Category: Business

Amman – together – the CEO of Ooredoo Palestine, Dr. Samer Fares and a delegation from the executive management held a series of working meetings in the sisterly Hashemite Kingdom of Jordan, with the aim of strengthening and expanding cooperation with Ooredoo’s strategic partners in roaming and communication services to and from Jordan. This comes within the framework of Ooredoo’s keenness to provide the best roaming services to the Palestinian subscriber during his passage through Jordan, which is considered His first gateway to the world.

The tour included the signing of a cooperation agreement with Orange Telecommunications Company in Jordan in the presence of its CEO, Philip Mansour, and a delegation from the company’s executive management. In a separate meeting, another cooperation agreement was signed with Umniah Telecommunications Company, represented by its CEO, Faisal Qamhiyah, and a group of the company’s executive directors. The signing of these two agreements comes to provide roaming services thr
ough the distinguished and high quality fourth and fifth generation services at the best prices to the Palestinian subscriber during his travel from Palestine to Jordan via transit or residence, which is consistent with Ooredoo’s strategies in maintaining the highest levels of subscriber satisfaction, in addition to providing international communication services. Between Palestine and Jordan with high quality.

On the sidelines of signing the two agreements, the CEO of Ooredoo Palestine, Dr. Samer Fares: ‘The Kingdom of Jordan is considered the Palestinians’ gateway to the world. Therefore, as part of our ongoing efforts to provide the best services to our subscribers, we have renewed agreements with Orange and Umniah to provide roaming services to Ooredoo Palestine subscribers during their travel to Jordan, residence there, or transit to any country in the world. This comes The step comes as the Hajj and summer seasons approach this year, and the need of Palestinians to maintain contact with their families d
uring their travel, especially in light of the difficult circumstances that Palestine has been going through recently.’

Dr. added. Samer: ‘Ooredoo Palestine has a vision and strategy to maintain its leading market position in the field of data, and roaming services via the 4G and 5G networks are among the most important pillars of moving forward towards strengthening this advanced market position. These two agreements also aim to maintain communication services between The two brotherly countries, Jordan and Palestine, have a high level of quality and preferential prices that enable families between the two countries to remain in constant contact.’

Dr. concluded. Samer thanked the executive management of both Orange and Umniah for the cooperation and professionalism they provided in concluding the two agreements, in the common interest of companies and subscribers alike.

Source: Maan News Agency

Riyadh: Aramco, one of the world’s leading integrated energy and chemicals companies, is exploring the formation of a joint venture in the Saudi Aramco Jubail Refinery Company (‘SASREF’) with Chinese partner Rongsheng Petrochemical Co. Ltd. (‘Rongsheng’) and significant investments in the Saudi and Chinese petrochemical sectors, in partnership with Rongsheng.

The company recently signed a cooperation framework agreement that envisions Rongsheng’s potential acquisition of a 50% stake in SASREF. The agreement also lays the groundwork for the development of a liquids-to-chemicals expansion project at SASREF, in addition to Aramco’s potential acquisition of a 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Ltd. (ZJPC) and participation in ZJPC’s expansion project.

Aramco Downstream President Mohammed Y. Al Qahtani said: ‘These discussions highlight our ambition to advance our liquids-to-chemicals strategy with strategic partner Rongsheng, both in the Kingdom of Saudi Arabia and China. In bu
ilding on our existing relationship, we aim to advance our expansion in a key geography and attract new investment to the Saudi downstream sector.’

In July 2023, Aramco acquired a 10% interest in Rongsheng through its subsidiary Aramco Overseas Company BV, based in the Netherlands. Rongsheng in turn owns a 100% equity interest in ZJPC, which operates an aromatics production complex and has an interest in a joint venture that produces purified terephthalic acid.

Source: Saudi Press Agency

Riyadh: The World Economic Forum, in collaboration with the Ministry of Economy and Planning of the Kingdom of Saudi Arabia, will host an Open Forum alongside the Forum’s Special Meeting on Global Collaboration, Growth, and Energy for Development, scheduled to take place in Riyadh on April 28-29.

This public event aims to foster dialogue among thought leaders and the broader public on various topics, including environmental challenges, mental health, digital currencies, artificial intelligence, the role of the arts in society, modern entrepreneurship, and smart cities. It will provide an opportunity for students, entrepreneurs, young professionals, and the general public to discuss these critical issues.

‘Under Saudi Vision 2030, Riyadh has emerged as a global hub for thought leadership, action, and solutions, promoting the exchange of knowledge and innovative ideas,’ said Faisal F. Alibrahim, Minister of Economy and Planning for Saudi Arabia. ‘Hosting this year’s Open Forum in Riyadh underscores the city
‘s increasing influence and role on the international stage and will further enhance the Open Forum’s 20-year legacy.’

‘We eagerly anticipate welcoming and convening thought leaders and entrepreneurs to engage with the public on future-oriented themes, for which Riyadh is uniquely positioned as a global focal point for innovation, entrepreneurship, and sustainable development,’ he added.

Head of Swiss Public Affairs and Sustainability at the World Economic Forum Michèle Mischler remarked: ‘Involving the Saudi public in Open Forum sessions fosters diverse perspectives, enriches global dialogue, and empowers collective solutions for a more inclusive and sustainable future.’

Building on the success of the Open Forum at the Annual Meeting 2024 in Davos-Klosters, Switzerland, the Forum is introducing its publicly accessible, open-debate format to Saudi Arabia for the first time. Since 2003, the Open Forum has brought together leaders from various backgrounds: government officials, artists, civil society lead
ers, entrepreneurs, and multinational company CEOs. The sessions are designed to engage a diverse global audience and facilitate the exchange of a wide range of ideas, experiences, and stories on pressing and controversial issues.

Source: Saudi Press Agency

New York, The best week for U.S. stocks since November closed out with more gains thanks to Alphabet and Microsoft on Friday.

The SandP 500 rallied 1% to finish its first winning week in the last four. The Dow Jones Industrial Average rose 153 points, or 0.4%, and the Nasdaq composite jumped 2%.

Alphabet leaped 10.2% after breezing past analysts’ expectations for profit last quarter. The parent company of Google also said it will start paying a dividend to investors and authorized a program to buy back up to $70 billion of its stock, a signal of how much cash it’s generating.

Microsoft, meanwhile, climbed 1.8% after reporting stronger profit and revenue than expected. It cited strong growth in its cloud-computing business as it pushes artificial-intelligence technology to its customers.

They helped offset a 9.2% drop for Intel. It reported stronger profit for the latest quarter than expected, but its revenue fell short of analysts’ estimates. So did its forecast for profit in the current quarter.

Stocks
have broadly been under pressure this month after hopes withered for multiple cuts to interest rates this year by the Federal Reserve.

A series of reports this year showing inflation remaining worse than forecast has traders expecting maybe one cut this year, down from forecasts for six or more at the start of the year.

Still, the higher-than-expected inflation readings will likely keep the Fed on hold at its next policy meeting on Wednesday. Its main interest rate has been sitting at the highest level since 2001 in hopes of undercutting inflation by putting downward pressure on the economy and financial markets.

Source: Bahrain News Agency

Basra crude oil suffered slight losses for the third week in a row, despite global oil prices recording gains of 2%.

Basra Heavy crude closed in its last session yesterday, Friday, at an increase of 68 cents, reaching $86.13, but it recorded weekly losses amounting to 38 cents, equivalent to 0.44%.

While Basra Intermediate crude closed, in its last session, with a decrease of 68 cents, reaching $89.33, thus also recording weekly losses amounting to 44 cents, or the equivalent of 0.49%.

This comes at a time when global oil prices rose at the end of trading yesterday, Friday, to continue reaping gains for the second session in a row, and also achieved weekly gains for the first time in three weeks.

Source: National Iraqi News Agency

Manama, Beyon Money, part of the Beyon Group, has been included as a top 10 winner in the Rising Star category of Deloitte’s Technology Fast 50 programme.

Running for the third year, the programme celebrates and recognises the fastest-growing technology companies in the Middle East and Cyprus, based on their revenue growth. Becoming a winner is recognised as a significant achievement; it is a celebration of innovation, entrepreneurship, and impact. During the comprehensive selection process, Deloitte reviews technology companies from a wide range of industries including the Fintech sector.

Commenting on the win, Beyon Money CEO Roberto Mancone said, ‘We are delighted to be a top 10 Rising Star winner in Deloitte’s Fast 50 list, placed 7th based on our impressive revenue growth. This is a proud achievement for us and reflects the commitment by all Beyon Money’s team members as well as our customers’ trust and loyalty in Beyon Money’s products.’

‘Beyon Money’s cards with worldwide acceptance and rewards, its
international remittance and Flexi Invest product have played a key role in supporting the company’s revenue growth and achieving this win. Ensuring access to a suite of services that meets our customers’ finance requirements is our priority and we look forward to evolving the Beyon Money SuperApp to deliver more services and benefits in the year ahead,’ Mr. Mancone added.

Source: Bahrain News Agency

Manama, The Kingdom of Bahrain has achieved a new international milestone, as the Passports Services at the Bahrain International Airport has been ranked third globally among the 2024 World Airline Awards (Skytrax).

It won in the “Best Airport Passport Services” category after applying strict standards that include the efficiency and speed of procedures, ease of movement, the efficiency of passport staff in terms of receiving visitors, and the extent of travellers’ satisfaction.

The achievement is an international testimony to the excellence and leadership in the services provided by the Nationality, Passports, and Residence Affairs (NPRA) and its continuous keenness to enhance travellers’ experiences at the Bahrain International Airport. Bahrain ranked third after Singapore Changi Airport and Zurich International Airport in Switzerland.

Shaikh Hisham bin Abdullah Al Khalifa, the Interior Ministry’s Undersecretary for NPRA, expressed his pride in the achievement, asserting dedication to providing the best
services for travellers via the Bahrain International Airport to promote Bahrain’s status as a leading regional centre in air transport.

He noted that the Airport Passports Services plays a significant role in facilitating travellers’ procedures and providing them with exciting travelling experiences. He hailed the fruitful cooperation between the NPRA and Bahrain Airport Services.

Skytrax World Airlines is a London-based consultancy founded in 1989. It operates an airline and airport review website and offers annual awards known as the Skytrax World Awards based on traveller reviews.

Source: Bahrain News Agency

Manama, Bahrain All Share Index has closed at 2,013.12 points, marking a decrease of 3.92 points below the previous closing.

This decrease was due to the drop in the Industrial Sector, Material Sector and Consumer Staples Sector.

Bahrain Islamic Index has closed at 762.17 points, marking a decrease of 4.15 points below the previous closing.

Results indicated that 82 equity transactions took place with a volume of 1,716,324 worth BD 686,846.

Investors traded mainly in the Non-Bahraini Companies Sector, representing 58.54% of the total value of securities traded.

Source: Bahrain News Agency

Ramallah – Together – The General Authority of the Palestine Stock Exchange held its fourteenth annual meeting, to discuss and approve the topics on the agenda, in the presence of the representative of the Registrar of Companies at the Ministry of National Economy, Bilal Kataneh, the external auditor, Abdul Karim Mahmoud, representing Ernst and Young, and the legal advisor, Mr. Haitham Al-Zoubi and Samer Al-Kakhan, representing the Capital Market Authority.

Through the platform of the General Authority, the Chairman of the Board of Directors of the Palestine Stock Exchange, Mr. Samir Hulileh, expressed what the Palestinian economy has suffered, especially since the last quarter of the fiscal year 2023 until this moment, which in turn has sharply affected the performance of various economic and operational sectors, both in the Gaza Strip and the West Bank, adding that Listed companies were not immune to this exceptional situation, which became clear through their preliminary financial statements for the resul
ts of the year 2023, as the profits of listed companies according to these statements amounted to approximately 155 million dollars, a decrease of 60% compared to the previous year, a number that was not recorded. On the Palestine Stock Exchange for more than 10 years, indicating that we are awaiting somewhat harsh results in the same context for the first quarter of the year 2024, due to the continuation of the aggression.

He pointed out, “This situation did not affect at all the commitment of profitable companies to their shareholders, as dividends are still strongly present in many of the recommendations of the general bodies of listed companies, and we at the Palestine Stock Exchange will work hard to continue the process of progress and growth, despite the serious challenges, and to These include poor market liquidity and accumulated losses as a result of the aggression.

The General Assembly approved the Board of Directors’ report and financial statements, and the members of the Board of Directors were
discharged from their liabilities for the fiscal year 2023, in addition to re-electing Ernst and Young to audit the stock exchange’s accounts for the fiscal year 2024.

It is noteworthy that the Palestine Stock Exchange was established in 1995 as a private joint stock company, and in 2012 it was listed for trading after it was transformed into a public joint stock company. The Stock Exchange seeks to be a local financial market with international standards, in light of providing innovative services to customers through a trading environment characterized by fairness, transparency and safety. It is noteworthy that the Palestine Stock Exchange is listed in the most important global financial indices: within the frontier markets ‘Frontier Markets’ and ‘FTSE Global Financial Times’ and within an independent index for ‘Palestine’ in both Morgan Stanley and Standard and Poor’s.

Source: Maan News Agency

The Ministry of Trade announced the completion of the files for initial offers for goods and services and their official submission to the Secretariat of the World Trade Organization through official channels.

Minister of Trade Atheer Al-Ghurairi, Chairman of the National Committee concerned with Iraq’s accession to the World Trade Organization, said: ‘This important step comes in the context of the Iraqi government’s efforts and its program aimed at promoting international trade and achieving sustainable development, which reflects its commitment to ensuring global economic integration and expanding economic partnerships.’

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He added: ‘The National Committee, the technical committees emanating from it, and the accession team in the Ministry were able, within a short period of time, to complete these files and submit them to the organization in preparation for holding the third meeting of the working group on Iraq during the current year, 16 years after the date of the second meeting of the group in 2008.’

He pointed out that the World Trade Organization (WTO) and international circles welcomed Iraq’s return to the negotiating table.

Al-Ghurairi stressed: ‘The two files for the initial offer of goods and services, which were submitted, included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and their negotiation,’ noting: ‘Work is underway to prepare the Iraqi negotiating team and build the team’s negotiating capabilities for the purpose of initiating negotiating rounds with member states of the organization in order for Iraq to obtain membership in the organization.

He explained, “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and enhance Iraq’s integration into the multilateral trading system.”

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It is worth noting that the World Trade Organization (WTO) has issued the annual
report on the accession of observer countries, and praised the efforts led by the Ministry of Trade through its chairmanship of the National Committee, and that Iraq is the only Arab country whose accession process has become active and has passed advanced stages among the Arab countries that hold observer member status./End

Source: National Iraqi News Agency

Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul Ghani, stressed the importance of developing Akkaz gas field in Anbar Governorate by adding a quantity of (400) cubic feet (million standard cubic feet per day) to national production, which aims to supply electric power generation stations with new quantities of natural gas.

Abdel Ghani said, during his sponsorship of the contract signing ceremony between the Ministry, ‘represented by the Central Oil Company, the North Oil Company, and the Department of Petroleum Contracts and Licensing’ and the Ukrainian company UKRZEMRESURS, as well as his sponsorship of the contract for the assignment of the Korean Kukaz Company in favor of the Ukrainian company, that ‘the national effort in the Central oil company was able earlier to operate the field within the accelerated plan to supply Akkas gas station at a rate of (60) mmqm.

He pointed out: ‘The Ministry aims, through the contract with the Ukrainian company, to reach a rate of (100) mqmq for th
e first stage of (1-2) years, and (400) mqmq within (4) years.’

For his part, the Undersecretary for Extraction Affairs, Bassem Muhammad Khudair, said, ‘This contract was achieved after many years of waiting due to the war on terrorist gangs,’ noting that a contract formula had been reached with the Ukrainian company to invest in this field with an initial production ranging from (one and a half to two years). It aims to raise the field’s production rates to (100) mqmq and to (400 mqmq) within four years, through which it feeds the Anbar power station and Akkaz gas station.’

In turn, the director of the Central Oil Company, Muhammad Yassin Hassan, said: ‘Today we witnessed the concession of the Korean company Kukaz to the Ukrainian company to implement and invest in the Akkaz field project, which represents an important step towards gas investment, especially in the western region, because this region holds a large gas reserve, and we are working to invest it in an optimal way, to supply the national grid w
ith new gas energy that contributes to supporting the energy sector in Iraq and enhances national production.’/End

Source: National Iraqi News Agency

The Turkish Minister of Agriculture and Forestry, Ibrahim Yumagli, stressed the importance of cooperation between his country and Iraq in the fields of irrigation, agriculture and livestock development.

Yumagli said in a press statement today, Wednesday, that talks took place on agricultural cooperation between Turkey and Iraq, on the sidelines of Turkish President Recep Tayyip Erdogan’s recent visit to Baghdad on Monday, and that Ankara and Baghdad will exchange experiences and cooperation in the fields of agriculture, animal husbandry and irrigation, and that this matter will provide serious contributions to both countries.

He pointed out that new horizons of fruitful cooperation will be witnessed by the agricultural sector in the two countries during the coming period through what has been agreed upon in various fields of bilateral cooperation.

During the visit of Turkish President Recep Tayyip Erdogan to Baghdad last Monday, Iraq and Turkey concluded 17 cooperation agreements in the fields of water, se
curity, energy and other cooperation horizons, which reflects the desire of the two countries to enhance their cooperation in various fields./End

Source: National Iraqi News Agency