Philanthropy is a personal responsibility, says Alwaleed

Philanthropy is a personal responsibility, says Alwaleed
Updated 02 July 2015

Philanthropy is a personal responsibility, says Alwaleed

Philanthropy is a personal responsibility, says Alwaleed

RIYADH: “Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith,” says Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC).
Prince Alwaleed made these remarks on Wednesday when he pledged his entire fortune to the tune of $32 billion to charitable projects.
While many of his philanthropic projects are already under way, the prince has confirmed the funds will be made available even after his death.
The prince said he will donate his fortune to his organization called Alwaleed Philanthropies to work in the fields of “intercultural understanding” and supporting communities in need.
Programs will include promoting health, eradicating disease, bringing electricity to remote villages, building orphanages and schools, as well as empowering women.
His pledge came during the holy month of Ramadan when Muslims are encouraged to give charity and help the needy.
Prince Alwaleed has supported philanthropy for more than 35 years, donating $3.5 billion thus far through the Alwaleed Philanthropies.
Prince Alwaleed joins other billionaires who have made similar pledges in recent years, such as Warren Buffett, Bill Gates, Mark Zuckerberg and Michael Bloomberg.
Prince Alwaleed has always had a good foresight, and the prince has routinely invested in promising companies such as Twitter.
At Wednesday’s press conference, he praised The Bill and Melinda Gates Foundation in the US and shared that his intentions and visions were “modeled” on the philanthropic organization spearheaded by Bill Gates and his wife, Melinda Gates.
“Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my number one priority, after which our philanthropic efforts will extend to countries around the world in accordance with the regulations governing charitable activities,” said the prince.
He said: “You may rightly wonder, why am I doing this? My response is that everyone goes through certain life-changing situations that have a great effect on his or her crucial future decisions. I have had the opportunity to witness, first hand, the challenging conditions of many communities across the globe, first hand, and have stood among those who were suffering and in great need. I have also learned of overwhelming obstacles through meetings with the leaders of countries and communities around the world.:
Prince Alwaleed said his foundations have been collaborating with other philanthropic organizations, NGOs, governments and non-profits for decades. Our work is far-reaching, providing humanitarian assistance to ease poverty and famine, supporting development, health and education, and encouraging long-term, sustainable change for the better.
He said: “Given the world’s current economic and social conditions, and the devastating effects of war and natural disasters around the world, more collaborative efforts are required from all capable individuals to unify their stand in the effort to alleviate poverty in the most deprived communities and to advance and build their societies.”
The prince said he was making the announcement as an illustration of God Almighty’s blessings, following His words in the Holy Qur’an: “But tell of the favors of your Lord,” (AlDhoha).
The prince added: “As I see it, the time has come for me to share all that I have to support communities through my foundation, Alwaleed Philanthropies, which aims to initiate and support projects worldwide regardless of religion, race or gender.”
He said: “For 35 years, Alwaleed Philanthropies have developed and sustained projects in more than 92 countries. We collaborate with a wide range of philanthropic, governmental and educational organizations to combat poverty, empower women and youth, to develop communities, provide disaster relief and to nurture cultural understanding through education. Together, we can build bridges for a more compassionate, tolerant and accepting world. Ours is a belief in humanity without boundaries and a commitment toward all.”


Sudan PM hopes to settle $60bn foreign debt this year

Sudan PM hopes to settle $60bn foreign debt this year
Updated 13 May 2021

Sudan PM hopes to settle $60bn foreign debt this year

Sudan PM hopes to settle $60bn foreign debt this year
  • ADB arrears paid with $425 million loan from U.K., Sweden and Ireland
  • The Paris Club of major creditors make up around 38 percent of foreign debt

Khartoum: Prime Minister Abdalla Hamdok hopes Sudan can wipe out its staggering $60 billion foreign debt bill this year by securing relief and deals at an upcoming Paris conference that could bring much-needed investment.
The seasoned UN economist-turned-premier took office at the head of a transitional government shortly after the 2019 ouster of president Omar Al-Bashir whose three-decade iron-fisted rule was marked by economic hardship, deep internal conflicts, and biting international sanctions.
In the past two years, Hamdok and his government have pushed to rebuild the crippled economy and end Sudan’s international isolation.
“We have already settled the World Bank arrears, those of the African Development Bank, and in Paris, we will be settling the International Monetary Fund arrears,” Hamdok told AFP at his office in Khartoum.
Arrears due to the African Development Bank were cleared through a bridging loan worth $425 million from Sweden, Britain and Ireland, while debts to the World Bank were paid off with a $1.1 billion bridging loan from the US.
“Paris also is home to the Paris Club, our biggest creditors... and we will be discussing debt relief with them,” Hamdok said.
Sudan’s debts to the Paris Club, which includes major creditor countries, is estimated to make up around 38 percent of its total $60 billion foreign debt.
Hamdok and top Sudanese officials will be attending Monday’s Paris conference along with by French President Emmanuel Macron, and World Bank and IMF representatives.
The aim is to draw investments to Sudan including in the energy, infrastructure, agriculture and telecommunications sectors.
“We are going to the Paris conference to let foreign investors explore the opportunities for investing in Sudan,” Hamdok said.
“We are not looking for grants or donations.”
Sudan was taken off Washington’s blacklist of state sponsors of terrorism in December, removing a major hurdle to foreign investment.
The government has also embarked on tough measures including subsidy cuts and introducing a managed currency float to qualify for an IMF debt relief program.
Though widely unpopular, the premier says the measures were necessary to move toward debt relief “by the end of the year.”
But many challenges still lie ahead.
His government has been pushing to forge peace with rebel groups to end conflicts in far-flung regions.
In October, it signed a landmark peace deal with rebels from the western region of Darfur as well the southern states of South Kordofan and Blue Nile.
Only two groups including one which wields substantial power in Darfur refused to sign the deal.
To Hamdok, the peace deal represents “50 percent on the road to peace.”
Efforts are underway to sign deals with the remaining groups, and talks with a faction of the Sudan People’s Liberation Movement-North (SPLM-N) are slated for later this month.
Hamdok acknowledged the slow pace of implementing the peace deal, but said Sudan is “steadily moving forward.”
In February, Sudan appointed three ex-rebels to the ruling sovereign council and announced a new transitional cabinet including seven ex-rebels.
“We have come a long way... and in my view the second stage of talks will go much faster.”
Simmering tensions with neighboring Ethiopia over a fertile border region and a gigantic dam on the Blue Nile pose another challenge.


UK medical tech firm reveals Saudi expansion plans

UK medical tech firm reveals Saudi expansion plans
Updated 13 May 2021

UK medical tech firm reveals Saudi expansion plans

UK medical tech firm reveals Saudi expansion plans
  • Nemaura Medical has developed a diabetes-tracking wearable device
  • Product launches are planned for Germany, the UAE, and Saudi Arabia

RIYADH: A British medical technology company behind an innovative diabetes monitoring system has identified Saudi Arabia as one of its key target markets.

Nemaura Medical has developed a wearables device which can help diabetics track their blood glucose levels, and the Kingdom is high on the firm’s international expansion plans list.

Its sugarBEAT continuous glucose monitoring (CGM) product was recently launched in the UK and is targeted at people suffering from conditions such as diabetes who want a needle-free alternative.

Initially the company recorded orders of 200,000 sugarBEAT sensors in the UK and has forecast total sales of 2.1 million this year.

Following positive feedback in the UK, it has announced plans to expand internationally and is lining up product launches in Germany, the UAE, and Saudi Arabia.

Dr. Faz Chowdhury, the chief executive officer of Nemaura Medical, said: “We believe our technology is ground-breaking and represents a paradigm shift in the way people with diabetes can manage their condition.

“We believe we have a critical first-mover advantage with a product that is easier to use, more flexible, and more cost-effective than existing technologies. We are not aware of any product of a similar nature in clinical studies or that has been submitted for regulatory approval.”

Nemaura Medical was founded in 2011 and recently expanded into the wearables market to develop and commercialize devices which can help to monitor chronic diseases and health conditions without the need for needles.

The CGM market is a growing sector and according to the Allied Market Research company will be worth around $9 billion by 2027.

The potential market for devices such as sugerBEAT in the Middle East and North Africa (MENA) region is considered strong with data from the International Diabetes Federation (IDF) showing more than 39 million 20 to 79-year-olds in the region having the condition in 2019. The figure is expected to increase to 108 million by 2045.

The IDF has estimated that in Saudi Arabia 15 percent of the adult population has diabetes.


UAE, Seychelles create travel corridor for vaccinated travelers

UAE, Seychelles create travel corridor for vaccinated travelers
Updated 13 May 2021

UAE, Seychelles create travel corridor for vaccinated travelers

UAE, Seychelles create travel corridor for vaccinated travelers

ABU DHABI: The UAE and the Seychelles said that vaccinated people can travel freely between the two countries following the mutual recognition of vaccine certificates issued by their respective authorities.
Quarantine-free travel between the two nations is possible from May 13 as they look to boost tourism in the wake of the COVID-19 pandemic.
Travelers must show they have received both doses of a COVID-19 vaccine through a valid certificate from the relevant health authority.


UAE and Saudi Arabia among biggest sources of remittances in 2020

UAE and Saudi Arabia among biggest sources of remittances in 2020
Updated 13 May 2021

UAE and Saudi Arabia among biggest sources of remittances in 2020

UAE and Saudi Arabia among biggest sources of remittances in 2020
  • Remittances from Saudi Arabia have been slowly declining since 2015 as oil prices have moderated

DUBAI: The UAE was the second largest source of remittances globally in 2020, followed by Saudi Arabia, according to the latest report from the World Bank.

The US was the biggest source country, sending $68 billion abroad last year, while the foreign workers in the UAE sent home $43 billion and those in Saudi Arabia transferred $35 billion, said the report, published Thursday. Among middle-income countries, immigrants to Russia were the biggest remitters, sending $17 billion.

Remittances from Saudi Arabia have been slowly declining since 2015 as oil prices have moderated and the government has encouraged hiring of nationals. For instance, foreign workers sent $1.8 billion to the Philippines in 2020, down 36 percent from 2015.

Despite the large drop in foreign workers in the GCC, remittances from Saudi Arabia held up in 2020 thanks in part to the cancelation of travel to Saudi Arabia, which diverted funds set aside for the Haj pilgrimage to remittances to Bangladesh and Pakistan, according to the report. Both of those countries offered tax incentives last year to boost remittances from migrant workers abroad, while a devastating flood in July 2020 also led to an increase in payments.

Remittances to the Middle East and North Africa rose by 2.3 percent to about $56 billion in 2020, following a 3.4 percent increase in 2019, the report said. The gains came amid unexpectedly strong inflows to Egypt (up 11 percent to a record $30 billion), the fifth-largest recipient of remittances globally, and to Morocco (6.5 percent to $7.4 billion). Tunisia saw a 2.5 percent increase, while other countries, including Lebanon, Iraq, Jordan, and West Bank and Gaza all experienced double-digit declines.

Globally, remittances to low- and middle-income countries fell 1.6 percent to $540 billion, a smaller decline than expected, the World Bank said. The figure is forecast to increase to $553 billion this year and to $565 billion in 2022.


Turkish lira falls to weakest level this year

Turkish lira falls to weakest level this year
Updated 13 May 2021

Turkish lira falls to weakest level this year

Turkish lira falls to weakest level this year
  • Turkish currency weakens on inflation data
  • Latest losses focus attention on forex reserves

BENGALURU:Turkey’s lira fell to a six-month low on Thursday as risks of tighter US monetary policy after strong inflation data weighed on most emerging market assets, with stocks set for their worst day since late March.
The lira fell around 0.8 percent to 8.4968 against the dollar, just a few points shy of its 8.5789 record low. The currency was likely subject to offshore selling on Thursday, given that Turkish markets were closed for a holiday.
Recent losses in the lira have brought the focus back to Turkey’s shrinking foreign exchange reserves, as well as its central bank, which is hesitant to tighten policy even as inflation surges.
Data on Wednesday showed US consumer prices increased the most in nearly 12 years in April, raising expectations that the US Federal Reserve will tighten its monetary policy sooner than signalled.
The MSCI’s index of emerging market currencies fell 0.2 percent, its third day of declines, as the dollar advanced and yields on 10-year Treasuries marked their biggest daily rise in two months.
The MSCI’s index of emerging market stocks plunged 1.3 percent to a seven-week low.
“With yields moving higher and inflation expectations becoming increasingly un-anchored from 2 percent, expectations grew that the Fed might have to start normalizing monetary policy earlier than previously expected,” said Marshall Gittler, Head of Investment Research at BDSwiss Holding.
“There’s going to be a real struggle for control of the narrative between the Fed and the market for the next few months,” added Gittler.
The Russian rouble strengthened on Thursday, up 0.2 percent, recovering some losses sustained on Wednesday. Bloomberg reported that the country was planning bond buybacks to fix its COVID-ravaged debt market. (https://bloom.bg/33BhvxY)
South Africa’s rand held steady as higher gold prices outweighed interest rate risks and a stronger dollar.
Most Central European currencies gained on Thursday with the Czech crown, Hungarian forint and Polish zloty gaining between 0.2 percent and 0.3 percent.
Still, JPMorgan reiterated its underweight position in Central and Eastern European local bonds and currencies, warning of “taper tantrum” risk as central banks tighten monetary policy.
Central bank bond purchase programs in Hungary and Poland — to support their economies through the coronavirus crisis — have been among the largest in emerging markets over the past year.
Asian currencies and stocks declined, while Taiwan stocks dropped 1.5 percent and the dollar eased 0.2 percent on fears of a COVID-19 resurgence and as the island started a rotational electricity blackout after a major outage at a coal plant.