Tag: Industrial Mixers and Blenders

The BMMI Group will be showcasing various products including two of its own brands, Purely and Nature’s Origins, at Gulfood Exhibition at the Dubai World Trade Centre from February 20 to 24.

Participating for the first time, BMMI will be part of the Bahrain Pavilion.

The Purely brand offers customers with consistent, high-quality, and ethically sourced food products at great value. The brand’s tagline, ‘the right choice’, highlights BMMI’s belief that great value should not mean sacrificing on high-quality or on ethical sourcing.

Great taste
Through Purely, BMMI is committed to great taste, great value and greater care for the planet. The Purely range showcased at Gulfood will include pantry staples such as canned fava beans, white beans, green peas, hummus, and more.

Nature’s Origins, the second brand BMMI is presenting at the exhibition, provides the market with farm-to-shelf spices, with an emphasis on ethical and sustainable sourcing. With Nature’s Origins, a wide range of organic and conventional products are picked from the ideal origins, with a focus on quality and adherence to international standards. Some of the brand’s products that will be showcased at Gulfood include cardamom, cinnamon, black pepper, and cloves amongst others.

BMMI works to a model of vertical integration across the group’s value chain allows BMMI to source efficiently from manufacturing sources and farm gates.

Source:https://www.abc-bahrain.com/News/1/343625

Gulf Islamic Investments (GII) a leading shari’ah-compliant global alternative investment company, with over $3 billion of assets under management in real estate, private equity and venture capital, has announced the opening of its new company, Gulf Ventures Capital, with headquarters in Bahrain.

This comes as part of GII’s strategy to expand its footprint in the Mena region and globally with current presence in the UAE, London, and Frankfurt.

The company is set to invest in food, focusing on strategic food sustainability projects in agriculture, aquaculture, food processing and production, as well as logistics, green technology, and healthcare, aligning with the company’s vision for the GCC.

Through its investment in food sector, GII aims to address the rising population, increase in standard of living, disposable income and thereby the rising demand in food, it stated.

Increasing local production in sectors that are experiencing demand-supply gap, would improve GCC food sector, and GII’s investments are aligned to narrow the gap, create market competitiveness of locally produced and processed food, contributing towards long-term food sustainability, it added.

Mohammed Al Hassan, co-Founder, and co-CEO, said: “Our commitment to building and increasing our footprint is testament to our firm belief in the thriving GCC market. We see significant growth potential in food projects and logistics in Bahrain and the larger GCC region. We continue to deliver on our strategy through expanding our portfolio for our stakeholders and partners.”

GCC food market by consumption is forecasted to reach 53.14 million MT in 2026, experiencing growth at a CAGR of 3.15% for the period spanning 2022-2026.

According to Al Hassan, the logistics sector is estimated to witness strong growth due to the increase in infrastructure investment by government & private sector to develop the region into a robust logistics hub with pro-business regulatory policies.

It is estimated to register a CAGR of over 5% during the forecast period 2022-2027, he added.

Pankaj Gupta, co-Founder, and co-CEO for GII, said: “GII’s diversified investments prove our leadership in financial solutions and profitable partnerships. Our new presence in Bahrain offering different asset classes demonstrates our strong position in the region.”

Saleh Albelushi has been appointed as the CEO for the new GII entity – Gulf Venture Capital.

On his new role, Albelushi said: “It gives me pleasure to execute GII’s strategy for growth. Food, agriculture, logistics and green technology are sectors that we will focus on, covering not only Bahrain but also the GCC.”

Source:https://www.abc-bahrain.com/News/1/343845

The UAE Central Bank has raised its benchmark borrowing rate following a similar move by the US Federal Reserve.

CBUAE has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points – from 3.9% to 4.4%, effective from Thursday, 15 December 2022.

This decision was taken following the US Federal Reserve Board’s announcement on December 14 to increase the Interest on Reserve Balances (IORB) by 50 basis points.

Central banks hike rates
The CBUAE also has decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate.

The Base Rate, which is anchored to the US Federal Reserve’s IORB, signals the general stance of the CBUAE’s monetary policy. It also provides an effective interest rate floor for overnight money market rates.

The central banks of Saudi Arabia (Sama), Bahrain, and Qatar also increased their interest rates following the US Federal Reserve Board’s announcement.

Sama, the Central Bank of Bahrain and QCB upped their interest rates by 50 basis points in statements.

The Board of Directors of the Central Bank of Kuwait (CBK) had decided to raise the discount rate by 0.50% from 3.00% to 3.50% effective December 7, 2022.

Source:https://www.arabianbusiness.com/politics-economics/gulf-central-banks-hike-interest-rates-following-feds-increase

Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan on Saturday called for resolving all issues related King Abdullah II and Muwaqqar industrial estates that are home to 505 investment companies, providing 19,600 jobs.

The prime minister after his visit to Mafraq Governorate, 80km northeast of Amman, has decided to form a ministerial committee to be tasked with visiting economic institutions and meeting investors to address the obstacles that face them, Kreishan said during the committee members’ visit to the two industrial estates.

The minister stressed that work is in progress to solve the problems facing businesses at King Abdullah II and Muwaqqar industrial estates, calling on investors who have problems to head to the office of the prosecutor general to file complaints. He stressed that Jordan is a state of law and all complaints will be dealt in a firm manner.

Minister of Industry, Trade and Supply Maha Ali highlighted the government efforts towards resolving investment-related issues, the Jordan News Agency, Petra, reported.

Highlighting the noise, air pollution and emissions, Environment Minister Nabil Masarweh emphasised the necessity of using tanks, as a temporary alternative to transporting waste water to the designated destinations, as well as reducing the number of days for studying the environmental impact to 10 instead of 15 days.

For his part, Labour Minister Yousef Shamali said that all labour-related problems have been solved, according to Petra.

Minister of Energy and Mineral Resources Hala Zawati expressed the government’s keenness on reducing the cost of electricity.

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, stressing that the problem is not only restricted to the cost of production but also access to markets.

Source:https://www.jiec.com/en/news/149/

Saudi Arabia’s economy posted a 1.8% annual growth in the second quarter, according to official gross domestic product (GDP) estimates, but the non-oil sector of the world’s largest oil exporter lost steam.

The figures, published on Monday by the General Authority for Statistics, revised upwards earlier estimates of a 1.5% overall growth in the second quarter, but they also revised non-oil growth to 8.4% from an earlier 10.1%.

On a quarter-on-quarter basis, the Saudi economy grew 0.6% compared to the first three months of the year, with the oil sector fuelling the growth.

Saudi Arabia was hit hard last year by the twin shock of the COVID-19 pandemic and record-low oil prices. The economy has rebounded this year, however, amid easing coronavirus-related restrictions, a vaccine roll-out and higher crude prices.

The GDP segment comprising wholesale and retail trade, restaurants and hotels, grew 16.9% in Q2 compared to the same quarter last year, although declining slightly when compared to the first three months of this year.

The pent-up demand that boosted the rebound was expected to lose some steam, economists have said.

“Preliminary GDP data for 2Q2021 released in August points to some moderation in the pace of sequential non-oil GDP growth. This normalisation is to be expected as the boost to activity from the initial reopening of the economy, trapped spending and pent-up demand wanes,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, said in a note last week.

A domestic investment programme led by the Public Investment Fund, Saudi Arabia’s main sovereign investor, is expected to be the main driver of economic growth going forward, she said.

London-based Capital Economics has said the recovery in the non-oil sector has lost momentum in recent months, as opposed to the oil sector, which strengthened due to increased output.

“With OPEC+ agreeing … to raise oil output further, this will mechanically support stronger GDP growth and more than offset the easing of activity in the non-oil sector,” it said in a note last week.

source:https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-economy-grows-1-8-in-q2-but-non-oil-sector-loses-steam/articleshow/86162233.cms

Uber’s chief operating officer Barney Harford said the company will increase its investment in key growth markets like the Middle East, which might include a bid for Dubai-based Careem, its rival in the region.

The US-based ride-hailing firm recently sold its South-East Asia business to Singapore-based rival Grab and now has “resources available that are allowing us to double down in critical competitive markets in particular India and the Middle East North Africa”, Harford told CNBC television.

Responding to CNBC question about the possibility of acquiring Careem – its rival in the Middle East – Harford said that the company has ruled out “transactions for minority stakes.”

“We’ve been very clear about is that going forward we have no interest in doing transactions for minority stakes,” he told the broadcaster.

“It would be crazy for us as a hypergrowth company to not engage in conversations about potential partnerships

“But we’ve been very clear, the markets that we remain in today are core markets for us.

“We’re doubling down on our investment and we’re very committed to these markets,” he added.

Harford said that the situation in the Middle East with Careem “is very different” to Southeast Asia, where Uber got a 27.5 percent stake in Grab – valued at roughly $6 billion – in return for its operations there.

“There were three players in that market. We had a smaller position,” he said. “We…operate in a position of very clear strength here in the Middle East and North Africa market.”

Uber made a loss of $4.5bn last year, despite a 61 percent increase in sales. He said the profitable markets it operates in will allow Uber to invest indefinitely in markets like the Middle East and North Africa.

“We actually are in a fortunate position that a good number of the markets that we operate the ride sharing business today are already profitable. We are able to use the profits from those markets to allow us to invest on an indefinite basis in key growth markets such as the Middle East and North Africa where we’ve announced plans to double down investments,” Harford said.

Source:http://www.arabianbusiness.com/395174-uber-to-invest-indefinitely-in-middle-east-market-says-harford

Saudi authority teams up with US-based AMC Entertainment for historic event in King Abdullah Financial District

The Development and Investment Entertainment Company (DIEC), a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will launch Saudi Arabia’s first public cinema this week in collaboration with US-based AMC Entertainment.

The newly created cinema complex will be located in the King Abdullah Financial District (KAFD) in Riyadh.

DIEC and AMC Entertainment will commemorate the historic moment with a gala event on Wednesday, hosting prominent local and international guests, a statement said.

The launch event will be a private screening, showing a Hollywood blockbuster, the name of which will be announced later this week.

It is the first in a series of invitation-only screenings that will be held during April, the statement added.

The cinema is set to open to the public in May, and tickets to public show times are planned to go on sale later this month through an online ticketing system.

A further three screens at KAFD’s theatre will open in the third quarter of 2018 and represent the beginning of a partnership that could see 40 or more AMC Cinemas complexes open in the Gulf kingdom over the next five years.

The partnership between DIEC and AMC Entertainment will advance a key objective of Saudi Arabia’s Vision 2030 to grow the entertainment sector.

DIEC said it intends to invest up to SR10 billion in entertainment projects by 2030.

Source: http://www.arabianbusiness.com/retail/394292-saudi-arabia-to-launch-first-cinema-in-riyadh-on-wednesday