Economic News

Symposium at Palais du Luxembourg in Paris

Mr. Fouad Trad, Managing Director & CEO of Byblos Bank Europe, recently attended a symposium entitled "Les clés de votre succès à l’International avec vos Partenaires d’Excellence" at the Senate in Paris.

Mr. Trad intervened within the panel "Comment la Commission de Contrôle des Banques au Liban travaille en étroite collaboration avec l’ACPR pour consolider la confiance et être en conformité avec toutes les nouvelles normes européennes et américaines " alongside Samir Hammoud, head of the Banking Control Commission of Lebanon, and Shérine AUDI, General Manager and Board Member of Bank Audi France.

During the symposium, Mr. Fouad Trad stressed the importance of a continuous action for the maintenance and preservation of an unaltered confidence in banks. Speaking of Byblos Bank Europe, headquartered in Brussels with branches located in London and Paris, he referred to "les gendarmes", that is to say the regulations which are binding the subsidiary of Byblos Bank specialized in trade-finance.

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Egypt Second Investment Forum

The Arab-Belgian-Luxembourg Chamber of Commerce was proud to participate in the Egypt Second Investment Forum organized in Cairo by the Federation of Egyptian Chambers of Commerce, in partnership with the Ministry of Trade and Industry, the Ministry of Investment, the general Union of Arab Chambers, and Al-Iktissad Wal-Aamal Group, on 28-29 May 2016.

The Forum, which was held under the High Patronage of His excellency President Abdel-Fattah El-Sisi, presented investment opportunities in Transportation, Energy, Telecom, Industry, Tourism & Agriculture.

President El-Sisi highlighted the fact that over the past period of time Egypt has adopted a range of measures to enforce security and stability in the country. He also confirmed Egypt 's determination to continue its efforts to promote the economy and provide an attractive investment climate, and he stressed Egypt’s commitment to cooperate with all investors and enable them to capitalize on the promising investment opportunities offered in various sectors.

The Forum was attended by more than 400 Arab and foreign investors and businessmen who had the opportunity to fully perceive the many business opportunities offered by the Egyptian market along with the new business climate propitious for foreign investment.

An agreement on simplified rules of origin between Jordan and EU expected before end of July

On June 21, H.E. Imad Fakhoury, Minister of Planning and International Cooperation took part in the periodic meeting with EU ambassadors organized by the European Commission delegation in Amman.

He said that progress was made in EU-Jordan negotiations on simplifying the rules of origin. Jordan was given flexible rules of origin like those used with the least developed countries, considered as an important element in attracting investments to Jordan. Such investments would increase economic growth, create job opportunities for Jordanians and Syrian refugees in the areas where foreign labour is employed and improve Jordanian exports' access to EU market.

The minister pointed out that an agreement was reached on most of those requirements. Both sides, he went on to say, are intensifying their work to bridge the remaining gaps to reach a mutually satisfactory agreement before the end of July so that implementation can start.

Jordan eases conditions for wheat and barley tenders

Jordan has recently made changes to the terms and specifications of its wheat and barley tenders to attract more bids amid a rise in wheat consumption in the Kingdom.

For more information on the matter please see www.mit.gov.jo

Religious pluralism & tolerance: the Bahrain model

The Arab-Belgian-Luxembourg Chamber of Commerce was pleased to take part to the seminar titled "Religious pluralism and tolerance in the Kingdom of Bahrain organized by the Ministry of Foreign Affairs of the Kingdom of Bahrain, in cooperation with the European Parliament.

The seminar was held at the Parliament headquarters in Brussels on Wednesday morning, June 1, 2016, under the joint auspices of the Vice President of the European Parliament, Antonio Tajani, who is in charge of dialogue among religions and MP Ivo Vajgl, Head of the Group of Friends of the Kingdom of Bahrain.

Lock of KIELDRECHT in the Port of Antwerp inaugurated

In the port of Antwerp the Lock of Kieldrecht has been officially opened today for commercial shipping by His Majesty the King of Belgium.

The Lock of Kieldrecht connects the Dock of Deurganck, the tidal dock where container vessels arrive, and the Waasland Canal, the connection with the other docks in the Waasland Port on the left bank of the Scheldt in Antwerp. The lock was built because the Lock of Kallo had become too small for the increasingly large commercial vessels. With its width of 68m, its length of 500m and its depth of 27m, the Lock of Kieldrecht can from now on be called the world’s largest lock, closely followed by the Lock of Berendrecht, the same type of lock, also located in the Port of Antwerp, and the new locks in the Panama Canal, which will also be opened officially this year on the 26st of June.

Emirates Group Announces Record Profits

Beginning of May, the Emirates Group announced its 28th consecutive year of profit and steady business expansion, ending the year with record profits, and in a strong position despite the global and operational challenges during this period.

In its 2015-16 Annual Report, the Emirates Group posted an US$ 2.2 billion profit for the financial year ending 31 March 2016, up 50% from last year.

His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “Emirates and dnata delivered record profits, solid business results, and continued to grow throughout 2015-16. Against an unfavourable currency situation which eroded our revenues and profits, an uncertain global economic environment dogged by weak consumer and investor sentiment, as well as ongoing socio-political instability in many regions around the world, the Group’s performance is testament to the success of our business model and strategies.”

Multisectorial Economic Mission to the United Arab Emirates: 03-08 September 2016

BECI invites you to join European companies to explore the growing business opportunities in the United Arab Emirates.

The main sectors in the UAE are: infrastructure (especially construction and mass transport), energy, defense and security, education and training, financial services and to the person, creative industries and the media.

This mission is open to companies from all sectors, with a priority given to women entrepreneurs and women in business.

Learn more: http://www.awex.be/fr-BE/Nos%20services%20%C3%A0%20l'export/Programme%20d'actions/Pages/2016_AFPMO_EGYPTE_MissionEconomique.aspx