Abu Dhabi Fund for Development approves $70 million grant for Albania housing project

Abu Dhabi Fund for Development approves $70 million grant for Albania housing project
The Abu Dhabi Fund for Development has funded $119 million worth of projects in Albania since 2011. (WAM)
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Updated 29 November 2020

Abu Dhabi Fund for Development approves $70 million grant for Albania housing project

Abu Dhabi Fund for Development approves $70 million grant for Albania housing project
  • Durrës County was hit by two earthquakes in 2019

DUBAI: The Abu Dhabi Fund for Development (ADFD) has approved a $70 million grant to fund the development of more than 2,000 residential housing units in Albania.

The urban reconstruction program in Durrës County, one of the country’s leading economic centers, is being undertaken after the area sustained major damage from recent earthquakes.

Durrës County is home to the nation’s second largest city as well as the Port of Durrës, one of the largest transportation, shipping and logistics hubs on the Adriatic Sea that links Albania to Western Europe.

Durrës County was hit by two earthquakes in 2019, including the strongest quake to hit the region in more than 30 years just months before the COVID-19 pandemic struck.

“This development project truly represents the core values of ADFD and the UAE. It helps provide people with safe, affordable housing in line with UN Sustainable Development Goals while contributing to the positive economic development of a long-term strategic global partner nation,” Mohammed Saif Al-Suwaidi, Director-General of ADFD, said in a statement.

Al-Suwaidi signed the financing agreement with Arben Ahmetaj, Albania’s Minister of State for Reconstruction.

“The redevelopment of Durrës County has been impacted by the global pandemic and this project will help accelerate our continued economic recovery,” Ahmetaj said.

The ADFD has funded $119 million worth of projects in Albania since 2011, which include the Tirana River and road rehabilitation projects.


Market traders ready to ride ‘Biden bounce’

Market traders ready to ride ‘Biden bounce’
Updated 34 min 24 sec ago

Market traders ready to ride ‘Biden bounce’

Market traders ready to ride ‘Biden bounce’
  • "Biden moving into the White House could drive markets into a bull run more sharply than previous inaugurations," a financial expert says

DUBAI: Investors are expecting a “Biden bounce” in global markets following the inauguration on Wednesday of Joe Biden as the 46th US president.

“History teaches us that we can expect the markets to react favorably to the inauguration of a new US president — and this time around it is likely to be no different,” said Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisers, with over 80,000 clients and $12 billion under advisement.

“Indeed, Biden moving into the White House could drive markets into a bull run more sharply than previous inaugurations because it is hoped the incoming administration will bring stability and, possibly, a halt to the uncertainty following the fiercely contested election. 

“Investors will also be buoyed by the $1.9 trillion fiscal stimulus announced by Biden, the Federal Reserve’s willingness to support markets, the new president’s multilateral trade agenda and his plans for stepping up the vaccine rollout. All of this will encourage confidence and optimism,” Green said.

Mazen Al-Sudairi, head of research at Riyadh-based financial services company Al Rajhi Capital, agreed with the optimism regarding a “Biden bounce.”

“One of the important outcomes with Biden is stability in the market. But there is also the stimulus factor coupled with the vaccine that is giving an indication of recovery in the market. This perceived unity in the US will be healthy for the global and Saudi market,” he told Arab News.

However, Green said that investors should be cautious for three reasons: “First, a market rally is going to be difficult to sustain indefinitely due to the enormous economic scarring caused by the pandemic.

“The major long-term headwind is mass unemployment, which is hitting demand, growth and investment on Main Street and which, ultimately, will have to impact Wall Street.

“Second, the new administration will have policies that will have an effect on different sectors of the economy. There will be a readjustment period that needs to be taken into account.

“And, third, not all shares are created equal and stock markets are heavily unbalanced at the moment. A handful of sectors are bringing up entire indexes,” he said.