Flydubai to Resume Flights to the Maldives in October

Flydubai to Resume Flights to the Maldives in October
TT

Flydubai to Resume Flights to the Maldives in October

Flydubai to Resume Flights to the Maldives in October

Dubai-based airline, flydubai announced the resumption of flights to Malé, the capital of the island nation, the Maldives. The service, which the carrier initially operated between 2013 and 2018, will be reinstated from 27th October due to popular demand as the Indian Ocean destination welcomed back tourists of all nationalities earlier this summer.

flydubai flights will operate four times a week to Malé on Tuesdays, Thursdays, Fridays and Saturdays. This brings the number of destinations flydubai operates to 40 across its network in Africa, Central Asia, Europe, Indian Subcontinent and the Middle East, state news agency WAM reported.

Commenting on the start of flights to Malé, Ghaith Al Ghaith, Chief Executive Officer at flydubai, said, "We continue to see signs of recovery as more countries start to lift restrictions on international travel. Working together, all the stakeholders in the travel industry have a role to play to safeguard travel in this new environment enabling more people to travel confidently."

"We remain agile in our operations and committed to gradually adding more flights to further support the flow of trade and tourism around the region as we look ahead to this new way of travel in the months to come," he added.

The carrier has been steadily increasing its operations since July and continues to operate all-cargo flights and repatriation flights in addition to its published schedule.



World Bank Group to Provide Egypt with $6 Bln over Three Years

People buy fruits and vegetables at a local market in Cairo, Egypt, 12 March 2024. (EPA)
People buy fruits and vegetables at a local market in Cairo, Egypt, 12 March 2024. (EPA)
TT

World Bank Group to Provide Egypt with $6 Bln over Three Years

People buy fruits and vegetables at a local market in Cairo, Egypt, 12 March 2024. (EPA)
People buy fruits and vegetables at a local market in Cairo, Egypt, 12 March 2024. (EPA)

The World Bank Group said on Monday it intends to provide more than $6 billion of support over the coming three years to Egypt, which has been struggling with a foreign currency crunch and gaping budget and balance of payments deficits.

The World Bank Group said $3 billion will go towards government programs and $3 billion to the private sector, all subject to the group's board approval.

The announcement follows Egypt's signing on March 6 of a loan agreement with the International Monetary Fund that expanded IMF support to Egypt by $5 billion and by an announcement on Sunday of $8.1 billion euros in financing from the European Union.

Egypt's central bank on March 6 let the pound plummet and said it would allow the currency to trade freely. The currency had been fixed against the dollar for 12 months.

Some $3 billion of the World Bank financing will be distributed to the government and its programs over three years, with the first $1 billion expected to arrive by the end of June, Egypt country director Stephane Guimbert told Reuters.

"Some significant part of that will go to budget support. and then we have a range of programs on climate, on SMEs (small and medium-sized enterprises), etc.," Guimbert said.

Another $3 billion will be directed through the World Bank Group's private sector arm, the International Finance Corporation (IFC), including through equity and loans, and will be made up partly by funds mobilized from other investors.

The financing is still subject to the group's board approval, which is expected before the end of June, Guimbert said. "And then we’ll disburse as soon as we can after that."

The World Bank program will focus in part on helping state-owned enterprises "that are not sold, that remain within government control, and the way they are managed, including levelling the playing field with the private sector", he said.

The World Bank funds will also help finance Egypt's social protection project, Takafol and Karama, as well as water and agriculture programs.

Egypt has been selling assets to boost the private sector and raise scarce hard currency, setting a target in 2022 to raise $10 billion annually over four years through private investment in state assets.

Egypt last month raised $35 billion by selling the development rights of the Ras al-Hikma peninsula on the Mediterranean coast to the Emirati sovereign wealth fund ADQ.

The World Bank Group said its current operational portfolio in Egypt is more than $8 billion, comprising $6 billion from the International Bank for Reconstruction and Development, $1.9 billion from the IFC and $0.5 billion from the Multilateral Investment Guarantee Agency.


IAEA to Help Iraq Develop Peaceful Nuclear Program, Agency Head Says 

Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi attends a press briefing at the Foreign Press Center in Tokyo, Japan, 14 March 2024, after inspecting decommissioning work and the releasing of treated radioactive water at Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Plant in Okuma, Fukushima Prefecture. (EPA)
Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi attends a press briefing at the Foreign Press Center in Tokyo, Japan, 14 March 2024, after inspecting decommissioning work and the releasing of treated radioactive water at Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Plant in Okuma, Fukushima Prefecture. (EPA)
TT

IAEA to Help Iraq Develop Peaceful Nuclear Program, Agency Head Says 

Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi attends a press briefing at the Foreign Press Center in Tokyo, Japan, 14 March 2024, after inspecting decommissioning work and the releasing of treated radioactive water at Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Plant in Okuma, Fukushima Prefecture. (EPA)
Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi attends a press briefing at the Foreign Press Center in Tokyo, Japan, 14 March 2024, after inspecting decommissioning work and the releasing of treated radioactive water at Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Plant in Okuma, Fukushima Prefecture. (EPA)

The head of the International Atomic Energy Agency Rafael Grossi met Iraq's prime minister in Baghdad on Monday as part of a visit to help the country develop a peaceful nuclear program.

"We have discussed several projects in Iraq, including building a nuclear reactor for peaceful purposes," Iraqi Education Minister Naim al-Aboudi told reporters following a meeting between Grossi and Iraqi Prime Minister Mohammed Shia al-Sudani.

Grossi said that a team of Iraqi experts would visit the agency's headquarters in Vienna in a few days to hold meetings to "set out a road map for the Iraqi peaceful nuclear program" amid growing interest in nuclear energy in the region.

"We see that in the (United Arab) Emirates, we see that in Egypt ... and of course we should see it here in Iraq," Grossi told reporters.

Iraq in the past had three nuclear reactors in Tuwaitha, its main nuclear research site, south of Baghdad. One was destroyed by an Israeli air raid in 1981 and the two others by US warplanes in the 1991 Gulf war that followed Iraq's 1990 invasion of Kuwait.

"Definitely, turning the page on this complex past is of the essence and we're doing just that," Grossi said.


Palestinian Unemployment Rate Seen Spiking to Over 50% Amid Gaza Conflict, ILO Says 

People walk in Gaza, amid the ongoing conflict between Israel and the Palestinian group Hamas, as seen from Israel, March 17, 2024. (Reuters)
People walk in Gaza, amid the ongoing conflict between Israel and the Palestinian group Hamas, as seen from Israel, March 17, 2024. (Reuters)
TT

Palestinian Unemployment Rate Seen Spiking to Over 50% Amid Gaza Conflict, ILO Says 

People walk in Gaza, amid the ongoing conflict between Israel and the Palestinian group Hamas, as seen from Israel, March 17, 2024. (Reuters)
People walk in Gaza, amid the ongoing conflict between Israel and the Palestinian group Hamas, as seen from Israel, March 17, 2024. (Reuters)

The Israel-Palestinian conflict is seen pushing the rate of Palestinian unemployment in the occupied West Bank and Gaza to above 50%, the International Labour Organization said on Monday.

Already more than half a million jobs have been lost since Oct. 7 2023, when Israel began a retaliatory military campaign in Gaza after Hamas militants launched deadly cross-border attacks, the new report showed. If the conflict continues until end-March then the unemployment rate will soar to 57%, it said.

ILO Regional Director for Arab States Ruba Jaradat said that the destruction of infrastructure and schools, hospitals and business in Gaza had "decimated entire economic sectors and paralyzed labor market activity, with untold repercussions on the lives and livelihoods of Palestinians for generations to come."

In Gaza, some 200,000 jobs have been lost, accounting for about two-thirds of total employment in the enclave.

In the West Bank, the report described "near lockdown" conditions with more than 650 permanent and temporary checkpoints across the territory having significant negative effects on the economy. More than 300,000 jobs, or about a third of total employment, have already been lost there, it said.


Economic Growth Boosts Role of Finance Companies in Saudi Arabia

The personal financing category topped the list with a significant increase of 666% (Asharq Al-Awsat)
The personal financing category topped the list with a significant increase of 666% (Asharq Al-Awsat)
TT

Economic Growth Boosts Role of Finance Companies in Saudi Arabia

The personal financing category topped the list with a significant increase of 666% (Asharq Al-Awsat)
The personal financing category topped the list with a significant increase of 666% (Asharq Al-Awsat)

Saudi Arabia's efforts to boost its economy and encourage local investments have led to a significant rise in loans provided by finance companies, reaching the highest levels in almost four years.

These loans increased by 73% to SAR 84.9 billion ($22.6 billion) by the end of 2023, compared to SAR 49.3 billion ($13.1 billion) in 2019.

Real estate financing took the largest share at 28%, while personal financing saw a massive increase of over 666%.

Finance companies, different from banks, specialize in providing loans and credit services to individuals and businesses. They aim to finance purchase and sale transactions for goods and services, often charging higher interest rates than banks to make profits.

These companies play a crucial role in providing financial solutions to individuals and businesses facing money problems.

By the end of 2023, Saudi Arabia had 59 licensed finance companies, with total assets of SAR65.5 billion, up by 68% from 2019.

According to data from the Central Bank of Saudi Arabia (SAMA), the capital of these companies increased by 25% to 15.4 billion Saudi riyals during the same period.

Mohammed Al-Faraj, Chief Asset Management Officer at Arbah Capital, explained to Asharq Al-Awsat that the lending surge was driven by Saudi Arabia’s strong economic growth, leading to increased demand for financing from individuals and businesses.

Loans from finance companies have positively impacted the economy by increasing investment, creating jobs, and boosting consumption, added Al-Faraj.

The finance sector enjoys high liquidity, with non-performing loans accounting for only 5% of total loans by the end of 2023.

Al-Faraj expected this trend to continue due to robust economic growth.

He also anticipated continued growth in the finance sector, with net income reaching SAR 1.6 billion by the end of 2023, up by 20% from 2019. Additionally, he predicted increased competition as finance companies expand their services and new players enter the market.

Ibrahim Al-Nwaibet, CEO of KASB Capital, pointed to the Kingdom’s real estate financing developments as the reason for the increase.

Residential financing hit SAR23.1 billion by 2023-end, making up 28% of total financing. However, he foresaw real estate finance companies moving away from the sector toward corporate and other activities.

At the start of this year, the National Housing Company, part of the Ministry of Municipal and Rural Affairs and Housing, announced a reduced financing margin for residential projects in suburbs and urban areas.

This move, in collaboration with four local banks, aimed to benefit the first 10,000 sales contracts without setting salary limits.


Oil Mergers, Clean Fuels Vie for Attention at Houston Energy Conference

FILE PHOTO: Mike Wirth, the CEO of Chevron Corporation, speaks with Daniel Yergin, the vice chairman of S&P Global, as top energy executives and officials from around the world gather during the CERAWeek 2023 by S&P Global, energy conference in Houston, Texas, US, March 6, 2023. REUTERS/Callaghan O'Hare/File Photo
FILE PHOTO: Mike Wirth, the CEO of Chevron Corporation, speaks with Daniel Yergin, the vice chairman of S&P Global, as top energy executives and officials from around the world gather during the CERAWeek 2023 by S&P Global, energy conference in Houston, Texas, US, March 6, 2023. REUTERS/Callaghan O'Hare/File Photo
TT

Oil Mergers, Clean Fuels Vie for Attention at Houston Energy Conference

FILE PHOTO: Mike Wirth, the CEO of Chevron Corporation, speaks with Daniel Yergin, the vice chairman of S&P Global, as top energy executives and officials from around the world gather during the CERAWeek 2023 by S&P Global, energy conference in Houston, Texas, US, March 6, 2023. REUTERS/Callaghan O'Hare/File Photo
FILE PHOTO: Mike Wirth, the CEO of Chevron Corporation, speaks with Daniel Yergin, the vice chairman of S&P Global, as top energy executives and officials from around the world gather during the CERAWeek 2023 by S&P Global, energy conference in Houston, Texas, US, March 6, 2023. REUTERS/Callaghan O'Hare/File Photo

Top oil executives and ministers descend on Houston this week for one of the world's biggest energy conferences emboldened by blockbuster mergers, stable oil prices and less pressure for a large scale move to clean fuels.

Global oil prices have remained in a range between $75 and $85 per barrel, a level fueling profits but not hurting economic growth, despite war in Eastern Europe and turmoil in the Middle East. Stock markets continue to spur deals, making Big Oil even bigger.
The annual CERAWeek conference comes as demand for oil and gas continues to rise alongside solar, wind and biofuels. Energy markets have accommodated a reordering of global flows as customers turn more to regional energy suppliers or live with longer seaborne supply chains.
"A remarkable thing is the (price) stability, given the geopolitical turmoil," said Daniel Yergin, vice chairman of conference organizer S&P Global and a Pulitzer Prize-winning author on global energy.
Unlike past conferences where conversations were dominated by market-share battles between USshale oil producers and the Organization of the Petroleum Exporting Countries, talk of price wars have been supplanted by energy security issues, Yergin said, according to Reuters.
"When demand was down and prices were down, it was very easy to see a way towards energy transition, but with Russia/Ukraine (war) and price shocks, energy security is back on the table," Yergin added.
More than 7,200 people are expected to hear the latest outlook on energy markets from the heads of top producers.
Global liquefied natural gas (LNG) developments and US climate policies will be a major topic in separate sessions by big exporters Cheniere Energy and Venture Global LNG, while US Energy Secretary Jennifer Granholm and White House adviser John Podesta press the administration's climate goals.
While oil prices are strong, natural gas has been overwhelmed by a production glut. But "this year will be a transition year to a much more bullish gas and power market next year," said Vikas Dwivedi, an energy strategist at financial firm Macquarie Group.

Climate concerns are reflected in the conference sessions on carbon sequestration technology and hydrogen fuels, which have become two of the oil industry's favorite means of addressing global warming. The role of artificial intelligence in energy production and carbon emissions are prominent sessions this year.


Gold Slips as Dollar Firms, Cenbank Meetings in Focus

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT

Gold Slips as Dollar Firms, Cenbank Meetings in Focus

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices slipped on Monday as the dollar held firm and investors braced for a slew of policy decisions from major global central banks including the US Federal Reserve this week.
Spot gold was down 0.4% to $2,147.79 per ounce, as of 0534 GMT. US gold futures fell 0.5% to $2,150.40, Reuters reported.
"A fairly hawkish outcome from the Fed has been baked in... it shows a fairly strong consensus that there might only be one or two cuts this year," said Kyle Rodda, a financial market analyst at Capital.com.
The Fed is considered certain to keep rates at 5.25%-5.5% at the end of its two-day meeting on Wednesday. But there is a possibility that the Fed might signal a higher-for-longer outlook on policy given the stickiness of inflation at both a consumer and producer level.
Traders are now pricing in an about 56% chance of a rate cut in June. Higher interest rates reduce the appeal of holding non-yielding gold.
Last week, data showed that US consumer prices increased solidly in February and producer prices rose more than expected amid a surge in the cost of goods like gasoline and food.
"If we get a less hawkish outcome from the Fed, there's every reason that we will see a weaker dollar, lower yields, and that could just fuel a rally and provide some fundamental impetus and then you are looking at $2,200 levels," said Rodda.
The dollar held steady near a two-week high against its rivals, making gold more expensive for other currency holders.
Meanwhile, the Bank of Japan is expected to exit its ultra-dovish monetary policy at its two-day meeting ending on Tuesday. The Bank of England will hold its meeting on Thursday and is expected to stay put on rates.
Spot silver dipped 0.6% to $25.01, platinum fell 0.6% to $927.63 per ounce and palladium lost 0.6% to $1,071.01.


Ukraine's GDP up by 3.6% in January-February, Economy Minister Says

 People look at Kyiv's panorama from a park in central Kyiv on March 15, 2024, amid the Russian invasion of Ukraine. (AFP)
People look at Kyiv's panorama from a park in central Kyiv on March 15, 2024, amid the Russian invasion of Ukraine. (AFP)
TT

Ukraine's GDP up by 3.6% in January-February, Economy Minister Says

 People look at Kyiv's panorama from a park in central Kyiv on March 15, 2024, amid the Russian invasion of Ukraine. (AFP)
People look at Kyiv's panorama from a park in central Kyiv on March 15, 2024, amid the Russian invasion of Ukraine. (AFP)

Ukraine's gross domestic product rose 3.6% in the first two months of this year, and growth is expected to continue in the first quarter, the economy minister Yulia Svyrydenko said on Sunday.

"This was driven by several factors, including investment demand, favorable weather conditions for construction works, agricultural exports, (and) the operation of the Ukrainian sea corridor," Svyrydenko said on Facebook, citing preliminary data.

She said the expansion of production capacity in the mining industry and stability in the energy sector were additional factors.

"Thanks to the positive performance of key sectors of the economy, we expect sustainable growth for the entire first quarter," she added.

Ukraine's GDP rose 3.5% in January, having grown by 5% in 2023 after a 28.8% fall in the previous year.

Ukraine's economy was devastated by Russia's invasion in February 2022 as millions fled the war, cities and infrastructure were bombed, and logistics, supply chains and exports disrupted.


Standard and Poor’s Affirms Saudi Arabia 'A/A-1' Rating, Outlook Stable

A general view of Riyadh, Saudi Arabia. (SPA file photo)
A general view of Riyadh, Saudi Arabia. (SPA file photo)
TT

Standard and Poor’s Affirms Saudi Arabia 'A/A-1' Rating, Outlook Stable

A general view of Riyadh, Saudi Arabia. (SPA file photo)
A general view of Riyadh, Saudi Arabia. (SPA file photo)

Standard and Poor’s Global Ratings affirmed its “A/A-1” long- and short-term foreign and local currency unsolicited sovereign credit ratings on Saudi Arabia with a stable outlook.

“The stable outlook reflects that we expect the government's wide-ranging reforms will continue to underpin the development of the non-oil sector and support non-oil growth and fiscal receipts,” said S&P on Friday.

“This is balanced against the cyclicality of a still hydrocarbon-focused economy, and fiscal pressures tied to the country's transformation plan and expanding population.”

“Saudi Arabia has embarked on a significant, rapid economic and social transformation program under the Vision 2030. In the leadup to 2030, we expect to see an acceleration of investment projects that seek to establish new industries, such as tourism, and diversify the economy away from its primary reliance on the upstream hydrocarbon sector,” it added.

“Over the long term, we anticipate that Vision 2030 projects will bear fruit by creating a more diversified economy and revenue base, jobs for a young population, and broader workforce participation,” it stressed.

Moreover, it noted: “Large hydrocarbon reserves and low cost of production provide Saudi Arabia some resilience to a global energy transition to low-carbon alternatives, especially in a future scenario where fossil fuel demand will largely be met by a smaller number of the most efficient producers.”


EU Pledges Billions of Euros for Egypt

File photo: Egyptian President Abdel Fattah Al-Sisi meets with European Commission President Ursula von der Leyen at the Ittihadiya presidential palace in Cairo, Egypt. (Reuters/File)
File photo: Egyptian President Abdel Fattah Al-Sisi meets with European Commission President Ursula von der Leyen at the Ittihadiya presidential palace in Cairo, Egypt. (Reuters/File)
TT

EU Pledges Billions of Euros for Egypt

File photo: Egyptian President Abdel Fattah Al-Sisi meets with European Commission President Ursula von der Leyen at the Ittihadiya presidential palace in Cairo, Egypt. (Reuters/File)
File photo: Egyptian President Abdel Fattah Al-Sisi meets with European Commission President Ursula von der Leyen at the Ittihadiya presidential palace in Cairo, Egypt. (Reuters/File)

The European Union announced a 7.4 billion euro ($8.1 billion) funding package and an upgraded relationship with Egypt on Sunday.

The agreement lifts the EU's relationship with Egypt to a "strategic partnership" and was unveiled as a delegation of leaders visited Cairo. It is designed to boost cooperation in areas including renewable energy, trade and security, while delivering grants, loans and other funding over the next three years to support Egypt's faltering economy.

The proposed funding includes 5 billion euros in concessional loans and 1.8 billion euros of investments, according to a summary published by the EU. Another 600 million euros would be provided in grants, including 200 million euros for managing migration.

Such deals were "the best way to address migratory flows", said Italian Prime Minister Giorgia Meloni, who travelled to Cairo alongside EU Commission President Ursula von der Leyen, the Greek, Austrian and Belgian prime ministers, and the Cypriot president.

Inflation is running close to record highs and many Egyptians say they struggle to get by. Over the past month, however, financial pressure has eased as Egypt struck a record deal for Emirati investment, expanded its program with the IMF, and sharply devalued its currency.

Diplomats say Egypt's strategic importance has been underscored by the war in Gaza, where Egypt is trying to mediate between Israel and Hamas and increase deliveries of humanitarian aid; and by the conflict in neighboring Sudan, which has created the world's biggest displacement crisis.

Speaking alongside Egyptian President Abdel Fattah al-Sisi, von der Leyen said it was critical to rapidly reach a Gaza ceasefire deal. Both leaders warned against an Israeli incursion into Rafah, where much of Gaza's population has been displaced.

Egypt says it has lined up a total of $20 billion in multilateral support after increasing its loan and economic reform program with the IMF.

Most of the EU funding is newly allocated and was drawn up in close cooperation with the IMF, with 1 billion euros of the "macro-financial" loan funding to be delivered this year, a senior EU official said.

The remaining 4 billion euros are subject to approval by the European parliament, the official added.

Egypt largely shut off irregular migration from its north coast in 2016, but more recently there has been a surge in Egyptians trying to cross to Europe via Libya, and the EU is already providing support aimed at reducing those flows.

In recent months, the Greek islands of Crete and Gavdos have seen a steep rise in migrant arrivals, mostly from Egypt, Bangladesh and Pakistan.

"We must prevent the opening of new migration routes and we will work very closely with Egypt to ensure that this will be achieved," said Greek Prime Minister Kyriakos Mitsotakis, adding that both countries would try to open up legal pathways on migration.


Nakheel to Merge with Meydan Under Dubai Holding

Dubai police officers pose for a photo before firing the canon outside Dubai Mall during the holy month of Ramadan, in Dubai, United Arab Emirates, March 15, 2024. REUTERS/Rula Rouhana
Dubai police officers pose for a photo before firing the canon outside Dubai Mall during the holy month of Ramadan, in Dubai, United Arab Emirates, March 15, 2024. REUTERS/Rula Rouhana
TT

Nakheel to Merge with Meydan Under Dubai Holding

Dubai police officers pose for a photo before firing the canon outside Dubai Mall during the holy month of Ramadan, in Dubai, United Arab Emirates, March 15, 2024. REUTERS/Rula Rouhana
Dubai police officers pose for a photo before firing the canon outside Dubai Mall during the holy month of Ramadan, in Dubai, United Arab Emirates, March 15, 2024. REUTERS/Rula Rouhana

Dubai real estate developers Nakheel and Meydan will merge and become part of Dubai Holding, UAE's WAM state news agency reported on Saturday.

Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum directed the two to merge under Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum.

The Board of Directors of both Nakheel and Meydan will be abolished.

"The goal is to create a more financially efficient entity, owning assets worth hundreds of billions, and comprising global expertise across various sectors," WAM quoted Sheikh Mohammed as saying.

“Wishing all the best to the team on this new mission... We are optimistic about an upcoming phase where we will multiply our growth, compete with our ambitions, and achieve our economic vision for our people,” he added.

Nakheel and Meydan have launched several projects in multiple sectors including real estate, retail, hospitality, food and beverage, leisure and entertainment and healthcare.