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BAB collaborates with members to advance financing for SMEs

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The Bahrain Association of Banks (BAB) has addressed ways to overcome the challenges facing many small and medium enterprises (SMEs) when applying for financing from banks.

“We all know how important SMEs are, which make up more than 95% of the number of enterprises in Bahrain. We seek to help these institutions rise and grow. One BAB’s performance indicators is to increase the share of SME financing in a phased manner and on a gradual basis to reach 20% of the local financing portfolio of retail banks by the end of 2025,” said Dr Waheed Al Qassim, CEO of BAB.

Chairing a meeting attended by several Bahraini banks and insurance companies, Dr Al Qassim said: “Various Bahraini banks and insurance organisations are keen to provide finance for SMEs.”

Tamkeen’s role
The meeting focused on the significant role played by the Labour Fund (Tamkeen) in supporting SMEs in the framework of boosting the private sector’s role in overall development.

The meeting affirmed the readiness of banks to expand their provision of financing through guarantor partners such as Tamkeen or other programmes and initiatives. This is within the framework of Bahraini banks’ keenness to advance economic development in Bahrain.

Source:https://www.abc-bahrain.com/News/1/343683

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Crypto exchange giant Binance launches in Bahrain

Global blockchain services giant Binance has launched binance.bh, a new platform that allows users to access Binance’s range of regulated products and services.

This includes direct top-ups and withdrawals, in local currencies, the company said in an emailed statement on Monday. All users have to do is link their bank accounts with their binance.bh account.

Bahrain’s position as the region’s fintech hub
“As part of the ongoing collaboration between banks and industry and sector leaders, The Central Bank of Bahrain (CBB) welcomes Binance’s decision to establish a regional headquarters for its Middle East operations in Bahrain. CBB aims to develop a supervisory framework that facilitates innovation and appropriate regulatory controls for encrypted asset trading service providers and their clients, based on global trends and developments in financial services,” Bahrain Central Bank governor Rasheed Al Maraj said.

Bahrain Economic Development Board chief executive Khalid Humaidan also added that Binance’s launch in the country “reaffirms” Bahrain’s position as a crypto assets, blockchain and fintech innovations leader, regionally and globally.

“Bahrainis have become steadfast early adopters of crypto assets, and it is fantastic that Binance can play a part in addressing the local population’s keen interest to be on the cutting edge of financial innovation,” Binance regional head of europe and MENA Richard Teng said.

Binance has placed its focus on compliance and security controls, and is working with regulators to ensure user protection as well as market integrity.

This commitment has “allowed the company to establish a strong foothold in the GCC and contribute to the region’s status as a fast-emerging global crypto asset hub,” the statement added.

SOurce:https://www.arabianbusiness.com/industries/banking-finance/crypto-exchange-giant-binance-launches-in-bahrain

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Ministerial follow-up committee checks on Al Hassan Industrial Estate, Irbid Development Zone

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The ministerial committee for following up on the performance of the free and development zones on Saturday checked on Al Hassan Industrial Estate (HIE) and Irbid Development Zone (IDZ).

Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan during his meeting with a number of investors at the HIE and the IDZ, said that the visit is meant to keep an eye on the situation at the two places and the services provided for stakeholders.

Notes from investors’ will be shared with Prime Minister and Minister of Defence Bisher Al Khasawneh so that the appropriate decisions can be taken by the Cabinet, Kreishan said.

Most noted challenges are associated with bureaucracy and need for stability in laws and regulations, notably those concerning customs, taxes, environment, labour and industry-related issues, Kreishan added, according to the Jordan News Agency, Petra.

Regarding investors’ demands for allowing the recruitment of foreign workers, Kreishan said that this issue is related to the epidemiological and health situations in their home countries.

Minister of Industry, Trade and Supply Maha Al Ali said that the ministry, in cooperation with the Jordan Chamber of Industry, Jordan Commission of Investment and the Industrial Estates Company, is moving towards easing licensing-related procedures for businesses within the HIE and the IDZ.

Government tenders will give preference to local products, Ali said in response to complaints from local investors about unfair competition by imports.

Environment Minister Nabil Masarweh emphasised the reduction of the period required to conduct the environmental impact study by the authorities to be 10 days instead of 15.

Minister of Labour Yousef Shamali stressed that priority is given to Jordanians for administrative posts, pointing out that once granted Jordanian citizenship, investors are treated like Jordanians with regard to exit and entry requirements.

President of the Jordan and Amman Chambers of Industry Fathi Al Jaghbir emphasised the importance of instilling the principle of reciprocity with regard to exports and imports, as Jordan faces difficulties in exporting to a number of countries.

Jordan Industrial Estates Company (JIEC) Director General Omar Juwaid said that the HIE, which was established in 1991, is home for 132 industrial investments at a total volume surpassing JD427 million. Juwaid added that the HIE provides more than 29,000 jobs, in addition to indirectly employing thousands of Jordanians in support and logistical services.

CEO of the Guarantee Company for Development of Development Zones Loay Sarayreh indicated that IDZ is home for many technical and technological investments at a volume of JD44 million, adding that the IDZ provides 1,445 jobs for Jordanians. Sarayreh noted that 15,000 job opportunities will be made available after the completion of the comprehensive expansion plan, according to Petra.

Source:https://www.jiec.com/en/news/151/

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$1.6 BILLION IN UPCOMING PRIVATE INVESTMENTS IN RENEWABLE ENERGY

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The Ministry of Energy and Water (MoEW) launched an Expression of Interest (EoI) for three solar farms that will generate 70 to 100 megawatts (MW) each.

Each solar farm should have battery storage capacity of 70 Megawatt Hour (MWh). It is the first time such a requirement has been made.

The locations of the farms will be determined by the private sector contractors. Electricité du Liban (EDL) will buy the output according to a Power Purchase Agreement (PPA). The PPA that will be signed by the private solar power contractors will be based on the one signed by the three companies that were awarded contracts to build wind turbines in Akkar. The price of electricity generated by the solar farms and sold to the EDL will be negotiated at a later stage.

Yesterday the MoEW also launched another project to build 24 solar farms (without storage). Each farm should generate between ten and 15 MW, equally divided between regions. This project will be similar to one launched in 2016 when more than 170 companies expressed their interest, and 42 Requests for Proposals (RFPs) were put forth.

The Ministry also launched an EoI for hydropower stations that would generate four megawatts each, across all regions. The proposed hydropower stations should have a total combined generation of 300 MW.

The Ministry had already identified 32 potential sites for the generation of hydropower based on a master plan put together by international firms Sogreah and Artelia. The locations of the hydropower stations would also be determined by the private sector.

A deadline was also set for the EoI for 200-400 MW wind turbines. Companies have until April to present proposals. The wind project is similar to the one licensed last July by the Cabinet, when three companies were permitted to operate 200 MW wind turbines in Akkar.

The total size of investments in the new solar and hydropower projects is estimated at between $1.1 billion and $1.6 billion, according to the MoEW.

Source:http://www.libc.net/2018/03/15/1-6-billion-in-upcoming-private-investments-in-renewable-energy/

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Iraq emerging as top infrastructure investment hub

Iraq is emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power, said Frost & Sullivan’s recent research report on Assessment of Industry Sector Opportunities in Iraq.

Bridged between Asia, Middle East and African economies and strategically placed at the mouth of Europe, Iraq possesses immense locational advantage as a nation with opportunities that stand to be untapped.

The country benefits from immense natural wealth in the form of its huge reserves of natural resources. Having been brutally battered first by the Gulf war and more recently by the ISIS conflict, Iraq is just emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power.

Newer opportunities are emerging with the return of semblance of political stability and initiation of the nation’s redevelopment and The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.

The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.
reformation plans, according to Frost & Sullivan.

Even as the nation’s re-building opportunity proves to be humongous and unique, investors and businesses alike are in need of business intelligence in understanding the right mode of entry, the most rewarding business model and business opportunity, stated the report.

Iraq possesses one of the largest oil reserves in the world, making it a highly attractive business opportunity.

As the country also focuses on diversification initiatives, opportunities unfurl in sectors such as construction, infrastructure, healthcare, transportation, energy and telecom which are being positioned as high priority development sectors, it stated.

The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.

Ali Mirmohammad, senior consultant for Iraq, Frost & Sullivan said: “With the end of the ISIS war, Iraq is on the path of reconstruction and economic resurrection that calls for sustained investment to the tune of over $900 billion within the next decade.”

“Iraq plans to focus on the Oil & Gas downstream value chain as well as minerals value chain, construction and infrastructure industries, healthcare, energy, tourism and financial services sectors to move the GDP growth rate by 10 per cent annually within the next decade,” explained Mirmohammad.

Following the ISIS war, multiple sectors are in a state of disarray and would need massive re-development and newer investments.

“Oil and gas, housing, infrastructure, industry, minerals, and service sectors will account for 65 per cent of the overall investment in the next 10 years, while ICT, transportation healthcare, water, electricity, tourism and renewable energy will grab the remaining 35 per cent investment in Iraq in the next 10 years,” he added.
Iraq emerging as top infrastructure investment hub
Mirmohammad pointed out that the country requires over $30 billion per annum of foreign direct investment (FDI) to achieve its reformation and stabilisation goals within the next 10 years.

“With more than 39 million population, Iraq remains and attractive consumer market with potential of over $40 billion,” he added.

Source:https://auto.economictimes.indiatimes.com/news/industry/iraq-emerges-top-infrastructure-investment-hub/62959957

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Turkey’s manufacturing growth hits fastest rate in almost seven years

Turkey’s manufacturing activity expanded at the fastest pace in nearly seven years in January, a key survey showed on Feb. 1.

According to the Purchasing Managers’ Index (PMI) compiled by IHS Markit and the Istanbul Chamber of Industry (İSO), the headline index rose to 55.7 in January from 54.9 in December 2017.

Any figure greater than 50 indicates overall improvement of the sector.

“Business conditions in the Turkish manufacturing sector improved at a strong and accelerated pace at the beginning of 2018. Bolstered by strong demand, growth in new orders and purchasing activity quickened, leading to the fastest expansion in output observed for almost seven years,” said IHS Markit economist Gabriella Dickens, commenting on the PMI survey data.

The overall performance was the best since March 2011 amid strong underlying demand, read the release, adding that the upward movement in the headline index was supported by sharp and accelerated output growth at the start of 2018.

“Notably, manufacturing output rose at the quickest pace since February 2011. Firms continued to win new business in January, as demand rose domestically as well as globally. This led volumes of new orders to grow at the quickest pace seen in 83 months,” it added.

“Strong production growth was also supported by a further rise in employment during the month, with workforce numbers increasing solidly, albeit at a slightly slower pace,” the release stated.

However, cost burdens also increased sharply amid unfavorable exchange rate movements and higher raw material prices.

The release noted that in response to higher cost pressures, manufacturers raised their selling prices.

The rate of inflation in output charges was the fastest observed over the past 12 months, it added.

source: http://www.hurriyetdailynews.com/turkeys-manufacturing-growth-hits-fastest-rate-in-almost-seven-years-126627

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Setting off a trade war over national security

While the US President has power over trade deals and imposing tariffs on international trade, US trade policy on a day-to-day basis is usually in the hands of the US Trade Representative, a government function comparable to a minister of trade in other countries.
It was, however, President Donald Trump himself who slapped import tariffs of 25 and 10 per cent on steel and aluminium, respectively. And he did so on the grounds of national security than for reasons of safeguarding against particular products suddenly entering the US market in increased quantities or via price dumping.

The import tariff plan has not yet been put in effect but nonetheless indicates a willingness to endorse a hardline US foreign trade policy. The issue already has the potential to erupt into a full-blown trade war, with a global backlash brewing.

It set off alarms immediately. Canada and the European Union (EU) already made clear that the US tariff plan is unacceptable, and would consider retaliation through imposing tariffs on a range of branded US goods entering their markets if an acceptable way out is not to be found.

China might also decide to defend its vested export interests to the US by either imposing, or threatening to impose, counter-measures against US manufacturing interests on its soil. Or restrict market access on select US goods entering the market.

Although Canada and China obviously have steel and aluminium supplies to the US, it will be particularly interesting to see whether the EU will try to engage the US in consultative talks before the plan goes ahead or decide to send a target list, signalling retaliation on highly lucrative US exports to the EU.

Indeed, when competitive steelmakers from India made their inroads in high-grade EU steel markets about a decade ago by taking over reputed steel mills in Belgium, France and the Netherlands, some of the EU member-states found the powerful forces of globalisation led by non-European actors hard to accept. In the EU, steel is still seen as more than just a heavy industrial activity but involves national pride and prestige.

But this is only a part of the story.
Gulf states like Bahrain and the UAE will equally closely monitor the looming issue in the US, for their aluminium smelters are reputed players in the sector.

But all-out trade wars are nothing new. The US and the EU have had their fights over tariff and subsidisation issues, starting with chickens in the 1960s and over twin-decked, long-haul commercial aircraft in more recent times.

Recent history demonstrates that industrial sectors tend to call upon their governments for protectionist measures against perceived unfair trade practices such as price dumping when sales stagnate or go into decline. Usually, these issues have been brought to the attention of the watchdog of multilateral free trade.

Indeed, invoking notions like national security, temporary safeguards, or anti-dumping duties is not self-evident, for it involves rules and procedures of the World Trade Organisation (WTO), to which the US has subscribed.

For its new tariff plan, the US invokes national security. But to do so, it will thus have to demonstrate its legitimacy to the WTO. Counter-measures are only justified based on facts and not merely a remote possibility.
Johann Weick is an analyst on trade policies.

Source:http://gulfnews.com/business/analysis/setting-off-a-trade-war-over-national-security-1.2182778