Highlights:
– Around 34 per cent of the UAE’s wealth is held by individuals who are worth $100 million or more, while another 26 per cent is held by those worth between $1 to $100 million, according to data from Boston Consulting Group.
– In the GCC, 115 individuals are worth $100 million or more, while 144,959 individuals are worth between $1 million and $100 million. Their combined financial wealth in 2020 amounted to $2.2 trillion and is expected to grow to $2.7 trillion in 2025.
– Saudi Arabia and the UAE together account for 71 per cent of the financial wealth within the GCC, with Saudi accounting for 45 per cent, followed by the UAE with 26 per cent, and 11 per cent each by Qatar and Kuwait.
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Living at AlJurf
Find Out More About Living at AlJurf
AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm.
Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards.
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Qatar’s PPP Law will open up opportunities in various sectors; Report – GCC Business News — www.gccbusinessnews.com
Highlights:
– The country has opened new paths or investments with the creation of institutional bodies like Qatar Financial Center, Qatar Free Zones Authority and Qatar Science and Technology Park (QSTP) along with the amendment of its laws surrounding foreign ownership.
– The report titled ‘Qatar Economy Watch’ states that the public sector procurement initiatives will contribute to private sector development including Qatar Petroleum’s flagship Tawteen localization program.
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China Tech Crackdown: Communist Party Policy Changes Behind $1 Trillion Selloff – Bloomberg — www.bloomberg.com
Highlights:
– Weeks after Xi’s school visit, China said private education had been “hijacked by capital” and ordered tutoring companies to become non-profits, accelerating a selloff that at its most extreme erased $1.5 trillion from Chinese stocks.
– Liao said that the focus is now on what has been dubbed the “three big mountains”: the crushing burden of payments for education, healthcare and property.
– China this year began a “new development phase,” according to Xi. It puts three priorities ahead of unfettered growth:
National security, which includes control of data and greater self-reliance on technology.
Common prosperity, which aims to curb inequalities that have soared in recent decades.
Stability, which means tamping down discontent among China’s middle class.
– “The government is going after industries that are creating the most social discontent.”
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Nexus Fast Payment System Could Finally End Banking’s Fee-Heavy Wire Transfers – Bloomberg — www.bloomberg.com
Highlights:
– Domestic fast payments are practically free now. Using the smartphone to shave off most of the costs of a conventional international transfer would make for tremendous savings on the $540 billion received by low- and middle-income countries last year as officially recorded remittances.
– Nexus, currently a blueprint drawn up by the Bank for International Settlements’ innovation hub.
– It’s still early days, but if India agrees to become the third pillar in the recent linkup of mobile payment systems between Singapore’s PayNow and Thailand’s PromptPay, it may not be long before their rules of engagement morph into the Nexus Scheme, an international standard.
– If the Indian-inspired architecture becomes the Nexus prototype, international transfers will no longer be a preserve of finance. Consumer internet firms may dominate, with banks passively receiving and sending funds. Minus the fat fees.
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U.S. Should Look South for Better Supply Chains – Bloomberg — www.bloomberg.com
Highlights:
– In June, the White House released “Building Resilient Supply Chains, Revitalizing American Manufacturing, and Fostering Broad-Based Growth,” a 250-page blueprint to transform four critical sectors: Semiconductors, large capacity batteries (for electric vehicles and clean energy), critical minerals and pharmaceuticals.
– The new weaknesses in supply chains revealed by Covid-19 highlighted the benefits of such as positioning. As the virus spread, ports slowed or closed, planes were grounded and transportation costs skyrocketed.
– The proximity of Latin American nations lowers transportation costs and the chance of potential disruptions from afar. They also provide geographic distance and diversification that make the output more secure.
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Electric Vehicles: Chinese Automakers Turn to Influencers to Market EVs – Bloomberg — www.bloomberg.com
Highlights:
– EV adoption is accelerating at a startling pace. China’s Passenger Car Association reported sales of new-energy vehicles of about 1 million in the first six months of 2021.
– Many EV buyers in China browse online, interact with an influencer, or perhaps go to a high-end mall to view the finished product in a boutique-like setting—all before visiting a dealer lot or ever getting behind a wheel.
– Influencers are so important in China’s car market that ByteDance Ltd., the media company that operates the short-video service known as Douyin in China and TikTok in the U.S., has launched a talent initiative within its Dcar auto information unit to develop and market car-savvy online celebs.
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Letter Requesting Donation for School
Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com
Its ultimate goal is our children’s spiritual and educational lives.
From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations.
Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school.
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India and Brazil Are Headed for New Age of Anger: Pankaj Mishra – Bloomberg — www.bloomberg.com
Highlights:
– Evidence that post-pandemic inequality will be lethal to everyday social order, let alone democracy, in emerging economies is mounting.
– In probably the largest-ever implosion of the middle class, the heart of any modern consumer economy, more than 200 million Indians have gone back to earning less than $5 a day.
– In Brazil, where half a million people have lost their lives to the pandemic, the rich increased their share of national wealth by 2.7% last year; they now possess almost half of it. At the same time, the poorest 40% of Brazilians lost a fifth of their income, while average income per capita fell to its lowest level in a decade.
– South Africa provides a glimpse of what might lie ahead for the onetime stars of globalization.
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