Kuwait ranks 11th globally for air quality: Swiss report

In a recent report released by the Swiss organization “IQ Air,” Kuwait emerged as the 11th country worldwide in terms of air quality, ranking 134 countries and regions based on air pollution levels with fine PM 2.5 particles. Meanwhile, Bangladesh topped the list as the most polluted country according to this indicator.

Within the Arab world, Kuwait secured the fourth spot on the list, following Iraq, the Emirates, and Egypt. Notably, only seven countries out of the 134 included in the report, including Australia, Estonia, Finland, Grenada, Iceland, Mauritius, and New Zealand, met the World Health Organization’s guidelines for small airborne particles emitted by vehicles and industrial facilities.

In the context of global capitals, Kuwait City was ranked 13th among the world’s capitals with air pollution attributed to PM 2.5 particles, trailing behind Baghdad and Cairo in the Arab region.

IQ Air emphasized that the majority of countries fall short of meeting the WHO standard for PM 2.5 particles, which are microscopic soot specks smaller than the width of a human hair.

SOurce:https://www.arabtimesonline.com/news/kuwait-ranks-11th-globally-for-air-quality-swiss-report/

Oman announces new law change for employees

Scion Industrial Engineering

The new Oman Labour Law terminates the need for employers to withhold employee passports

Sultan Haitham bin Tarik of Oman recently issued a new labour law aimed at ensuring a fair and balanced relationship between employers and employees while promoting transparency in labour practices.

The Labour Law 53/2023, this legislation, issued via Royal Decree, features various provisions to protect workers’ rights and outline the circumstances under which an employer can terminate an employee’s service.

Article 43 of the law specifically focuses on the conditions of employee termination, providing clarity on the matter.

The law allows termination if an employee fails to meet required performance standards. However, employees are granted a six-month grace period to improve their performance, and if the level remains unsatisfactory, termination may occur.

For Omani employees, the company must replace them with another Omani national in such cases.

The law also allows for termination in situations like a business shutdown, bankruptcy declaration, a reduction in the scope of business activities, or implementation of an alternative production system affecting staffing needs.

Moreover, economic factors may necessitate employee termination, but this requires the employer to submit an application to a committee within the Ministry of Labour for approval.

New Oman labour law changes protect expat workers
Expat workers are also protected under this law. Employers are prohibited from holding their passports or private documents without written consent.

If an expat worker is dismissed, they have the right to file a complaint within 30 days of notification.

The new labour law ensures employee leave entitlements, including a minimum of thirty days of annual leave after six months of employment and the ability to combine leaves based on mutual agreement.

Non-Omani workers are entitled to a return air ticket to their home country, and they receive their full wage during official holidays.

The law also permits employers to grant unpaid special leave based on the worker’s request and subject to conditions.

Additionally, the law mandates a six-month grace period for performance improvement before termination and emphasises the need for employers to maintain an attractive work environment.

Provisions for the transfer of workers to different projects and the requirement to hire Omanis for old projects with equal wages and benefits further enhance the law’s equitable approach.

Other aspects of the law address temporary job assignments, shifts changes based on ability, an hour of childcare for women after childbirth, and the necessity for sick leave applications to be approved by the Ministry of Health from private hospitals.

Source:https://www.arabianbusiness.com/jobs/oman-announces-new-law-change-for-employees

Alba’s CEO inaugurates annual Majlis sessions

Aluminium Bahrain (Alba) Chief Executive Officer Ali Al Baqali inaugurated the the company’s Annual Majlis for 2023 on Tuesday (January 17) at the Oasis Hall.

Attended by Alba’s executives, directors, and managers, the opening session shed the light on the successes Alba celebrated in 2022 as well as lessons learnt as the company journeys in 2023.

The CEO also unveiled the company’s 2023 objectives: 1) Safety is Our Operating License, 2) Al Hassalah Top Up, 3) Be Ready to Take off Safely, and 4) Don’t Limit Yourself, which will guide the company to taken actions in the present and turn market challenges into opportunities.

Al Baqali said: “No one ever got anywhere by staying in one place. We want to leap forward in 2023 by working collectively together to be a force for change in line with Bahrain’s Economic Vision 2030. This platform sets us on the right path to make our future happen today and this can be done if we do it together as one team.”

The CEO’s Annual Majlis sessions will continue till Thursday and will be delivered in a hybrid format for employees and contractors’ workers across Alba. These sessions aim to foster two-way communication between the CEO and the company’s workforce as well as provide guidance to focus on Alba’s vision.

Source:https://www.abc-bahrain.com/News/1/343087

Asia presents the best investment opportunities: SCB

scion industrial engineering pvt. ltd.

Investors need to look to the Asian region for the best investment opportunities in the short and medium term, said Steve Brice, Global Chief Investment Officer at Standard Chartered Bank.

Providing his outlook for 2023, Brice said there will be a slowing of global inflation and fewer federal interest rate rises in the first half of the year, followed by a decline in the second half of the year.

Brice noted that the economic slowdown should help cool inflation significantly but cautioned that inflation will not return to 2% levels in the foreseeable future.

China the exception
The exception to this will be seen in China, which is expected to achieve high growth rates as a result of the lifting of Covid restrictions and a shift in policy focus towards stabilising growth and improving opportunities for companies, investors and consumers.

“2022 was the toughest year for investors that I have seen during my 25-year career. It is only the fourth year in a century-and-a-half that US stocks and bonds have depreciated so rapidly,” Brice told an economic briefing for over 70 clients and guests in Bahrain.

He said although China is expected to rebound, a recession in the US is inevitability due to interest rate hikes, while Europe’s recession will be precipitated by increased energy prices.

Dr Boutros Klink, CEO of Standard Chartered Bahrain and the Middle East (ex UAE), said: ‘We are delighted to have had Steve with us in Bahrain this week where he shared his expert and economic insights for this year with our valuable clients. We continuously work on making tools and information available to clients for them to make informed financial decisions. As a financial institution that has been in Bahrain for over 100 years, we are committed to continue to share our expertise with our clients and contribute to the kingdom’s economic growth and development.

Source:https://www.abc-bahrain.com/News/1/343138

Regional partnership ‘can benefit Bahrain’s manufacturing sector’

The Integrated Industrial Partnership for Sustainable Economic Development between Bahrain, the UAE, Egypt and Jordan provides opportunities for growth, especially in the aluminum and petrochemical manufacturing sector in Bahrain, Minister of Industry and Commerce Abdulla bin Adel Fakhro has said.

The minister was speaking after conducting an inspection visit to Aluminum Bahrain (Alba). Alba Chairman Shaikh Daij bin Salman bin Daij Al Khalifa and Chief Executive Officer of Alba Ali Al Baqali, and other officials were also present, said a Bahrain News Agency report.

The minister praised the role of industrial companies in Bahrain in developing the national economy, supporting the objectives of the Industrial Sector Strategy (2022-2026) and implementing the objectives of the 2030 Economic Vision.

He noted that the Industrial Sector Strategy targets a number of industries and aligns with the Integrated Industrial Partnership for Sustainable Economic Development initiative.

The initiative also offers opportunties for clean industries, including renewable energy and green and blue hydrogen, which support Bahrain’s commitment to reach zero neutrality by 2060, along with food, pharmaceutical, and microelectronics industries.

The minister toured the company and took stock of the progress of work on the sixth smelting line project, praising Alba’s standing as the largest aluminum smelter in the world, the report said.

Source:https://www.abc-bahrain.com/News/1/343535

BMMI to join Bahrain’s pavilion at Gulfood 2023

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 sets up new company in Bahrain

scion industrial engineering pvt. ltd.

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

Gulf Central Banks hike interest rates following Fed’s increase

https://ssrdind.com/

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

Gov’t vows action to resolve investors’ challenges in industrial estates

Scion Industrial Engineering

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 economy grows 1.8% in Q2 but non-oil sector loses steam

scion

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