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The industrial sector in Lebanon, despite the falling national economy, continues to solider on in order to revive the market and create new business opportunities especially with the increasing demands for Lebanese products.

The sector was one of the few offering hard foreign currency in Lebanon, which is still suffering from the decrease in the value of the national currency in times when the US Dollar was in high demand.

Speaking to KUNA on the issue, Lebanon’s Industry Minister George Boujikian stressed that the steadfastness of the industrial sector was one of the main factors in helping the national economy to “stay afloat”.

The sector is witnessing increasing investments, issuing of permits, and market expansion, which led to the exporting of products to some 110 countries worldwide, added the minister.

The Lebanese industry includes 21 sectors with the manufacturing of food products and furniture leading the way, he revealed.

Boujikian stressed the importance of keeping Lebanese products up to standards to succeed both locally and internationally.

On the Ministry’s plans, the minister indicated that there was a focus on developing three sectors namely the use of Artificial Intelligence, recycling, and cinema production.

Similarly, Vice President of the Association of Lebanese Industrialists Ziad Bekdache affirmed that the era of the Lebanese industrial sector had arrived; revealing that numbers currently exceeded those in 2019 prior to the Lebanese economic crisis.

Locally produced products now were rivaling those products abroad, he claimed, pointing out that factories had increased by 20 to 25 percent with clothing and an assortment of other products exported.

Bekdache said that the prices of locally made products and export ones varied between 30 to 60 percent, noting that due to the high quality of Lebanese products, local consumption had jumped by 60 percent.

The Lebanese Industry exported $4 billion worth of products and produced around $10 million worth of commodities for the local market.

Providing further input, Dr. Marwan Barakat, assistant general manager at Bank Audi, said that the decrease in value for the national currency contributed to the lowering of manufacturing costs especially for industrial and agricultural exports.

Increasing the customs dollar at a rate of Lebanese Pound 15,000 per US dollar had protected the Lebanese industry and encouraged competitiveness against foreign products, he said.

Source:https://saudigazette.com.sa/article/629422/World/Mena/Officials-Lebanons-industry-carries-falling-national-economy-on-its-shoulders

The UAE is poised to emerge as the first choice for global companies in the digital asset business for their global expansion, following the Gulf country approving a new regulation to govern virtual assets in the country, sector experts said.

The new regulatory framework is also expected to fuel the mainstream adoption of blockchain applications for economic growth in the region.

Several global and regional companies in the blockchain, crypto and NFT (non-fungible token) segments are hurriedly finalising plans to enter or expand their operations in the country in the next few months, industry insiders said.

The UAE Cabinet this week introduced a new regulation and an independent regulatory authority for virtual assets and virtual asset service providers – a move which marks the state’s first regulatory regime for the sector at the federal level.

The Dubai Virtual Asset Regulation Law and the Dubai Virtual Assets Regulatory Authority (VARA) would oversee the growth of the virtual asset business environment including regulation, governance and licensing.

The new regulation is expected to come into effect on 15 January 2023.

“We are delighted to see the UAE moving towards a more mature regulatory framework for the digital asset industry. The advanced regulations at the federal level will make UAE the first choice for global companies in the digital asset business for their global expansion,” Mahin Gupta, founder of Liminal, a Singapore-based digital wallet infrastructure platform with operations in UAE, told Arabian Business.

The latest regulatory framework will facilitate the efforts of the authorities to create a compliant and progressive regime in the UAE for global crypto companies to build compliant blockchain applications to fuel mainstream adoption and economic growth in the region,” Gupta said.

Gupta also revealed the company’s plans for an aggressive expansion in the UAE in the wake of the latest government moves to further develop the sector.

“At Liminal, we are constantly working towards strengthening our presence in the UAE and adjourning areas through like-minded partners. We will now explore UAE as a market with huge business potential for technology-led secure services in the field of crypto and blockchain [following the new regulatory environment]” he said.

Industry experts said UAE authorities’ decision to establish a new regulatory environment for the sector assumes added significance in view of the recent global upheaval in the industry following the FTX collapse and will encourage more companies to set up base in the UAE.

“The new federal regulation provides more clarity to the sector and visibility around how the federal and local – ADGM and DIFC – regulations interact with each other,” Padmini Gupta, co-founder and chief executive officer of Xare, a Dubai-based fintech, told Arabian Business.

“This will encourage more companies and founders to choose the UAE as their base in building the future of digital assets and metaverse,” Gupta said.

The latest data released by the Dubai Multi Commodities Centre (DMCC) shows out of 3,049 new businesses registered in Dubai in 2022, more than 500 businesses were crypto startups.

“The data speaks volumes about Dubai, emerging as a global hub for crypto-related products and services,” Mahin Gupta said.

The new UAE regulatory framework is designed to both protect investors and supervise the industry, apparently having recognised the perceived risks posed to investors in virtual assets.

The UAE Cabinet also said that the regulation would support the efforts of the state to provide an attractive investment economic and financial environment for international companies and institutions operating in the virtual assets sector to provide their services in the state.

The businesses that fall under the purview of the new law include cryptocurrency exchanges, businesses facilitating cryptocurrency transfers and the like.

However, the government-owned DIFC financial-free zone will reportedly be exempted from this regulation. This is because the Dubai Financial Services Authority (DFSA) is developing its regulations for the virtual asset market to be applied in DIFC.

Source:https://www.arabianbusiness.com/industries/technology/uaes-new-law-for-virtual-assets-sector-to-trigger-mass-entry-of-global-companies

Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman.

With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of the Yiti Integrated Tourism Development Masterplan.

With sustainable innovation at its heart, the project will feature 1,657 residential units including 300 eco-friendly and energy-efficient villas in car-free districts.

The city is designed to produce 100 percent of its energy requirements from renewables which include solar panels and biogas. It will also recycle all its water and waste and use it for irrigation.

The city also aims to grow its own food through productive farm areas and greenhouses and will adopt clean mobility solutions like autonomous shuttles and electric cars, and by deploying EV charging stations.

A sustainable school that will teach important concepts of sustainability through the school curriculum while the city will also feature a number of sports facilities which include jogging and cycling tracks, an equestrian club, and a horse track.

A four-star hotel with 197 rooms, a five-star resort with 170 rooms and a range of restaurants, numerous leisure facilities, and beachfront access will also be included while the resort will also manage 132 luxury serviced apartments.

Faris Saeed, chairman of Diamond Developers, the company behind Dubai Sustainable City, said: “The Sustainable City – Yiti is not only a benchmark for sustainable urban development, it is a working model for future cities. It is a thriving community made up of thousands of residents, visitors, students, researchers, and entrepreneurs.”

He added that the project, scheduled for completion in 2025, is expected to be one of the region’s most sustainable cities and, by adopting the latest solutions in energy production, vertical farming, humidity harvesting and autonomous transportation, it aims to be net zero carbon by 2040.

Mohammed Salim Al Busaidi, chairman of OMRAN Group, said: “Our partnership with Diamond Developers is a unique milestone in our journey as we continue to invest, develop, and maximise the limitless potential of Oman’s tourism sector.

“Yiti will open avenues for numerous lucrative investment opportunities for both local and international investors in line with the directions of Oman Investment Authority.”

Source:https://www.arabianbusiness.com/industries/construction/1bn-sustainable-city-project-to-be-built-in-muscat-set-for-2025-completion

Saudi Arabia issued 260 new industrial licenses during the first quarter of 2022 — up from the 206 handed out in the previous three months, the government has revealed.

Figures issued by the Ministry of Industry and Mineral Resources show that while there was a quarter-on-quarter rise, the number approved was down from 308 in the same period of 2021.

Riyadh benefited from most of the new licenses — 109 — with the Eastern region securing 61 and Makkah receiving 45.

The size of new industrial investment totaled SR5.53 billion ($1.47 billion), while the number of jobs provided by licensed companies amounted to 8,053.

Factories

As at the end of the first quarter, the total number of factories both operating and under establishment totaled 10,489.

Factories processing non-ferrous metals had the largest share, followed by rubber and plastic products and non-metallic minerals.

The cumulative size of investment in capital of these factories amounted to SR1.35 trillion at the end of the first quarter of 2022.

Small and medium enterprises dominated the industry, accounting for 5,273 and 4,386 factories respectively, with the remaining 830 being large companies.

The Riyadh administrative region held the highest level of industrial units at 5,273 factories. The Eastern region came second with 2,291 factories, and the Makkah region 1,783 factories.

Source:https://www.arabnews.com/node/2069621/business-economy

The Oman Investment Authority has split its assets into local and foreign portfolios, the state news agency said on Sunday. Abdulsalam Al Murshidi head of the Omani Investment Authority said the “Generation Portfolio”, which consists of foreign assets and some local assets in various instruments including public and private markets, in addition to real estate, aims at achieving the greatest returns for future generations, the news agency reported.

The “National Development Portfolio”, is concerned with managing local assets and more than 160 Omani companies, and aims to contribute to the growth and development of the economy, in addition to supporting the state’s general budget through dividends, privatisation proceeds, and treasury management.

Oman established the Oman Investment Authority in 2020 to own and manage most of its sovereign wealth fund and finance ministry assets.

Source:https://thepeninsulaqatar.com/article/24/04/2022/omans-sovereign-wealth-fund-splits-into-two-portfolios-state-news-agency

The International Energy Agency, or IEA, has listed members’ contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia’s invasion of Ukraine.

The release of stocks by the US-allied members of the IEA — which is made up of 31 mostly industrialized countries, but does not include Russia — would be their second coordinated release in a month and the fifth in the agency’s history.

It is the largest release from non-US IEA countries and the biggest by the United States. The United States will match the 60 million barrels tapped by other IEA countries as part of its 180-million-barrel draw from the US Strategic Petroleum Reserve announced in March.

The total release of 240 million barrels will be made available to the global market within six months, the IEA said.

“The decision of IEA countries on 1 April was to collectively release 120 million barrels, and the US share in this is 60 million barrels. This is based on a specific methodology for attributing country shares in the action, using oil consumption,” the IEA told Reuters.

“The US decided to release more than their share, in total they announced ‘1 million barrels per day over the next 6 months’, which equates to 180 million barrels, over the period of May to October.”

Global oil prices are headed for their second weekly drop since the United States announced its largest-ever oil reserve release in late March, with Brent falling about $10 to briefly edge below $100 a barrel.

Prices hit 14-year highs last month as Western sanctions on Russia disrupted crude and oil product exports from the world’s number two crude exporter.

The total US and IEA release this year, including a March 1 coordinated release of 60 million barrels, reduces by nearly 15 percent the nearly 2.1 billion barrels in storage the group controlled before Russia invaded Ukraine.

Japan, the second-biggest contributor, said it would release a record 15 million barrels. Prime Minister Fumio Kishida told reporters late on Thursday that Russia’s invasion of Ukraine was “unforgivable” and that the release would help curb oil prices.

“We must not forgive its invasion and war crimes. We will demonstrate our will with severe action,” he said. Russia says its forces are conducting a “special operation” in Ukraine and denies targeting civilians.

New Zealand said it would contribute crude and diesel to the IEA release. “Our release is made up of around 184,000 barrels of crude oil held in Spain and close to 299,000 barrels of diesel held in the United Kingdom,” New Zealand’s Minister of Energy and Resources Megan Woods said in a statement.

Other major contributors include South Korea, Germany, France, Italy and Britain.

Source:https://www.arabnews.com/node/2059416

Brent crude prices surged past $100 a barrel for the first time since 2014 amidst report of an impending Russian invasion into Ukraine. The escalating tensions sparked fears of a disruption in critical energy exports.

Futures in London jumped almost 3.3% after a news report that Russian President Vladimir Putin has decided to conduct a special operation to “protect” the Donbas region before falling back below the key threshold.

Source:https://timesofoman.com/article/113680-brent-crude-tops-100-a-barrel-on-russia-ukraine-tensions

One of the world’s largest oil NSE -0.99 % producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change.

The announcement, made by Crown Prince Mohammed bin Salman in brief scripted remarks at the start of the kingdom’s first-ever Saudi Green Initiative Forum, was timed to make a splash a little more than a week before the start of the global COP26 climate conference being held in Glasgow, Scotland.

Although the kingdom will aim to reduce its emissions, Prince Mohammed said the kingdom would do so through a so-called “Carbon Circular Economy” approach. That approach focuses on still unreliable carbon capture and storage technologies over efforts to actually reduce global reliance on fossil fuels. The announcement only pertains to Saudi Arabia’s efforts within its national borders, and does not impact its continued aggressive investment in oil and exporting its fossil fuels to Asia and other regions.

“The transition to net zero carbon emissions will be delivered in a manner that preserves the kingdom’s leading role in enhancing the security and stability of global energy markets, particularly considering the maturity and availability of technologies necessary to manage and reduce emissions,” a statement by the Saudi Green Initiative forum said.

The kingdom’s oil and gas exports form the backbone of its economy, despite efforts to diversify away from reliance on fossil fuels for revenue.

The global summit COP26 starting Oct. 31 will draw heads of state from across the world to try and tackle global warming and its challenges. It is being described as “the world’s last best chance ” to prevent global warming from reaching dangerous levels. The summit is expected to see a flurry of new commitments from governments and businesses to reduce their emissions of greenhouse gases.

Leaked documents first reported by the BBC emerged Thursday showing how Saudi Arabia and other countries, including Australia, Brazil and Japan, are apparently trying to water down an upcoming U.N. science panel report on global warming. The documents are purportedly evidence of the way in which some governments’ public support for climate action is undermined by their efforts behind closed doors.

Saudi Arabia has pushed back against the recommendation that fossil fuels be urgently phased out of the energy sector. Instead, the kingdom is touting, thus enabling nations to continue burning fossil fuels by sucking the resulting emissions out of the atmosphere, according to Greenpeace, which obtained the documents.

The kingdom repeatedly seeks to have the report’s authors delete references to the need to phase out fossil fuels, as well as the panel’s conclusion that there is a “need for urgent and accelerated mitigation actions at all scales”, according to the leaked documents.

Earlier this month, the United Arab Emirates – another major Gulf Arab energy producer – announced it too would join the “net zero” club of nations with a target to reach net-zero emissions by 2050.

Source:https://economictimes.indiatimes.com/news/international/saudi-arabia/major-oil-producer-saudi-arabia-announces-net-zero-by-2060/articleshow/87221710.cms