Deputy Chairman of Karbala Council: Karbala oil wells are within the next licensing round

The Deputy Chairman of the Holy Karbala Provincial Council, Mahfouz Al-Tamimi, said that the Ministry of Oil has included Karbala oil wells in the upcoming licensing round.

He added to the correspondent of the National Iraqi News Agency / NINA / that the oil patches in the governorate have been identified, which are the five patches of Al-Ukhaydir, Marjan, west of Al-Kifl, north of Al-Ukhaydir, east of Al-Razaza, and the Shamos program, which will be explored.

He explained: To complete the projects, a meeting was held with the Prime Minister in order to include Karbala wells within the licensing round, and thus the result was the completion of the licensing round.

Source: National Iraqi News Agency

Due to Eid al-Adha holiday…the dollar exchange rates are stabilized

The dollar exchange rates stabilized on Sunday, after the main stock exchanges in Baghdad and Erbil stopped trading due to Eid al-Adha holiday.

The dollar prices in the stock exchange in the local markets in Baghdad, some of which opened their doors today, witnessed stability, as the selling price reached 148,000 Iraqi dinars, while the purchasing prices reached 146,000 dinars for every 100 US dollars.

The main stock markets in Baghdad and the Kurdistan region will remain closed until the end of the Eid holiday.

Source: National Iraqi News Agency

COP28 President welcomes G7 Apulia Leaders’ Communiqué support of commitments made in UAE Consensus

ABU DHABI: Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, welcomed the G7 Apulia Leaders’ Communiqué, which he said ‘supports the commitments made in the historic UAE Consensus to keep 1.5°C within reach, while driving inclusive, sustainable socio-economic development for all’.

Dr. Al Jaber stated, “The statement acknowledges the GST outcomes from COP28 and highlights the need to scale and speed up climate actions across mitigation, adaptation, and means of implementation.

‘I welcome calls to operationalise commitments in the UAE Consensus to drive ambition in the next generation of NDCs. Finance will be essential in realising that ambition and the call for setting a new collective quantified goal (NCQG) for finance at COP29 is a crucial enabler.’

‘The G7 endorsement of outcomes under the COP28 Presidential Action Agenda across agriculture, food systems and health are also encouraging indicators for their rapid implementation,’ the COP28 President went on t
o say, noting that the ‘COP28 Presidency is hopeful that these endorsements from the G7 continue to build momentum and galvanise Parties around the urgency of implementing immediate actions in this critical decade”.

‘As we look toward November’s G20 Leaders’ Summit in Brazil, now is the moment for all nations to ensure their next critical NDC is bold and ambitious,’ he said, in conclusion.

Source: Emirates News Agency

China urges Australia to shelve differences, focus on economic opportunities

KUALA LUMPUR, Chinese Premier Li Qiang on Saturday called on Australia to set aside differences and focus on economic opportunities instead after Beijing had lifted trade sanctions on main Australian exports.

Li made the remark as he arrived in Australia for an official visit.

“History has proven that respecting each other, seeking common ground while shelving differences, and carrying out mutually beneficial cooperation are valuable experience in the development of China-Australia relations, and need to be upheld and carried forward,” he said.

Li added that a more mature, stable and fruitful China-Australia comprehensive strategic partnership would be a shared asset for both peoples, noting that China is willing to work with Australia to that end.

The Chinese government has recently scarped sanctions on Australian wine, timber, barley and beef imports, which were imposed in 2020 following a diplomatic row.

This is the second leg of Li’s three-nation tour following his official visit to New Zealand.

urce: Kuwait News Agency

AGWA, Believer Meats to develop cultivated meat capabilities in Abu Dhabi

ABU DHABI: AGWA (AgriFood Growth and Water Abundance), Abu Dhabi’s new food and water cluster, and Believer Meats, a global leader in the cultivated meat industry, announced their collaboration to develop capabilities in cultivated meat, including an opportunity for the company to establish a presence in Abu Dhabi, aiming to leverage the Emirate’s strategic location and resources to further its growth in the Middle East and North Africa (MENA) region.

Believer Meats will pursue establishing a regional headquarters in Abu Dhabi that can support commercial operations for regional market expansion, product manufacturing, and research and development. Bringing these industry-leading capabilities and job opportunities to the region will play a key role in supporting AGWA’s goal to lead global efforts in tackling food security and water scarcity.

AGWA aims to capitalise on technological advancements to address shifting dietary patterns and support global food security for a reliable and resilient supply chain.
The cluster will lead the sector, driving advancements in areas like alternative proteins, functional ingredients, algae farming, and reverse osmosis membranes, while enhancing traditional food and water production and supply.

A leader in the growing cultivated meat industry, Believer Meats is focused on developing the world’s most efficient and scalable cell-cultivation production technology to make safe, healthy, and delicious cultivated meat products. The company is currently constructing the largest cultivated meat production facility in the world in North Carolina, USA, after its series B fundraise in 2021, which was supported by ADM, S2G Ventures and others. The factory will feature a state-of-the-art innovation centre and tasting kitchen, and is set to be operational by the end of 2024.

This strategic collaboration with AGWA aligns with Believer Meats’ vision for a global platform, offering an opportunity to demonstrate a scalable, replicable model to effectively enter and thrive in additional market
s. AGWA and Believer Meats will also explore establishing a Believer Meats Innovation Academy dedicated to sustainable food technologies and developing future talent in collaboration with Abu Dhabi-based universities and research centres. AGWA will also work with Believer Meats to establish a regulatory pathway and halal certification standards for cultivated meat products in Abu Dhabi.

Badr Al-Olama, Director General of the Abu Dhabi Investment Office (ADIO), said, ‘When Abu Dhabi established AGWA, it sought to attract the greatest innovators in food and water. Our partnership with Believer Meats is a firm example of this objective coming to life. A base of operations in Abu Dhabi would enable Believer Meats to bring the very best innovations and products in cultivated meats to the entire region with speed and safety, radically changing the dependency on imported food to the region.’

Gustavo Burger, CEO of Believer Meats, said, ‘Partnering with AGWA represents a significant step forward in our mission to c
reate a global powerhouse of cultivated meat solutions bringing products to new strategic markets. This collaboration will not only enable us to expand our operations, but also aligns perfectly with our vision of creating a sustainable and more resilient global food system. By leveraging AGWA’s innovative framework and support, we are confident that we can address food security challenges and bring our safe, healthy, and delicious cultivated meat products to the MENA region and beyond.’

Led by the Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO), AGWA is set to become a global hub for novel food and ingredients, as well as technologies that increase access to and enable the efficient utilisation of water resources. This innovative cluster is meticulously designed to support local suppliers and exporters alike, serving as a platform to maximise commercial opportunities. The cluster aims to meet increasing global demand, alleviate pressures on agricultural systems, ad
dress shifting dietary patterns, capitalise on technological advancements, and support global food security, ensuring a reliable and resilient supply chain.

By 2045, AGWA is expected to contribute AED90 billion in incremental GDP to Abu Dhabi’s economy, create 60,000+ new jobs, and attract AED128 billion in investments.

Source: Emirates News Agency

Euro area international trade in goods surplus at pound 15.0 bn

BRUSSELS: The first estimates of euro area balance showed a pound 15.0 bn surplus in trade in goods with the rest of the world in April 2024, compared with a deficit of pound 11.1 bn in April 2023, according to figures published by Eurostat, the statistical office of the European Union.

The euro area exports of goods to the rest of the world in April 2024 were pound 247.6 billion, an increase of 14.0% compared with April 2023 (pound 217.2 bn). Imports from the rest of the world stood at pound 232.5 bn, a rise of 1.8% compared with April 2023 (pound 228.3 bn).

In April 2024 compared to March 2024, the euro area surplus decreased from pound 23.7 billion to pound 15.0 billion. The reason was due to an increase in the deficit of the energy sector (from pound -23.7 billion to pound -26.2 billion) and a decrease of surplus for ‘chemicals’ (from pound 23.4.billion to pound 21.2 billion).

In January to April 2024, the euro area recorded a surplus of pound 72.8 bn, compared with pound -20.5 bn in January-April 2023

The euro area exports of goods to the rest of the world rose to pound 953.0 bn (an increase of 0.8% compared with January-April 2023), and imports fell to pound 880.2 bn (a decrease of 8.9% compared with January-April 2023). Intra-euro area trade fell to pound 874.9 bn in January-April 2024, down by 5.1% compared with January-April 2023.

The EU balance showed a pound 13.9 bn surplus in trade in goods with the rest of the world in April 2024, compared with a deficit of pound 14.2 bn in April 2023.

The extra-EU exports of goods in April 2024 was pound 222.1 billion, up by 14.9% compared with April 2023 (pound 193.3 bn). Imports from the rest of the world stood at pound 208.1 bn, up by 0.3% compared with April 2023 (pound 207.4 bn).

Source: Emirates News Agency

Finance Ministry: Additional loose coins worth EGP 20mn issued ahead of Eid

Ministry of Finance said that “extra loose change” with a total value of 20 million pounds will be available on the occasion of Eidul Adha to fulfill the needs of people, the government sector like the National Authority For Tunnels and the private sector like the hypermarkets.

The Mint Authority has set arrangements for the Eid, in cooperation with all bodies concerned nationwide, to double the production capacity of coins using modern technologies.

Mint Authority Head Hossam Khedr, in a statement issued on Saturday, asserted keenness on securing a reserve of coins that is enough for a period exceeding a year and half.

He added that people headed to the headquarters of the Mint Authority to get coins and new banknotes ahead of Eid.

Source: State Information Service Egypt

Finance Minister: Additional financing needs secured for 2023-2024 FY budget, no new loans needed

Minister of Finance Mohamed Maait on Saturday 15/06/2024 said that additional financing needs of the general state budget of the 2023-2024 FY have been secured from state’s additional resources, without seeking further loans that contribute to upping the overall budget deficit rate.

He highlighted that the successful Ras el Hekma deal has contributed to the growth of state’s revenues.

Maait, in a statement issued on Saturday, said that up to 320 billion pounds – the value of the additional credit line that has been endorsed by President Abdel Fattah El Sisi recently- have been allocated to workers’ wages, handling the repercussion of inflation and the hiking interest rate along with securing petroleum needs and subsidized commodities.

He added that 44 billion pounds of the additional credit have been designated to supporting petroleum products, subsidized commodities, treatment at state’s expenditure and social protection programs.

The minister said that 32 billion pounds will go to wages of state’s worke
rs, within the framework of government keenness on alleviating the impact of inflation caused by regional and international crises.

Source: State Information Service Egypt

Ceremony held to celebrate Egypt’s New Delta Water Treatment Plant win of 4 Guinness World Records titles

The Armed Forces celebrated the New Delta Water Treatment Plant for entering the Guinness World Records.

The New Delta Water Treatment Plant, with a capacity of 7.5 million m3, is the largest in the world and was implemented by a consortium of major national companies under the supervision of the Armed Forces Engineering Authority. The plant has been awarded 4 significant Guinness World Records titles.

The celebration ceremony was attended by Irrigation and Water Resources Minister Hany Sowailem, President of the Armed Forces Engineering Authority Ahmed El Azazi and representatives from Guinness and the companies carrying out the project.

The New Delta project was built in line with President Abdel Fattah El Sisi’s directives to benefit from unused wastewater to help overcome the water scarcity challenge.

Source: State Information Service Egypt

CAPMAS: Egypt ranked world’s 6th country on expats’ remittances in 2023

Egypt held the 6th position among the world’s remittance recipient countries in 2023, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

The agency said in a statement released on Saturday to mark the International Day of Family Remittances (IDFR), that Egypt came after India, Mexico, China, the Philippines and France, according to the World Bank’s recent data.

The number of Egyptian expats hit 11.09 million until late 2023, the agency said.

It cited the bank as saying that globally, remittance flows are estimated to have increased by 3 per cent from the previous year to USD 860 billion in 2023 and are projected to grow at a nearly similar rate of 3.1 per cent in 2024.

The International Day of Family Remittances is celebrated on 16 June each year. The IDFR recognizes the crucial contribution of over 200 million migrant workers who send money to over 800 million family members in low- and middle-income countries. It highlights the resilience of migrant workers in the face of uncertain
ty while promoting reduced transfer costs and greater financial inclusion through remittances.

Remittances are a lifeline to the developing world and are used to pay for basic household needs, education and entrepreneurship, according to an IFAD statement. While individual remittances may be relatively small (the average remittance is US$200-US$300 a month), collectively, these flows are three times greater than global official development assistance, it said.

Source: State Information Service Egypt