prime Minister Benjamin Netanyahu, and Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi.

The agreement requires Israel to put West Bank annexation on hold, but Netanyahu says it’s temporary.

The UAE is the first Persian Gulf state that rushed to normalize ties with the Zionist regime. It had normalized the relations with Israel a long time ago, not when Trump announced the agreement.

Hashim tells the Tehran Times that the deal between the Emirates and Israel was announced by Trump to help Trump and Netanyahu in their election campaigns, as the Emirati regime wants to see Trump re-elected president for a second term.

“Mohammed bin Zayed believes that Trump will guarantee him the rule in the Emirates to succeed his brother,” Hashim adds.

“Bin Zayed knows well that if Trump loses in November’s presidential election, the new American administration will work to exclude him and Saudi crown prince, Mohammed bin Salman, as all candidates competing with Trump consider bin Zayed and bin Salman accountable for their crimes in Yemen and in several Arab countries,” he maintains.

Pointing to the case of the Emirati girl who was killed in prison in the UAE while she was tied to a torture bed, and Jamal Khashoggi, who was dismembered with a chainsaw in the Saudi consulate in Turkey, Hashim says, “We should not be surprised by the normalization of (ties between) the Emirates and Saudi Arabia with Israel.”

“They are basically part of the Zionist project in the Middle East (West Asia), and it can help to show their true faces to all Arabs and Muslims,” the Saudi analyst says.

Asked about Sayyed Hassan Nasrallah’s speech on Friday night, Hashim notes that the normalization of ties between Arab states and Israel cannot undermine the region’s resistance movement.

“The Axis of Resistance has a strong base not only in Lebanon but among all Arab and Islamic peoples around the world,” the Saudi writer emphasizes.

“The word of secretary-general of the Lebanese Hezbollah resistance movement was a strong statement, including a warning to the enemies and their allies, as it hinted that Israel might have a role in the massive Beirut blast.

Sayyed Hassan Nasrallah warned in his speech if Israeli involvement is proven, the Zionist regime would receive a response as big as the explosion that could have occurred if the entire amount of ammonium had exploded.

Hashim maintains that Nasrallah’s word brings peace and tranquility into the region and lifts fear in everyone’s hearts and gives them confidence, especially when he spoke about ships and soldiers in Beirut port and said, “Do not be afraid. The resistance is present, and we are stronger.”

Hashim points to the victory of Hezbollah in the 33-Day War as a great achievement for every Arab and Muslim that no one can deny it throughout history.

“The Zionist army, which calls itself invincible army that has defeated all Arab armies, was defeated in Lebanon by Islamic resistance movement Hezbollah which expelled Israeli forces from Lebanon and humiliated it,” the Saudi analyst recalls. “All the Arabs and Muslims will protect this victory and celebrate it every year to declare their support for the Islamic Resistance Hezbollah in confronting the American-Zionist plans in the Middle East (West Asia).”

Hashim also says the U.S. is not able to defeat Hezbollah militarily, either through the Zionist regime’s army or through terrorist organizations in Syria and northern Lebanon.

“Therefore, it sought to destabilize Lebanon, hoping to create an atmosphere that would turn against Hezbollah at home,” he explains. “It failed and worked through its agents inside Lebanon to set off a revolution inside Lebanon to disarm Hezbollah, but it has also failed, and any attempt to disarm Hezbollah will be fruitless.”

Regarding the American reaction to the Beirut explosion, Hashim says the U.S. administration that does not care about the lives of the Lebanese or anyone else tried to exploit the disaster in Lebanon, which caused great damages to parts of the Lebanese capital and led to the death of more than 200 people and injured 5,000.

“From the moment of the explosion, the U.S. has been working to politically exploit this tragedy against Hezbollah and its allies in Lebanon and against the Lebanese state, neglecting the disaster,” Hashim stresses.

“America just wants to incite the Lebanese people in the streets against Hezbollah through its allies and agents in the Persian Gulf states and media outlets,” the Saudi analyst says. “But as Secretary-General of Hezbollah Sayyed Hassan Nasrallah said they have failed, and they will be disappointed.”

Source:https://www.tehrantimes.com/news/451283/UAE-and-S-Arabia-are-part-of-the-Zionist-project-in-West-Asia

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Jafar Sarqeini appointed new acting minister of industry, mining, trade

Sarqeini who was previously a deputy in the mentioned ministry replaced Modarres Khiabani who had been named the acting minister in May as President Rouhani fired Reza Rahmani.

“Due to Article 135 of the Constitution, and with regard to your valuable commitment and managerial background in the field of industry and trade, I hereby appoint you as acting minister of industry, mining, and trade,” Rouhani said in his decree.

Earlier this month, Iranian MPs rejected Modares Khiabani who was nominated by the government to be the new industry, mining, and trade minister.

After the voting, Parliament Speaker Mohammad Bagher Qhalibaf had asked Rouhani to name a new candidate as soon as possible in view of the “current economic condition”.

Source:https://www.tehrantimes.com/news/451285/Jafar-Sarqeini-appointed-new-acting-minister-of-industry-mining

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4-month banana imports stand at $113.6m

Ruhollah Latifi named Ecuador, India, Philippines, Turkey, Russia, Vietnam, and the UAE, as the main exporters of banana to Iran during the four-month period, Mehr news agency reported.

Zahra Jalili-Moqaddam, director-general of Agriculture Ministry’s Tropical and Subtropical Fruit Bureau, said an average of 450,000 tons of bananas are imported into Iran every year while domestic production of the fruit stands at around 120,000 tons per annum.

According to the official, the domestic production capacity of bananas, as well as other tropical fruits, are higher than the current levels.

“The Agriculture Ministry is prepared to grant incentives, bank facilities, and subsidies to help farmers produce these fruits,” she said.

As previously reported, Iran has imported 11.793 million tons of non-oil products worth $10.922 billion during the first four months of the current year.

The country’s top five sources of imports during this period were China with $2.806 billion, the UAE with $2.479 billion, Turkey with $1.178 billion, India with $757 million, and Germany with $493 million worth of imports.

China accounted for over 25 percent of Iran’s total imports, followed by UAE, Turkey, India, and Germany with 23 percent, 11 percent, seven percent, and five percent, respectively.

Source:https://www.tehrantimes.com/news/451287/4-month-banana-imports-stand-at-113-6m

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ISIPO revives 600 idle production units

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According to the Deputy Head of ISIPO Ali Asqar Mosaheb, Industry, Mining and Trade Ministry plans to revive 2,000 idle production units by the end of the current Iranian calendar year (March 20, 2020) of which 1400 units are Small and Medium-sized Enterprises (SME).

“Considering the project’s progress, we are expected to reach the target set in this sector by the end of the year,” Mosaheb told reporters.

Elaborating on ISIPO’s programs for reviving idle SMEs, the official said “Last year, a successful plan for reviving production units was implemented, in which, despite targeting 1,000 units for reactivation, ISIPO was able to bring 1,726 small industrial units back into production.”

Back in August, Deputy Industry Minister Saied Zarandi had announced that the ministry allocated 15 trillion rials (about $357 million) for reviving 2000 idle production units across the country.

“Of the mentioned 2000 units, 1,338 are based in the industrial parks across the country and currently 400 of them are back into operation,” Zarandi had said.
The official also said the ministry plans to support increasing the production capacity of 4,200 production units across the country.

Earlier that month, ISIPO head had also announced that the organization was following major programs in order to revive idle units and to help them to get back into business.

Speaking in a press conference Mohsen Salehinia mentioned some of his organization’s plans for supporting SMEs, noting that the industry ministry was also fully supporting ISIPO’s efforts in this regards.

“Although the SMEs have the potential to provide nearly 900,000 job opportunities across the country, but currently 22 percent of the SMEs are idle and there are only 710,000 people working in active units,” Salehinia said.

ISIPO plans to help revive 1300 idle SMEs by the end of the current Iranian calendar year, Salehinia said.

Source:https://www.tehrantimes.com/news/441232/ISIPO-revives-600-idle-production-units

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‘Industrial parks should improve infrastructure capacities for surge in production’

Making the remarks during a visit to the northwestern East Azarbaijan Province, Mohsen Salehinia said 1500 inactive production units are set to be revived in the current Iranian calendar year (started on March 20), of which 90 units will be in East Azarbaijan.

Underlining the importance of domestic production, the official said: “In the current situation of the country, production is very important and by maintaining production we can play a role in the country’s economic growth; therefore, all industrial units are trying to improve production.”

Referring to the support provided by the government for the development of infrastructures in industrial parks, he said: “In order to fulfill the slogan of the surge in production, infrastructure and raw material supply issues must be resolved quickly.”

“Import management and export development are among the most important areas of focus for the Industry Ministry in the year of “surge in production” and we must focus our efforts on this issue to turn the threats posed by U.S. sanctions into new production and export opportunities,” Salehinia said.

According to Mohsen Salehinia, currently, 43,650 Small and Medium-sized Enterprises (SMEs) are based in over 800 industrial parks across the country, of which nearly 78 percent or 33,800 are active.

Back in 2019, Salehinia had announced his organization’s long-term plans for supporting the SMEs, noting that the industry ministry fully supports ISIPO’s efforts in this regard.

According to the official, SMEs have the potential to provide nearly 900,000 job opportunities across the country, however, currently 22 percent of the SMEs are idle and there are only 710,000 people working in active units.

Source:https://www.tehrantimes.com/news/448669/Industrial-parks-should-improve-infrastructure-capacities-for

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Archaeological survey sheds new light on ancient societies in southeast Iran

The survey, which was the second one conducted across Sefidkuh, yielded new archaeological and anthropological evidence from lesser-known Sefidkuh communities, with the invention of circular architecture as the most notable aspect which is still practiced in the region.

Fragments of a particular type of pottery often called “Londo”, were also discovered in Sefidkuh region, and the pottery pieces may be date from the Copper Age, Stone Age, or Bronze Age, which their chronology will be determined and announced following subsequent investigates, IRNA quoted Hossein Vahedi, who led the 2nd season as saying on Tuesday.

“In the mentioned area, a total of 9 archaeological sites were studied, including cemeteries and settlements from prehistoric, historical, and Islamic times. It is hoped that information from this season of archaeological studies will soon lead to the registration of the three unique villages [on the national cultural heritage list],” Vahedi said.

“The outcomes of absolutely the chronology assessments will quickly open a brand new window in our discipline”, Vahedi mentioned according to the Archaeology News.

“Londo pottery is one of Baluchestan’s native potteries and may be discovered within the early layers of the Tepe Yahya of Kerman, the Kaftary site in Fars, and throughout western Pakistan together with the world of Jahawalan, Budi Buti and Las Bella, Domb Kouh website, Hezar Mardi in Bampur and the Give Citadel space in South Khorasan.”

“This [kind of ancient] pottery is the second-largest pottery group [so far been founded] within the Persian Gulf, the Oman Sea and the Makran area, which testifies to the commerce between the folks of the area.”

“Because of the discovery of glass bracelets, pottery fragments and anthropological proof alongside the recognized round grave specimen, examples of that are present in neighboring areas equivalent to Pakistan and Oman (areas equivalent to Haif, Umm al-Anar, and Jalan) within the prehistoric time interval, it’s possible that the Makran area, and particularly Sefidkuh, was dominated by semi-nomadic communities and was one of many essential areas of commerce between the southern marginal communities of the Persian Gulf and the communities of Sistan-Baluchestan, and neighboring areas.”

Elsewhere in his remarks, the senior archaeologist pointed to areas yielded proofs of prehistoric settlements, saying:

“We recognized twelve areas with proof of prehistoric (Epipaleolithic, Neolithic, Chalcolithic) settlement, that are nonetheless inhabited at this time. These twelve settlements are positioned within the mountainous space of Sefidkuh. The names of the villages are Baragdan, Kuchkodam, Koddap, Tangsam, Kopidap, Javanja, Torkeguash, Dangar, Kupchu, Sorkhkalut Patgan, and Siyahdan.”

“On this survey proof of historic and Islamic cemeteries was additionally discovered, in all probability as a result of this area is strategically essential. This space has long been the house of the semi-sedentary nomadic peoples, and these communities nonetheless reside there.”

“We’re nonetheless unable to precisely establish the traditional communities dwelling within the Sefidkuh heights and it’s essential to conduct focused long-term research, in collaboration with the Institute of Archaeology, the Institute of Anthropology and interdisciplinary specialists, alongside the research of up to date fashionable societies dwelling within the area,” he explained.

Source:https://www.tehrantimes.com/news/451273/Archaeological-survey-sheds-new-light-on-ancient-societies-in