Arab finance ministers agreed to pledge funds for big lenders in the region, at a time when several of the countries are struggling to rebound from instability.
Shareholders - donor governments - have agreed to double the capital for five financial institutions that will expand the scope of their projects to support economic development and job creation.
The Arab Fund for Economic and Social Development, alongside four other multilateral organisations, will have its capital doubled, after receiving broad consensus for the move from the Arab economic bloc of 22 countries.
"We are doubling ours from 2 billion Kuwaiti dinars [Dh25.74bn] to 4 billion Kuwaiti dinars," said Abdullatif Yousif Al Hamad, the head of the development fund on the sidelines of the annual meeting of Arab Financial Institutions and fourth meeting for the Council of Arab Ministers in Dubai.
"Most of the contributions are coming from Kuwait and Saudi Arabia. The strategies of the fund will include projects related to building power grids, infrastructure, roads, services and education.
The main recipients will be Egypt and Morocco." Yesterday's decision came more than two years after start of the Arab Spring uprisings in which demonstrations demanding economic development and social justice toppled leaders in Tunisia, Egypt, Libya and Yemen. "The richer countries of the region have recognised that they have to play a much more dominant role towards countries that have lagged in the last few years," said Raza Agha, the chief economist at VTB Capital in London.
The five lenders, which have not had a capital increase since their establishment in the mid-1970s, will be provided with cash injections of 25 per cent over five years, while another 25 per cent will be taken from the bank's reserves.
Shareholders have committed to provide fresh money on future calls for the remaining 50 per cent for the Arab Fund for Economic and Social Development, Arab Monetary Fund, Arab Bank for Economic Development in Africa, Arab Authority for Agricultural Investments and Development and the Arab Investment and Export Credit Guarantee Corporation.
The governments will pay out accordingly to the percentage of their ownership in the five lenders. A capital increase "will support and enable [Arab financial institutions] to expand their works and strengthen the partnership between the public and private sectors," Saudi Arabia's foreign minister, Prince Saud Al Faisal, said in a speech in January at the Arab Economic and Social Development Summit in Riyadh.
"It will enhance their roles in financing vital projects of Arab strategic dimensions and national developmental projects to meet the growing needs of the goods and services needed by Arab citizens and provide them with more job opportunities," he said.
Masood Ahmed, the IMF's director for the Middle East and Central Asia, said in Dubai yesterday: "The multilateral and regional lenders have been a great source of support for the region not just financial but technical ... as needs increase. Any increase in the resources of the region can only be welcomed."
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix
GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15 (First Test)
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24 (Second Test)
July 8: New Zealand v Lions (Third Test) - kick-off 11.30am (UAE)
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
The specs: 2024 Mercedes E200
Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
Transmission: 9-speed auto
Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
DIVINE INTERVENTOIN
Starring: Elia Suleiman, Manal Khader, Amer Daher
Director: Elia Suleiman
Rating: 4.5/5
The UN General Assembly President in quotes:
YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”
PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”
OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”
REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE