Bahrain’s real estate sector is strong and resilient
Gulf: Bahrain’s real estate sector is strong and resilient and will continue to grow in the years to come.
This was the passionate message relayed by Bahrain’s real estate leaders speaking at the Gulf Property Show’s roundtable held on its second day.
Moderated by event organiser Hilal Conferences and Exhibitions (HCE) exhibitions director Ahmed Suleiman, the discussion featured Amin Al Arrayed, chief executive of Bahrain Real Estate Investment Company (Edamah), Majid Al Khan, executive board member of Infracorp and Aref Hejres, chairman of Bahrain Property Developers Association (BaPDA), who engaged in a frank and wide-ranging sharing of insights and knowledge on Bahrain’s real estate spectrum, present and future.
Mr Al Khan said: “It is important for Bahrain’s real estate future that we ensure that there is greater connection across the real estate sector.
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Crowdfunding will boost the UAE economy
Crowdfunding is the process of raising capital by asking a large number of people, often over the internet, to give small sums of money. However ubiquitous it might be today, it has, quite literally, indie origins. According to Fundable, a major crowdfunding platform, the first successful example of its use was in 1997, when a British band used it to raise money for a tour.
It has come a long way since then, with governments and big business now using it as a strategy for growth. In 2012, former US president Barack Obama signed the Jumpstart Our Business Startups Act, which legalised equity crowdfunding. In 2018, its global market size was worth $84 billion.
Now, this modern way of raising money is set to play an important part in the UAE’s economy. At the final Cabinet meeting to be held at Expo 2020 Dubai, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced that the government had approved the use of crowdfunding in the public and private sectors to finance new projects and encourage entrepreneurship and innovation. This will be done via the new UAE System for Crowdfunding Platform Operators, which will be regulated by the Securities and Commodities Authority.
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Egypt, UAE, Israel discuss economic challenges
Leaders of Egypt, Israel and the United Arab Emirates met in the Red Sea resort of Sharm el-Sheikh on Tuesday for talks on the economic impact of Russia’s invasion of Ukraine and the growing influence of Iran in the region.
Egypt’s President Abdel Fattah al-Sisi hosted the meeting with UAE de facto leader Sheikh Mohammed bin Zayed al-Nahyan and Israel’s Prime Minister Naftali Bennett – their first three-way summit since the UAE normalised relations with Israel.
Egypt’s presidency said they discussed energy market stability and food security, two acute challenges for Cairo after Russia’s offensive in Ukraine sent wheat and crude oil prices soaring, as well as international and regional issues.
The three countries – allies and partners of the United States – are part of an emerging Arab-Israeli axis seeking to counter-balance Iranian power at a time of uncertainty over Washington’s security commitment in the region.
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Mauritius signs agreement with Dubai chamber of commerce
Amid a successful presence of Mauritius in Expo 2020 Dubai, Economic Development Board (EDB) Mauritius has signed a Memorandum of Understanding (MoU) with the Dubai Chamber of Commerce and Industry to boost bilateral trade and investment opportunities across strategic sectors.
As part of the agreement, EDB Mauritius will establish a representative office within the premise of Dubai Chamber of Commerce and Industry for an initial period of two years. The key objectives of the EDB Dubai Office will be to identify trade and investment opportunities which will benefit UAE and Mauritian businesses with a specific focus on the Financial Services, ICT, Manufacturing, Healthcare, Logistics, Ocean Economy, Renewable Energy and Property Development sectors.
Both parties have committed to establishing a framework for developing stronger business relations and cooperation procedures to enhance the achievement of their respective economic objectives and create new channels of business exchange.
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Digital sector major cornerstone of Qatar’s economic growth
Minister of Communications and Information Technology H E Mohammed bin Ali Al Mannai has said Qatar has made the digital sector one of its focal points for sustainable economic growth, calling on local and international partners to collaborate with the government.
While addressing the industry experts and the media during the Qatar IT Roundtable organised by the Communications Regulatory Authority yesterday, Al Mannai said the digital sector contributes almost two percent of its GDP, adding, “Qatar has established a very strong communication infrastructure where we cover the different networks in line with international standards. This has enabled Qatar to enjoy the best services, and we are working to overcome any challenges, especially as we build up to the FIFA World Cup Qatar 2022.
“With Qatar going ahead with its ambitious strategy, the IT sector plays a major role in this process, especially in streamlining sustainable growth.
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Mexico, Saudi Arabia agree to strengthen economic ties
Mexican Foreign Minister Marcelo Ebrard and his Saudi Arabian counterpart on Wednesday agreed to strengthen bilateral economic relations on the first day of the diplomat’s 10-day tour of the Middle East and India, Mexico’s government said.
Ebrard and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud discussed investing in tourism and innovation, highlighting the need for a direct air route between Mexico and Saudi Arabia, the foreign ministry said in a statement.
The two diplomats, who represent their countries at the Group of 20 major economies, spoke of the need to find a peaceful resolution to the conflict in Ukraine, it added.