Tag: MiddleEast

  • US, Iran tensions escalate  

    US, Iran tensions escalate  

    In an apparent warning directed toward Iran, US Navy launches submarine capable of carrying a large payload of missiles into the Middle East…reports Asian Lite News

    Tensions escalated between Tehran and Washington after US Navy has launched a submarine capable of carrying a large payload of missiles into the Middle East in an apparent warning directed toward Iran.

    Bab el Mandeb strait at the southern end of the Red Sea serves as the main conduit between the Persian Gulf, the Indian Ocean, and the Suez Canal. The nuclear-powered submarine is deployed to the US 5th Fleet, which has a patrol that includes the Bab el-Mandeb Strait, the Red Sea and the Suez Canal.

    “It is capable of carrying up to 154 Tomahawk land-attack cruise missiles and is deployed to US 5th Fleet to help ensure regional maritime security and stability,” said Cmdr. Timothy Hawkins.

    US-Iranian relations have further soured in recent years following former President Donald Trump’s successful order to kill Iran’s top military commander, Qasem Soleimani, as well as his decision to end a deal that curbed sanctions on Iran in exchange for a reduction in nuclear weapons development.

    The heightened aggression from Iran extends also to US allies, namely the United Kingdom and Israel, who along with the US have reported unusual amounts of aggression and even attacks from Iranian forces.

    Though, Iran has denied the reports. In February, Iran renewed threats to target Trump and top members of his former Cabinet, including former Secretary of State Mike Pompeo, for the 2020 killing of Soleimani.

    “God willing, we are looking to kill Trump [and] Pompeo … and military commanders who issued the order should be killed,” Amir Ali Hajizadeh, head of the Islamic Revolutionary Guard Corps aerospace force, told Iranian state television.

    Last month, American naval forces teamed up with UK counterparts to seize “anti-tank guided missiles” and missile components from a boat that originated from Iran.

    The joint operation, in which the US provided “airborne intelligence, surveillance and reconnaissance support for an interdiction in the Gulf of Oman conducted by the United Kingdom Royal Navy”, occurred on February 23.

    Iran has expanded its missile program in recent years, ramping up what it claims are defensive arms as a show of defiance to the West in the wake of the collapsed nuclear arms treaty.

    While Western officials are concerned over Iran’s growing arms programs, it has also urged caution when it comes to the viability of Iran’s capabilities, including in November when the Pentagon said it was sceptical of Hajizadeh’s claims that Iran had added hypersonic ballistic missile to its stockpiles.

    US sanctions key actors in Iran ballistic missile programme

    ‘Iran plans to attack Israel’

    Iran is preparing to attack Israel-owned trading vessels to avenge two Revolutionary Guards advisors killed in alleged Israeli airstrikes in Syria last month, The Times of Israel reported.

    The Islamic Revolutionary Guard Corps (IRGC) Aerospace Force is gearing up to launch drone attacks on ships sailing through the Persian Gulf and the Arabian Sea, according to the report, which cited two anonymous senior Western intelligence officials, The Times of Israel reported. An Iranian political strategist linked to the IRGC told the newspaper the planned attacks were in retaliation for the strikes in Syria, The Times of Israel reported.

    The report came as the US military announced it had dispatched the USS Florida, a nuclear-powered guided-missile submarine to the Middle East to “help ensure regional maritime security and stability.” The show of force comes amid heightened tensions with Iran, which continues to harass shipping and attack oil tankers in the area, including several owned by Israelis.

    Washington usually does not disclose the locations of its submarines while they are at sea.

    “It is capable of carrying up to 154 Tomahawk land-attack cruise missiles and is deployed to US 5th Fleet to help ensure regional maritime security and stability,” fleet spokesperson Commander Timothy Hawkins said in a statement.

    Tomahawk cruise missiles launched from ships or submarines can hit targets up to 2,500 kilometres (1,500 miles away).

    Hawkins said the submarine entered the region Thursday and began crossing the canal on Friday.

    The move also comes with heightened tensions between Israel and Iran amid a general spike in violence in Israel, Lebanon, the West Bank and Gaza.

    Israel has allegedly launched a series of airstrikes in Syria in recent weeks, including the strike that killed the Iranian military advisers, prompting vows of revenge from Tehran, The Times of Israel reported.

    ALSO READ: Iranian team in Riyadh to prepare for embassy reopening

  • STARZPLAY to live stream Asia Cup in Middle East

    STARZPLAY to live stream Asia Cup in Middle East

    The die-hard cricket fans can subscribe to the Cricket package on STARZPLAY at AED 24.99/month to enjoy Asia Cup 2022 and non-stop live cricket all-year-round….reports Asian Lite News

    STARZPLAY, ranked among the region’s top three subscription video on demand services, will stream live the upcoming 15th edition of the DP World Asia Cup 2022 across the MENA region.

    The upcoming tournament will be available as part of STARZPLAY Sports, as well as a standalone package ‘Cricket’ (formerly ‘PowerPlay’), for those who only wish to watch the DP World Asia Cup 2022 and other cricket series. All the matches will be streamed LIVE along-with highlights, pre-shows and post-match analysis, with full match replays.

    evision, the entertainment streaming division of e& life, a business pillar of e& (previously known as Etisalat Group), and a majority stake holder in STARZPLAY, has acquired the exclusive broadcast and media rights across MENA. Cricket fans eagerly awaiting the much-anticipated game can now enjoy the cricket fiesta anytime, anywhere and from any device on STARZPLAY via evision’s flagship sports channel CricLife Max.

    Danny Bates, Chief Commercial Officer, STARZPLAY, said: “Cricket is hugely popular in the region, especially amongst the South Asian diaspora and we are proud to bring the exciting Asia Cup to millions of fans across the region. The addition of Asia Cup further elevates our recently launched STARZPLAY Sports offering as we continue to invest more in sports, building the category into one of our core products. Our strategic priority is to ensure that the best sports entertainment is readily accessible to our subscribers across the MENA region at affordable prices and this prestigious win is another step towards this direction. We thank our partners at evision for their continued support.”

    Olivier Bramly, Chief Executive Officer, evision said: “It is exciting to bring the DP World Asia Cup 2022 to all viewers on CricLife MAX after a four-year, pandemic hiatus. We have always been committed to delivering the best in sports and entertainment from local and international content providers. Increasing our footprint throughout MENA through STARZPLAY gives us the opportunity to enhance and expand our offerings for avid cricket fans. They will now be able to enjoy the games on our broadcast as well as digital platforms, giving them the flexibility to watch the cricket series from anywhere and at any time.”
    The tournament kicks off on August 27 and will conclude with the final on September 11. India, Pakistan, Sri Lanka, Bangladesh and Afghanistan are the confirmed teams, while Hong Kong qualified for the sixth spot after winning all their three matches in the qualifiers beating UAE, Kuwait and Singapore.

    Asia’s biggest cricket rivalries will come face to face live on STARZPLAY starting August 27. The die-hard cricket fans can subscribe to the Cricket package on STARZPLAY at AED 24.99/month to enjoy Asia Cup 2022 and non-stop live cricket all-year-round.

    STARZPLAY’s sports and entertainment content can be enjoyed through starzplay.com and the STARZPLAY mobile apps. Subscribers can enjoy the fantastic quality on their big screens via the STARZPLAY television app available on Android TV, Apple TV, Smart TVs, PS4 or through casting video from the mobile app to TV through AirPlay or Google Chromecast.

    With thousands of hours of premium content including the best western content, Arabic shows, Turkish favourites, anime, and live sports, STARZPLAY is today one of the leading streaming platforms in the MENA region. The service is available in 19 countries across the Middle East, North Africa and Pakistan for fans to enjoy quality content anytime, anywhere, and from any device.  

    ALSO READ: UAE all set for Asia Cup

  • Ronaldo receives £105 m offer from Saudi Arabian club

    Ronaldo receives £105 m offer from Saudi Arabian club

    Manchester United has received an opening bid from a Saudi Arabian club for the services of Cristiano Ronaldo…reports Asian Lite News

    Manchester United have received an opening bid from a Saudi Arabian club for the services of Cristiano Ronaldo, who could receive an eye-watering salary in the region of £105million per year, according to reports. The Portuguese forward is believed to be keen on leaving Old Trafford in search of a new challenge this summer after growing frustrated over United’s failure to qualify for next season’s Champions League.

    The likes of Bayern Munich, Chelsea and Napoli have all been credited with a desire to land Ronaldo over the last few weeks but are yet to submit offers for his signature as things stand. An unnamed Saudi club have since emerged as the surprise first bidders with a mega-money proposal that would see Ronaldo pick up in excess of £100m each season, according to CNN Portugal.

    United are thought to be keen on keeping hold of Ronaldo, who scored 24 goals in all competitions over the course of last season, until the expiry of his contract if possible. His sudden exit would leave the Red Devils in need of a suitable replacement and it remains unclear who they would target at this stage, with Paulo Dybala and Robert Lewandowski having recently been mentioned as early alternatives.

    Despite being 37, Ronaldo remains in peak physical shape and still has the ability to score over 20 goals in a season. In fact, for an unstable Manchester United team, he bagged a total fo 24 goals across competitions last season.

    ALSO READ:Mohammed Ali Al Yamahi being crowned as Arab Reading Champion

    Though Ronaldo might end up playing in the Middle East, USA or any other country outside Europe, this is probably not the right time for him to move. In a good team, Ronaldo is still capable of challenging for all the major European honours there remain.

    The 5-time Ballon d’Or winner is presently spending time with his family and is not a part of United’s pre-season tour of Thailand. It isn’t yet known when Ronaldo would join his teammates for pre-season, even if he decides to.

  • Leading retailers in ME ready for biggest annual summit and ICONS Awards

    Leading retailers in ME ready for biggest annual summit and ICONS Awards

    The leading retailers in the Middle East are getting ready for the biggest annual summit and awards gala, RetailME Tech & Marcoms Summit and ICONS Awards…reports Asian Lite News

    The leading retailers in the Middle East are getting ready for the biggest annual summit and awards gala, RetailME Tech & Marcoms Summit and ICONS Awards, that chronicles the changing retail landscape in the region. The event is scheduled to take place on June 28th, 2022, at Conrad Dubai Hotel, Sheikh Zayed Road.

    RetailME Tech and Marcom Summit will see the CIOs, Tech, Digitisation, Marcom and E-commerce Heads of the industry share their success mantras, predict trends, exchange thoughts on the winning and losing technologies in retail, and discuss actionable strategies for the growing MENA retail industry that generates an estimated US$1.02 trillion (Dh3.74 trillion) in sales per year.

    “As the retail industry’s leading media, we at Images Group felt it was critical to bring together the key stakeholders driving the swift transformations and growth in the retail firms in the region. It is incredible how the adoption of smart technologies has helped several brands serve their customers better, manage their people and processes efficiently and increase their bottom line. The retail leaders joining the summit will share their valuable insights, their unique learnings and discuss the big retail evolution reshaping the retail industry,” says, Justina Eitzinger, Chief Operating Officer of Images RetailME,

    Industry thought leaders such as Nisreen Shocair, CEO- Middle East, YOOX NET-A-PORTER, Ahmad AR BinDawood, CEO at Bin Dawood Holding, Dharmin Ved CEO 6th Street.com, Mark Thomson, Retail Industry Director at Zebra, Sunil Nair, Group CIO GMG, Kamran Abbassi, Group CIO Chalhoub, Leena Khalil, Co-founder at Mumzworld, Anna Germanos, Head of Retail and Luxury at Meta, Mark Tesseyman, CEO of Liwa Trading, and many others will share their path-breaking insights during the panel discussions and roundtables at the forum.

    A report released by the Dubai Chamber of Commerce and Industry has projected the UAE’s retail sales to reach $70.5 billion (Dh259 billion) by 2025 — an annual growth of 6.6 percent.

    UAE retailers are optimistic for growth for 2022. More than three-quarters (84%) of retailers expect to grow by 20% or more in 2022 and with so many planning to invest further, that number could be even higher. Last year, 73% of UAE businesses grew in revenue by 20% or more, across the retail, food and beverage, and hospitality sectors, which is more than the 67% growth witnessed at a global scale, says research released by Adyen, a global financial technology platform for leading businesses. The statistics show how focusing on digital transformation helps accelerate retailers’ growth.

    In 2021, the global retail market generated sales of over US$26 trillion, with a forecast to reach over US$30 trillion by 2024 – which is equivalent to a third of the global economy.

    E-commerce growth occurred as a result of the high internet usage by the Middle East populace. The UAE’s e-commerce market is forecast to increase 60 percent to more than US$8 billion by 2025 from 2021, as consumers across the region continue to shift towards online retail, according to a new report.

    E-commerce in the MENA region is fast catching up with global powerhouses such as China. The total e-commerce market size in the region is expected to reach US$49 billion in 2025, surging from US$31.7 billion last year.

    The Covid-19 pandemic hastened the move to digital services as consumers switched to cashless payments and online shopping. Globally, digital payments are expected to grow to US$8.26 trillion by 2024, from US$4.4 trillion in 2020, a report by Statista said.

    “The retail industry has witnessed digital transformation at an unprecedented pace in the past two years. As the sector transforms and becomes more tech dependent, we take this opportunity to get together the most powerful retail tech and marcom icons in order to discuss the pressing matters and future challenges of the retail industry and create benchmarks that would inspire other retailers to up their game. We expect this event to become a great learning platform for the stakeholders, especially at a time when digitization dictates the success of the retailers.” says Justina Eitzinger.

    A new study from Majed Al Futtaim showed that consumer spending in the UAE grew 14 percent in the first quarter of 2022 boosted by government initiatives launched to streamline the nation’s economic recovery after the Covid-19 pandemic.

    Organised by Images RetailME, a 17-year-old retail intelligence media brand in the Middle East with 45,000+ print readership and over 100,000 digital reach across the MENA region, the prestigious RetailME Tech and Marcoms Summit and the RetailME Tech and Marcom ICONS will celebrate the success of an industry that serves 411 million people across 22 countries in the MENA region.

    The summit will be followed by an awards gala, where the RetailME Tech and Marcom ICONS from the region will be felicitated for their achievements and contributions to the industry.

    The Images RetailME editorial team, along with a jury comprising of tech giants and solutions game changers, such as Mark Pilkington, Retail Chief Executive and Bloomsbury Author, Tarek Yafi, Head of Retail & E-Commerce, Google, Anna Germanos, Head of FMCG, Retail & E-Commerce (MENA), META, Hozefa Saylawala, Director of Sales Middle East, Zebra, Aref Yehia, Head of Business partnership for Retail & E-Commerce, TikTok, have put together a power list of the top tech and marketing stars that have successfully led the transformation and digitization journeys within their organizations.

    ALSO READ:UAE receives 41%of FDI projects attracted by Arab countries in two decades

    The list will be revealed and the ICONS featured will be felicitated with a memento on stage in the presence of their colleagues and peers from the industry during the cocktail dinner.

    The panel discussion of the summit will include ‘In-store technologies that make omnichannel a reality’, ‘Demystifying The Metaverse’, ‘Wearable Technologies’, ‘Digitising Supply Chains’, Data and Personalization to Enhance Customer Engagement’ and more.

    Last year, Images Group launched RetailME ICONS, a list that recognised the 100 most powerful Icons of the retail industry. The list, last year, was divided into four overarching categories Legends, Pioneers and Visionaries, Disruptors, and Trailblazers.

    The event is sponsored by Zebra Technologies as Retail tech Partner, TikTok as Community Commerce partner, LuLu Group International, Altavant, Aruba and Ithra as Gold Partners. Other partners include Geidea, SkyEx and CIO Klub.

  • Arab Bank receives ‘Best Bank in the Middle East 2022’

    Arab Bank receives ‘Best Bank in the Middle East 2022’

    Arab Bank has recently received the “Best Bank in the Middle East 2022” award by New York-based international publication “Global Finance”, for the seventh year in a row…reports Asian Lite News

    This global recognition came as part of Global Finance’s 29th Annual Best Bank Awards and was made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world. In selecting top banks, Global Finance considered several factors that included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Winning criteria also included the banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success.

    Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer said: “This global recognition received for the seventh consecutive year is yet another addition to Arab Bank’s significant success record. It is a manifestation of the bank’s ambitious strategic vision and distinctive ability to deal efficiently with the most pressing regional and global challenges.” Sadik added: “At Arab Bank, we are committed to deploying advanced and comprehensive banking solutions that meet the evolving needs of our customers across various sectors, while constantly enriching their banking experience. This is realized through the bank’s relentless focus on aligning its various services and value propositions with the latest advancements in the financial industry locally, regionally and globally.”

    ALSO READ:NBK named “Best Trade Finance Bank in Kuwait for 2022”

    Global Finance Awards cover more than 150 countries and territories across Africa, Asia-Pacific, the Caribbean, Central America, Central and Eastern Europe, Latin America, the Middle East, North America and Western Europe.

    It is worth mentioning that Arab Bank, headquartered in Amman – Jordan, was established in 1930 and has one of the largest global Arab banking networks with over 600 branches spanning five continents. Arab Bank’s extensive network covers key financial markets and centers such as London, Singapore, Shanghai, Geneva, Paris, Frankfurt, Sydney, Dubai and Bahrain.

  • du highlights digital govt transformation

    du highlights digital govt transformation

    The roundtable was held at Emirates Palace in Abu Dhabi with top executives from across UAE government organisations in attendance…reports Asian Lite News

    du, from Emirates Integrated Telecommunications Company (EITC), in cooperation with IDC Middle East and Africa (IDC MEA), today hosted an exclusive C-suite roundtable titled “Powering the Government’s Future Today”.

    The roundtable was held at Emirates Palace in Abu Dhabi with top executives from across UAE government organisations in attendance.

    Saleem AlBlooshi, Chief Technology Officer at du, delivered a welcome address, followed by a keynote speech from Ranjit Rajan, Vice President – Research (META) at IDC Middle East and Africa. Thought leaders also delivered forward-looking presentations that explored advanced technologies and 5G use cases in addition to the role of innovation in meeting future challenges.

    ALSO READ:DP World, Saudi Ports Authority announce partnership

    Jasim Al Awadi, Head of Government and Key Accounts at du, said, “The UAE has transitioned toward a digital approach to public services through an innovation-focused agenda. Today’s roundtable focused on emerging technologies such as 5G and the UAE’s government digital strategy to maximise the positive effects of digital services.”

    The event underscored drivers of the UAE government’s digital transformation and the potential of technology to enhance future growth potential. An exclusive panel discussion moderated by Krishna Chinta, Programme Manager, Telecommunications and IoT at IDC Middle East and Africa, highlighted digital technology’s ability to transform the way the public sector operates and delivers services to customers and offered strategies for government leaders to accelerate the rate of their progress.

  • Qatar’s rapid economic diversification highlighted at HSBC

    Qatar’s rapid economic diversification highlighted at HSBC

    Qatar’s rapid economic diversification and capital markets development was highlighted at an HSBC-hosted conference in London last week, bringing together the Middle East’s biggest stock exchanges…reports Asian Lite News

    The increase of foreign ownership in listed companies to 100%, higher levels of market activity, and economic growth and diversification across the wider GCC region was recognized as a strong regional economic catalyst for the State.

    The conference, the first pan-regional stock exchange event hosted by HSBC Bank Middle East, connected the exchanges in Qatar, Kuwait, UAE and Saudi Arabia with international investors, Middle East policymakers and stakeholders from across the public and private sectors.

    Qatar was represented by Commercial Bank of Qatar, Doha Bank, Gulf Warehousing, Masraf Al Rayyan, Nakilat, Ooredoo, Qatar Insurance Company, Qatar National Bank, Gulf International Services, Msaieed, Industries Qatar, Qatar Aluminum Manufacturing Company and Vodafone listed on the QSE.

    “Having world class global banking and markets capabilities in the Middle East is how we helped clients in the region raise more than US$19 billion from investors worldwide in 2021, placing us on top of Bloomberg’s equity and debt rankings in 2021,” said Stephen Moss, Regional Chief Executive for the Middle East, North Africa and Turkey (MENAT).

    Topics on the agenda included ESG, equity capital markets, global energy demand, and economic diversification across the region, as well as the economic and social development legacy that hosting the FIFA 2022 World Cup will have on Qatar’s future. The latter was discussed at a special session entitled: “More than a Game – What does hosting the World Cup mean for Qatar?” led by Fatma Al Nuami, representing the Supreme Committee for Delivery & Legacy of the Qatar World Cup Committee.

     “The aim to achieve developed market status in Qatar is part of the country’s ambition to be a world-class international market, and offer a diversified range of investment and trading opportunities for international investors. HSBC was the first bank to establish an investment banking platform and introduce institutional fund services in the country in 2005, and ever since has played an important role in bringing best-in-class practices for international investors to the Qatar market,” said Abdul Hakeem Mostafawi, Chief Executive Officer of HSBC Qatar. 

    ALSO READ:India, Qatar Launch Start-Up Bridge

     “Qatar Stock Exchange’s strategic focus is to continue to improve organic liquidity in the market and complement that with infrastructure developments.  We have a big role to play to provide an efficient and reliable platform for sustainable economic diversification in support of the Qatar National Vision 2030,” said Mr. Tamim Al Kuwari, Chief Executive Officer of Qatar Stock Exchange.

    HSBC Qatar and Qatar Stock Exchange have a long history of partnership promoting foreign portfolio investment in Qatar, and are recognized as thought leaders in the region. This is especially so in the growing discipline of ESG reforms and sustainability strategies, which have become a mainstream concern for investors and issuers alike.

  • DIFC advances Dubai’s status as global financial, innovation hub

    DIFC advances Dubai’s status as global financial, innovation hub

    The roadshow showcased how DIFC is enabling the future of finance and helping prospective clients navigate a route to MEASA markets, funding, and talent…reports Asian Lite News

    Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA), has generated a new wave of interest in Dubai from US financial services companies that are keen to access regional opportunities by having a presence in the Centre.

    The interest was stimulated when a DIFC senior delegation, led by Essa Kazim, Governor of DIFC, met with prospective and existing clients as well as industry bodies in New York and San Francisco.

    The Governor’s delegation explored collaboration opportunities and secured commitments by highlighting Dubai’s role as a regional business hub and the DIFC’s English common law platform and talent ecosystem. The roadshow showcased how DIFC is enabling the future of finance and helping prospective clients navigate a route to MEASA markets, funding, and talent.

    DIFC, Standard Chartered Bank and the US-UAE Business Council hosted an exclusive discussion on Dubai’s role as a global business hub and the efficacy of DIFC’s platform in attracting top firms and talent. The event was attended by the UAE Consul-General in New York, Amna Binzaal Almheiri. Kazim highlighted the US$23 billion US-UAE bilateral trade relationship, the UAE and Dubai’s role as centres for commerce as well as the DIFC’s world-class infrastructure. The event spotlighted market access, innovation, and talent as key reasons for DIFC’s success as a global platform.

    The DIFC Governor said, “The unparalleled demand from US firms seeking to move their finest talent to Dubai reinforces the depth of the region’s markets. Dubai’s reputation as a global hub for talent and innovation makes the Emirate the top destination for US organisations seeking this regional growth. US firms have been choosing DIFC as their preferred location since its establishment in 2004 and now account for 9 percent of its financial services clients.

    ALSO READ:Dubai International Chamber to open office in Israel

    “Our first official trip to the US since the pandemic has generated particular interest from wealth and asset management and FinTech firms, which are relocating talent to Dubai and DIFC. We will continue to deepen these strategic partnerships to help our US clients realise their growth aspirations and to contribute to the growth of our economy.”

    DIFC banks hold approximately US$200 billion of assets from the Centre while DIFC Asset Managers currently oversee more than US$450 billion of AUM. DIFC is home to 17 of the top 20 global banks, 5 of the top 10 asset managers, and is home to the top advisory, global law and accounting firms including companies such as Millennium Management, KKR, Franklin Templeton, Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, Latham & Watkins and White & Case.

  • EU unveils strategic partnership with GCC

    EU unveils strategic partnership with GCC

    Increased cooperation and exchanges between the EU and GCC countries will ultimately be beneficial also for the people of both regions…reports Asian Lite News

    The High Representative and the European Commission have adopted a Joint Communication on a ‘Strategic Partnership with the Gulf’ with the aim to broaden and deepen the European Union (EU)’s cooperation with the Gulf Cooperation Council (GCC) and its member states.

    Within this context, the High Representative/Vice-President said in a statement that there’s a need to work more closely together on stability in the Gulf and the Middle East, on global security threats; energy security, climate change and the green transition, digitalisation, trade and investment. “We also need to strengthen contacts between students, researchers, businesses and citizens.”

    A strengthened partnership is beneficial both for the EU and for the Gulf partners, with the EU being the world’s largest single market, a leader in research and innovation, an important security actor in the Gulf region and the leading actor on global challenges such as climate change and digitalisation. The EU Global Gateway provides a dynamic framework for cooperation with GCC partners to foster sustainable investments in the broader Middle East region as well as in Africa. GCC countries are dynamic economies and an important gateway between Europe, Asia and Africa. They are reliable Liquefied Natural Gas providers and have some of the best solar and wind resources in the world, whose development can be key in implementing mutual strategies to meet climate commitments as well as economic goals. As a strong defender of multilateralism and social transformation including human rights and gender equality, the EU will continue to foster political dialogue on such matters with the Gulf countries.

    Increased cooperation and exchanges between the EU and GCC countries will ultimately be beneficial also for the people of both regions. Closer inter-cultural cooperation, mobility for youth and students, higher education cooperation and exchanges will improve mutual understanding and trust. And these examples are not exhaustive.

    The Joint Communication addresses a series of key policy areas, presenting concrete proposals for strengthened EU-GCC cooperation on energy, green transition and climate change, trade and economic diversification, regional stability and global security, humanitarian and development challenges, and closer people-to-people contacts.

    ALSO READ: EU revises growth forecast down, inflation estimate up

    Joining forces to address climate change and harness the opportunities provided by the green transition is paramount and mutually beneficial. The Gulf region is particularly impacted by climate change and the EU, a pioneer in initiatives for a climate transition, can be a partner in developing the know-how and expertise to address this challenge.

    A multilateral and rules-based international order requires cooperation to enhance mutual security and the stability of the wider European neighbourhood and the Gulf.

    Protracted conflict situations also require a more strategic and enhanced engagement to address the unprecedented humanitarian and development needs in the wider Middle East and the Horn of Africa. Gulf countries are a significant donor of bilateral financial aid and can play an important role in the promotion of the respect of International Humanitarian Law and humanitarian principles.

    In view of enhancing closer people-to people contacts, youth and student mobility, inter-cultural and higher education cooperation, achieving visa free travel for the GCC countries is a shared interest and objective for the EU and the GCC countries.

  • AFP launches newly formed AFP MEA Treasury Advisory Council

    AFP launches newly formed AFP MEA Treasury Advisory Council

    The Association for Financial Professionals (AFP) recently launched the Middle East and Africa Treasury Council with the goal of serving as the region’s key resource and advocate for the treasury profession…reports Asian Lite News

    The Association for Financial Professionals (AFP) announces the launch of its newly formed AFP Middle East and Africa (MEA) Treasury Advisory Council. The objective of the Council is to provide thought leadership, expertise and advocacy for the treasury and finance community for the Middle East and Africa region.

    The Council is composed of corporate treasury professionals and thought leaders who are members of AFP and are interested in advancing the treasury profession within the MEA region.

    ALSO READ: Tata picks Campbell Wilson as Air India CEO

    Members of the AFP MEA Treasury Advisory Council include (based on alphabetical order):

    –      Rania Afifi, Associate Director Treasury, Misr Italia Properties, Egypt 

    –      Mohammed Saud Al-Eid, Cash Operation Manager, Maaden, Saudi Arabia  

    –      Gulrez Ali Sayed, Treasurer & Financial Risk Management, Saudi Cargo, Saudi Arabia       

    –      Ahmad Al Jukka, Treasury Manager, Ras al Khaimah Stat. Gov., UAE        

    –      Hisham Abouldahab, Group Corporate Treasurer, Almansour Automotive, Egypt    

    –      Mideva Lumire, Head of Treasury, Unilever Tea Kenya, Kenya       

    –      Ahmed Makhlouf, CFO, General Motors, Egypt        

    –      Emad Galal Elmesalami, Group Finance and Treasury Director, Saudi Chemical Company Holding, Saudi Arabia

    –      Mina Nasif, Chief Visionary Officer, Beacon FinTrain, Egypt          

    –      Mohamed Seddeak, Treasury and Corporate Finance Head, Nahdi Medical Co., Saudi Arabia         

    –      Nihan Yılmazer, Regional Treasury & Finance Manager, TAV Construction, UAE/Turkey  

    With a mission to support AFP in its goal to be the key resource and advocate for the treasury profession within the MEA region, the Council functions as the “eyes and ears” between AFP and the MEA treasury community through activities such as sharing topics of interest and challenges that members may be facing and that AFP can support with a variety of resources.

    “The AFP MEA Treasury Advisory Council is comprised of incredibly distinguished treasury professionals, who are enthusiastic and passionate about the profession,” said Jim Kaitz, AFP president and CEO. “I’m so excited about what this organization can do to drive that enthusiasm for treasury, and at some point, finance, throughout the Middle East and Africa region.”