ITFC, AWB sign agreement to develop Arab-African trade

Hani Salem Sonbol, left, and Mohamed El Kettani.
Updated 20 March 2017
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ITFC, AWB sign agreement to develop Arab-African trade

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and Attijariwafa Bank Group (AWB) signed an agreement to support trade between Arab and African countries. The agreement was signed by Hani Salem Sonbol, CEO ITFC, and Mohamed El Kettani, chairman and CEO of AWB Group, the fifth International African Development Forum in Casablanca, Morocco.
Under the agreement, ITFC will provide Shariah-compliant financing to the subsidiaries of Attijariwafa Bank; and ITFC, AWB, and AWB subsidiaries will co-finance companies looking to import goods from Arab countries.
Sonbol said: “This signing is part of the Arab Africa Trade Bridges (AATB) Program, where we aim to cooperate together and provide financial products that serve the needs of our member countries.”
He said the first phase focuses on three Sub-Sahara countries: Cameroon, Cote D’Ivoire and Senegal.
“We are working to implement new trade finance solutions with the purpose to gradually expand the implementation of the solutions developed to other markets in the Africa sub-region,” Sonbol added.
El Kettani said: “ITFC and AWB are bound to foster a resilient and long-lasting relationship in Africa and the Arab world. We share the same vision as far as levers of economic growth are concerned ... The agreement we signed today is a strong milestone in our joint cooperation targeting trade between African and Arab countries.”
The signing comes previous collaborations between the two organizations. In February 2016, at the fourth International Africa Development Forum, both ITFC and AWB signed a Memorandum of Understanding (MoU) by which the two organizations agreed to set up a strategic partnership to cooperate in several areas related to their respective mandates particularly in trade finance operations.
ITFC is a sponsor of the fifth International Africa Development Forum, where the theme of this year’s forum is: “New Inclusive Growth Models in Africa.”


Genesis G70 arrives in the Middle East

Updated 19 April 2018
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Genesis G70 arrives in the Middle East

Genesis has officially launched its compact G70 luxury sedan in Middle East markets, completing the brand’s core sedan lineup. Engineered as a dynamic car with strong appeal to younger customers and more enthusiastic drivers, the G70 joins the flagship G90 large sedan and mid-sized G80 and G80 Sport.

“Genesis has been very well received in the Middle East, and the Genesis G70 will be an exciting new chapter in our story,” said Altar Yilmaz, Genesis general manager for the Africa and Middle East region. “For many of our potential customers, this is the Genesis they have been waiting for.”

The arrival of the Genesis G70 in showrooms follows a previous display presentation at the Dubai International Motor Show in November 2017, where Genesis fielded a large number of inquiries about the car. With larger G80 and G90 models already growing a strong base of loyal customers, it is expected the compact model will add significantly to the brand’s appeal in the competitive Middle East luxury car market.

The G70 showcases the future direction of the Genesis brand’s “Athletic Elegance” design identity. 

“The G70’s interior is configured to prioritize an excellent user experience, with superb fit and finish throughout. The interior packaging reflects simplicity, with an emphasis on genuine functionality instead of gimmickry. A horizontal layout brings a sense of stability, with an intuitively laid-out switchgear and a comfortable, assertive sport steering wheel,” the carmaker said.

The G70 offers two powertrains in the Middle East region — a 3.3-liter V6 petrol turbo and 2.0-liter I4 petrol turbo.  The Lambda II 3.3-liter V6 turbo GDI engine is the heart of the enthusiast-focused G70 Sport, with 370 ps and maximum torque of 52.0 kg.m (510 N.m) 0 to 100 km/h acceleration in 4.7 seconds, and a top speed of 270 km/h.