Category: Trading

Ramallah – Together – The General Authority of the Palestine Stock Exchange held its fourteenth annual meeting, to discuss and approve the topics on the agenda, in the presence of the representative of the Registrar of Companies at the Ministry of National Economy, Bilal Kataneh, the external auditor, Abdul Karim Mahmoud, representing Ernst and Young, and the legal advisor, Mr. Haitham Al-Zoubi and Samer Al-Kakhan, representing the Capital Market Authority.

Through the platform of the General Authority, the Chairman of the Board of Directors of the Palestine Stock Exchange, Mr. Samir Hulileh, expressed what the Palestinian economy has suffered, especially since the last quarter of the fiscal year 2023 until this moment, which in turn has sharply affected the performance of various economic and operational sectors, both in the Gaza Strip and the West Bank, adding that Listed companies were not immune to this exceptional situation, which became clear through their preliminary financial statements for the resul
ts of the year 2023, as the profits of listed companies according to these statements amounted to approximately 155 million dollars, a decrease of 60% compared to the previous year, a number that was not recorded. On the Palestine Stock Exchange for more than 10 years, indicating that we are awaiting somewhat harsh results in the same context for the first quarter of the year 2024, due to the continuation of the aggression.

He pointed out, “This situation did not affect at all the commitment of profitable companies to their shareholders, as dividends are still strongly present in many of the recommendations of the general bodies of listed companies, and we at the Palestine Stock Exchange will work hard to continue the process of progress and growth, despite the serious challenges, and to These include poor market liquidity and accumulated losses as a result of the aggression.

The General Assembly approved the Board of Directors’ report and financial statements, and the members of the Board of Directors were
discharged from their liabilities for the fiscal year 2023, in addition to re-electing Ernst and Young to audit the stock exchange’s accounts for the fiscal year 2024.

It is noteworthy that the Palestine Stock Exchange was established in 1995 as a private joint stock company, and in 2012 it was listed for trading after it was transformed into a public joint stock company. The Stock Exchange seeks to be a local financial market with international standards, in light of providing innovative services to customers through a trading environment characterized by fairness, transparency and safety. It is noteworthy that the Palestine Stock Exchange is listed in the most important global financial indices: within the frontier markets ‘Frontier Markets’ and ‘FTSE Global Financial Times’ and within an independent index for ‘Palestine’ in both Morgan Stanley and Standard and Poor’s.

Source: Maan News Agency

Doha: The Qatar Chamber (QC) discussed with a delegation of Jordanian manufacturers ways to promote bilateral cooperation relations, available industrial opportunities, and the partnership between the private sectors of both countries.

This came in a joint meeting, held at QC headquarters on Wednesday, between the Jordanian delegation and Qatari businesspersons in the presence of QC Second Vice-Chairman Rashid bin Hamad Al Athba and QC Board Member and Chairman of the Industry Committee Abdulrahman Al Ansari.

The meeting explored cooperation between companies from both sides in various sectors such as food processing, agriculture and livestock, plastic and rubber industries, timber and furniture, clothing, construction, chemicals, paper and carton, and packaging.

In his remarks, QC Second Vice-Chairman Rashid bin Hamad Al Athba praised the developed Qatari-Jordanian relations in all sectors, especially trade and economy. He noted that Qatar is one of the largest investors in Jordan, indicating that Qatari
investments include various sectors such as real estate, tourism, banking, healthcare, energy, and oil derivatives.

He pointed out that various Jordanian companies are operating in Qatar, whether in full capital or with Qatari partners, in sectors like trading, contracting, construction, interior design, maintenance, events, real estate brokerage, services, education, carpentry, prefabricated kitchens, and others.

Al Athba stressed the significance of enhancing cooperation between the private sector in both countries, noting that it will contribute to developing the bilateral trade exchange, which reached QR 746 million last year compared with QR 660 million in 2020, an increase of 13 percent.

He also emphasized the importance of activating the business council and intensifying mutual visits between business delegations from both sides, calling Jordanian companies to take advantage of the investment climate in Qatar and incentives offered for foreign investors. Al Athba also highlighted that Qatar attached
the industrial sector great importance, pointing out that it offers a host of incentives such as the allocation of lands, the exemption of customs duties on imported machinery, equipment, and raw materials, and the exemption of income tax for a duration up to ten years, as well as the provision of electricity at reasonable prices.

For his part, Chairman of the Jordan and Amman Chambers of Industry Eng. Fathi Al Jaghbir commended the fraternal relations between both countries, praising the development of the Qatar industry sector.

Al Jaghbir underscored the significance of bolstering cooperation between both sides in industry and streamlining procedures of exporting manufactured products between both countries. He proposed holding a joint business forum between businessmen and manufacturers in Amman to explore new horizons of cooperation and investment opportunities available in the industrial sector.

In turn, Abdulrahman Al Ansari emphasized the importance of strengthening cooperation between both parties
in industrial fields, noting that Qatar is characterized by the provision of raw materials in the petrochemical and energy sectors which drove the growth in petrochemical industries. He assured the Qatari side’s preparedness to examine opportunities available in Jordan in the industry sector to establish joint ventures whether in Qatar or Jordan.

The Jordanian delegation gave a presentation about the industry sector in Jordan and the investment incentives provided by the government to attract foreign investments to the sector.

Source: Qatar News Agency

DUBAI: Dubai Chambers has been honoured by the International Chamber of Commerce (ICC) for its pioneering role in developing the Chamber Model Innovation (CMI) framework, which is designed to fast-track innovation at chambers around the world.

The framework provides a reliable reference for chambers of commerce to deal with change and enhances their agility and proactivity in serving their members.

John Denton, Secretary General of the International Chamber of Commerce, presented a certificate of honour to Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and praised the efforts made by Dubai Chambers to bring about a radical and innovative transformation in the work of chambers across the globe.

Created and developed by Dubai Chambers and launched at the World Chambers Conference in Dubai in 2021, the CMI framework is a first-of-its-kind system aimed at enhancing the working methods of chambers of commerce worldwide. The framework is designed to enable chambers to align with the expectation
s of their members and serve the needs of business communities amid global challenges and a shifting economic landscape.

Since 2021, Dubai Chambers has successfully organised 17 training courses on the CMI framework for 1,511 employees and officials from 638 chambers of commerce around the world. The ICC World Chambers Federation has adopted the CMI framework as a model for designing and providing services to members and customers of chambers worldwide, as well as training their employees and preparing chambers for their transformation into data-driven institutions.

The CMI framework has since been adopted as one of the main categories of the World Chambers Competition, which now features an award for ‘Best Chamber Model Innovation Project’. The competition has emerged as an integral component of the World Chambers Congress and is the only global awards programme honouring innovative projects presented by chambers of commerce around the world.

Commenting on the accolade, Mohammad Ali Rashed Lootah said, ‘T
he needs of businesses have evolved rapidly over the past decade, which has been catalysed by the global pandemic and digital transformation. This modern paradigm calls for a new level of interaction between chambers of commerce and their members. Our successful CMI initiative sets an innovative global standard and serves a model for chambers of commerce around the world. We are proud to contribute to the transfer of innovative ideas and experience from Dubai to the world and advance the vision of the wise leadership.’

John Denton, Secretary General of the International Chamber of Commerce, stated, ‘The pioneering role of Dubai Chambers has contributed to a radical transformation in the business models of chambers around the world and established new standards of excellence within the business community.’

The CMI framework is based on global best practices and designed to enable chambers to overcome future challenges. It serves as a reliable reference for chambers of commerce worldwide, empowering them to a
dapt to change swiftly and become more flexible in meeting the needs of their members.

Source: Emirates News Agency

The Turkish Minister of Agriculture and Forestry, Ibrahim Yumagli, stressed the importance of cooperation between his country and Iraq in the fields of irrigation, agriculture and livestock development.

Yumagli said in a press statement today, Wednesday, that talks took place on agricultural cooperation between Turkey and Iraq, on the sidelines of Turkish President Recep Tayyip Erdogan’s recent visit to Baghdad on Monday, and that Ankara and Baghdad will exchange experiences and cooperation in the fields of agriculture, animal husbandry and irrigation, and that this matter will provide serious contributions to both countries.

He pointed out that new horizons of fruitful cooperation will be witnessed by the agricultural sector in the two countries during the coming period through what has been agreed upon in various fields of bilateral cooperation.

During the visit of Turkish President Recep Tayyip Erdogan to Baghdad last Monday, Iraq and Turkey concluded 17 cooperation agreements in the fields of water, se
curity, energy and other cooperation horizons, which reflects the desire of the two countries to enhance their cooperation in various fields./End

Source: National Iraqi News Agency

Doha: United Development Company’s (UDC) announced its financial results for the first quarter of 2024, reporting net profit of QR 76 million in comparison to net profit QR 88 million for the same period of the previous year, a decrease of 13.6%.

UDC, the master developer of The Pearl and Gewan Islands, said that the Earnings per Share (EPS) amounted to QR 0.020 as of March 31, 2024 versus Earnings per Share (EPS) QR 0.025 for the same period in 2023.

UDC added that it achieved revenues of QR 471 million, and that it strives to achieve balance between revenue and expenses reducing the impact of increase in financing cost in the first quarter of the year 2024.

Established in 1999, UDC was first listed on the Qatar Exchange in June 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 19.5 billion as at March 31, 2024.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime, and ho
spitality related businesses.

Source: Qatar News Agency