Egypt’s exports to East Asian countries up by 126% in 2017

Ain Sokkhna 26/12/2018 (Ahram Online – Egypt): Egypt’s exports to East Asian countries hit EGP 41.8 billion in 2017 compared to EGP 18.5 billion in 2016, a 126 percent increase, the Central Agency for Public Mobilization and Statistics (CAPMAS) said on Wednesday. In its annual bulletin, the agency said imports from East Asian countries (China, Malaysia, India, Indonesia, Pakistan, Thailand, Singapore, and Bangladesh) stood at EGP 300.7 billion in 2017 compared to EGP 182.8 billion in 2016, a 64.5 percent increase. India topped the list of Egyptian export-recipient countries with exports totaling EGP 16 billion in 2017 against EGP 6.5 billion in 2016. China came next with EGP 12.4 billion in 2017 against EGP 5 billion in 2016, though it ranked first in terms of countries sending exports to Egypt. China’s exports to Egypt totaled EGP 144.2 billion in 2017 against EGP 90.2 billion in 2016…–in–.aspx


Saudi Arabia will trim oil exports by 500,000 bpd in December, ‘no consensus’ among oil producers to cut output

11/11/2018 (Arab News – KSA): ABU DHABI: Saudi Arabia said it will trim its oil exports by 500,000 barrels per day in December, the country’s energy minister Khalid Al-Falih said as major producers met in Abu Dhabi on Sunday. “The kingdom’s crude exports for December will be 500,000 bpd lower than November,” Saudi Energy Minister Khalid al-Falih told reporters. “We want to enter 2019 with a minimum amount of stocks,” Falih said. Al-Falih’s announcement came as he said oil-producing countries had not yet reached an agreement on cutting output. “There is no consensus yet among oil producers about cutting production,” Al-Falih added…


First state-owned Chinese financial firm sets up in Abu Dhabi

21/07/2018 (ArabianBusiness – UAE): Abu Dhabi Global Market (ADGM) has announced the establishment of the first Chinese state-owned financial services firm to provide investment and financial support to Chinese enterprises as part of the Belt-and-Road initiative. The state-owned financial services firm, known as the Industrial Capacity Cooperation Financial Group Limited (ICCFG), is the first such Chinese company to be approved by the Financial Services Regulatory Authority of ADGM, to provide and arrange credit via the ADGM platform. The firm, which is expected to be up and running by the end of 2018, is set to manage about $2 billion of investment. It also intends to scale up its services and presence in other Belt and Road-related industrial capacity zones in the near future…


First Iraq-flagged oil tanker in 3 decades leaves port

10/06/2018 (Arab News – KSA): BAGHDAD: An Iraq-flagged tanker carrying two million barrels of crude oil has set sail for the US, the first such trip in nearly three decades, the oil ministry said Saturday. Iraq, which has been ravaged by a series of wars since the 1980s, is the oil cartel OPEC’s second biggest producer with 153 billion barrels of proven crude reserves. “The Baghdad left Basra on Friday night headed for the United States. It is the first time since 1991 that Iraq is running its own oil tankers,” oil ministry spokesman Assem Jihad said. Basra, in southern Iraq, is an oil-rich province…


US, China agree to abandon trade war: Beijing

An employee uses a crane to lift container in Port Stanley20/05/2018 (Gulf Times – Qatar): Washington and Beijing have agreed to abandon any trade war and back off from imposing tariffs on each other, Chinese state media reported Sunday. The announcement came after high-level talks in the US capital and followed months of tensions over what President Donald Trump has blasted as an unfair commercial relationship between the two economic giants. Vice-Premier Liu He, who led Chinese negotiators in Washington said: ‘The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other,’ state-run news agency Xinhua reported Sunday. Liu called the agreement a ‘necessity’, but added: ‘At the same time it must be realised that unfreezing the ice cannot be done in a day, solving the structural problems of the economic and trade relations between the two countries will take time.’ An earlier joint statement issued in Washington said Beijing would ‘significantly’ increase its purchases of American goods, but offered few details…


Saudi Arabia launches multi-billion dollar entertainment resort

Saudi Arabia29/04/2018 (Ahram Online – Egypt): Saudi King Salman and Crown Prince Mohammed bin Salman attended the ground-breaking ceremony on Saturday of a vast entertainment resort that is at the heart of an ambitious strategy to open the economy and ease social restrictions. Qiddiya, about an hour’s drive from Riyadh, is being built on a 334 sq km (8,400-acre) site, making it 2-1/2 times the size of Disney World. It will include a Six Flags theme park, water parks, motor sports, cultural events, and vacation homes. A spokesman said Qiddiya expects to attract 1.5 million visitors annually when the first phase opens in 2022. Local media have reported the cost of the infrastructure alone would reach up to 30 billion riyals ($8 bln) and the project would eventually be worth tens of billions of riyals…


Saudi crown prince visits Apple to discuss partnership opportunities

07/04/2018 (Arab News – KSA): DUBAI: Saudi Arabia’s Crown Prince Mohammed Bin Salman visited tech company Apple in San Francisco’s Silicon Valley to discuss partnership opportunities on a number of projects, Saudi state-news agency SPA reported. The projects include developing applications in the Kingdom, enriching Arabic educational content and training Saudi youth at the company’s headquarters. The meeting also featured a discussion about opportunities to enable Saudi youth to undergo training at the company’s headquarters. The crown prince also visited the Steve Jobs Theatre and listened to presentations on modern sound applications that Apple is working on…


Egypt aims at 5.8% GDP growth in 2018/19 budget

23/03/2018 (Egypt Indipendent  – Egypt): Egypt’s cabinet approved this week the state’s budget for the 2018/2019 fiscal year, which aims to reach a GDP growth target of 5.8 percent, a slight increase compared to 5.2 percent set in the 2017/2018 budget, Egyptian Prime Minister Sherif Ismail said in a statement. The new budget cites investments worth LE100 billion, up from LE70 billion this year, the statement said, adding that the funds will be spent on national projects and public services. The new budget is valued at LE1.412 trillion and aims to decrease the state’s budget deficit to 8.4 percent of GDP, as well as achieving a primary surplus…


Iran, Kazakhstan Opt for Broadening of Economic Ties

Iran, Kazakhstan Opt for Broadening of Economic Ties17/03/2018 (FarsNews – Iran): TEHRAN (FNA)- Iranian Foreign Minister Mohammad Javad Zarif and his Kazakh counterpart Kairat Abdrakhmanov in a meeting in Astana on Friday underlined the need for expanding all-out cooperation, specially in economic and trade fields. During the meeting in Kazakhstan’s capital today, Zarif  and Abdrakhmanov explored avenues for bolstering and reinvigorating bilateral relations, specially in the field of economy. Two sides voiced determination to pave the way for stronger economic ties. The foreign ministers of Iran and Kazakhstan emphasized the implementation of bilateral agreements between the two countries, particularly in the fields of energy, transit, joint ventures and trade exchanges. Other issues discussed at the meeting were facilitating the issuance of visas for economic activists of the two countries, removing barriers to banking cooperation, and paving the way for Kazakh companies willing to invest in transportation sectors in Iran…

Turkish banking sector net profit up over 20 pct in Jan

Turkish banking sector net profit up over 20 pct in Jan10/03/2018 (Anadolu Agency -Turkey): Turkish banking sector posted a 4.5 billion Turkish lira ($1.2 billion) net profit in January this year, according to the Banking Regulation and Supervision Agency (BDDK) on Friday. In January, the net profit of the sector recorded a 22.7 percent rise year-on-year, compared to 3.7 billion Turkish liras ($974 million) net profit in the same month of last year. The banking watchdog said the total assets of Turkey’s banking sector were 3.2 trillion Turkish liras ($868.7 billion) with an annual rise of 13.3 percent, as of January 2018. Loans given by banks — the biggest sub-category of assets — stood at 2.1 trillion Turkish liras ($564.8 billion) at the end of January — marking a 17 percent yearly increase…