You don't have permission to access the page you requested What is this page?The website you are visiting is protected.For security reasons this page cannot be displayed Global Finance Magazine Global news and insight for corporate financial professionals there was no need for Islamic finance because there was simply no financial system to “Islamise.” Up until the second half of the 19th century the vast majority of the Muslim population around the world was unbanked and the prohibition of interest was applied on transactions by tradition rather than by law or regulatory bodies Western banks and financial institutions penetrated Muslim countries and imposed interest-based methods on the Islamic world independence movements pushed for the revival of Islamic culture and religious scholars in countries such as India Pakistan and Egypt started to condemn the use of interest by banks They proposed to prohibit interest and replace it with Islamic risk-sharing Localized Islamic finance experiments took place in the 1960s in Egypt and Malaysia Islamic finance was born as a rebellion against colonialism and for self-determination The idea was to provide an ethical alternative to the Western-dominated international financial system based on the Quran Persian Gulf countries—which were both suddenly incredibly rich with petro-dollars and extremely conservative in religious belief—took Islamic finance beyond local experiments and created the Saudi Arabia-based Islamic Development Bank in 1975 followed by the Dubai Islamic Bank in 1979 Because the establishment of the first sharia-compliant institutions coincided with the rapid economic development of their home countries a large share of Islamic investments went into the construction and real estate sectors sharia-compliant finance remained somewhat immune to the subprime loan crisis which generated a lot of interest Islamic finance then surged across the globe at an average yearly growth rate of 10%–12% Islamic bonds also known as sukuks began to be issued in the late 1990s Although they often serve the same purpose as regular bonds they should be viewed as certificates of asset ownership rather than as debt obligations The trend really took off in 2006 when total sukuk issuance reached $20 billion It peaked at $137 billion in 2012 before the pace slowed down total Islamic bond issuance reached $168 billion there are over 1,650 Islamic financial institutions spread all over the world and total sharia-compliant assets represent $3.9 trillion Although Islamic finance is less than 1% of the global financial market While consolidating their existing markets sharia-compliant entities have started to branch out into new territories In a world that increasingly worries about environmental some depositors and investors see Islamic finance as an ethical way of dealing with their money provides education to 200 children from seven surrounding villages ‘the children were reluctant to use the previous facilities due to the poor condition of the buildings,’ explains DOMAT our challenge was to rebuild the facilities balancing low cost and durability for the rural context as well as encouraging the children to build up daily habits that can last throughout their lives.’ the building has been designed to be as approachable and welcoming as possible the architects began by designing a two-storey building this reduced the building’s footprint and cost and kept the structure away from the surrounding slopes the building’s tapered form and its open circulation routes were designed to encourage students to approach the facilities with a hand-washing basin serving as the scheme’s focal point almost all of the materials used have come from the local village a simple stack-effect was achieved using solar chimneys passing through the upper shower block to allow natural ventilation to the toilets below grey-water from the showers is reused to flush toilets are readily available and simple for the villagers to maintain the building’s program is split between two levels the hand-washing basin serves as the scheme’s focal point the project encourages children to practice daily hygiene habits the shower rooms are found on the upper storey open circulation routes help create a serene and calm environment the building’s tapered form keeps it away from the surrounding slopes the facility is located in a remote village in china’s yunnan province name: hygiene station for cattlefield village school location: cattlefield village china architect: DOMAT limited team: maggie ma juliette song donor: KPMG foundation supporting donor: yongde county education bureau date: completed in april 2017 area: 178 sqm / 1,915 sqf site area: 308 sqm / 3,315 sqf projected cost: RMB 606,000 (approx interior furniture and solar water heating system project manager: yongde county education bureaud local design institute: kunming zhuozhu architecture design co contractor: yunnan yong xin construction company limited list of material/product used: grey bricks (from local village) toilet fitments and ironmongery (from banka town) AXOR presents three bathroom concepts that are not merely places of function but destinations in themselves — sanctuaries of style unveiled an ambitious $30 billion investment plan aimed at boosting the emirate’s oil production capacity by 40% The target is to increase output from 2.8 million barrels per day (bpd) to 4 million bpd by 2040 is venturing into offshore exploration with a 6,000-square-kilometer area under review has already made significant strides with the discovery of two new fields: the 74-square-kilometer Al-Jlaiaa field which could contain up to 2.1 billion barrels of oil and 5.1 trillion cubic feet of natural gas New gas discoveries are of particular interest to Kuwaitis who currently rely on imports to meet local consumption needs The oil discoveries could pave the way for new business opportunities as well While Kuwait remains cautious about foreign involvement in its hydrocarbons industry KOC last year signed a contract with US-based SLB for the drilling of 141 new wells Kuwait’s hydrocarbons strategy does not stop at increasing production; it also includes enhancing existing infrastructure the emirate inaugurated the $30 billion Al Zour refinery Kuwait’s largest and the seventh largest in the world Al Zour is set to elevate the country’s refining capacity to 1.42 million bpd Kuwait is looking to streamline its tentacular network of hydrocarbon institutions the government mandated PwC’s international consulting firm it may be ready to merge some of these entities in a bid to boost efficiency Local media are already reporting on potential mergers between Kuwait National Petroleum Company and Kuwait Integrated Petroleum Industries Company as well as KOC and Kuwait Gulf Oil Company Lebanon - In this village on Lebanon’s border with Syria his wife and their four children sat despairingly in the derelict garage they call home When US President Donald Trump signed an executive order banning travellers and refugees from seven Muslim-majority nations including Syria last month this family from Homs had been in the midst of their final preparations to cross the Atlantic even with the temporary ban overturned by federal judges Abou Ahmad fears his family’s American dream is slipping away 'The image we have of America is going to change Everyone in the world is going see America through bad eyes now' I had even arranged for my parents to come from Syria I have not seen them in more than four years I wanted to say goodbye,” the former house painter told MEE Abou Ahmad’s family had been chosen to be part of a rare resettlement programme overseen by the United Nations The beneficiaries were selected from among those considered to be most vulnerable within the refugee population he and his six-year-old son suffer from familial Mediterranean fever a hereditary disease that causes frequent strikes of pain and severe fever “The most important reason for us to leave was the child We want him to receive proper treatment as soon as possible,” said the boy’s mother the resettlement programme is still on hold Abou Ahmad stares at the television for news of the United States 'All Trump wants is tall blond people with blue eyes even the American people are protesting against the ban It’s not like we stood at the gates of the embassy begging for asylum In the resettlement programme refugees are not allowed to chose the country where they will go About 100 Syrian refugees live in the nearby camp of Majdl Anjar 010 where the travel ban is the talk of the town even among those with no plans to go to the US a middle-aged vet from Homs who now volunteers with local NGOs All he wants is tall blond people with blue eyes where are we going to find them here?” he said the United States was the country of freedom and democracy but this blows it away The image we have of this country is going to change Everyone in the world is going see America through bad eyes now.” Since the beginning of the Syrian conflict in 2011 Lebanon has received over a million refugees making it the country with the highest density of refugees worldwide According to the United Nations High Council of Refugees (UNHCR) 411 refugees who were due to be resettled to the US are now stranded in Lebanon including 195 Syrians expressed serious concerns about the consequences of the travel ban during a visit to Lebanon “Refugees share the very same concerns about security and safety that Americans have The individuals and families UNHCR refers to governments for resettlement are the most vulnerable – such as people needing urgent medical assistance “The new homes provided by resettlement countries are life-saving for people who have no other options Those accepted for resettlement by the United States after a rigorous US security screening process are coming to rebuild their lives in safety and dignity.” The refugees’ anxiety is also palpable in Beirut Seifa lives in the popular district of Hamra she was also supposed to be resettled to the United States For this 36-year-old transgender Syrian national the American dream meant walking down the street wearing a dress she lives locked up in her apartment because her change of sexual identity makes public appearances dangerous who was later resettled to a European country They hit us both and then they stabbed me,” she recalled with a soft voice Although Lebanon is usually perceived as being one of the most LGBT-friendly countries in the region homosexuality is illegal and punishable by up to a year in prison Seifa has been arrested and jailed for several days twice Although no legal charges were pressed against her “There are a lot of army and police checkpoints in Beirut something very serious is going to happen to me.” Seifa is also under threat from her family which originates from a tribal village at the Syrian border with Iraq In 2010 her uncle forced her to marry a woman She has not seen her family since but they are looking for her and have threatened to kill her a number of times They tell me I must wait but I’m not sure how long this can last' The resettlement plan to the United States was her last hope for a better future I can’t stop thinking that if the United States doesn’t want me then no one else will,” she said I need to leave this place but what can I do They tell me I must wait but I’m not sure how long this can last,” she said One of the only people who still visits Seifa regularly is Charlotte Bertal an international NGO which provides legal assistance for people who sign up for resettlement programmes the travel ban measures are absurd because they are not based on legitimate fears “What needs to be clear is this executive order has no rational justification Refugees are not a threat to the United States the US administration screens their profiles multiple times A terrorist would never try to access America that way,” she said “This decision has devastating effects on the refugees We are talking about people who have been waiting for months sometimes years for a chance of a new life Copyright © 2014 - 2025. Middle East Eye Only England and Wales jurisdiction apply in all legal matters Middle East Eye          ISSN 2634-2456                      A group of six houses and living spaces representing the best achievements in residential design globally have been announced by the Architectural Review as part of the 2023 AR House awards and optimism” tied to “social and political relevance” in what is now the competition’s twelfth edition A range of modular furniture designed for low-income apartment dwellers living in Hong Kong’s subdivided unit (or SDU) residential buildings from the local studio Domat won the top prize followed by a 'highly commendable' workforce housing project for rubber workers in Mexico.  Juror Stephanie Davidson complimented Domat's designs as being “noble necessary and radical,” adding that she saw in the project an “interesting contemporary and contextual extension of the Existenzminimum.”  Ghotmeh joined her in saying the work demonstrates a “close listening to daily postures,” adding it also represents “both a quick response to people’s needs and a smart use of materials.” Daniel Tudor Munteanu added finally: “Architecture cannot heal a sick political and economic system the architect should go beyond the figure of the ‘public intellectual’ — who makes ‘correct systemic diagnoses’ — to become an activist spatial practitioners can then help to temporarily relieve chronic pain in the social body.” Manuel Cervantes Estudio’s mix of temporary and permanent housing for rubber workers in the Mexican state of Chiapas garnered recognition for its ability to challenge pre-conceived notions of privacy and permanence while responding to the needs and challenges inherent in delivering homes for a transitory mode of life Ghotmeh said: “The project responds to a pressing need and shows the power of architecture in transforming people’s well-being.” Four additional projects were also selected as 'commendable' designs. They included the Terraced House in Japan by Atelier Luke; MOCT Studio’s UK Small House design; Denmark’s House 14a from Pihlmann Architects; and the Itu House in Brazil by RADDAR which the jury lauded as “an essay in intelligent adaptive reuse.” They follow last year’s winner, Yuka to Tenjo (Floor to Ceiling House) by Kochi Architect’s Studio.  UNESCO ANCIENT THEATRE: Valorising an Extraordinary Historical Heritage 50,000€ Prize / Mujassam Watan Urban Sculpture Challenge 500,000€ Prize / Free registration / DUBAI URBAN ELEMENTS CHALLENGE South Korea Green Hydrogen Market Analysis: Plant Capacity Copyright © ChemAnalyst - 2020 | Terms & Conditions | Privacy Policy This report assesses information in the International Atomic Energy Agency (IAEA’s) quarterly report for November 11 Verification and monitoring in the Islamic Republic of Iran in light of United Nations Security Council resolution 2231 (2015) focusing on Iran’s compliance with the limits in the Joint Comprehensive Plan of Action (JCPOA) 1) Iran’s low enriched uranium (LEU) stock now exceeds by twelve-fold the limit set in the JCPOA Iran had a stockpile of about 3613.8 kilograms (kg) of LEU (hexafluoride mass) or the equivalent of 2442.9 kg (uranium mass) 215.1 kg LEU is a stock of LEU enriched up to 3.67 percent before July 8 The remainder is 1535.1 kg enriched to more than 2 but less than 4.5 percent 3) Overall monthly LEU production again decreased slightly from 165.1 kg per month (uranium mass) as of the previous reporting period (May 2020 to August 2020) to 146.7 kg per month during this reporting period (August 2020 to Nov 2020) This decrease only affected the below 2 percent LEU production The monthly average production of 2 to 4.5 percent LEU increased slightly 4) Iran’s estimated breakout time as of early November 2020 is as short as 3.5 months Iran now has sufficient low enriched uranium to produce enough weapon-grade uranium for a second nuclear weapon where the second one could be produced more quickly than the first as little as 5.5 to 6 months to produce enough weapon-grade uranium for two nuclear weapons 5) Iran’s total estimated enrichment capacity decreased slightly to 6963 separative work units (swu) per year during this reporting period while indicative of Iran’s total enrichment output 6) Iran is starting the process of installing advanced centrifuges in the Natanz Fuel Enrichment Plant (FEP) in violation of the JCPOA The transfer of centrifuges from the Natanz Pilot Fuel Enrichment Plant (PFEP) to the FEP resulted in a temporary 10 percent decrease in enrichment capacity 7) Iran is installing three full cascades of advanced IR-2m and IR-6 centrifuges at the underground Natanz Fuel Enrichment Plant representing a potential additional enrichment capacity of 2152 swu/yr the equivalent of installing an additional 2391 IR-1 centrifuges to the currently operating 5060 IR-1 centrifuges 8) Iran continued to operate the Heavy Water Production Plant but its stock of heavy water decreased to 128.5 metric tonnes below the nuclear deal’s heavy water limit It continues to find international buyers for small quantities of heavy water and to use limited amounts of heavy water in domestic R&D activities related to medical applications 9) The IAEA’s JCPOA verification report harshly criticizes Iran for not addressing a critical issue involving undeclared nuclear material and activities concluding that Iran’s explanations are “unsatisfactory” and “not technically credible.” The IAEA’s judgment relates to the agency’s finding of undeclared refined uranium particles at a warehouse in the Turquz Abad neighborhood of Tehran a safeguards issue under the Nuclear Non-Proliferation Treaty (NPT) and should be addressed via a resolution by the Board of Governors at its next meeting on November 18 to 20 where the Board should register its dissatisfaction with Iran’s actions 10) Related to findings regarding the Turquz Abad issue is the IAEA’s investigation of undeclared materials and activities at two sites in Iran the Tehran pilot uranium conversion plant and the Marivan site which were part of Iran’s nuclear weapons program in the early 2000s the IAEA did not report on this issue either in this report or a separate safeguards report It should inform the Board fully on the status of this investigation so the Board can be aware of Iran’s compliance or lack thereof This issue should be merged with the issues surrounding undeclared uranium at Turquz Abad; after all – they are all linked 11) Iran has not pursued the construction of the Arak heavy water research reactor (IR-40 Reactor) based on its original design It also has not produced or tested natural uranium pellets or fuel assemblies for the original reactor design 2019 that Iran was enriching up to a level of 4.5 percent the IAEA’s most recent verification date on enriched uranium stocks Iran possessed a total stockpile of about 3613.8 kg of low enriched uranium (hexafluoride mass) Iran added 337.5 kg (uranium mass) to its low enriched uranium stockpile during this latest reporting period The IAEA reports that of the 2442.9 kg figure Iran has a stock of 1535.1 kg of LEU enriched between 2 percent to 4.5 percent (uranium mass) and 692.7 kg enriched in advanced centrifuges up to 2 percent (uranium mass) at the Natanz Pilot Fuel Enrichment Plant (PFEP) is uranium enriched up to 3.67 percent before July 8 Iran possessed 2270.9 kg of up to 4.5 percent but greater than 2 percent enriched uranium 1024.7 kg of uranium enriched up to 2 percent and 318.2 kg of uranium enriched to about 3.5 percent (produced before July 8 Not all of the LEU enriched between 2 and 4.5 percent was produced at the Natanz and Fordow Fuel Enrichment Plants; an unstated amount was produced in advanced centrifuges at the Pilot Fuel Enrichment Plant at Natanz the IAEA reported that Iran operated no more than 5060 IR-1 centrifuges in 30 cascades Iran withdrew 20 IR-1 centrifuges from storage to replace broken ones in these cascades The reduced number could imply the IR-1 centrifuges were working better Iran is starting the process of installing advanced centrifuges in the FEP stating that instead of installing new advanced centrifuges in the FEP and then ending the operation of the three corresponding cascades at the PFEP it will move the three production-scale cascades from Lines 4 and IR-6 cascades (see PFEP section below) the IAEA verified that Iran had installed the headers and subheaders for these three cascades in one of the FEP’s enrichment units the IAEA verified that Iran had installed the cascade of IR-2m centrifuges inspectors verified that this cascade was connected to the feed and withdrawal stations but was not being fed with uranium hexafluoride inspectors saw that Iran had started installing the cascade of IR-4 centrifuges from Line 4 but had not yet begun installing the IR-6 centrifuges from Line 6 will significantly increase the enrichment output of the FEP the Fordow plant is enriching uranium in six cascades containing 1044 IR-1 centrifuges in one wing or unit of the plant called Unit 2 An additional 12 IR-1 centrifuges were installed in a layout of 16 IR-1 centrifuge positions and one IR-1 centrifuge was installed in a single position in Unit 2; all were involved in initial research and development activities related to stable isotope production 1057 IR-1 centrifuges were installed in Unit 2 of the FFEP Iran continued to take steps during the IAEA reporting period to violate the JCPOA’s limitations on advanced centrifuges The following summarizes the deployment of advanced centrifuges in the six lines at the Natanz Pilot Fuel Enrichment Plant (PFEP) as of the end of the IAEA reporting period Iran is no longer uniformly remixing the product and tails (waste) from advanced centrifuges meaning that Iran is accumulating enriched uranium at the PFEP a total of 692.7 kilograms (uranium mass) of uranium enriched up to two percent had been collected from lines 2 and 3 of the six lines at the PFEP; 53.9 kilograms during the last reporting period The IAEA does not provide the average enrichment of this material although it can be safely assumed that it varies from just above natural uranium (0.71 percent uranium 235) up to 2 percent uranium 235 This average value matters because the amount of separative work to make a quantity of two percent enriched uranium is several times the amount needed to make the same quantity of one percent enriched uranium The IAEA did not reveal how much enriched uranium was collected in lines 4 but included this enriched uranium in the total amount of LEU enriched up to 4.5 percent Lines 2 and 3 contained a variety of centrifuge types and numbers as of the end of the last reporting period (November 10 of all the centrifuges installed in lines 2 and 3 (about 63 centrifuges in total) that were accumulating enriched uranium (so far about 692.7 kg Iran was testing the following single centrifuges with uranium hexafluoride in lines 2 and 3 but not accumulating enriched uranium: Iran also accumulated enriched uranium in lines 4 Iran had dismantled the cascade of IR-2m (previously containing 164 centrifuges) in Line 5 for deployment in the FEP It also announced that it will move the centrifuges in Lines 4 and 6 to the FEP Line 4 contained a redeployed cascade of 152 IR-4 centrifuges Line 6 contained a cascade of 110 IR-6 centrifuges The IAEA did not specify how much enriched uranium had been produced so far in these lines This enriched uranium is likely included in the IAEA’s aggregate reported amount of enriched uranium enriched of more than 2 percent and up to 4.5 percent The production-level cascades of IR-2m and IR-4 centrifuges represent Iran’s most successful advanced centrifuge types When previously operated in a production-scale cascade each IR-2m centrifuge had an enrichment capacity of about 3.7 swu per year The cascade of 164 centrifuges installed at the FEP thus has an estimated enrichment capacity of about 607 swu per year This is equivalent to about 675 IR-1 centrifuges operating in production cascades where each IR-1 is assumed to have a capacity of 0.9 swu per year The IR-4 has a lower capacity than the IR-2m The production-scale cascade of 164 centrifuges would have a total output of about 541.2 swu per year Line 4 has 152 IR-4 centrifuges with a separative output of 501.6 swu per year Line 6 at the PFEP held 110 IR-6 centrifuges in a single cascade (down from 120 during the last reporting period) Iran stated earlier that the line will hold 164 IR-6 centrifuges in a cascade; but it recently announced that it was moving this cascade to the FEP The IR-6 has a single machine estimated capacity of 6.8 swu per year No recent data are available publicly on its performance in this cascade Assuming that the cascade value would be about 90 percent of the capacity achieved by an IR-6 operating by itself 110 IR-6 centrifuges in cascade would have an output of about 673.2 swu per year and a cascade of 164 IR-6 would have total capacity of about 1,000 swu per year or the equivalent of about 1,115 IR-1 centrifuges Iran announced that it would replace the inoperable cascade of IR-1 centrifuges in Line 1 with IR-5 and IR-6s centrifuges in a full cascade of 172 centrifuges or two intermediate cascades of 84 centrifuges the IAEA verified that Iran had not begun installing the subheaders necessary for the installation of these centrifuges in Line 1 Based on an extrapolation of centrifuge enrichment outputs this additional cascade could add an estimated 727 swu per year to Iran’s total enrichment capacity Iran is planning to “transfer a part” of the PFEP to “building A1000,” which houses the production hall at the FEP aiming to concentrate all enrichment research and development in this area The timeline for the move was not provided Tehran continued to violate an additional JCPOA limitation by conducting mechanical testing of centrifuges at the Tehran Research Centre and a workshop at Natanz the IAEA verified that Iran had conducted mechanical testing of three IR-4 centrifuges simultaneously for 42 days It also verified that Iran had not started using a new location Iran is developing a large number of centrifuges simultaneously The centrifuges under development at the PFEP include: IR-1 No information was provided in the IAEA report on how well each of these centrifuges work a centrifuge program with such characteristics is likely failing at developing a commercially viable centrifuge although several of these centrifuges could work adequately in a nuclear weapons program Table 2 summarizes the enrichment capacity by facility Iran’s enrichment capacity has decreased from an estimated 7693.08 swu/yr to 6962.72 swu/yr during this reporting period assessed to be temporary only due to the changes at the PFEP This total enrichment capacity represents the equivalent of 7736 IR-1 centrifuges this entire capacity cannot be used in a breakout since many of the advanced centrifuges are not properly organized to contribute meaningfully to a breakout The Institute’s breakout calculator is used to estimate current breakout times based on Iranian LEU stocks and installed enrichment capacity An enrichment capacity at the Natanz and Fordow Fuel Enrichment Plants as drawn from the latest IAEA report The enrichment contribution from advanced centrifuges at the Pilot Fuel Enrichment Plant is not included as their use in a breakout would be complicated and likely not contribute to reducing breakout timelines the newly installed IR-2m cascade in Natanz FEP is not yet included but will be considered in future estimates; Only LEU stocks above two percent enriched are used Stocks of less than two percent enriched uranium are not used since to do so would require additional modifications of the cascades to handle lower enrichments likely significantly slowing or contributing only slightly rather than speeding up breakout timelines; and removed from the Natanz FEP prior to the JCPOA’s Implementation Day; however the rest of the centrifuges deployed are IR-1 centrifuges from Iran’s existing stock Iran may in fact deploy additional advanced centrifuges but this effect is not yet included in this estimate because of uncertainties about the additional number of advanced centrifuges in existence or the quantity that could be produced in the relatively short period of a breakout particularly in light of the destruction of the Iran Centrifuge Assembly Center last summer As Iran deploys its advanced centrifuges in the FEP over the coming months the assumption about the deployment of IR-1 centrifuges will be reevaluated Iran’s stock of LEU has grown sufficiently to not only decrease breakout timelines to a minimum for this level of enrichment capacity but to produce enough weapon-grade uranium for a second nuclear weapon if Iran’s stock of uranium enriched up to 4.5 percent (2271 kg uranium hexafluoride mass) is taken as all 4.5 percent enriched then its current stock has grown sufficiently to support the production of enough weapon-grade uranium for two nuclear weapons breakout for one nuclear weapon can be accomplished in 3.1 months utilizing only this stock of enriched uranium Including a two-week setup time would increase this value to 3.6 months a second significant quantity of weapon-grade uranium could be produced two months later The second could be produced more quickly because of the increased enrichment capacity installed during the first three months of breakout enough weapon-grade uranium could be produced for two nuclear weapons in 5.5 months Both scenarios are calculated because of the lack of information about the average enrichment of the LEU stocks If the average of the range of 3.1 to 3.9 months is used the estimated breakout time as of early November 2020 is as little as 3.5 months It is also the case now that Iran could produce its second amount of weapon-grade uranium If the new IR-2m cascade at the FEP were included the breakout timelines would drop by about five percent viewed as within the error of the original breakout estimate The decrease would become significant if all three advanced centrifuge cascades were installed and all work effectively Iran continued to operate the HWPP during the reporting period and shipped out heavy water to unknown buyers the Agency verified that the HWPP was in operation and that Iran’s stock of heavy water had decreased to 128.0 metric tonnes (-0.5 metric tonnes since the previous quarterly report).” The nuclear deal’s heavy water limit is 130 metric tonnes Iran produced 3.0 metric tonnes of heavy water and exported 2.2 metric tonnes ostensibly to one or more unidentified buyers Iran used 1.3 metric tonnes for the production of deuterated compounds for medical applications It continued to permit IAEA monitoring of its heavy water production activities It remains unclear whether Washington is pressuring such buyers of Iran’s heavy water to halt purchases or considering sanctions against those it identifies The IAEA again reported that Iran “has not pursued the construction of the Arak heavy water research reactor (IR-40 Reactor) based on its original design.” It also “has not produced or tested natural uranium pellets fuel pins or fuel assemblies” for the original reactor design The IAEA reported that Iran continues to provisionally apply the Additional Protocol which it agreed to do under the terms of the JCPOA The IAEA stated that it “continues to evaluate Iran’s declarations” and “has conducted complementary accesses under the Additional Protocol to all the sites and locations in Iran which it needed to visit.” The IAEA reported that it has not yet been able to reach a Broader Conclusion for Iran “Evaluations regarding the absence of undeclared nuclear material and activities for Iran are ongoing.” Uranium particles found at the Turquz-Abad warehouse it took environmental samples and detected “uranium particles of anthropogenic origin.” The IAEA also reported new information about the types of particles it found at the site: “isotopically altered particles of low enriched uranium Iran appears to be stonewalling the IAEA’s investigation Although this issue was reported in a quarterly verification report with respect to the JCPOA an issue rightly under Iran’s NPT safeguards agreement the IAEA Board of Governors has the authority to address this issue and should address Iran’s non-cooperation at its meeting from November 18 to 20 Since the previous reporting period, the IAEA reportedly visited and took samples at these two sites, but has not yet reported its findings. 6 The IAEA is seeking to determine whether these sites involved undeclared nuclear materials and account for any undeclared nuclear material present or previously located at the sites After months of delay in granting access to these two sites the IAEA Board of Governors demanded in a June 2020 resolution that Iran permit access It should brief the Board on its findings to date 2. David E. Sanger and William J. Broad, “Iran Crosses a Key Threshold: It Again Has Sufficient Fuel for a Bomb,” The New York Times, March 3, 2020, https://www.nytimes.com/2020/03/03/world/middleeast/iran-nuclear-weapon-trump.html ↩ 3. John Irish and Arshad Mohammed, “Netanyahu, in UN Speech, Claims Secret Iranian Nuclear Site,” Reuters, September 27, 2018, https://www.reuters.com/article/us-un-assembly-israel-iran/netanyahu-in-un-speech-claims-secret-iranian-nuclear-site-idUSKCN1M72FZt ↩ 5. David Albright, Sarah Burkhard, Frank Pabian, “The Amad Plan Pilot Uranium Conversion Site, Which Iran Denies Ever Existed,” Institute for Science and International Security, November 9, 2020, https://isis-online.org/isis-reports/detail/the-amad-plan-pilot-uranium-conversion-site ↩ 6. “UN Nuclear Watchdog Inspects Second Iranian Site as Agreed with Tehran,” Reuters, September 30, 2020, https://www.reuters.com/article/us-iran-nuclear-iaea/u-n-nuclear-watchdog-inspects-second-iranian-site-as-agreed-with-tehran-idUSKBN26L1FW ↩ All Contents Copyright of Institute for Science and International Security 1993-2025.       Privacy and Cookie Policy You are using an outdated browser. Please upgrade your browser to improve your experience Axpo and Rhiienergie have opened the first green hydrogen production plant in Switzerland’s Graubünden canton is located next to the Reichenau hydropower plant in Domat/Ems and can produce up to 350 tpy of green hydrogen The inclusion of hydrogen in the energy mix will play an increasingly important role in ensuring the future security of supply have opened their first jointly owned hydrogen production plant at the Reichenau hydropower plant The 2.5 MW plant produces up to 350 tpy of green hydrogen making it the largest plant of its kind in Switzerland The hydrogen produced can replace the use of up to 1.5 million l/y of diesel The plant’s green hydrogen is produced by water electrolysis using green electricity from the adjacent hydroelectric power plant The process is therefore entirely free of any carbon dioxide emissions The produced hydrogen is compressed in the plant enabling its convenient delivery to refuelling stations and industrial customers in the future said: “There are still a few hurdles to overcome sustainable and renewable energy carrier’s potential.” The plant’s inauguration was attended by representatives from politics and business In addition to local councillors from the Domat-Ems municipality Graubünden Cantonal Councillor and Energy Minister The pioneering new facility is connected directly to the Reichenau run-of-river hydropower plant This enables the climate-neutral production of green hydrogen making it the first such facility in the Graubünden region added: “I’m convinced that green hydrogen will play a key role in our future energy supply Rhiienergie and Axpo have realised an impressive flagship project.” Head of canton’s Department of Infrastructure concluded: “The hydrogen plant fits perfectly with efforts to exploit the potential of green hydrogen in the Alpine region and the canton's endeavours to achieve its climate and energy goals.” The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy before moving on to a regional report from Théodore Reed-Martin looking at the state of renewables in Europe This issue also hosts an array of technical articles on electrical infrastructure Read the article online at: https://www.energyglobal.com/other-renewables/29042024/axpo-and-rhiienergie-open-largest-green-hydrogen-production-plant-in-switzerland/ Lantana Capital Ltd has been appointed as the mandated sell-side advisor for the public auction of Heliosphera SA's bankrupt solar panel factory in Tripoli Embed article link: (copy the HTML code below): Already a member? Sign in here Please enable JS and disable any ad blocker Sizable energy-crisis returns lead Qatar to diversify its investments globally Qatar Sports Investment bought a 22% stake in Portugal’s top-tier football team The $18.5 million acquisition immediately raised controversy with Portuguese Barga supporters who waved a “Qatari slavers are not welcome” banner during a game in reference to Qatar’s track record of alleged human-rights abuses SC Barga is just a tiny step in a long road of European investments Doha has imposed itself as a strategic partner for most Western governments supporting multiple sectors of the economy— from sports clubs and fashion brands to landmark real estate “Qatar is probably the most Western-leaning country in the Gulf at the moment,” says Andreas Krieg an associate professor at London’s King’s College Already one of the world’s wealthiest countries Qatar is enjoying a fossil fueled windfall from Russia’s invasion of Ukraine While the rest of the world is struggling with a looming recession in the aftermath of the Covid-19 pandemic and the ongoing war Qatar forecasts almost 5% GDP growth in 2022 The International Monetary Fund expects the country’s budget surplus to grow 57.6% from $12.2 billion this year to $19.3 billion in 2023 Qatar no longer wants to be just a rich country: It wants to be powerful the Persian Gulf state has used its massive wealth to acquire international influence Most of the investments are channeled through the Qatar Investment Authority (QIA) a $450 billion sovereign wealth fund Qatar created in 2005 including Qatar Holding; Qatar Sports Investment; Katara hospitality; Kasada Capital and Qatari Diar Other investment arms include the Qatar Foundation All these bodies are closely tied to the ruling Al-Thani family “The country’s strong general government net asset position remains a credit strength and we expect it to increase over the period to 2025 supported by investment returns on Qatar’s sovereign wealth fund,” S&P Global Ratings said in a November statement in which it upgraded the country from AA- to AA.  However “full public disclosure of data is lacking in several areas such as the composition of government assets or the broader international investment position which complicates our assessment of risks,” the agency pointed out The UK was the first destination for Qatari FDI of more than  $40 billion The emirate bought some of Britain’s most prized real estate countless private homes in London’s most desirable districts The number of homes owned by Qatari individuals in the UK doubled between 2018 and 2021 shows a recent study by Doha-based real estate firm Alford Hughes Qatar has bought so much that it is now the tenth-largest landowner in Great Britain Qatar’s purchases are not only lavish spending; the Gulf state invests in assets that will yield positive returns “There is obviously this element of ‘We want to buy influence,’ but it doesn’t necessarily have to come at the expense of generating a profit,” says Krieg the QIA has acquired equity in some of the UK’s biggest companies British Airways and even the London Stock Exchange According to data compiled by the Guardian Qatar generated $545 million in dividends from UK-listed firms in the first 10 months of 2022 alone Qatar evolved from being a provider of capital to a business partner looking to support growth and enhance local companies the QIA announced a $110 million deal with Rolls Royce to develop a tech hub specialized in green engineering innovation The project could create up to 10,000 jobs between Northern England and Doha where he promised to invest another $12.4 billion in a strategic investment partnership to support key industries such as the financial sector France and Germany are the second- and third-largest recipients of Qatari investments in Europe with an estimated $27 billion and $24 billion Qatar bought luxury real estate in Paris and took equity in a variety of leading French firms: media group Lagardere football club Paris Saint Germain and French hospitality group Accor France has been encouraging these investments through tax exemptions Analysts argue that they represent a $150 million to $200 million financial loss for the French state Qatar is the biggest shareholder of the car manufacturer Volkswagen Group and holds stakes in technology company Siemens shipping firm Hapag-Lloyd and construction giant Hochtief Qatar’s investments have attracted severe criticism in Europe ranging from claims of unfair privileged treatment regarding tax exemptions to accusations of human rights abuses “Qatar needs to invest more into projects that generate a trickle-down effect for the working class that could allow them to say we are now a critical component of growth and development,’” adds Krieg Qatar is investing more in supporting local communities creating jobs and developing sectors with positive environmental and social impact Sheik Tamim promised to inject an additional $10 billion into Germany focusing on local small and midsize enterprises When he returned to meet the chancellor in May 2022 he signed an enhanced energy cooperation deal to help Germany diversify its energy supplies and push forward with its green ambitions.   Qatar announced a $2.38 billion investment to support German oil giant RWE’s acquisition of US Con Edison Clean Energy essentially giving money to RWE to invest in America Qatar kills two birds with one stone: It supports a major European partner and secures a spot in a critical new energy market in the US.  The most well-known deal is the Golden Pass—a $10 billion joint venture between Qatar Energy and Exxon Mobil to build North America’s biggest liquified natural gas (LNG) exporter in Texas Already the biggest LNG exporter in the world Qatar owns 70% of the Golden Pass facilities Along with prime real estate in New York and Washington,  DC Qatar is casting its investment net broader “Our investments are mainly located in the USA’s sun belt or cities with a positive influx of demographics,” says Alexandre Bernassau a Qatari Islamic bank formerly known as Qatar First Bank with very well-defined purchasing and selling protocols and lots of buyers and sellers as the Qatari riyal is pegged to the US dollar.” Qatar has been investing massively in cutting-edge tech technologies worldwide in sectors ranging from energy transition to medical innovation and fintech the QIA led a $250 million round in France’s Innovafeed a biotech company that produces insect-based protein it led a $400 million round in a US-German process mining company Celonis the Qataris invest in securing access to critical infrastructure and energy resources Qatari officials said the country would be willing to invest in Lebanon’s offshore gas exploration after the maritime border issue was settled with Israel Qatar also invested in oil extraction infrastructures in Namibia Qatar’s investments are also preeminent in Asia the Qataris’ curiosity seems piqued by Africa where local media reports indicate that Qatar could invest up to $20 billion including a $2.5 billion deal for a 20% share in telecom provider Vodafone Egypt French connections are also helping Qatar step into sub-Saharan Africa’s tourism sector Kasada Capital acquired a beach resort in Senegal as part of a $500 million venture with French hospitality group Accor to invest in 40 hotels in sub-Saharan Africa Islamic finance has established itself as a significant player in global finance with thousands of institutions around the world this sector is no longer limited to the devout clientele of Muslim countries in the Middle East and Southeast Asia It has successfully gained market share in Europe where a diverse clientele is drawn to the Sharia-compliant principles of risk-sharing and social responsibility As global investors increasingly prioritize sustainability and ethics Islamic banking’s alignment with these values positions it as a key player in the burgeoning sustainable finance movement Islamic banking has also proven resilience in turbulent economic times By prohibiting speculation and leveraging risk-sharing mechanisms Islamic banks have demonstrated their ability to withstand crises sometimes better than the conventional sector a strength particularly relevant for investors in today’s uncertain economic climate With a host of new financial innovations and robust regulatory backing Islamic banking is poised for a bright future Islamic finance is a way of doing financial transactions and banking while respecting Islamic law or sharia. Islamic finance hardly existed 30 years ago yet today is a $3.96 trillion industry with over 1,650 specialized institutions located all around the world. Islamic banks are by far the biggest players in the Islamic finance industry and account for $2,7 trillion or 70% of total assets. According to a 2023 State of Global Islamic Economy report total sharia-compliant assets are expected to grow to $5.95 trillion by 2026 Islamic finance only represents about 1% of global financial assets but with a compound annual growth rate of 9% it is expanding quicker than conventional finance In some geographies like the Gulf Cooperation Council (GCC) or Sub-Saharan Africa Islamic banks now compete directly with Western banks to attract Muslim clients So what is behind the success of Islamic finance The most famous rule in Islamic finance is the ban on usury this means lender and borrowers are forbidden from charging or paying interest or riba Sharia-compliant banks don’t issue interest-based loans The obvious question then becomes: how do Islamic banks make money Instead of lending money to their clients at a profit the refrigerator—and then lease it or re-sell it on installment to the client for a fixed price typically higher than the initial market value The key notion here is risk sharing—the banks make a profit on the transaction as a reward for the risk they took with the customer Islamic banks use their customers’ money to acquire assets such as property or businesses and profit when the loan is successfully repaid All Islamic finance investments, acquisitions, and transactions must reflect Islamic values. Dealing with anything illicit (haram) like alcohol production, pork breeding, arms manufacturing, or gambling is strictly forbidden. It is interesting to note that similar initiatives exist in other faiths—the STOXX Index for example only selects companies that respect Christian values This ethically-driven approach to business partly explains the success of Islamic banks at a time when many customers lack trust in the financial system sharia-compliant entities have proven themselves in times of crisis Because Islamic law holds that making money from money is wrong sharia-compliant institutions tend to refrain from engaging in speculation They traditionally avoid derivative instruments such as futures or options and prefer to have assets grounded in the real economy This substantially protected Islamic banks from the 2008 financial crisis sharia-compliant banks were not involved with toxic assets and resisted the shock better “Adherence to Shariah principles—which precluded Islamic banks from financing or investing in the kind of instruments that have adversely affected their conventional competitors—helped contain the impact of the crisis on Islamic banks”concluded a 2010 IMF report This is a major reason why Islamic finance now has a serious stable and trustworthy image around the world The tiny Persian Gulf state boasts a per capita GDP that is one of the highest in the world and its economy should grow a modest but steady 2.4% this year and 2.2% in 2024 according to the International Monetary Fund While in most parts of the world energy prices have become a source of daily anxiety and a public policy struggle Despite the initial pessimism for the world economic outlook at the beginning of 2023 growth forecasts gradually improved throughout the year countries continued to benefit from elevated oil and gas prices and OPEC production cuts,” says Adel Khashabi senior executive vice president of QNB Group Asset and Wealth Management “This further improved the already positive macro environment for the State of Qatar.” QNB Group is the MENA region’s largest lender by assets with $365 billion; it recorded 8% growth in net profit during the first nine months of 2023 Loans and deposits also increased by 7% and 4% from the previous year the bank reports Qatar sits on the world’s third-largest natural gas reserves and hydrocarbons account for 90% of its exports and 80% of revenue the authorities expect their North Field Expansion plan (NFE) to vault liquified natural gas production from 77 million tons per year currently to 126 million “Qatar continues to be one of the world’s largest LNG exporters,” says Joseph Abraham “Economic activity should continue to be supported by investment related to the North Field gas expansion and robust growth in logistics the bidding process for the North Field attracted oil majors from all over the world; QatarEnergy signed agreements with China National Petroleum Corp “The NFE is one of the largest capital expenditure projects regionally and industrial projects globally,” notes Khashabi who foresees huge growth potential for corporate banking as well “The project will include an equivalent expansion of Qatar’s refining Positive spillovers from these projects will combine with diversification efforts and structural reforms to boost economic activity and spending in the broader manufacturing and services sectors.” Selling all that extra gas should not be a problem Asian countries looking to break away from coal are already big LNG buyers and so is Europe as it combs the world for alternatives to Russian energy supplies LNG is widely expected to remain in high demand as a component of the energy transition doubling to reach 700 million tons a year by 2040 QatarEnergy hopes to be the world’s largest LNG trader Qatar transformed from a small desert state to one of the world’s richest nations; to manage all that wealth Qatar’s financial sector has maintained its competitiveness and profitability,” says Abraham bolstered by “a robust regulatory framework and prudent risk management practices.” Ongoing investments in infrastructure projects and Qatar’s status as a regional hub “have further supported the sector’s performance.” global consultant PwC found Qatari banks’ growing assets and profits reflect “high adaptability to the changing interest rate environment.” The Qatari riyal is pegged to the US dollar and the state’s monetary policy moves in sync with the US Federal Reserve stability indicators such as capital adequacy and cost of risk remained favorable,” PwC concluded we remain confident that the financial sector in Qatar is well-placed to adapt to recent changes and will continue to grow in the years to come.” While international institutions like the S&P Global cites external banking sector liabilities—mainly nonresident deposits—as the main weakness of Qatari banks these liabilities “declined significantly over 2022 prompted by Qatar Central Bank regulatory directives,” Standard & Poor’s latest assessment notes Qatari banks are among the region’s most active in segments like wealth management “New customer behaviours require a shift towards digitisation in the banking sector,” says QNB’s Kashabi “Qatari banks have taken this challenge on board and focused significantly on their digital transformation efforts.” QNB is currently waiting for regulatory approval to launch a new digital bank sustainability is a key imperative for the country and its people “This requires banks to adopt and develop new products and services that promote sustainable financing alternatives,” he adds “to support the transition towards a greener and carbon-neutral economy.” Qatar is looking to diversify its sources of revenue Some local companies have already built global brands such as Qatar Airways and telecom provider Oreedoo but the most significant diversification—involving petrochemicals such as helium polyethylene and methane—is happening closer to the oil wells and gas pipelines a partnership between QatarEnergy and Chevron will be the region’s largest petrochemical plant when it starts operating in 2025 Doha also wants to be a first mover in green energy production with plans to build a $1 billion blue plant producing ammonia—a fuel that converts to hydrogen—and solar farms and investing in innovative clean tech firms both at home and abroad The state has committed to cut greenhouse gas emissions 25% by 2030 energy production looks like fuel for wider ambitions Doha dreams of becoming a hub for virtually everything from financial services to businesses sports—it hosted the 2022 FIFA World Cup—and even diplomacy notably in facilitating mediation between the US and Afghanistan’s Taliban and more recently between Israel and Hamas To attract foreign capital and talent to Qatar the authorities recently enacted a series of reforms touching on labor laws Qatar received a record $29.78 billion worth of foreign direct investment as reported by the investment promotion agency Qatar Invest These FDIs trickled down to 135 new projects and created nearly 14,000 jobs Doha’s reward was an outlook upgrade late last year by Moody’s and a boost in Standard & Poor’s credit rating from AA- to AA citing high government surpluses on the back on increased energy revenues “The improvement in the country’s credit rating confirms the strength and flexibility of the local economy,” says Abraham “in addition to the financial stability witnessed by the country which increases the country’s attractiveness to foreign investments and contributes to reducing the cost of borrowing for the country and the institutions operating in it.” Qatar’s location between the markets and customers of the Mediterranean East Africa and the wider Indian Ocean give the country a significant competitive edge and the banking sector is adapting to make the market more accessible to foreign customers “One area of focus for Commercial Bank is our newly launched mortgage loans for resident expatriates and also for non-residents a pioneering product in the Qatari market providing non-residents the opportunity to invest in the rapidly growing real estate market with permanent residency benefits,” explains Abraham $275 million investment in the Qatar Stock Exchange and thereby diversifying the country’s capital markets by attracting more foreign asset managers capital and investment to grow the economy Qatar continues to project financial power internationally through its banks and the QIA Traditionally Qatari lenders tend to focus on the domestic market but as the country ambitions to take on a bigger international role QNB is the only really global Qatari bank but smaller lenders are starting to think about scaling abroad as well.  At regional level the first destination has always been the UAE but now the two biggest and most attractive markets are Saudi Arabia and Egypt The first for its fast transformation and seemingly illimited resources that open opportunities in wealth management for its 100 million+ tech savvy and widely underbanked population that equals growth potential for mobile money and digital tools Qatari lenders position themselves in strategic financial hubs like Paris This allows them to be closer to international markets attract globalized high net worth customers and diversify sources of funding  Qatari banks are also eager to strike partnerships with renowned international financial institutions to boost innovation recruit talent or learn best practices.  is now one of the world’s most active sovereign wealth funds The QIA and its subsidiaries invest massively abroad The UK and Europe remain the first destination for Qatari investments in prestige assets such as luxury brands The US—and more specifically Manhattan— is also a big draw; the QIA owns more than $9 billion in US assets including a stake in New York’s legacy Park Lane Hotel Qatari money is also increasingly venturing into the global south: to India where the QIA invested $1 billion for a 1% stake in Reliance Retail Ventures the Qatari government recently backed Argentina with a $775 million loan to repay its IMF debts  Qatari investors are looking at numerous portential deals and partnerships on the African continent as well: in infrastructure and energy French hospitality group Accor is shopping for investors in hotels This summer QIA reportedly weighed the idea of purchasing stakes in Egypt’s Vodafone Where did they actually end up making investments The exact composition of Qatar’s investments and assets abroad S&P points to the QIA’s lack of “transparency.” “Executive power remains concentrated in the hands of Emir Sheikh Tamim bin Hamad Al Thani and commander-in-chief of the country’s armed forces,” the report noted “Full public disclosure of data is lacking in several areas which complicates our assessment of risks.” That expansive verdict reaches beyond the QIA to the economy as a whole With its ambitious efforts to build its economy and project influence abroad Qatar clearly hopes that foreign investors will look past such concerns Islamic finance offers products and services that comply with Islamic law (sharia) but who decides what is and is not sharia-compliant and what mechanisms exist to enforce those judgments Each Islamic finance institution has a sharia supervisory board (SSB) The board is composed of at least three jurists They are paid by the bank but act as independent consultants Their role is both consultative and regulatory: They answer the staff’s questions SSBs decide what is allowed (halal) or forbidden (haram) based on the two main sources of Islamic law: the Quran and the Sunnah—or what the Prophet Muhammad reportedly said and did during his lifetime Board decisions are taken by majority vote and binding on the bank SSB members are typically religious scholars who specialize in Islamic jurisprudence they can also be non-Muslims experts who have studied such matters extensively Islamic finance has rapidly expanded across the world and finding qualified people to sit on SSBs has become challenging reputation is key and sharia non-compliance can be fatal to a bank A number of private firms have emerged over the past few years offering sharia compliance services or consultancies Their clients are Islamic banks but also conventional lenders and companies who wish to develop products or acquire certifications that will allow them to tap intothe Islamic market These consulting firms usually employ a group of Islamic scholars who function like an externalised sharia board providing guidance and issuing Islamic rulings (fatwas) in exchange for a fee At there international level, there are two supervisory bodies for Islamic finance: the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Malaysian Islamic Financial Services Board (IFSB) These bodies collaborate with institutions such as the IMF or the World Bank to promote sharia compliance globally The AAOIFI sets basic standards for the Islamic finance industry while the IFSB issues recommendations based on risk assessments AAOIFI standards are mandatory but in most countries their standards and recommendations are not binding It is up to each country’s government to enforce certain rules through their central banks who impose those rules on sharia boards In all countries—except Sudan and Iran—Islamic finance exists alongside conventional banking this means navigating a dual regulatory framework: the country’s laws and regulations as well as sharia compliance 46-year-old Bosun Tijani was appointed Nigeria’s minister of innovation and digital economy The former head of pan-African Co-Creation Hub incubator is the first member of the startup community to reach a government position highlighting how important the sector has become to Africa’s biggest economy African startups raised a record $5.4 billion in 2022 with more than a third of the money going to financial service companies African fintechs attracted $2.7 billion in venture capital reports Nairobi-based research network Disrupt Africa in its latest publication Egypt’s payment solution MNT Halan secured the biggest deal so far in 2023 and became the continent’s seventh unicorn with a $400 million round led by Chimera Abu Dhabi only a little over a year after it raised a prior $120 million the top deal was Nigeria’s payment service provider Flutterwave’s $250 million in Series D Funding followed by Lagos-based electronic payment and infrastructure provider Interswitch with $110 million and South Africa’s MFS Africa with $100 million.  Already one of the world’s fastest growing fintech markets With 90% of transactions still taking place in cash but hundreds of millions of young tech savvy people seeking new ways to transact the continent offers seemingly endless opportunities for entrepreneurs looking to help the continent leapfrog from coins and bills to digital The African financial services market is expected to grow 10% a year to reach $230 billion in revenues by 2025 up from $150 billion in 2020 says international consulting firm McKinsey “The factors driving fintech investment in Africa should continue growing in the coming years,” comments Mike David a New-York based private equity firm.  we are actually mainly talking about four countries: Nigeria this quartet often called the “Big Four” was home to 77% of the continent’s fintech companies and swallowed over 90% of funding Nigeria topped all the charts with a 32% market share over $1 billion raised in venture capital and 217 established fintechs Another group of about ten countries including Ivory Coast Rwanda or Ghana—where Google operates an AI research lab show strong potential but the majority of the continent is left far behind transfers and lending account for 81% of funding and are also the fastest growing sectors The reasons behind such high concentration are straightforward: With the vast majority of the population underbanked or simply unbanked but in possession of a smartphone fintechs are cheap and easy ways to transact “Payments are the basis for development across the board and technology will continue to be crucial in bridging the financial gap unique integrations will make it possible for people to access digital financial services in different strata opening the continent up to too much economic development,” says Tosin Eniolorunda group CEO of Moniepoint a startup that processes the majority of POS transactions in Nigeria and has recently entered digital banking there is still a lot of untapped opportunity,” says Chijioke Dozie co-founder of Carbon a Lagos-based digital bank that started operating in 2012 and disbursed over $120 million worth of loans in Nigeria The five million registered users company started off with retail customers and is now looking to target SMEs After unsuccessful attempts in Kenya and Ghana Dozie is also considering regional expansion through merger or acquisition in Egypt Ivory Coast or the Democratic Republic of Congo but cross-border scaling is a major challenge.  Interswitch or Fundamo pioneered the African first mobile payment revolution harmonizing transactions across the continent is still a distant dream Most payment systems are not interoperable and most central banks remain focused on domestic policies “Everybody says ‘go to different countries’ but it’s really difficult especially if you’re trying to get regulated in each jurisdiction,” says Dozie “The regulatory environment for fintech in Africa is still evolving and there is a risk that new regulations could stifle innovation or create headwinds for startups to operate” adds David Today digital transactions have become part of everyday life in most African countries there were almost 700 fintech firms operating across the continent Yet the pace of new launches is slowing down indicating that the ecosystem has entered a new stage Aside from a few landmark deals like Fundamo’s $110 million acquisition by Visa in 2011 or when US Internet payment giant Stripe bought Lagos-based Paystack for $200 million in 2020 mergers and acquisitions were fairly rare in the African fintech scene until now “These numbers are obviously still relatively small compared to more developed ecosystems but the tripling of fintech acquisitions within a two-year period is a significant statistic,” comments Disrupt Africa it its latest report “All of this will serve to embolden both investors and entrepreneurs in the sector.” Lagos-based Moniepoint received regulatory approval to purchase Kopo Kopo a Kenyan digital payments company and its “most significant acquisition to date” says Eniolorunda pan-African digital payments MFS Africa bought US software firm Global Technology Partners for $34 million and in March Nigerian Fairmoney took over merchant payment service Payforce for an estimated $15-$20 million Several more deals are in the pipeline and should be announced in 2023 funding volumes were significantly lower in the first half of 2023 totaling just above $600 million (including the $400 million MNT-Halan mega-deal) 70% of Fintech startups are backed by venture capital firms headquartered outside the continent Most of last year’s funding was led by foreign investors who didn’t necessarily follow through in 2023 due to the global uncertainty rising interest rates and massive tech sector lay-offs in the Western countries the “big four” also faced serious economic challenges at home with historic levels of inflation and soaring poverty It took a couple of months for the crisis to reach African tech A turning point for many was in December 2022 when founders of Africa’s Amazon Jumia were forced to step down after the company’s shares fell 68% Y-o-Y on the NYC stock exchange several fintechs had had to downsize like Wave Senegal’s first unicorn who laid-off 15% of its workforce—about 300 employees—in June 2022 The mobile money app backed by US Stripe pulled efforts out of new markets like Uganda Mali or Burkina Faso to concentrate on its core markets: Senegal and Ivory Coast some African entrepreneurs are tempted to leave the continent for global hubs where talent is in high demand Others contemplate turning to foreign aid organizations who support private sector growth for help it might push entrepreneurs to try and meet donor’s expectations rather than market needs but I think we need the right investors,” comments Dozie “A growing number of local investors can do $1 million but we need some who can also do series B/C because when African startups need $10 million they need to go to foreign investors who for that amount will be probably find single markets like Vietnam Brazil or Indonesia more attractive than Africa” While Africa offers tremendous opportunities the continent fragmented and hard to navigate “Assuming similar investment levels per customer it is almost four times harder to achieve profitability in Africa than it is in Latin America and thirteen times harder than in the European Union,” points out McKinsey The lack of available data to properly assess risks and difficulty to exit investments are also concerns for a number of investors The war between Israel and Hamas in Gaza triggered a global shock wave in October 2023 Lebanon and Jordan are grappling with both military and humanitarian challenges cut traffic through the Suez Canal in half accounting for 35% and 14% of world oil and gas exports financial markets have remained relatively stable with no major capital or investor outflows reports the International Monetary Fund (IMF) in its 2024 MENA outlook published in January An escalation or spread of the conflict beyond Gaza as well as the intensification of the disruptions in the Red Sea could have a severe economic impact,” the IMF states Despite profound geopolitical uncertainties MENA growth is expected to increase from 2% in 2023 to 2.9% this year The region could have performed even stronger had OPEC+ countries not agreed on production cuts in late 2023 took the biggest hit with tepid 0.5% growth in 2023 which accounted for 55% of the voluntary production cuts hit a -1.1% recession but should pick up to near 3% this year suggesting that economic diversification strategies implemented about a decade ago are starting to pay off Inflation was still 16.5% in 2023 but should decline this year on the back of tight monetary policies in most countries The focus remains on the region’s growing banking sector MENA banks recorded a year-over-year increase of 30% in net profits 12% in net assets and 6% in returns on equity Fitch gave Middle Eastern banks a neutral outlook “reflecting overall solid economic conditions.” The agency highlighted sound profitability adequate capital buffers and prospects for credit growth governments around the region have put the financial sector at the top of their agendas for economic diversification more cost-effective and ready to compete with world industry leaders two MENA lenders made it in Standard & Poor’s top 100 world banks by assets FAB; Saudi Arabia’s SNB; and Morocco’s Attijariwafa are developing quickly and scaling their footprint across the Middle East Europe and Africa through mergers and acquisitions After buying Bahrain’s Ahli United late 2022 KFH is now the world’s second-largest Islamic bank major valuation drops and broader crises within the tech sector “Fintech has remained a sought-after sector for investors in the MENA region due to its resilience and growth potential It has continued to rank as the most funded and transacted sector in the region over the past several years,” comments Philip Bahoshy a regional startup data platform that recorded investments of $1.3 billion in the sector last year Local fintech companies have exhibited consistent growth a feat owed in part to their symbiotic relationship with established banks Noteworthy among the 2023 megadeals were payment platform Tamara’s $340 million Series C funding round as well as Tabby’s $250 million Series D and $700 million in debt financing from JPMorgan pay later” Tamara platform is the region’s latest fintech unicorn and has announced plans for an initial public offering MNT Halan also joined the ranks of billion-dollar valuations in February 2023 securing $260 million in equity and $140 million in securitization bond issuance Saudi Arabia emerged as the epicenter of tech activity in the region attracting the lion’s share of investments in 2023 Total funding for Saudi Arabia startups (not just fintechs) soared to $2.3 billion over half of the region’s $4 billion total funding and a 160% year-on-year increase And regional competition is still ramping up announced a $1 billion fund-of-funds to help entrepreneurs grow beyond seed funding “enabling them to scale operations and expand market presence in Qatar and ultimately onto the international stage,” said the QIA’s CEO In their drive to become leaders in innovative finance Arab countries are keen to adopt open banking and artificial intelligence (AI) two technologies that are about to take synergies between traditional lenders and fintechs to a whole new level and potentially change global transactions altogether Data-sharing between banks and third-party providers through application program interfaces (APIs) is expected to grow 25% annually to reach $1.1 billion in 2027 reports the Arab Monetary fund in its latest publication the UAE and Jordan are leading the way and should soon be followed by Oman Central banks are helping drive regulation data protection and system interoperability customer adoption is still in the very early stages but opportunities abound with tech ready to help close the financial inclusion gap AI could bring an astonishing $320 billion additional revenue to the region by 2030 greenhouse gas emissions have tripled since the 1990s and temperatures are rising twice as fast as anywhere else in the world desertification and other natural disasters are felt by hundreds of millions of people every year.  In a region that recently hosted two UN climate conferences and is home to some of the world’s biggest fossil fuel producers—including Saudi Arabia Libya and the UAE—the thorny issue of the future of hydrocarbons is on everyone’s mind After excruciating debates between almost 200 countries a commitment to transition away from oil and gas and to “achieve net-zero by 2050” was the key takeaway from COP28 in December providing insight into how the energy transition is going to be tackled in the Middle East Petrostates will continue pumping oil and gas—some will even ramp up production—but they will try to so do in a cleaner way by reducing methane emissions or developing carbon capture and storage tools The other promise is to invest heavily in renewable energies Another fundamental lesson from COP28 was that banks will have to be at the center of talks if climate finance is to have any impact on the ground While countries establish national strategies and policymakers adapt regulation banks must redefine the way they lend and invest Most lenders in the region are already on board with the idea of green finance and have their own strategies to support energy transition But more needs to be done to further develop financial instruments like green bonds or carbon markets that will be key in engaging private sector The ultimate goal should be banking for decarbonization or aiming to significantly reduce carbon footprints in both operations and portfolios only 16 Arab banks have signed the UN’s Principles for Responsible Banking and just three have joined the UN’s Net-Zero Banking alliance to become carbon neutral by 2050 “Action by banks on climate mitigation is limited to a small but increasing number of banks which are proactively looking to develop their carbon accounting and emissions reporting capabilities,” comments the UN in its 2023 report “But most banks have not taken any steps to set targets.” prospects are positive for the MENA region’s financial sector But the road is paved with challenges that stakeholders must factor in fast-developing technologies and disruptions like temperature increases Another force shaping the region is demographics young population and waves of unbanked refugees the leader in upscale golf facility management development and marketing continues to forge ahead in Europe this year with the signing of Golfclub Domat/Ems Consistently tapped for its golf course conditioning expertise Troon’s appointment by Domat/Ems represents another significant move in northern Europe for Troon following quickly on their inroads into Germany Located in the stunning region of Tumalandschaft Troon’s latest facility has plans aimed at improving the Club to compete with the best courses in the country with the Company advising and assisting in their implementation the well-presented 27-hole course was designed by Mario Verdieri and John Stainer Chilver who used the local topography to produce a challenging layout that sits well within its environs competent green reading is a must to navigate the course’s vast undulating greens with various valleys Troon’s tailored approach primarily focuses on enhancing the conditioning of the course and working closely with the club’s greenkeeping team Managed by Troon’s Director of Agronomy for Europe the work has already started with Head Greenkeeper Andri Jorger taking full advantage of the summer months Troon has seen a steady increase in new venues across the strong golfing regions of Europe Troon has welcomed Golfclub Pfalz in Germany Chateau D’Augerville in France and its first Troon Privé venue in mainland Europe at Aloha Golf Club With expertise gathered across the globe in all types of climate it is no surprise that the success of the International Division continues Troon International Division commented on Troon’s latest signing we’re delighted to welcome our newest ‘home’ club Golfclub Domat/Ems is a fantastic hub for the local golfer and a spectacular experience for those travelling across Europe “Simon has extensive knowledge in improving the fundamentals of a course gleaned on occasions in the most demanding of climates and with the enthusiasm of the team we look forward to the coming months and making a real difference.” Alongside the 27-hole golf course is the venue’s GREEN19 restaurant and bar facility Director commented “We are familiar with Troon and its properties across the continent They are all highly-regarded and win awards each year When looking to our course and improving conditioning we knew it was the right Company to partner in our longer term aim of competing with the best courses in the country and across Europe.” Golfclub Domat Ems www.golfdomatems.ch Troon www.Troongolf.com Following the news of the theft of over £2 million of stock from its Manchester warehouse last weekend Worldwide Golf Brands reports that the business is 'back up and running' with minimal disruption to the vast majority of its customers the business growth agency for UK and Irish golf clubs has launched a new marketing system that has delivered rapid advances in the service they deliver Brocket Hall has announced that world-renowned putting coach Phil Kenyon is to open a new state-of-the-art putting studio at the Hertfordshire-based venue GolfBusinessNews.com (GBN) is for the many thousands of people who work in the golf business all around the world We cover the full range of topics both on and off the course We aim to supply essential information both quickly and accurately in a format which is easy to use We are independent of all special interest groups Click here to sign up for our free twice weekly golf industry news summary View the latest newsletter here 5/7 High StreetDorchester-on-ThamesOxfordshire OX10 7HHUnited Kingdom publisher@golfbusinessnews.com © 1999-2025 e.GolfBusiness.com Limited | All Rights Reserved. | GBN Privacy Policy Islamic finance is today a $3.9 trillion industry spread over more than 80 countries with the bulk of it concentrated in very few markets Comparing data from different sources shows that just 10 countries account for almost 95% of the world’s sharia compliant assets Saudi Arabia and Iran lead the way with 25% to 30% market share each These countries drive the growth of Islamic finance set industry standards and foster innovation Islamic finance grew at an exponential yearly pace of around 10% According to the 2023 State of Global Islamic Economy report total sharia-compliant assets will grow to $5.95 trillion by 2026 although that depends on the economic well-being of these 10 markets Islamic finance’s primary sphere of influence is of course the Arab world thanks to its Muslim-majority populations and abundance of petrodollars which excludes Iran) are home to over 190 Islamic banks The share of Islamic banking from total banking assets varies among Arab countries with Sudan recording the highest share at 100% The Gulf Cooperation Council (GCC) dominates the world of Islamic finance with over 97% of the top 50 Arab Islamic banks’ assets (see table below) North African countries considered Islamic finance to be an unwelcome interference from Gulf states Islamic banks and financial products were outlawed or strictly monitored allowed five Islamic banks to start operating in the kingdom The country also issued its first Islamic bond or sukuk in 2018 “participatory finance” as it is called there was worth $2.7 billion Sharia-compliant lenders represented only 2% of the local banking market but their assets grew 20% year over year a much higher growth rate than that of conventional banks Islamic lenders had a 5.1% market share in Tunisia and 2.4% in Algeria where Islamic banks already existed Governments are currently working on legal frameworks to introduce sukuks and pushing for conventional banks to develop and commercialize sharia-compliant products North Africa’s biggest market issued its first Islamic bond in 2023 Sharia-compliant finance grew 22% between 2022 and 2023 and represents about 4% of the local banking sector according to the Egyptian Islamic Finance Association the Asia-Pacific region—where the majority of the world’s more than 1 billion Muslims live—may represent its future the Asian-Pacific region represents almost 25% of the global Islamic finance market sharia-compliant institutions account for close to one-quarter of the financial sector Kuala Lumpur is one of the main drivers of the global sukuk market and weighs in on international compliance with the Islamic Financial Services Board one of the world’s two major Islamic finance regulatory bodies Other mature Asian Islamic finance markets include Bangladesh Brunei and Pakistan where sharia-compliant assets make up more than 15% of total bank assets Islamic finance is still in its infancy in Indonesia even though its population is 90% Muslim sharia-compliant lenders accounted for only about 8% market share the authorities began to see the potential of Islamic finance and developed a roadmap to develop the sector with the help of Malaysian expertise that led to the consolidation of three entities to create of Bank Syariah one of world’s ten biggest Islamic lenders The country is also a pioneer for green Islamic bonds Fitch Ratings says it “expects the Indonesian sharia banks to benefit from a supportive regulatory environment that could promote more industry consolidation and improve sector competitiveness.” Australia raised hopes of being the next market to open up to Islamic finance but after the first sharia compliant lender obtained its license in 2022 it asked for it to be removed in 2024 for lack of capital The Philippines also expressed interest in opening up to Islamic finance In other parts of the world such as Sub-Saharan Africa Islamic finance is just beginning to take off Uganda opened licensed its first sharia-compliant bank a branch of the Djibouti-based Salaam Group The nature of the African market—huge territories lack of regulatory frameworks—makes it challenging for Islamic banks to establish a presence in most Sub–Saharan countries If sharia-complaint finance is to develop on the African continent chances are will be led by banks from Egypt Islamic finance in Africa tends to spread through private or sovereign bonds rather than brick-and-mortar banking African governments see Islamic finance as a tool to raise development funds on international markets and diversify their pool of investors but so far “We expect the top three sukuk issuers in Africa—South Africa and Nigeria—will continue to play a role in Islamic finance Rated African sovereigns’ sukuk issuance amounts to almost $4.3 billion and has accounted for more than two-thirds of Africa’s total issuance of $6.6 billion since 2014” reports S&P in its 2024 assessment “the complexities of sukuk and changes to sharia standards continue to intimidate African sovereign and slow adoption rates.” Islamic finance appeared as a relatively safe alternative to the teetering Western banking system. Sukuks seemed like a good way to tap into new markets Islamic funds represented opportunities to access large amounts of liquidity and Islamic banking was a way of monetizing local Muslim communities London positioned itself to become the hub for sharia-compliant finance in the Western world over 20 conventional banks offering Islamic financial products Other European countries where Islamic finance made a remarkable start include: France—which has the largest Muslim population in Europe—is also a promising market Authorities (including France’s former minister of finance and IMF director Christine Lagarde) have pushed hard for the development of Islamic finance there yet banks have largely failed to respond due to fears that being associated with Islam at a time when the country is targeted by terrorist attacks would damage their reputation French investment banks however offer sharia-compliant products and services to cater to the needs of wealthy foreign clients.  Russia has also started offering Islamic finance products through fintechs like Payzakat The idea is both to cater to its Muslim population and help its banks scale into MENA markets like Sberbank the leading Russian lender who set up in Abu Dhabi in 2020 some US banks have started offering sharia-compliant products but such offerings remain a very small niche South America is the last continent where Islamic finance is taking root Barely half a kilometre away from ground zero of the devastating 4 August explosion in Beirut's port stands a jewel of Lebanese architecture nestled in lush greenery.  castle-like mansion with three arched windows facing the sea one of the family's heirs and present owner of the building "There is not a door or a window left intact," he told Middle East Eye the Lebanese civil war - and it was blown up in just an instant.” 17th century Italian paintings stand slashed by shards of glass The floor is covered in pieces of smashed mirrors and crystal chandeliers.  shredded everything just like an atomic explosion," Sursock Cochrane said The neighbourhoods most affected by the blast have a rich architectural heritage Residents now face the difficult task of deciding whether to rebuild or accept offers by opportunistic real estate developers while some wonder how this catastrophe will affect Beirut's future architectural legacy.  residents' first thoughts were for the safety of their loved ones her legs were lacerated and that wrought iron door that weighs a ton almost crushed her," Sursock Cochrane said She has bruises all over and a broken arm." The Sursocks ran between hospitals in the wake of the explosion Sursock Cochrane's mother later passed away on 31 August the family now has to assessing the material losses "I feel worse and worse every day because I gradually realise the extent of the damage," Sursock Cochrane said "First we have to empty the house to be able to consolidate it Some walls need to be dismantled and rebuilt We are removing the tiles and we have ordered plastic sheets in order to make the house waterproof because the rainy season will come soon." The cost of repairs for the home amounts to several million US dollars. The Lebanese state, already entangled in an unprecedented economic crisis and private insurance companies are refusing to pay up front until the causes of the explosion are determined.  sorted through what can be saved and packed up their bags for a temporary move out.  the Sursocks hope to receive private donations but eventually they will have to review their economic model they had opened up the gardens to organise weddings and private events The family is now considering opening a museum the neighbourhoods of Gemmayzeh and Mar Mikhael are among the most severely damaged by the explosion.  many traditional houses in the area date back to the end of the 19th century Beirut was one of the most important ports in the Mediterranean Wealthy Lebanese merchants built large villas near the docks Influenced by both Eastern and Westerns cultures they are recognisable by their three Venetian arches facing the sea their orange roofs built from French tiles and their marble floors these houses gradually gave way to more profitable modern buildings - but unlike central Beirut which was transformed into an ultramodern business centre after the civil war Mar Mikhael and the port district had preserved their traditional architecture and retained their population it will take more than $300m to rebuild Beirut's architectural heritage it is one of the beating hearts of Lebanon's cultural life Its people are a cosmopolitan mix of young and old an architect and owner of a traditional house in the heart of Gemmayzeh "This cultural fabric is also part of our heritage and must be preserved." Dagher visits his neighbours to assess the extent of the damage and the cost of rehabilitation His biggest fear would be to see them leave the district and sell their damaged houses to property developers "I got a phone call this morning asking if I wanted to sell my house," said Dagher real estate agents and property developers started roaming the damaged neighbourhoods offering to buy old buildings from owners who cannot afford the cost of reconstruction.  "The first thing a real estate developer will do is tear down the house and build a tower instead A lot of people got offers," said Sursock Cochrane For many in Beirut today, the opportunism of some developers is a disturbing callback to the post-war era in the 1990s, when certain once-popular neighbourhoods - notably in the city centre - were gentrified and turned into high-end areas inaccessible to most Beirutis Hundreds of Lebanese citizens have mobilised to help owners clean their houses or relocate temporarily Dozens of private donors have already pledged they would support the reconstruction of historic buildings "The explosion had shed an unprecedented light on Lebanese heritage and people didn't really realise what was going on," said Dagher "It is also an opportunity to create a new dynamic and train young craftsmen who will then teach new generations how to maintain these houses." Gemmayzeh and the Beirut port were a playground for Lebanese and international contemporary architects Alongside Ottoman villas and 20th century housing their modern buildings were also severely hit by the explosion.   "It was a city of experimentation," said Lina Ghotmeh is a few dozen metres from the port of Beirut Its design was inspired by Ghotmeh's experience growing up during the Lebanese civil war With heavy walls and relatively small windows it is one of the buildings that best withstood the explosion.  While the traditional houses will be restored to their original form Ghotmeh hopes she can keep something of the explosion within her walls "This event makes us want to create again," she says "Since  the whole idea of the building was to tell the story of the city I would like to incorporate the memory of this explosion "When you look at all the pieces of glass on the streets for example.. several thousand protesters gathered in al-Nour Square in the heart of Tripoli - one of the strongholds of Lebanon’s anti-establishment protests.  The square remains closed to traffic until further notice The surrounding buildings have been repainted with the colours of the Lebanese flag Local residents have put up a list of demands and written a slogan in large letters - "Tripoli: city of peace".  the only thing that comes up are war pictures," says Mariam "This is what the politicians want us to look like. But it’s not true Our city is beautiful and the people are welcoming.” Tripoli is the second-largest city in Lebanon It is predominantly Sunni and has a very conservative image.  it was not uncommon to see portraits of young martyrs who died in neighbouring Syria or in the clashes between the Sunni district of Bab al-Tabbeneh and the largely Alawite neighbourhood of Jabal Mohsen.  Those sombre images seem a far cry from the Tripoli today with the city holding the most festive demonstrations of a carnival-like nationwide protest movement convoys of protesters from Beirut and other parts of the country have even headed north to Tripoli in a show of solidarity “This is the first time in 30 years that I feel like we are one," says Bassam Sunni… They even came from Beirut and the south who have welcomed the resignation of Prime Minister Saad Hariri on 29 October want to continue the protests at least until a new government of technocrats independent from political parties is formed.  "This revolution can’t be achieved in just a few days It’s like everywhere else, people need to understand that this is a long-term commitment," explains Abdallah "That’s why we stay in the streets under tents explain to people what the next steps are," he adds "In all cases we have to maintain the pressure on the politicians If we go home now all this will have been useless."  an oil refinery and even an international fairground designed by legendary Brazilian architect Oscar Niemeyer.  followed by another 15 years of Syrian occupation until 2005 'We have to maintain the pressure on the politicians If we go home now all this will have been useless' - Abdallah, unemployed architect Today, Tripoli is one of Lebanon’s poorest cities. More than half of the population lives below the poverty line At the same time, local politicians do not hide their wealth. Forbes Magazine has ranked former prime minister and telecoms mogul Najib Mikati amongst the Arab world’s richest men The social contrast is striking and explains part of the anger protesters express today.  over two-thirds of the population are jobless including a vast majority of young graduates who often have no choice but to accept money from politicians bribery has become a common practice and most people talk about it openly started working at the age of 10 to help his family he worked as many hours as he could at a canned food factory That’s when the local politicians stepped in.  “Najib Mikati’s men contacted me and offered to pay for my tuition I had to post positive things about them on social media I accepted the deal for a year,” he tells MEE.  It is impossible to survive without it," says Ahlam The two working sons were hired thanks to an acquaintance in the Future Movement "It happens a lot during elections," says Marwan "We ask for something and in return they ask us for a list of family members who can vote for them," he adds "We sell our ballots, that’s all we have. On election day they are very careful the last time they told me that they did not see my mother at the polls and that they were waiting for her." There is no guarantee that the parties will uphold their part of the deal so some Tripolitans prefer to be paid cash A vote sells between $50 and $100 on average this represents a large sum of money for many households.  "We depend on them for everything: to put our children in school It is impossible to survive without it' the population no longer believes the promises of leaders where counter-demonstrations and violence from Hezbollah and Amal supporters have intimidated protesters in Tripoli the vast majority of the population supports the movement.  Mobilisation is expected to continue this weekend to put an end to corruption bribery and mismanagement of public funds.  "It's not normal, we do not want this system anymore," says Wissam "Their job is to improve our living conditions not to throw us a little money from time to time." boats reach the shores filled with strange creatures I don't even know what they are called," said Hady emptying a bucket of small fish onto the table How about samket thawra [revolution fish]?" says another fisherman jokingly referring to the anti-government protests that started in Lebanon on 17 October with yellow stripes and looking a little plump the fish, like hundreds of other species Fish migration to the area started around 150 years ago algae and molluscs coming from the Indian and Pacific oceans flocked to the Mediterranean the Eastern Mediterranean has seen more and more new sea life some swim but others attach to the hulls of freighters and oil tankers or in the ballast waters used to balance the ships ports turn into nurseries where foreign plankton Lebanon is one of the most affected countries in the region New species sometimes make up more than 30 percent of the catch in fishing nets squid and blue-spotted cornet fish can be found Yet this is just a small part of the whole as most fishermen simply toss back to the sea the species they do not sell "When I was young we used to see a few puffer fish but now it's like rats!" says Georges Azzi but here what are we supposed to do with them?” he asks his 70-year-old brother Asian species have no natural predators in Lebanon They swarm and threaten local fish such as groupers or red mullets local breeds are in turn pushed to migrate northward or to deeper waters a small fish famous for causing hallucinations when eaten are slowly disappearing from Eastern Mediterranean waters this translates into a drop in income as the new fish remain largely outside the consumption circuits pointing to a parrotfish he has just harpooned in Batroun Latrach brought it to be sold at a fish shop in the souks this newbie with turquoise scales is offered at $8 a kilo Does it come from a river?" asks a customer The customer looks at it again and carries on without buying It takes a long time for customers to get used to new fish," says Rita local and international media launched a campaign about the lionfish a sea invader famous for its red-and-white stripes and its long venomous spikes Activists and local NGOs have been praising its meat and urging people to eat it invasive species can't be found on the menu People fear it could be toxic if not well prepared and honestly I don't want to take the risk," says a restaurant owner who prefers to remain anonymous Lebanese customers are used to about 10 types of fish Whether the Lebanese like it or not however and something must change if an ecological disaster is to be avoided "We must find a way to integrate this new resource in the economy but we can also find other uses for them," says Ziad Samaha programme manager at the International Union for Conservation of Nature (IUCN) a Switzerland-based organisation most famous for compiling the red list of threatened species secrete a substance used in cancer treatment studies suggest that extracting it from the fish would be more expensive than recreating a synthetic molecule in a laboratory but a lot of opportunities remain to be explored in the medical field Globefish skin can also be used to make traditional musical instruments such as oriental percussions like the derbake.  To try and prevent further damage to Lebanese sea life and fisheries experts also emphasize the need to improve marine protected areas so that ecosystems can self-regulate Some local fishermen call them Islamic State crabs as they attack their nets and eat the netted fish before the net is pulled out of the water and these areas act like a first line of defence against invasive species," says Samaha.  Lebanon has only two marine protected areas: the Tripoli Palm Islands in the north and Tyre Coastal Natural Reserve in the south and fishing techniques using explosives such as dynamite near the shores caus a lot of harm to the natural habitat of fish like rocks and small caves All of this facilitated the development of new species It's like a body whose immune system is unable to fight back." For experts and activists it is also important to improve international coordination and raise awareness as new species eventually show up on the coasts of Greece Hekmat Skaff sits all day behind the counter of his grocery store in Achrafieh He knows the prices of all items by heart and and now it's all gone," he tells Middle East Eye.  Skaff does not have access to the national pension scheme which only a few public-sector professions benefit from and was depending on his life savings to see him through his later days have been stuck in the bank since the start of Lebanon's financial meltdown towards the end of 2019. Banks no longer had enough dollars to pay depositors and imposed informal capital controls that allowed customers to take out only limited amounts at a highly discounted exchange rate.  The currency has been in a downward spiral ever since, sliding from 1,500 to the dollar before the crisis to a street rate of about 94,000 in May 2023, after hitting more than 100,000 in March In late 2021, the United Nations estimated that nearly half of Lebanon's population have been pushed into poverty since 2019 Instead, he needs to keep earning his living for as long as he physically can.  tens of thousands of elderly Lebanese who had saved up their entire life Those who can't go back to work depend on the goodwill of others to survive. According to the United Nations, 80 percent of Lebanese aged 65 and above rely on NGOs or family support for their everyday needs while some are forced to beg in the streets.  In the popular district of Ain el-Remmaneh 64-year-old Colette Abou Mechreq sits at home all day When she stopped working a few years ago following health issues the former secretary was given a compensation package of 15 million Lebanese pounds it is now only worth $150.  I don’t understand what happened," she says.  Abou Mechreq never married and doesn't have children she relies on her brothers and sisters.  but with the crisis it's also very difficult for them they have their own families to take care of and they are also getting old.. It is hard because I feel like a burden," she says 'I am afraid the landlord will kick me out and I would have to go live on the streets' Family support is still not enough to cover all of Abou Mechreq's needs brings her hot meals and schedules regular doctor visits to her home.  many old people are in the same situation as Abou Mechreq. They have no medical insurance and can't afford to pay for healthcare tries to check up on them as often as he can.  a lot of young people move to work abroad and leave their parents alone The money they send back only covers the bare minimum but not medical treatments," Melhem says "For medication and some hygiene products they rely on us We see a growing number of old people suffering because they are isolated." 78-year-old Bernadette Waked has been waiting for the doctor and his team since the morning deliver her medication and a hot meal.  Waked had fallen down the social ladder in just a few months But her company closed down after the start of the financial crisis, leaving her without income or even compensation "I am afraid the landlord will kick me out and I would have to go live on the streets," she says.  "I went into severe depression that impacted my health Nobody cares for people like me apart from a few NGOs." Also bearing the crushing weight of the crisis are public-sector employees who receive pensions that have lost up to 90 percent of their value.  he was severely wounded and lost the use of his legs he became dependent on his $1,000 pension was not enough for a good life. But as the currency crashed the value of Yamine's pension dropped to $60 The former soldier now works every day from 7am to 5pm at Sanita, a local manufacturer of household products "I want to live with dignity [but] I hate to wait by the door for some charity to give me a food box," he says.  With other army veterans and former civil servants Yamine took to the streets in 2017 to ask for a better welfare system He also joined the anti-government protest movement of October 2019 when hundreds of thousands of Lebanese rallied against the political leadership as the economy unravelled "We wanted to get rid of corrupt politicians and change things To increase solidarity among army veterans 64-year-old General Joseph el-Asmar and 66-year-old General Georges Nader are working to set up what they call "Soldier's House" a space that doubles as a small supermarket and a barbershop where retired soldiers can buy items or get haircuts at discounted prices and we negotiated with suppliers to get special prices It will also be a place to gather before any upcoming protests," says Asmar.  Even though Lebanon is currently without a president or a prime minister, Asmar, Nader and a group of retired public servants still gather in front of the Lebanese parliament and the government's headquarters every few weeks to protest against living conditions.  "I have served 35 years in the armed forces to protect the state I come from a culture of hard work and discipline Can you imagine how odd it is for me to take to the streets?" says Nader "Do you know many countries where former soldiers protest This article is available in French on Middle East Eye French edition. two-hour drive from Beirut to Miziara follows the coast up north through windy mountain roads and crosses a familiar landscape of orange-tree orchards and olive-tree fields local grocery stores and a large poster of the president of the Republic would make anyone think that this was just an average Christian Lebanese village as hundreds of extravagant villas with extraordinary designs surprise the eyes: welcome to Miziara Building a house here costs no less than $2 million “A lot of people find our home weird; they ask about it but for me it’s normal,” Chagoury said my father just liked the idea of living in a house with inclined walls." the most bizarre mansion is a perfect replica of an Airbus A380 The home was built by a couple in the 1970s that now reside in Australia and boasts two floors Just up the road from these creative habitats there is a four-storey castle with a mix of medieval towers while another family chose to settle for a Greek temple with eight Corinthian columns Given that Lebanon’s GDP per capita is barely over $8,000 a year the eye-watering prices of these houses is even more surprising than their architecture "Building a house here costs no less than $2 million," Fadi Abboud Miziara's local economy relies on a bit of tourism it is its links to Nigeria that bring its good fortune and “Everything was built with money from Nigeria; our entire economy relies on emigration to Western Africa about 80 percent of the village works there because they make much more money there than here,” he said in a strong French-African accent About 80 percent of the village works [in Nigeria] because they make much more money there than here Lebanese expatriates work in all kinds of sectors and construction - even the deputy mayor's son daughter and three brothers are currently in Nigeria With the revenues earned in Lagos or in Abuja Lebanese expats from Miziara like to build ostentatious villas A big house is a way to show that you are rich and successful," explained Daaboul A big house is a way to show that you are rich and successful When his cousin Elias Daaboul made it big in the Nigerian oil sector he built the largest house in the village: a 2,000 square-metre palace with 30 bedrooms wood carved doors and moulded ceilings.  "He didn’t even spend an hour in this house," said a neighbour who does not seem surprised that the mansion’s shutters are always closed The deputy mayor feels confident that one day in the future "We see them a bit every year for special occasions like Christmas or on holidays Africa is not like Europe or the United States but the life is not good so we always end up coming back to Lebanon," he said being successful abroad is an element of pride The country has a diaspora of over 10 million people compared with only four million within its borders This has a crucial impact on the Lebanese economy. In 2015, almost 16 percent of the country’s GDP came from personal remittances from Lebanese expatriates According to a recent IMF report “Remittance inflows have averaged almost $7 billion in the last 10 years which places Lebanon in the world’s top 20 receivers in absolute terms (…) in per capita terms If a majority of the Lebanese working abroad are in other Arab countries the report states that remittances from Africa account for almost 15 percent of the total inflows.  The Ministry of Foreign Affairs considers that there are about 30,000 Lebanese living in Nigeria but other estimations raise this figure to 75,000 Lebanese migrants first settled in Nigeria during the 1930s Among them were the parents of the village’s allegedly most famous person.  Born in Lagos in 1946, Chagoury heads the Chagoury Group a multi-faceted conglomerate that employs over 10,000 people in a variety of sectors including real estate The group is currently in charge of developing Eko Atlantic the largest real estate project in West Africa Spread over 10 million square metres on the coast of Lagos this brand new luxury district is expected to accommodate 400,000 wealthy residents as well as corporate offices and retail businesses Chagoury’s personal assets are valued at over $4 billion, making him one of the wealthiest people in Africa. The skilled businessman is also a man of influence with close ties to the Clinton family in the United States Chagoury has other surprising lines on his CV He has been ambassador of the Caribbean Island of Saint-Lucia to UNESCO in Paris as well as to the Vatican; and economic adviser to the former president of Benin In his spare time, the billionaire claims to be an art amateur whose generous donations to the Louvre Museum in Paris have ensured a gallery has been named after him.  But there are also dark sides to his career One major element of controversy was his relationship with former Nigerian dictator Sani Abacha who allegedly stole $4 billion worth of public money during his mandate Chagoury’s activities are no longer the subject of debate He is by far the number one employer in the village and his reputation is untouchable the main street was recently renamed “Boulevard Gilbert Chagoury” more than 300 houses were built in Miziara since 2008 but with the recent drop in oil prices and an economic crisis in Nigeria But Chagoury's status as the village's benefactor is untouchable it seems.  "He was there last week - you missed him!" said the deputy mayor He can do whatever he wants at the municipality no need to be elected," he added with a large smile This article is available in French on Middle East Eye French edition. Arab states invest in Western countries where the economy has slumped The Arabian Peninsula is home to nearly 20 sovereign wealth funds (SWFs) that manage around $3.7 trillion—about a third of global state fund assets Traditionally their role is to invest surplus hydrocarbon revenue to ensure the well-being of domestic economies and future generations after oil wells dry out “the main mandate is to diversify away from hydrocarbons,” says Diego López This New York-based platform studies over 400 SWFs and public pension funds worldwide while the value of global sovereign wealth and public pension funds fell approximately $1.2 trillion Arab piggy banks got substantially bigger thanks to high oil and gas prices According to the Las Vegas-based SWF Institute ranking the largest Middle Eastern fund is currently the Abu Dhabi Investment Authority (ADIA) with $790 billion total assets up about $100 billion year-over-year (y-o-y) Next is the Kuwait Investment Authority (KIA) with $750 billion Saudi Arabia’s Public Investment Fund (PIF) went from $230 billion in 2018 to more than $600 billion today and plans on reaching $1 trillion by 2025 Part of that extra capital is spent abroad funds from Middle East have more than doubled their investments in the West to $51.6 billion in 2022 from $21.8 billion in 2021 Of the 60 megadeals—$1 billion or more—recorded last year 26 were carried out by Middle Eastern funds but milestone operations included the ADIA’s real estate push through joint ventures with Rockpoint and Landmark Properties in the US the PIF became the second-biggest shareholder of the luxury carmaker Aston Martin and is in talks to acquire 25% of London Heathrow—Europe’s busiest airport Emirati Mubadala also multiplied deals in the European telecom sector investing $1 billion in British broadband provider Cityfibre and acquiring a stake in Scandinavian-based communications company GlobalConnect “Middle Eastern investors are driving forward with the pursuit of ‘cheap’ assets in Europe (including the UK) and in the US and with more limited competition coming from their international peers,” Global SWF highlights in its 2023 annual report This trend is expected to continue in 2023 and beyond the International Monetary Fund reportedly predicts that oil and gas producers in the Middle East and North Africa should capture $1.3 trillion in additional revenue Qatar Investment Authority’s (QIA) chief investment officer for Europe “The QIA will continue to invest ambitiously in 2023 despite some market uncertainties and concerns of global inflation.” The Oman Investment Authority announced about $5 billion worth of investments in 65 projects for this year Arab SWFs have been piling up cash for decades but really started attracting international attention only after the 2007 financial crisis Credit Suisse and Citigroup welcomed large petrodollar injections their acquisition strategies were often limited to trophy assets like prime real estate in Paris and London or luxury brands they also started investing in major global firms entertainment companies and hospitality management firms “They have become larger in assets and personnel and more mature and sophisticated in what they are looking for,” adds López several institutions were restructured or consolidated to increase performance they no longer seek prestige investments but want to allocate capital toward assets that yield returns and offer growth perspectives “We pride ourselves in making investments that have a positive impact and that can shape the global economy of the future,” says Al-Hammadi meaning assets that have “a strong investment return and solve real-life issues.” Blue-chip companies like Tesla and Uber have already attracted billions from Gulf investors that support tech innovation at home in parallel Abu Dhabi–based investment and holding company ADQ and Mubadala created the G42 Expansion Fund in August a $10 billion venture to support tech projects in emerging markets Climate change is also a growing area of interest the QIA took a $2.4 billion share in Germany’s multinational energy company RWE one of the world’s largest producers of clean electricity the QIA led a $250 million Series D funding round for Innovafeed a French biotech company that develops insect-based animal and plant nutrition Arab funds also regularly invest in the global sports industry stirring controversy and prompting Western commentators and fans to accuse Gulf monarchies of “sportswashing.” investments in Western media groups are often described as soft-power attempts by authoritarian Arab countries to control their image abroad “You just can’t criticize the boss,” says a Paris-based journalist who wants to remain anonymous but works for the publishing division of the Paris-based Lagardere group Qatar Holding—wholly owned by the QIA—has been a significant shareholder since 2011 in this French media group. The QIA claims to be “a financial investor only and not an operational investor” and specifies that their “investment decisions are made on a strict economic and financial criteria.” Arab SWFs are an insurance policy against economic shocks the KIA has been a lifeline post-Covid when the government couldn’t afford to pay civil servants’ salaries state funds bailed out several national companies SWFs are also the financial powerhouse behind the extraordinary changes we see around the region the PIF has existed since 1971 but was wholly reshaped when Mohammed bin Salman took over as chair in 2015 the fund is investing hundreds of billions to fuel Vision 2030 the kingdom’s master plan to diversify away from oil The PIF invests in landmark projects like Neom but also in a myriad of locally established companies like Ceer a new electric vehicle brand; Riyadh Airlines a new $37 billion national carrier; AviLease an aircraft leasing company; a coffee brand … It covers virtually all sectors of the economy state funds know that abundant liquidity is an important argument for convincing foreign companies to bring their skills directly to the region France’s interactive entertainment giant Ubisoft and Hong Kong’s Insilico Medicine biotech company said they would set up regional offices in the United Arab Emirates (UAE) with the support of the Abu Dhabi Investment Office which specializes in artificial intelligence (AI) applied to healthcare and safety went a step further and relocated its global headquarters from London to Abu Dhabi the PIF bought 62% of US electric car maker Lucid for $915 million The deal stipulates that Lucid would set up a hub in the kingdom; Saudi Arabia promised to buy up to 100,000 cars in exchange Arab sovereign funds have become fearsome investors high energy prices allow them to expand their outreach even further potentially tilting the global economic balance of power toward the Middle East especially as these institutions favor discretion information is only partially disclosed about their size strategies and internal decision-making processes however: their behavior reflects the ambitions of their head of state which is usually the ministry of finance on behalf of the government—and ultimately But none of the Gulf countries are democracies powers are highly concentrated in the hands of the ruler; and there is virtually no system of checks and balances UAE President Mohamed bin Zayed Al Nahyan named his brother Tahnoun bin Zayed Al Nahyan to chair the ADIA Two of his sons also joined the UAE’s biggest funds one as a member of the ADIA board and the other as Mubadala’s vice chairman over 2,000 protesters gathered on Sunday in Sour a coastal city in south Lebanon known in English as Tyre “The people want the fall of the regime,” they chanted to music Protesters are here for the fourth day in a row the mobilisation started on Thursday night after the government announced it would impose a $0.20 daily tax on internet calls from apps such as WhatsApp Although the government rapidly cancelled the tax the popular outburst has grown bigger and bigger every day Other cities in the south have joined the movement including Nabatieh and Sidon (Saida in Arabic) Muslims… Behind me you can see Shia and Sunnis This is a first in a city theoretically firmly controlled by two Shia parties that have dominated the south since Lebanon’s 1975-90 civil war: Hezbollah and Amal the green and yellow flags of both parties fly high Supported by Iran and armed with a militia Hezbollah is the most powerful political actor in Lebanon today It also inspires admiration and fear for having fought Israel on multiple occasions “This is the first time there are so many people speaking out loud in the south everyone was scared but now it’s like we finally woke up armed men tried to intimidate the protesters with violence dozens of men dressed in plain clothes attacked the demonstrators with sticks and firearms was filmed by the protesters and widely shared on social media They hit him and broke his phone while he was taking pictures We are not allowed to protest peacefully?” said Shouhair Chemali What if they come to your house?” she warned Chemali Amal denied all involvement in the attacks and claimed they were isolated acts committed by individuals independent from the party “They tried to create problems to scare us off but we are free Founded in 1974 by a Lebanese-Iranian imam Amal helped to bring the Shia community out of its marginalisation and turned it into a political force it has been widely associated with its current leader Nabih Berri Berri has been speaker of the Lebanese parliament for the past 27 years In Lebanon’s sectarian power-sharing system he holds one of the three highest offices of state and the most senior designated to a Shia while the president must be a Maronite Christian Amal and Hezbollah are allies and claimed a majority of parliamentary seats in the south with a common list during the last legislative elections Amal defended the poor and gave us back our dignity I also have a lot of respect for Hezbollah who protected us from Israel,” Ikram Yazbek “But now I understand that those fighting on the border are not those who sit at the government They are thieves and I will never vote for them again.” In a region where resistance against Israel which occupied parts of the south from 1982-2000 protesters on Sunday were keen instead to highlight the corruption rife among the ruling parties and the dysfunctionality of the state They don’t do anything for us but steal our money We want them to leave and never come back,” said Iman came to the protest with her two 14-year-old twin daughters wearing keffiehs around their necks “We simply want our rights and the rights of our children if this money was well used Lebanon could be just like Switzerland,” she said go to university and find a job in my hometown.” public schools lack investment and have a bad reputation go into debt to send their children to private schools young graduates step into an already saturated job market The official unemployment rate is 25 percent but in the south the reality is much worse many end up seeking a better chance abroad “I’m leaving for Africa tomorrow to find work to go to a hospital you need to know someone most protesters are asking for the government to resign there will have to be an investigation on corruption charges,” said Nour Safieddine a 25-year-old citizen journalist and activist Hezbollah’s leader Hassan Nasrallah spoke in support of the government and promised to make reforms “Let this government continue but with a new spirit and a new way of doing things Let it learn the lessons from this popular outburst,” he said during a televised speech a 25-year-old petroleum engineer and consultant based in Sour said it’s up to the political parties to prove they can change “Amal and Hezbollah must listen to the people and work seriously for the situation to improve the Cabinet approved a draft budget for fiscal year 2025-2026 signaling an 11% year-over-year increase in the deficit on slightly lower revenues still awaiting the approval of Emir Mishal Al-Ahmad Al-Jaber Al-Sabah comes as the Persian Gulf state grapples with the need to diversify the economy in the face of persistent dependence on oil production Kuwait’s economy contracted by 1% in 2024 following a 3.6% decline during a 2023 recession With hydrocarbons accounting for 90% of exports and government revenue economic performance remains closely tied to OPEC+ production policy While the World Bank projects GDP growth will surpass 2% this year recent calls from US President Donald Trump to cut global oil prices are pressing Kuwait to accelerate its diversification efforts the Cabinet has resigned 10 times and Kuwait has held four legislative elections the emir dissolved Parliament and partially suspended the constitution for up to four years a dramatic move aimed at fast-tracking key structural reforms in coordination with international institutions but we can see the actions and seriousness about certain reforms,” says Ahmad Al-Duwaisan acting CEO and general manager of Corporate Banking at Al Ahli Bank of Kuwait (ABK) Game-changing transformations such as cutting public-sector wages and subsidies which account for 80% of total spending; introducing a value-added tax (VAT); updating the country’s mortgage law; and passing a new debt law aimed at allowing Kuwait to borrow on international markets In line with the Organization for Economic Cooperation and Development’s Pillar Two requirements on minimum tax rules Kuwait is introducing a 15% corporate tax for foreign firms with revenues exceeding $750 million in at least two of the last four years Finance Minister Noora Al-Fassam estimates the tax will target over 300 companies “This is part of a government strategy to build a more diversified economy and create jobs for citizens,” Al-Fassam told the local media It also shows Kuwait is “serious in going ahead with the fiscal and economic reforms.” While some multinationals may look to increase local partnerships or relocate regional headquarters away from Kuwait to mitigate compliance costs the overall objective of the new measures is to position Kuwait as a competitive business hub compliant with best global and regional practices “The alignment of Kuwait with global tax standards could improve credibility at a global stage and prevents the country from being seen as a tax haven for foreign investors which could drive more sustainable and high quality FDI [foreign direct investment] inflows,” says Ali Khalil a Kuwaiti asset management and investment bank this reform sets the base for the implementation of further tax reforms which could diversify revenue sources for the government The additional revenue would likely be ploughed back into the non-oil economy to aid in further improving business infrastructure.” the government aims to improve investment frameworks and litigation procedures “Kuwait’s economic reforms are paving the way for significant opportunities for financial institutions,” says Khaled Yousef Al-Shamlan “Initiatives aimed at enhancing the business environment such as public-private partnerships and regulatory simplifications will facilitate greater investment inflows.” Improving infrastructure is also a priority once ranked the worst in the Gulf Cooperation Council (GCC) will be revamped thanks to $1.3 billion in maintenance contracts signed last October with 18 companies Project activity has surged in sectors including housing $8.7 billion worth of projects were awarded marking a 44% year-over-year increase and the highest value since 2017 according to reports from National Bank of Kuwait (NBK) the Cabinet has approved close to $5.6 billion for 124 projects one of Kuwait’s leading non-banking financial institutions government’s resolve to execute projects before the deadlines stability in the regional geopolitical scenario and supportive government policies for private sector participation” will continue to drive markets this year Kuwait has $121 billion worth of planned projects in the pipeline with several to be awarded this year.  Turkey’s Proyapi Consulting in January won the first phase of a 110-kilometer railway tender to connect Kuwait to Saudi Arabia by 2030 expected to transport 8 million passengers and 95 million tons of cargo annually by 2045 the Cabinet inked a contract with China State Construction Engineering Corporation to implement and operate the new Mubarak Al Kabeer port Reforms and capital expenditure could enhance the momentum of economic recovery and growth we have to take advantage of the contracts that are rolling out as we speak,” says Al-Duwaisan noting that ABK has received a fair share of the new projects “We have a very good coverage in multiple industries “I see growth potential in sectors that are critical to the global economy’s infrastructure and energy needs: specifically The financial sector stands at the cornerstone of Kuwait’s non-oil economy Despite fluctuating global energy prices and a tense regional geopolitical landscape Standard & Poor’s (S&P) assigned a stable outlook to Kuwaiti banks in January noting that they “operate with strong capital buffers and typically retain 50% or more of their bottom line with a modest share of hybrid instruments.” The financial landscape nevertheless is undergoing significant change the government introduced legislation to bolster transparency and reduce fraud by adding more stringent screening measures for opening bank accounts the banking sector is beginning to mirror regional trends as consolidation efforts gain momentum Burgan Bank announced plans to acquire Bahrain’s United Gulf Bank in a $190 million deal The deal “aligns with the bank’s new asset reallocation strategy and efforts to build new and diversified revenue streams,” said Burgan Group CEO Tony Daher in an announcement and Turkey as well as a corporate office in the United Arab Emirates Burgan may also leverage the merger to expand further across the MENA region Warba Bank announced it would buy a 32.75% share in Gulf Bank from Alghanim Trading Boubyan Bank floated the idea that it might acquire Gulf Bank which would have created Kuwait’s third-largest bank the number of banks in the GCC has dropped from 77 to 60 primarily through mergers and acquisitions that have created regional giants largely stayed on the sidelines until KFH completed the acquisition of Bahrain’s Ahli United Bank (AUB) in 2022 marking the MENA region’s first major cross-border consolidation and creating the world’s second largest Islamic bank But with 21 regulated banks serving a population of over 4 million the sector is largely dominated by NBK and KFH which collectively hold some two thirds of total banking-sector assets resulting in severe competition between the other players and that creates compression in margins and returns,” says ABK’s Al-Duwaisan The anticipated mergers are unlikely to cause significant disruption the major shareholders—powerful families or state-owned entities—remain unchanged with only asset restructuring taking place In the case of Burgan and United Gulf Bank both entities are subsidiaries of Kuwait Projects Company (KIPCO) one of the MENA region’s largest holding companies and had it acquired Gulf Bank or any other retail bank it would have ended up reinforcing NBK’s already dominating position on the market Kuwait’s recent initiatives to promote the financial sector also focus on building up its capital markets to drive private-sector growth The expansion of the Kuwait Stock Exchange (KSE) and reforms to streamline foreign ownership rules are starting to show results making it one of the GCC’s most active and best performing stock markets foreign participation in trading activity represented 7.8% of total trades in 2024 “Reforms undertaken to deepen the capital markets and improve liquidity have helped increase the visibility of Kuwait markets among foreign investors and allowed asset managers to launch new products such as ETFs and REITs which was previously not possible,” says Markaz’s Khalil who recently launched the GCC Momentum Fund Markaz also hopes to widen its product portfolio focus on thematic funds and products based on alternative asset classes like Private equity and Private Credit Following the privatization of Boursa Kuwait the stock exchange was upgraded to “emerging market” by global index providers MSCI It is currently in the third phase an ambitious Market Development Plan with attracting local family businesses to list being one of the main challenges ahead “The IPO wave sweeping through some other GCC countries is yet to take off in Kuwait markets,” notes Khalil Measures to incentivize the listing of family businesses and products like ETFs would aid in market development.” By modernizing its fiscal framework and ramping up project activity the authorities are demonstrating commitment to enact some of the long-awaited changes observers have said the country needs to step away from oil dependency supports increasingly positive investor sentiment But much remains to be done to encourage and support private-sector growth that eases the state’s dependence on hydrocarbon revenues especially as the government plans to increase oil production substantially BEIRUT - Ask most Lebanese about the Ouzai neighbourhood and they’ll likely frown a place of extreme poverty and illegal trafficking – especially for car parts a forgotten territory on the outskirts of the capital Ayad Nasser was born in Ouzai before finding success at home and overseas in real estate with his property company we are reviving the streets and bringing joy' But he has now settled back in Lebanon with one goal: he wants to break the stereotypes about his old neighbourhood and turn it into an enticing destination for all Nasser invested $120,000 into a project he calls “Ouzville” he invites Lebanese and international artists to paint giant murals over the walls of the neglected buildings They also gathered a team of volunteers to clean the street and the beach of rubbish “I wanted to go back to my roots and do something for my country we are reviving the streets and bringing joy,” says Nasser In a perimeter of about one square kilometre most buildings carry murals or at least a touch of colour Other murals include Arabic calligraphy and graffiti The Lebanese calligraffiti and street art crew Ashekman painted the first building “I immediately thought it was going to be a cool initiative for the country Nasser wants to put Ouzai on the touristic map of Lebanon.  is the first image you get of Lebanon and I want it to be positive' Ouzai is the one thing you see from the plane It is the first image you get of Lebanon and I want it to be positive,” he says The residents of Ouzai say that the project brings a lot of visitors to the once discarded slum they hope this can impact the local economy “The other day I saw a woman walking down the road She said that she came to see the paintings can you imagine?” says Joumana Younes Safieddine who lives in one of the houses recently painted pink by Nassar’s team tourists and the restaurant nearby needs more supplies so I started a small business,” says Jamal Brahim Tabbara In a matter of weeks after the launch of the project, “Ouzville” was all over social and traditional media The reviews were supportive and Nasser is already thinking of a crowdfunding campaign to expand the project to another part of the neighbourhood A few streets away from Nasser’s current area of operations some people are not so enthusiastic about the colourful murals I have no money to support my family,” says Ali a professor of urban studies and politics at the American University of Beirut who has worked extensively on the southern suburbs of Beirut It looks nice but it does not offer dwellers much I don’t think poverty is ugly,” she adds.  but for him fixing appearances is a first step that will change the image of the neighbourhood and restore confidence.  'It looks nice but it does not offer dwellers much Before thinking about what is going on inside the houses we need to embellish them,” he says “Then we will consider electricity and such things “Ouzville” angered landowners because the area of Ouzai is at the centre of long-lasting and complex disputes over land property and illegal settlements During the Ottoman empire and the French mandate the area was known as “the sand zone” as it consisted essentially of sand dunes It only started gaining strategic importance in the 1950s with the development of new residential zones and national infrastructure projects such as Beirut airport People started coming to the area to work on the construction sites They settled and built their houses in what is now Ouzai things took a new turn with a massive influx of refugees from the south of Lebanon - mostly Shia Muslims - who settled illegally in Ouzai and nearby the southern suburbs became known as a stronghold of Shia political parties such as Hezbollah and Amal Academic researcher Valerie Clerc-Huybrechts sums up the situation in her book Irregular Districts of Beirut published in 2008: “The southwest suburbs [of Beirut have] developed on land that did not belong to those who built it and without the agreement of the owners.” Landowners have tried to claim back their property many times but so far every legal attempt has failed Her 3,000-square-metre plot of land is currently occupied by 11 families who she says she is unable to expel despite decades of legal procedures When she heard about “Ouzville,” she was infuriated and immediately warned Nasser that if a drop of his paint touches her walls she’d file a lawsuit against him for violation of private property and promotion of illegal settlements “With all the attention Ouzville is getting it will now be impossible for us to expel the squatters,” she says as she flicks through the pages of her legal file 'With all the attention Ouzville is getting it will now be impossible for us to expel the squatters' “I have nothing against embellishing the country nobody cares if our rights are being spoiled “He is promoting an illegal situation; people have to be aware of this Even tourists have to know that Lebanon is not just about fun and parties - there are real issues here,” she adds Yared hopes she can gather other landowners around her to open a collective legal procedure against Nasser and Ouzai’s illegal settlers.  “She can tell me exactly where her land is thousands of Lebanese of all ages gathered in processions to commemorate the death of the imam Hussein While a religious figure recounted the story of the 680CE battle massacre people walked down the streets in black clothes wearing headbands commemorating the glory of Hussein and his sister Zaynab Some cry while others re-enact the martyrdom by hitting themselves on the head with swords until they bleed.   running towards a group of journalists with a bleeding forehead This is not what Ashura is about and it can even transmit diseases when people share the same sword' I want to feel his pain," said the 19-year-old student from Beirut's southern suburbs.  But Ali's bloody face attracted more curious photographers than sympathy with many in the Shia community disapproving of the act of self-flagellation and it can even transmit diseases when people share the same sword," he said adding that he has never taken part in the controversial act.   Iran's Supreme Leader Ali Khamenei issued a decree against self-mutilation describing the practice as "against religion" as well as among parts of the Shia communities of Bahrain and Turkey In Lebanon as well, Hezbollah leader Hassan Nasrallah has spoken out against tatbir on several occasions Believers simply brought their hands to their chest in rhythm while chanting.  a young customs officer who was watching the marchers from his rooftop Hezbollah encourages its supporters to give their blood for a good cause rather than spill it I go and give my blood to an association or a hospital that needs it "This time they asked me if I could wait a few days because they thought they would be receiving enough of my blood type," he said Ashura is by far and away the day during which the most blood is donated across the country Donner Sang Compter and Who is Hussain? are two NGOs that organise the blood drive in Beirut's southern suburb of Haret Hreik this year beating their record and receiving 300 units in just a few hours president of the Donner Sang Compter club in Haret Hreik The units will be transferred to the American University of Beirut's hospital (AUBMC) The hospital has a large cancer treatment department where patients and in particular children are in constant need of blood "We take advantage of Ashura because it is a day when people feel very emotional and in hospitals there is a real need for blood units," said Hala Smain one of the AUBMC technicians in charge of the welcoming the donors Patients have to rely on their relatives to find the blood they need from private donors or hospitals and NGOs have been working for years to encourage anonymous and voluntary blood donation mentalities will change and instead of just giving blood when called upon by a relative we will see more and more voluntary donations such as this," she said Sunday's blood drive was organised in one of the town hall buildings People from the neighbourhood were packed at the entrance filling in the forms to become donors 'I want to change the image people have about my religion The media always shows pictures of mutilated faces on Ashura but there is another side to it' "I want to change the image people have about my religion The media always shows pictures of mutilated faces on Ashura but there is another side to it," said Ghadir Hamadi a 20-year-old journalism student waiting in line "There are two schools of thought when it comes to Ashura Some people want to shed blood in the streets; others want to give it for a good cause," she said for me it is important to do something useful on this day."  a 29-year-old man from the neighbourhood who is giving blood for the fifth year "Our role is also to make our blood useful not throw it in the street for it to go to waste." ZGHARTA, Lebanon - Pride is beaming in Zgharta, a town in northern Lebanon. According to the Huffington Post, their Christmas tree is one of the most impressive in the world their Christmas interpretation of pines and needles certainly demonstrates creativity “Our tree is 25 metres high and 13 metres wide This year we chose to work around the theme of Father Christmas’s workshop leprechauns and snowmen around the tree,” says Evelyna Mouhawess the local association in charge of the tree Christmas trees stand for more than just folklore we want to show that Lebanon is not just about war Here in the north we have many different religions The tree symbolises our capacity to celebrate one another’s special occassions,” she adds free activities like concerts and plays are organised around the tree where Lebanese people from all backgrounds meet and mingle In a traditional stone house at the centre of town the Makary family is preparing for Christmas Although most of the family lives two hours away in Beirut sons and grandchildren gather to decorate their family tree.  “We are going to put up colourful garlands and lights on the balconies We will also put a Christmas crib under the tree,” says aunt Marguerite Makary “The village kids also celebrated Saint Barbara started singing and went around knocking on all the doors in the local neighbourhood asking for money they gather and bring the money to the Church,” she recalls some Christian villages also follow a special custom whereby the whole family joins together to plant seeds in a piece of cotton the young shoots will be ready and placed in the Christmas crib as a symbol of life the month of December is associated with the colourful red-leafed Poinsetta plant The Lebanese love to buy them in large quantities to decorate houses “Poinsettia is really the Christmas plant here People like to offer them as gifts or place them around the house to give a joyful atmosphere,” says Alaa Rachanié Rachanié gets the baby poinsettias from Holland and then grows them in a greenhouse outside of town “I sell a lot of them during the winter season It’s actually one of the plants I sell the most all year I take a 20 percent margin on each flower pot so it represents a big chunk of my yearly income,” he says poinsettia pots are sold for between five and 25 dollars The Lebanese also have their special cooking traditions a network of restaurants where village women come to cook their local dishes you have to distinguish between rural and urban traditions village people were rather poor and tended to eat vegetarian meals Celebration days were an occasion to cook meat but not as a main portion of the meal Instead the idea was to spread it over rice or crushed wheat (burghol) in order to better share it a cinnamon desert prepared to celebrate new-borns Together they form a brown sweet cream on top of which we place almonds and pistachios It is a symbol of rebirth because the desert looks brown and we place seeds on it,” adds Mouzawak Lebanon is home to over a million Syrian refugees Even though a vast majority of them are Sunni Muslims Christmas is nevertheless a time to demonstrate solidarity Most Syrian refugees live in the Bekaa Valley. In 2012, over 650 Christian Syrian families arrived there his wife Rania and their three kids were part of the group This year is the first time since they have been living in exile that they will celebrate Christmas “We put about 100 dollars to the side to buy decorations and a few gifts for the children but my daughter and I fell sick last week so we spent all our money on medication,” says Basman but a Lebanese neighbour offered to buy them a tree and save Christmas “People here are very nice to us,” says Rania “I decorated the tree with the children and we listened to Christmas carols while doing it to better get in the Christmas spirit.” but to celebrate you have to be happy and we are no longer happy,” says Yasser another refugee who came from Qussayr in 2012 with his wife and three sons He remembers his neighbours who were killed his burned house and his wife’s devastated store Here life is much more expensive and it’s difficult to find work before adding that he wishes to go back to Syria as soon as possible She lives in the house next door and likes to come and have coffee with Yasser and his wife every day I might come and spend Christmas with them for a change.” a lot of Christian refugees do not get aid from the United Nations as their humanitarian situation is not considered a priority compared to that of the refugees living in the camps “Christian Syrian refugees came to us at the beginning of the war It is our role to alleviate their pain,” says Issam John Darwish the Greek Melkite Catholic Archbishop of Furzol The church helps Syrian families find houses and tutor children who have difficulties adapting to the Lebanese curriculum They also provide medical care through the archbishop’s hospital and have recently opened a restaurant that serves up to 600 meals a day The church also supports families at Christmas time “We try to bring joy into people’s hearts by organising activities where Syrians and Lebanese can mix We also distribute toys and sweets to the kids,” adds Darwish At Christmas time, Lebanese NGOs such as Kahwit al-Frani, Sawa for Development and Aid, or Basmeh & Zeitoune also distribute help to refugees regardless of their religion This article is available in French on Middle East Eye French edition. Qatar is among the countries that will reap the greatest benefits from the global energy crisis As most governments are struggling with soaring energy prices Qatar—the world’s largest liquefied natural gas (LNG) exporter—can sit back and contemplate a bright future “The economic outlook for Qatar is very positive,” says Joseph Abraham “While high energy prices are seen as a negative in Europe and the US they are conversely a financial positive for major hydrocarbon exporters such as Qatar.” Despite inflation and looming recession abroad Qatar’s GDP growth is expected to reach almost 5% in 2022 international ratings agency S&P Global raised its long-term foreign and local currency sovereign credit ratings on Qatar from AA- to AA with a stable outlook “The upgrade reflects structural improvements in the Qatari government’s fiscal position,” noted the agency in a prepared statement “Qatar has the lowest fiscal breakeven oil price among the GCC countries and the current high gas prices mean that the government is in a very strong fiscal position,” adds Abraham He sees the extra revenue helping the authorities address some structural imbalances and further fueling growth the government is prudently repaying local bank debt which has led to some lending growth restraint higher gas prices will lead to increased investment in the economy.”  Like all Gulf countries looking to break free from the oil rent Qatar is keen to become a global hub for everything from business and tourism to art Doha has completed massive infrastructure investments and instituted a set of liberal reforms a residency program for real estate investors full foreign ownership of companies and new public-private partnership rules Already one of the wealthiest countries in the world Qatar is expected to grow even richer as it more than doubles gas production with the North Field expansion project—the world’s largest natural gas field which holds approximately 10% of global reserves the new facilities should increase Qatar’s LNG output by about 64% from 77 million to 126 million tons annually Qatar didn’t have a market for all that extra gas for a while international buyers are rushing to Doha to secure future access to gas fields and other hydrocarbon-related infrastructure During his investor presentation in September in New York CEO of French energy company TotalEnergies was clear about his company’s strategy: “Less Russia the company signed a $1.5 billion deal to acquire a minority stake in the second phase of Qatar’s North Field TotalEnergies would have been glad to buy more with only a quarter of the North Field open to international investors Companies from all over the world entered the bidding process Qatar selected five foreign firms to participate in the first phase of the project: France’sTotalEnergies only three majors secured investments in the second phase: TotalEnergies Shell with 9.375% and ConocoPhilips with 6.25% “Most of the leaders of the world have just discovered the words LNG,” said Pouyanne at the time who invested $3.5 billion this year alone in the North Field Analysts predict that global LNG demand will double to over 700 million tons annually by 2040 Europe alone—which relied on Russia for 40% of consumption before the war in Ukraine—would need to purchase about 200 million tons of LNG over the next decade Europe’s LNG imports jumped 65% compared to the same period the previous year the International Energy Agency reported in its latest World Energy Outlook report CEO of QatarEnergy and Qatar’s minister for energy became one of the most powerful men on Earth Demands for urgent LNG supplies came from Paris but mostly he reminded his international counterparts of previous commitments.  most of Qatar’s energy output was purchased via long-term contracts with Asian countries such as Japan These trade partners have also been long-time investors in LNG infrastructure Qatar signed a $20 billion deal with Korean companies Daewoo Hyundai and Samsung to manufacture over 100 LNG vessels—the largest LNG ship order in history Qatar wants to be seen as a reliable business partner and will not break away from these deals only about 15% of the current production can be rerouted to Europe “Qatar absolutely is committed to the sanctity of its contracts,” al-Kaabi told Japan’s economic magazine Nikkei Asia in October “The volume we have committed to Europe will go to Europe but we will not be taking away from Asian buyers and diverting it to Europe.” Europeans are also looking for gas elsewhere—in the US Norway and Algeria—but Qatar’s is cheaper to produce and easier to move around Even if it requires additional investment to build new LNG terminals to offload the gas and distribute it across the continent Europe’s demand for gas will be sustained by the energy transition Until the continent can rely 100% on renewable energies LNG is one of the cleanest fossil fuels available Qatar has committed over $200 million in new technologies to deliver the lowest carbon-footprint LNG on the planet al-Kaabi said his company was on the way to becoming the largest trader of LNG in the world To ensure that future supplies don’t slip through their fingers European diplomats who often turned their noses up at Qatar—criticizing it for human rights abuse and terrorism financing—have recently increased friendly visits to Doha even flew in to establish a new permanent delegation By increasing production and allowing Western companies to buy into its facilities the tiny emirate is building long-term trade relations and laying the groundwork for partnerships and a network of geopolitical influence stretching from Asia through Europe to the US the war in Ukraine is very favorable for Qatar bringing immediate extra revenue through higher hydrocarbon prices and boosting long-term prospects with new gas contracts But hydrocarbons still account for 90% of Qatar’s exports and 80% of government revenue “oil price volatility,” “the eventual decline in global hydrocarbon demand” and “geopolitical developments could be major headwinds,” warns the International Monetary Fund in its latest Article IV assessment Qatar is trying to build energy sovereignty at home by investing in sustainable infrastructure inaugurated one of the region’s largest solar farms—1.8 million photovoltaic panels that can produce up to a tenth of the country’s peak electricity demand One of the most polluting countries in the world Qatar has committed to reducing greenhouse gas emissions by 25% by 2030 Qatar still sits in a risky environment and has to adapt to Middle East’s complex geopolitics Saudi Arabia and the UAE boycotted the emirate the North Field expansion plan could raise new tensions as the offshore reserves sit at the border with Iran “Disruptions in expanding gas production … are main downside risks,” further notes the IMF BEIRUT – Seventeen students are staring at their computer screens trying to figure out how to build a simple game called "Snake" The classic game requires manoeuvring a snake that constantly grows longer without allowing it to eat its tail.  This is the second month of class at the coding school Codi which teaches basic digital language to underprivileged Lebanese youth and refugees for free but then it goes fast,” says Marie-Therese Kazanjian Back in Syria, Kazanjian was a business student at the University of Aleppo Kazanjian and her family fled the war in Syria and took refuge in Lebanon She could not afford to complete her studies in Beirut public universities designate a specific quota for foreign students the quality of free education in public institutions is generally not up to par fees for the private universities can range anywhere from a few hundred dollars to over $10,000.  Kazanjian took a job as a cashier in a grocery store for $450 a month until she heard about coding boot camps she says she aims to set up her own online business.  “I was always interested in computers and I needed a way to acquire useful skills quickly my goal now is to start my own online shop where I can sell a selection of products I like,” she says.  I was offered eight job interviews in 30 minutes she will learn how to build her own website and add features to it The courses are offered at no cost to the students and microloans of up to $350 a month are given to students with pressing financial needs During the pilot phase, some students dropped out because they could not afford to be out of a paying job for six months to take the course, so Codi quickly offered microloans. The loan system is supported by the local non-profit Al-Majmoua.  “Without the loan I couldn’t come,” says Anas Jamous Jamous worked as an IT manager at a Lebanese furniture store where he was studying geology before switching to information technology.  The six-month curriculum includes programming languages and technical skills such as Javascript and soft skills such as preparing for an interview or selling freelance projects like websites social media strategy and community management the students are able to join a team of web developers,” says Hortense Decaux a 27-year-old French social-entrepreneur who set up the programme Decaux started her career in London as a private equity strategy consultant, but her real passion has always been education. After working with UNICEF on vocational training for young migrants she started Codi in 2016 through private donations a total of $200,000 was raised and the goal for 2018 is to collect another $200,000.  "I looked at different countries in the MENA region and picked Lebanon because there is a growing tech market providing high demand for digital skills the biggest refugee crisis in the world and very high unemployment rates,” she says.   the students are able to join a team of web developers International aid reaches young refugees and hosting communities through vocational training but often these programmes prepare the trainees for low paying jobs such as hairdressing “I want to help the people who are stuck in this system who are forced to take low added-value jobs out of necessity but actually have the capacity to do much better the underprivileged Lebanese who can’t afford a good university degree and the talented refugees,” says Decaux.   Palestinian-Syrian Bayan Mawaed is one of those “talented refugees”. Three years ago, she escaped the atrocities of Yarmouk and settled in Lebanon with her husband and their two daughters Mawaed was a mechanical and electrical engineering professor at the University of Damascus “My number one concern is to keep up to date with technology I want to learn how to develop websites and mobile applications.” Once she finishes the programme in June Bayan would like to use her skills to sell freelance projects or even apply for a PhD.  there is a young Lebanese student who is known for being the first one to show up to class everyday “I failed my high school exams and then tried working as a carpenter I then came to Codi and started everything again from scratch,” says 18-year-old Anthony Nakhle Codi has partnered up with local digital companies such as Eastline, Keeward and Myki to provide specific training sessions and professional opportunities The aim is to have all Codi graduates employed after completing the course In the last few years, Lebanon has been trying to position itself as a regional digital hub. This ambition is backed up by Banque du Liban, the central bank, which guaranteed up to $400m of investments in the “knowledge economy” in 2015 investment funds and accelerator programmes are blossoming in Beirut and creating a need for skilled labour Coding boot camps offer a variety of courses. Some are for beginners, while others, like SE Factory require a solid background in computer science SE Factory offers a three-month intensive course that teaches students advanced skills such as Linux MySQL and PHP – also known as the acronym “LAMP stack” “I realised everybody wants to hire web developers there is a huge gap between where the students are and where the companies want them to be,” says Lebanese Fadi Bizri co-founder of SE Factory and a partner at BY Ventures investment fund is in his second year of computer engineering at Beirut’s Notre Dame University (NDU) He decided to join SE Factory’s Cycle 5 to maximise his chances of finding the right job 'I realised everybody wants to hire web developers' - Fadi Bizri, co-founder of SE Factory  “What we learn at university is very theoretical whereas here we are exposed to the latest technologies who was the only student accepted into the programme without a computer science background Kuraydli demonstrated self-taught skills and a rare determination to succeed Kuraydli is finishing up his final project: a time capsule application based on Ethereum blockchain technology. Basically it is an online platform where you can leave a message in a sealed box this message could be a will and testament or any other private document which then is coded and guarded by anonymous “key keepers” until delivery time but I like to get my hands dirty,” says the Lebanese 29-year-old who used to work in construction Each student has five minutes to present a final project to a group of recruiters For Cycle 5, projects included video games and an online restaurant reservation platform “I know how good they are. I have one position to fill and will look at two candidates,” says Shogher Kechichian from the HR department of the UK Lebanon Tech Hub an entity that encourages entrepreneurship between Britain and Lebanon.  I was offered eight job interviews in 30 minutes,” says Kanbar was one of the recruiters who was impressed by Kanbar’s project I need to challenge his skills in a proper interview set up,” says Saliba Recruiters are mostly local start-ups but some international companies are starting to join the cohort a French recruitment firm who took the trip to Beirut especially to meet the last SE Factory graduates “Out of the 60 students we have graduated since 2016 They can expect an entry-level salary between 1500 and 2000 dollars which is at least twice what they were making before They essentially jump up a social class,” says SE Factory co-founder Zeina Saab This article is available in French on Middle East Eye French edition. Mathieu Valbuena Willing To Play With Anyone In France TeamThe lawyer for France midfielder Mathieu Valbuena says his client is available for international duty.France midfielder Mathieu Valbuena wants to resume his international career and is willing to "play with anyone" Real Madrid striker Karim Benzema has been charged with complicity in an attempt to blackmail and participating in a criminal conspiracy as part of the investigation into an alleged plot to extort money from Valbuena over a sex tape Lyon star Valbuena gave his side of the story to a Versailles court on Friday after which Domat outlined his stance regarding playing alongside Benzema "Mathieu wants to return to the national team and is willing to play with anyone," he is quoted by L'Equipe.  "He is smart enough to put his own interests behind those of the national team."  Valbuena and Benzema were left out of Didier Deschamps' most recent France squad for the friendlies against Germany and England after the court ruled they could not meet prior to Valbuena providing his version of events Domat continued: "Mathieu was very relaxed he replied with sincerity to the judge He [Valbuena] has not had the will to harm or undermine the France team or French football.  "He is merely exercising his civil right to fight a criminal act of which he was the victim. And do not forget that he is the victim." Valbuena left the court around noon to board a private jet which whisked him off to join up with the Lyon squad ahead of their Ligue 1 clash at Nice on Friday night The group had already published some figures of the half-year results in advance It is noticeable that profit margins have gone into reverse gear the operating profit margin at EBIT level slumped from 27.6 to 25.2 percent In view of the absolute level of the figures because margins of around 25 percent represent very good results The reason given by the Group for the decline is that sales price increases due to raw material costs have developed more strongly than the operating profit In simpler terms – operating profit rose less than sales A look at the segment reporting reveals that the decline in margins mainly affects the largest division which accounts for around 90 percent of sales the EBIT margin fell from 27.7 to 25.1 percent there is one more detail that stands out in the half-year financial statements the funds generated by the company through its operating activities almost halved compared with the same period of the previous year the company said that rigorous lockdown measures in China had forced customers to initiate extensive production stoppages the global auto industry has not yet recovered due to the ongoing chip shortage May I simply say what a relief to discover someone that genuinely understands what theyre talking about on the internet You actually realize how to bring an issue to light and make it important More people must look at this and understand this side of the story Its surprising youre not more popular given that you definitely possess the gift Reading this post reminds me of my previous room mate I would like to thank you for the efforts you have put in writing this blog I’m hoping the same high-grade site post from you in the upcoming as well In fact your creative writing abilities has inspired me to get my own web site now Really the blogging is spreading its wings rapidly The information shared is of top quality which has to get appreciated at all levels Copyright © 2025 muula.ch The requested content cannot be loaded.Please try again later.