Briefings by Thinking Arabian | 57

Contents

• In a nutshell
• Briefings on?Qatar, Oman, Saudi Arabia, Bahrain, the United Arab Emirates, GCC & MENA, Morocco and Egypt

In a Nutshell

Saudi Arabia and the United Arab Emirates account for 90% of the region's green bond market

• According to a leading finance official, Saudi Arabia and the United Arab Emirates now represent over 90 percent of the green bond market in the Arab region.?

Saudi Arabia leads the world with its investment in technology solutions

• A senior official said Saudi Arabia has positioned itself as a global innovation leader through its proactive leadership and investment in advanced technological solutions.

Qatar's merchandise trade balance records a surplus of $14.9 billion

• Qatar's trade balance recorded a surplus of $14.9 billion in the fourth quarter of 2023, an annual decline of 31.5 percent, according to official data.

Fitch expects IPO momentum to continue in the GCC in 2024

• Privatization pledges by governments will drive IPO momentum in the Gulf Cooperation Council region in 2024, according to Fitch Ratings.?

UAE steps up efforts to combat financial crime with new MoU

• The new MoU reaffirms the UAE's commitment to fighting financial crime through increased cooperation, training, and innovation in combating these evolving threats.

Mohammed bin Rashid issues law on taxation of foreign banks in Dubai

• As Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued Law No. (1) of 2024 on the Taxation of Foreign Banks in Dubai.

Briefings

Qatar

According to WTO Director-General, Qatar is a model country for economic development ?

The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, emphasized that the State of Qatar is a role model for economic development and an important country for the WTO. (10.03.2024, The Peninsula)

QatarEnergy enters new exploration block offshore South Africa

Under the terms of the agreement, QatarEnergy acquires a 24 percent stake, while TotalEnergies holds a 33 percent stake and will manage operations. (07.03.2024, Doha News)

Qatar is an ideal technology hub for start-ups and investors ?

Qatar's geographical location makes it a perfect and ideal hub for implementing technology-based start-ups, companies, and investments. (07.03.2024, The Peninsula)

Oman

Foreign assets of the Central Bank of Oman rise to $17.49 million by 2023 ?

The Central Bank of Oman's total foreign assets increased by 0.1 percent to reach 6.73 million Omani rials ($17.49 million) by December 31, 2023, compared to last year. (10.03.2024, Arab News)

Oman's hotel revenue reaches OMR 24 million in January

The revenue of 3-5 star hotels in Oman amounted to OMR 24,751 million at the end of January 2024, an increase of 17.1 percent compared to the same period in 2023. (09.03.2024, Times of Oman)

Saudi Arabia

Saudi Arabia waives customs duties on certain goods to boost the industrial sector ?

The Saudi government wants to boost the industrial sector and will therefore waive customs duties on certain industrial products from April 1. (07.03.2023, Arab News)

Saudi Arabia's National Development Fund signs a partnership agreement with the World Economic Forum

Saudi Press Agency reports that Saudi Arabia's National Development Fund signed a partnership agreement with the World Economic Forum on Thursday. (08.03.2024, Arab News)

How Saudi Arabia's switch to cleaner fuels will benefit public health and improve air quality ?

At a time of increasing environmental awareness, Saudi Arabia is well on its way to offsetting its carbon footprint by tackling air pollution and reducing harmful emissions from the transportation sector. (09.03.2023, Arab News)

Red Sea Global advocates for seagrass conservation ?

In line with the worldwide movement to protect seagrass, Red Sea Global has recently launched the first seagrass transplantation initiative in the Red Sea, with a dedicated program to save and restore seagrass meadows. (11.03.2024, Arab News)

Bahrain

Bahrain's "Golden License" initiative attracts $2.4 billion in investment ?

With Bahrain's stock of foreign direct investment as a percentage of GDP exceeding the global average at over 81 percent, international investors continue to trust the country's competitive value proposition. (11.03.2024, Gulf Business)

The United Arab Emirates

UAE delegation in Switzerland to promote bilateral trade relations ?

A high-level UAE delegation led by the Undersecretary of State for Foreign Trade in Switzerland is set to promote the growing business ties between the two countries. (07.03.2024, Arab News)

UAE and Greece sign agreement to strengthen trade and economic relations ?

Mubadala and the Hellenic Development Bank of Investments aim to expand their partnership by investing 200 million euros. (10.03.2024, The National)

Abu Dhabi-based G42 partners with EcoCloud to develop a green data center in Kenya ?

G42, the Abu Dhabi-based artificial intelligence and cloud computing company, has partnered with Kenyan technology company EcoCloud to develop a green data center in the East African country. (08.03.2024, The National)

GCC & MENA

Diversification strategies pay off for GCC economies ?

Transportation, tourism and logistics will help the Gulf Cooperation Council region achieve gross domestic product growth well above the global average, economists told Arab News. (09.03.2024, Arab News)

GCC and Canadian officials hold talks to boost partnership

Top officials from the Gulf Cooperation Council and the Canadian government have met in Riyadh to discuss ways to strengthen ties and address key regional and international challenges. (07.03.2024, Arab News)

Saudi Aramco and ADNOC from the United Arab Emirates hold talks on investing in US LNG projects ?

Saudi Aramco is in talks to invest in Phase 2 of Sempra Infrastructure's Port Arthur LNG project in Texas. (10.03.2024, Gulf Business)

Egypt and Saudi Arabia cooperate to build a vibrant center in downtown Cairo ?

An alliance between ASGC Construction, Saudi Egyptian Developers and Hassan Allam Holding has announced plans to develop a project in downtown Cairo that will include a hotel, shopping mall, office building and residential units. (10.03.2024, Egyptian Streets)

Will the UAE's $35 billion investment help Egypt overcome the financial crisis? ?The Gulf state has stepped in with a major deal that could give President Abdel Fattah al-Sisi's government an economic lifeline. (11.03.2024, Al-Monitor)

Morocco

Morocco leads North Africa in economic freedom ?

According to a Heritage Foundation report, Morocco leads North Africa in economic freedom as remarkable achievements pave the way to greater prosperity. (07.03.2024, Morocco World News)

Moroccan government implements project to develop green hydrogen ?

The initiative addresses the green industry value chain and meets the investment needs to make Morocco a major player. (10.03.2024, Morocco World News)

Morocco and the EU are working together on a €10 million project to support the "just transition" to a green economy ?

The €10 million project, supported by the BMZ and the EU, is helping Morocco to update its nationally determined contribution under the Paris Agreement. (07.03.2024, Morocco World News)

Morocco moves to a free-floating dirham as economic stability increases

According to Capital Economics, Morocco is well positioned for a floating dirham, given the improved balance of payments and slowing inflation. (08.03.2024, Morocco World News)

Egypt

Technology sector in Egypt attracts leading international companies ?

According to the Minister of Communications and Information Technology, the high-tech sector has succeeded in attracting leading international companies from various fields of communications and information technology to set up their outsourcing centers in Egypt. (09.03.2024, Egypt Independent)

Egyptian pound stable after devaluation and IMF agreement

The Egyptian currency was stable at around 49.5 pounds per dollar when the market opened on Thursday, a day after the central bank devalued the currency and pledged to move to a more flexible exchange rate regime after the country agreed an expanded $8 billion program with the IMF. (07.03.2024, Arab News)

Germany provides Egypt with 258 million euros for debt swap ?

Egyptian Minister of International Cooperation Rania al-Mashat stated that German-Egyptian development cooperation is witnessing remarkable developments and boosting Egyptian development efforts in various fields. (12.03.2024, Egypt Independent)

Moody's raises Egypt's credit outlook to positive after IMF deal

Moody's Credit Ratings Agency upgraded Egypt's credit outlook from positive to negative after receiving foreign investment and foreign exchange from the International Monetary Fund (IMF) and other parties. (09.03.2024, Egyptian Streets)