Egypt’s Banque du Caire halted offering due to pandemic, says chairman

Egypt’s Banque du Caire halted offering due to pandemic, says chairman
Separately, the bank has more than tripled its portfolio of micro loans to reach 6 billion Egyptian pounds ($381.5 million). (Supplied))
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Updated 08 June 2021

Egypt’s Banque du Caire halted offering due to pandemic, says chairman

Egypt’s Banque du Caire halted offering due to pandemic, says chairman
  • The state-owned bank had earlier announced a plan to sell a minority stake in an initial public offering (IPO) starting mid-April 2020 in a sale worth about $500 million

RIYADH: Egypt’s Banque du Caire has delayed a share offering until financial markets stabilize and improve in the wake of the pandemic, said Chairman Tarek Fayed.
The state-owned bank had earlier announced a plan to sell a minority stake in an initial public offering (IPO) starting mid-April 2020 in a sale worth about $500 million, Reuters reported in March 2020.
Separately, the bank has more than tripled its portfolio of micro loans to reach 6 billion Egyptian pounds ($381.5 million), Fayed told Asharq Business.
Those loans were granted to about 250,000 clients, 35 percent of whom are women. About half of them were in Upper Egypt, 25 percent in Delta Alliance in the North and the rest in the remainder of the country.


Saudi Arabia sets new rules for fruit, vegetable imports

Saudi Arabia sets new rules for fruit, vegetable imports
Updated 9 min 37 sec ago

Saudi Arabia sets new rules for fruit, vegetable imports

Saudi Arabia sets new rules for fruit, vegetable imports
  • The ministry has launched a new system for vegetables and fruit imports to support local production

RIYADH: Saudi Arabia’s Ministry of Environment, Water, and Agriculture on Saturday called on fruit and vegetable suppliers to complete all formalities to obtain import licenses before the Aug. 9 deadline.

After Aug. 9, no unlicensed supplier will be allowed to import fruit and vegetables. Those interested can visit the following link to apply for a license: https://eservices.mewa.gov.sa/request/111111.

An import license will be valid for three to 10 years depending on the license category, the ministry said.

Saudi authorities have also issued health guidelines for imports like all shipments should be free of pesticide residues or within the limit allowed by the Kingdom’s laws. 

The ministry has launched a new system for vegetables and fruit imports to support local production, enforce quality control and ensure food security in the Kingdom.


Millions of Americans at risk of losing homes as virus cases spike

Millions of Americans at risk of losing homes as virus cases spike
Updated 15 min 53 sec ago

Millions of Americans at risk of losing homes as virus cases spike

Millions of Americans at risk of losing homes as virus cases spike
  • The wave of evictions would come as the fast-spreading delta variant has taken hold in the country and rental housing is in high demand in the hot real estate market

WASHINGTON: Millions of Americans could find themselves homeless starting Sunday when a nationwide ban on evictions expires, even as billions in government funds meant to help them go untapped.

The wave of evictions would come as the fast-spreading delta variant has taken hold in the country and rental housing is in high demand in the hot real estate market.

US President Joe Biden on Thursday urged Congress to extend the 11-month-old eviction moratorium, after a recent Supreme Court ruling meant the White House could not extend the measure through September as intended.

Democratic leaders in Congress were pushing for an extension, but it was unclear if they had the votes, even among moderates in their own party, to prevent the ban from expiring.

Efforts stalled on Friday in the House after a move to pass the extension was unsuccessful, with House Speaker Nancy Pelosi saying in a statement, that “not a single Republican would support this measure.”

The day before, she had called the extension “a moral imperative.”

She also called on governors and local officials “to take whatever steps are necessary to distribute the rental assistance that Congress already allocated.”

Unlike other pandemic-related aid that was distributed from Washington, such as stimulus checks, it was states, counties and cities that were responsible for building programs from the ground up to dole out assistance earmarked for renters.

The Treasury Department said that as of June, only $3 billion in aid had reached households out of the $25 billion sent to states and localities in early February, less than three weeks after Biden took office.

The Centers for Disease Control and Prevention (CDC) ordered the eviction moratorium in September 2020, as the world’s largest economy lost over 20 million jobs amid the pandemic shutdowns. The CDC feared increasing homelessness would boost coronavirus infections.

Although more than half of those lost jobs were recovered as businesses were able to reopen, many families still have not caught up on missed rent payments.

The Census Bureau’s latest Household Pulse survey through the first week of July showed that of 51 million renters surveyed, 7.4 million were behind on their rent and nearly half of those said they were at risk of being evicted in the next two months.


Gulf stocks buoyed by oil prices as emerging markets hammered on China

Gulf stocks buoyed by oil prices as emerging markets hammered on China
Updated 31 July 2021

Gulf stocks buoyed by oil prices as emerging markets hammered on China

Gulf stocks buoyed by oil prices as emerging markets hammered on China
  • Tadawul All Share Index rose 7.5 percent in July
  • MSCI Emerging Market Index dropped 7 percent in the month

RIYADH: Gulf stocks were a relative oasis for emerging market investors this week as the broader complex posted its worst month since March 2020 amid concern over the breadth of a Chinese regulatory crackdown.

The Tadawul All Share Index climbed 0.7 percent on July 29 to end the week 1.9 percent higher for a 7.5 percent monthly gain. The Abu Dhabi Securities Market General Index climbed 1 percent on Thursday, taking it to a record high on the back of a 2 percent advance for First Abu Dhabi Bank.

By contrast, the MSCI Emerging Market Index dropped 1.4 percent on Friday, for a 7 percent monthly loss, the most since the fallout from the pandemic hit global markets early last year. Stocks in mainland China and Hong Kong fell to their lowest this year, on investor worries over government regulations dented the education, property and tech sectors.

Brent crude climbed 2.5 percent in the week after a rollercoaster month that saw it swoon from a two-year high of $77.16 on July 5 to $68.62 on July 19 before recovering to end the month at $76.33.

Concerns over the effect a resurgence in coronavirus cases might have on demand for crude were allayed on Wednesday when a report showed a bigger-than-expected drawdown of crude stockpiles the previous week.

“The reduced stockpile has propped crude prices up which gave a boost to the region’s stock markets,” Daniel Takieddine, senior market analyst at FXPrimus, told Reuters.

The Tadawul’s IPO pipeline will advance this month after Saudi burger chain Burgerizzr said it will begin offering shares to the public on Aug. 15 with the intention to list on the parallel stock market Nomu in September.

The company plans to offer 725,000 shares, representing 29 percent of its SR25 million capital, it said in its prospectus on Thursday.

Further signs of the Kingdom’s ambitious investment program were revealed this week as
The Ministry of Communications and Information Technology announced a $15 billion technology fund to advance digital infrastructure in the Kingdom during the Saudi 4th Industrial Revolution conference held in Riyadh this week.

The public-private partnership will develop advanced technology from the Fourth Industrial Revolution (4IR), which is expected to generate around $1 trillion for the Saudi economy in new revenue streams, a senior Saudi official said on Wednesday.

The Kingdom will enjoy economic boosts from robotics, artificial intelligence, and wireless production models as it pushes for more smarter cities and infrastructure.


Gulf capitals dominate world’s fastest 5G cities in 2021

Gulf capitals dominate world’s fastest 5G cities in 2021
Updated 31 July 2021

Gulf capitals dominate world’s fastest 5G cities in 2021

Gulf capitals dominate world’s fastest 5G cities in 2021
  • Oslo has the fastest media 5G download speed globally
  • Riyadh has the sixth fastest 5G speed in the world

RIYADH: Capital cities in the Gulf made up five of the top 10 fastest globally for 5G connectivity in the first half of 2021, according to a new report.

Oslo had the fastest commercially available 5G speeds with a median download speed of 526.74 Mbps, while Seoul was second at 467.84 Mbps, Internet metrics provider Ookla said in a report.

Abu Dhabi was the fastest Gulf capital and the third globally at 421.26 Mbps, followed by Doha at 413.40 Mbps. Riyadh was sixth fastest globally at 384.66 Mbps, Kuwait City was seventh and Muscat eighth. Manama was 15th with a speed of 249.71 Mbps.

The slowest global capital for 5G speeds was Capetown at 53.33 Mbps. Other notable capitals include London at 167.50 Mbps, Tokyo at 167.02 Mbps and Jerusalem at 145.17 Mbps.

A report from Ookla in April showed Saudi Arabia had the highest adoption of 5G in the Gulf as measured by the ratio of samples from devices connected to 5G to the number of samples from all 5G-capable devices, which the firm said is an indicator of the maturity of a country’s 5G market.

Qatar came second, followed by the UAE. Oman, which only launched 5G early this year, was at the bottom of the list.

The Saudi Telecom Company emerged as the fastest operator in the Kingdom, but Mobily recorded the highest rating from customers.


Super cruise ship sets sail from Saudi for first time

Super cruise ship sets sail from Saudi for first time
Updated 4 min 8 sec ago

Super cruise ship sets sail from Saudi for first time

Super cruise ship sets sail from Saudi for first time
  • The Public Investment Fund launched Cruise Saudi in January of this year to develop a cruise industry in the Kingdom

JEDDAH: The MSC Bellissima, a vessel longer than three football fields, departed for the first in a series of voyages from Jeddah Islamic Port to Aqaba in Jordan and Safaga in Egypt.

The launch of the service comes two days after Saudi Arabia opened its first cruise ship terminal at the port in Jeddah.

“The inauguration of the first cruise ship port represents an important step ... to support the growth of the tourism sector in the Kingdom,” Cruise Saudi Managing Director Fawaz Farooqi said, quoted by Saudi Press Agency.

Geneva-headquartered MSC Cruises announced last week it had signed a five-year agreement with Cruise Saudi for preferential berthing rights at the port of Jeddah.

The ship is equipped with a 975-seat main theater, an aquapark, a bowling alley, an F1 simulator, a kids club, a cinema and a shopping gallery with more than 200 brands.

The price of journeys start at SR2,195 Saudi (about $585), according to travel agencies.

The Public Investment Fund launched Cruise Saudi in January of this year to develop a cruise industry in the Kingdom.

Mark Robinson, chief operations and commercial officer, Cruise Saudi, said in a recent statement: “The creation of Cruise Saudi, tasked with launching the cruise industry in Saudi Arabia, happened just six months ago at (the Future Investment Initiative) in Riyadh.”

“The remit of Cruise Saudi — to create 50,000 jobs by 2025, to facilitate the building of an additional five ports, with Jeddah as a homeport, and to welcome 1.5 million annual passenger visits by 2028 — is an ambitious one, which will play a major part in strengthening the tourism industry in Saudi Arabia,” he said.