RIYADH: Egypt remittances from individuals working abroad surged 12.8 percent year-on-year during the month of March to reach $3.3 billion, Alarabiya reported.
That marks a 44.4 percent jump when compared to February, which saw remittances hit $2.3 billion.
Remittances in the period extending from July 2021 up until March 2022 recorded an overall increase of 1.1 percent on an annual basis to reach an estimated $23.6 billion.
Such transactions have been forecasted to grow by 8 percent in 2022, reflecting a faster rate than 2021’s growth of 6.4 percent, according to a report issued by the World Bank.
This comes as Egypt was one of the largest destinations for remittances abroad in 2021, receiving as much as $31.5 billion in remittances.
RIYADH: The Future Investment Initiative Foundation will host its first ever regional summit on Friday, in Rosewood London, England, entitled Inclusive Environmental, Social and Corporate Governance in Emerging Markets.
The most prominent participants in the event include the FII Chairman and Governor of the Public Investment Fund, Yasser Al-Rumayyan, Egypt’s Minister of Environment, Yasmine Fouad and Blackrock CEO Larry Fink.
The summit will bring together international investors, world leaders, thought leaders, policy makers, global CEOs, and chiefs of sustainability to discuss and shape the future of ESG, particularly in emerging markets.
“The planet has major problems with climate, with destruction of nature, peace and security. But we also have tremendous resources, including our common humanity,” Executive Director of the FII Institute, Richard Attias said.
“We believe that ESG is an important tool to bring us together and channel capital to meet these challenges,” he said.
Join us at #FII_ESG, an interactive summit to accelerate #sustainability initiatives in high-growth regions around the world, powered by the FII Institute.#ImpactOnHumanity #ESG https://t.co/zWrtFd34cd
Using ESG standards to make investment decisions is a global boom, with assets expected to reach $53 trillion, about a third of global assets under management, by 2025, a statement showed.
Still, the lack of a framework for the effective implementation of ESG in emerging economies represent a stumbling block for investors.
The FII says it will finally have the tool needed to develop sustainable investment strategies in these markets, through its proprietary measurement framework, developed in collaboration with investors, global companies, and FII’s strategic partners.
The Foundation works to impact humanity across four focus areas: artificial intelligence, robotics, education, health care, and sustainability.
The event is part of a series of events hosted by the Foundation, which will culminate in the sixth edition of the annual FII Forum in Riyadh, Saudi Arabia, in October.
China’s crude oil imports from top supplier Saudi Arabia soared 38 percent in April from a year earlier, hitting the highest monthly volume since May 2020, according to Reuters’ calculations based on official Chinese customs data.
Saudi shipments amounted to 8.93 million tons last month, equivalent to 2.17 million barrels per day, according to data from the Chinese General Administration of Customs.
The hefty purchases, with trades completed mostly in February, compare with 1.61 million bpd in March and 1.57 million bpd a year earlier.
Imports from second-largest supplier Russia rose a more modest 4 percent last month from a year earlier, with cargoes booked before western governments toughened sanctions over Russia’s invasion of Ukraine in late February.
Russian oil arrivals in April totalled 6.55 million tons, or 1.59 million bpd, data showed, up slightly from 1.5 million bpd in March and 1.53 million bpd a year earlier.
China’s overall crude oil imports last month rose nearly 7 percent on the year, its first rise in three months, although widespread COVID-19 lockdowns crimped fuel demand and dampened refinery output.
Friday’s data showed zero imports in April from Iran. However, customs next month is likely to report for May the import of nearly 2 million barrels of Iranian oil that was being discharged this week into a reserve base in south China.
Despite US sanctions on Iran, China has kept taking Iranian oil passed off as supplies from other countries. The import levels are roughly equivalent to 7 percent of China’s total crude oil imports.
Iranian oil, often priced lower than competing grades, have squeezed out rival supplies such as from Brazil and West Africa.
Customs reported zero imports from Venezuela, as state oil firms shunned purchases since late 2019 for fear of falling afoul of secondary US sanctions.
Imports from Malaysia, often used as a transfer point in the last two years for oil originating from Iran and Venezuela, jumped 84 percent on year to 2.165 million tons, the second highest on record.
RIYADH: Saudi Arabia’s Ministry of Tourism has signed two agreements to enhance joint cooperation and support training and localization programs to qualify those wishing to work in the hospitality sector.
The move, which aims to support workers in the food, beverage and accommodation sectors, in support of achieving the Kingdom’s’ tourism human capacity development strategy.
Bandar bin Mohammed Al-Safir, director general of training and localization at the ministry, stressed that these two agreements aim to develop human resources in the tourism sector through quality training programs that will contribute to developing localized skills in the tourism sector.
Under the two agreements, which were signed with Kempinski Al-Othman Hotel and Carlton Al-Moaibed Hotel, the ministry will support dualifying Saudi nationals in the tourism sector within the “Your Future has Arrived” initiative.
DUBAI: Mohamed Khammas, CEO of Al Ahli Holding Group, said that startup businesses are an excellent opportunity for investment in venture capital funds and microfinance banks.
During an interview with Arab News at the Top CEO event in Dubai, Khammas Mohamed Khammas, CEO of Al Ahli Holding Group, highlighted that startups are a good investment idea because the “ticket size is smaller, and the product ranges are higher.”
Khammas pointed out the risks that arise for startups are not in their early stages but rather when they become successful.
“The challenge is not when they’re trying to have a major impact on the economy; the problems occur when they become successful. All of those are calculated risks,” he said.
Khammas continued to add that regardless of these risks, investing in new, innovative startups is “absolutely the best opportunity.”
Also, during his talk at the event, Khammas urged banks to fund new and innovative products and ideas in the area after he shed light on how banks are hesitant to invest in creative ideas.
DUBAI: Even though the business world is increasingly fascinated by the Metaverse, Noah Raford, futurist-in-chief and chief of Global Affairs at Dubai Future Foundation, claimed games, Web3 and virtual economies is where the smart money is.
While speaking at the Top CEO event in Dubai, Raford argued that people should invest in video games, as it is the only successful digital economy so far.
In a statement to Arab News a day after the event, he said: “The metaverse has extraordinary potential and Dubai is moving rapidly to take advantage of it. Virtual assets and digital economies are a huge growth area. There is a lot of hype and wasted investment, but the best examples at the moment are video games and in-game virtual economies – especially connected to NFTs & Web3.”
Fady Kassatly, partner of Enterprise Solutions and Cloud, KPMG, said the Metaverse is nothing but the next evolution, which will make people live differently.
He also added the Metaverse is going to evolve quickly in different directions, and this is just the beginning of the journey.
On his part, Philippe Blanchard, founder of Futurous, stated the Metaverse will change the relationship between humans and nature.
Predicting an inevitable Metaverse future, Valerie Hawley, director of Sorbonne Center for Artificial Intelligence, said every business will look at the Metaverse space and consider using it in the coming years.
She also added the Metaverse is a projection of the world that humans would like to live in.