Tag: Plastic Recycling Machines

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. — KUNA

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

Banks in the UAE held savings deposits to the tune of Dhs268.6bn by the end of June 2023, according to the latest statistics released by the Central Bank of the UAE (CBUAE). This does not include interbank deposits, as per state news agency WAM.

The central bank’s statistics showed these deposits increased by 5.8 per cent on a monthly basis or Dhs14.8bn.

Savings in UAE Dirhams
The local currency, the UAE Dirham, accounted for the largest share of savings deposits, with about 81.6 percent, or Dhs219.17bn. The share of foreign currencies was 18.4 per cent, with a value of Dhs49.44bn.

Savings deposits in banks have seen remarkable growth over the past few years.

In 2018, these deposits stood at Dhs152bn. This increased to Dhs172.2bn in 2019, Dhs215.2bn in 2020, Dhs241.8bn in 2021, and Dhs245.8bn in 2022.

CBUAE’s deposits

Earlier this month the CBUAE reported its budget for the first half of the year. The central bank’s public budget surged by 32.15 per cent, equivalent to Dhs158bn, in contrast to some Dhs91.4bn in June 2022.

This momentum extended into the current year with a 17.5 per cent rise since the start of the year, compared to some Dhs552.5bn at the end of December 2022, an increment of Dhs97bn during the year’s first half.

The budget’s allocation delineated on the assets side, which saw Dhs257.2bn apportioned to cash and bank balances for June. Additionally, investments held until maturity were earmarked at Dhs211.32bn, while deposits accounted for Dhs135.34bn.

Loans and advances received an allocation of Dhs4.18bn, and other assets were assigned Dhs41.38bn.

Source:https://gulfbusiness.com/uae-banks-savings-deposits-dhs268-6bn-june-2023/

Bitcoin is often referred to as ‘digital gold’ to indicate its utility as a store of value. However, rapid price swings in its brief decade-long history have concerned would-be investors keen on exploring it as a stable form of investment.

This is why the concept of gold-backed cryptocurrencies became popular. To put it simply, gold-backed cryptocurrencies are simply defined as a monetary system where a currency is directly linked to physical precious metals.

“Digital coins or cryptocurrency tokens issued with its value correlated to gold gives these cryptocurrencies extra stability compared to other digital assets, which lack inherent value and have high price volatility,” explained Brian Deshell, a UAE-based cryptocurrency trader and analyst.

“What this means is that the price of gold-backed cryptocurrencies will never drop below that of the precious metal that backs them, which in this case is gold. This greater price predictability and stability means they’re sometimes referred to as ‘stablecoins’.”

Why are gold-backed cryptocurrencies getting popular now?
While cryptocurrencies such as Bitcoin and Ether offer benefits such as not requiring an intermediary institution to send payments anywhere and to anyone, one key drawback is that cryptocurrencies’ prices are unpredictable and have a tendency to fluctuate, often wildly.

“The volatility of cryptocurrencies makes them hard for everyday people to use. Generally, people expect to be able to know how much their money will be worth a week from now, both for their security and their livelihood,” added Deshell. “This is why gold-backed crypto is more popular now.

“Cryptocurrency’s unpredictability comes in contrast to the generally stable prices of government-issued currencies or other assets, such as gold. Currency values do change over time, but the day-to-day changes are often more drastic for cryptocurrencies, which rise and fall in value regularly.”

But this is not the first instance of gold-backed money. In 1861, such currencies were created to help stabilise economies given gold’s importance for central banks and governments as a resource. This ended after governments couldn’t keep track when people started to hoard gold during recessions.

Success of gold-backed crypto rides on recent boom in gold prices
“When considering investing in gold-backed cryptocurrency, it’s important to look at the value of precious metals in recent times and how the success of such cryptocurrencies are highly dependent on the rise and fall in costs,” explained Zubair Shakeel, a UAE-based investment manager.

In early 2022, gold prices increased to near-record levels exceeding $2,000 (Dh7,346) per ounce. However, by the end of 2022, the value had dropped by more than 20 per cent. In the beginning of 2023, there was a trend reversal of gold as it endured a series of highs and lows.

In contrast to the price fluctuations of gold, the price of Bitcoin swung much more dramatically. For instance, prices were once down by 50 per cent in mid-2021, but prices doubled just two weeks later. Late 2021, Bitcoin reached an all-time high, but a month later, prices crashed 30 per cent.

“As crypto price swings are more extreme, it generates unreliable investment returns. Investors can still get excited by the growth in the value of the precious metal, so gold-backed crypto offers better returns. The higher the value of gold, the stronger and more stable the asset is,” added Shakeel.

“Gold is a safe investment as it has very low price volatility. It is also not linked with other assets, so it is less susceptible to market flux during times of economic uncertainty. These attributes have made gold-backed cryptocurrencies an incredibly attractive investment option in recent years.”

Gold-backed cryptocurrencies offer stability, but not without risks
While there are numerous benefits of crypto backed by gold, these are largely linked to its stability compared to other options like Bitcoin or other cryptocurrencies. Also, the price fluctuations of gold-backed crypto, as a whole, are easier to understand as opposed to extreme swings of Bitcoin prices.

“Although digitalised precious metals are typically superior compared to traditional physical bullion assets, in most cases, they do not offer any benefits that are unique to what crypto or precious metals are already offering,” explained Deshell.

“Historically, they have off late recorded lackluster growth and therefore offer limited earning opportunities on the vast majority of digital currency backed by gold. This results in other assets, like stocks, bonds, or rental properties, appearing as a more attractive prospect for investors.”

While investors don’t need to worry about physical gold getting stolen or tampered with, Deshell added that there are cybersecurity risks to investing in cryptocurrency. “Investors should take caution to avoid fraudulent trading platforms. This could leave their accounts compromised.”

Source:https://gulfnews.com/your-money/cryptocurrency/cryptocurrencies-are-behaving-more-like-gold-as-volatility-eases-heres-why-1.1666963840252

Egypt is emerging as a real estate investment hotspot, according to analysis by Knight Frank MENA.

With Middle East Sovereign Wealth Funds looking to invest up to $120bn in Egypt, the real estate sector in Cairo, in particular, could flourish.

Amid the post-pandemic landscape, a revitalised global interest in Africa has emerged, underscored by significant investment commitments from major players.

Egypt real estate investment
The UK’s $2bn commitment to sustainable projects spanning the continent, alongside engagements from other global powers, highlights the renewed allure of key hub cities such as Lagos, Nairobi, Cairo, Johannesburg, and Accra.

The report spotlights Egypt’s real estate market, particularly Cairo, as an outstanding prospect for investment.

Recently added to Knight Frank’s Africa network, Egypt’s market shines as North Africa’s rising star.

Middle East Sovereign Wealth Funds have articulated plans to infuse up to $120bn into the country, indicating their strong confidence in the region’s market growth.

Zeinab Adel, Partner – Head of Egypt Office, said: “With a population exceeding 109.3m, Egypt stands as an alluring prospect that beckons us. In the heart of this historic land lies an extraordinary opportunity, one that resonates strongly with the GCC market and Middle Eastern buyers alike.

“Egypt’s magnetic blend of rich heritage, strategic geographical location, and burgeoning economy propels it to the forefront of investment destinations.”

Cairo alone is home to more than 20 million people, making it a bustling metropolis. The country’s impressive portfolio of approximately 2 billion square feet of active real estate, , offers immense potential for growth.

Cairo’s real estate landscape centres on a thriving residential sector.

In 2022, total real estate investments in Cairo soared to $20bn, with $16bn dedicated to the residential sector, attesting to heightened demand for housing.

Simultaneously, average residential property prices increased around 10 per cent during the same year, affirming the sector’s burgeoning interest.

During 2021 alone, the UAE invested in 71 projects worth $5.6bn, with the most significant being The Agtech Park in Egypt, where UAE’s Abu Dhabi Fund for Development (ADFD) supported the establishment of an agricultural technology (agtech) park to enhance agricultural productivity and promote innovation in the sector.

The country’s North Coast captures attention as a second homes market, projecting sustained demand.

Capital appreciation potential, attractive rental yields in foreign currencies, and surging GCC buyer interest fuel this demand.

Faisal Durrani, Partner – Head of Middle East Research at Knight Frank, said: “Egypt has always held a special place in the minds of GCC investors and we are starting to see a demand renaissance of sorts, with GCC buyers increasingly looking at the Egyptian second homes market, particularly on the north coast of the country.

“Clearly, the weakness of the Egyptian pound, the relatively affordable home values when compared to major cities in the Gulf and the pleasant summer climate on the Mediterranean coast are adding to the country’s attractiveness.

“This renewed demand comes hot on the heels of the $78bn in investments committed by public and private sector entities from the GCC over the last 18-months or so.”

Source:https://www.arabianbusiness.com/industries/real-estate/egypt-eyes-120bn-investment-boom-as-middle-east-drives-real-estate-investment

Dubai’s ultra-luxury property sector saw 176 high-end homes sold for AED3.1bn ($845m) in the first half of the year, according to Unique Properties analysis.

The Dubai real estate agency also reported that 219 homes sold in the premium price range in the past year.

This places Dubai as the fourth most active city in the world for ultra-luxury real estate, according to data from global real estate consultancy Knight Frank.

Ultra-luxury Dubai property
The city continues to solidify its position and attract investors from around the world.

Dubai has the largest population of wealth residing in the Middle East.

Recent data indicates that there are 68,400 millionaires, 206 centi-millionaires – individuals with a net worth of at least AED367m ($100m).

Unique Properties also said Dubai has 15 billionaires.

Combined, this highlights a 62 per cent increase in the number of UHNWIs (ultra-high-net-worth individuals) from 2012 to 2022.

Across the Middle East, UNHWI growth is expected to surge 24 per cent over the next five years.

In turn, the supply and delivery of luxury residential units will also see a notable uptick.

Knight Frank also reported that 9,717 UHNWIs are currently based in the Middle East and this figure is expected to reach over 12,000 by 2026, with the majority of these individuals heading to Dubai as their primary residential option and contributing to not only the city’s property sector but also its overall economy.

Arash Jalili, Founder and CEO of Unique Properties, said: “Dubai has continued to push the boundaries of what people can expect when they come here from all over the world.

“The city provides expats with both top luxury units and strong investment opportunities for a comfortable and safe lifestyle, while also ensuring a good return on investment for their money.

“As the city continues to cement itself as the top destination in the Middle East and a preferred destination for the world’s highly-affluent, we are no longer looking at millionaires entering the market.

“Our attention has now also shifted to focus on centi-millionaires and billionaires who are looking to invest in luxury villas and penthouses in high-end areas, such as Palm Jumeirah and Emirates Hills.

“The city’s commitment to constant growth and security will continue attracting the world’s richest to come and invest here regardless of the price.”

Source:https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-specialists-ignoring-millionaires-to-focus-on-billionaires-as-176-homes-sold-for-845m

The Dubai real estate sector recorded transactions valued at AED23.1bn ($6.3bn) in the week ending August 55, according to data from the city Land Department.

In total there were 3,229 transactions.

183 plots were sold for AED1.33bn ($362m) and 2,361 apartments and villas were sold for AED5.77bn ($1.6bn).

Dubai real estate this week
The top three transactions for land were a plot in Madinat Dubai Almelaheyah sold for AED93.37m ($25.4m), followed by land sold for AED76m ($20.7m) in Palm Jumeirah, and a plot sold for AED64.1m ($17.5) in Al Barsha South Second.

Madinat Al Mataar recorded the most transactions for the week, with 51 sales transactions worth AED182.3m ($49.6m).

This was followed by Al Hebiah Fifth with 24 sales transactions worth AED59.3m ($16.1) and Saih Shuaib 1 with 19 sales transactions worth AED33m in third place ($8.9m).

The top three transfers for apartments and villas were all in Palm Jumeirah.

First up was a villa sold for AED65m ($17.7m), followed by other homes sold for AED57m ($15.5m) and AED54m ($14.7m).

The sum of the amount of mortgaged properties for the week was AED15.75bn ($4.3bn), with the highest being a massive AED14bn ($3.8bn) for land in Jebel Ali Industrial First.

121 properties were granted between first-degree relatives worth AED301m ($82m).

Source:https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-market-records-6-3bn-of-land-and-property-deals-this-week

Saudi Arabia’s franchise sector is set to enhance its contribution to the Kingdom’s gross domestic product with an initiative by the Small and Medium Enterprises General Authority. This initiative aims to unlock multiple opportunities within the sector.

Also known as Monsha’at, the authority has organized the Commercial Franchise Week, a part of a series of business weeks, in collaboration with various government agencies, banks, and sectors dedicated to trademark allocation for small and medium enterprises.

Scheduled from Aug. 20-24, the event is designed to showcase key initiatives and programs that offer support to entrepreneurs, the Saudi Press Agency reported.

Source:https://www.arabnews.com/node/2358171/business-economy

Affirming its commitment to the global fraternity, the Saudi Fund for Development has laid the foundation stone to kick off the construction of the Mangoky Bridge in Madagascar, an island country lying off the southeastern coast of Africa.

The SFD has contributed $20 million as a soft loan to the project, alongside contributions from institutions and development funds in the Arab Coordination Group and the government of Madagascar, the Saudi Press Agency reported.

The Mangoky Bridge will connect the Atsimo-Andrefana and Menabe regions, home to Madagascar’s most vital agricultural and tourism assets.

The bridge is also expected to reduce the travel time between these two regions, thus helping local farmers to get their products to the market much more quickly.

Mohammed Al-Shammari, the SFD’s director general for Africa operations, laid the foundation stone in the presence of Andry Rajoelina, president of Madagascar.

Several high-level officials, including Christian Ntsay, prime minister of Madagascar, were also present during the event.

During his speech at the event, Rajoelina thanked the fund for contributing to constructing the 878-meter bridge and other development projects in his country.

The fund has been contributing to developmental projects across the globe since its inception in 1974.

The SPA report also noted that the fund had provided six loans to finance six development projects in Madagascar worth $69 million.

In January, the fund signed a deal with Pakistan’s Economic Affairs Ministry to finance oil derivatives amounting to $1 billion.

Saudi Arabia’s helping hand to Pakistan came when the Asian nation was battling a tough economic crisis amid dwindling forex reserves and a rapidly depreciating national currency.

In the same month, the fund also forayed into Caribbean countries by signing an $80 million financing agreement for the University of the West Indies expansion project at Five Islands in Antigua and Barbuda.

The financing deal aimed to reach sustainable development goals in the Caribbean, promote scientific innovation and add additional educational facilities to the university.

Source:https://www.arabnews.com/node/2358176/business-economy

The annual inflation rate in the Sultanate of Oman reached 0.69 percent at the end of June 2023, according to the monthly consumer price survey data issued by the National Centre for Statistics and Information (NCSI).

The inflation rate was driven by the increase in most of the main groups that make up the consumer price index. The prices of the food and non-alcoholic beverages group rose by 2.18 percent, due to the increase in the prices of most of the group’s components, led by milk, cheese and eggs by 9.78 percent, fish and seafood by 5.19 percent, oils and fats by 4. 81 percent, fruits by 4.3 percent, other foodstuffs by 3.91 percent, bread and cereals by 2.34 percent, and non-alcoholic beverages by 0.67 percent. Meat prices decreased by 0.12 percent and vegetables by 5.65 percent.

The prices of restaurants and hotels groups increased by 3.68 percent, furniture, fixtures and household equipment, and routine home maintenance work by 2.93 percent, miscellaneous goods and services by 2.33 percent, tobacco by 2.11 percent, culture and entertainment by 1.73 percent, health by 1.28 percent, and clothes and shoes by 0. 56 percent, and education by 0.05 percent, and the housing, water, electricity, gas, and other types of fuel group, which rose by 0.02 percent. The prices of the transportation group decreased by 1.74 percent, and communications by 0.22 percent.

The inflation rate increased by 0.23 percent compared to the previous month as a result of the increase in food and non-alcoholic beverages groups by 0.97 percent, led by tobacco by 0.35 percent, culture and entertainment by 0.28 percent, miscellaneous goods and services by 0.23 percent, and furniture, household equipment and household maintenance by 0.03. percent, compared to a decrease in the prices of transport groups by 0.1 percent, communications by 0.05 percent, restaurants and hotels by 0.04 percent, and the stability of prices for housing, water, electricity, gas, and other types of fuel, clothing, shoes, health, and education.

Al Buraimi Governorate recorded the highest inflation rate among the governorates at 1.3 percent, compared to the lowest inflation rate in the North Al Sharqiyah and South Al Sharqiyah Governorates at 0.2 percent. Muscat Governorate recorded an increase in inflation by 1 percent, while Al Dakhiliyah Governorate recorded 0.7 percent, Dhofar Governorate 0.7 percent, Al Dhahirah Governorate 0.6 percent, and North Governorate. Al Batinah 0.4 percent.

Source:https://timesofoman.com/article/134420-omans-annual-inflation-rate-reaches-069

The total domestic production of natural gas amounted to 26.19 billion cubic metres until the end of June 2023, an increase of 2.3 percent compared to the same period in 2022, when the total amounted to 25.60 billion cubic metres.

Statistics issued by the National Centre for Statistics and Information (NCSI) showed that industrial projects accounted for 58.7 percent of the natural gas uses in the Sultanate of Oman at 15.39 billion cubic metres until the end of June 2023.
The total use of natural gas for oil fields amounted to 6.76 billion cubic meters, power plants at 3.89 billion cubic metres and industrial areas at 131.50 million cubic metres.

It is noteworthy that the non-associated production of natural gas, including imports, amounted to 20.89 billion cubic metres, while the associated production of natural gas amounted to 5.30 billion cubic metres.

Source:https://timesofoman.com/article/134421-omans-natural-gas-production-rises-23