Category: Business & Finance

Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul Ghani, stressed the importance of developing Akkaz gas field in Anbar Governorate by adding a quantity of (400) cubic feet (million standard cubic feet per day) to national production, which aims to supply electric power generation stations with new quantities of natural gas.

Abdel Ghani said, during his sponsorship of the contract signing ceremony between the Ministry, ‘represented by the Central Oil Company, the North Oil Company, and the Department of Petroleum Contracts and Licensing’ and the Ukrainian company UKRZEMRESURS, as well as his sponsorship of the contract for the assignment of the Korean Kukaz Company in favor of the Ukrainian company, that ‘the national effort in the Central oil company was able earlier to operate the field within the accelerated plan to supply Akkas gas station at a rate of (60) mmqm.

He pointed out: ‘The Ministry aims, through the contract with the Ukrainian company, to reach a rate of (100) mqmq for th
e first stage of (1-2) years, and (400) mqmq within (4) years.’

For his part, the Undersecretary for Extraction Affairs, Bassem Muhammad Khudair, said, ‘This contract was achieved after many years of waiting due to the war on terrorist gangs,’ noting that a contract formula had been reached with the Ukrainian company to invest in this field with an initial production ranging from (one and a half to two years). It aims to raise the field’s production rates to (100) mqmq and to (400 mqmq) within four years, through which it feeds the Anbar power station and Akkaz gas station.’

In turn, the director of the Central Oil Company, Muhammad Yassin Hassan, said: ‘Today we witnessed the concession of the Korean company Kukaz to the Ukrainian company to implement and invest in the Akkaz field project, which represents an important step towards gas investment, especially in the western region, because this region holds a large gas reserve, and we are working to invest it in an optimal way, to supply the national grid w
ith new gas energy that contributes to supporting the energy sector in Iraq and enhances national production.’/End

Source: National Iraqi News Agency

The Turkish Minister of Agriculture and Forestry, Ibrahim Yumagli, stressed the importance of cooperation between his country and Iraq in the fields of irrigation, agriculture and livestock development.

Yumagli said in a press statement today, Wednesday, that talks took place on agricultural cooperation between Turkey and Iraq, on the sidelines of Turkish President Recep Tayyip Erdogan’s recent visit to Baghdad on Monday, and that Ankara and Baghdad will exchange experiences and cooperation in the fields of agriculture, animal husbandry and irrigation, and that this matter will provide serious contributions to both countries.

He pointed out that new horizons of fruitful cooperation will be witnessed by the agricultural sector in the two countries during the coming period through what has been agreed upon in various fields of bilateral cooperation.

During the visit of Turkish President Recep Tayyip Erdogan to Baghdad last Monday, Iraq and Turkey concluded 17 cooperation agreements in the fields of water, se
curity, energy and other cooperation horizons, which reflects the desire of the two countries to enhance their cooperation in various fields./End

Source: National Iraqi News Agency

Turkish Minister of Transport and Infrastructure Abdulkadir Oraloglu announced that a quadripartite ministerial summit among Turkey, Iraq, the UAE and Qatar will be held soon regarding the ‘Development Road’ project.

The Turkish Minister said in a press statement: The memorandum of understanding that was signed the day before yesterday between Turkey, Iraq, Qatar, and the UAE in Baghdad to cooperate on the ‘Development Road’ project was a bilateral agreement, but with joint Turkish and Iraqi efforts, it also included the UAE and Qatar.

He added that weekly meetings are taking place between officials from both Turkey and Iraq, and a quadripartite summit will be held during the next two months.

Oraloglu stated that they will open offices in Iraq and Turkey within the framework of the project in the coming months, noting that with the operation of the development road, the volume of trade will increase from 20 billion dollars to reach 40 billion dollars.

The day before yesterday, Turkey, Iraq, Qatar and the
UAE signed a quadripartite memorandum of understanding in Baghdad for cooperation on the ‘Development Road’ project, under the auspices of Turkish President Recep Tayyip Erdogan and Iraqi Prime Minister Muhammad Shia’ al-Sudani.

The “Development Road” project is a land and railway road extending from Iraq to Turkey and its ports, with a length of 1,200 kilometers inside Iraq, and aims to transport goods between Europe and the Arab Gulf states./End

Source: National Iraqi News Agency

Manama, Beyon Money, part of the Beyon Group, has been included as a top 10 winner in the Rising Star category of Deloitte’s Technology Fast 50 programme.

Running for the third year, the programme celebrates and recognises the fastest-growing technology companies in the Middle East and Cyprus, based on their revenue growth. Becoming a winner is recognised as a significant achievement; it is a celebration of innovation, entrepreneurship, and impact. During the comprehensive selection process, Deloitte reviews technology companies from a wide range of industries including the Fintech sector.

Commenting on the win, Beyon Money CEO Roberto Mancone said, ‘We are delighted to be a top 10 Rising Star winner in Deloitte’s Fast 50 list, placed 7th based on our impressive revenue growth. This is a proud achievement for us and reflects the commitment by all Beyon Money’s team members as well as our customers’ trust and loyalty in Beyon Money’s products.’

‘Beyon Money’s cards with worldwide acceptance and rewards, its
international remittance and Flexi Invest product have played a key role in supporting the company’s revenue growth and achieving this win. Ensuring access to a suite of services that meets our customers’ finance requirements is our priority and we look forward to evolving the Beyon Money SuperApp to deliver more services and benefits in the year ahead,’ Mr. Mancone added.

Source: Bahrain News Agency

Manama, The Kingdom of Bahrain has achieved a new international milestone, as the Passports Services at the Bahrain International Airport has been ranked third globally among the 2024 World Airline Awards (Skytrax).

It won in the “Best Airport Passport Services” category after applying strict standards that include the efficiency and speed of procedures, ease of movement, the efficiency of passport staff in terms of receiving visitors, and the extent of travellers’ satisfaction.

The achievement is an international testimony to the excellence and leadership in the services provided by the Nationality, Passports, and Residence Affairs (NPRA) and its continuous keenness to enhance travellers’ experiences at the Bahrain International Airport. Bahrain ranked third after Singapore Changi Airport and Zurich International Airport in Switzerland.

Shaikh Hisham bin Abdullah Al Khalifa, the Interior Ministry’s Undersecretary for NPRA, expressed his pride in the achievement, asserting dedication to providing the best
services for travellers via the Bahrain International Airport to promote Bahrain’s status as a leading regional centre in air transport.

He noted that the Airport Passports Services plays a significant role in facilitating travellers’ procedures and providing them with exciting travelling experiences. He hailed the fruitful cooperation between the NPRA and Bahrain Airport Services.

Skytrax World Airlines is a London-based consultancy founded in 1989. It operates an airline and airport review website and offers annual awards known as the Skytrax World Awards based on traveller reviews.

Source: Bahrain News Agency

Manama, Bahrain All Share Index has closed at 2,013.12 points, marking a decrease of 3.92 points below the previous closing.

This decrease was due to the drop in the Industrial Sector, Material Sector and Consumer Staples Sector.

Bahrain Islamic Index has closed at 762.17 points, marking a decrease of 4.15 points below the previous closing.

Results indicated that 82 equity transactions took place with a volume of 1,716,324 worth BD 686,846.

Investors traded mainly in the Non-Bahraini Companies Sector, representing 58.54% of the total value of securities traded.

Source: Bahrain News Agency

Ramallah – Together – The General Authority of the Palestine Stock Exchange held its fourteenth annual meeting, to discuss and approve the topics on the agenda, in the presence of the representative of the Registrar of Companies at the Ministry of National Economy, Bilal Kataneh, the external auditor, Abdul Karim Mahmoud, representing Ernst and Young, and the legal advisor, Mr. Haitham Al-Zoubi and Samer Al-Kakhan, representing the Capital Market Authority.

Through the platform of the General Authority, the Chairman of the Board of Directors of the Palestine Stock Exchange, Mr. Samir Hulileh, expressed what the Palestinian economy has suffered, especially since the last quarter of the fiscal year 2023 until this moment, which in turn has sharply affected the performance of various economic and operational sectors, both in the Gaza Strip and the West Bank, adding that Listed companies were not immune to this exceptional situation, which became clear through their preliminary financial statements for the resul
ts of the year 2023, as the profits of listed companies according to these statements amounted to approximately 155 million dollars, a decrease of 60% compared to the previous year, a number that was not recorded. On the Palestine Stock Exchange for more than 10 years, indicating that we are awaiting somewhat harsh results in the same context for the first quarter of the year 2024, due to the continuation of the aggression.

He pointed out, “This situation did not affect at all the commitment of profitable companies to their shareholders, as dividends are still strongly present in many of the recommendations of the general bodies of listed companies, and we at the Palestine Stock Exchange will work hard to continue the process of progress and growth, despite the serious challenges, and to These include poor market liquidity and accumulated losses as a result of the aggression.

The General Assembly approved the Board of Directors’ report and financial statements, and the members of the Board of Directors were
discharged from their liabilities for the fiscal year 2023, in addition to re-electing Ernst and Young to audit the stock exchange’s accounts for the fiscal year 2024.

It is noteworthy that the Palestine Stock Exchange was established in 1995 as a private joint stock company, and in 2012 it was listed for trading after it was transformed into a public joint stock company. The Stock Exchange seeks to be a local financial market with international standards, in light of providing innovative services to customers through a trading environment characterized by fairness, transparency and safety. It is noteworthy that the Palestine Stock Exchange is listed in the most important global financial indices: within the frontier markets ‘Frontier Markets’ and ‘FTSE Global Financial Times’ and within an independent index for ‘Palestine’ in both Morgan Stanley and Standard and Poor’s.

Source: Maan News Agency

The Ministry of Trade announced the completion of the files for initial offers for goods and services and their official submission to the Secretariat of the World Trade Organization through official channels.

Minister of Trade Atheer Al-Ghurairi, Chairman of the National Committee concerned with Iraq’s accession to the World Trade Organization, said: ‘This important step comes in the context of the Iraqi government’s efforts and its program aimed at promoting international trade and achieving sustainable development, which reflects its commitment to ensuring global economic integration and expanding economic partnerships.’

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He added: ‘The National Committee, the technical committees emanating from it, and the accession team in the Ministry were able, within a short period of time, to complete these files and submit them to the organization in preparation for holding the third meeting of the working group on Iraq during the current year, 16 years after the date of the second meeting of the group in 2008.’

He pointed out that the World Trade Organization (WTO) and international circles welcomed Iraq’s return to the negotiating table.

Al-Ghurairi stressed: ‘The two files for the initial offer of goods and services, which were submitted, included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and their negotiation,’ noting: ‘Work is underway to prepare the Iraqi negotiating team and build the team’s negotiating capabilities for the purpose of initiating negotiating rounds with member states of the organization in order for Iraq to obtain membership in the organization.

He explained, “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and enhance Iraq’s integration into the multilateral trading system.”

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It is worth noting that the World Trade Organization (WTO) has issued the annual
report on the accession of observer countries, and praised the efforts led by the Ministry of Trade through its chairmanship of the National Committee, and that Iraq is the only Arab country whose accession process has become active and has passed advanced stages among the Arab countries that hold observer member status./End

Source: National Iraqi News Agency

Manama, Bahrain Economic Development Board (Bahrain EDB) is set to host a high-level delegation from the Principality of Monaco, led by Frédéric Genta, the Secretary of Attractiveness, Development and Digital at the Government of Monaco on a two-day visit to the Kingdom of Bahrain on April 24 and April 25, 2024.

This strategic visit aims to foster collaboration, exchange best practices, and explore potential cross-investment opportunities between the two nations.

During the visit, the Monaco delegation, which is composed of key government officials and influential C-suite executives from the business community, will engage in a series of high-level meetings with key counterparts and stakeholders from both the private and public sectors.

Designed to provide the visiting delegation with deeper insights into Bahrain’s economic landscape and investment potential, the curated meetings aim to facilitate meaningful discussions on potential areas of collaboration, with a focus on shared synergies namely financial
services, digital transformation, and tourism.

Both the Kingdom of Bahrain and the Principality of Monaco are renowned for their commitment to fostering digital innovation and creating business-friendly environments that encourage foreign investment. By promoting increased knowledge sharing of economic strengths and respective experiences, the two nations strive to build a solid foundation to pave the way for long-term cooperation and increased cross-investment.

Source: Bahrain News Agency

Manama, Aluminium Bahrain B.S.C. (Alba) announced a significant milestone towards the commercial operation of its Power Station 5 (PS 5) Block 4 Project with the First Fire of the Mitsubishi Power M701JAC Gas Turbine (GT).

This achievement marks a key step towards the project’s on-schedule completion in Q4 2024. Notably, it also comes just six months after the GT unit’s delivery to site in October 2023.

A celebratory ceremony was held at the Block 4 Project site, attended by high-level officials from Alba, including the Chairman of the Board Khalid Al Rumaihi, Chief Executive Officer Ali Al Baqali, Chief Power Officer Amin Sultan, and Alba’s Executive Management Team.

Mitsubishi Heavy Industries (MHI)’s Senior Vice President, Vice President, Energy Systems Takashi Tozawa, and SEPCOIII’s Vice President, Kong Lingfeng, and senior officials from ESBI were also present.

In his remarks, Khalid Al Rumaihi, Alba’s Chairman, highlighted the significance of the First Fire milestone and stated, “This achievement ma
rks the commencement of commissioning activities for Block 4 which upon completion, will set a new standard for sustainable and efficient power generation within the aluminium industry.”

Al Rumaihi further emphasised Alba’s commitment to environmental responsibility, stating, “The Block 4 Project translates our proactive approach to integrating energy operational efficiency with environmental standards to align with Bahrain’s Net Zero Emissions target by 2060.”

Adding to the celebration, Ali Al Baqali, Alba’s CEO, expressed his pride in achieving this milestone safely with more than 3.8 million safe working hours. He then emphasised the project’s direct alignment with Alba’s ESG Roadmap: “With the successful First Fire of the advanced Gas Turbine, Alba is now closer to achieving its goals of reducing its environmental footprint and ensuring a sustainable future for the aluminium industry.

He also commended the collaborative efforts of the owner teams from Alba, MHI, SEPCOIII, and ESBI, reiterating confiden
ce in delivering the project on schedule.”

Takashi Tozawa, Senior Vice President, Vice President, Energy Systems at MHI added: “Mitsubishi Power is honoured to support Alba and the Kingdom of Bahrain as we celebrate the successful achievement of first firing for gas turbine ahead of the schedule and the start of the hot commissioning of Alba’s new CCGT Block 4 in Power Station 5 with our partners SEPCOIII. Today’s success is testament to our unwavering commitment to using the latest innovation to deliver industry-leading and reliable solutions to our partners. Our advanced, hydrogen-ready M701 JAC gas turbine technology provided for this project also underscores Mitsubishi Power’s dedication to advancing low carbon power generation worldwide. As Bahrain progresses towards its ambitious growth targets outlined in the Economic Vision 2030, we take great pride in working together with Alba to provide uninterrupted and efficient power to support the country on its journey to sustainable growth.”

Kong Lingfeng S
EPCOIII’s Vice President said: “As SEPCOIII, we proudly celebrate the successful first firing of the gas turbine and the start of hot commissioning for Alba’s new CCGT Block 4 at Power Station 5 in Bahrain.”

“This milestone showcases our dedication to innovative solutions, reflecting our commitment to global low-carbon power generation. Collaborating with Alba, we deliver reliable, sustainable power, supporting Bahrain’s Economic Vision 2030,” he added.

Alba’s PS5 Block 4 Expansion Project is the addition of a fourth Block of similar combined cycle configuration with 680.9 megawatts (MW) M701JAC Gas Turbine Combined Cycle and includes tie into the existing 220kV Substation. Once operational in Q4 2024, Block 4 will increase the nameplate capacity of PS5 Complex from 1,800 MW to 2,481 MW and reduce its overall GHG emissions intensity ratio by 0.5 tonnes of CO2 per 1 tonne of aluminium produced.

Source: Bahrain News Agency