UAE receives 41% of FDI projects attracted by Arab countries in two decades

KUWAIT, 23rd June, 2022 (WAM/KUNA) — The United Arab Emirates has received a 41 percent share of foreign direct investment projects Arab countries attracted between 2003 and 2021.

According to the Arab Investment Export Credit Guarantee Corporation (Dhaman), Arab countries have attracted 14,443 foreign projects with a total capex of US$1.3 trillion over the last 19 years.

The corporation said in its 37th annual report on the investment climate in Arab countries for 2022, issued today, that the number of foreign direct investment projects into the region rose by 37 percent and their capex hiked by one percent, between 2003 and 2021.

The Kuwait-based corporation added that these projects have created approximately two million job opportunities.

It revealed an improvement in the setting of Arab countries in the majority of international indicators pertinent to the investment climate during 2021, which positively reflected on foreign direct investment projects in the region during 2021.

The corporation’s Director-General Abdullah Al-Sabeeh was quoted by the report as saying that the final result of changes in Arab settings in international indicators have positively reflected on foreign direct investments into the region amid expectations of continuing growth during 2022.

He added that the number of foreign projects into the region rose by 15 percent, while their capex hiked by 86 percent to US$21 billion during the first quarter of this year, compared with the same period of 2021.

He pointed out that Western Europe was the main investor in the region during 2021, while Saudi Arabia was the top investment destination in view of the capex (US$9.3 billion), while the UAE came first in terms of the number of projects (455).

The Arab Investment Export Credit Guarantee Corporation (Dhaman) is a pioneer multinational organisation that provides guarantee services against commercial and non-commercial risks.

Established in April 1974 in Kuwait as the first multilateral investment guarantee provider in the world, Dhaman is owned by the governments of Arab states and four Arab financial institutions.

Source: Emirates News Agency

UN to Hold New Libya Talks as Stalemate Persists

TRIPOLI — The United Nations said Thursday it will broker new talks between rival institutions from war-torn Libya next week to try to break a deadlock on the rules for long-awaited elections.

“[Parliament speaker] Aguila Saleh and President of the High Council of State Khaled Al-Mishri have accepted my invitation to meet at the U.N. Office at Geneva 28-29 June to discuss the draft constitutional framework for elections,” the U.N.’s top Libya official Stephanie Williams tweeted.

“I commend the heads of the two chambers for committing to seek consensus on the remaining issues after last week’s Joint Committee meeting in Cairo.”

Presidential and parliamentary elections, originally set for December last year, were meant to cap a U.N.-led peace process following the end of the last major round of violence in 2020.

But the vote never took place due to several contentious candidacies and deep disagreements over the polls’ legal basis between rival power centers in the east and west of the country.

A week of talks between the Tripoli-based council and Saleh’s eastern-based House of Representatives (HoR), aimed at agreeing on a constitutional basis for a vote, ended on Monday without a deal.

The prospect of elections appears as distant as ever since the HoR, elected in 2014, appointed a rival government to replace that of interim prime minister Abdulhamid Dbeibah, arguing that his mandate has expired.

After failing to enter Tripoli in an armed standoff in May, the rival administration has taken up office further east in Sirte — hometown of dictator Moammar Gadhafi, whose overthrow in a NATO-backed revolt in 2011 plunged the country into years of often violent chaos.

HoR-backed premier Fathi Bashagha said Wednesday in a letter to UN chief Antonio Guterres that he would “now be leading all efforts to bring elections to Libya at the earliest possible opportunity.”

Recent weeks have seen repeated skirmishes between armed groups in Tripoli, prompting fears of a return to full-scale conflict.

Source: Voice of America

Syrian artist Aktham Abdel-Hamid participates in 1st Patras Int’l Marble Sculpture, Greece

Athens, SANA- With an innovative sculptural work, Syrian sculptor Aktham Abdel-Hamid participated in the 1st Patras International Marble Sculpture which concluded activities in Greece yesterday.

“During the forum, I completed a portrait of a woman calling for an end to wars all over the world in order to preserve human civilization, and at the same time, carrying a message that art is capable of elevating man through the beauty it offers,” concerning his sculptural work, artist Abdel-Hamid said in a statement to SANA reporter.

Abdel-Hamid, who +received an invitation from Patras City Council to participate in the Forum, said that the only Arab sculptor participating, along with sculptors from several countries around the world, including Canada, Armenia, Albania and other countries, in addition to the participation of a number of Greek sculptors.

The Syrian artist added that Patris city, which overlooks the Mediterranean Sea, is an important tourist destination in Greece as it embraces several tourist seaports that receive large numbers of foreign tourists, which allowed the participants in the forum to come into contact with a diverse audience of several nationalities who visited the site of implementation during the days of their participation in this global artistic forum.

Source: Syrian Arab News Agency

Saudi Tour Cements Security Positions, Sees Return of Crown Prince to Center Stage

AMMAN, JORDAN — Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, met officially with leaders in Egypt, Jordan and Turkey this week. His goal, say analysts, is to unify their positions on security issues, such as mounting concerns over Iran.

Enhancing economic cooperation and strengthening bilateral relations with oil-producing Saudi Arabia also were part of the visits, analysts say, as the COVID-19 pandemic and Russian invasion of Ukraine continue to take a heavy toll.

Bin Salman’s visits this week in the region, analysts say, signal his desire for recognition on the global stage and an end to years of international isolation following the 2018 murder and dismemberment of Saudi critic Jamal Khashoggi in Istanbul, of which the prince has denied personal involvement. U.S. President Joe Biden had labeled Saudi Arabia a “pariah” when he campaigned, but the two countries are historic allies.

Jordanian analyst Amer al-Sabaileh told VOA that Russia’s war in Ukraine, while driving up oil prices and causing food shortages around the world, has opened for Saudi Arabia “changes in the rules of engagement with the American administration.” Saudi Arabia is the world’s largest oil exporter and the Middle East’s strategic political kingpin.

A non-resident fellow at the Washington-based Stimson Center, al- Sabaileh said that Biden’s participation in a July 16 summit in Jeddah, bringing together the leaders of the six Gulf Cooperation Council countries along with those from Jordan, Egypt and Iraq, gives MBS, as Bin Salman is known, “a kind of credit” and an ability to help set the regional agenda, particularly on Iran and Israel. Saudi Arabia is one of the GCC members.

“It’s obvious that he wants to pave the way for his regional presence and re-bring this old issue of the Sunni [axis] in facing Iran, the danger of Iran,” al-Sabaileh said. “Then he has another important card he wants to play politically—the relation with Israel. If you have the Emiratis and Bahrainis in the Abraham Accords and you don’t have Saudi Arabia, it has nothing. Without Saudi Arabia as the representative of the Sunni world, it doesn’t function.”

The United States brokered the Abraham Accords in 2020, normalizing diplomatic and economic relations between Israel and the Gulf states of the United Arab Emirates and Bahrain. Neither country had ever been at war with Israel, unlike Egypt and Jordan, which signed peace treaties with the Jewish state in 1979 and 1994 respectively.

Jordanian political commentator Osama al-Sharif told VOA that Jordan “is a bit anxious about the agenda of the summit” if it means preparing “an anti-Iranian alliance” of Sunni Muslim states as that could undermine the country’s moderate stance. Jordan, a key U.S. ally, is also a longtime champion of the two-state solution for ending the festering Israel-Palestinian conflict.

In a joint statement Wednesday after Bin Salman’s visit with Jordan’s King Abdullah, both leaders underscored their support for international efforts to stop Iran from acquiring nuclear weapons as well as curbing Iran’s “destabilizing activities” in Arab nations, such as Lebanon, Syria and Yemen.

As an oil swing producer with money to invest, Al Sharif says Bin Salman is plying Saudi funds to finance projects in Egypt, Jordan and Turkey, which are all suffering from severe economic downturns due to the COVID-19 pandemic and the war in Ukraine.

“Economically, Saudi Arabia is a very important supporter of Jordan, the biggest investor with about between $10- to $13 billion of investments in the country,” al-Sharif said. “A $3 billion fund has been very active, signing MOUs [memoranda of understanding] with regard to investing in Jordan’s railway system, in start-ups, in new ventures. In Cairo, they signed deals [worth] $7.7 billion.”

Saudi Arabia and Turkey are signing agreements on energy, security and economy, including a plan for Saudi funds to enter capital markets in Turkey, according to Reuters. Turkey is experiencing its worst economic crisis in two decades.

Some analysts believe that Washington may encourage Arab states to take on a greater role to defend themselves and work in coordination with Israel to combat ongoing threats posed by Iran. But Khaled Shneikat, the head of the Jordanian Political Science Society, told the online Middle East Eye publication it is likely that “regional countries are going to request a bigger security role for the U.S.” at the summit.

Source: Voice of America

Two Palestinians injured, others arrested as occupation forces storm areas in West Bank

Occupied Jerusalem, SANA- Two Palestinians were injured while twelve others were arrested as the Israeli occupation forces stormed different areas in the West Bank.

Palestinian media outlets stated that the occupation forces stormed Dheisheh camp, south of Bethlehem, amid shooting, wounding two Palestinians.

“The Israeli occupation forces also stormed several neighborhoods in Jenin City, al-Fara’a camp, south of Tubas, the town of Beit Ula, north of Hebron, al-Fawwar camp in the south, and the towns of al- Arura and Beit Rima in Ramallah, and arrested 12 Palestinian” according to the Palestinian media outlets.

On Wednesday, the occupation forces arrested Palestinians in different areas in the West Bank.

Source: Syrian Arab News Agency