logo
Bahrain and Egypt aim to more than double their bilateral trade

Bahrain and Egypt aim to more than double their bilateral trade

Zawya24-02-2025

Bahrain and Egypt are aiming to more than double their bilateral trade to around $1 billion this year, according to Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa.
Current trade volume reached half a billion dollars in 2024.
Speaking at a Press conference at the Arcapita Building following the second meeting of the Bahraini-Egyptian Governmental Committee for Trade, Economic, Scientific and Technological Co-operation, Shaikh Salman outlined plans to strengthen economic ties.
These include increasing direct flights to facilitate passenger and goods transport, enhancing academic co-operation, and establishing joint customs facilities to support investment and economic growth.
The minister highlighted the importance of integration in industry, infrastructure and sustainable economic development to bolster supply chains and achieve self-sufficiency through localising industry.
This, he said, would create job opportunities and support economic diversification.
Shaikh Salman emphasised the focus on developing tourism by increasing flights and expanding co-operation in financial technology and student exchange programmes.
He also announced a business forum in Cairo to encourage co-operation between Bahraini and Egyptian business communities and facilitate investment.
The forum will bring together investors and stakeholders to discuss opportunities for enhancing trade and investment co-operation, contributing to the two countries' aspirations for sustainable economic development.
The minister reiterated Bahrain's commitment to increasing trade with Egypt, particularly in industry, digital services, and tourism.
The Bahraini-Egyptian Governmental Committee for Trade, Economic, Scientific and Technological Co-operation convened its second meeting in Manama earlier under the chairmanship of the Finance and National Economy Minister and his Egyptian counterpart Ahmed Ashraf Kouchouk.
Both sides discussed diverse issues pertaining to vital areas like tourism, fintech, renewable energy, artificial intelligence and increasing investment opportunities.
The Egyptian minister affirmed keenness to take bilateral co-operation to new heights mainly in the trade, investment and technological fields.
Concerning the latest developments regarding mutual recognition of the economic operator programme between both countries, Mr Kouchouk said an array of facilities have been approved to facilitate the foreign trade movement and reduce time and cost to improve the competitiveness of the Egyptian economy.
The Egyptian minister underscored the importance of the agreement in reducing the customs clearance time between both countries.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Morgan Stanley markets $5bln for Elon Musk-owned xAI in loans, bonds, sources say
Morgan Stanley markets $5bln for Elon Musk-owned xAI in loans, bonds, sources say

Zawya

time2 hours ago

  • Zawya

Morgan Stanley markets $5bln for Elon Musk-owned xAI in loans, bonds, sources say

NEW YORK - Morgan Stanley is marketing a $5 billion package of bonds and two loans on behalf of billionaire Elon Musk-owned xAI, at the same time as a falling out between the world's richest man and the U.S. president plays out in public, sources familiar with the matter told Reuters. As of last week, the bank started discussing a floating-rate term loan B at 97 cents on the dollar with a variable interest rate of 700 basis points (bps) over the SOFR benchmark rate, one person familiar with the matter said. It is offering a second option, loan and bonds at a fixed rate of 12%, the person familiar added. The terms are preliminary and will depend on investor demand, according to the source. Morgan Stanley held a meeting with investors last week in which some financials of the company were shared. Morgan Stanley is taking a different approach in marketing the $5 billion debt for Musk's xAi from previous transactions, sources familiar with the matter told Reuters. Morgan Stanley will not guarantee the issue volume or commit its own capital to the deal, the sources said. The 'best efforts' transaction, which means the size of the debt will depend on investor interest, is not an uncommon practice but shows banks are probably being more prudent lending in an uncertain macro environment. The people spoke on condition of anonymity because the discussions with investors are not public. Morgan Stanley declined to comment, while xAI did not immediately respond to a request for comment. Banks were also likely choosing this approach to avoid putting themselves in a similar spot to when they committed to give $13 billion of debt to Musk to finance his $44 billion acquisition of X in 2022 and could not get out of that position for two years. The X financing is considered one of the boldest bets by seven banks led by Morgan Stanley who committed $13 billion in debt to the $44 billion acquisition by Elon Musk in October 2022. Soon after the deal to buy Twitter, as X was called at the time, the Federal Reserve began raising U.S. interest rates and Musk started restructuring the company. Banks typically sell such loans to investors soon after the deal is done, but in the case of X, they were stuck holding it for over two years. They could only dispose of that debt earlier this year capitalizing on X's improved operating performance over the previous two quarters as traffic on the platform rose before and after the U.S. presidential elections. Musk's role in U.S. President Donald Trump's return to office and public displays of his closeness to the most powerful position in the world also boosted interest for the debt from investors jockeying for some influential link to a new regime, as well as a surge in investor interest for exposure to artificial intelligence companies. Apart from selling debt, xAI has also been in talks to raise about $20 billion in equity funding, according to people familiar with the matter. Two of the people added the deal would value the company at more than $120 billion, while the other two people said figures as high as $200 billion had been discussed. Musk initially explored raising funds in parallel with a merger of xAI and social media platform X, but that plan did not move forward, two of the people said. What has changed in just the space of a few months is Musk's political sway over Trump after an acrimonious schism erupted between the two. That has cast a cloud over the future of the businesses owned by the world's richest man, which though private could be hurt if the federal government chooses to cancel contracts or grants to them. It has also heightened the risk of demand being reduced for any money that will be raised or investors asking for a higher risk premium on the new debt. (Reporting by Matt Tracy, Echo Wang and Tatiana Bautzer in New York, Dawn Chmielewski in Los Angeles Editing by Shri Navaratnam)

‘Magnet for hedge funds', the UAE could change the $4.5tr global industry
‘Magnet for hedge funds', the UAE could change the $4.5tr global industry

Arabian Business

time4 hours ago

  • Arabian Business

‘Magnet for hedge funds', the UAE could change the $4.5tr global industry

A new research on the hedge fund industry has praised the effect Dubai and Abu Dhabi are having on what now has a size of over US$4.5 trillion. 'The state of the hedge fund industry', a report by the London-based IG Prime, said the Dubai International Financial Centre (DIFC) had attracted 60 hedge funds as of September 2024, and the Abu Dhabi Global Market (ADGM) is not far behind. UAE attracts hedge funds The UAE has 'emerged as a magnet for hedge funds' and other financial institutions in recent years. Some of the world's biggest hedge funds, including Millennium and Balyasny, have opened offices in the country, while overall employment in financial services has exploded to 44,000, up by two-thirds on the 2019 figure. The report quoted an earlier IG Prime/Hedgeweek report in September last year, which found that a clear majority (62 per cent) of the hedge funds surveyed identified Abu Dhabi and Dubai as the 'challenger' hubs. These locations were expected to see the most hedge fund growth, ahead of India, Latin America and the Nordics. Proximity to allocators was a key reason, but the report also highlighted tax advantages, time zone, and lifestyle as strong reasons. 'The huge wealth of the UAE, with the Gulf home to some of the world's largest allocators to alternatives, has advanced the case for having not only traders but business development leaders in the region,' the report added. The IG Prime report said the 'lightly regulated financial centres' such as Dubai and Abu Dhabi could lead to a global change and 'increase the pressure on regulators worldwide to carefully consider the impact of any new rules'. The UAE is an area of focus for the IG Prime, and Max Hayden, Global Head of Prime Brokerage, said: 'Everyone in the industry is talking about Dubai and Abu Dhabi and we're seeing headcount in both places increase, driven by new satellite offices started by big firms and, a relatively new phenomenon, new hedge funds launching there.' Turf war with PE firms With some of the more 'traditional' hedge fund strategies failing to deliver over the last few years, investor demand for hedge funds to improve their returns has led to more of them investing in a wider array of alternatives such as private credit, private equity and private real estate. The IG Prime research shows that 70 per cent of hedge funds now invest in private markets. As many as 61 per cent say they now invest in private equity, 45 per cent in private real estate, 39 per cent in private credit/debt and 38 per cent in infrastructure. Demand for investment in private markets from investors has also been driven by a global trend toward delisting from stock markets and companies holding off on IPOs for longer. These are expected to continue driving growth for private markets in the future. Hedge funds' expansion into private markets means they are increasingly competing with private equity funds, who have also been expanding from private equity into other private asset classes such as infrastructure, private credit and real estate. Chris Beauchamp, Chief Market Analyst at IG Prime, commented: 'The growth of hedge funds has meant that there has been a crowding of trades that have traditionally worked well for them. Arguably some of the opportunities have been arbitraged away, which has driven funds to look for new ways of getting index-beating returns. Many hedge funds are seeing private markets as an answer.' Private equity is the private market asset class with the fastest growth amongst hedge funds, with 58 per cent of hedge funds saying it's the area they've most increased exposure in during the last year. Hedge fund managers are also increasing their exposure in real estate (48 per cent), private credit (31 per cent), infrastructure (30 per cent) and natural resources (34 per cent). Despite its growing popularity, higher interest rates and uncertainty about the future of markets made private equity more difficult in 2024. That may change in the second half of this year as tariff levels continue to move down from their 'worst case' scenarios. While private equity suffered in 2024, private credit has continued to grow rapidly – 31 per cent of hedge funds identified private credit as the area of greatest growth within private markets. Stricter banking regulations and the withdrawal of bank lending have made private credit an important alternative for borrowers. Beauchamp added: 'While most hedge funds see private equity as the substantial growth investment in private markets, demand for hedge funds that invest in private credit have also been particularly strong. 'The question for hedge funds is what skills they bring to bear in these private market that might give them the edge over existing participants such as PE funds. Some will be competing directly with PE and private credit funds for the same investments. Others will be hoping that they can use the current tariff-related disruption to pick up assets priced for distress.'

What to know about the new Trump travel ban now in effect
What to know about the new Trump travel ban now in effect

Middle East Eye

time10 hours ago

  • Middle East Eye

What to know about the new Trump travel ban now in effect

US President Donald Trump's new travel ban went into effect on Monday, to far less mobilisation and criticism than the first time around, in 2017. With a bigger mandate this time, and relatively high approval ratings for his immigration policy, Trump's new travel ban has not just expanded, it's also on far more solid legal footing, immigration lawyers told Middle East Eye. The executive order targets 12 countries: Afghanistan; Burma; Chad; the Republic of the Congo; Equatorial Guinea; Eritrea; Haiti; Iran; Libya; Somalia; Sudan; and Yemen. Additionally, nationals from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan, and Venezuela will be partially restricted. Those already inside the US are exempt. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters For those abroad at the time the ban went into effect, they may enter the country if they are green card holders, preauthorised visa holders, preauthorised refugee claimants, dual citizens where one of the countries is not included in the travel ban, or if they are the immediate family members of a US citizen. Still, increased scrutiny at ports of entry and orders from Secretary of State Marco Rubio could lead to visa revocations by a border agent. The administration has made it clear that no person is entitled to entry into the US, apart from US citizens. The White House said the ban, as well as heightened vetting measures, is necessary because of excessive visa overstays, which the Trump administration says is a national security concern because it could lead to "terrorist" activity. 'We don't want them': countries facing travel ban to US Read More » The ban was initially expected back in March, but was only introduced following an attack by an Egyptian national on a pro-Israeli march in Colorado last week. "This is definitely a Muslim ban couched in language that the Trump administration knows how to get around as it pertains to the courts," Haris Tarin, the vice president of policy and programming at the Muslim Public Affairs Council (MPAC), told MEE. "There was a lot of online chatter - especially by the Laura Loomers and the Randy Fines - these intense Islamophobes in Congress and supporters of the administration who basically said Muslims are responsible for this, and that they needed to ban the Muslim Brotherhood and that they needed to have travel bans," he added. The administration "already spooked so many people from coming into this country... with the detention of students, with the detention of tourists," Tarin said. "This was the perfect time to go even further." 'Anxious, desperate, exhausted' Unlike the 2017 ban, this one is likely to remain in effect in its current form, Hassan M Ahmed, managing attorney at the HMA Law Firm, told MEE. "It's clear that a lot more thought went into this version of it. It seems that they learned their lessons from the previous iterations," Ahmed said, referring to the persistent challenges they faced in court. In a precedent-setting decision in late 2017, the US Supreme Court maintained that the president did not violate the First Amendment with his so-called Muslim Ban, and was well within his rights to determine what is in the national security interest. The Court also said there was no anti-Muslim animus in the ban, simply because many other Muslim countries were not targeted. "Anytime a policy changes, whether for good or for bad, we get an increase in phone calls," Ahmed said. "In this case, we're dealing not just with a change in policy, but there's sort of a psychological aspect to a lot of the administration's offensive policies, and that creates a great deal of uncertainty." On those phone calls are people who are "anxious, desperate, and exhausted", Ahmed told MEE. "Unfortunately, given the track record of open defiance of court orders and lawlessness that's become sort of emblematic of this administration, sometimes we as lawyers are at a loss [and unable] to tell clients that they don't have anything to worry about." Laila Ayub, an immigration attorney and co-founder of Project ANAR, which assists in the resettlement of Afghan refugees, said the climate of fear is deeply pervasive among the community she works with. "Everyone who's already here started contacting us, thinking they're now at risk of deportation just because of their nationality, which is not actually the reality," Ayub told MEE. "So there is a lot of opportunity still to empower people with information about their rights." "The number one question, though, that people have always despite their situation when they are in here in the US, is when they can reunite with their family. That is really something that will be impacted by the travel ban." Impact on visas While advocacy groups have been pleading with the Trump administration for months to make an exemption for Special Immigrant Visas for Afghans who aided American soldiers between 2001 and 2021, there is such a carveout. Still, the visa does not include everyone who worked for or who worked closely with the US during their presence in Afghanistan, Ayub said. Mirriam Sediq, who runs Seddiq Law Maryland, told MEE that previously "lawful categories for Afghans" now suddenly no longer exist. "There are people that came to the US in 2021, 2022 through humanitarian parole. There are also those who have [Temporary Protected Status]. And TPS has been ended for Afghans, so they're really left in a completely no man's land right now." Handful of US lawmakers demand Trump ban the Muslim Brotherhood Read More » Seddiq said she feels "super betrayed by this idea that we've told our clients to do [the right] things" in terms of entering legally and maintaining a law-abiding presence, yet "they're walking directly into the lion's den when they do it". Among other actions, the Trump administration has sent Immigration and Customs Enforcement (ICE) agents to courthouses around the country to arrest largely undocumented immigrants who are appearing for their immigration court date, just as the government asked them to. This, Seddiq said, was always standard practice: as long as an immigrant did regular check-ins with ICE agents and showed up in front of a judge and violated no laws, they could carry on with their lives in the US. Now, they're being taken away from their US-born children to be detained and then deported. "We've allowed people to enter even when they don't have a pathway forward. And this is where we are," Seddiq told MEE. "But we've been here for decades and decades and decades, and we've asked for major immigration reform, major overhauls, maybe even some sort of amnesty for people who are doing all the right things. And there's never the political will to do it." Legislative change Despite a much more muted societal reaction compared to 2017, civil liberties groups and immigrant advocacy organisations are working on ways to respond to the new Trump travel ban. The public that took to the streets eight years ago is simply too exhausted this time, Tarin told MEE. "People have been responding to students being kidnapped off the streets by ICE. People have been mobilising to try to support students on student visas. Lawyers have tried to mobilise around protecting students on college campuses," he said. But that's also a strategy the administration has employed. "The way advocates organise is they take one issue at a time and they organise around it, and that's how they're successful. And so if you throw 15 issues at them, they won't be able to respond," Tarin said. In the immediate term, MPAC is putting together a network of lawyers that can be accessed in case of emergencies where otherwise legal entrants to the US are stuck at airports or put into detention. However, the group is also eyeing the 2026 midterm elections, when members of the House and Senate will be up for reelection, and Democrats may stand a chance of gaining a majority of seats in both chambers. MPAC is pushing for traction on the NO BAN Act so that if Democrats take control of Congress, there is an opportunity to make the bill a law. The bill was introduced in the House of Representatives in February by Democratic Congresswoman Judy Chu of California. It aims to limit Trump's authority to ban an entire class of foreigners - or "aliens" as they are called in the US - from arriving in the country, and demands that Rubio provide lawmakers with reports on the number of denied visitors. For the time being, people will "always try" to come to the US anyway, Seddiq said. "I am loath to tell anybody that the United States is closed the way the administration wants to seemingly advertise to the world. I think that where there's a will, there's a way, and frequently, when you're dealing with immigration, the key to success is merely standing up one more time when you're knocked down," Ahmed said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store