Al-Qassabi wants GCC to guard against certain steel imports

Updated 19 June 2016
0

Al-Qassabi wants GCC to guard against certain steel imports

RIYADH: Minister of Commerce and Investment Majid Al-Qassabi has commended the joint action taken by the Gulf Cooperation Council (GCC) countries to safeguard against importing flat-rolled products of iron and non-alloy steel into the region.
Recently, the GCC unanimously decided to safeguard against the increasing import of flat-rolled products of iron and non-alloy steel into the region.
The case was first reported to the WTO (World Trade Organization) under the unified law of anti-dumping, compensatory and safeguard measures, which announced on the official website of the organization.
Al-Qassabi, who is the chairman of the current session of the Trade Cooperation Committee of the GCC, stressed that the Kingdom in cooperation with the GCC countries has played a significant role and worked very hard over the past years on the completion of unified law approvals and its amendments. “All that to combat the harmful practices to the international trade,” he added.
The minister said his ministry was keen to activate this important law under the understanding of its effect on trading performance, which decrease damages and unfair practices on Saudi Arabia and Gulf manufacturers and industries.
He praised the group initiative of the GCC countries to continue opening investigations to combat unfair practices in international trade and currently investigating GCC markets dumping. He pointed out that it is a sign of GCC countries unity in fair trade and combat against international trade harmful practices that affect the manufacturers.
“These efforts are clear evidence of the desire of the ministers of commerce in the GCC countries to eliminate the damages affecting the manufacturers along with current and new industries. And no doubt that it will protect the GCC markets, leading to a localizing the investments which correspond to the Saudi Vision 2030.”
The minister explained that the collective processing of high-priority issues for the GCC countries, in line with policies of strengthening the Customs Union.
Al-Qassabi said that the current situation was a result of a teamwork effort from all the GCC countries over many years, during which some meetings held under the umbrella of the General Secretariat of the Gulf Cooperation Council.

Nowadays, he added that the GCC countries are harvesting the fruits of the unified system which considered a great historical achievement, and hopefully to continue to do so in the short and medium term.


UAE’s Network International shrugs off Brexit to list shares in London

Updated 21 March 2019
0

UAE’s Network International shrugs off Brexit to list shares in London

  • The planned share sale comes at an uncertain time in the UK
  • The company, which operates hospitals in the Middle East, was said to be also considering listing in the US or Singapore

DUBAI: Network International, the UAE payments processor, has committed to a London IPO next month in what would be the UK’s first big share sale of the year.
The company intends to have a free float of at least 25 percent and admission to the London Stock Exchange is expected to take place in April, Network International said in a regulatory filing on Thursday.
The planned share sale comes at an uncertain time in the UK where there is still no clarity around whether Britain will leave the EU or not at the end of the month.
VPS Healthcare, the Abu Dhabi-based hospital operator, is reconsidering plans to list in London due to uncertainty surrounding Brexit, Bloomberg reported on Thursday citing a person familiar with the matter.
The company, which operates hospitals in the Middle East, was said to be also considering listing in the US or Singapore.
Emirates NBD, Dubai’s biggest bank, owns 51 percent of Network International while Warburg Pincus and General Atlantic jointly own the rest.
The share sale will be a key test of investor demand for new listings in London after a subdued 2018 across most European markets.
“Volatility has continued in recent months, driven by the uncertainty around trade between the US and China, the wider geopolitical climate and the potential end of the current bull run,” said Peter Whelan, partner and UK IPO Lead at PwC in a recent report.
“We are seeing a healthy number of companies preparing for an IPO in 2019 despite the ongoing Brexit negotiations which have clearly impacted IPO activity on the London market.”
The payment processor reported earnings of $298 million last year according to its website, up from $262 million a year earlier. It does not disclose net income figures.
The company handles digital payments across the Middle East, which generate three quarters of its total earnings.
Last year it processed some $40 billion in payments for more than 65,000 merchants.
Its key markets in the region include the UAE and Jordan it says that Saudi Arabia offers “significant opportunities.” It also offers services in 40 African countries with Egypt, Nigeria and South Africa being its most important segments on the continent.