Is Bangladesh’s apparel sector ready for industry 4.0?

Bangladesh has achieved an economic miracle over the past three decades, but it cannot afford to rest on its laurels now. To develop a garment industry from scratch and become the world’s second largest exporter of apparel is an achievement we all can celebrate, of course. But some caution is in order as the nature of the challenge for Bangladesh is changing.

Up until this point, the focus has always been on growth and jobs and this has necessitated large and steadily increasing export volumes. We have been extremely successful with this policy, regularly achieving annual rates of economic growth of 6-7 percent. The Bangladeshi economy has been one of the world’s fastest growing economies in recent years, lauded by such institutions as the World Bank. The ready-made garment sector has been the main driver of this growth.

Does the RMG industry need to continue expanding? Of course, it does, and the RMG export target of USD 50 billion is one we must continue to aspire to. Economic growth goes hand in hand with job creation, and our achievements so far have helped to lift millions of people out of poverty.

However, moving forward, more and more thought will need to be put into how we grow. The world of manufacturing is changing, and quite rapidly too. Many believe we are entering the Fourth Industrial Revolution. This era is likely to be marked by continued breakthroughs in emerging technologies in fields such as robotics, artificial intelligence, nanotechnology, quantum computing, the Internet of Things, fifth-generation wireless technologies (5G) and 3D printing.

This transition to wholly different new ways of working is both frightening and exhilarating at the same time. The temptation, when any new technology comes along, is to keep doing things the same way as before as investment in new technology is costly and takes time. However, apparel manufacturing businesses which don’t embrace these new ways of doing things risk losing ground to international competitors as we enter this brave new world.

The problem we face, and which we need to address, is that far too much of our apparel manufacturing base still looks similar to what it did several decades ago. Many apparel suppliers have struggled to embrace change. They continue to produce cheap, low-value, homogenous goods which are competing solely on price. That picture needs to change, otherwise Bangladesh will be left behind. Only by producing value-added goods will the suppliers be able to drive a harder bargain on price with their customers from the West.

The apparel manufacturing scene across the world is being changed by new technologies, with production becoming more global, automated, highly-skilled, infused with technology and more integrated with services. Our whole RMG sector—particularly Small and Medium Enterprises (SMEs)—face real challenges if they are to adapt rather than be left behind. Sewbot technology is in its relative infancy but it is improving at a rapid rate, and more technology players are entering this space.

One challenge that SMEs in Bangladesh’s apparel sector face is that they lack access to specialised services such as technology advisory services, R&D providers, skilled training providers, industrial service providers, specialist consultants and so on. Even if skilled workers and new technology are available, SMEs often lack organisational practices essential for using these inputs effectively.

Another question that we need to ask is whether our workers are ready for the technology revolution we are set to see. Automation is coming, whether we like it or not, but are our 4 million garment workers ready for it? Do they have expertise in coding? Of course, they don’t—not yet. Therefore, government-led training and upskilling initiatives are an absolute must moving forward. The RMG industry needs to upskill, from the shop floor through to management and board level. On the training and development front, the industry faces a huge undertaking.

More and more of our businesses need to explore production opportunities with added value. This is vital in order for our products to remain relevant in a world where people can wear a jacket that will check their temperature or take their heartbeat.

All of the above requires investment by apparel factories. Can they afford to do this? Many will mention the issue of pricing, suggesting that customers—brands—want digitisation but aren’t yet paying for it in terms of price.

One would go along with that, albeit with the caveat that prices paid by the brands are something which we, as manufacturers, have very little control over. For now, we need to focus on the things we can change—upskilling our workforce, investing in new technology. If we do that collectively, as an industry, pricing issues will look after themselves. The future is in our own hands.

Source:https://www.thedailystar.net/opinion/economics/news/bangladeshs-apparel-sector-ready-industry-40-1742011

Improved quality and productivity reduce production costs

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As the leading supplier of gases and welding equipment and machinery in sub-Saharan Africa, industrial gases company Afrox continues to provide innovative welding solutions to the Southern African market by introducing new products and technology.

The latest of these is welding equipment manufacturer Miller Electric’s PipeWorx process, a multipurpose pipe welding solution that eliminates the need for high-level pipe welding skills while simultaneously improving quality and productivity.

Afrox has been the exclusive distributor of Miller welding equipment in South Africa for over 50 years and first tested the PipeWorx process in 2012. After extensive research and development, the company is now ready to put its weight behind this innovative pipe welding technology and encourage its application in the South African market.

Afrox manufacturing business manager Johann Pieterse says the PipeWorx process is particularly advantageous for power generation and petrochemicals applications where productivity and quality can be improved.

“PipeWorx can be used to achieve quality welds on pipes from one gas and one wire which means greater productivity, less inventory and improved ease of use. It is also a less expensive process than tungsten inert gas (TIG) welding and reduces the need for highly skilled welders, therefore resulting in a strong base for skills localisation and increasing economic competitiveness,” notes Pieterse.

He explains that, conventionally, pipe welding calls for exceptional quality requirements using TIG and manual metal arc (MMA) gas welding processes, but these skills are difficult to find locally and often imported into the country.

“Both TIG and MMA processes require high levels of skills to achieve quality, flaw-free welds. Miller’s PipeWorx process can reduce the requirement for specialised pipe welding skills while at the same time improving quality and productivity.”

Pieterse adds that this easier process can potentially be used by a field of less-skilled welders and as a result, improve job creation and employment in South Africa’s welding industry.

The PipeWorx process allows TIG-quality welding to be achieved using the advantages of simpler gas metal arc welding (GMAW) and uses the same welding equipment for the root, fill and capping passes. It incorporates two advanced GMAW welding control options.

The first GMAW option is regulated metal deposition (RMD) welding optimised for root welding and producing precisely controlled metal transfer, making it easier for the welder to control the power and the weld pool. The RMD current waveform anticipates and controls the short circuit current phase of the process to improve the consistency of the metal transfer and short circuit stability.

This not only reduces splatter but also produces less turbulence in the weld pool, allowing the welder to control the position of the weld pool and avoid cold lapping and washing of molten metal up the side walls, ultimately producing consistent quality root welds in terms of both fusion and weld bead profile.

ProPulse, for fill and capping passes – the second GMAW option – is an open arc pulsed solution that offers high speed and deposition rates, as well as a fast freezing puddle and good weld-pool controllability. It further accommodates narrow joints, and both vertical up and vertical down welding is possible.

“PipeWorx is not just a product, but rather a complete welding solution that introduces new technology into the market and will add value for our customers,” says Pieterse.

He mentions that the company has a welding laboratory in South Africa that is dedicated to continued market development and have the unique ability to test new products as well as offer entire support packages including new application development, on site optimisation and implementation followed by extensive skills training.

PipeWorx is available as PipePro 400 for fabrication shops and FieldPro 350 for site work. Both are multi-process, inverter-based welding power sources, purpose-built for advanced and convenient pipe welding and include embedded MMA, TIG, flux-cored, and GMA conventional welding modes.

The PipeWorx system, and its associated machinery, equipment and training, is available in South Africa exclusively through Afrox.

Source:http://www.engineeringnews.co.za/article/improved-quality-and-productivity-reduce-production-costs-2018-06-15

Delays in biofuel framework hinder industry

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Despite the local sugar industry championing a bioethanol fuel subsidy as a potential method to relieve the burden on sugar through demand diversification, Ethanol Producers Association of Southern Africa secretary Alf Stevens suggests that this may not have the timely impact that the local sugar industry is hoping for.

In a speech delivered on his behalf at an energy conference held in Cape Town in October, Energy Minister Jeff Radebe announced that the South African government planned to finalise the biofuel blending regulatory framework that it first initiated in 2012 and have it approved by Cabinet by the end of March next year.

This move has since been widely praised by sugar industry stakeholders such as the South African Sugar Association (SASA) and nonprofit anti-trade dumping organisation FairPlay, as a viable opportunity to diversify local sugar demand within South Africa.

The speech outlined government’s plans to implement a mandatory blend of at least 2% ethanol in petrol, which industry hopes will be enough to stimulate the distressed sugar sector as well as encourage the growth and development of fuel ethanol producers. SASA believes that, should a bioethanol mix become mandatory, sugar would become an important contributor to South Africa’s fuel security. It suggests that this can result in increased sugar production, significant investment in ethanol plants and the creation of thousands of jobs.

However, despite Stevens’ belief that bioethanol should be subsidised in South Africa – as it is in countries such as the US and Brazil – he adds that the time in which it would take to implement the proposed biofuel mix may present a problem to the embattled industry.

However, Stevens mentions that, even if the regulatory framework is attractive, the first ethanol for biofuel would only reach the petrol blenders by the end of 2021 at the earliest.

He further explains that bioethanol production for fuel is currently the only form of ethanol-based product that will bolster sugar cane production locally. While ethanol can be used to produce a variety of products – including pharmaceuticals, liquor and paint – local ethanol production currently greatly outstrips demand.

Stevens states that up to 60% of locally produced ethanol is currently being exported. He further mentions that, owing to the global sugar glut, several countries have already begun to divert production to ethanol as a means of curbing the oversupply of sugar. He states that, as a result, the international price for ethanol has declined.

Stevens concludes that owing to reduced global prices, exporting large quantities of ethanol from new unsubsidised capacity would not be profitable for local producers.

Source:http://www.engineeringnews.co.za/article/delays-in-biofuel-framework-hinder-industry-2018-11-22/rep_id:4136

Workshop to Review HSE Trends in Oil Industry

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Tehran is hosting a French-Iranian workshop on health, safety and environment in oil industry by late January where the latest trends in the field will be presented to senior oil and energy executives in Iran’s oil industry.

Director General of HSE and Passive Defense Directorate of the Iranian Ministry of Petroleum Bagher Mortazavi said the workshop, arranged with the participation of French oil and gas giants including Total and Axens, will brief managers and directors of Iran’s development projects on the latest global HSE trends in oil industry.

Speaking to Shana, Mr. Mortazavi said the workshop with be held with experts from reputable oil and gas companies in the world and the HSE field in France in attendance with the coordination of the Iranian Ministry of Petroleum’s International Affairs and Trading and HSE directorates.

“Today, more than any other time, there is a need to establish a professional health, safety and environmental system, and the study of incidents in oil industry and the identification of weaknesses and areas that can be improved are among the main goals of the workshop,” he said.

The official said that the estimated capacity for the workshop is about 200 participants, adding the workshop will be held in Tehran on January 29 and 30.

Mortazavi noted that the purpose of the workshop is to introduce operational managers and directors of development projects in Iran’s oil industry with the latest HSE approaches practiced by leading oil and gas heavyweights in the world, and said: “These workshops will tell the middle managers what approaches are in managerial and technical aspects to improve their HSE performance.”

According to him, the main audience of the workshop is operational managers, and directors of repairing, engineering, technical inspection, and HSE of manufacturing companies and managers of development projects of the oil industry.

He said the workshop’s lectures address the needs of today’s oil industry in the field of HSE.

“The 14 lectures during the workshop are designed to cover topics that shed light on the entire cycle of oil industry facilities from design to exploitation. HSE management and cultural promotion, safety engineering and risk management, prevention of major damage and management of physical assets and environmental issues are the main fields to be addressed by the lectures.”

He further said that representatives from TOTAL, AXENS, IFP, ARTELIA, B.V., SOFREGAS, KERDOS ENERGY, AMETHYSTE, GAS VIEWER, PATH CONTROL, and the French Oil Industry Safety Center (GESIP) are to attend the English-run workshop.

Mortazavi added that his directorate is planning a training program for the oil industry accident scene commanders in the near future.

Source:http://www.iran-bn.com/2018/01/18/workshop-to-review-hse-trends-in-oil-industry/

Foreign ships, containers tripled

The number of foreign ships stood at 784 in 2017-18 fiscal year, which was only 282 in 2012-13 fiscal. The number of containers was 43,000 in 2017-18, whereas it was 20,717 in 2015-16

Arrivals of foreign ships and containers have tripled in Mongla port in a period of five years, thanks to massive development and modernization initiatives to upgrade the second largest sea port in the country.

The number of foreign ships stood at 784 in 2017-18 fiscal year, which was only 282 in 2012-13 fiscal. The number of containers was 43,000 in 2017-18, whereas it was 20,717 in 2015-16, according to data of Mongla port .

With the growing interests from the port users, the port authority has garnered enhanced revenue from its services.

In the Fiscal Year (FY) 2016-17, the revenue earning has seen an upward trend by 15%, which turned to 50% in FY17-18. Arrivals of foreign ships and cargo handling have also increased simultaneously.

According to port users, without problems, such as poor navigability in the jetties, lack of adequate instruments to handle containers and difficulties in the customs, export-import business in the Mongla port would have boosted further, improving the financial standards of the locals as well.

Mongla port Chairman Commodore AKM Faruque Hasan said: “Among the 10 approved development projects intended for the port, seven are currently under progress.

“Once these projects- financed by India and China- are completed, the port will be better mobilized,” he added. “The government is constantly monitoring port development.”

Port users are increasingly attracted to Mongla port due to its enhanced efficiency, and better services, the chairman said.

Profitable since 2009, but problems remain

The chairman further said, after 2009, the Mongla port has been experiencing profits.

Currently, the port has six self-owned jetties, seven individually owned jetties and 22 anchorages- all of which are capable of handling 34 ships at the same time.

The port has the capacity to handle more than 10,000,000 metric tons of cargoes, 70,000 containers and more than 20,000 vehicles through four transit sheds, two warehouses, four container yards and two car parking yards.

Mongla Customs Clearing and Forwarding Agents Associations President Md Sultan Hossain Khan said: “According to data provided by the Chittagong customs house, 10% of the imported goods go through a physical checkup after entering the Chittagong port.”

“However, in Mongla customs house, 100% of the imported goods go through a physical checkup,” he said. “This is why importers do not want to bring ‘capital machineries’ through this port.”

He said due to the financial losses and harassments, many are unwilling to use the port.

Port Chairman Commodore AKM Faruque Hasan said as number of containers are low, the customs authority checks almost all consignments, although there is a provision of examining as low as 10% of the total consignments.

He said currently 70-80% of the capacity is used by the port users.

Meanwhile, port users say, the port can be used to its fullest potential with the cooperation of all concerned parties.

Mongla port user Shipping Agent and Managing Director of Stevedors Messrs Nuru and Sons HM Dulal informed: “Ships are continuously entering the Mongla port. Port users have increased their scope of work, creating more employment for workers.”

Former MP of Bagerhat-3 constituency- which comprises of Mongla-Rampal upazilas- and Khulna City Corporation Mayor Alhaj Talukder Abdul Khaleque said the Mongla port has gone through a lot of developments after the current government came to power.

“Through capital dredging, navigability was increased in 145km of channel area,” he said. “We are trying to ensure a safe, pollution-free and environment-friendly channel.”

The government has taken different initiatives to increase port usage. Among them, constructions of Padma Bridge, Khulna-Mongla railway, Khanjahan Ali Airport, 1320 megawatt of coal-based Rampal power plant, Special Economic Zone (SPZ) in the Mongla port area with the joint initiative of Bangladesh-India, and expansion of Mongla EPZ are some of them, the mayor said.

He hoped the construction works for all these projects will be completed by 2020-21.

According to port sources, the Mongla port does not have sufficient infrastructures. The port is going to be even busier after the construction of the Padma Bridge. And if all port-related activities of Khulna are to be transferred to Mongla port, the overall facilities of the port must be increased.

With that end in mind, Bangladesh is now seeking loans from India.

Aid from India

India will be providing Tk6,245cr in loans in the Tk6,585cr Mongla developmental project. The project, which started in June, is estimated to end by 2022.

The objective of the project is to increase the capacity of the Mongla port, as well as provide modern facilities for port users.

Port authorities say the project has a total of 12 components. They are: constructions of jetty-1 and jetty-2 container terminals, container handling yard, container deliver yard, security systems, roads, yard sheds, security walls automation, service vessel jetty, office, MPA tower, port residential complex and community facilities, mechanical workshops, equipment yards, equipment sheds, MT pools, marine workshops, signal rail crossing, overpass, entertainment sector, expansion of the preserved areas and other infrastructures and administration buildings and purchase of five harbour crafts.

Mongla port started its journey on December 1, 1950. It was opened 48km north of Khulna and 131km upstream of Bay of Bengal as “Chalna port”. In 1954, the name was changed to Mongla port for the convenience of the entry of foreign ships, port sources said.

Jute and jute-related goods, prawns, clay tiles, leather and other goods are exported through this port currently. On the other hand, food grains, fertilizers, machineries, vehicles, LP gas, coal, limestone, palm oil, wooden logs, stones and other goods are imported.

Source:https://www.dhakatribune.com/business/2018/11/11/foreign-ships-containers-tripled

Economic prospects for Myanmar favorable, but downside risks intensified: World Bank

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While the economic outlook for Myanmar is looking “favorable,” with growth projected to rise to 6.8 percent in 2018-19 from 6.4pc before, the risks to those prospects have “intensified,” according to the World Bank’s Myanmar Economic Monitor (MEM), which was released in Yangon yesterday.

Lower tourism arrivals resulting from the ongoing Rakhine crisis could weaken tourism spending and demand for related services such as hospitality and transport, feeding into a broader slow down in the economy, for one.

Meanwhile, investor concerns about the reputational risk of operating in Myanmar as well as perceptions of a weakening in the pace of economic reforms could lead to declines in foreign direct investments. (FDI). This would come at a time when the funds are needed to stem a further widening of the current account deficit.

Fewer investments could also result in a slowdown in manufacturing and agriculture, the two sectors which drove a faster pace of growth in the previous fiscal year.

Policy priorities

However, a significant slowdown in growth is unlikely if the policies and government tools installed are deployed wisely. Among the policies in place is the upcoming Myanmar Sustainable Development Plan (MSDP), a draft of which is now being reviewed by the government.

The MSDP aims to translate the government’s 12-point economic plan and sector plans into “a clear set of policy priorities and has been welcomed as a significant step forward,” according to the MEM.

“The MSDP, which lays out a comprehensive and prioritised policy reform agenda, holds the promise of offering the much-needed unifying and coherent roadmap for reforms for the country,” the report said.

The other priority for Myanmar is to break out of the cycle of low revenue and low public spending. At 15pc of GDP, Myanmar has among the lowest tax collection as a share of GDP in the world.

Myanmar also spends less as a share of the budget on capital projects and on critical priorities such as education and health than other lower middle-income countries.

“In the last three years, budget execution rates have been 92 pc on average and have never risen above 94pc,” the MEM reported.

To break the vicious fiscal cycle of poor tax collection and public spending, the government has options such as reallocating capital spending from less important to priority areas like energy and transport as well as education and health.

The government is also working on reducing its reliance on central bank financing to the more sustainable option of issuing sovereign debt, or borrowing from institutional investors. Since last year in fact, the Central Bank of Myanmar has already wound down its financing of the fiscal deficit, which is also one reason why inflation has tapered to its current level of 5.5pc compared to 7pc the year before, according to the World Bank.

Positive prospects

On the whole though, the prospects are positive. Myanmar is expected to continue building on its new Investment Law and Company Law to enable foreign participation in key sectors such as banking and insurance.

Currently, Myanmar has one of the highest levels of restrictions for FDI on insurance and banking, so further liberalisation “can potentially generate new momentum for driving private sector investment,” the report said.

Meanwhile, global conditions also appear to be supportive of domestic growth. Global growth rose to 3.1pc in 2017 from a post-global financial crisis low of 2.6pc in 2016. So far, emerging economies like Myanmar have gained from higher demand in developed economies.

Supported by faster growth rates for output and new orders, the Nikkei Myanmar Manufacturing Purchasing Managers’ Index, or PMI, rose to 55.5 in April from 53.7 in March, implying a strong level of expansion in Myanmar’s manufacturing sectors.

Higher global demand, if it continues, will also bode well for the Myanmar agriculture sector. Last year, demand for locally-produced rice and other crops helped to accelerate the country’s GDP.

Source;https://www.mmtimes.com/news/economic-prospects-myanmar-favorable-downside-risks-intensified-world-bank.html

ADB opens new Bhutan office

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Asian Development Bank (ADB) Vice-President Mr. Wencai Zhang together with the Prime Minister Tshering Tobgay and Finance Minister and ADB Governor Namgay Dorji joined an inauguration ceremony of a new ADB office in Thimphu on July 3, hailing the move as a significant moment in the ADB-Bhutan partnership, the Manila-based bank has said.

“The new office will meet our country operations needs and ensure that our growing personnel and resources will match Bhutan’s developmental aspirations in the Twelfth Five Year Plan and beyond,” Zhang said. “Moving into this new office signifies a long-term commitment in ADB’s partnership with Bhutan.”

Zhang paid courtesy calls on the Prime Minister and Finance Minister in which they discussed the country’s development challenges and ADB’s role in addressing these. Despite Bhutan’s impressive economic performance, its economic growth has been driven mainly by a few sectors, particularly hydropower and its related construction. Bhutan needs to continue and enhance efforts to broaden its economic base to sectors that generate employment, particularly to address the increasing youth unemployment problem.

Since the start of operations in Bhutan in 1982, ADB has invested more than $700 million in sovereign and nonsovereign operations and provided more than $50 million of technical assistance to Bhutan.

“ADB’s finance helps improve the life quality of people,” said ADB Bhutan Country Director Kanokpan Lao-Araya. “We aim to contribute to the strong foundations on which Bhutan is building a vibrant economy.”

ADB has started preparing a new Country Partnership Strategy (CPS) 2019–2023 to support development priorities in the Twelfth Five Year Plan, which will be finalized and endorsed by the new government after the general election. Prior to the finalization of the new CPS, ADB will prepare a Country Operations Business Plan (COBP) 2019–2021. The COBP will support priority areas, such as better access to finance for the private sector including small and medium enterprises and cottage and small industries, among others.

During the day, loan and grant agreements were signed for the two projects approved to date by ADB’s Board of Directors in 2018. One is a $10-million loan to help improve urban infrastructure and services of the secondary towns of Samdrup Jongkhar, Sarpang, and Trashigang. The other is a loan and grant package totaling $53 million to promote growth in and around the country’s major border city of Phuentsholing by developing a township area adjoining the city protected by new defenses against floods and riverbank erosion.

What will MSCI’s emerging market status mean for Saudi Arabia

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Anaylsis: What will MSCI’s emerging market status mean for Saudi Arabia
The kingdom’s inclusion on MCSI’s Emerging Market index will provide billions of dollars in passive inflows just as the country is seeking to modernise its economy.

In a highly Significant but not unexpected move, global index compiler MSCI reclassified Saudi Arabia as an emerging market last week, a milestone that experts believe will lead to significant inflows of foreign capital and provide a boost to the kingdom’s economy.

With 32 stocks, Saudi Arabia will now become the third largest MSCI country from the EMEA region, behind only South Africa and Russia.

MSCI’s move is the latest in a string of announcements that promise to facilitate inflows of foreign money into the Saudi economy.

In March, rival provider FTSE announced that it would upgrade Saudi Arabia to emerging market status, while S&P Dow Jones said in May that it was holding consultations with investors in a bid to determine whether it would do so as well.

Saudi Arabia ready
The decision comes at an important time for the kingdom as it continues to take steps to modernise its economy and make things easier for potential investors – a stark contrast from the initially restrictive environment they faced after the country opened its capital markets to foreign direct investment in mid-2015.

Bassel Khatoun, managing director of Frontier and MENA for Franklin Templeton Emerging Markets Equity, tells Arabian Business that since being added to the MSCI’s watch list in June 2017, “the Saudi Capital Markets Authority and Tadawul have continued to make substantial modifications to its equity market infrastructure and accessibility to ensure it meets the criteria for [the] upgrade”.

The inclusion, he added, was a “historic, milestone achievement for the Kingdom’s equity market”.

Many of Saudi Arabia’s stock market reforms – which were largely meant to fulfil the requirements of index compilers such as MSCI – included reducing the minimum asset threshold required from institutional investors to $500m from $5bn, aligning Tadawul’s trade settlement times with international standards and allowing fund managers to aggregate orders.

The reforms have clearly had an effect already, with the Tadawul All Share Index rising 14 percent in 2018 in anticipation of the status upgrade, with foreign inflows to stocks positive nearly every week of the year so far.

Market impact
MR Raghu, managing director of Marmore Mena Intelligence, a research house that focuses on trade and commerce in the region, says that Saudi Arabia is projected to have a weight of 2.7 percent in the index, with the possibility of as much as 4.6 percent if the proposed public offer of five percent of the shares of Saudi Aramco bears out.

“The inclusion of Saudi Arabia in the FTSE and MSCI EM indices is likely to increase the flow of foreign funds to Saudi Arabia… classification by MSCI is expected to result in around $10bn of passive inflows into the country,” he notes, adding that the figure is in addition to the $5.5bn of capital expected from the FTSE inclusion.

Additionally, Saudi Arabia’s reclassification on the MSCI index is expected to have a significant impact on the fixed-income market.

State Street Global Advisors’ managing director and sector head of emerging markets debt, Abhishek Kumar, says that last week’s announcement “will make fixed income indices sit up and take notice”.

“Fixed income index providers have not yet made any announcement about the index’s inclusion of Saudi Arabia’s domestic currency debt in the mainstream bond indices,” he says.

“The availability of bond prices has been one of the main hurdles for index inclusion. However, with the listing of domestic bonds on Tadawul, regular prices for around a quarter of government debt issued [in Saudi Arabia] have become available.”

Source:http://www.arabianbusiness.com/equities/399209-anaylsis-what-will-mscis-emerging-market-status-mean-for-saudi-arabia

Bahrain’s Gulf Air set to increase flights in summer schedule

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National carrier says flights during the peak summer period will jump by 200 more weekly flights compared to 2017

Gulf Air, Bahrain’s national carrier, has announced its summer schedule, increasing capacity and flights to and from several popular destinations between mid-June and mid-September.

Gulf Air flights to the Jordanian capital city of Amman will increase to triple daily, while flights to the Lebanese capital city of Beirut will increase to double daily.

The popular summer destination of Istanbul in Turkey will be served with 12 weekly flights during the peak summer period while Athens, Greece will be served by seven weekly Gulf Air flights.

Gulf Air flights to Larnaca, Cyprus have permanently increased to a daily service and Baghdad in Iraq has also permanently increased to a five weekly service, the airline said in a statement.

It added that the airline’s flights to Multan in Pakistan have already increased to five weekly while capacity on its Cairo, Khartoum and Addis Ababa routes have also been boosted.

Gulf Air also said that its first Boeing 787-9 Dreamliner serving London Heathrow, will see increased capacity and enhanced on-board products and services from June 15.

It said it will increase its flights during the peak summer period by 200 more weekly flights compared to 2017.

Regionally, the airline’s upcoming network expansion will see it launch five weekly flights to Abha and Tabuk in Saudi Arabia from June 15, three weekly flights to Alexandria, Egypt from June 10 and two weekly flights to Sharm El Shaikh, Egypt from June 16.

In India, Gulf Air has launched daily flights to Bangalore and seven flights weekly to Calicut from June 15. Alongside this, the airline will offer five flights weekly to Casablanca in Morocco from June 11 and five weekly flights to Baku in Azerbaijan from June 12.

Gulf Air CEO Krešimir Kucko said: “Not only will our upcoming network additions better connect our valued passengers to the places and people that matter the most, our summer 2018 schedule will see us increase flights to several popular destinations.

“The frequency and capacity increases that Gulf Air will implement in the coming months are in response to the demand on these key routes.”

In 2018, Gulf Air’s network will serve 49 cities in 26 countries.

http://www.arabianbusiness.com/transport/395921-wkd-bahrains-gulf-air-set-to-increase-flights-in-summer-schedule

Unbound Bahrain set to become MENA’s newest and most exciting innovation festival

Focusing on key trends and developments in the digital economy, unbound Bahrain will host some of the Middle East’s most exciting entrepreneurs next week at the Bahrain International Circuit (BIC).

The two-day event, which is part of the Startup Bahrain Week, will take place on Wednesday 7th and Thursday 8th March under the patronage of HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and Chairman of the Economic Development Board (EDB). The event will link startups with corporates and creativity with entrepreneurship, while featuring live demonstrations and product showcases, panel sessions, workshops and more.

unbound Bahrain will see a range of leading speakers, including keynote remarks from Daniel Seal, Founder & CEO, unbound, H.E. Khalid Al Rumaihi, CE, Bahrain Economic Development Board, H.E. Simon Martin CMG, British Embassador to the Kingdom of Bahrain, and Mazin Khoury, Chief Executive Officer, American Express Middle East.

Daniel Seal, CEO & Founder of unbound, said: “We’re incredibly excited to be a part of the Kingdom of Bahrain’s emerging innovation ecosystem and the anchor event of the very first Startup Bahrain Week. I’m thrilled to have worked with the forward-thinking Bahrain Economic Development Board to create such a valuable moment for this game-changing region.”

As part of the two-day event, Brinc and C5 will also host ‘Face-Off on The Track’ for startups at the seed stage and scale-ups to present their companies and tell their stories live at a pitching session. $25,000 will be awarded the first place winners in each category, while the runners up will receive $10,000 each.

Also, American Express Middle East, in partnership with IBM, will host a hackathon to develop solutions to make digital payments more accessible – promising to bring together some of the most innovative minds to tackle a vital challenge. Hack@The Track offers a grand prize of $20,000 for the winning team, and $10,000 and $5,000 for the runners up, with solutions judged on simplicity, creativity, impact and design.

Mazin Khoury, CEO, American Express Middle East said: “American Express Middle East’s Hack @ the Track will bring some of the region’s finest minds from Fintech, eCommerce and Digital Innovation together in one competitive, immersive and highly exhilarating event. And as a proud sponsor of unbound Bahrain and a founding partner of Fintech Bay, we’re delighted to be a major contributor to the future development of Bahrain’s digital economy.”

Tech giant, Microsoft, will host 50 of MENA’s most innovative startups, showcasing tech from across the region as part of the ‘unbound50’. The tech company will also host a workshop on Artificial Intelligence on the Future Stage.

“Start-ups are the backbone of any economy, and Bahrain is seen as a productive ground and a regional center for them to create, innovate and grow.” said Saif Al Hosni, General Manager, Microsoft Bahrain and Oman. “We want start-ups to work smarter by having easy access to enterprise grade technologies such as the cloud, Artificial intelligence and Machine learning – so they can unleash their potential to achieve more.”

Mobile and data services operator, Zain, will celebrate the International Women’s Day -on Thursday 8th March- by hosting a Main Stage panel championing female entrepreneurship in the Kingdom of Bahrain. The panel will feature a selection of the country’s finest female founders. As a Gold Sponsor, the telecom company will provide WiFi throughout the festival and host a Zain Lounge.

John Kilmartin, Executive Director of ICT, Bahrain Economic Development Board said: “We recognise the major role entrepreneurship is playing in economies around the world – encouraging growth, accelerating economic diversification and creating jobs. We are proud to be a sponsor of Startup Week and see first-hand how startups, corporations and government entities can collaborate further and become the driving force in our economic transformation.”

Source:http://bahrainedb.com/latest-news/unbound-bahrain-set-become-menas-newest-exciting-innovation-festival/