Invitation to participate in the Impact of COVID-19 Pandemic on the Global Investment Outlook Webinar on 17th November 2020

It is with great pleasure that we invite you to the Impact of COVID-19 Pandemic on the Global Investment Outlook Webinar on 17th November 2020 (15:00 - 16:15, KSA Time).

The main objective of the webinar is to focus on presenting the key findings of the World Investment Report 2020 - International Production Beyond the Pandemic with a highlight on FDI trends in foreign direct investment (FDI) worldwide, at the regional and country levels and emerging measures to improve its contribution to development.

hi addition of presenting IsDB Group Strategy during COVED-19 and its impact on OIC Member Countries and Investment Promotion Agencies (TPAs).

The webinar will bring together 500+ participants including government officials, Presidents & CEOs of locallintemational private sector companies, multilateral and financial institutions, individual investors, entrepreneurs, chambers of commerce & Industry, business associations, and investment promotion agencies. We are confident that your presence and active participation in this important webinar will contribute to the successful achievement of its objectives.

For further information and registration, please visit the following link http://q-r.to/IsDB-UNCTAD

Dubai Chamber’s largest sustainability conference brought together public and private sector stakeholders to discuss strategies for surviving and thriving sustainably.

Dubai, UAE: Businesses in the UAE must prioritise sustainability and make it an integral part of their strategies as they tackle new challenges and prepare for the post-pandemic recovery, industry experts said during the Dubai Dialogue 2020.

The annual conference, recently hosted virtually by Dubai Chamber of Commerce and Industry, examined several key sustainability and CSR trends and issues reshaping the global business landscape, as well as practical strategies and valuable insights shared by leading public and private sector organisations and stakeholders in the UAE.

Presentations and discussions during the event highlighted the business benefits of adopting sustainability as a strategy, tool and mechanism that can be used to ensure resiliency and competiveness, while boosting organisations’ triple bottom line of people, planet and profits.

During his opening remarks, Dr. Belaid Rettab, Chief Economist Senior Director, Economic Research & Sustainable Business Development Sector, Dubai Chamber, said Dubai Dialogue is the largest conference organised by Dubai Chamber dedicated to CSR and sustainability matters, describing it as an ideal platform for industry experts to share knowledge and best practices in this area.

This year’s Dubai Dialogue was of particular importance, he explained, as discussions delved into timely issues and new challenges created by Covid-19, as well as opportunities emerging in a changed business landscape.

Strong interest and participation in the conference reflects a growing awareness of the importance of CSR and sustainability in enhancing business strategies and fostering innovation, he said, adding that the Centre for Responsible Business – since its establishment in 2004 – has played a crucial role in promoting responsible business practices and offering guidance to companies.

Prof. Vijay Pereira, Associate Professor of Strategic and

International Business Khalifa University, UAE, noted that the business environment has changed in an unprecedented way and many of the successful conventional ways of doing things should be revised.

He highlighted the role technology is expected to play in the post-Covid-19 era, and stressed the importance of integrating employee health and well-being in future sustainability strategies.

For his part, Martin Bradley, Chief Financial Officer, Dulsco LLC, spoke about how sustainability helps businesses create value and benefit from competitive advantages, said more businesses should look at Covid-19 as an opportunity to drive organisational change and become more sustainable and responsible.

Ibrahim Al Zubi, Chief Sustainability Officer, Majid Al Futtaim elaborated on how Majid Al Futtaim successfully embedded net positive environment strategy as one of its core business objectives. He said sustainability is not a burden or a cost but rather a factor that can create new value for organisations.

Steve Burnell, Managing Director, School Transport Services, said it is more important than ever before for organisations to develop favourable people policies, responsible processes and sustainable products.

Business with a short-term view may face long-term challenges, he explained, adding that networking, communication and listening are also key to addressing environmental and social challenges.

For his part, Dr. Kamel Mellahi, Senior Manager at Dubai Chamber’s Centre for Responsible Business, said sustainability, business continuity and competitiveness are inextricably linked and must go hand in hand.

Sustainability, he noted, is more than just good business ethics but a key component of any resilient business model, and advised businesses to make and keep sustainability a top priority during Covid-19 and beyond.

source: dubaichambe

Digital connectivity in the time of COVID-19 is no longer about traditional communication and the search for information; it has become a lifeline for using data, consuming content and engaging in digital applications by individuals, governments and businesses to ensure continuity of economic and social activities in light of social distancing and the complete lockdown in most countries of the world.

In the MENA region, the demand for broadband services and data has increased significantly during the pandemic. 

 Countries that are not ready for the surge of demand have seen network congestion, decline in average Internet speed and deterioration of service quality even in relatively mature markets.

Unequal access to quality broadband connectivity may jeopardize stability and increase social inequality between those who can use digital connectivity to secure business continuity and observe social distancing and those disadvantaged groups, including the refugees, without adequate access to the Internet to hook up to the new normal.

Network congestion during COVID-19 was a serious concern for many countries.

There are five main reasons why networks were not able to cope with the pent-up demand:

1. Intensive use of the network during daytime in residential areas (networks were not designed for peak-time service). This led to congestion of "last mile" networks that provide access to the user
2. Increasing demand for video and other high-bandwidth entertainment services
3. Increasing demand for videoconferencing and cloud services
4. Distance learning by students of all ages
5. Lack of sufficient capacity for consumers through international gateways (i.e., access points where Internet enters the country).

Actions taken by MENA Governments to improve broadband network and services

Governments in the MENA region have been fast to act to respond to the need for improved broadband networks and enhanced internet services.

Several examples actions include flexibility of payment to prepaid users allowing them to pay after consumption (Egypt, Tunisia and Palestine).

Some countries increased the bandwidth of Internet packages and speeds for users without additional cost (Lebanon, Iraq and Bahrain), others covered the additional cost of upgrading monthly packages for subscribers (Egypt). Moreover, some countries have unblocked Voice over Internet Protocol (VoIP) applications (UAE and Oman), others provided more spectrum to telecom companies (Jordan and Saudi Arabia), and secured free cloud applications for companies (Vodafone in Egypt).

In the Kingdom of Saudi Arabia (KSA), the government has managed to secure continued access to various e-government services thanks to its continuous investment in modern digital infrastructure and digital government platforms over the past two decades.

Improving e-learning platforms and online education: E-learning platforms have been developed in many countries of the region, like in KSA, where the national education portal "Ain" has become the main channel of education for more than 6 million users.

This digital education platform has provided 30,000 devices for students in need, in addition to providing more than 100,000 interactive digital learning hours for undergraduate students. The Egyptian, Saudi and Palestinian governments have also provided free Internet services to university professors and free SIM cards for students to access learning platforms through their devices. In Tunisia, Morocco and Bahrain, operators have provided free access to online education platforms. In Jordan, new platforms have been developed in the wake of the pandemic to host teaching materials such as "Darsak," "Idrak," "Jo Academy" and "Abwab".

In countries where network conditions were not able to handle the surge of e-learning applications, governments have used Television to broadcast lessons to students to ensure that the kids' education is not impacted.

Main digital connectivity challenges faced by the region

Despite these government solutions and initiatives, there are several bottlenecks that the sector witnessed during the pandemic and several risks that need to be addressed. These include

• Inability of several telecom operators to continue their business for operations, requiring physical presence of their employees at work sites as they needed to respond to lock down requirements.
• Disruption of global trade, especially with countries exporting telecom equipment, affecting the availability of devices and equipment for broadband networks and services,
• Increasing incidents of theft and vandalism of communications equipment
• Increasing cyberattacks, fake news and incidents of digital fraud that exploit the public panic and uncertainty surrounding the COVID-19.
• Privacy and personal data protection concerns for the use of CDR and mobility data for contact tracing and tracking to flatten the curve and prevent the spread of the virus.

Priorities for MENA to leverage digital solutions for recovery

With the transition to recovery and countries re-opening slowly and cautiously, and as economic activity picks up again, MENA countries should work to increase the capacity of broadband connections, manage network congestion, ensure continuity of vital public services and enhance digital financial technologies.  This is important as demand for electronic services such as health care and mobile payment systems, food delivery services and e-commerce are likely to rise significantly.

This is why the World Bank continues to emphasize the importance of digital inclusion both in terms of universal access to affordable high-quality broadband internet, and in terms of financial inclusion as part of the Marrakech commitments ahead of 2021.

Governments of MENA countries should reinforce their efforts to achieve the following objectives based on the COVID-19 early lessons:

• Objective 1: Increasing capacities and reducing network congestion to prevent disconnection and ensure sustainability
• Objective 2: Ensuring continuity of public services to enable citizens to make use of digital technology to complete their transactions
• Objective 3: Developing electronic financial services such as digital payments and cash transfers from governments to individuals to support companies and the poorest and most vulnerable groups, while emphasizing the importance of providing beneficiaries with proof of identity (IDs) to ensure their access to services
• Objective 4: Promoting e-learning initiatives to ensure education continuity.

As the Governments continue to work on creating an enabling environment to increase network capacity, improve service quality, and develop innovative services following global best practices, a number of priority actions in the short, medium and longer terms are important to emphasize. These include:

• Eliminating obstacles to private sector investment and facilitating entry of new operators into the telecommunications market by encouraging competition, reducing licensing fees and sharing revenue
• Regulating corporate tariffs
• Promoting regional cooperation to establish new submarine cable systems
• Facilitating access to basic infrastructure
• Adopting open-access policies to connect all operators to communication infrastructure on a non-discriminatory basis
• Sharing infrastructure by operators, including in the transport, energy and telecommunications sectors
• Allowing use of globally common services such as VoIP

In conclusion, it is important that governments look at digital development more broadly than the ICT sector. 

Digital technologies bring about fundamental transformations in our economies and countries and affect all sectors of the economy such as agriculture, education, health, government and financial services. 

 Reaping the benefits of digital transformation requires an ecosystem approach focusing on digital infrastructure, digital platforms, digital skills, and applications in vital use cases across the economy, while ensuring protection of personal data and aiming for a truly inclusive digital economy for all.

source: worldbank

COVID-19 sparked an unprecedented global health crisis around the world and ushered us to a ‘new normal’ way of working from home almost overnight. Not all companies were ready to adapt to this unexpected disruption, and business suffered. Many organisations faced massive structural changes and looked at alternative business strategies to sustain themselves through this global pandemic. But there is always an upside to every crisis – innovation leaders such as SAP have introduced innovative solutions specifically designed to help businesses in the post-COVID-19 global economy.

Winning in the new normal

We are a long way from business as usual these days, as many of us juggle work and home responsibilities, having video conferences interrupted by our kids, dogs barking and kitchen appliances whirring in the background. The way we live, work, play and consume has been turned upside down and most changes will not be reverted. According to a new study by Gartner, 74% of CFOs intend to permanently shift employees to remote working after the pandemic. We have been forced to embrace the new ‘future of work’ and we have quickly adapted to this change. But the question remains, how will businesses evolve? Many companies in the Middle East have already embraced the vast potential that a digital world makes possible. CIOs across the region have the vision and the appetite to accelerate digital transformations, tapping into technologies such as Cloud and AI to overcome the crisis we find ourselves in.

Indeed, countries in the Middle East, and particularly the GCC, were early adopters of cloud solutions, which has made it easier for them to quickly embrace the latest innovations. Last year a YouGov survey, conducted by SAP, showed that 88 percent of UAE companies increased their cloud spend in 2019, with 83 percent running partially or entirely on the cloud. It also found that 76 percent of IT decision-makers in the UAE agree that cloud is essential for integrating the benefits from Artificial Intelligence, Machine Learning, the Internet of Things, and blockchain.

Digitalisation enables new and improved processes and can help companies build resilience to reimagine their business post-COVID-19. In the coming months and years, organisations that can smartly integrate Artificial Intelligence with cloud, the Internet of Things and blockchain will see the biggest business benefit.

Customer experience, revisited

The COVID-19 pandemic has also brought about a renewed focus on enhancing citizen and customer experiences, especially as more services must be delivered remotely. Customer experience is especially important for industries such as banking and finance, retail, supply chain, logistics, and healthcare that need to transform how they engage with customers through digital platforms.

SAP recently held one of the largest technology events in the region, SAP NOW Middle East South, showcasing digital solutions specifically designed to help organisations navigate both the pitfalls and opportunities their business may face during the COVID-19 era and beyond. With over 2,300 registrations, and 600 visitors from the UAE, Oman, Egypt, Qatar, Jordan, Lebanon and Libya, it set a new record for SAP virtual events.

The number of attendees and the level of engagement across different countries and industries were incredible. Executives in the Middle East have always realised the value of digital transformation. The current circumstances have only amplified the need to prioritise it.

SAP’s global flagship conference, SAPPHIRE NOW, was also reimagined to go virtual for the first time. The event usually draws huge crowds every year in Orlando, Florida. Today, technology has transformed this conference into a massive complete digital experience, with over one million views and 200.000 attendees: more than 5 times the reach of the previous on-site version. Attendees could experience innovation through both live and on-demand sessions hosted by SAP leaders, Customers and Partners, as well as guests from some of the world’s leading companies like Porsche and Chobani.

To match customer experience demand and further help companies’ resilience, SAP has opened access to SAP Ariba Discovery for real-time procurement between buyers and sellers to maintain the supply chain. SAP has also opened access to TripIt Pro from Concur to manage safe, easy and changing travel itineraries.

Together with our partners, SAP and Qualtrics continuously collaborate to provide resources to governments around the world as they battle the rapidly evolving COVID-19 pandemic. This includes access to resources such as COVID-19 Pre-Screening and Routing, Dynamic Call Center Script, Healthcare Workforce Pulse, and Critical Care Protocol Solution.

In Germany, in less than 50 days of development, together with Deutsche Telecom, SAP published the Corona Warning App downloaded by 8 million citizens in less than 2 days.

Re-evaluating the future of work

COVID-19 jolted organisations into remote working, also necessitating a re-evaluation of skills relevant to rapidly changing technology. An educated and skilled workforce positively impacts the overall development of the economy, making it critical to assess skills gaps accurately and provide the necessary training to fill them.

There is an immediate need to upskill the existing workforce with digital skills as the region continues to transform digitally. According to a recent report by strategy&, the GCC countries will need to fill more than 3 million digital jobs by 2025. Some employers have been encouraging employees to re-examine their skill set and participate in remote trainings and coaching programs. Post-crisis, organisations will likely continue the reskilling trend to develop a workforce with the capabilities needed to anticipate and manage the unexpected.

In this together

Relationships are built when times are good, but they are put to the test when times are tough. SAP lives by its purpose today more than ever: to help the world run better and improve people’s lives. Customers and members of the community will not forget soon gestures of kindness and solidarity during these challenging times.

Considering the pandemic, for example, SAP recently launched TrackYourBed, a responsive, Web-based solution that indicates hospital bed availability in real-time. The company is currently exploring further investments in this and many other ventures as part of the SAP One Billion Lives initiative, a social intrapreneurship program that allows employees to use their skills to make a difference to their communities.

The COVID-19 outbreak has proven that companies can stand together for a common purpose, providing hope in a time of crisis, and opportunity in a time of change. The customer-first imperative must remain the building block for businesses across the region. Coupled with digitalisation, businesses truly have the power to reimagine the customer experience and capitalise on disruption to thrive in the new normal.

source: networkmiddleeast

Doha Bank’s recent webinar discussed Qatar’s initiatives to support entrepreneurship and the private sector and the role of sustainable development in reviving the economy amid the Covid-19 pandemic.

The webinar titled "Sustainable Developments in Qatar" featured experts and high-profile speakers including Sheikh Dr Mohamed bin Hamad bin J al-Thani, director, Public Health at the Ministry of Public Health; Abdulaziz bin Nasser al-Khalifa, CEO, Qatar Development Bank (QDB); Sheikha Alanoud bint Hamad al-Thani, managing director (Business Development) at the Qatar Financial Centre (QFC), and Rashid bin Ali al-Mansoori, CEO, the Qatar Stock Exchange (QSE).

In his concept note, Doha Bank CEO Dr R Seetharaman said, “According to IMF’s April 2020 report, as a result of the pandemic, the global economy is projected to contract sharply by –3% in 2020, much worse than during the 2008–09 financial crisis. According to the OECD June 2020 outlook, if a second outbreak occurs triggering a return to lockdowns, world economic output is forecast to plummet 7.6% this year, before climbing back 2.8% in 2021.

“According to the World Bank forecasts, the global economy will shrink by 5.2% this year. In the WTO April 2020 outlook, world merchandise trade is set to plummet between 13% and 32% in 2020 due to the Covid-19 pandemic.”

Seetharaman said, “A 2021 recovery in trade is expected, but dependent on the duration of the outbreak and the effectiveness of the policy responses. Growth revival by Qatar in 2021 is expected to be 5% in 2021 which is highest amongst the GCC countries, according to the IMF. Qatar unveiled stimulus packages worth QR75bn for the private sector to help mitigate the economic impact of the coronavirus outbreak. Qatar sold $10bn in bonds in tranches of 5, 10, and 30 years in April 2020. Qatar Government’s intiatives will ensure sustainable development amidst Covid-19.”

On QDB's response to the pandemic, al-Khalifa said, “Because of our swift response to the blockade, we had the experience necessary and were fully prepared to effectively respond to any crisis, which is why we were able to respond to the pandemic effectively. Since the outbreak, we have launched several initiatives to minimise the impact of Covid-19 on the private sector ecosystem, as we made strategic decisions that supported SMEs.

“We also listened intently to entrepreneurs’ needs, and prioritised business continuity. QDB is focusing on sustainability in terms of operations as well as communication with entrepreneurs and SMEs across Qatar. Sustainability is a key driver in developing a knowledge-based economy, one of the main pillars of the Qatar National Vision. Private sector institutions should focus on upgrading services and enhancing internal operations to prioritise sustainability. QDB has established a strategy for developing and promoting Qatari products in global markets, securing deals worth more than QR1bn in the first quarter of the year.”

Elaborating on the government's strategy to contain Covid-19, Sheikh Dr Mohamed said: “The rapid spread of Covid-19 across the world, with the absence of vaccine, left governments with little time to respond. Now, Qatar is flattening the curve and from an economic perspective, Qatar is ensuring a rapid but sustainable recovery. Qatar decided carefully to implement a safe and sustainable exit strategy, with continuing of the necessary restrictions on social gatherings, social distancing and use of personal protective equipment.

“In reality, and across the world, easing restrictions is a process of trial and error. In Qatar, we never test out the wrong keys first to find the one that fits. We hold our own key to success: the cross-sectoral collaboration and the informed decisions that shape the future of our nation,” Sheikh Dr Mohamed added.

Al-Mansoori highlighted the QSE's sustainability efforts to support the local economy, and said, “At the Qatar Stock Exchange, we believe we can and should play a significant role in promoting sustainability as an imperative by introducing and supporting initiatives which deal with environmental, social and governance (ESG) issues. Our listed companies cover a large cross section of the Qatari economy, representing approximately two thirds of total economic output. They are therefore key to setting the sustainability agenda and influencing other sectors and participants within the economy.”

In her remarks, Sheikha Alanoud addressed the importance of Doha Bank's webinar, noting : “I am pleased to have joined such a timely discussion on sustainable developments in Qatar and engage with expert points of view on how these developments are proving critical to the success of the business community during Covid-19. Sustainable development has long been a core pillar of Qatar’s vision in advancing its economy, and it has both shaped our nation as a thriving business hub and our economy as highly resilient in times of crisis and otherwise.

“Qatar’s major infrastructural development scheme is key to our nation’s success in diversifying its economy. Legislative and business reforms continue to shape Qatar as a stimulating business environment. The QFC has achieved QR75bn in total assets under management. The QFC also strengthened its digitalisation processes for firms' incorporation, ensuring that all automated processes are approved swiftly.”

source: m.gulf-times

The robot offers options for all taste preferences and meal choices

The enterprising owners of a Saudi restaurant have taken health food technology to a futuristic new level — by employing the services of a salad robot.

Customers at RAW.K’s Riyadh eatery are being offered nutritious, fresh, and energizing meals and snacks from a machine utilizing the latest appliance of robotics science.

The hi-tech, healthy fast food option has been introduced in the Kingdom by RAW.K in partnership with the robot’s creator, Chowbotics, a Silicon Valley-based food robotics company that developed the machine as a means to tackle food-service challenges such as speed, freshness, and convenience.

Fahad Al-Humaidan, a cofounder of RAW.K, told Arab News: “Robotics in the food industry is emerging as a tool to provide a better experience to customers as well as solving many pain points of the industry.

“As a fresh food brand that puts freshness and customer preferences as a key driver for the business, RAW.K found Chowbotics to be the best partner to strengthen our offerings by introducing RAW.K robot.”

Sally the Robot, which was rolled out in Saudi under the name RAW.K Robot, uses precision robotics to assemble customizable salads, bowls, and snacks made from up to 22 ingredients such as chicken, tenderloin beef, baby arugula, corn, and fresh peaches.

The robot also offers options for all taste preferences along with breakfast, lunch, and dinner meal choices. Users can start by selecting from a chef-curated meal or build their own bowl consisting of two bases such as greens or grains, six toppings, and dressings, all of which are replenished daily.

For health-conscious customers or those with strict dietary requirements, the robot provides handy interactive nutrition information that updates as users personalize their meal.

One machine fill can provide 80 to 100 meals and operatives involved in the daily cleaning and replenishment of the stations are given notifications on ingredients’ expiration through a cloud-based dashboard.

source: zawya

Dubai, UAE- The Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting, will conduct a live webinar entitled “IsDB Group Private Sector Action Response to COVID-19” on the 6^th of July at 01:00 PM (KSA Time) to discuss the challenges facing the private sector and global economy during the COVID-19 outbreak.

The live session will also present the immediate joint action response of the IsDB Group Private Sector Entities namely, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), in order to overcome the COVID-19 pandemic.

The webinar will discuss the future outlook to overcome the COVID-19 pandemic. In addition, the webinar will highlight the IsDB Group’s US$2.3 billion Strategic Preparedness and Response Programme for COVID-19 under its 3Rs approach “Respond, Restore and Restart”.

The keynote speakers who will share their in-depth perspectives in the webinar are Mr. Ousama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); Mr. Ayman Sejiny, the CEO & General Manager of the Islamic Corporation for the Development of the Private Sector (ICD), Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and Ms. Cornelia Meyer, the Chairman & CEO of Meyer Resources.

Mr. Ousama Kaissi, the Chief Executive Officer of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and one of the keynote speakers in the webinar, stated: “While the disruption to global trade and investment flows is unavoidable due to the unprecedented nature of the coronavirus pandemic, it is essential that institutions with the mandate and means to stabilize the trade ecosystem during the crisis heighten their efforts to do so.

ICIEC is honoured to be a part of this webinar with the UAE Ministry of Economy and our IsDB Group peers in order to share how we are employing our multilateral insurance solutions toward the collective recovery of member countries.”

“The private sector can play a pivotal and proactive role to close funding gaps in the COVID-19 response. It is capable to minimize short-term risks to employees and long-term costs to businesses and the economy as a whole. ICD will work closely with 100+ local and regional financial institutions in its network to provide necessary support so they can continue to fund private sector, particularly SMEs in affected sectors within the markets they operate in” stated Mr. Ayman Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), and one of the keynote speakers in the webinar.

Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and one of the keynote speakers in the webinar, stated: “Since the outbreak of the pandemic, ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed.

Our COVID-19 ‘Rapid Response Initiative’ (RRI) has made US$ 300 million immediately available.

This has facilitated the immediate access to medical equipment, the supply of staple foods and critical energy needs. Continuing to work closely with IsDB and partners, ITFC is moving forward with its Recovery Response Plan (RRP) with the provision of US$550 million for deployment over the next two years.

The RRP is aimed at fixing the socio-economic damage which is expected to last longer than immediate impact of the virus; including the provision of lines of financing to fund the private sector and SMEs.”

“It is a great privilege to be in collaboration with the UAE Ministry of Economy and Islamic Development Bank Group in organizing this live webinar session that will tackle the major challenges currently being confronted by the private sector and the global economy as a whole,” Mr. Walid A. Farghal, Director General of the Annual Investment Meeting mentioned.

“The private sector is indispensable to economic growth. In fact, it contributes up to 90 per cent of employment and provides over 80 per cent of government revenues in developing countries. Thus, it is essential to highlight this huge initiative by the IsDB Group that enables the sectors adversely affected by COVID-19 to continue their business activities,” he furthered.

During the webinar, 3 online initiatives will be launched jointly by IsDB Group Private Sector Entities and AIM.

These initiatives will support the private sector, trade and exports in OIC member countries and will be focusing on:

• Digital Country Presentations: to promote and showcase the investment and trade opportunities in OIC member countries which will serve as a virtual gathering and strategic innovative platform to support the investors, government agencies, private institutions, investment promotion agencies to discuss the best possible means to attract FDI.
• Startups Virtual Pitch Competition: to connect Startups globally and support them in meeting potential partners and investors from other parts of the world.
• MADE IN…..SERIES: this digital platform is open to all SMEs who want to showcase and present their local products, project and services to international audience.

The webinar will gather more than 700 participants from multiple sectors across the globe such as government officials, Chairmen, Presidents & CEOs of local and international companies, multilateral and financial institutions, Chambers of Commerce & Industry, business associations, investment promotion agencies, individual investors, and entrepreneurs.

Over past few days, Dubai began to reopen tourism facilities such as holiday homes, beaches, hotels etc.

Dubai stays among the top five destinations for most of the people who are looking at their next holiday as restrictions on air travel ease and airlines resume regular flights, said a senior official.

"World tourism has witnessed an unprecedented negative trend, not seen since World War II.

These types of shocks are something that have not been planned by tourism sector globally.

We need to work hard to bring back confidence to the sector. However, there are positive indicators. We have seen a lot of online travel agency and other travel sites showing that demand for Dubai is very high and we are among the top five cities that people are looking at as their next holiday destination," said Helal Saeed Almarri, director-general of Dubai Tourism.

"We are definitely ready and prepared for the next stage and are ready to welcome guests."

He praised the crisis committee for having the highest level of Covid-19 test as well as the best level of healthcare and attention given to travel ecosystem to make sure that right system is in place so that people can enjoy.

Almarri said no date has been announced yet for the opening up the emirate for tourists but the complete reopening of the tourism sector will happen after Covid-19.

Over past few days, Dubai began to reopen tourism facilities such as holiday homes, beaches, hotels etc.

"While areas which are still pending such as spas, pools and kids play areas still need time before they open up," he said, adding that "Dubai has the highest global standards of safety and security across all stages of travel reopening.

There is going to be reopening of markets not just based on when we are ready but also when everybody else is also ready to open their markets," he added.

While highlighting the trends in aviation industry, he noted that group travel is likely to decline and there will be more individual travellers, especially in places like China and Russia. 

source: khaleejtimes

The fund will help early-stage Indian and Southeast Asian companies to set up base in Masdar City

ADQ, one of the region’s largest holding companies, launched a Dh1.1 billion venture fund to invest in early-stage Indian and Southeast Asian start-ups and help them set up a base in Abu Dhabi’s Masdar City.

Alpha Wave Incubation (AWI) Fund will be based at the emirate’s financial hub, Abu Dhabi Global Market, the company said in a statement on Wednesday. The programme will be managed by New York-based Falcon Edge Capital.

AWI will help the budding Asian businesses gain market access to the UAE and the broader Middle East North Africa region.

These companies will benefit from the “exceptional digital infrastructure” already in place as well as highly advanced regulatory frameworks and other R&D initiatives, it said.

“As a national champion for the Abu Dhabi government, we are working to embed a performance culture across our broad portfolio that includes many of our emirate’s most important strategic commercial entities,” Mohammed Hassan Alsuwaidi, chief executive of ADQ, said.

ADQ is looking to maximise long-term impact of its investment on society, and will invest in companies that are “pioneering cutting-edge technologies and developing new and innovative business models”, he said.

“Nurturing Abu Dhabi’s start-up ecosystem will attract entrepreneurial talent, create jobs and other opportunities, particularly for those working in data science, artificial intelligence and other knowledge-based industries,” Mr Alsuwaidi said.

Mayank Singhal, head of venture capital and technology at ADQ, said AWI will help the company invest in start-ups that will generate sustainable, long-term financial returns and bring young entrepreneurs to Abu Dhabi.

"We will aim to support them in ways that accelerate their development to create a new wave of winners in the tech landscape," he said.

"These start-ups will also benefit from access to ADQ’s leading companies in sectors such as healthcare, food and agri-business, utilities and FinTech.”

ADQ, formally known as Abu Dhabi Developmental Holding Company, has a portfolio of conglomerates, spanning key sectors of Abu Dhabi’s non-oil economy, including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services.

Its portfolio includes Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Abu Dhabi Health Services (Seha), insurer Daman, media companies Abu Dhabi Media and twofour54 and Abu Dhabi National Exhibitions Company, among others.

Last week ADQ agreed to acquire a 50 per cent stake in Al Dahra Holding, an Abu Dhabi-based multinational animal feed and essential food commodities specialist firm, as it expands its portfolio of food and agriculture businesses.

The move is part of state-controlled ADQ’s strategy to support the country's agri-foods sector ecosystem and boost sustainable and diversified food supply in the UAE, it said in a May 13 statement.

In April, ADQ fully acquired National Petroleum Construction Company after buying 30 per cent stake it did not control from minority shareholder Consolidated Contractors International Company for an undisclosed sum.

Abu Dhabi–based NPCC is an engineering, procurement and construction company involved in a number of oil and gas projects in the GCC, South Asia and Southeast Asia.

source: thenational

With more countries easing coronavirus lockdowns in an effort to restart their economies as summer gets underway, CNBC takes a look at where you might be able to go on vacation in the coming months. 

The European Commission, the executive arm of the EU, recently issued guidelines outlining how the tourism industry might reopen and operate this summer. 

Crucially, it said EU countries should only allow tourists to visit if their own coronavirus contamination levels are under control. 

The Commission had already recommended European countries keep in place temporary non-essential travel restrictions until June 15. But, after more than two months at home due to widespread lockdown measures, many people around the world are likely to be anxious to take a vacation. 

Though others may be reluctant to book a trip abroad, given fears that easing confinement measures too quickly could prompt a second wave of Covid-19 cases. 

Nevertheless, some European countries are now sharing when they expect to reopen borders. Here’s what we know so far: 

Portugal 

Augusto Santos Silva, Portugal’s foreign minister, told newspaper Observador Friday that “tourists are welcome in Portugal.” 

He said that tourists flying into Portugal will not be subject to a quarantine period but that there will be health checks in place. 

So far 30,788 people have contracted the coronavirus in Portugal, while 1,330 have died from Covid-19, according to data compiled by Johns Hopkins University.

Greece 

In a televised address on Wednesday, Greek Prime Minister Kyriakos Mitsotakis said the country’s tourist season would restart on June 15 and that international flights would resume gradually from July 1. 

Greece has had among the lowest number of Covid-19 cases in Europe, with 2,882 infections confirmed and 172 deaths. 

It was one of the quickest countries in the region to impose strict lockdown measures, which is thought to have helped it keep the virus under control. 

The country has now started to ease restrictions, including reopening more than 500 of its beaches. 

Spain 

Spanish Prime Minister Pedro Sanchez announced over the weekend that tourists would be allowed into the country from July. 

Sanchez encouraged tourist establishments to start preparing to resume activity and urged Spaniards to start planning domestic vacations, which he said many will be able to go on from the end of June. 

On Monday, the Spanish government then said that from July 1 foreign visitors would no longer have to undergo a 14-day quarantine following their arrival into the country. 

Last weekend, the Spanish health ministry said daily deaths from the coronavirus had fallen below 100 for the first time in two months. It has now confirmed 235,400 cases of Covid-19 and 26,834 deaths, in total, from the virus. 

Italy 

Last week, Italian Transport Minister Paola De Micheli announced the country would be reopening airports, once again allowing interregional and international transfers from June 3. 

This comes after Italian Prime Minister Giuseppe Conte announced last weekend that Italy would be opening its borders to countries within the European Union from June 3.

Though he said this depended on whether data on the virus continued to be encouraging. 

To date, a total of 230,158 people have contracted the coronavirus in Italy, while 32,877 people have died.

Sweden 

Sweden controversially never actually went into a full lockdown and has kept borders open. The government has imposed a temporary ban on citizens from all countries except European Union member states, the United Kingdom, Norway, Iceland, Liechtenstein and Switzerland. 

There have been 33,843 confirmed cases of the virus in Sweden so far and 4,029 deaths as a result of Covid-19.

Netherlands 

Similarly, the Netherlands has kept borders open for tourists from so-called Schengen countries — the 26 states in mainland Europe which have allowed free movement without a visa.

U.K. citizens are also allowed to travel to the country but, reportedly, a full declaration of health is required. 

The Netherlands has confirmed 45,445 cases of the coronavirus and 5,830 deaths. 

Iceland

Borders in Iceland have also remained open for tourists from Schengen countries but a 14-day quarantine has been required.

The Icelandic government expects to ease restrictions no later than June 15, in line with the European Commission’s guidelines. It then plans to start offering testing as an alternative to quarantine to travelers.  

In Iceland, 1,804 people have contracted Covid-19, while 10 people have died from the virus. 

Other countries in Europe have either yet to make announcements about letting tourists in, have chosen to stay open, or are due to reopen, to select states initially. 

For instance, Estonia, Latvia and Lithuania formed a travel bubble, allowing residents from only these countries to move between each other. 

Meanwhile, Austria is set to open borders with Germany, Switzerland, Liechtenstein, Czech Republic, Slovakia and Hungary on June 15, according to multiple reports. A health certificate must be presented upon entry, or else travelers are required to isolate for 14 days.