“Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator.”

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“Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator.”

The article Emirates News Agency – Dubai Police showcases its services to tourists at Arabian Travel … appeared first on Arabian Post.

Collect this article as an NFT

The article CEX trading volumes decline in April after months of growth: Kaiko – Cointelegraph appeared first on Arabian Post.

Well-known cryptocurrency advocacy group Blockchain Association has decided to relocate to Washington, DC from its present location in New York State.

Blockchain Association CEO Kristin Smith wrote in a letter to Coindesk that the organisation is shifting resources out of New York State and expanding its full-time staff in Washington DC.

The move is believed to be because of the increase in regulatory pressure on the digital assets market. It came immediately after New York Governor Kathy Hochul approved a legislation making it the first US state to forbid mining of specific type of cryptocurrencies.

Smith further said in the letter that their objective remains the same, i.e., promoting the growth of cryptocurrencies in the United States.

The New York legislation is believed to be part of a wider crackdown on the digital assets market by federal regulators after the collapse of the FTX crypto exchange.

Securities Token Platform Launches MPC Wallet For Institutions

Securities token platform INX has introduced a new Web 3.0 wallet with compliance capabilities for institutions. The new wallet makes use of multi-party computation (MPC) technology and was developed in collaboration with wallet infrastructure provider BitGo.

According to a statement on Twitter on May 3, 2023, the wallet allows institutions to control which employees are allowed to use the tokens held within it.

Also, when holding INX securities tokens, the new wallet enables institutions to adhere to cybersecurity and custody standards in the financial sector. The private key that manages a certain account is not accessible to a single person. Instead, the MPC technology divides the key into three or more “shards” that must be combined in order to sign transactions.

Former OpenSea Manager Convicted In NFT-Insider Trading Case

Nathaniel Chastain, a former product manager at OpenSea, has been convicted of wire fraud and money laundering in a non-fungible token (NFT) insider trading case.

Prosecutors in a New York federal court while pronouncing the verdict on May 3, 2023, claimed Chastain profited from inside information about which NFTs would be featured on the marketplace.

According to Reuters, Chastain oversaw the decisions which NFTs would be displayed on the website’s non-fungible token (NFT) marketplace. Prosecutors claimed that after making these choices, he routinely bought these NFTs and afterwards sold them again after they had been highlighted.

On June 1, 2022, Chastain was accused of engaging in these purported transactions while committing wire fraud and money laundering.

The article Latest Crypto News: Bitcoin Association Moves To Washington DC, Securities Token … appeared first on Arabian Post.

Javed Ahmad Ghamidi is a rare clerical voice in Pakistan.

A prominent religious scholar and former member of the state-appointed Council of Islamic Ideology that ensures that legislation conforms with Islamic law, Mr. Ghamidi calls a spade a spade in a country in which that can have dire consequences.

To be sure, Mr. Ghamidi can do so because he is no longer resident in Pakistan and therefore less vulnerable. Exile may deprive him of an in-country pulpit but makes his analysis and views no less relevant.

Most recently, Mr. Ghamidi did not shy away from holding responsible just about everyone in Pakistan — the military, the legislature, the clergy, the government, and the intelligentsia – for the brutal torture, lynching, and mutilation by a mob in the eastern city of Sialkot of a 48-year old Sri Lankan textile factory manager, Priyantha Kumara, accused of blasphemy.

The government condemned the killing and arrested alleged perpetrators but appears oblivious to the underlying structures and policies that enable religious vigilantism.

“All those politicians, leaders, and intellectuals are liable for this crime who…do not unflinchingly condemn those happenings,” Mr. Ghamidi said.

He noted that politicians, clerics, and others had attended funerals and commemorations of people who had committed similar crimes.

“Extremism has been mainstreamed and normalised. Until this mindset changes, there will inevitably be more Priyantha Kumaras,” warned Dawn, Pakistan’s foremost English-language newspaper.

A recent survey of university students in Khyber Pakhtunkhwa, the north-western Pakistani province that borders Afghanistan, who participated in five workshops organized by the Islamabad-based Pak Institute for Peace Studies Pvt Ltd (PIPS), concluded that “there is a deep suspicion and mistrust of diversity… The young generation, trained in exclusionary ideologies, usually hold militaristic views of nationhood and parrot the traditional narrative of Pakistan being the fortress of Muslim faith. They have little appetite for the fact that their country is home to diverse religions, faiths, and ethnic groups… What is even worse is that religious radicalism is growing in Pakistan, which is further eroding whatever degree of acceptance for diversity there is.”

The study noted that “very few among the youths at the workshops knew that the Christians, Hindus, Sikhs, and Ahmadis, etc., had rendered services for Pakistan’s defense and development. This mass ignorance is mainly because any positive mention of the non- Muslim citizens has either been disallowed or simply removed from the textbooks which are taught to millions of students across the country. In addition, the Pakistani mass media have similarly overlooked the contributions of the non-Muslim communities for the country.”

Little surprise that the study went on to say that a “majority of the Pakistani youth lack basic critical thinking and reasoning skills even at higher studies levels such as universities. Many lacked the ability to apply basic reasoning while processing given information. There was a tendency amongst them to fall for pre-established narratives and overused and obsolete conspiracy theories.”

There is little indication that the government is doing anything but strengthening an education system that potentially constitutes a breeding ground for ultra-conservatism and radicalism in a region adjacent to Afghanistan where the Taliban appear bent on returning the country to a system that propagates similar values.

The government recently said it was introducing a singular national curriculum (SNC) that critics charge is likely to further Islamicise Pakistani education by making religion classes mandatory, even at the university level. Prime Minister Imran Khan has also recently established a body to monitor the curriculum, syllabi, and social media for “blasphemous” content.

The government insists the curriculum will raise education levels and ensure that graduates from public schools and madrassas or religious seminaries have equal opportunity.

Comparing Pakistan to Medina in the time of the Prophet Mohammed, Mr. Khan recalled that the Prophet had unleashed the potential of the people “who were nothing before” because of “materialism (and) these false Gods of power” that keep them shackled.

“I believe Pakistan is in the same situation… In this country, (our) system does not allow them. Elite capture, whether education quality, education is only for a small number may be one or 1.5 per cent and the rest do not have access to it,” Mr. Khan told Hamza Yusuf, an American Muslim religious scholar, in a softball interview.

The PIPS report took a more sober view of Mr. Khan’s approach. “The SNC is reportedly premised on the idea that more teaching of religion would produce better citizens, even though this policy created extremism in the past, and there is no evidence to suggest the result would be any different this time over,” the report said.

A high court in Lahore, in a bid to police Islamization, ordered judges in lower courts and authorities in Punjab to establish whether the Qur’an was being taught in separate classes across the province in line with the new curriculum.

In response, the School Education Department of the Punjab Government issued a directive that reiterated the need to check all schools for their teaching of reading and recitation of the Qur’an. The directive said the school inspections should be carried out jointly by the head of the district education authority and a district and sessions judge.

In the meantime, the department advised the court that it was hiring 60,000 Arabic language teachers to offer Quranic teaching in government school.

Nevertheless, for some, implementation of the court order is proving to be a traumatic experience.

“Preliminary reports suggest province-wide confusion and chaos and a state of fear among children, teachers, and school principals. Magistrates accompanied by rifle-bearing policemen are pouncing upon schools, interrogating seven- to 12-year-old children. Their teachers are ordered out of the classroom or asked to stand silently in the corner,” said nuclear scientist, human rights activist, and education critic Pervez Hoodbhoy.

“What drove the Lahore High Court to issue its orders so speedily?” Mr. Hoodbhoy asked. He is quick to provide an answer: “Ideologues in government have seized the reins of power. As in Afghanistan, the population is now at their mercy.”

The article Pakistan revamps education at gunpoint appeared first on Arabian Post.

Long banned, Christmas has finally, at least tacitly, arrived in Saudi Arabia; just don’t use the name in marketing or be ostentatious about your tree.

Coffeeshops serving beverages in red cups with snowflakes on them are ok. So is the sale of soap bars named ‘Tis the Season and Vanilla Bean Noel.

Christmas trees that sell at up to US$3,000 a piece are slightly more complicated. The religious police no longer harass shopkeepers for selling items that reference a non-Muslim holiday. But shopkeepers remain uncertain about trees and sometimes still keep them in a backroom. Religious references and carols remain beyond the pale.

The loosening of the rules of the game in a country that still bans non-Muslim worship in public and the building of non-Muslim houses of worship is part of an effort to ensure that the kingdom does not lag in the competition with the United Arab Emirates and Qatar to project itself as an enlightened, modern country that can attract foreign investment and vie for foreign talent and tourists.

The loosening is also part of an effort to position the kingdom as a beacon of Muslim moderation in competition with the UAE, Qatar, and Indonesia.

While Indonesia, the world’s largest Muslim-majority country and democracy, is struggling with creeping conservatism, and Qatar is seeking to ensure football fans that it will welcome diversity of any kind during next year’s World Cup, the UAE has sprinted ahead by leaps and bounds.

In the last year, the UAE, where public references to Christmas and carols are not an issue and non-Muslim houses of worship exist alongside mosques, far-reaching legal reforms have been enacted that legalized alcohol and non-married cohabitation and this week ended censorship of cinematic releases. The caveat, like elsewhere in most of the Muslim world, is that the reforms are anchored in secular, not in Islamic law and jurisprudence.

Nahdlatul Ulama, the world’s largest Muslim civil society organization, that is at the forefront of the projection of Indonesian moderation has started a process of reform of Muslim jurisprudence but has so far shied away from hot button issues that top the agenda of its Middle Eastern rivals.

Saudi loosening of norms also serves to distinguish the kingdom from other competitors for religious soft power and leadership of the Muslim world like Turkey and Iran that are governed by Islamists who either are inspired by or more strictly apply conservative interpretations of Islamic law. The loosening further aims to bolster economic reforms and efforts to diversify the economy and create jobs.

To be sure, Saudi Arabia has been signaling for several years that it is travelling down a road of greater religious tolerance and social liberalisation. Meetings between Saudi leaders and Evangelical and Jewish leaders and support for inter-faith dialogue served the purpose.

Crown Prince Mohammed bin Salman has turned the Muslim World League, once a major vehicle for the global propagation of Wahhabism, the ultra-conservative interpretation of Islam that dominated Saudi Arabia for its first 85 years, into the propagator of his vaguely defined concept of moderate Islam.

Mr. Bin Salman has also lifted the ban on women’s driving, liberalised gender segregation, created greater job and leisure opportunities for women, and generated a Western-style entertainment industry. But, like the UAE and Qatar, he has stopped short of fully abolishing male guardianship.

Saudi shops started catering several years ago to Valentine’s Day, long a no-go in the kingdom, by selling red roses, and in October Halloween costumes appeared for the first time in shop windows.

However, increasingly, same-sex relationships are emerging as a red line in Gulf social liberalization.

The kingdom’s top cleric, Grand Mufti Sheikh Abdulaziz bin Abdullah Al-Sheikh, came out swinging this week in a fatwa or religious opinion that denounced same-sex relationships. He appeared to be responding to a United Nations General Assembly resolution adopted earlier this month that called for recognition of “women in all their diversity”, including “gender identity” and “sexual orientation.”

In what amounted to rare public, albeit implicit, clerical criticism of Mr. Bin Salman’s liberalisations, Mr. Al-Sheikh also appeared to be reacting to a major electronic dance festival, the Middle Beast Soundstorm, held near Riyadh in recent days and reportedly attended by 732,000 people.

Some reports suggested that some attendees had been publicly intoxicated and had displayed behaviour that raised suspicions that they were queers.

The kingdom punishes homosexuality by death.

Mr. Al-Sheikh, a descendant of Muhammad ibn Abd al-Wahhab, the founder of Wahhabism,  described homosexuality as among the “most heinous and ugliest crimes.”

He asserted that “human rights…find first and foremost position in God’s law and warned that “the whole world is afflicted with outrageous boldness, false claims, and despicable perversion, which is intended to strip man of his humanity!”

Mr. Al-Sheikh appeared to be drawing a red line for social reform on an issue that was likely to enjoy public support.

A recent public opinion poll concluded that 67 per cent of the people applauded the kingdom’s rejection of the UN resolution while 33 per cent said they did not have an opinion.

Scholar Matthew Hedges, who was arrested in the Emirates and sentenced to life in prison on charges of espionage while researching a just published book, noted that countering ‘immoral’ sexual conduct is one way Emirati authorities appeal to the public’s cultural sensitivities to justify the construction of a surveillance state.

Mr. Al-Sheikh’s fatwa contrasts starkly with efforts by Qatari officials to downplay criticism of the Gulf state’s anti-same sex laws and reassure LGBTQ fans that they would be welcome during next year’s World Cup and would even be allowed to fly the rainbow flag at games. LGBTQ Qataris insist that the same tolerance is not extended to them.

For Saudis, Mr. Al-Sheikh’s fatwa contains a cautionary note. Saudi Arabia may have enacted significant social liberalisations but beyond red lines they rest on a fragile fundament as long as they are not anchored in changes of religious doctrine and jurisprudence.

“While the changes (in Saudi Arabia) are potentially far-reaching, their ultimate direction is uncertain. Most…remain quite reversible. And while state structures and officials have accepted and even applauded the moves, some social resentment and resistance is still possible—and unintended consequences might still materialize,” warned scholars Yasmine Farouk and Nathan J. Brown.

The article Christmas finally arrives in Saudi Arabia appeared first on Arabian Post.

Today, investing in cryptocurrency is one of the most rapidly developing and promising trends in the modern financial market. Due to the unstable economic situation, more and more people started thinking about additional sources of income. Primarily, people are interested in how to invest and in finding projects offering the best return. Also, they are worried about safeguarding our investments against losses during spikes in the price of stocks or currencies.

On February 22, 2022, the long-awaited event in the world of investment will take place – the launch of the second stage of the sale of WCRU tokens. WCRU   Inc. in collaboration with the Swiss company UGPay Group AG launched the global project in digital and blockchain technology. Let us remind you that the first stage of sales started in early 2021, and over a few months the cost of WCRU experienced significant growth. So what is unique about this token and how safe is it to invest in it?

WCRU is the equivalent of a digital stock fully backed by the assets of the global investment portfolio. The uniqueness of this portfolio is that it encompasses many projects in different sectors. Among them are gold mining and diamond production, film industry, basalt technologies, data mining, uGain, public catering, legal consulting and real estate. The underlying assets of the WCRU token have been evaluated by the international company CROWE at several billion dollars with a starting value of the token of $0.35. The issue of the token is authorized by the SEC (U.S. Securities and Exchange Commission).

Andrey Khovratov (CEO of the Academy of a Private Investor, author of courses on financial literacy and investment, token holder) shared with us his insights about the new cryptocurrency, “What’s unique about WCRU is that it is backed by a diversified portfolio. This portfolio consists of a variety of instruments in the financial, stock, foreign exchange, cryptocurrency markets, banking and insurance sectors, real estate, art, culture, and venture capital. At the same time, the security token WCRU is a digital security and as such it covers all areas of the investment market.”

Holders of WCRU tokens can receive four types of income:

1. staking, i.e. placing tokens in a crypto wallet to be rewarded with UNTB (a utility token that gives access to network resources such as RAM, memory; CPU, computing power; and/or NET, speed);
2. loyalty program bonus – WCRU holders receive a monthly bonus of 5% of the total token sales;
3. profi-bonus – on a monthly basis WCRU owners receive part of the profits generated by the company from any of its business in each investment sector proportionate to the number of tokens they hold (paid in USDU, the company’s stablecoin; each USDU token is fully backed by the fiat US dollar);
4. continuous increase in the value of WCRU driven by the rapid growth in the value of the assets of the global investment portfolio.

If we look back, we will remember that the first cryptocurrencies appeared in 2010-2013. At that time, many people invested huge amounts of money in bitcoins and as a result their capital grew several times and did so faster than it would have done in the stock or foreign exchange markets. Thus, we can foresee further development prospects for the cryptocurrency market in the near future.

Let’s recap the main advantages of the WCRU token. First, it is protected against currency depreciation. Secondly, it is showing a stable growth in its value following the general market development trend. And finally, it may be regarded as a safe investment thanks to risk diversification achieved through the variety of assets in the global investment portfolio.

The article WCRU Inc. and Swiss company UGPay Group Launching Stage 2 of WCRU Token Sales appeared first on Arabian Post.

As the 5% crude oil plunge in both WTI and Brent on fears of Omicron demand shock demonstrates, the fate of the virus is inextricably linked to global economic growth, Fed policy and thus commodities returns. Yet thanks to black gold’s stellar performance the GSCI Energy index was a winner in 2021, up 47%. Even Brent rebounded 4%  to 74 a barrel in its own version of a Santa Claus rally and the steepening of the UST yield curve with the 10 year Uncle Sam IOU at 1.49% suggest that the bond market has concluded that virus angst precludes aggressive Fed monetary tightening.

The rise in the US dollar and speculative alternatives like crypto currencies meant that the GSCI Precious Metals index was a yawner/loser, down 6% in 2021. Despite the spectacular EV revolution, silver was down a dismal 17% as it is hyper correlated to global central bank tightening and Chinese GDP growth deceleration. Yet if the steepness of the yield curve continues, gold and silver may well get a pop as the markets conclude that the Fed’s tolerance for negative real interest rates will not end despite Powell’s hawkish tilt on Capitol Hill/FOMC boardroom.

As I expect an escalation in US-Russian geopolitical risk over Ukraine/cyber espionage, it is entirely possible that Washington pressures the new German Chancellor to ban the Nord Stream 2 pipeline. This could wreak havoc in the European gas market and thus be a great opportunity to take advantage of the 35% slide in natural gas since last summer. It does not seem as if the US-Iran talks in Vienna on a revived JCPOA will be successful, as Raisi’s hardline IRGC generals position him to succeed Khamenei.

The point of maximum danger for a potential Russian invasion of Ukraine is in January or February as General Winter has been the biggest asset of the Kremlin at war, as was proven in the fateful winters of 1812 and 1941. This event could be a game changer in both crude oil, natural gas and the world financial markets as a post-Kabul Biden White House will respond with draconian economic sanctions on the Putin regime.

I also doubt if OPEC+ has the spare capacity to act as the world’s white knight if a Ukraine invasion triggers panic buying in the global wet barrel market. My favourite commodity remains Dr. Copper for all kinds of reasons, both short term and structural.

Agflation is another theme in the commodity markets but I am morally reluctant to try to make money in wheat, corn and meat futures since millions of human beings face the very real threat of starvation. A close diplomat friend who knows Afghanistan and its odious Taliban regime tells me that the colossal incompetence of the mullahs means 95% of Afghans now face food insecurity and that 3 million deaths from famine would not surprise him. Those who cheered the Taliban’s victory in August, led by Imran/Taliban Khan and his Pretorian cheerleaders have a lot to answer to history for their immoral policies. Who will feed the children of Afghanistan now?

Matein Khalid is Strategic Advisor with Asas Capital, Dubai

The article A possible game-changer for crude, gas and financial markets appeared first on Arabian Post.

Tablighi Jamaat (TIJ) is currently grabbing the headlines for getting banned by Saudi Arabia. Saudi government official statement called Jamaat a danger to society and one of the gates of terrorism.

In a tweet on December 6, the country’s Ministry of Islamic Affairs said Minister of Islamic Affairs, Dr. Abdullatif Al Alsheikh has directed the mosque preachers and the mosques that held Friday prayer to allocate the next Friday sermon to warn against the Tablighi and Da’wah group.

The statement issued by the Ministry mentioned that the minister has directed that the sermon delivered in the mosques should cover topics including the declaration of misguidance, deviation and that it is one of the gates of terrorism, even if they claim otherwise. And to mention their prominent mistakes and how they are dangerous to society. The Islamic scholars delivering the religious sermons were instructed to mention that affiliation with partisan groups including the Tablighi Jamaat is prohibited in the Kingdom of Saudi Arabia.

Saudi Arabia is not the only country to ban TIJ. In 2013, Kazakhstan banned the Tablighi Jamaat and designated it as an extremist group. The movement is also prohibited in countries including Iran, Russia, Tajikistan, Turkmenistan, and Uzbekistan.

It is worth noting that Saudis, who themselves follow Wahhabism, an ultra-conservative form of Islam, and which is also the official state-sponsored form of Sunni Islam in the kingdom, have been forced to ban TIJ.

The Jamaat is a Sunni Islamic missionary movement that was launched in the Mewat region of North India in 1927 by the Islamic scholar and teacher Maulana Muhammad Ilyas, who coined the slogan “Oh Muslims! Become Muslims”. The roots of this movement, which is believed to be active in more than 150 countries and is the largest Islamic missionary movement today, can be traced back to the Deobandi tradition, which originated from the Darul Uloom Deoband, a renowned Islamic Seminary in the Uttar Pradesh state of India. TIJ claims that their sole objective is to focus on fellow Muslims, who have been distracted by worldly affairs. And they are a peaceful, non-political, egalitarian, and devotional movement that stresses individual faith and the overall spiritual development of Muslims. That might be the case if we see the movement on its face value.

The US government has been closely monitoring Tablighi Jamaat since 9/11. According to U.S. officials, the teachings and beliefs of the TIJ have been a starting point for pushing their members to join radical Muslim organizations. Also, the Russian authorities have warned about the dangers of the Tablighi Jamaat as well. In February last year, it cracked down on the centers run by the Jamaat.

TIJ is an offshoot of the fundamentalist and hardline Deobandi sect of Islam. Deobandis teach and practice a fundamentalist, exclusivist form of Islam, which blends easily with extremism and terror. Thus, laying a fertile ground for the spread of radical ideology. In the West, TIJ has been carefully watched by law enforcement and intelligence agencies. Jamaat’s vague recruitment processes and secret and dubious financial practices make it particularly challenging for agencies and financial watchdogs to track its activities. But there is also no doubt that, even without direct terror links, TIJ has radicalized entire communities across the globe.

Also, many Western jihadists have some involvement with Tablighi Jamaat at some point in their radicalization. For instance,  “shoe bomber” Richard Reid, who in 2001 tried to set off a bomb on a commercial aircraft, and John Walker Lindh, the American citizen captured by US forces with Taliban soldiers in Afghanistan in 2001, and Jose Padilla, a US Citizen convicted in 2007 for conspiring to commit murder and fund terrorism, were all once members of TIJ. In Europe and North Africa, a large number of terrorists arrested for the Casablanca blasts of 2003 were also found to have connections with the local chapters of the Tabligh.

TIJ claims that their only aim is to guide fellow Muslims to be a good and dedicated believer and they refrain from any political activity. But the movement has offered a place where jihadist spotters can look for potential recruits. These facilitators often offer enthusiastic new or rededicated Muslims or who have shown interest in political Islam and also in Jihad in their private conversation a more active way to live and develop their faith.

Once a facilitator identifies such candidates, they will be segregated from the main congregation in the mosque or community centre and put into small prayer circles or study groups where they can be more easily exposed to jihadist ideology. Also, it is reported that members of terrorist groups Like- Lashkar-e-Toeiba (LET) and Jaish-e-Mohammad (JEM) regularly attend the Tablighi Jamaat’s congregation in Raiwind, which is the headquarter of TIJ in Pakistan where they hand out recruitment pamphlets.

Also, TIJ members have taken the  initiative themselves in creating or actively facilitating the Jihadi groups. Like Harakat ul-Mujahideen (HUM), a Kashmir-based terrorist organization best known for its hijacking of an Air India passenger jet in 1998 and murdering a busload of French engineers in Karachi in 2002. Is believed to be the exclusive creation of TIJ members with the assistance of Pakistani intelligence services. Also when the Taliban fought its way across Afghanistan in the 1990s. Support from Deobandi madrassas in Pakistan was invaluable, and a large number of Tablighi students were likely among the volunteers sent across the border to aid Mullah Omar’s jihad against Afghanistan’s warlords.

In addition to this, it’s easy for the Jihadi groups to infiltrate the Tablighi Jamaat in order to gain cover for obtaining visas and traveling abroad as TIJ don’t keep records of its members and doesn’t carry out any background checks. Also, latent networks like TIJ allow terrorist organizations to outsource key aspects of their operations, allowing the group to utilize the network only when needed and without having to exert time and resources to maintain it, or participating in activity likely to increase the risk of its detection. Tabligh propagates a very exclusive and conservative form of Islam which by its very idea suggests intolerance for other religions.

Though Jamaat cannot be called a terror group in itself, it functions as a catalyst, gateway, springboard, or antechamber for an extreme and militant interpretation of Islam that is indoctrinating Muslims into Jihadists.

The article Saudi Arabian bans Tablighi Jamaat as threat to society appeared first on Arabian Post.

International Holding Company (IHC) has announced today the acquisition of a majority and controlling stake in Al Qudra Holding PJSC (AQH).

The acquisition will enable IHC to broaden its portfolio in the real estate, services, and hospitality area. Al Qudra Holding has built out a large portfolio of customers since its founding in 2005, including Manarah Bay, a multi-usage project covering about 52,000 square metres, in Abu Dhabi and Barary Ain Al Fayda Development in Al Ain, a project comprises 2,500 residential units.

The company currently has more than 12 subsidiaries spread across real estate, services, hospitality, investments and oil and gas sectors.

Al Qudra Holding PJSC operates as an investment holding company. Through its subsidiaries, Al Qudra focuses its investments and strategic partnerships in nationally essential sectors, such as oil and gas, banking, and finance. As part of its diversification strategy, the company has investments in selected industries, such as real estate, services, and hospitality.

The article IHC acquires Al Qudra Holding appeared first on Arabian Post.

By Dr. Nir Boms

The new sounds of “tolerance, peace and prosperity” that come from the Gulf are often treated with suspicion –  a cliche aimed at obfuscating the newfound autocratie in the region.  However, while slogans might be cheap – actual changes made on the ground should be noted.  The United Arab Emirates moral education curriculum reform is telling of the vision that the country’s leaders have for the future. Beside bolstering schools with state of the art technological and infrastructural backgrounds and offering the most up-to-date scientific knowledge as part of current curricula, teaching values to students has been a key part of this shift. The message is clear. Moral values are just as important in the long-term development of the country as material improvements made.

As The Institute for Monitoring Peace and Tolerance in School Education (IMPACT-se)—a leading authority in educational research which analyses school curricula across the Middle East—revealed, the UAE has effected significant positive change since 2010 to promote values of acceptance, empathy, and non-violent conflict resolution in its public schools. Moral education was first being promoted by Sheikh Mohammed bin Rashid al Maktoum, the Ruler of Dubai and the Vice President of the UAE, as part of the “UAE Vision 2021” national agenda. Today, it also features among the priorities of the UAE’s “Vision 2030” plan for the building of a “highly skilled, highly productive workforce.”^[1]

Moral education and the promotion of values of peace are strategically important for the Emirates. As for its domestic environment, the UAE is among the most ethnically diverse nations of the world. A staggering 88.5% of its population is made up by an expat community, whose members come from India, Pakistan, Bangladesh, the Philippines, Iran, Egypt, China, and numerous other states.^[2] In the long run, the country will have to tackle the difficult and sensitive issue of equal rights for all, including expats and non-citizens. The educational system seems to have taken the initial steps on this long road. Undoubtedly, keeping this diverse amalgam together as one functioning nation requires a great deal of ideological cohesion and direction. Evidencing the UAE’s success on this front, however, is the fact that it has consistently ranked among the safest countries in the world, and even attained the second spot^[3] in recent rankings.

Achieving a peaceful society that embodies the values of tolerance and cooperation seems to facilitate the UAE’s domestic as well as foreign objectives alike. As detailed by IMPACT-se’s  report, the UAE’s moral education curriculum spans 12 grades and provides theoretical as well as practical knowledge to students, emphasizing the value of multiculturalism, encouraging respect and empathy for others—be it strangers within the UAE or nationals of other countries—as well as providing empirical skills of conflict resolution. Students in the UAE between the ages of six and 18 not only learn about the importance of tolerating the differences between themselves and others, and respecting people regardless of their nationality, race, gender, religion or social status, but also receive practical tools that can help them resolve interpersonal conflicts in the future.

This type of so-called values education^[4]—besides traditional education that teaches about social, scientific and historical knowledge—influences how people develop as moral human beings, and what they consequently consider positive norms and behaviours. This should not be understood in an abstract and subjective sense alone. Education has multiple benefits, including important economic ones. Tolerance, acceptance and cooperation have an economic utility by ways of building stronger societies.

This is something that the United Nations has also recognized as part of its Sustainable Development Goals. Goal 4, pertaining to education, encompasses many different aspects. Beyond the base goal of achieving universal primary and secondary education for all by 2030^[5], the development goals also take note of attitudes of global citizenship as an important prerequisite of building a sustainable future. Respect for human rights, gender equality, an appreciation for cultural diversity, and the promotion of the dual goals of peace and non-violence are all listed as furthering the creation of a more equal and more efficient world economy.

The UAE has been among those spearheading efforts to transform the Middle East, a region that has been ravaged by multiple decades of economic inefficiency, military interventions, wars, civil wars and other internal strife.

As the first in the Arab world to establish full diplomatic relations with Israel in almost three decades, the UAE has provided additional proof that it is not interested in peace on a merely rhetorical level, but is willing to back up its statements by concrete action. While Israel had peace treaties in effect with Egypt and Jordan since 1977 and 1994 respectively^[6], they can only be characterized as a “cold” peace. In contrast, the relatively recently concluded normalization agreements between the Jewish state and the UAE—as well as the Arab states of Bahrain and Morocco—are based on more proactive and enthusiastic intentions. People to people programs between universities and other institutes of further education will be instrumental as part of these efforts.

Education is one facet of the UAE’s overall strategies of working towards its own development goals. As stated in the forth principle for UAE’s recently launched 50 year plan:“Developing the educational system, recruiting talent, retaining specialists and continuously building skills will be key to ensuring the UAE remains the most competitive national economy.” As already seen in the classrooms, this vision is not just material. “World peace lies in respecting and accepting the contradictions between us” states a moral education book for grade 6. The association between moral education, tolerance and economic prosperity offers a  refreshing approach to a challenging issue in the Middle East. The lead taken by UAE will hopefully serve as a model for others to see and adopt.

Dr. Nir Boms is a member of the Board of Directors of IMPACT-se and research fellow at the Moshe Dayan Center, Tel Aviv University and co-founder of CyberDissidents.org, a Middle East blogger network that focuses on freedom of expression and the promotion of dialogue. He was vice-president at the Foundation for the Defense of Democracies (FDD).

^[1] Abu Dhabi Economic Vision 2030 – The Official Portal of the UAE Government

^[2] UAE Population Statistics 2021(Infographics) | Dubai Population [Expat+By Country+By Nationality+Demographics] (globalmediainsight.com)

^[3] UAE ranked world’s second-safest country in 2021 (connectingtravel.com)

^[4] What is Values Education and why is it so important? – Iberdrola

^[5] Sustainable Development Goal 4 and its targets (unesco.org)

^[6] Camp David Accords | Summary, History, & Facts | Britannica

The article Role of moral education in UAE’s peace and prosperity appeared first on Arabian Post.

Arabian Post Staff

CARS24, India’s e-commerce platform for pre-owned vehicles, announced the closing of a $400 million round of funding, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions.

This is CARS24’s third round of fund raising in over a year and values the used cars e-commerce player at $3.3 billion, about double the valuation from its previous round in September 2021. The company has already sold close to 3000 cars in the UAE market since commencing its operations in May this year.

The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital) along with participation from other existing investors. CARS24 also raised a cumulative debt-funding of $100 million across the UAE, India, and Australia.

The investment will be utilized to fuel the brand’s global expansion in the Middle East, Australia and Southeast Asia, and to further strengthen its foothold in the Indian market. In addition, CARS24 will continue to enhance its superior technology and build a gold standard for quality used cars globally. In this pursuit, CARS24 recently announced the launch of seven Mega Refurbishment Labs (MRLs) in India – an industry first, and one MRL in the UAE which is amongst Dubai’s largest ever commercial leasing deals.

Even amid rapid growth, CARS24’s global opportunity remains massive. The accelerated adoption of CARS24 across the UAE, Australia and Thailand has illustrated the significance of a used car e-commerce platform experience and is a powerful indication of its future impact on the US$100B industry.

Founded in 2015, CARS24 claims to transform the way consumers buy, sell and finance used cars by leveraging technology at every leg of the consumer journey to solve genuine pain points and deliver a seamless buying experience. The company’s international market covers, besides the UAE, Australia and Thaiand.

According to the company, the growth of online retail around the world remains strong and continues to see increased support from consumers.

The article Indian pre-owned car platform closes $400m funding appeared first on Arabian Post.

Following the opening of the final phase of Concourse A at Dubai International’s (DXB) Terminal 3, the world’s busiest international airport is 100% operational with all terminals, concourses, lounges, restaurants, and retail outlets now open. Terminal 3 is expected to serve more than 1.6 million passengers in the second half of December during the month’s peak seasonal travel period.

Visitors to Dubai exceeded 1 million during the month of October and DXB reached the important milestone of 1 million passengers per week in November, with origin-destination passengers reaching 94% of pre-pandemic levels.

“Reaching the point where 100% of our facilities are now open and serving customers, plus the huge resurgence in passengers arriving into Dubai marks an important milestone for the aviation sector as well as for the city of Dubai and its economic growth. We took early steps to implement best-in-class hygiene and health protocols, fast track PCR testing facilities, and enhanced customer service and guest support resources to ensure the comfort, convenience and safety of travelers – and this has resulted in a strong recovery towards pre-pandemic levels of passengers,” said Paul Griffiths, CEO of Dubai Airports.

He added: “This has been an enormous team effort and our employees and stakeholders have responded magnificently to the significant challenge of getting DXB back up and running at 100% capacity.”

The journey back to full operations following the closure in March 2020 began with the reopening of Terminals 2 and 3 and Concourses B and C for normal inbound passenger operations from June 22, 2020, following the easing of international travel regulations for residents by UAE authorities. Outbound travel for UAE citizens and residents was opened on June 23 while Dubai welcomed the first international tourists from July 7, 2020.  Dubai Airports reopened Terminal 1 and Concourse D, home to over 60 international airlines, on June 24, 2021.

Over past 18 months, there has been a steady increase in passenger traffic which has intensified in recent months. Traffic reached 10.6 million passengers in the first half of 2021, followed by robust growth in Q3 of 2021 and a surge in October 2021 which took the year-to-date passenger numbers to 20.7 million.  With the busy holiday season to the end of the year showing further growth, passenger numbers are expected to reach 28.9 million by the end of 2021, 2.1 million more than the September 2021 forecast.

The article Dubai airport back to 100% functionality appeared first on Arabian Post.

Footballers with diametrically opposed views on homosexuality and alcohol consumption have sparked heated controversy about Islamic mores and human and workers’ rights in Qatar’s final stretch in the run-up for next year’s FIFA World Cup.

Two things stand out in the controversy beyond the specific arguments put forward by opposing camps.

First, some fault lines cut across community lines rather than pit one community (Muslims) against another (non-Muslims).

This is true for fans in autocracies like Qatar and Saudi Arabia who are less concerned about workers’ rights and supporters of European clubs acquired by Gulf buyers with deep pockets and a willingness to spend.

That is not to deny that some in the Gulf states do care about rights just like numbers of Western fans remain critical of Qatar despite reforms of its labour system and Saudi Arabia following the 2018 killing in the kingdom’s consulate in Istanbul of journalist Jamal Khashoggi.

Secondly, the dividing lines are far sharper and far mor entrenched when it comes to social and moral norms than they are with regard to, for example, workers’ rights.

The divide over rights and allegations that mega-sporting and other events allow autocracies with tarnished records to launder their reputations comes as human rights groups are increasing pressure on Qatar.

The activists want the Gulf state to reform its labour regime further, properly enforce adopted reforms, and lift all restrictions on women’s rights.

In contrast to LGBTQ rights and alcohol consumption, human and workers rights are the one sphere the fault lines cut across religious and ethnic lines.

Saudi race car fans and drivers rejected calls for an F1 boycott of this month’s tournament in Jeddah as well as the notion of sportswashing, the use of sports to counter criticism of the kingdom’s tarnished human rights record.

“The country was closed off from the world. Now it is changing, and they should support us wanting to,” said Reema Juffali, Saudi Arabia’s first female professional race-car driver.

Similarly, Newcastle United fans celebrated the acquisition of their club by Saudi Arabia’s sovereign wealth fund even if some expressed concern about the kingdom’s human rights abuses.

That didn’t stop thousands wearing Saudi garb from welcoming the new ownership and Newcastle’s perceived newfound wealth with wild scenes of singing and drinking when the club played its first match in October after the takeover.

Australian gay footballer Josh Cavallo kicked off the sexuality debate when he declared in early November that he would be afraid to play in the Qatar World Cup because of the Gulf state’s ban on homosexuality and harsh legal penalties ranging from flogging to lengthy prison terms.

One of the few players to discuss his sexuality publicly, Mr. Cavallo expressed his concern a month after coming out as gay. Mr. Cavallo said other footballers had privately expressed similar fears.

Supported by its member clubs, England’s Premier League launched its  Rainbow Laces campaign shortly after Mr. Cavallo spoke out. The campaign involved rainbow-themed branding, armbands, laces, and badges displayed at matches played between November 27 and December 2.

Qatari officials have insisted in recent years that LGBTQ fans would be welcome during the World Cup but would be expected to respect norms that frown on public expressions of affection irrespective of sexual orientation.

Paul Amann, founder of Liverpool FC’s LGBT supporters’ club Kop Outs, met in 2019 with Qatari World Cup organizers before traveling to Doha with his husband to evaluate the situation for himself.

“I’m very satisfied that their approach is to provide an ‘everyone is welcome’ ethos that does include respect, albeit through privacy. I’m not sure if rainbow flags generally will ever be accepted ‘in-country,’ but maybe in stadia,” he said upon his return.

Responding to the pro-LGBTQ campaign and probably reinforcing Mr. Cavallo’s fears, retired Egyptian soccer legend Mohamed Aboutrika insisted that homosexuality “is not compatible with Islam.”

Considered one of the best Egyptian players in history, Mr. Aboutrika went into exile in Qatar, where he is a commentator for beIN, the Gulf state’s sports broadcasting network. Authorities accused him of membership in the controversial Muslim Brotherhood and added him to an Egyptian terrorism list after his departure.

Mr. Aboutrika has denied allegations that he funded the Brotherhood. The group was banned after the 2013  military coup that overthrew Mohammed Morsi, a Brother who was Egypt’s first and only democratically elected president.

Mr. Aboutrika has long been known for his Islamist sympathies, empathy with Ultras Ahlawy, one of several militant soccer fan groups that played a crucial role in the 2011 mass protests that toppled President Hosni Mubarak, and his support of Palestinians in the Gaza Strip, blockaded by Israel and Egypt.

“Our role is to stand up to this phenomenon, homosexuality, because it’s a dangerous ideology and it’s becoming nasty, and people are not ashamed of it anymore. They (the Premier League) will tell you that homosexuality is human rights. No, it is not human rights; in fact, it’s against humanity,” Mr. Aboutrika charged.

The Qatari parliament and state-aligned media, imams in Saudi mosques, Saudi diplomats, and Al-Azhar, the citadel of Islamic learning in Cairo, rallied to reiterate Mr. Aboutrika ‘s condemnation.

Nevertheless, Mr. Aboutrika remains toxic in his native Egypt despite his advocacy of Islamic mores. Two players of his former team, Al Ahly, were dropped from the club’s squad for shaking hands with the former footballer during the FIFA Club World Cup in Qatar in February.

At the same time, Mr. Aboutrika remains popular among the club’s supporters. In Qatari stadia, Egyptian fans celebrated Mr. Aboutrika during the Arab Cup that ended this weekend, chanting ‘Ya Trika.’

What is evident in the sexuality debate is that few people, if any, will be convinced by arguments raised by the opposing side. Both sides of the divide feel deeply about their positions. The best one can hope for is a live-and-let-live middle ground that is what the Qatari 2022 World Cup organizers appear to be proposing.

The question is whether the controversy has let a genie out of the bottle. Largely state-controlled media and clerics, and others in Qatar and elsewhere in the Middle East have fuelled the fire. Qatari World Cup organizers’ statements have sought to calm Western fears but, together with government officials, have refrained from attempting to manage emotions at home.

There are no winners in this controversy. Neither LGBTQ fans and players nor Qatar wins if the argument produces a situation in which the environment in the run-up and during the World Cup becomes toxic.

Speaking to Middle East Eye, an Egyptian resident of Doha summed up the dilemma: “BeIN Sports are in a difficult position. The human rights organisations will criticise them for not firing Aboutrika. But Qataris will criticise them if they do fire him,” he said.

Egyptian-born Liverpool player Mohammed Salah has so far stayed out of the fray. Yet, he has not gone unscathed in the reassertion of Islamic mores.

Dar al-Ifta, an Egyptian Islamic advisory, justiciary, and governmental body, last month criticized the player for not explicitly condemning alcohol consumption in an interview on Egyptian television.

Instead, Mr. Salah said he did not think about alcohol and had no interest in trying it.

“Not thinking about doing forbidden things is an act of worship in itself,’ Dar al-Ifta said.

A broader debate on the role of religion in education and society at large informs the assertion of Islamic mores. Gulf states have taken significant steps in recent years to liberalize social mores.

Saudi Arabia has lifted a ban on women’s driving, loosened gender segregation, enhanced women’s rights, and introduced Western-style entertainment, but, like Qatar, has yet to abolish male guardianship entirely. The UAE has liberalized alcohol consumption and allowed co-habitation of non-married couples.

This weekend, Qatar celebrated its national day with a military parade. Alongside Saudi Arabia and the UAE, Qatar has increasingly emphasised a national identity defined as much by nationalism and national belonging as by religion.

Representatives of Al Azhar and Egyptian parliamentarians, activists, and pundits clashed this week over the need to memorize the Qur’an and the use of Quranic texts rather than poetry and literature in Arabic language classes.

“Separating students in the religion class is (a) form of discrimination that divides society,” said journalist Isaac Hanna, the head of the Egyptian Association for Enlightenment.

Mr. Hanna suggested removing religion from school curricula and replacing it with a course on morals and citizenship.

In a world in the throes of social and economic, if not political transition, controversies about mores emanating from the Gulf’s increasing role in international sports suggest that deep-seated beliefs and attitudes may not keep pace with top-down reforms.

The article Qatar World Cup sparks culture controversies appeared first on Arabian Post.

The MENA region has seen a paradigm shift when it comes to online shopping and its delivery network—and the supply chain is now being asked to rise to the occasion. According to Christine Harb from the Global Brand Council at Visa, about 80% of consumers in the UAE have changed their spending habits and shifted towards online purchasing.

MENA has seen an average eCommerce annual growth rate of 25%—ahead of the already accelerated global average. As a set of continually developing nations, however, there is still some infrastructure missing to allow the region to truly embrace its new online delivery culture.

Let’s take a look at how the MENA region can adapt through AI to manage its skyrocketing supply chain.

The Current Reality of eCommerce in MENA

Although MENA is gungho about eCommerce, there are many caveats when it comes to the execution of deliveries. In general, the region is about 10 years behind the EU in eCommerce culture, and keeping this in mind can help understand the current state of operations in the supply chain.

MENA is just getting its footing in door delivery because of its limited infrastructure, with one of the most significant roadblocks being that there are no real addresses. Without zip codes, even in very well-known parts of town, delivery drivers have to approximate your address by the name of the building or a description.

This makes for a haphazard delivery system where drivers have to call recipients several times to ensure that they have the right details such as item, person, location, and time. Overall, incorrect addresses could affect more than $7.42 billion of eCommerce revenue in the region. This demonstrates a need for digitization in the MENA supply chain to make online trade feasible.

The East’s Open-Mindedness Towards Innovation

To its advantage, however, MENA is a region that not only accepts innovation but embraces it on a higher level than the more rigid Western world. Many companies have had to hit the ground running digitally, with only 8% of SMEs and 1.5% of retailers online in the wider MENA region before COVID-19, compared to 80% in the US.

For companies in the supply chain, this has meant moving from extremely antiquated methods at warp speed—starting with pen and paper as little as three years ago, to Microsoft Excel two years ago, to implementing AI into the whole system of operations within the past year. Although this is a drastic shift, MENA has demonstrated its capacity for adaptability—integrating digital innovations in a fragment of what took Western nations 2-3x’s the amount of time to implement.

MENA’s adaptive system of legislation helps to accelerate these efforts. The governments are generally receptive to strategically implementing change—tuning into the business world to know when to adapt laws and adopt new policies to bolster the economy. This includes monthly decision-making rounds with an advisory board of experts from the industry to keep a finger on the pulse. Allowing the region to embrace new initiatives in business quickly is a considerable advantage for constantly changing innovation that is high demand for the supply chain.

MENA’s Digitization to Help Manage Supply Chain

Digitization’s call to action in MENA needs to be broad because the infrastructure is still catching up. MENA has recognized this, and UAE appointed its first minister of AI after estimating that the technology might add $182 billion to the economy by 2035.

AI can fill in the gaps where information is lacking, mitigating the number of contact points that delivery drivers in the region must make and employing information already available. For example, let’s say a driver has the dimensions and pick-up date but doesn’t know the weight of an item for delivery. AI can glean context from different factors, drawing highly intelligent conclusions and helping to fill in the blanks.

This can ensure that delivery is of the utmost efficiency in terms of utilizing space in delivery trucks, optimizing routes, and ultimately evolving the efficiency of the supply chain and delivery in MENA as a whole.

Arabian eCommerce is here to stay, with analysts saying 50% of consumers surveyed will be sticking to their newly acquired habit of digital spending. Organizations such as Transmetrics,  a company that optimizes cargo transport planning by leveraging the power of predictive analytics and AI, can help the industry smoothly transition into a new age. This will allow MENA to not only catch up to the Western world but also blaze past them in the international supply chain.

Transmetrics is a company that optimizes cargo transport planning by leveraging the power of predictive analytics and artificial intelligence.

The article Why artificial intelligence is the way forward for MENA’s supply chain appeared first on Arabian Post.

Arabian Post Staff

GCC policymakers must navigate a challenging and uncertain landscape as the pandemic continues to cloud the global outlook and  countries are in different phases of recovery, with varied growth prospects and policy space, IMF said in an assessment of the GCC economies.

The Fund noted that GCC policymakers moved quickly to mitigate the health and economic impacts of twin COVID-19 and oil price shocks. Infection rates have declined across the GCC to well below previous peaks, though countries have experienced successive waves of the virus, and economic recoveries have begun to take hold.

Protecting public health and supporting the most vulnerable remain the top priority for GCC policymakers. Vaccination rollout for all residents should continue, while contingency health plans should be in place to respond to any recurrent virus outbreaks. Macroeconomic policies should remain accommodative until recoveries are firmly established, it said.

Fiscal support has been critical and should be maintained as needed to avoid long-lasting crisis effects and mitigate social impacts, and increasingly targeted to ensure its efficiency and contain fiscal burdens. Where policy space is more limited, targeted support should be maintained, while identifying fiscal savings from cutting or reallocating non-priority spending.

Macro-financial policies to ensure liquidity and spur credit growth should be extended, as needed, while increasingly targeted to viable firms and complemented by close monitoring of financial stability risks.

As the COVID-19 crisis abates and economic recoveries are well-established, policies should address medium- and long-term challenges made more pressing by the pandemic: Fiscal policy should be geared toward achieving growth friendly consolidation with the aim to ensure long-term fiscal and external sustainability.

To this end, priority should be given to strengthening fiscal frameworks, further mobilizing non-oil revenues, and increasing spending efficiency. With higher oil prices, procyclical spending should be avoided, and the windfall used to rebuild policy space, IMF suggested.

Ensuring financial stability and a dynamic financial sector is key for a smooth recovery and sustained strong economic growth. Overall, financial sectors appear sound and able to support the recovery and structural transformation, but current stress, legacy risks and emerging vulnerabilities need to be managed, including by strengthening the insolvency and resolution frameworks, reinstating some prudential measures eased during the crisis, and stepping up supervisory efforts.

Economies are vulnerable to risks of scarring from the COVID-19 crisis and over the longer-term declining oil global demand as the world confronts climate change. Ongoing reforms to drive productivity and diversification should be accelerated, including raising female labour force participation, increasing flexibility for expatriate workers, improving education quality, further leveraging technology, enhancing regulatory frameworks, deepening regional integration, and addressing climate change.

The article IMF sees challenging landscape for GCC appeared first on Arabian Post.

The dramatic plunge in the Volatility Index after the FOMC move means that a Santa Claus rally in risk assets began last night and will continue on Thursday.

Dr. Fauci’s call that there is no need for a variant specific vaccine booster also reinforces the case for a rally in risk assets and specific reopening stocks hit hard in the past three weeks.

Economic history is replete with Fed policy failures/misjudgments that led to a hard landing. This is entirely possible in 2022 given the sheer scale of bubbles in the credit markets and the black swan DNA of a global killer virus amid a new Cold War with Russia and China.

The Fed’s anti-inflation pivot can also be derailed by a democratic parties, fiscal extravagance even though President Biden’s reappointment of Powell is a good omen. The US dollar’s strength in world currency markets is in dramatic contrast to the Turkish lira’s free fall since Erdogan usurped Ankara central bank’s monetary policy independence.

With current CPI at 6.8%, US housing prices above their 2007 credit bubble peak, $5 trillion in post-COVID monetary stimulus and speculative manias in everything from cryptos to NFTs to luxury watches, it is obvious that the Fed’s anti-inflation credentials will be challenged by a global rise in inflation expectations and virus related bottlenecks in supply chains.

One thing is certain, emerging market economies with very high debt levels face a new sovereign debt crisis as happened when the Volcker Fed went ballistic against inflation in the 1980’s, when Mexico, Brazil and Argentina went belly up.

The risk of a major fall in crude oil from $74 Brent now to $40 Brent is entirely possible if the Fed’s new anti-inflation crusade and China’s post-Evergrande debt woes choke global industrial growth in 2022/23.

Real US dollar interest rates are negative now to a dangerous degree and the Fed’s new pivot means that highly leveraged companies/asset classes are living on borrowed time, a kiss of death for inflated property markets worldwide and crypto junk which could lose 90% of its current value as successive Fed rate hikes get progressively nastier. An inverted yield curve would mark the end game for an anti-inflation Fed but it would plunge the world into recession in 2023.

The Chinese curse “may you live in interesting times” is about to be enacted again in the financial markets, exactly as it was after the failure of Lehman Brothers 2008, the TMT in 2000 and the Asian currency crisis in 1997.

The article Case for rally in risk assets appeared first on Arabian Post.

The crown jewel of China’s Belt and Road Initiative (BRI) increasingly looks like a powder keg that has exploded.

Mass protests have for the past month swept Gwadar, a Chinese-dominated Pakistani port city 90 kilometres from the border with Iran that has long been plagued by intermittent protests and Baloch nationalist attacks on Chinese nationals and targets.

Making things worse from China’s perspective, a local cleric, a member of Pakistan’s oldest Islamist political party, Jamaat-e-Islami, is leading the protests.

Moreover, a breakdown of a ceasefire between the Pakistani government and Tehrik-i-Taliban Pakistan (TTP), better known as the Pakistani Taliban, raises the spectre of not only Baloch nationalist but also Pakistani religious militants further training their sites on Chinese targets.

An attack in August, on a bus in northern Pakistan that carried Chinese construction workers is believed to have been carried out by the TTP although it did not claim responsibility. Thirteen people were killed, including nine Chinese nationals. The attack occurred before the conclusion of a since ruptured ceasefire between the TTP and Pakistan.

None of this bodes well for China as it seeks to come to grips with an Islamist regime in Afghanistan that shares a sliver of a border with Xinjiang, the north-western Chinese province. Authorities in Xinjiang are brutally trying to erase any seeds of Islamist thought, Sinicize the faith with practices that violate Islamic law and practice, and cull potential ethnic identity or nationalist sentiment among the region’s Turkic Muslim population.

Sitting at the top of the Arabian Sea, Gwadar is at the core of the China Pakistan Economic Corridor (CPEC), which is supposed to link Xinjiang to the Indo-Pacific and allow the People’s Republic to circumvent the Strait of Malacca that is fraught with geopolitical, big power rivalry risk.

With an investment of somewhere between US$45 and $60 billion, CPEC, involving infrastructure, energy, and telecommunications projects, is the single largest Chinese country outlay along the Belt and Road, an effort to make China the equivalent of all roads lead to Rome.

The last month of protests erupted as CPEC-related projects appeared to slow down and differences emerged regarding CPEC between the Pakistani and Chinese governments as questions were being raised in Beijing about the corridor’s viability.

Gwadar’s predominantly Baloch population has long felt that it has no stake in the city’s development. Fishermen, a backbone of the city’s traditional economy, were pushed out of their traditional fishing waters replaced by deep-sea trawlers, some of which are allegedly Chinese-owned.

Locals feel humiliated by multiple security checkpoints at which they repeatedly have to identify and register themselves. The checkpoints were erected to protect the port, Chinese nationals and assets, and Pakistani officials. In addition, many fear that they will be further marginalized with an influx of foreigners.

Meanwhile, Chinese development has produced few local jobs and done nothing to diversify the economy away from fishing, diesel oil smuggling, and drug trafficking. Chinese investment has also failed to help improve services in a region where potable water is scarce and electricity imported from Iran is unreliable.

The protests demanding an end to the security checks, the curtailing of fishing by deep-sea trawlers, and improved services fit a pattern of mass demonstrations that over the past decade have swept across the Middle East, a stone’s throw away from Gwadar.

Those protests, like in Gwadar, expressed no confidence in the political system and leadership, demanded systemic change, and at least initially and with mixed results, forced the resignation of leaders in Egypt, Tunisia, Yemen, Libya, Algeria, Sudan, Lebanon, and Iraq.

The scion of a local fisherman, Maulana Hidayat-ur-Rehman, the cleric who has emerged as a leader of the protests, fits the bill. His appeal is his intuitive understanding of widespread discontent, his ability to articulate it, the failure of militant nationalists to produce results, and the fact that he is not perceived as part of the political establishment even though he ran several times unsuccessfully for a seat in Balochistan’s provincial and Pakistan’s national assembly.

Speaking to Dawn, Pakistan’s foremost English-language newspaper, Mr. Rehman insisted that “we are doing politics to serve the people and society,” not to exploit people’s grievances for the benefit of himself or his party. “I am doing politics solely to represent them and become their voice in the face of injustice,” he asserted.

That is not to say that Mr. Rehman has not added a religious tint to the protests. The region’s Excise, Taxation, and Anti-Narcotics Department agreed late last month in talks with the cleric to shut down alcohol shops.

Mr. Rehman’s words appear to resonate with the thousands that have been on the streets of Gwadar for the past month.

“Through him, we have got a voice: Gwadar belongs to us, and we no longer want to be ignored,” said a local resident.

Few in Gwadar put any faith in Prime Minister Imran Khan’s recognition of the protesters’ grievances as ‘very legitimate” and promise to take them up with the province’s political leadership.

Neither Mr. Khan nor his predecessor, Nawaz Sharif, or China have, over the years, sought to ensure that the local population would have a stake in the Chinese-led development of Gwadar.

If protests in Pakistan’s greater neighbourhood are anything to go by, demonstrators are unlikely to surrender the street unless forced to do so by a crackdown or external factors like the Covid-19 pandemic until they see actions rather than words.

In recent weeks, promises by the provincial government to crack down on illegal trawler fishing within 12 nautical miles of Gwadar and handing over control of the border with Iran to provincial instead of national forces failed to end the protests.

“We have no trust in them,” Mr. Rehman told a protest rally in late November after the government agreed to meet demonstrators’ demands. That message stands almost three weeks later as the protests continue unabated.

The article Chinese powder keg that has exploded appeared first on Arabian Post.

Arabian Post Staff

The four-and-a-half day working week is another twist in the UAE’s drive to attract business and investment in the Gulf Cooporation Council (GCC). according to a GlobalData analysis.

It points out how the weekend switch is the latest in a string of measures that have enhanced the competitiveness of Abu Dhabi and Dubai as regional centers, as it puts them on the same working schedule as other regions — most notably in the Far East, Europe and North America. It will further enhance the appeal of the UAE as a regional headquarters for international companies operating in the Middle East.

Another move came in late November, when UAE President Sheikh Khalifa bin Zayed al-Nahyan approved new laws and legislative amendments described as the largest legal reforms in the UAE’s history ahead of the country’s 50th National Day celebrations on 2 December 2021. More than 40 laws are included in the legal package to develop the country’s legislative structure in sectors, including investment, trade, commercial companies, trademarks, personal security and crime.

GlobalData says the measures come as Saudi Arabia moves to attract regional headquarters to Riyadh. In January, it initiated a program that requires companies contracted by the Saudi government to have their regional headquarters in Riyadh.

While both countries may be seeking to achieve the same goals, their methods are in many respects diametrically opposed. The UAE has sought to be more accommodating by introducing measures that make it a more attractive destination for international businesses and their staff, while Saudi Arabia has been more punitive by saying it will exclude global companies that do not have their regional base there, it says.

But it concludes that as the competition for business intensifies, the relative merits of each approach will be known in the coming years.

The article Work week switch to intensify competition appeared first on Arabian Post.

The GCC leaders affirmed today the importance of completing pillars of the GCC common economic, defence and security integration and unity and coordinating stances in order to enhance solidarity and stability among GCC member states, serve their interests, avert them regional and international conflicts, fulfill aspirations of their people and strengthen their regional and international role through unified political positions and new partnerships regionally and globally.

According to the Riyadh Declaration issued at the end of the 42nd GCC Summit, leaders stressed the vital need for common foreign policies of member states to build a shared, effective foreign policy that serves aspirations and ambitions of their people and preserve their interests and gains and keep them away from regional and international conflicts and interferences in their internal affairs.

The leaders called for strategic integration between common economic, defence and security policies to achieve aspired goals and called member states to commit themselves to collective action under the Joint Defense Agreement to confront common challenges and threats.

Addressing the climate change, the leaders also called for backing the Saudi Arabia’s circular carbon economy strategy launched during its presidency of the G20 to tackle climate change and its impact and achieve sustainability.

The leaders stressed the need for continuing the joint cooperation in the fight against COVID-19 and other pandemics and developing affective policies and strategies to deal with such health emergencies and address their economic and social repercussions as well as travel and movement between GCC member states.

The leaders stressed the importance of enhancing joint action towards digital transformation and modern technologies, enhancing cooperation and building alliances in the field of cyber and information security in line with the aspirations of the GCC member states, supporting the role of youth, the private sector and small and medium enterprises in the growth of economic diversification and digital transformation, and encouraging partnerships, projects and initiatives in this field.

Meanwhile, the Supreme Council of the GCC lauded the efforts made by the UAE to tackle climate change and to offer support to global efforts by hosting the COP28 in Abu Dhabi in 2023.

It also congratulated the UAE for successfully hosting Expo 2020 Dubai, which, it added, is a success for all GCC countries.

The Supreme Council reaffirmed its keenness to furthering coherence among the member countries and to realise integration in all fields, in a way that would fulfill aspirations of its people and unify ranks to confront any threats against any of the GCC countries.

The Declaration also referred to the objectives set out in Al-Ula Declaration, issued on 5th January 2021 and the shared desire to align with the vision of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, for working towards economic unity and joint defence and security system.

The Supreme Council assigned organisations, councils and ministerial committees, as well as the GCC General Secretariat, to double efforts to complete implementation of the vision of the Custodian of the Two Holy Mosques, including acceleration of the establishment of the customs union and the various tracks of the GCC Common Market, in the lead up to a full economic unity of the GCC by 2025. It also mandated the General Secretariat to submit a detailed report for the next session of the Council.

The Supreme Council approved the establishment of the GCC Railways Authority, commended the opening of the GCC unified military command in Riyadh and took note of the preparation for the military exercise “Arab Gulf Security 3”, scheduled to take place in Saudi Arabia in January 2022.

The Supreme Council reaffirmed respect for the principles of sovereignty and non-intervention in other countries’ internal affairs. It also renewed its firm stance in rejection of terrorism and extremism, regardless of their sources and forms.-With Wam

The article Riyadh Declaration stresses GCC unity appeared first on Arabian Post.

BCA program is among the most sought-after academic course that students pursue to become employment-ready. The aspiring candidates can enter the program with minimum requirements. The eligibility for BCA course is a minimum score of 50% in 10^th and 12^th, respectively, along with anyone compulsory subject, including mathematics, computer science, or information technology. Entering the BCA course can shape your entire professional career because it is among the most in-demand professions in the modern world.

The BCA program is designed uniquely for students interested in computer science who dream of pursuing a career in the fastest-growing technology industry.  BCA computer application graduates have job opportunities in different IT firms on national and international platforms. The jobs are not limited to IT sectors, but also a wide range of industry offers employment to BCA graduates. Here is a list of firms that recruit graduates who hold a BCA degree:

• Consultancies
• Banks
• Security and Surveillance Companies
• Software Development Companies
• Insurance providers
• System Maintenance
• Technical Support
• Computer and Related Electronic Equipment Manufactures

Since there is a vast area of recruitment for computer application graduates, each sector offers a number of job roles to potential candidates. The top professional jobs available in the computer application are:

• Database Architecture
• Banking Consultancy
• Database Administrator
• Computer System Analyst
• Quality Assurance Manager
• Network Engineers
• Computer Operator
• Web Developer
• Computer Programmer
• Mobile App Developer
• Senior Application Support Analyst
• Computer Application Tutor

There is a high demand for BCA graduates in India because they are versed with cutting-edge knowledge highly valued in the modern business and technology industry. The top companies are constantly looking for skilled and qualified candidates with the skills and knowledge required to flourish in the contemporary sector. Being an aspiring candidate, you must know about the top recruiters you can work with after completing the course. Here is the list of top recruiters:

• Oracle
• Wipro
• Cognizant
• TCS
• Infosys
• Accenture
• IBM

The impact of computer science and IT is everywhere, from scientific research to health development, banking, transport, communication, etc. Technology has indeed made the world faster, better, and more connected than ever. The brilliant minds of the IT and Computer application graduates have brought massive changes for the betterment of society.

Pursuing a BCA course from the top educational institute in India can contribute to developing knowledge with adequate industry exposure. Hone the most in-demand skills and expertise to grab the opportunity to stand out from the competition. The BCA course can leverage the booming careers in the IT sector and has the potential to open avenues for higher education and earn you other remarkable jobs. Sign in now to know more about the valuable BCA program!

The article Choosing a career in computer applications appeared first on Arabian Post.

The countries education system ensures that there is no dearth of opportunities to explore, which quite naturally has transformed Canada into a popular destination among study abroad applicants, especially because of its relatively cheaper academic fees and immigrant-friendly policies.

The best part?

It is easier for international candidates to obtain a work permit right after graduation that is a validation period of up to three years, allowing you to settle in the country while you are still looking for a job.

MBA jobs in Canada not just come with some of the higher salaries but also offers executive-level positions in multinational corporations of both small and medium-sized organizations.

The job market in Montreal, Toronto, and Vancouver showcase a higher employment rate than any other top university in the world, allowing its graduates to bag large salary packages based on the excellent knowledge and skills that they possess.

Keep reading to find out some of the top job profiles that are available for MBA Canada grads and specializations that you can earn for a balanced professional journey in the near future.

Human resources coordinator

This job profile will let you engage in human resources activities including scheduling interviews, meetings, and events there are related to employment processes, practices, and policies, moving on to report recommended changes to the senior management.

Business consultant

A professional holding this position is expected to provide expert advice on specific areas of business such as management, accounting, financial control, marketing, or even security, with the purpose of addressing a company’s end-to-end business needs.

Marketing analysts

Also referred to as research analysts these professionals help companies best position themselves within the market by studying the activities of a particular industry, leveraging market research analysis to identify opportunities and track trends that can promote solid customer relationships.

Operations supervisor

The primary goal of this job profile is to monitor all employees’ performance and train new hires, by keeping track of key performance indicators, at the same time monitoring the efficacy of the department as a whole and recommending ways to upgrade the efficacy of workers.

Business development officer

In this high profile job we need you to lead business development associates, secure sound business deals, identify profitable business opportunities to create and execute strategies that can boost company profits and sales, and develop business and marketing plans to achieve revenue goals by showcasing excellent communication and writing skills.

MBA graduates no doubt have a great career prospect in Canada with a good balance between the number of job vacancies to job seekers, strategically keeping up with the demand by opening up various managerial rules within the private and public organizations for new graduates.

Sign up for a master of business administration graduate course in Canada today and land employment opportunities via our university placement programs and early career fairs.

The article Career and job prospects of pursuing MBA in Canada appeared first on Arabian Post.

You can choose to enrol in part-time diploma courses in Singapore to hone skills or advance your existing experience to take up a specific career option that you have long desired.

In this blog post we have tried to mention the top part-time courses that you can take up in Singapore and how can they help you land a lucrative job role in a field that you are most passionate about.

Postgraduate diploma in business

This part-time programme will help you analyse real-world business issues better and lay a foundation for pursuing MBA programmes in a subject allowed to management.

Diploma in accounting and finance

This is an academic and vocational qualification that can prepare you to execute key functions related to the modern international business environment and collaborate at large with global professional bodies.

Diploma in banking and finance

These part-time goes will help you acquire specialist skills and knowledge do the monitoring, banking, and financial operations that are essential to navigate in the evolving world of business.

Diploma in web application development

This programme is taught by hiring managers and metals from within the digital industry where you will get the opportunity to acquire the fundamentals of essential programming languages.

Diploma and data analytics

The model structure of this part-time course includes all areas of the analytics industry including data visualisation, app development, cloud computing, project management, Internet of Things, Machine learning, and statistical analytics.

Diploma in business studies

This includes principle concepts and underlying academic topics associated with the field of management that can help you take on a successful career in the business industry.

Diploma in logistics and supply chain management

By the time you have completed this part-time qualification, he will be transformed into an in-demand professional who is an expert at executing internal trade and logistics operations in a wide range of industries.

Diploma in project management

In this programme we will learn about the different phases and distinct sets of tasks assigned to individual levels of managing a project including project launching project planning and project execution, allowing you to solve complex issues within your team.

Diploma in digital business

This unique pattern goes is designed to help you learn and implement promotional strategies by campaigns and organised advertising groups to create compelling marketing plans and increase conversions.

In today’s competitive era, completing a college degree is not enough to acquire higher pay or a superior lifestyle.

You are required to top up your degree with a specialisation to ultimately impress clients and employers across the world.

This is where part-time courses in Singapore come into play.

Visit our website today and choose of course that can further your talent and help you make a mark on the global business platform.

The article Best part-time diploma courses in Singapore: 2022 edition appeared first on Arabian Post.

The Dubai International Financial Centre Courts announced the launch of a ‘Specialised Court for the Digital Economy’ aimed at simplifying the settlement process of complex civil and commercial disputes related to the digital economy.

The new specialised court will deal with national and international disputes related to current and emerging technologies. It will cover a wide variety of fields including big data, blockchain technologies, artificial intelligence, cloud services, unmanned aerial vehicles, 3D printing technologies, and robotics.

With the continuous growth of digital transformation across the world, trade and services inevitably integrate digital technology in their fundamental operations. Now, more than ever an innovative judicial system is key to promoting growth as well as providing security, reliability, and protection for companies and businesses.

The new international court is seen as a pivotal step in achieving the UAE’s vision and strategy for the next 50 years.

DIFC Courts is in the process of appointing eminent judicial experts to operate and supervise the digital infrastructure and advanced service capabilities of the Specialised Court. The new court will start providing services in the first quarter of 2022.

The ‘Specialised Court for the Digital Economy’ will complement specialised divisions in existing courts including the Technology and Construction Division and the Arbitration Division. These were launched by the DIFC Courts to meet the increasing demand for judicial expertise in cases related to specific sectors.

In early 2022, the new court will be assigning a group of international lawyers and industry experts to draft and approve new rules for the Digital Economy Court, which will then be issued after a 30-day public consultation campaign.

In preparation for the fast-growing digital economy, the UAE government has announced several initiatives to create a strategic roadmap for the country’s future. This includes the formation of a working group of government and business leaders tasked with developing a post-pandemic action plan for accelerating digital economy growth, driven by innovation and creativity.

The article Digital economy court for DIFC announced appeared first on Arabian Post.

Arabian Post Staff

Gulf Capital announced record profitability results for its private equity portfolio over the last twelve months (LTM) ending in Q3 2021.

The fair value of Gulf Capital’s $750 Million GC Equity Partners III (Fund III) soared by 67% in the Last Twelve Months, fuelled by the record profitability of its underlying portfolio companies.

This strong performance is a direct result of Gulf Capital adopting a thematic investment approach in 2015 and investing early in the sectors of the future, namely technology, fintech, healthtech, healthcare, business services, and sustainability.

The thematic investment approach is yielding strong dividends with Fund III portfolio companies reporting, on average, revenue growth of 28% over the last year and a remarkable surge in profitability (EBITDA) of 83% year on year.

Ranked by sectoral performance, the fastest growing investments were those in the fintech sector (with EBITDA profitability up 109% year on year), healthcare (up 74%), technology (up 54%), sustainability (up 31%) and business services (up 23%) respectively. Most portfolio companies have exceeded their pre-pandemic 2019 profitability and, in fact, are accelerating their growth in the current environment.  Long-term secular trends like the change in consumer behavior, the shift to online ecommerce, the rise of telemedicine and the boom in digital payments during the pandemic are benefitting Gulf Capital’s portfolio companies, resulting in a surge in revenues and profitability.

Gulf Capital also announced expansion plans across Asia and the establishment of a new office in Singapore to cover its Southeast Asia and Indian investments. The Firm is currently hiring a deep bench of Asian private equity and operating experts to effectively connect the Gulf region with the rest of Asia across this fast-growing East-West Asian corridor, named Ascending Asia.

The article Gulf Capital reports record results appeared first on Arabian Post.

Increasingly, compliance with US sanctions against Iran could emerge as a litmus test of the United Arab Emirates’ close ties to the United States.

At the sharp edge of a potential rift between the allies is a reportedly recently concluded agreement by a private UAE company to build gas-fired thermal, solar, and wind power plants with a total capacity of 300 megawatts in Iran’s hydrocarbon-rich province of Khuzestan.

Established in 2020, AJ Holding, the Dubai and Fujairah-based company, could not be reached for comment. The company website claims, without further detail, that its portfolio includes some 600MW of wind and solar power projects in Eastern Europe, the Baltics, and the Far East.

A picture attributed to Iranian energy news agency Bargh News appeared to show the company’s Danish CEO, Allan Jespersen, exchanging documents with an Iranian official.

The deal was signed as the United States warned that it would toughen enforcement of sanctions if multilateral talks in Vienna aimed at reviving the 2015 international agreement that curbed Iran’s nuclear programme failed.

A US delegation expects to visit the UAE, a major Iranian trading partner, this week to warn banks, petrochemical firms, and other companies that US authorities have evidence of their non-compliance with sanctions and that they could be penalized.

As the Vienna talks took place, Anwar Gargash, UAE President Khalifa bin Zayed’s diplomatic advisor, asserted that he did not “see further sanctions as a solution …There are already enough sanctions on Iran,” he said. At the same time, Mr. Gargash described the United States as the UAE’s “number one strategic ally.”

The United States has expressed support for the UAE’s diplomatic outreach to Iran that began in July 2019 after the US failed to respond to attacks on oil vessels off the coast of the Emirates, for which the Islamic Republic was believed to be responsible.

“We welcome any direct talks that lead to greater peace and stability in the region,” said US deputy assistant secretary of state for Iran and Iraq Jennifer Gavito.

In the highest-level contact in a decade, Sheikh Tahnoon bin Zayed, the UAE national security advisor and brother of strongman Crown Prince Mohammed bin Zayed, met in Tehran last week with Iranian President Ebrahim Raisi.

“I expect that Iran will make demands which would be very difficult for the UAE to accommodate. They would be asking…to use UAE financial institutions to trade with the world. The UAE needs to find out for itself if it wants to help the IRGC (the Islamic Revolutionary Guards Corps) evade and bypass US sanctions to protect itself against potential future attacks,” said Iran scholar Ali Alfoneh in a recent webinar that was part of this year’s UAE Security Forum hosted by the Arab Gulf States Institute in Washington (AGSIW).

Mr. Alfoneh was referring to fears that Iran could target the UAE and Saudi Arabia in a possible military confrontation with Israel and/or the United States should the Vienna nuclear talks collapse.

The UAE’s concerns were magnified following last year’s establishment of diplomatic relations with Israel that Iran condemned.

The United States and the UAE are negotiating final details for the US$23 billion sale of F-35 fighter jets that would make the Gulf state the only Middle Eastern nation except for Israel to operate America’s most advanced stealth warplane. Earlier this month, the UAE agreed during a visit by President Emmanuel Macron to a $20 billion deal to purchase 80 French Rafale fighter planes.

“Officials in Abu Dhabi and (especially) Dubai are fully aware of the damage that would be caused to their brand as (relatively) stable hubs in an otherwise insecure region should the pattern of attacks seen in 2019 continue and/or escalate,” said Gulf scholar Kristian Coates Ulrichsen. Mr. Ulrichsen was referring to attacks on shipping in the UAE and Saudi oil facilities for which Iran was believed to have been responsible.

The UAE’s outreach to Iran amounts to a questionable bet that detente, against the backdrop of sustained social unrest driven by economic hardship, will induce the government in Tehran to modify its policies.

“What we’re hoping for is regime moderation…where we’re dealing with Iran as another state that we can deal with viably, and they can benefit from.  So, if they need leverage, they can get leverage, but it doesn’t have to be through military aspects… That’s the type of change that has not been explored a lot,” Mohammed Baharoon, the head of the Dubai Public Policy Research Center, said in the AGSIW webinar that also included Mr. Alfoneh.

Mr. Gargash expressed hope in his remarks to the security forum that Iran would respond to the “new environment” that the UAE and Saudi Arabia were trying to create. He suggested that Iran could signal its interest by helping achieve a ceasefire in the debilitating almost seven-year-long war in Yemen.

The UAE bet is that Iran, like the Gulf, will accept that to survive in the 21st century, autocratic regimes need to deliver public goods and can no longer depend primarily on a repressive security state. For Iran to do so, it needs a lifting of the sanctions.

Similarly, the bet further presumes that Iranian minority voices that argue that improved relations with Gulf states require a resolution of the nuclear issue and a lifting of US sanctions will resonate with policymakers In Tehran.

Majidreza Hariri, head of the Iran-China Chamber of Commerce, recently cautioned that Iran was at a trade disadvantage as long as the sanctions were in place.

“Our status is weakening daily … because when we’re absent from the international trade energy arena, our competitors in the Persian Gulf’s southern region take our place, and when they sell more oil to China, they’re obliged to buy more merchandise from it,” Mr. Hariri said.

Esfandyar Batmanghelidj, who heads the London-based Bourse and Bazaar think tank and is a visiting fellow at the European Council on Foreign Relations, noted that Iranian imports from the UAE projected at $12billion in 2021/2022 were set to exceed pre-2018 levels by March of next year, the end of the Iranian calendar year. The UAE is a major hub for re-export to Iran.

Mr. Batmanghelidj suggested that Iran’s increased spending power in the UAE was enhanced by oil sales to China in violation of the US sanctions that are mediated by the Emirates as well as Malaysia.

The AJ Holding energy deal, if confirmed, would, at the very least, grant Iran a symbolic victory, a contract with a company from a country closely allied with the United States that would snub US sanctions.

The UAE is unlikely to snub the sanctions that blatantly. More likely is that the contract is a further indication to Iran of what would be possible if it did its part to get US sanctions lifted. It’s a message Tehran has long been aware of but has so far refused to heed. So, the question is whether anything has changed from Iran’s perspective. There is no indication that something has.

The article Playing cat and mouse: UAE firm to build power plants in Iran appeared first on Arabian Post.

Arabian Post Staff

Abu Dhabi has set its sights on Belgium, as a leading global pharmaceutical hub, to establish a global distribution corridor to serve the world in vaccine delivery and future life science needs. The collaboration builds on the capabilities of Abu Dhabi’s healthcare sector as a leading life sciences hub and the efforts of the HOPE
Consortium in providing vaccine solutions for the world.

This initiative entailed a delegation visit from Belgium to Abu Dhabi, hosted by the Department of Health – Abu Dhabi (DoH). The visit saw the signing of two declarations of collaboration between Belgium and Abu Dhabi.

The first agreement was between the HOPE Consortium, Abu Dhabi Airports Company (ADAC), Brussels Airport Company and Pharma.Aero. Led by the Department of Health – Abu Dhabi, the regulator of the healthcare sector in the emirate, the collaboration aims to establish a fully compliant origin-to-destination pharma air corridor between Abu Dhabi and Brussels Airports. The dedicated pharma trade lane will unite key compliant and sector certified supply chain stakeholders, including forwarders and ground handling agents.

Earlier this year, a delegation from the HOPE Consortium met with pharmaceutical industry stakeholders in Brussels to showcase Abu Dhabi’s global vaccine distribution success. Thanks to its network of partners, the HOPE Consortium has handled over 200 million doses of Covid-19 vaccines, contributing to vaccination programmes in over 40 global destinations.

Western Europe currently ranks as the world’s second-largest pharmaceutical export market with a total export value of nearly EUR 42 billion in 2020. “, Brussels Airport is the leading hub serving the pharmaceutical and life sciences industry in Europe with over 750 million vaccines handled at the airport, serving 60 destinations worldwide” said Nathan De Valck, head of cargo at Brussels Airport.

The development of the dedicated Pharma Air Corridor will leverage API-IoT devices- webforms-internet shared with all relevant stakeholders to monitor pharma shipments closely. “Our relationship with Etihad Cargo and the HOPE Consortium sharing best practices makes us confident that the corridor will promote commitment for transparency with customers and stakeholders.” said Nathan De Valck who also serves as Chairman of
Pharma.Aero.

The other declaration of collaboration was signed by the HOPE Consortium, Pharma.Aero, Khalifa University of Science and Technology and the University of Antwerp to host the second edition of the “Pharma Logistics Masterclass”, a course focused on critical challenges and developments in pharma supply chains and logistics, by Khalifa University in Abu Dhabi from 5th to 9th September 2022.

The article AD to set up global pharma corridor appeared first on Arabian Post.

Online sales have been bubbling pretty fiercely under the surface for many years, but a pandemic that saw as many as 85,000 businesses launching online shops in the space of just four months has quickly hastened that trajectory. Now, both as a result of the benefits from this online shift and as a need to compete in an entirely changed retail landscape, countless companies are continuing to prioritise these online focuses. The trouble is that even for companies who saw huge success here when they needed it the most, keeping that momentum going is proving harder than they could’ve imagined. 

This is hardly surprising as the reopening of in-person sales distracts attention from this once sole online focus. Companies are also finding that consumers have become a whole lot less willing to overlook teething issues in this post-pandemic era. As such, if you want to keep on seeing the online sales you enjoyed in the past, you need to overcome the following teething issues that consumers with far more choice are unlikely to settle for.

Unsplash Image: CC0 Licence

# 1 – Crashing systems

The beginning of the pandemic was punctuated by technical issues that consumers were generally willing to accept without blame. Now, however, with almost two years to have addressed these setbacks, people are guaranteed to be less forgiving. Hence, taking proactive steps to avoid downtime, crashes, and more is fundamental, and should include the implementation of 24/7 IT monitoring, daily backups, server maintenance, and the right hosting plan to ensure that your site can withhold daily usage fluctuations.

# 2 – Cyber security setbacks

You couldn’t afford cyber security breaches even during the pandemic, but a more proactive approach to cybersecurity is essential now that you’re in the swing of things. Cybersecurity outsourcing is perhaps your best option here, ensuring expert and lasting protections without overwhelming your workloads. Managing your servers by turning to a cheap vps or even a more costly dedicated server can also ensure that the protections you put in place are more than enough to ensure lasting security without needing to worry about breaches on a shared server. And, of course, remaining informed about the data you’re collecting, why you’re using it, and where best to store that information is essential, and should come under review at least every six months.

# 3 – Delivery delays

As the free flow of goods came to an almost complete standstill during lockdown, consumers accepted sometimes lengthy delivery delays, but they won’t accept that same issue now. To compete, you therefore need to provide around 3-5 day delivery to local areas, as well as reliable global services that compete with what other companies are offering. Again, outsourcing can be a great way to ensure this, enabling you to hand over on deliveries with guaranteed results, all at a fixed cost for you no matter where your consumers are. 

Teething issues are inevitable for any sudden change, but two years later you should be well past cutting your eCommerce teeth with these pointers in mind. 

The article It’s Past Time You Moved Past These Online Teething Issues appeared first on Arabian Post.

Amazon today announced that Alexa, the brain that powers the Echo device family, is coming to the United Arab Emirates, offering customers an all-new, localized language experience in Khaleeji Arabic as well as in English, new features built with Gulf customers in mind, new smart home integrations with many compatible devices, and nearly 200 Alexa skills.

Echo devices are voice-controlled speakers designed entirely around your voice—they are always ready, hands-free, and fast. Alexa runs in the cloud, receives new feature updates on an ongoing basis, and is therefore always getting smarter. Just ask, and Alexa will answer questions, play music, read the news, recite the Quran, set timers and alarms, provide sports scores, control lights at home, and much more. With Echo’s far-field voice control, you can do all this from across the room, using just your voice.

In the United Arab Emirates, Alexa delivers a localized experience, including a Khaleeji Arabic voice with a personality that will surprise and delight customers—local pronunciations and intonation; local knowledge; and nearly 200 Alexa skills from regional developers and brands including skills from Etisalat, Expo 2020, Domino’s, Fatafeat, Careem, Emirates NBD, DEWA, and more. Customers can also use Alexa in English and enjoy popular features such as setting timers, adding reminders, creating To-Do-Lists, sharing announcements, and more.

“We’re incredibly excited to bring Alexa and the Echo family of devices to the United Arab Emirates,” said Tom Taylor, Senior Vice President, Amazon Alexa. “The team has worked hard to create an all-new Khaleeji Arabic experience designed from the ground up for Arabic-speaking customers and to optimize the Alexa experience in English for English-speakers to enjoy.”

“On our way to becoming a world leader in Artificial Intelligence, we welcome Alexa to the United Arab Emirates”, said Omar Bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications. “Much like AI is at the core of Alexa’s personality, we are working on doing the same for the entire nation – building an AI-driven economy that contributes significantly to education, government development, and the happiness of our community.”

The article Amazon launches Alexa in Khaleeji Arabic appeared first on Arabian Post.

Arabian Post Staff

One of the World CIO 200 Award winners, Mithun Nair, receiving the award in the Master category.

The region’s e-commerce sector is growing at the fastest pace globally, with online sales expected to double to $48.8 billion by 2021, according to a report by Fitch Solutions Macro Research, cited at the  Global CIO Forum held this week.

Undoubtedly, e-commerce has completely transformed the retail landscape. Most recently, two years after spending US$500m to acquire Souq, American e-commerce company Amazon has rolled out its platform for customers in the UAE. E-commerce spending in the UAE is expected to increase by 170% to $27.1bn in 2022, from $9.7bn in 2017.

But businesses still struggling to keep up may be wondering what they can do to encourage customers to come into their retail stores, instead of shopping from their internet-enabled devices.

The convenience of online shopping is difficult to compete with, so many retailers opt for offering their customers a completely different experience than they could find online. A recent study by SOTI showed that 92% of customers prefer stores that offer a mobile technology experience, for example.

When it comes implementing AI and understanding its power which comes with a big advantage of gaining profit and huge customer attraction. Artificial Intelligence in retail landscape is the most promising implementation for those who use it. The companies will be able to save and receive customer data much more efficiently. And with that much data the retailers can create personalized for the shoppers.

As indicated by Worldwide Market Experiences, interests in computer based intelligence by retail section will surpass USD 8 billion by 2024. As more applications for AI, prescient investigation and profound learning advances are explored different avenues regarding achievement, computerized disturbance in retail portion will undoubtedly occur at a much quick pace.

The Global CIO Forum featured a multi-country CIO felicitation ceremony that recognized the achievements of the ‘Digital leaders’ of today.

The article UAE e-commerce posts world’s fastest growth appeared first on Arabian Post.

The United Arab Emirates announced today that it will transition to a four and a half day working week, with Friday afternoon, Saturday and Sunday forming the new weekend.

The new working week will commence January 1, 2022, across the federation of seven emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain) that make up the UAE.

Currently the working week is Sunday to Thursday.

“This is a major cultural, societal and economic shift that can be expected to provide a massive boost for the UAE economy,” said Nigel Green, the CEO and founder of Dubai-headquartered financial advisory, asset management and fintech firm deVere Group .

The UAE, and in particular Dubai and Abu Dhabi are already recognised as two of the most powerful business and financial hubs in the world by international investors who are lured by the incredible possibilities offered in terms of finance, trade and commerce, plus the famous ‘can do’ attitude and the low tax environment in these destinations, he said.

The news follows the rollout of new legislation in which the UAE will allow 100% ownership of businesses for foreign nationals from December 1, 2020. Previously, all businesses were required to have a UAE citizen sponsor.

Green said the appeal of the UAE has just sky-rocketed further due to the reform of the business ownership law.

The article UAE shifts weekend to Sat-Sun appeared first on Arabian Post.

India’s Reliance Industries Limited (RIL) Tuesday said it will partner with Abu Dhabi Chemicals Derivatives Company RSC to launch TA’ZIZ EDC & PVC, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais. The joint venture will have an investment of more than $2 billion.

This is Reliance’s first investment in the Middle East and North Africa (MENA) region, and it will also be the first production of these chemicals in the UAE.

The new joint-venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility.

The TA’ZIZ Industrial Chemicals Zone is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ, and the project builds on ADNOC and Reliance’s long-standing strategic partnership, the release said. The terms of the joint venture are subject to regulatory approvals.

Mukesh Ambani, chairman and managing director RIL said, “We are happy that we will be setting up the first projects in the vinyl chain in the UAE at TA’ZIZ Industrial Chemicals Zone, which is being developed into a global hub for chemicals.

India’s need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies. Close cooperation in the region based on shared objectives is key as we optimise resources and work together to enrich the lives of our citizens.”

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology said, “We are delighted to partner with Reliance Industries in this new joint venture which will manufacture critical industrial raw materials for the first time in the UAE, supporting our national strategy to empower the industrial sector to become the driving force of a truly dynamic economy over the next 50 years.”

The article India’s RIL in deal for $2b Ruwais plant appeared first on Arabian Post.

For decades, Middle Eastern families seeking to immigrate to the United States have taken advantage of the EB-5 Immigrant Investor Program, which requires an investment of $500,000 in a new commercial enterprise in the U.S. economy in exchange for a fast-tracked opportunity to receive U.S. Green Card for themselves, their spouse, and unmarried children under the age of 21. The EB-5 Regional Center Program, which was created by Congress in 1992, allows applicants to take advantage of the immigration benefits of the program while at the same time being passive investors without the headache of dealing with various reporting obligations, such as the mandatory job creation reports.

Since its inception, the EB-5 program has had bipartisan support from both Democrats and Republicans in the U.S. Congress given its role in stimulating the U.S. economy. While the two political parties hold varying ideals in many respects, there is no question that both sides are in favour of stimulating the U.S. economy by way of job creation, which is at the core of the EB-5 program. Despite its popularity, the EB-5 program, which reached its sunset date on June 30, 2021, remains suspended. The Continuing Resolution signed by President Biden on December 3, 2021 provides funding for the U.S. federal government until February 18, 2022. This means that by February 2022, Democrats and Republicans must once again attempt to reach an agreement and to pass the appropriations bills that will fund the various U.S. federal agencies and programs, including USCIS which administers the EB-5 program. Therefore, it is possible that the reauthorization of the EB-5 program will be delayed until early 2022.

Although the reauthorization of the EB-5 program did not occur in December 2021 as industry experts and insiders had anticipated, there is no question that the program will sooner or later be reauthorized given its tremendous benefits in boosting the U.S. economy. Therefore, prospective investors are encouraged to continue with the gathering of their documentation to be prepared for an early 2022 rush. With over 12 years of experience in the EB-5 industry, Shai Zamanian, the Legal Director of The American Legal Center, a top immigration consultancy based in Dubai, is urging applicants to collect their documents to catch the next filing window. “We understand the frustration that many families are experiencing because of this delay in reauthorization. We will continue to engage in meaningful discussions with EB-5 lobbyists and experts in the United States and will update the Middle East market with the latest happenings,” says Zamanian.

Contact The American Legal Center today for a free consultation with a U.S. licensed lawyer and to find out what you can do to be prepared for an early 2022 rush.

The article Further Delays in the Reauthorization of the United States EB-5 Residency by Investment Program appeared first on Arabian Post.

With Mastercard Cross-Border Services, financial service providers can seamlessly process digital payments leveraging its global network through a single connection. Furthermore, these cross-border payments can reach almost anywhere in the world with certainty and predictability, and without back-end charges. Mastercard’s platform plays a key role in improving world-wide connectivity, by providing new and enhanced innovation across the global digital ecosystem.

Through this partnership, Mastercard and ProgressSoft will help reduce the integration time by at least half. The expedition of bank onboarding will also allow Mastercard to accelerate the rollout of its Cross-Border Services network across the MENA region, allowing financial institutions to meet rising consumer demand for faster remittances.

Describing the impact of Mastercard’s partnership with ProgressSoft, Pankaj Asthaana, Vice President – Digital Payments & Labs (MENA) at Mastercard said: “Following the successful implementation of our technology across leading regional banks, we now look forward to working with ProgressSoft to transform how banks across the region process cross-border payments. This partnership makes it easier and faster for banks to onboard and integrate Mastercard Cross-Border Services – a platform that also relieves banks from the remittance certification process.”

ProgressSoft, which is based in Jordan, serves more than 650,000 users in 24 countries with services including blockchain-based central bank digital currencies and automated clearing houses.

ProgressSoft’s Chief Executive Officer, Michael Wakileh said “We recognize the intrinsic benefits of faster cross-border remittances to people, communities and institutions around the world. Partnering with Mastercard delivers a crucial component that achieves those benefits, and our Payments Hub is at the core of this evolution.”

Mastercard’s Cross-Border Services enable banks, fintechs, mobile network operators and exchange houses to modernize remittances, offering unbeatable speed and security.  Bolstered by the acquisition of Transfast in 2019, Mastercard enables its partners to better respond to the challenges in a post-pandemic world by providing safe, convenient ways to Cross-Border Services and receive money nearly anywhere in the world.

About Mastercard Incorporated (NYSE: MA), www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

 Mastercard Communications Contact
Rama.AlSayegh@mastercard.com

About ProgressSoft Corporation, www.progressoft.com

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The article Mastercard and ProgressSoft Partner to Simplify Remittance Solutions across Middle East and North Africa appeared first on Arabian Post.

Arabian Post Staff

Borouge, a leading petrochemical company providing innovative, value-creating polyolefin solutions, announced today the award of the Engineering, Procurement and Construction (EPC) contracts for the world-scale fourth expansion of its manufacturing complex in Ruwais, Abu Dhabi (“Borouge 4”). ADNOC and Borealis AG recently signed a strategic partnership that confirms a $6.2 billion (AED22 billion) investment agreement to build Borouge 4.

The EPC award underscores Borouge’s drive to unlock opportunities in polyolefin manufacturing, enable industrial growth, and maximise the value of every barrel produced in the Emirate of Abu Dhabi. With this expansion, Borouge will become the world’s largest single-site polyolefin complex. The facility will also enable the next phase of growth at the Ruwais Industrial Complex by supplying feedstock to the TA’ZIZ Industrial Chemicals Zone.

Borouge undertook a front-end engineering design (FEED) and a competitive tender process; as part of the process leading up to the EPC awards.

The first package for Early Works, was awarded to Al Asab General Transport and Contracting LLC, a leading Abu Dhabi-based construction company. The Early Works package covers engineering, procurement and construction related to site preparation and early works of the world-scale expansion.

The second package of Borouge 4 was awarded to French construction giant, Technip Energies, in consortium with Target Engineering, to build the Ethane Cracker. This is Borouge’s fourth cracker with a manufacturing capacity of 1.5 million tonnes of ethylene output per annum.

The last three packages of Borouge 4 were awarded to Italian industrial engineering company, Tecnimont. The third package is for polyethylene and 1-hexene units covering the build of Borouge 4’s two new polyethylene manufacturing plants and 1-hexene unit; a component in the production of high-performance polyethylene.

The fourth package is for utilities and offsites, which consists of constructing non-process buildings, roads, infrastructure, internal and external interfaces, tankage systems, flaring systems, utilities and integration of Borouge 4 with the existing facilities. The fifth package is for building the second cross-linkable-polyethylene (XLPE) plant with a capacity of 100 thousand tonnes per annum.

The value of the contracts will contribute to UAE In-Country Value, with 60% of all engineering, procurement, commissioning, and construction activities managed by local companies and locally manufactured products, and materials. The award supports ADNOC’s In-Country Value (ICV) programme and highlights how Borouge and its shareholders continue to focus on ICV as it delivers on its 2030 strategy. As part of Borouge 4’s ICV contribution, the facility will create more job opportunities for UAE nationals in the private sector and promote economic diversification.

The scope of the award covers engineering, procurement, construction, and commissioning activities for the polyolefin complex facilities required to facilitate the full production capacity of two new polyethylene plants – each with a capacity of 700,000 tonnes per annum, using the third generation of Borealis Borstar^® technology. These plants will be supplied by a world-scale ethane cracker with capacity of more than 1.5 million tonnes per annum of ethylene.

Borouge 4 will have an industry-leading focus on sustainability leveraging the capabilities of both shareholders. The facility will utilise Borealis’ proprietary Borstar^® technology, to produce a product portfolio focused on durable applications for energy, infrastructure, advanced packaging and agriculture sectors. This unique technology, in combination with Hexene co-monomer, will enable the production of advanced packaging grades with up to 50% recycled polyethylene content.

Subject to the successful conclusion of a study for a Carbon Capture unit that would reduce CO₂ emissions by 80%, the unit could be operational at the start-up of Borouge 4. The facility is also designed to capitalise upon ADNOC’s recent initiatives on clean energy, decarbonising its power supply through access to Abu Dhabi’s clean power sources. These initiatives are aligned with the UAE Net Zero by 2050 Strategic Initiative.

Borouge 4 will boost the company’s annual polyolefin production to 6.4 million tonnes, representing a fourteenfold increase in the overall production capacity since the first Borouge facility, producing 450,000 tonnes of polyethylene per annum was commissioned in 2001. Borouge’s value-add materials are used to manufacture a diverse range of products including industrial-grade pipes, cables, films and personal protective equipment.

The article Deals awarded for $6.2b Borouge 4 appeared first on Arabian Post.

A cursory look at Saudi Arabia and Iran suggests that emphasizing human rights in US foreign policy may complicate relations but has little impact on regional stability or the willingness of protagonists to reduce tension and manage conflicts when it is in their interest.

A post 9/11 US emphasis on human rights was not what inspired homegrown popular Arab revolts over the past decade that initially toppled leaders in eight Arab countries but were largely rolled back or stymied by counter-revolutionary US allies.

The UAE and Saudi counter-revolutionary efforts put the two Gulf states on the autocratic frontline of President Joe Biden’s democracy versus autocracy dichotomy. They were motivated by a rejection of democracy as an existential challenge to the absolute power of their ruling families.

Subsequent US administrations effectively let the counter-revolutionary moves pass, although, to be fair, the Biden administration has suspended $700 million in aid to Sudan following a military power grab in October. However, it has yet to do the same with an additional $500 million for Tunisia. Democratically elected President Kais Saied disbanded parliament in July and assumed the power to enact laws.

By the same token, Middle Eastern protagonists, including Saudi Arabia, the United Arab Emirates, and Iran, opted to reduce tensions and explore ways of managing their differences to focus on reforming and diversifying their economies, fuelling growth, and stimulating trade.

In other words, they would have sought to reduce tensions even if they had not anticipated that the Biden administration would adopt a more human rights and democratic values-driven foreign policy and would want to focus on Asia rather than the Middle East.

If anything, a contentious relationship with the United States could have provided a further incentive for reducing tensions. Yemen, which figured prominently in Iran’s talks with Saudi Arabia and the UAE, may be a case in point.

As a result, the regional moves raise the question of whether a US refusal to stand up for principle produces the kind of short-term results that outweigh the long-term cost of autocracy as well as the price of undermining US credibility.

The short-term results of abandoning principle for pragmatism were evident in this week’s shift in oil politics.

The shift was prompted by US efforts to assure the kingdom and other Gulf states that the United States was no longer in the regime change business. US officials also insisted that the administration would concentrate on maintaining and strengthening regional partnerships. They signaled that the administration’s lip service to human rights and democratic values would not have policy consequences.

The message was well received in Riyadh. In response, Saudi Arabia reversed its rejection of Mr. Biden’s request to increase oil production to reduce soaring prices at US gas stations.

The de facto leader of the Organisation of Petroleum Exporting Countries (OPEC) and the cartel’s largest producer, Saudi Arabia, said the group and its associates, which include Russia, would increase monthly production by 400,000 barrels a day.

The Saudi concession also came in response to the administration’s willingness to sell the kingdom US$650 million worth of missiles. The sale threatened to further call into question the credibility of the United States as it prepared to host this week’s virtual Summit for Democracy, which some 110 countries are expected to attend.

The administration says the sale is in line with its policy of supplying only defensive weapons to the kingdom as US officials push for an end to the devastating, almost seven-year-long Yemen war that has sparked one of the world’s worst humanitarian crises.

Administration officials assert that the missiles would enable Saudi Arabia to shoot down Houthi drones in the air before they hit targets in the kingdom but cannot be used for attacks against the rebels in Yemen itself.

The Senate vote could set the tone for the democracy summit. Anti-Saudi sentiment runs deep in the US Congress. A vote against the sale would force Mr. Biden to cancel it or override the Senate with a veto.

Saudi violations of human rights, the killing in 2018 of journalist Jamal Khashoggi, the kingdom’s crackdown on dissent and freedom of expression, and its conduct of the Yemen war fueled the anti-Saudi sentiment.

With the arms sale on the line, the administration has remained silent about reports that Saudi Arabia and the UAE had used a combination of economic incentives and threats to pressure African and Asian nations to vote for the shutdown of a United Nations investigation into abuses of human rights in the war.

Meanwhile, the administration’s efforts to reassure Middle Eastern nations that its policy emphasis has changed has done little to prevent Iranian negotiators at the Vienna talks on reviving a 2015 international agreement that curbed the country’s nuclear programme from hardening their positions.

Iran believes that the United States and, at least until recently, some of its Gulf allies, aim to encircle the Islamic republic and foment domestic unrest that will lead to the regime’s fall. The US has imposed crippling sanctions in response to its nuclear programme and harshly criticized Iran for its abusive human rights record.

That has not stopped Iran from engaging in separate talks with Saudi Arabia and the UAE, which appear to be producing results in Yemen.

As a result of those talks, Saudi and Emirati forces, and their Yemeni allies, were reportedly withdrawing from positions in southern and western parts of the country.

“These are very likely the opening moves by Saudi Arabia and the UAE as they prepare to fully exit Yemen,” said former member of the United Nations Panel of Experts on Yemen Gregory D. Johnson.

The war has increasingly turned into an albatross around Saudi Arabia and the UAE’s neck, with much of the international community wanting to see an end to the conflict.

It was not immediately clear if and what Iran may have offered in return for the withdrawals that have allowed the Houthis to move into evacuated spaces. “The latest developments seem to suggest that the Houthis seem on the edge of gaining the upper hand,” said NATO Foundation analyst Umberto Profazio.

In line with that assessment, the Houthis have not indicated that they had become more interested in a negotiated end to the war.

“It is clear that the Houthis intend to try to bring down the Yemen government. The Iranians, I believe, would like to see the same,” said US special envoy to Yemen Tim Lenderking.

The Emirati withdrawals, particularly around the strategic port of Hodeida, follow gestures including an effort to return internationally isolated Syrian President Bashar al-Assad to the Arab fold and an exchange of visits with Iran. Syrian membership in the Arab League was suspended early in the civil war.

Some analysts suggested that the withdrawals in Yemen were part of an effort to build confidence. However, it was not clear why the Saudis and Emiratis would cede strategic territory with no apparent Iranian or Houthi concessions in return unless they were looking for a rush to the exit no matter what.

“The pull-out was unnecessary to open new frontlines, and Hodeida seems to have paid the price for confidence-building with Iran,” said Yemen analyst Ibrahim Jalal.

The withdrawals, including from Mara on the Yemeni border with Oman, help Saudi Arabia put its backyard in order. Saudi operations in Mara irritated Oman that sees the Yemeni region as its sphere of influence.

The withdrawals helped facilitate a visit to Oman by Saudi Crown Prince Mohammed bin Salman this week. Mr. Bin Salman may try to reach an agreement during the visit to construct a pipeline from the kingdom’s oil fields to an export terminal in Oman. The pipeline would allow Saudi Arabia is to circumvent the Strait of Hormuz.

In the final analysis of the pros and cons of a values-driven US foreign policy, hardline realists will argue that backing down on rights produces tangible results.

Yet, the United States’ selective and opportunistic hardline emphasis on rights and values in Iran has not prevented the Islamic republic from engaging with Saudi Arabia and the UAE and possibly helping to end the Yemen war. The pressure may have been one factor that persuaded Iran to engage.

The article Is the glass half-empty? appeared first on Arabian Post.

The United States has signalled in advance of next week’s Summit for Democracy that it is unlikely to translate lip service to adherence to human rights and democratic values in the Middle East into a policy that demonstrates seriousness and commitment.

In a statement, the State Department said the December 9-10 summit would “set forth an affirmative agenda for democratic renewal and to tackle the greatest threats faced by democracies today through collective action.” e State Department said that in advance of the summit, it had consulted with government experts, multilateral organisations, and civil society “to solicit bold, practicable ideas” on “defending against authoritarianism,” “promoting respect for human rights,” and fighting corruption.

Of the more than 100 countries alongside civil society and private sector representatives expected to participate in the summit, only Israel is Middle Eastern, and a mere eight are Muslim-majority states. They are Indonesia, Malaysia, Pakistan, Albania, Iraq, Kosovo, Niger, and the Maldives.

US President Joe Biden has made the competition between democracy and autocracy a pillar of his administration policy and put it at the core of the United States’ rivalry with China.

“We’re in a contest…with autocrats, autocratic governments around the world, as to whether or not democracies can compete with them in a rapidly changing 21st century,” Mr. Biden said.

Yet, recent statements by the Pentagon and a White House official suggested that, despite the lofty words, US Middle East policy is likely to maintain long-standing support for the region’s autocratic rule in the belief that it will ensure stability.

Popular revolts in the past decade that toppled leaders of Egypt, Tunisia, Yemen, Libya, Algeria, Sudan, Iraq, and Lebanon suggest that putting a lid on the pot was not a solution. That is true even if the achievements of the uprisings were either rolled back by Gulf-supported counter-revolutionary forces or failed to achieve real change.

To be sure, Gulf states have recognized that keeping the pot covered is no longer sufficient. As a result, countries like Saudi Arabia and the United Arab Emirates have developed plans and policies that cater to youth aspirations with economic and social reforms while repressing political freedoms.

The US appears to be banking on the success of those reforms and regional efforts to manage conflicts so that they don’t spin out of control.

On that basis, the United States maintains a policy that is a far cry from standing up for human rights and democracy. It is a policy that, in practice, does not differ from Chinese and Russian backing of Middle Eastern autocracy. Continuous US public and private references to human rights and democratic values and occasional baby steps like limiting arms sales do not fundamentally alter things.

Neither does the United States’ choice of partners when it comes to responding to popular uprisings and facilitating political transition. In dealing with the revolt in Sudan that in 2019 toppled President Omar al-Bashir and a military coup in October, both the Trump and Biden administration turned to Saudi Arabia, the UAE, Egypt, and Israel. While Israel is a democracy, none of the US partners favour democratic solutions to crises of governance.

White House Middle East coordinator Brett McGurk signalled this in an interview with The National, the UAE’s flagship English-language newspaper, immediately after a security summit in Bahrain that brought together officials from across the globe. US officials led by Secretary of Defense Lloyd Austin sought to use the conference to reassure America’s allies that the United States was not turning its back on ensuring regional security.

Mr. McGurk said that the United States had drawn conclusions from “hard lessons learnt” and was going “back to basics.” Basics, Mr. McGurk said, in a nod primarily to Iran but potentially also to Saudi Crown Prince Mohammed bin Salman, entailed dumping “regime change policies.” He said the US would focus on “the basics of building, maintaining, and strengthening our partnerships and alliances” in the Middle East.

Mr. McGurk’s articulation of a back-to-basics policy was reinforced this week with the publication of a summary of the Pentagon’s Global Posture review, suggesting that there would be no significant withdrawal of US forces from the region in Mr. Biden’s initial years in office.

The notion of back to basics resonates with liberals in Washington’s foreign policy elite. Democracy in the Middle East is no longer part of their agenda.

“Instead of using US power to remake the region…policymakers need to embrace the more realistic and realisable goal of establishing and preserving stability,” said Council of Foreign Relations Middle East expert Steven A. Cook even before Mr. Biden took office.” What Washington needs is not a ‘war on terror’ built on visions of regime change, democracy promotion, and ‘winning hearts and minds’ but a realistic approach focused on intelligence gathering, police work, multilateral cooperation and the judicious application of violence when required,” he added.

Mr. Cook went on to say that a realistic US Middle East policy would involve “containing Iran, retooling the fight against terrorism, to reduce its counterproductive side effects, reorganizing military deployments to emphasize the protection of sea-lanes, and downscaling the US-Israeli relationship to reflect Israel’s relative strength.”

The United States is in good company in its failure to put its money where its mouth is regarding human rights and democratic values.

The same can be said for European nations and Indonesia, the world’s most populous Muslim-majority state and democracy. Indonesia projects itself directly and indirectly through Nahdlatul Ulama, the world’s largest Muslim civil society movement, as the only major supporter of a moderate interpretation of Islam that embraces human rights without reservations and pluralism and religious tolerance.

That has not stopped Indonesia from allegedly caving into a Saudi threat not to recognize the Indonesian Covid-19 vaccination certificates of pilgrims to the holy cities of Mecca and Media if the Asian state voted for an extension of a United Nations investigation into human rights violations in the almost seven-year-old war in Yemen.

Similarly, Indonesian President Joko Widodo has signed agreements with the United Arab Emirates on cooperation on religious affairs even though the UAE’s version of a moderate but autocratic Islam stands for values that reject freedoms and democracy.

The agreements were part of a much larger package of economic, technological, and public health cooperation fuelled by US$32.7 billion in projected Emirati investments in Indonesia.

The Biden administration’s reluctance, in line with a long list of past US presidents, to do substantially more than pay lip service to the promotion of human rights and democratic values brings to mind Albert Einstein’s definition of insanity as “doing the same thing over and over again and expecting different results.”

President George W. Bush and his then-national security advisor, Condoleezza Rice, acknowledged two decades ago that jihadist violence and the 9/11 attacks were partly the results of the United States’ failure to stand up for its values. They bungled, however, their effort to do something about it, as did Barak Obama.

It is not only the Middle East and other regions’ autocracies that pay the price. So do the United States and Europe. Their refusal to integrate their lofty ideals and values into effective policies is increasingly reflected at home in domestic racial, social, and economic fault lines and anti-migrant sentiment that threatens to tear apart the fabric of democracy in its heartland.

The backlash of failing to heed Mr. Einstein’s maxim and recognizing the cost associated with saying one thing and doing another is not just a loss of credibility. The backlash is also the rise of isolationist, authoritarian, xenophobic, racist, and conspiratorial forces that challenge the values in which human rights and democracy are rooted.

That raises the question of whether the time, energy, and money invested in the Summit of Democracy could not have been better invested in fixing problems at home. Financial Times columnist Janan Ganesh nailed it by noting that “shoring up democracy is almost entirely domestic work.”

It’s a message that has not been lost on democracy’s adversaries. In what should have been a warning that hollow declaratory events like the Summit of Democracy are not the answer, Iranian President Ebrahim Raisi told last September’s United Nations General Assembly: “The United States’ hegemonic system has no credibility, inside or outside the country.”

The article Gulf’s autocrats heave sigh of relief appeared first on Arabian Post.

By Saifur Rahman

 The UAE will invest more than US$6 billion in to Kazakhstan economy in the coming years, Askar Mamin, Prime Minister of Kazakhstan, said at a Kazakhstan Trade and Investment Forum held at the Expo 2020.

Two sovereign wealth funds – UAE’s ADQ and Kazakhstan’s Samruk-Kazyna signed an agreement to develop a joint holding company on the sidelines of the day-long Kazakhstan Trade and Investment Forum, that will build upon a recent joint declaration by the two countries made in October this year – that stipulates that the UAE will invest more than US$6 billion into the energy and infrastructure sector of Kazakhstan. The UAE investment will be channeled through the new energy holding company.

“The UAE has long become our number one economic partner in the region, having invested more than $4 billion in the Kazakhstani economy since 1991. More than 250 companies with UAE participation successfully operate in our economy today, contributing to our ever-expanding ties with your nation,” he said.

“This October, we have signed the historical Joint Declaration on Establishment of a Long-term Strategic Partnership to Develop Projects in Priority Industries, that will drive more than $6 billion UAE investment in the priority sectors of the Kazakhstani economy.

“These are the sectors that we view as the drivers of the long-term expansion and diversification of our production. The document has, without exaggeration, been a landmark event in Kazakhstan-UAE bilateral relations.”

Referring to the agreement signed at Dubai Expo, Prime Minister Askar Mamin said, “The resulting agreements that we are signing today, namely the Strategic Agreement between Samruk Kazyna and ADQ on the Establishment of the Energy Holding and the Term Sheets on the projects in the renewable energy, will undoubtedly mark the turning point for the field and generate great value for both the Kazakhstani and the UAE economies.”

In his speech, Suhail M. Al Mazrouei, UAE Minister for Energy and Infrastructure, said, “The US$6 billion investment is a start, which will be followed by even a higher investment that will be made by the private sector. In future, the investment will be driven by the private sector.”

He urged the UAE companies to take advantage of the opportunities in Kazakhstan economy – which is growing year on year.

Kazakhstan economy jumped 17 times in the last 30 years since gaining Independence in 1991, turning it into the wealthiest country in the Central Asia. It has attracted more than $400 billion in Foreign Direct Investment (FDI), that led major upgrades in its productive capacity.

The country’s trade turnover expanded from $1.5 billion to $100 billion as our nation integrated ever so deeply in the global supply and production chains.

Prime Minister Askar Mamin said, in the first 6 months of 2021 the FDI increased more than 30 percent, as the global markets increasingly see it as a reliable and stable destination for capital. Investment in fixed capital in the non-mining sectors has expanded more than 14 percent as the domestic investors join the trend.

“As our trade partners turn to growth, we have been seeing major recovery in the foreign trade as well – the turnover expanded 12.7 percent to $72.8 billion. We expect it to exceed the $100 billion mark by the end of the year,” he said.

The article UAE to invest $6 billion in Kazakhstan appeared first on Arabian Post.

Arabian Post Staff

Pandora Papers have made fresh disclosures about a trove of secret records obtained by the International Consortium of Investigative Journalists, revealing that the UAE is home to a raft of shady players in the offshore world.

Among them: A Belgian tycoon accused of profiting from the smuggling of “conflict gold” ripped from violence-torn regions of the Democratic Republic of Congo. An internet mogul from Quebec convicted in the United States of money laundering that authorities said shifted $250 million for fraudsters, child porn traffickers and other criminals. A 26-year-old crime kingpin whose “dark web” internet site peddled guns, stolen financial information, counterfeit documents, toxic chemicals and huge quantities of illegal drugs — including heroin and fentanyl linked to overdose deaths across the U.S.

The story of the offshore companies created within Dubai’s corporate enclave casts fresh light on Dubai’s rise as one of the world’s financial capitals— and on the UAE’s role as a nexus for money laundering and other financial crimes, according to Pandora Papers.

It says the UAE is home to a thriving trade in financial secrecy. It offers shell companies that mask their real owners’ identities; dozens of internal free-trade zones that provide even more shadows for them to hide in; and a regulatory system known for what anti-corruption advocates call its “ask-no-questions, see-no-evil approach” to dealing with money tied to gold smuggling, arms trafficking and other crimes.

“The UAE provides secrecy, complexity and control,” Graham Barrow, a money laundering expert and co-host of The Dark Money Files podcast, told ICIJ. “It’s a perfect storm. An invitation to criminals to make the most of it.”

The more than 11.9 million files in the Pandora Papers include some 190,000 confidential files from a UAE-based firm that has billed itself as “the World’s #1 Offshore Company Formation Provider.” It has been cited as one of thousands of firms in the Emirates that help clients incorporate companies, including hard-to-track companies for people living and doing business outside of the UAE. These company formation providers are part of a global web of lawyers, accountants and other operatives who make the offshore financial system possible.

ICIJ’s review identified the owners of at least 2,977 companies in the UAE, the British Virgin Islands and other offshore financial centers that were incorporated with this company’s help or received other services from it The owners of these companies include the Belgian gold tycoon, the internet mogul, the dark web impressario and more than 20 other people accused of financial crimes and other wrongdoing around the world, ICIJ research found.

The company said in a statement that it operates in a manner that is “absolutely legal in every aspect. SFM abides by the applicable laws and regulations in every jurisdiction it operates in.”

The article New Pandora Papers revelations on shady UAE deals appeared first on Arabian Post.

The family of nations is balancing on the edge of an abyss as mushrooming religious and ethnic intolerance becomes the norm.

Western as well as non-Western societies have helped paved the road towards the abyss: the West by abandoning the post-World War Two principle of ‘Never Again’ and the non-Western world by never embracing it and failing to adopt the principle of ‘forgive but don’t forget.’

Exasperating matters is the fact that the United States and Europe look at individual crises rather than a threatening pattern of developments. In doing so, they fail to recognise the structural problems that challenge Western values of democracy, tolerance, and pluralism.

Citing a litany of crises and tensions in Central and Eastern Europe, Balkan scholar Damir Marusic warns that “the whole edifice feels rickety. It feels like the order we have all taken for granted since the end of the Cold War is badly decaying, and has gotten so fragile that it might well shatter soon… We notice individual problems, but we don’t see how it adds up, nor how we got here… We are still, in some strange way, operating as if things are more or less fine—yes, adjustments must be made, but our world is durable and sound.”

Mr. Marusic argues that the rot in the system has been exasperated by the troubled US wars in Iraq and Afghanistan in the wake of the 9/11 Al-Qaeda attacks on New York and Washington. “As the final collapse of the Afghanistan project earlier this year proved, the whole optimistic premise of nation- and order-building upon which the EU project is ultimately premised was also undermined by America’s failures,” Mr. Marusic said.

Geopolitical battles are being fought on the backs of innocent and desperate people. They fuel tensions and threaten stability in Central and Eastern Europe and spark humanitarian catastrophe in Yemen and Afghanistan. An ethnic and religious divide characterises the tens of thousands of Middle Eastern migrants ferried by Belarus with Russian support to the Polish border. Ten British soldiers have been dispatched to the border to help Poland with fencing.

The exploitation of deep-seated religious and ethnic hostility drove Bosnian Serb leader Milorad Dodik to threaten to withdraw Serb troops from the army of Bosnia Herzegovina and create a separate Serb force. Bosnia Herzegovina was created as a federation at the end of the Bosnian war in the 1990s with Muslim, Serb and Croatian entities that enjoyed autonomy. The federation retained control of the military, top echelons of the judiciary, and tax collection. Mr. Dodik has said that the Bosnian Serb parliament would also, in what would amount to de facto secession, establish a separate Serb judiciary, and tax administration.

The writing is on the wall across the globe from the United States and Europe to Afghanistan and China.

Islamophobia and anti-Semitism have become mainstream. Hindu-Muslims tensions spill across South Asian borders. Sunni Muslims persecute their Shiite brethren in Afghanistan, risking clashes between the Taliban and Iran. The Christian minority in the cradle of Abrahamic faiths has been decimated.

Men like former Israeli Prime Minister Binyamin Netanyahu and Republican Jews in the United States have joined thinly veiled anti-Semitic attacks on liberal philanthropist and Holocaust survivor George Soros rather than insulate their political and ideological differences with the billionaire from assaults laced with undertones of religious prejudice and racism.

Similarly,  French presidential contender Eric Zemmour questions the innocence of Alfred Dreyfus, the Jewish army officer whose false conviction for treason sparked bitter controversy in the walk-up to World War One. Mr. Zemmour also rejects the notion that French collaborationist wartime leader Philippe Petain assisted in the deportation of Jews to Nazi death camps, asserting instead that Mr. Petain had saved Jews.

Finally, China has launched a frontal assault on Turkic ethnic and religious identity in the north-western province of Xinjiang that has gone largely unchallenged in the Muslim world.

At the core of the problem lie not social media that function as megaphones, aggregators and creators of echo chambers and silos rather than instigators but political, religious, ethnic, and cultural leaders who play on base instincts in pursuit of popularity and power.

Lebanon, Iraq and potentially Afghanistan are fallouts of the institutionalisation and instrumentalisation of religious and ethnic prejudice and intolerance at the expense of notions of mutual respect, adherence to human dignity and coexistence.

Sectarian warlords loot the Lebanese and Iraqi states and weaken their institutions. Recent violence in Beirut suggests that protagonists, including former Christian warlords and Shiite allies of Iran, are willing to risk a second round of civil war to secure their vested interests, sending a middle-income country spiralling into widespread poverty.

Long-term, the solution is education systems that stress the importance of humanitarian and moral values as well as religious and ethnic tolerance as the guardrails of governance and politics and ensure that ethnic and religious prejudice and racism are socially taboo attitudes.

The short-term tackling of the problem will have to involve dialogue and negotiation. A recent study showed that John F. Kennedy’s decision to seek an arms control treaty rather than escalate a debilitating and risky arms race after the Soviet Union detonated the world’s most powerful nuclear weapon in 1962 succeeded where accelerated conflict may not have.

Applied to religious and ethnic intolerance, lessons learnt from Mr. Kennedy’s approach require that governments and religious and ethnic groups that pay lip service to interfaith and other forms of dialogue or assert that they promote democratic and humanitarian values are held to account rather than be allowed to rest on their laurels with hollow promises and declarations.

This year’s chairmanship by Indonesia of the Group of 20 (G20) that brings together the world’s largest economies has an opportunity to stress humanitarian and democratic values and promote a framework for dialogue. The chairmanship puts Nahdlatul Ulama, the world’s largest Muslim civil society organisation that emphasises those values, on global public display given that it is poised to play a role in the G20’s inter-faith tack.

Jon Grinspan, a curator of political history at the Smithsonian’s National Museum of American History, argued in a New York Times op-ed entitled ‘The Last Time America Broke,’ that the United States, despite deep-seated polarisation that has brought religious and ethnic intolerance to the forefront, had not passed the point of no return. He noted that civil society had repeatedly brought America back from the brink.

“We’re not just helplessly hurtling toward inevitable civil war; we can be actors in this story. The first step is acknowledging the dangers inherent in democracy. To move forward, we should look backwards and see that we’re struggling not with a collapse but with a relapse,” Mr. Grinspan wrote.

It’s a message that is as true for the rest of the world as it is for the United States.

The article Religious, ethnic intolerance threatens to spin out of control appeared first on Arabian Post.

Arabian Post Staff

Emaar Properties announced it has achieved an impressive growth in property sales which increased by over 236 per cent to AED 26.146 billion (US$ 7.118 billion) compared to the same period in 2020. Led by its UAE development business and complemented by its international operations, the achieved results underscore investors’ continued confidence in the Emaar brand and its exponential success.

Backed by robust property sales, Emaar recorded a revenue of AED 19.332 billion (US$ 5.263 billion) during 9M 2021, an increase of 57 per cent over the revenue of AED 12.351 billion (US$ 3.363 billion) during the same period in 2020. Net profit for the first nine months of 2021 stood at AED 2.578 billion (US$ 702 million), 25 per cent higher than the net profit of AED 2.057 billion (US$ 560 million) during the same period last year.

Emaar now has a solid property sales backlog of AED 46.927 billion (US$ 12.776 billion), which will be recognised as future revenue for Emaar Properties in the coming three to four years. This reflects the strength of Emaar’s financial position and its ability to preserve high revenues, profitability and shareholders’ returns into the foreseeable future.

Reporting quarter-on-quarter growth, Emaar’s net profit for the third quarter (July to September) 2021 was AED 1.018 billion (US$ 277 million), a growth of 184 per cent over the net profit of
AED 359 million (US$ 98 million) during Q3 2020. Revenue for Q3 2021 was AED 6.832 billion (US$ 1.860 billion), 65 per cent higher than the Q3 2020 revenue of AED 4.131 billion (US$ 1.125 billion).

Dubai continues to lead the way as a global hub for trade, financial services, logistics, travel, and hospitality, with emerging sectors, such as technology, green energy, healthcare, and education, witnessing growth. The region continues to attract a community of skilled professionals and investors who, in turn, invest in the region’s continuous growth potential, reflected in Emaar’s sales records for Q3 2021.

Emaar has handed over more than 79,800 residential units in Dubai and key international markets, with more than 25,000 units currently under development in the UAE and 11,000 units in global markets.

Setting new benchmarks in design, build quality and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments, and its properties continue to remain sought-after by investors at home as well as abroad.

The article Emaar sells 3 times more than 2020 appeared first on Arabian Post.

Arabian Post Staff

Passenger traffic at Dubai International (DXB) has grown by almost 20% in the last four weeks to reach 20.7 million in the year to date to October. This is the result of the changes in travel restrictions in key global markets in recent months which is generating renewed confidence in the prospects of international travel.

The world’s busiest international airport is expecting this surge towards the recovery of the industry to continue during the final quarter of 2021 as the combined impact of the relaxation of global restrictions on travel, the opening of Expo 2020 Dubai, the forthcoming Dubai Airshow 2021 and the annual rush of travellers seeking to enjoy Dubai’s fabulous climate, beaches and hospitality during the winter months take effect.

“It’s been a steady journey of recovery for DXB, and while we are still a long way from pre-pandemic levels of traffic, we are encouraged to see this significant increase in the rate of passenger growth which continues to endorse our position as the world’s largest international airport. Our performance to date has led the global recovery in all aspects of aviation activity and the growing ability of countries around world to manage the global pandemic is allowing travel restrictions to be lifted.  This has given travellers both the confidence and freedom to plan long-awaited journeys with ease. Significant market developments such as the UK’s vaccination-based travel programme, the resumption of flights to several important destinations in Australasia and the relaxation of restrictions for travel between India and the USA have all contributed to an upward revision in our forecast for the year by an additional 2 million passengers to 28.7 million,” said Paul Griffiths, CEO of Dubai Airports.

He added that it was in response to this sustained increase in demand that the final piece of aviation infrastructure at DXB that was hibernated in response to the global pandemic, Concourse A, is being prepared for reopening before the end of November 2021, putting DXB back to 100% capacity after 20 months of reduced operations.

DXB’s passenger volumes in the third quarter totalled 6.7 million. DXB is currently serving 83% of the destinations in 99% of the countries on 108% of the airlines compared to before the COVID-19 pandemic.

Cargo continued its impressive performance in the third quarter, with volumes hovering around 2019 levels throughout. DXB recorded 581,972 tonnes of freight in the Q3, bringing the total volume for the first nine months of 2021 to 1.7 million tonnes, a year on year increase of 25.3%.

Flight movements in Q3 surged to 56,266 at DXB, propelling the number of flight movements recorded between January and September to 155,706, up 17.1%.

South Asia retained its rank as DXB’s largest contributor of traffic led by India (2.8 million pax) and Pakistan (1 million pax). Egypt was ranked third with 753,000 passengers, followed closely by the US (710,000 pax) and Turkey (598,000 pax). Other destination countries of note include Ethiopia, Russia and Saudi Arabia. The top three cities by traffic were Cairo (634,000 pax), Istanbul (576,000 pax) and Addis Ababa (573,000 pax).

The article Dubai airport passenger traffic up 20% appeared first on Arabian Post.

Arabian Post Staff

Emaar Development, the build-to-sell property development business majority-owned by Emaar Properties, achieved strong performance during the first nine months (January to September) of 2021, with a strong contribution by exceptional inventory sales, and reinforced by recent successful launches creating value for the future. The developer reported its highest ever property sales of AED 20.943 billion (US$ 5.702 billion) in the first nine months of 2021, an increase of 382 per cent compared to the first nine months of 2020.

During the first nine months of 2021, Emaar Development successfully launched Golf Place Terraces, Palm Hills with Elie Saab and Majestic Vistas inspired by Automobili Lamborghini in Dubai Hills Estate, Palace Beach Residence and Beach Mansion in Emaar Beachfront, Caya and Bliss in Arabian Ranches III, and Nara in The Valley.

In the first nine months of 2021 (January to September), Emaar Development reported a net profit of AED 2.384 billion (US$ 649 million) and revenue of AED 11.604 billion (US$ 3.159 billion), an increase of 75 per cent and 63 per cent compared to the first nine months of 2020, respectively.

Emaar now has a sales backlog of AED 28.471 billion (US$ 7.751 billion), which will be recognised in the future as revenue for the business.

Emaar Development has delivered over 3,700 residential units during the first nine months of 2021 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Dubai Marina and Emaar South. As of September 2021, Emaar has delivered more than 51,000 residential units, with over 25,000 residences currently under development in the UAE.

The article Impressive show by Emaar Development appeared first on Arabian Post.

Emirates Islamic announced that it has successfully closed a US$ 500 million 5-year Sukuk issued from its US$ 2.5 billion Certificate Issuance Programme.

The landmark issuance, rated A+ by Fitch, is listed on NASDAQ Dubai and Euronext Dublin’s Regulated Market. Investors showed strong appetite which resulted in an order book that peaked at $ 1.2 billion, which was 2.4 times the issuance size. This strong demand, from a global investor base, enabled the Bank to tighten the spread on the sukuk by 25 basis points from initial guidance, resulting in a profit rate of 2.082% per annum. This pricing represents the lowest spread ever paid by a UAE bank since 2008 for a US$ benchmark public debt issuance, further reiterating the Bank’s strong appeal to investors.

The transaction reopened the debt capital markets for regional issuers following a period of volatility, demonstrating a strong leadership from Emirates Islamic.

Emirates NBD Capital and Standard Chartered Bank acted as Global Coordinators and were joined by Abu Dhabi Islamic Bank, Arab Banking Corporation, Dubai Islamic Bank, HSBC Bank, the Islamic Corporation for the Development of the Private Sector and “KFH Capital Investment Company K.S.C.C. as Joint Lead Managers and Joint Bookrunners. Kuwait International Bank acted as Co-Manager.

The article Emirates Islamic closes $500m sukuk appeared first on Arabian Post.

Former Saudi intelligence chief Prince Turki AlFaisal Al Saud must have gotten his tenses mixed up when he asserted in a recently published memoir that no one should underestimate the political importance of Muslims’ commitment to helping other Muslims.

Prince Turki’s memoir is focused on Afghanistan, a major preoccupation during his tenure as head of the General Intelligence Department (GID), the kingdom’s foreign intelligence service from 1977 to August 2001, one month before the 9/11 attacks on New York and Washington.

“No reader of this book should underestimate the moral and emotional commitment of Muslims to help other Muslims; this is a very powerful element in modern politics,” Prince Turki wrote.

Prince Turki, a long-standing proponent of reform within the kingdom’s ruling family, was no doubt correct in writing about significant Saudi and Muslim support in the 1980s for Pakistan and the Afghan mujahedeen in their jihad against Soviet forces that had invaded the Central Asian state.

The jihad gave birth to the Muslim world‘s equivalent of the Communists’ International Brigades in the Spanish civil war but with far more far-reaching and long-lasting consequences.

It seems difficult to maintain that Muslims still sustain their commitment to assist their brethren in need four decades later as Muslims experience one of the worst, if not the worst post-World War Two period of Islamophobia. Anti-Muslim sentiment ranges from the mainstreaming of bias and prejudice to what critics call cultural genocide.

Yet, much of the Muslim world, either intimidated by China’s coercive economic and diplomatic tactics or intent on garnering brownie points on a perceived common cause, has shied away from criticizing the People’s Republic’s brutal crackdown on Turkic Muslims in the north-western province of Xinjiang. Some countries, including Saudi Arabia, have gone as far as justifying what amounts to a frontal assault on a Muslim and Uygur religious and ethnic identity.

To be fair, Saudi Arabia has demanded movement on the Palestinian issue before it follows the United Arab Emirates and three other Arab countries in establishing diplomatic relations with Israel. Palestinians question whether the kingdom will maintain its position once King Salman surrenders the reigns or passes and is most likely succeeded by his son, Crown Prince Mohammed bin Salman.

Moral and emotional Muslim commitments may not be uppermost in Prince Mohammed’s calculations. The crown prince is expected to attribute greater importance to the potential boost that recognition of Israel would give to Saudi Arabia and his troubled personal relations with the United States than to the Palestinian issue. In Prince Mohammed’s mind relations with Israel may be one way of compensating for a less committed US defence posture in the Middle East.

Relations with the United States have been strained by the Saudi conduct of its 6.5-year-old war in Yemen, the 2018 killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul and a crackdown on dissent at home. As a result, the Biden administration has, with few exceptions, boycotted Prince Mohammed in its dealings with the kingdom.

Saudi Arabia’s tarnished human rights record has not just complicated the kingdom’s relationship with the United States and Europe but also impacted its effort to put its lingering ultra-conservative religious past behind it and project itself as a beacon of a moderate, pluralistic interpretation of Islam.

In doing so, Saudi Arabia is competing with the UAE, Qatar, Turkey, Iran, and Indonesia’s Nahdlatul Ulama to define the faith in the 21st century in what amounts to a battle for the soul of Islam as well as a competition for leadership of the Muslim world, a long-standing Saudi foreign policy goal.

The Saudi-funded King Abdullah International Center for Interreligious and Intercultural Dialogue (KAICIID) struggled since its opening in 2012 in Vienna with the association to a kingdom that denied women their rights and violated human rights.

The era of Prince Mohammed, despite witnessing significant enhancements of women’s rights, social liberalisation, and a degree of religious outreach, did little to improve the centre’s image. The killing of Mr. Khashoggi and the brutal crackdown on dissent forced the centre earlier this year to move its operations from Vienna to Geneva.

´The irony is…that, as the Gulf governments promote their ‘tolerance’—which today is a popular commodity in the Gulf—they uniformly do so despite extreme intolerance of political and social pluralism and freedom of opinion and expression,” noted Khalid al-Jaber, a former Qatari newspaper editor who heads a Washington research group. “It is not surprising that almost all dissidents against the Gulf’s monarchies, regardless of their political stripes, have been imprisoned or sent into exile.”

Mr. Jaber charged that inter-faith dialogue when sponsored by autocrats “becomes a chapter in the public relations ploy to whitewash foreign and domestic wrongdoing.”

Saudi Arabia’s proposition of a more tolerant ‘moderate’ Islam is further called into question by its failure to legalize non-Muslim worship and the opening of non-Muslim houses of worship in the kingdom as well as its equation of atheism with terrorism.

The Houthi-controlled Yemen Press Agency reported that a Yemeni journalist had been sentenced in late October to 15 years in prison for promoting atheism. The dissident Washington-based Gulf Institute said that Ali Abu Lahoom had also been sentenced on charges of spreading heretical ideas. It said his case was processed through the judiciary at unusual speed since Mr. Abu Lahoom’s arrest in August.

In a twist of irony, Saudi and UAE exploitation of Islamophobic sentiment to counter political Islam and the Muslim Brotherhood, deemed the greatest challenge to the religious legitimisation of the two Gulf states’ autocratic rulers, has been most successful in Austria, despite the expulsion of the King Abdullah Center, as well as France.

Saudi Arabia and the UAE showed little concern for what impact their support for campaigns against political Islam laced with Islamophobia would have on the status of the Muslim minority in the two European countries.

Anwar Gargash, the UAE minister of state for foreign affairs at the time, last December defended French President Emmanuel Macron’s new security law introduced in parliament that critics charged undermined democratic freedoms by implicitly targeting Muslims, imposed a wider ban on homeschooling and controls on religious, sporting and cultural associations, and expanded degrees of surveillance and limits on freedom of expression.

Mr. Macron “does not want to see Muslims ghettoized in the West and he is right. They should be better integrated into society. The French state has the right to explore ways to achieve that,” Mr. Gargash said.

The article Whither Muslim solidarity and moderation? appeared first on Arabian Post.

Arabian Post Staff

Dubai Airshow 2021, set to be the biggest Airshow held in the UAE to date, will welcome members of the general public, families and children to witness the daily flying display from the purpose-built Skyview Grandstand, at Dubai World Central, Al Maktoum International Airport, the home of the Airshow, taking place from 14-18 November.

The flying teams include Al Fursan, the United Arab Emirates Air Force aerobatic display team; Russian Knights by the Russian Air Force; Surya Kiran, the aerobatics demonstration team of the Indian Air Force; Sarang, the helicopter air display team of the Indian Air Force; and the Saudi Falcons, a BAE Hawk-equipped Royal Saudi Air Force aerobatic team.

Visiting the Skyview Grandstand will be an exciting opportunity to some of the world’s most impressive military fighter jets and large commercial aircraft, reserved usually for people in the aviation industry. Skyview Grandstand tickets are free but numbers are limited. Pre-registration is advised.

There will be free shuttle buses operating from Expo 2020 Dubai and Ibn Battuta Metro stations. The Skyview Grandstand will be open from 1pm to 5:30pm from 14-18 November. Access for the general public will be limited to the Skyview area and not the main Airshow exhibition hall.

The article Public to be allowed at Dubai Air Show appeared first on Arabian Post.

By Manish Rai

Last month Turkey made it into the grey list of the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog headquartered in Paris. Turkey now joins its close ally Pakistan in FATF’s crosshairs. Surprisingly Turkey becomes the largest economy to be included in this list. The FATF listing for Ankara comes on the back of a shaking economy being jolted by the Covid-19 pandemic. And also when Turkey’s geopolitical stature being weakened further by pursuing a ‘punch-above-the-weight’ foreign policy. Where President Erdogan wishes to expand Turkish economic, political, and military influence into the former regions of the Ottoman empire. Erdogan’s dream of reviving the Ottoman caliphate stems from an idealistic outlook on the splendor of the Ottoman Empire and its extensive capability to influence the political dynamics of two continents i.e. Europe and Asia. Therefore, he wishes to restore the former Ottoman Empire’s hegemony, to achieve greater political influence not just in today’s Turkish state but also in the countries and territories formerly part of the Ottoman Empire in the Middle East and Europe. To achieve this over-ambitious dream Turkish president is undertaking huge geopolitical risks. As a result of going ahead with this neo-ottoman approach. Turkey has alienated the USA, France, other European powers, and major Arab countries like Saudi Arabia, UAE, and Egypt. Hence now Turks are more or less isolated, without many friends.

As of last year, the Erdogan government’s financial mismanagement had already prompted the biggest funds outflows from Turkey’s debt and equity markets in more than a decade. And has also dried up foreign direct investment (FDI) from Ankara’s traditional economic partners in the West. For Erdogan, who has wielded dictatorial control over Turkey’s finances for almost two decades, Turkey’s inclusion in the grey list of FATF is deeply embarrassing.

Despite the fact that Turkey failed to comply with FATF’s advice to check money laundering and terror funding, arguably it is its aggressive foreign policy that is at center stage regarding the FATF listing. Under Erdogan, Turkey has embarked on an expansive quest to position itself as a global Islamic power, and a regional superpower in the Middle East. To achieve this, Ankara has ended up opening multiple fronts instead of wholesomely managing regional geopolitics in a realistic and reasonable manner. While attempting to position itself as a parallel to the UAE-Saudi power block in the Sunni Islamic world, with political Islam at the core of this approach. President Erdogan has also severely damaged his relations with the US despite being a major NATO ally while also developing multiple points of friction with Russia over the crisis in Syria and Libya. On the other geographic front, Turkey also had run-ins with Greece and the extended European interests over access to hydrocarbons in the Mediterranean. Also, involvement in the Syrian and Azerbaijan-Armenia wars has also not helped Turks much. Rather Turkey got punched back for attempting to punch above its weight.

Because of all these disastrous blunders of President Erdogan common people of Turkey are paying a very high price. The Turkish economy over the years has faced severe challenges led by economic overheating, a currency crisis, shaky morale of foreign investors, and lack of transparency and autonomy. Amid high inflation, widespread youth unemployment, and deepening poverty, the country’s economic situation is looking increasingly grim. On the other hand, the continuous fall of the Turkish lira is also fuelling the current economic crisis. The lira has lost 20% of its value against the US dollar since the start of this year. Even some experts believe that the country is on the verge of a potentially devastating recession.

Aykan Erdemir, senior director of the Turkey program at the Foundation for Defense of Democracies, a Washington-based think tank says “FATF’s grey listing of Turkey will further tarnish the country’s image as a permissive jurisdiction for illicit financial activity”. Also speaking to Al-Monitor Erdemir says that “This decision will exacerbate capital flight from an economy that has experienced net capital outflows over the last few years”. In addition to this, the World Bank estimates more than 1.5 million Turks fell below the poverty line last year. For Turkish citizens, the prices of essential commodities keep rising. Inflation neared 20% in September. According to Turkey’s largest trade union, more than 7 million minimum wage earners face food insecurity. Polls show that almost two-thirds of the Turkish public is struggling to make ends meet.

With each passing day, Turkish people are realizing that these economic hardships are not only happening because of economic mismanagement but also due to the exorbitant cost of the expansionist policies of the current government. President Erdogan’s early years in power were marked by solid growth and a development boom. But now he is becoming an economic disaster caused by his interference in economic policy and liability for the country. The nation will lose a great deal if it allows Erdogan to carry on with his misadventures and destroy the military, political and economic links of Turkey.

Author is a political analyst for Middle-East and Af-Pak region and Editor of the geo-political news agency ViewsAround

The article Erdogan becoming a liability for Turkey and its people appeared first on Arabian Post.

Mashreqbank PSC, Dubai’s third-biggest bank, will pay $100 million to settle allegations that it violated U.S. sanctions by illegally processing more than $4 billion of payments tied to Sudan, Bloomberg reported quoting a New York financial regulator.

The oldest privately owned lender in the United Arab Emirates processed the transactions from 2005 to 2014 and instructed employees to leave out key details in messages sent between banks that would have linked the transactions to Sudan, according to a consent order with the New York Department of Financial Services. By concealing those details, the transactions avoided detection from other banks’ compliance departments, which otherwise could have triggered alerts or asset freezes, DFS said.

“The sanctions regulations exist to protect the national security of the United States, and Mashreq’s actions to circumvent those regulations were illegal and dangerous and will not be tolerated in an institution that has enjoyed the benefits of doing business in New York,” said Adrienne Harris, the regulator’s acting superintendent.

After news broke in 2009 that a Swiss bank used by Mashreq was under investigation, the Dubai lender closed all U.S. dollar accounts held by Sudanese banks. But Mashreq didn’t disclose the prohibited transactions to New York’s regulator, as required by regulations, until 2015, DFS said. From 2010 to 2014, Mashreq’s New York Branch processed another $2.5 million in Sudan-related payments.

As part of the accord, the bank will provide a report on its anti-money laundering policies and procedures to DFS, which acknowledged the bank’s “substantial cooperation.” The Treasury Department’s Office of Foreign Assets Control and the Federal Reserve Board also reached settlements with the bank.

“Mashreq is committed to complying with all laws and regulations governing our industry and has been fully cooperating with its government regulators on this matter,” a spokesperson for the bank said in an emailed statement.

The U.S. imposed sanctions on Sudan in 1997 for supporting international terrorism and human rights abuses

The article Mashreqbank hit with $100m fine for Sudan payments appeared first on Arabian Post.

The total market capitalization of all cryptocurrencies is approaching the $3 trillion mark thanks to gains made by both BTC and several altcoins. Bitcoin is widely perceived as a store of value asset like gold by investors, making it a haven as worries about inflation keep increasing.

The number of unique wallets with a balance of more than zero bitcoin has almost returned to 39 million,  nearing the record high of 38.7 million which was reached in May. At the same time, crypto exchanges’ bitcoin balances have been dropping, leading to a supply drop.

While BTC surged above $68,000, Ethereum’s ether, the second-largest cryptocurrency by market cap, hit a new all-time high of $4,827.89. ETH’s surge came as data shows the Ethereum network burned more ether than it issued for a week, thanks to Ethereum’s London hard fork, which introduced a mechanism to burn a large chunk of transaction fees.

Concerns surrounding Ethereum’s scalability moved some investors away from ETH and into alternative networks like Solana (SOL), Polkadot (DOT), Terra (LUNA) and Avalanche (AVAX).

The article Bitcoin, Ethereum hit new all-time highs appeared first on Arabian Post.

Unfortunately, some individuals new to share trading make many common and costly mistakes. If you have little to no share trading experience, and it’s something you’d like to do regularly, it makes sense to avoid the common errors that happen to new traders.

With that in mind, here are five common trading mistakes you need to avoid:

1. Not Diversifying the Trading Portfolio

Firstly, you should never put all your money behind a single company. Instead, it makes sense to spread out your risk by diversifying your trading portfolio. For example, you could invest in Microsoft, but also other tech firms like Google and Samsung.

2. Not Using the Right Broker

You need to buy and sell your shares through a trading brokerage. There are many out there, so you must research the best one for your needs in your region. Don’t just assume they are all suitable.

3. Not Understanding the Basics

Share trading isn’t about loading some software on your computer and hoping for the best. You need to understand how trading works and how to make your trades mostly successful ones.

4. Not Cutting Your Losses

Your trading strategy should involve a line in the sand, so to speak, where you cut your losses. Never chase after them or use strategies for making your money back like Martingale.

5. Not Knowing How to Be a Good Trader

Take a look at the following infographic to learn more about how you can be a successful share trader:

Check out the latest Microsoft share price

The article 5 Common Mistakes New Share Traders Make appeared first on Arabian Post.

Evorich community members celebrated the 7th anniversary of MLCI business and the company’s birthday at the large-scale business forum EVENTI 2021, which took place in October in Dubai. In addition to speeches, testimonials, awarding of leaders and training sessions, the event saw the launch of the new line of perfumes EvoScent created by the renowned perfumer Ramón Béjar specifically for Evorich.

Ramón Béjar developed a limited collection of eight luxurious fragrances, each of which has its own character and philosophy. The line is represented by the following titles: bright and distinctive Evorich, ambitious and energetic Greatness, sensual Tantric, philosophical Paradigma, subtle and refined Fifth Element, noble Dynamic Gold and, finally, luxurious Wealthy Spirit. The collection features perfumes that differ from each other in spirit and mood. Some will be appropriate for work, others for a dinner party, a romantic date, a gym, or a creative endeavor.

Ramón Béjar believes that there is a whole philosophy behind creating a fragrance. His goal is to collect the best of what nature and perfumery have to offer and create something entirely new. Thanks to this approach, each of his collections is considered a work of art.

Ramón Béjar is a world famous Spanish perfumer who has created unique fragrances for the royal houses of the Gulf countries; the 2011 Pro Cartón ECMA award winner; the creator of the world’s most expensive perfume – “The Royalé Dream” – which was sold for $190,000 at Singapore Grand Prix in 2015. Ramón Béjar’s works can be found in premium boutiques in Moscow, St. Petersburg, Dubai , Switzerland, Spain, UK and USA.

The EvoScent collection by Ramón Béjar will be released in late autumn, and Evorich members will be able to get testers on special terms.

The official website: https://evoscent.com/en/

The article Evorich presents the new line of perfumes EvoScent at EVENTI 2021 appeared first on Arabian Post.

According to the U.S. Bureau of Labor Statistics, in 2019 immigrants made up 17.4% of the U.S. labor force. These foreign nationals occupied various managerial and service-based occupations in the U.S. The data further indicated that immigrants with a college degree held jobs that were pertinent to the U.S. economy and communities. For foreign nationals without a college degree, it is said that they contribute to the economy through their employment in service industries, to name a few industries; farming, landscaping, and plumbing. Therefore they add value to the U.S. economy through their hard work and dedication.

Foreign nationals have continuously assisted in filling key gaps in the U.S. economy. In a research report by the National Academy of Sciences, it was determined that the economic contributions of immigrants would be hard to replace as they are not only seen holding high level positions, but also serve as low-skilled laborers. Foreign nationals increase the competitiveness of jobs and at times create a surplus in the labor supply through their entrepreneurial impact in the U.S. This was proven through a study conducted by the Center for American Entrepreneurship which stated that 43% of companies in the 2017 Fortune 500 were founded and co-founded by an immigrant or the child of an immigrant.

There has been a long held notion by some U.S. citizens that immigrants take jobs from U.S. persons. This misconception has deterred U.S. citizens from looking at the situation holistically. The assumption that foreign nationals take jobs alludes to the notion that there are a fixed number of jobs available. For example, the EB-5 immigrant investor program requires $500,000 capital investment and that the investment must generate a minimum of 10 jobs for U.S. persons. The program requires the direct injection of capital into the U.S. economy and the addition of jobs to the U.S. labor market. This program alone provides secure employment for U.S. citizens with the help of capital obtained from foreign nationals.

Albeit, not all foreign nationals enter the U.S. via the EB-5 immigrant investor program therefore not all are required to fulfil the EB-5 program requirements. However, all immigrants are subject to the U.S. tax laws. Foreign nationals working and residing in the U.S. are required to pay U.S. taxes. The immigrant workforce pays taxes into Social Security and Medicare which support the nation’s senior population.

The economic benefits of immigrants are long lasting and evidently contribute to the growth of the U.S. economy. Immigration should not be seen as a hindering factor to the growth of the U.S. economy but as a stimulation and a tool for the economy to remain a superpower. Thus the relationship between the U.S. economy and foreign nationals is mutually beneficial and holistically works towards creating a better future for the country.

The Biden Administration evidently sees the value and contributions of foreign nationals into the U.S. economy with their plans and policies to make the U.S. more accessible. Programs such as the E2- Treaty visa, the EB-5 Immigrant Investor program and the Immigrant Entrepreneur program are innovative ways to ensure that there is a constant injection of capital into the U.S. economy without costing the U.S. taxpayers.

The American Legal Center, a team of U.S. licensed lawyers are the leading EB-5 experts in the Middle East Region. They constantly hold monthly seminars that educate investors on the EB-5 program and how foreign nationals that are looking to invest in the U.S. can participate in the program.

The article Contribution of Foreign Nationals to the U.S. Economy appeared first on Arabian Post.

Above all, President Xi Jinping torpedoed the Ant Financial IPO and cut down Jack Ma to size in an autumn when the Communist Party’s regulatory diktat proved far more powerful than the folie de grandeur of Chinese internet billionaires. After all, the one sentence I remember from reading Chairman Mao’s Red Book as a school boy is – “power flows from the barrel of a gun” (not just from monthly active users).

As President Xi gets set to anoint himself as the PRC’s next great helmsman – for Life at the Third Plenum, I debate whether to nibble on the carcass of China’s unloved/bloodied stock market. I believe the cyclical delta is now on the upside at a time when valuations in Shanghai are dirt cheap relative to both their own history and the MSCI EM indices the PRC dominates.

October exports were a beauty. Earnings will improve next year. Regulatory policy is still opaque but the surprise factor on sentiment has hit rock bottom. The property market woes will be managed by local governments and the Politburo. Risk premia in certain Chinese equities make me want to nibble, though not gorge.

As I seek hedges far from Wall Street’s bubble epicentre, certain Chinese companies offer a compelling risk/reward calculus, just as Emaar did on the DFM at AED 4. Let us not forget that the big money in the financial markets is invariably made when things go from Godawful to just plain Xi-awful!

Matein Khalid is Chief Investment Officer at Asas Capital

The article Black hole of emerging markets appeared first on Arabian Post.

Arabian Post Staff

Etihad Rail, the developer and operator of the UAE National Rail Network, announced the completion of 50% of the construction works of the marine rail bridge in the UAE, as part of Package B of Stage Two of the UAE National Rail Network. The marine rail bridge extends over one kilometre, connecting Khalifa Port with the UAE National Rail Network.

The bridge will play an important role in improving the transportation of goods in the region, reducing the costs of freight and trade. This will support Etihad Rail to establish a rail network for the UAE which connects major ports with manufacturing hubs and residential areas across the country, and contributes to reducing carbon emissions and preserving the environment through reducing truck trips.

Building the first marine bridge in the UAE National Railway Network required 18,300 m3 of reinforced concrete and 4,117 tonnes of steel. The Bridge will be parallel to an existing road bridge, which spans the same length, and connects the Abu Dhabi mainland to the offshore container terminal area.

The construction of the marine bridge is being implemented in line with the highest environmental standards, where Etihad Rail is working on maintaining the water flow through ensuring that the extensions and the rubble of the new marine bridge align with the existing bridge, parallel to it. This guarantees the flow of water, which is an important factor for preserving the coral reefs surrounding the bridge.

The company continues construction works of the bridge according to extensive planning, where it has successfully overcome climatic and environmental challenges presented by the nature of the land’s topography. These challenges include tide changes, changes in wind speed and direction, as well as high temperatures and humidity.

Recently, Etihad Rail has announced completing construction works for Package A of Stage Two, which extends over 139 km, and its connection through Al Ghuwaifat on the border of Saudi Arabia with Stage One, which extends for 264 km from Habshan to Al Ruwais. This significant step brings the company closer to completing the UAE National Railway Network on schedule.

The article Etihad Rail announces construction milestone appeared first on Arabian Post.

The index, which comes in pursuance to a memorandum of understanding (MoU) signed in 2020, was launched by Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, and Thierry Delvaux, CEO of JLL Middle East, Africa and Turkey.

The CPPI is the sole commercial price index in Dubai and will act as a reliable source of data for use by investors, agencies, and institutions. In addition, it will allow investors to monitor commercial market performance when making investment decisions and portfolio management.

The index will be issued on a quarterly basis in both English and Arabic and will be a key benchmark for analysing the performance of commercial real estate in Dubai.

The Cityscape Global Summit and Exhibition are taking place over two days from 7 – 11 November at the Dubai Exhibition Centre (Expo 2020 site). The summit aims to mirror and address the three main sub-themes of Expo 2020 (opportunity, mobility and sustainability), with a special focus on the MENA region, specifically the UAE, the KSA, Oman, Egypt, and Bahrain.

The article Dubai commercial property index launched appeared first on Arabian Post.