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Best photos of March 4: Heavy snow in Korea to Bolivia's indigenous carnival

Best photos of March 4: Heavy snow in Korea to Bolivia's indigenous carnival

The National04-03-2025

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It's e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay's Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online 'easier, faster and smoother' via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout's 'all-in-one payment gateway and merchant account' accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone's signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

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Ethiopia Targets 8.9 % Growth as Budget Widens
Ethiopia Targets 8.9 % Growth as Budget Widens

Arabian Post

time4 hours ago

  • Arabian Post

Ethiopia Targets 8.9 % Growth as Budget Widens

Ethiopia's finance minister has announced that the economy is projected to expand by 8.9 % in the fiscal year beginning 8 July 2025, alongside a modest increase in the budget deficit amid structural reforms. Finance Minister Ahmed Shide addressed parliament on Tuesday, outlining the forecast for the next fiscal year, citing an acceleration in real GDP growth from an estimated 8.4 % this year to 8.9 % next year. The state budget deficit is expected to rise slightly to 2.2 % of GDP, compared to 2.1 % in the current year. Total government expenditure is projected at 1.9 trillion birr, equivalent to around US $14 billion. This positive outlook is deeply anchored in ongoing reforms backed by an International Monetary Fund programme. These include the liberalisation of the exchange rate, debt restructuring negotiations, and the establishment of the Ethiopian Securities Exchange, which opened in January after a 50‑year absence. ADVERTISEMENT The cabinet's approval of the new budget earlier this month signalled a strategic reallocation of resources, with spending set to increase by 31 % compared to the previous year's 971 billion birr. A significant portion is earmarked for national security, productivity enhancement, and disaster relief, including continued subsidies for fuel, fertiliser, oil and medicines—a move aimed at dampening inflationary pressure on households. Reforms and their impacts The IMF programme that began in July 2024 has been a linchpin in the reform agenda. In April, State Finance Minister Eyob Tekalign reported that the third review of the four‑year US $3.4 billion loan arrangement had reached staff‑level agreement, with approval by the IMF executive board anticipated this month. Subsequent draws will hinge on continued reform progress, notably debt restructuring. Debt, inflation and exchange rate liberalisation remain pressing concerns. A draft budget revealed that 463 billion birr—nearly 39 % of recurrent expenditure—will go towards debt servicing, surpassing planned capital outlays. The government intends to restructure approximately US $3.5 billion in external liabilities through agreements in upcoming weeks. Bondholder writedowns are expected as part of a broader debt resolution strategy. Monetary reforms have lessened inflation, which reached 29.2 % in 2022/23, and narrowed the spread between official and parallel exchange rates. Foreign reserves have rebounded, tripling to US $3.6 billion, easing foreign exchange shortages. These financial indicators have been central in IMF assessments. Policy makers are awaiting formal debt restructuring talks this summer with official and private creditors alike, guided by the G20 Common Framework. Iran‑timed agreements with Chinese policy banks, the U.S. International Development Finance Corporation and other funders are being explored to support infrastructure and development needs. Regional comparisons and strategic outlook Ethiopia remains one of sub‑Saharan Africa's highest growth economies, although still below the pre‑covid annual average of around 10 %. The country's trajectory continues to be shaped by recovery from the Tigray war, covid‑19 disruptions, droughts and locust invasions, but ongoing reforms are expected to unlock further expansion. The imminent fiscal year budget, combining a steep rise in expenditure with a stabilising deficit, underscores a cautious but ambitious strategy: focusing on debt management, reform momentum and public service delivery, rather than unfettered spending. Key stakeholders, including opposition figures such as Desalegn Chane of the National Movement of Amhara, have voiced concern over rising tax burdens amid steady living costs and a depreciating birr. Criticism has targeted new levies on motor vehicles and excise taxes, with claims these conflict with subsidy policies. The finance minister, however, defended these as necessary for fiscal resilience and revenue expansion. Broader reform dynamics have been influenced by Prime Minister Abiy Ahmed's economic agenda, including the launch of Ethiopia's first stock market since the Haile Selassie era, currency liberalisation, and opening the banking sector to foreign investment. These steps have been deemed essential to securing up to US $27 billion in external funding from IMF, World Bank, UAE, China and others over the next four years. Looking ahead The projection of roughly 8.9 % GDP growth signals confidence that reforms are gaining traction, even as the government prepares to finance a wider budget and service rising debt. The success of the IMF programme's next review, debt restructuring outcomes, and reform implementation will determine whether Ethiopia can sustain its economic momentum and weather domestic and global headwinds.

OMNIYAT acquires Marasi Bay Island and unveils Dubai's first beach club in Burj Khalifa district
OMNIYAT acquires Marasi Bay Island and unveils Dubai's first beach club in Burj Khalifa district

Arabian Business

time8 hours ago

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OMNIYAT acquires Marasi Bay Island and unveils Dubai's first beach club in Burj Khalifa district

OMNIYAT, Dubai's leading ultra-luxury real estate developer, has acquired Marasi Bay Island in the prestigious Burj Khalifa District, marking a significant expansion of its waterfront ecosystem that will feature the district's first beach club alongside exclusive leisure and wellness experiences. The acquisition forms part of OMNIYAT's broader vision to transform Marasi Bay into Dubai's premier ultra-luxury waterfront destination, seamlessly blending high-end residential living, premium commercial spaces, five-star hospitality, and wellness offerings. The development enjoys strategic connectivity to Downtown Dubai, Business Bay, DIFC, D3 Design District, and Dubai International Airport. Beyond the island acquisition, OMNIYAT has unveiled an extensive array of amenities along Marasi Bay's south side, designed to create a resort-style environment that connects urban living with maritime experiences. The Marasi Bay Marina, operated by OMNIYAT, will accommodate superyachts and feature an exclusive Yacht Club, complete with tender boat services and jetty lounges serving both boat owners and guests of The Lana Hotel. A standout feature is the Signature Pavilion, a 10,000-square-foot retail and events space positioned over the water, complemented by a waterfront promenade that combines public access areas with resident-exclusive facilities including padel courts, children's play areas, running tracks, and an art trail. Exclusive to OMNIYAT residents, Sunset Park represents a unique 30,000-square-foot private floating island that serves as the development's green heart. The facility offers comprehensive wellness and leisure amenities including picnic lawns, private dining spaces with chef's kitchen and BBQ facilities, flexible indoor areas for work and events, and specialised zones such as sensory and meditation gardens, yoga terraces, and a dedicated dog park. Architectural excellence and residential offerings The development's residential portfolio is anchored by VELA Viento, Dorchester Collection, Dubai, a 180-meter tower designed by internationally acclaimed architects Foster + Partners. The building houses 95 exceptional residences featuring floor-to-ceiling windows that frame panoramic views of the Burj Khalifa, Downtown Dubai, and the waterfront. Residences feature expansive terraces that blur indoor-outdoor living boundaries, with select units offering terrace pools, double-height spaces, and suspended dining rooms. Interior design by Gilles & Boissier ensures elegant, fully furnished homes with private lift lobbies, while select residents can opt for Banda Studio-designed interiors for the Horizon Residences. The tower's Sky Amenities Deck, positioned over 100 meters high, features an infinity pool, double-height gym, yoga studio, and lounges, complemented by ground-level amenities including indoor pools, spa facilities, meeting spaces, and direct promenade access. OMNIYAT's Marasi Bay vision has already achieved significant milestones with The Lana Hotel and Residences, Dorchester Collection, Dubai, which opened in Q1 2024. Designed by Foster + Partners, The Lana represents Dorchester Collection's first Middle East property and houses the region's first Dior Spa. The development made headlines in May 2024 when The Lana Residences penthouse set new price records as the most expensive property sold in the Burj Khalifa District. The ecosystem will be further enhanced by ENARA by OMNIYAT, an ultra-luxury office tower scheduled for completion in 2027. This standalone commercial building will cater to the global business elite, offering luxury office spaces with direct promenade access and outdoor wellness facilities, seamlessly connected to the broader Marasi Bay development via promenade and jetty services. Strategic vision Commenting on the acquisition, Mahdi Amjad, Founder and Executive Chairman of OMNIYAT said, 'In a re-imagined approach to urban living, we are reshaping Marasi Bay into Dubai's definitive ultra-luxury waterfront destination. Marasi Bay Island is another jewel in its crown, complementing this luxurious ecosystem with exceptional waterfront experiences.' Amjad highlighted the development's role in transforming a former commercial district into 'a highly desirable, vibrant and extraordinary UNHW community,' positioning Marasi Bay as 'the ultimate celebration of waterfront living' that leverages Dubai's continued growth momentum and OMNIYAT's commitment to luxury redefinition. The Marasi Bay development represents OMNIYAT's broader strategy to create integrated lifestyle ecosystems that combine world-class amenities with strategic location prestigious districts.

Nasdaq Dubai welcomes listing of $500 million AT1 Sukuk by Sharjah Islamic Bank
Nasdaq Dubai welcomes listing of $500 million AT1 Sukuk by Sharjah Islamic Bank

Gulf Today

time12 hours ago

  • Gulf Today

Nasdaq Dubai welcomes listing of $500 million AT1 Sukuk by Sharjah Islamic Bank

Nasdaq Dubai today welcomed the listing of a US$500 million Additional Tier 1 (AT1) Sukuk issued by Sharjah Islamic Bank (SIB). The perpetual, non-call six-year AT1 Capital Certificates were issued by SIB Tier 1 Sukuk IIND Ltd and are compliant with Basel III regulations. The issuance attracted strong interest from both regional and international investors, providing Sharjah Islamic Bank with additional capital to fuel its long-term growth plans. This latest transaction brings the Bank's total outstanding on Nasdaq Dubai to $2.5 billion across five listings. It also reinforces Dubai's strategic role in advancing the Islamic capital markets ecosystem. To mark the occasion, Ahmed Saad, DCEO of Sharjah Islamic Bank, rang the market opening bell at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Saad commented, 'The successful listing of our $500 million perpetual Additional Tier 1 Sukuk on Nasdaq Dubai marks a significant milestone in Sharjah Islamic Bank's strategic growth journey. This issuance reflects our strong fundamentals, robust investor confidence, and commitment to maintaining a solid capital base in line with Basel III requirements." Ali stated, "This listing reflects more than capital raising —it's part of a broader shift as regional institutions like Sharjah Islamic Bank lead the deepening of local debt markets. As demand for diversified, Shariah-compliant instruments continues to grow, Nasdaq Dubai is proud to serve as a trusted platform for innovation in Islamic finance. "The momentum we are seeing in Sukuk issuances signals a maturing financial ecosystem where local ambition meets global capital flows. SIB's continued engagement underscores the strategic role financial institutions play in building resilient, forward-looking capital markets across the UAE and beyond." With this listing, the total value of Sukuk listed on Nasdaq Dubai has reached $95.7 billion, underlining its status as one of the world's largest venues for Islamic fixed-income securities. Nasdaq Dubai's broader debt capital market has now surpassed $136 billion across 160 listings, reflecting growing international confidence in Dubai as a gateway for capital flows between the Middle East and the world. WAM

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