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Business & Finance

Investment Ministry unveils 9 new opportunities worth JD42 million

The Ministry of Investment has unveiled nine new investment prospects via the online platform invest.jo. These prospects encompass eight ventures within the mining and extractive industries sector and one in the tourism sector, with a collective value estimated at around JD42 million. Furthermore, feasibility studies have been initiated for nine key economic sectors, in line with the Economic Modernization Vision. In a statement issued on Sunday, Minister of Investment, Khuloud Al-Saqaf, underscored that the eight newly unveiled investment opportunities were meticulously identified by the Ministry of Energy and Mineral Resources, after careful consideration of potential areas for investment within the realm of mineral resources and strategic minerals. They encompass diverse activities, such as the extraction of silica sands, oil shale, limestone, diatomite, kaolin, dolomite, feldspar, and basalt, alongside the production of basalt fibers. She emphasized the government’s commitment to stimulating extractive and value-added industries that hinge on national raw materials, with a sharp focus on elevating the value of strategic national minerals. The invest.jo platform boasts a diverse array of 30 investment opportunities, spanning various sectors and geographical regions, all characterized by a high added value. Moreover, the platform has expanded the range of economic sectors accessible to potential investors to 17, including agriculture and food security, chemical industries, creative industries, education, energy, green growth, trade, transportation and logistics, water, communications and information technology, life sciences, healthcare, tourism, mining, food industries, textiles and garments, film production, and public-private partnership projects. The Minister indicated that the establishment of the invest.jo platform aligns with the overarching investment policy and the promotional strategy for the years 2023-2026, noting that these initiatives are an integral part of the ministry’s comprehensive plans, which harmonize with the Economic Modernization Vision. “The platform’s primary objective is to facilitate seamless communication between local and international investors, attract fresh investments, and empower existing ones to bolster confidence in the investment climate, fostering its development and organization,” she added. The Ministry of Investment launched the invest.jo platform on July 1st, as an interactive bilingual promotional platform that incorporates an interactive investment map to showcase sectors and investment opportunities, aiming to streamline interactions with both local and global investors and enable them to become acquainted with the business landscape within Jordan. The platform has recorded 22,562 visitors, with 2,779 individuals actively exploring investment opportunities. The top five investment opportunities that have piqued the keen interest of visitors include the Gas Distribution Network Project, Prefabricated Housing Manufacturing Project, Entertainment and Tourism City, Mechanical Recycling of Fibers for Spinning and Textiles Production, and the New Amman Slaughterhouse Project.

Source: Jordan News Agency

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Business & Finance

Ma’eit says successful Sukuk reflect confidence of capital market in Egyptian economy

Egypt’s Finance Minister Mohamed Ma’eit said Sunday that the successful sovereign Sukuk that were first issued by Egypt reflect a strong message of confidence from capital markets and investors in the Egyptian economy, its future and ability to flexibly handle challenges.

Ma’eit’s remarks were made during a speech read out by his advisor Mohamed Hegazi in the first regional conference of the AlBaraka Forum for Islamic Economy Sunday.

The conference, which kicked off today, tackles the important role played by the Sukuk in achieving sustainable development with focus on international experiments.

It is organized by the Arab Administrative Development Organization (ARADO) and the Egyptian Islamic Finance Association (EIFA).

The Sukuk are gaining increasing importance globally for many reasons, atop of which the expansion of markets dealing with this financial tool worldwide and the high turnout for it, according to Ma’eit.

The volume of Sukuk transactions has exceeded two trillion dollars, based on the lowest international estimates, he noted in his speech.

The Finance Minister’s remarks also highlighted a steady increase in the amounts of Sukuk, which are over 30 percent annually.

The global circumstances have brought the Islamic Sukuk to the front burner as an effective financial alternative in the emerging markets and developing countries, according to Ma’eit.

The Sukuk have emerged as an alternative tool to finance sustainable development projects and to meet financial needs of developing countries in light of the turbulence in the global financial market, the minister said in his speech.

Source: State Information Service Egypt

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Business & Finance

ASE index up 0.16%

The general index of stock prices on the Amman Stock Exchange (ASE) rose by 0.16 percent, ending the week’s trading at 2,414 points. The average daily trading volume last week was at about JD5.8 million, compared to JD3.6 million in the previous week, up 61 percent. The total weekly trading volume reached about JD23.2 million, compared to 18 million in the previous week. Some 21.4 million shares were traded last week through 11,377 transactions.

Source: Jordan News Agency

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Business & Finance

Oil Pricing Committee raises October diesel, gasoline prices

The Oil Derivatives Pricing Committee Saturday raised the selling price of 90-octane gasoline for the month of October to JD0.975 per liter, instead of JD0.960, and the price of 95-octane gasoline to JD1.220 per liter, instead of JD1.205. It raised diesel price to JD0.825 per liter, instead of the September price of JD0.800, and kept unchanged the prices of kerosene at JD0.620 per liter and a cooking gas cylinder at JD7.00. In its monthly meeting to determine the fuel prices in the local market for the month of October, it found global crude prices and oil derivatives have risen with 90-octane gasoline of both grades up JD0.015 per liter and diesel increased by JD0.025.

Source: Jordan News Agency

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Business & Finance

Crude prices record weekly gains

Oil prices varied during Friday’s trading session, but they are heading towards recording weekly gains of about two per cent amidst the scarcity of US supplies. Brent crude fell by about 0.21 per cent to $95.18 per barrel, while US crude futures rose by less than 0.1 per cent to $91.78 per barrel, according to the CNBC. Oil prices fell by about 2 per cent Thursday, as traders moved towards taking profits after prices rose to the highest level in 10 months and amid fears that the interest rate hike would affect demand for crude. Improving macroeconomic data in China – the world’s largest crude importer – along with strong levels of demand for fuel during the Golden Week holiday in China, which began today and continues for a week, contributed to supporting prices.

Source: Jordan News Agency

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Business & Finance

Bahrain’s tourism cooperation with India, Türkiye discussed

Abdulla bin Adel Fakhro, Industry and Commerce Minister, Acting Minster of Tourism, met Shripad Yesso Naik, Indian Minister of State for Tourism and Ports, Shipping and Waterways, on the sidelines of the 43rd session of World Tourism Day, which is held in Riyadh from September 27 to 28, under the theme of “Tourism and Green Investments”, co-organised by the Saudi Ministry of Tourism the World Tourism Organisation (UNWTO).

Minister Fakhro affirmed keenness to carry on the integrated efforts in the two countries’ tourism sectors.

The two sides praised the growth and development of the tourism sector in the two countries, citing the remarkable increase in the number of visitors and the development of the infrastructure of the tourism and travel sector.

They highlighted the role of the promising tourism initiatives launched by Bahrain and India to support partnerships in the private tourism sector to open up tourism investment horizons, promote the two countries’ tourist destinations at the regional and international levels, and provide diverse and unique tourism experiences for visitors.

Minister Fakhro also held a meeting with Mehmet Nuri Ersoy, Turkish Minister of Culture and Tourism, with whom he discussed ways to enhance tourism cooperation, within the framework of the two countries’ keenness to strengthen their strategic partnerships in the tourism sector, benefit from their common experiences, exchange expertise, and develop their tourism sector.

The two ministers also discussed cooperation in the field of increasing tourism traffic to and from the two countries, stimulating aviation, launching joint marketing programmes, holding familiarisation trips, and organising tourism packages that include the two countries in multiple programmes that can provide tourists with unique experiences that bring together the two countries that enjoy diverse tourist attractions.

Source: Bahrain News Agency

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Business & Finance

Jordan’s oil bill down 18.6pct in January-July of 2023

The Kingdom’s oil bill in the first seven months of the current year dropped by 18.6 percent, or JD401 million, reaching JD1.75 billion, compared with JD2.151 billion in the same period of 2022, the Department of Statistics (DoS) said on Tuesday.

According to the DoS foreign trade report, fuel and mineral oils accounted for the largest share of the Kingdom’s imports of oil derivatives, amounting to about JD636 million, followed by crude oil with a value of JD377 million, petroleum with JD373 million and diesel with JD342 million.

Source: Jordan News Agency

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Business & Finance

Finance Minister affirms depth of Bahrain-Oman relations

Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, has affirmed the depth of the long-standing fraternal Bahraini-Omani relations and cooperation across various fields, thanks to the support of His Majesty King Hamad bin Isa Al Khalifa, and His Majesty Sultan Haitham bin Tarik of Oman.

Shaikh Salman bin Khalifa also highlighted the keenness of the government, led by His Royal Highness Prince Salman bin Hamas Al Khalifa, the Crown Prince and Prime Minister, to broaden bilateral cooperation towards more progress to achieve common aspirations.

The Minister of Finance and National Economy was speaking while receiving Saud bin Nasser Al Shukaili, Oman Tax Authority (OTA) Chairman, who is on a visit to the kingdom.

Shaikh Salman bin KHalifa reviewed with OTA Chairman the deep-rooted Bahraini-Omani relations, which are growing steadily across various fields, particularly the financial and economic ones.

He also stressed the importance of such visits in paving the way for exchanging experiences and expertise, as well as in expanding the frameworks if bilateral cooperation, in a way that would achieve common interests.

The two sides also discussed ways to bolster the ongoing cooperation between the two countries, in addition to issues of mutual concern.

Source: Bahrain News Agency

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Business & Finance

Bahrain All Share Index has closes at 1,931.83 points

Bahrain All Share Index has closed at 1,931.83 points marking an increase of 2.32 points above the previous closing .

This increase was due to the rise in the and Financials Sector.

Bahrain Islamic Index has closed at 721.44 points marking an increase of 4.53 points above the previous closing .

Results indicated that 54 equity transactions took place with a volume of 1,125,054 worth BD 263,845.

Investors traded mainly in the Financials Sector representing %87.81 of the total value of securities traded.

Source: Bahrain News Agency

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Business & Finance

Saudi Arabia reaping fruits of ‘Vision 2030’

The Kingdom of Saudi Arabia is marking its 93rd National Day, while its citizens enjoy prosperity, stability, and security, thanks to the wise leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the ambitious visions of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister.

Recently, the Saudi General Entertainment Authority launched a new identity for the annual celebration, “We Dream and Achieve.” The theme is inspired by the goals set by the Saudi leadership and people in the “Saudi Vision 2030”. It indicates that Saudi Arabia is reaping the fruits of those goals, whose positive impacts are clear in all aspects of life. Thanks to that vision, the kingdom has consolidated its strength, status and strategic weight, and maintained its pivotal regional and global role, in a bid to transform the dream into reality.

While marking its 93rd National Day, Saudi Arabia carries on its nation-building process and dedicated work to ensure the well-being of its people and uphold the values of the state, loyalty, belonging and national pride, following in the footsteps of the Founding King and his sons, the successive kings. Indeed, the Kingdom has made qualitative leaps in economic, political, military, security and social fields, becoming a major country that influences the global decision-making process through its membership in the Group of Twenty (G20).

– Bahrain, Saudi Arabia: Similar future visions

Both the Bahrain Economic Vision 2030 and Saudi Vision 2030 aim to achieve the development goals set by the United Nations Millennium Declaration (UNMD) in 2000, in line with the aspirations of the two kingdoms’ leaderships for more stability and progress.

The Kingdom of Bahrain was the first country to launch its Vision 2030 in response to the UNMD. His Majesty King Hamad bin Isa Al Khalifa endorsed the Vision in October 2008, charting the clear paths of development and economic growth. This reflected the Bahrain’s efforts and keenness to build a better life for all its citizens, based on development and sustainability, by implementing many economic programmes and initiatives in coordination and cooperation among government agencies, the private sector and civil society institutions.

As to the Saudi Vision 2030, which was launched in 2016 with the support of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, it represents a special vision of HRH Prince Mohammed bin Salman, to achieve a promising future for Saudi Arabia by investing in its distinguished strategic position, pioneering investment capabilities and unique Arab and Islamic depth.

– Saudi 2030: A dream close to coming true

The Saudi Vision 2030 takes advantage of the Kingdom’s strengths, as it is the land of the Two Holy Mosques, and therefore the destination for more than a billion Muslims. It is also capable of adapting its investment power to create a more diversified and sustainable economy. In addition, its strategic location enables it to be a major driver of international trade, linking the three continents of Africa, Asia, and Europe.

The Saudi 2030 Vision is a roadmap that leverages God-given strengths, including strategic location, investment power and centrality in the Arab and Islamic worlds. The Vision was cascaded into a set of strategic objectives within the “National Transformation Programme”, to pave the way for their implementation through the “Vision Realisation Programmes”.

The Saudi Vision 2030 is based primarily on three main strategic pillars, namely “A Vibrant society”, “A Thriving Economy”, and “An ambitious Nation”. These pillars are divided into 96 sub-goals, which are being implemented through 11 programmes to achieve the vision.

Over the past eight years, Saudi Arabia has mobilised all its potential and unique capabilities to achieve the goals set in its 2030 Vision, succeeding in attaining extraordinary results and achievements in a short period of time, including the interim goals targeting the years 2020 and 2021 in the three main pillars.

Concerning the first pillar, “A Vibrant Society”, Saudi Arabia has made progress in adopting healthy lifestyles and raising the quality of life for its citizens and improving the services provided to Hajj and Umrah pilgrims. It also has paid attention to archaeological sites and succeeded in inscribing them in the UNESCO World Heritage List, and implemented integrated educational, health and housing initiatives. In addition, it has succeeded in placing itself on the global entertainment and tourism map through a package of events, seasons, entertainment programmes and distinguished tourism projects.

Regarding the second pillar, “A Thriving Economy”, Saudi Arabia has made major strides in the comprehensive economic reform process, achieving higher ranks in global competitiveness indicators and clinching the first place concerning reforms related to reforms for working women and the business environment. Moreover, the contribution of small and medium enterprises to the country’s GDP has increased. Also, non-oil revenues went up significantly in 2020, and the assets of the Public Investment Fund, the kingdom’s sovereign wealth fund, grew sharply. Furthermore, modern economic sectors emerged, and opportunities for growth and investment in the non-oil, financial and digital sectors have been created.

As for the third pillar, “An Ambitious Nation”, Saudi Arabia has made remarkable progress in the fields of “Effective Government” and “Responsible Citizenship”. The efficiency of government services and their response mechanism have increased through investment in government digital transformation, providing greater opportunities and initiatives for sustainable development, preserving the environment, and openness to the world, which laid solid foundations for future success. In addition, it relied on its qualified national cadres by localising professions.

– World-standard Saudi mega projects:

Through Vision 2030, Saudi Arabia aims to implement a package of over 80 giant national projects through its sovereign fund, the Public Investment Fund. The projects, covering diverse fields of economic activity, will create enormous job opportunities, advance economic development through non-oil sources, and highlight the kingdom’s economic, social, cultural, tourism, environmental and civilisational diversity, the essence and core of Vision 2030.

Through its Vision 2030, Saudi Arabia aims to achieve several strategic goals, including reducing dependency on oil, by increasing non-oil revenues and investing in renewable alternative energy through cooperation with GCC countries. It has also announced the acceleration of the clean energy transition to reach zero carbon neutrality by 2060 AD, showing its serious commitment to addressing challenges of energy and climate change, by participating in international efforts to build a future based on sustainable development and green societies.

The Saudi 2030 Vision also aims to increase the number of annual Hajj and Umrah pilgrims to 30 million by 2030, which requires providing and developing the infrastructure surrounding the Two Holy Mosques in Mecca and Medina, such as the new Jeddah International Airport and Taif Airport, in addition to continuing the expansion work in the vicinity of the Holy Mosque in Mecca.

Over the past 93 years, the Kingdom of Saudi Arabia has attained landmark wide-ranging achievements thanks to its wise leadership and ambitious vision, becoming an inspiring regional and global leading country.

While launching the Saudi Vision 2030, the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud pledged that the Kingdom would harness all its capabilities and potential to implement national development projects so that the country becomes a pioneering model for success at all levels.

The vision of HRH Prince Mohammed bin Salman is in line with the aspirations of the Custodian of the Two Holy Mosques. HRH embarked on implementing it by building a strong and prosperous nation characterised by science, training, transparency and equal opportunities. It is an all-inclusive state that meets the aspirations of all its citizens.

Source: Bahrain News Agency