Briefings by Thinking Arabian | 5 February 2023
Content
In a Nutshell
Briefings about Egypt, MENA, Saudi Arabia, United Arab Emirates and Qatar
In a Nutshell
Initiatives include a new digital currency, open finance and a domestic card payment platform. The UAE's Central Bank has announced a new programme to accelerate digital transformation in the financial services sector, with initiatives spanning open finance and a new digital currency.
The new rules provide guidelines for family businesses holding assets and operating in or from DIFC, in support of their succession and legacy planning for future generations?
Briefings
Egypt
Egypt’s government is helping manage many fiscal risks it is experiencing, including from public guarantees and losses by state-owned enterprises, which could destabilise debt and require drastic cuts to vital spending, the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said on Sunday. (12.02.2023, Ahram)
Egypt is keen to continue enhancing its structural fiscal and monetary policy reforms and maximising the role of the private sector in the economy, President Abdel-Fattah El-Sisi told the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva. (13.02.2023, Ahram)
Egypt’s Prime Minister Mustafa Madbouly unveiled on Wednesday the names of the more than 30 state-owned companies of which the government plans to sell shares within a year through direct sales to strategic investors and listings on the Egyptian Exchange (EGX), in a renewed push to revive the authorities’ long-stalled privatization plans. (09.02.2023, Al Monitor)
MENA
There is likely to be a “strong pipeline” of?sustainable bonds?coming from the Middle East this year, according to S&P Global Ratings, as the region?continues to focus?on the green economy. (09.02.2023, The National News)
The executive director of the International Energy Agency has called for Middle Eastern countries to?accelerate their transition to clean energy. Fatih Birol, who spoke to?The National?at Davos last month, said there are two key reasons why now is the right time to speed up the transition. (12.02.2023, The National News)
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Saudi Arabia
Minister of State for Foreign Affairs, Cabinet Member, and Climate Affairs Envoy Adel Bin Ahmed Al-Jubeir received Sunday State Secretary and Special Envoy for International Climate Action at the Federal Foreign Ministry of Germany Jennifer Morgan.
During the meeting, they discussed aspects of cooperation in the fields of environment and climate change and ways to enhance them. (12.02.2023, Saudi Gazette)
Companies in Saudi Arabia?are moving faster when it comes to adopting cutting-edge technologies compared to their global counterparts, according to new study by KPMG.?(09.02.2023, The National News)
Starlinks, a logistics and supply chain solutions provider in Saudi Arabia, has announced the launch of hybrid logistics facility in Riyadh. Located in Agility Logistics Park, the facility comprises a storage area of 400,000 square feet. It is equipped with 254 autonomous robots for picking and sorting, thereby providing storage capacity for over 12 million units. (09.02.2023, Gulf Business)
United Arab Emirates
The UAE government's measures to further?ease doing business?will contribute to boosting foreign investment inflows into the country in?top-priority projects, the UAE's Ministry of Economy said.?(08.02.2023, The National News)
The European Union will invest a further $27 million in a UAE-based venture capital firm, aiming to help technology companies across the Middle East and Pakistan harmed by the COVID-19 pandemic. (14.02.2023, Alarabiya)
Qatar
Qatar’s economy is steadily growing with pivotal projects that were carried out in recent years due to FIFA World Cup 2022 and major events in the country.As a result, the infrastructure industry in the country is estimated at a compound annual growth rate (CAGR) of 7 percent from 2023 to 2028. (10.02.2023, The Peninsula Qatar)?
Qatar has witnessed numerous investments and business opportunities in the market over the years by hosting epoch-making events including FIFA World Cup 2022 and Asian Games 2006. Worldwide entrepreneurs and investors have entered the GCC market due to the trade opportunities and high demand in the real estate sector (12.02.2023, The Peninsula Qatar)
Qatar’s North Field will power the Middle East’s liquified natural gas (LNG) liquefaction capacity by adding 140 million tonnes per annum until 2050, a recent report has said. (12.02.2023, Doha News)