Arab finance ministers are set to agree today to the creation of a regional equivalent of the euro zone's statistics agency in hopes of providing greater transparency for attracting the investment the region needs for development.
"We are discussing something very specific this year, on how to build an Arab version of the Eurostat," Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai and UAE Minister of Finance, said yesterday on the eve of the annual meeting of Arab Financial Institutions and fourth meeting for the Council of Arab Ministers in Dubai.
In coordination with the IMF, the group's aim is to create a body that would act as a regional auditor and provide credible data for policymakers and financial institutions.
In the European Union, the Eurostat has authority to demand that public-sector institutions open up their accounts for review.
Despite the growth of local statistics centres in the Arabian Gulf, the vast majority of the wider region's governments are yet to provide frequent credible economic facts and figures.
"This is a realisation, not just by the IMF, but Arab countries themselves that to attract multilateral companies, foreign direct investment, portfolio investment and financial aid, they need to provide more transparent figures to the rest of the world," said Nassib Ghobril, the chief economist at Byblos Bank in Beirut.
"At the same time, for governments to develop proper economic and social policies, they each must have comprehensive, broad-base statistics. There are still many countries in the Arab world that do not provide statistics or have their own local agencies."
Policymakers are also expected to decide how much money their governments will inject into five Arab financial institutions that require more fiscal firepower to meet the needs for economic development and job creation in the region.
The finance ministers are weighing up to a 50 per cent capital increase, the equivalent of US$10 billion (Dh36.73bn), for the Arab Monetary Fund, Arab Fund for Economic and Social Development, Arab Bank for Economic Development in Africa, Arab Authority for Agricultural Investments and Development and the Arab Investment and Export Credit Guarantee Corporation.
Shareholders - donor governments - have not increased the capital of Arab financial institutions since they were set up in the mid 1970s, Sheikh Hamdan said.
"Each of these five institutions have produced strategies on what is needed to improve the lives of Arab citizens," he said. "The ministers will decide how much is required to carry out these plans.
Today's expected decision comes two years after the Arab Spring uprisings began, in which demonstrations demanding economic development and social justice toppled leaders in Tunisia, Egypt, Libya and Yemen.
"Raising the capital of these multilateral institutions is important because it'll increase the capacity for these organisations to support trade among the Arab countries and to provide additional financing for economies in transition," Mr Ghobril said. "There are many economies currently facing financing challenges."
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.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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COMPANY%20PROFILE
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Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
SPEC SHEET: APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Platform: iPadOS 18, Apple Intelligence (iPadOS 18.1 update)
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, HD @ 30fps, slow-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Audio: Landscape stereo speakers; dual mics
Battery: Up to 10 hours
Connectivity: WiFi 6E, Bluetooth 5.3
I/O: USB-C
SIM: eSIM
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
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Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The%20specs
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Europe's top EV producers
- Norway (63% of cars registered in 2021)
- Iceland (33%)
- Netherlands (20%)
- Sweden (19%)
- Austria (14%)
- Germany (14%)
- Denmark (13%)
- Switzerland (13%)
- United Kingdom (12%)
- Luxembourg (10%)
Source: VCOe
Tour de France Stage 16:
165km run from Le Puy-en-Velay to Romans-sur-Isère