Category: Business

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

Turkish Minister of Transport and Infrastructure Abdulkadir Oraloglu announced that a quadripartite ministerial summit among Turkey, Iraq, the UAE and Qatar will be held soon regarding the ‘Development Road’ project.

The Turkish Minister said in a press statement: The memorandum of understanding that was signed the day before yesterday between Turkey, Iraq, Qatar, and the UAE in Baghdad to cooperate on the ‘Development Road’ project was a bilateral agreement, but with joint Turkish and Iraqi efforts, it also included the UAE and Qatar.

He added that weekly meetings are taking place between officials from both Turkey and Iraq, and a quadripartite summit will be held during the next two months.

Oraloglu stated that they will open offices in Iraq and Turkey within the framework of the project in the coming months, noting that with the operation of the development road, the volume of trade will increase from 20 billion dollars to reach 40 billion dollars.

The day before yesterday, Turkey, Iraq, Qatar and the
UAE signed a quadripartite memorandum of understanding in Baghdad for cooperation on the ‘Development Road’ project, under the auspices of Turkish President Recep Tayyip Erdogan and Iraqi Prime Minister Muhammad Shia’ al-Sudani.

The “Development Road” project is a land and railway road extending from Iraq to Turkey and its ports, with a length of 1,200 kilometers inside Iraq, and aims to transport goods between Europe and the Arab Gulf states./End

Source: National Iraqi News Agency

Riyadh: The Communications, Space, and Technology Commission (CST) issued the Saudi Internet Report 2023 during the ICT (information and communication technology) Indicators Forum 2024. The comprehensive report highlights key insights and statistics on internet usage in the Kingdom, which aims to enhance digital services, enable investors and entrepreneurs, and contribute to the development of a thriving digital economy.

The report showed various indicators and data highlighting users’ internet usage and behavior in the Kingdom during 2023. It indicated that the peak hours of Internet usage are from 9:00 PM to 11:00 PM, and it pinpointed Friday as one of the busiest days of the week. Mobile telephones emerged as the most used devices for browsing the internet, accounting for 98.9% of usage compared to other devices. The report also included a study on online shopping behavior, revealing that 93% of such shopping occurs on local websites, rather than international ones.

The report revealed detailed informati
on about the growth of internet usage in the Kingdom, which reached 99% of the population, with the average mobile data consumption per person reaching 44 GB monthly.

The report also featured an analysis of the top data-consuming applications and services, placing YouTube on the top list, followed by TikTok and Facebook. Moreover, the most downloaded e-government applications in 2023 are “Nafath’ application, “Absher,” and “Tawakkalna Services.”

Source: Saudi Press Agency

Riyadh: The Communications, Zce and Technology Commission (CST) concluded the 10th edition of the Information and Communications Technology (ICT) Indicators Forum 2024, which revealed the growth of the ICT sector market size to reach SAR166 billion in 2024, with a compound annual growth rate (CAGR) of 8% during 2018 – 2023. The forum was attended by prominent ICT experts and leaders. It included four main presentations and a panel discussion that highlighted the ICT sector indicators in the Kingdom and its future trends.

The forum started with a presentation on ICT Sector Performance Indicators by Mufarreh Nahari, CST’s General Manager of Studies. The presentation highlighted the ICT sector’s development and growth. The Kingdom ranks 2nd among the G20 in the ICT Development Index 2023. The indicators also revealed the increase in mobile services penetration rate reaching 198%, while the IoT M2M subscriptions reached 12.6 Million.

Moreover, the mobile internet speed in the Kingdom reached 215 Mbit in 2023, w
ith a 99% internet penetration rate, and the number of cloud computing service providers listed in CST reached 31 local and global providers.

The second presentation, titled “Navigating the Innovation Frontier: Technology Market Outlook for Saudi Arabia,” was presented by Hamza Naqshbandi, IDC’s Vice President of Custom Solutions in (META) and Regional Director in Saudi Arabia and Bahrain, and Jyoti Lalchandani, the Group Vice President and Regional Managing Director (META) at IDC. The presentation highlighted the emerging technologies in the Saudi tech market, emphasizing that by the end of 2024, the total spending on technology will reach $18.4 billion, while the government spending on AI, IoT, Cybersecurity, and Big Data Analytics will exceed $752 billion.

The panel discussion on “The Future of the Tech Landscape in Saudi Arabia” presented the prospects for ICT market experts, with the participation of Salman Faqeeh, the Managing Director at Cisco in Saudi Arabia, Fahad AlTurief, the Vice President of Te
ch Cloud, in Saudi Arabia, Levant and North Africa at Oracle, and Othman Alhokail, a Partner at Merak Capital.

During the 3rd presentation, Jassem AlJobran, Head of Research at Aljazira Capital, discussed the “ICT Sector Financial Performance in Argaam”. He stated that the assets of the listed ICT companies had reached SAR250 billion. The Kingdom’s current market represents 37% of the total ICT assets in the GCC countries. Additionally, the total revenue of ICT-listed companies is around SAR119 billion, with the Kingdom accounting for 41% of the GCC countries’ revenue. Furthermore, the market value for the listed ICT companies also reached SAR379 billion, representing the largest share in the GCC countries of 57%.

The forum concluded with Sami Aldaham, director of Internet Services Development at CST, announcing the “Saudi Internet 2023” report. The report addresses internet usage and growth in the Kingdom, including indicators and information related to user’s behaviour and preferences, trending apps, and
data consumption per person.

Source: Saudi Press Agency

Baghdad, The prices of Basra heavy and medium crude oil decreased today, Tuesday, despite the rise in oil prices in global markets.

The prices of Basra Heavy crude fell by $1.97 to reach $83.72, and the prices of Basra Medium crude fell by $1.97 to reach $86.92.

Oil prices rose globally to compensate the losses of the previous session, as investors continue to evaluate the risks resulting from geopolitical concerns in the Middle East.

Source: National Iraqi News Agency

Baghdad, Oil prices rose today, Tuesday, after falling in the previous session, as investors continued to evaluate the risks resulting from geopolitical concerns in the Middle East.

Brent crude futures, the global standard, were trading up 27 cents to $87.27 per barrel by 0308 GMT, and US West Texas Intermediate crude futures rose 26 cents to $82.16 per barrel.

The two benchmarks fell by 29 cents in the previous session due to indications that the recent escalation of tensions between Israel and Iran had little impact on oil supplies from the region in the near term.

US crude oil inventories are expected to increase last week while refined product inventories are likely to decline, which will affect the monetary policy assessment, according to analysts’ opinions.

Source: National Iraqi News Agency

Hanoi, The Ambassador of the Kingdom of Saudi Arabia to the Socialist Republic of Vietnam, Mohammed bin Ismail Dahlawi, met today with the Vietnamese Minister of Finance, Mr. Ho Duc Phoc, at the ministry’s headquarters in Hanoi.

During the meeting, they discussed the relations between the two countries, ways to enhance them, and issues of common interest.

Source: Saudi Press Agency

Riyadh, Undersecretaries of the Ministries of Commerce in the Gulf Cooperation Council (GCC) countries held their fifty-eighth preparatory meeting today in the Qatari capital, Doha.

The meeting aimed to enhance cooperation between GCC member states, with the participation of Jihad bin Hamad Al-Huthail, General Manager of International Organizations.

During the meeting, several agenda items were discussed, including monitoring updates to commercial laws in the GCC countries, addressing challenges in intra-GCC trade, reviewing small and medium-sized enterprise projects and entrepreneurial initiatives, and monitoring the activities of committees under the Trade Cooperation Committee.

The meeting serves as preparation for the sixty-sixth meeting of the GCC ministers of commerce and industry, scheduled for Wednesday, May 1, in Qatar.

Source: Saudi Press Agency

Riyadh, Undersecretaries of the Ministries of Commerce in the Gulf Cooperation Council (GCC) countries held their fifty-eighth preparatory meeting today in the Qatari capital, Doha.

The meeting aimed to enhance cooperation between GCC member states, with the participation of Jihad bin Hamad Al-Huthail, General Manager of International Organizations.

During the meeting, several agenda items were discussed, including monitoring updates to commercial laws in the GCC countries, addressing challenges in intra-GCC trade, reviewing small and medium-sized enterprise projects and entrepreneurial initiatives, and monitoring the activities of committees under the Trade Cooperation Committee.

The meeting serves as preparation for the sixty-sixth meeting of the GCC ministers of commerce and industry, scheduled for Wednesday, May 1, in Qatar.

Source: Saudi Press Agency