https://arab.news/n7fw6
Dubai: The UAE Development Bank plans to inject 30 billion dirhams (US$8 billion) into its domestic market by 2025 to support the industrial sector.
The CEO of EDB stated at the Global Manufacturing and Industry Summit in Dubai that the move will create 25,000 jobs and support 13,500 companies in the country.
Ahmed Al Naqbi said: "The bank was established to accelerate industrial development, make small and medium-sized enterprises (SMEs) a core part of the ecosystem, and promote local entrepreneurship and entrepreneurship."
The bank’s funding is in line with the UAE’s “300 billion action” strategy, which aims to increase the industrial sector’s contribution to the country’s gross domestic product from AED 133 billion to AED 300 billion by 2031.
Beirut: Lebanese Governor Riad Salameh told Reuters on Tuesday that Lebanon has not yet provided the International Monetary Fund with its estimate of the financial system losses because discussions on the issue are still ongoing, but efforts are being made Sign a memorandum of understanding with the IMF before the end of the year. Last year, Lebanon’s disagreements over the scale of the loss and how to allocate the loss undermined the IMF negotiations. The central bank, banks and political elite rejected the figures in the government plan approved by the International Monetary Fund at the time. This issue hinders efforts to find a way out of the crisis that has destroyed Lebanon since 2019, which devalued the currency by more than 90%, caused a spike in poverty and caused many Lebanese to emigrate. In an interview at the upcoming Reuters Next meeting, Salameh also stated that the bank has $14 billion in usable liquidity in its reserves and reiterated its denial of wrongdoing because French and Swiss judicial authorities are investigating money laundering against him. Allegations. Salameh stated that a plan of the International Monetary Fund is critical to Lebanon's emergence from the crisis, noting that it will release external financing and that it will implement the discipline of reforms. Therefore, the central bank will accept the loss figure determined by the government, he said. "At this stage, we are still collecting the data required by the IMF, and the issue of losses - the amount of these losses - will not become an obstacle to these negotiations, at least from the central bank's side," he said. When asked if there has been an agreement on who will bear the burden of losses-such as depositors, bank shareholders, the government and the central bank itself-Salame said that no decision has been made yet, "because we have not yet finalized figures and international currencies. The IMF agreed on total losses.” Several sources said last year that Salame dismissed the losses implied by the previous administration’s plan in the $70 billion range, even though some cited higher figures. . The ruling party and commercial banks also oppose these figures, saying they are too big. When asked when the number will be ready, Salame said that Prime Minister Najib Mikati has set a deadline for signing the IMF Memorandum of Understanding before the end of 2021. The government and the central bank are “very Work hard to achieve this goal". Salameh became the president of the Bank of Libya (BDL) in 1993 and managed the pegged exchange rate from 1997 to its collapse, supporting an import-dependent economy. With the depreciation of Lebanon's currency, the BDL provided U.S. dollars at a heavily subsidized exchange rate to fund imports of fuel, food, and medicine, and reserves were depleted. Salameh pointed out that this policy has now been basically cancelled-today the only imported goods that provide US dollars at subsidized prices are medicines for certain chronic diseases and wheat, and BDL sells gasoline imports in US dollars at a small discount below the market exchange rate. "We The expectation is that if we maintain this model, in the next 12 months...BDL will have to provide 2.5 billion US dollars in funding," he said. He said that during that time period, BDL may recover between US$30 and US$500 million from its foreign exchange platform Sayrafa. Recently, reserves were increased through the sale of more than one billion U.S. dollars of Special Drawing Rights of the International Monetary Fund. Salameh is under investigation by the authorities in four European countries, including an investigation into BDL suspected of "serious money laundering" in Switzerland, involving US$300 million in proceeds from a company owned by his brother Raja Salameh. Last week, he said he had ordered an audit of key transactions and investments reported by the media, which showed that public funds were not used to pay fees and commissions to companies owned by his brother. Raja Salameh has not commented publicly on this allegation. Salameh provided the Prime Minister with an audit report last week, but declined to provide one to Reuters. "In this report, it is clear that there is no corruption or money laundering on my side or under the guidance of the central bank," he said.
The huge Red Sea project includes urban development, mass tourism and the "greening" of the entire region-apart from the cultural aspect: this is the main potential attraction that attracts about 7 million tourists to Saudi Arabia for diving.
No less than 1,600 archaeological sites have been identified in the area, 20 of which have been reduced to potential tourist attractions. These include Nabataean and other pre-Islamic relics as well as ports and castles from the Islamic era.
Perhaps the most important of these is the shipwreck in the early 18th century, discovered in 2016, and probably originated in Egypt. Judging from its huge frame size and the presence of unusual architectural elements, the construction of this ship obviously has no similarities and continuity with today's traditional Arab ships.
“We don’t know much about this period in Saudi history,” Red Sea Development’s Michael Sliger told Arab News, “or what was the life of the sailors who crossed the Red Sea at that time, that’s why this shipwreck was Digging is very important because it will give us a better picture."
The relatively large size of this ship indicates that it can travel as far away as China and India to bring back cargo that was ultimately destined for the Ottoman Empire and Europe.
TRSDC is working with the Heritage Committee of the Saudi Ministry of Culture and a team of archaeologists from the University of Naples, the oldest school of Sinology and Oriental Studies in Europe. The UN team investigated the sunken ship and will undertake the arduous and sensitive work of salvaging the sunken ship, and will eventually display its fascinating content in a specially constructed museum.
"Our plan is to create a unique destination with a difference," said TRSDC's senior director of risk development and innovation. "The treasures of the sunken ship can be obtained by diving on-site or watching in a museum, and our goal is to put these treasures in place when the rest of our development is ready to welcome visitors on a large scale."
Of particular interest is a large group of more than 2,000 Chinese porcelain cups and jars, which may have been sold to pilgrims in Mecca for the purpose of collecting the holy water of the "Senzengquan". Even after hundreds of years under the sea, many are still in good condition. For example, these objects depict garbage on the river, multi-story pagodas, and figures of people.
Other artifacts include items that reflect the daily lives of the crew, including their Ottoman pipes, meal wrecks and plates they ate, and even a well-preserved coconut.
"We believe this will be a unique dive site," Slage said. "Attracts many of the 7 million diving tourists worldwide. For non-divers, we are looking for other ways to enter the site through submarines and glass bottom boats, as well as visits. Museum to view the cultural relics that are protected and displayed."
The shipwreck and its associated museum will help consolidate Saudi Arabia’s position as an important cultural center.
"According to UNESCO data, 60% of tourists' destinations are influenced by heritage assets," Slage said. "Compared to places without heritage assets, 40% of people will stay longer. Therefore, we believe that by developing the accessibility of our heritage sites, shipwrecks are only the first of them and we will be able to attract more Tourists."
Riyadh: The Minister of Petroleum and Mineral Resources of Egypt said on Tuesday that by the third quarter of 2021, Egypt will export more natural gas than its Arab neighbors.
Tarek Al-Mulla said that the country exported 1 million tons of liquefied natural gas. He said that despite the pandemic, the oil and gas sector contributed 24% of the country's GDP in 2019-2020. Before the pandemic, the industry's contribution to GDP was approximately 27% in 2018-2019.
Al-Mulla said that between 2020 and 2021, the oil balance of payments reached a surplus of approximately 9.5 billion Egyptian pounds ($604 million), while the surplus from 2018 to 2019 was 9.9 billion Egyptian pounds.
Riyadh: NeuraMatrix, a Chinese brain-computer interface platform, has completed a US$15.6 million Series A financing led by Huagai Capital and Aramco Ventures' diversified growth fund Prosperity7 Ventures.
The financing will enable the company to increase research and development efforts, accelerate chip production, and develop hardware and software for mass production of medical applications.
Liu Di, vice president of Huagai Capital, said: "Brain-computer interfaces are a powerful technology platform for brain science research and can also improve the status quo of central nervous system diseases."
"We are very optimistic about the company's deep cultivation of hardware technology, as well as its leading position in technological transformation and product landing in scientific research and industrial fields." Liu added.
Founded in 2019, NeuraMatrix plans to build a BCI application matrix and continue to develop core materials, chips, terminals and software tools to serve various future use cases.
Riyadh: Given the risks associated with cryptocurrencies, the International Monetary Fund warned El Salvador not to use Bitcoin as an official tender, just the day after the country announced its plan for the world’s first Bitcoin city.
“In view of the high volatility of bitcoin prices, using it as a legal tender will bring significant risks to consumer protection, financial integrity, and financial stability,” the IMF said in a statement after ending its monitoring mission for the Central American country.
"Its use also creates financial contingent liabilities. Because of these risks, Bitcoin should not be used as legal tender."
The Washington-based bank therefore recommended “reducing the scope of Bitcoin law” to make it an official currency, and urged “strengthening supervision and supervision of the new payment ecosystem”.
The day before the statement of the International Monetary Fund, President Nayib Bukele stated that El Salvador plans to build a “Bitcoin City” driven by a volcano and financed by cryptocurrency bonds.
Encryption is not a fashion
Australian Senator Jane Hume talked about cryptocurrency and decentralized finance (DeFi) in a speech at the Australian Financial Review Super and Wealth Summit in Sydney on Monday.
Hume said they need to acknowledge that cryptocurrency is not a fad, adding that there are huge opportunities for decentralized finance (DeFi).
"So, as an industry, as a government, we need to admit that this is not a fashion. We should proceed with caution, but don't be afraid," Hume said.
According to a new report from the Australian Senate Committee, 17% of Australians invest in cryptocurrencies.
"This is an asset class that has captured people's hearts, but beyond that-no matter what you think personally-it is a technology that will not disappear anytime soon," she said.
Bitcoin, the leading cryptocurrency in international transactions, fell on Tuesday, falling 1.83% to 57,274 US dollars at 6:21 pm Riyadh time.
According to CoinDesk's data, the trading price of Ether, the second-largest cryptocurrency by trading volume, was US$4,296, an increase of 1.25%.