Highlights:
– To be eligible for a Golden Visa, the investor will now have greater flexibility on the payment side of it. (The eligibility also applies to investors purchasing the property through lending from specific local banks – but the equity component of the property investment should be Dh2 million-plus. Owning multiple properties with a combined value of Dh2 million plus also puts the buyer on track for the Visa.)
– There could be the initial payment and the rest staggered within a set timeframe. So long as the equity part of the investment adds up to Dh2 million-plus, the buyer is eligible.
– The reforms on Golden Visas gradually eliminates the sponsorship for residency – and frees up skilled professionals and the talented from sponsorship,” said Rizwan Sajan, Chairman of Danube Group.
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Abu Dhabi’s ADQ Invests in Egyptian Firms to Help Shore Up Economy – Bloomberg
Highlights:
– ADQ said it’s buying into Commercial International Bank, Fawry for Banking & Payment Technology Services SAE, Alexandria Container & Cargo Handling Company, Misr Fertilizers Production Company and Abu Qir Fertilizers & Chemical Industries.
– The fund didn’t specify how much it will spend, but Bloomberg has previously reported ADQ plans to invest about $2 billion in Egypt.
– Egypt and the UAE set up a $20 billion joint strategic platform in 2019 to invest in a range of sectors and assets.
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Adnoc Buys 25% Stake in Borealis in Chemicals Expansion Push – Bloomberg — www.bloomberg.com
Highlights:
– Austrian oil producer OMV AG will continue to hold the largest stake in Borealis, at 75%, with Adnoc taking control of Mubadala’s 25% holding.
– Buying into Borealis will allow Adnoc to increase control over plastics maker Borouge, as that venture plans to list on the Abu Dhabi stock exchange later this year. Borouge, which would be valued at about $20 billion, is jointly owned by Adnoc and Borealis.
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Gaza Strip farmer digs up 4,500-year-old sculpture of ancient goddess of war — www.nbcnews.com
Highlights:
– The sculpture represents the head of Anat, “the goddess of love, beauty and war” in Canaanite mythology, said Jamal Abu Rida, a spokesperson for the Hamas-run Palestinian Ministry of Tourism and Antiquities.
– In the sculpture, Anat wears a snake as a crown, a symbol of strength and invisibility.
– The 6.7-inch-tall limestone head is estimated to date to 2,500 B.C, the ministry said.
– This statue documents the history of the Palestinian people on this land and that its origins are Canaanite.
– Canaan” refers to lands that include parts of modern-day Syria, Israel, Jordan and the Palestinian territories.
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War in Ukraine Is Making Qatar Even Richer as Europe Ditches Russian Gas – Bloomberg — www.bloomberg.com
Highlights:
– Several of the European Union’s most senior officials have flown to Doha in recent weeks, all with a clear message: we need your gas as fast as possible.
– Much of the money will be used to bolster Qatar’s sovereign wealth fund, according to a person familiar with the matter. That would enable the Qatar Investment Authority, already a major investor in companies from Barclays Plc to Volkswagen AG, as well as New York and London real estate, to accelerate its push into technology stocks.
– Qatar could also use the fund to further its regional goals. Last month, the government pledged $5 billion of investments in Egypt. That was part of a plan by Gulf states to support the North African country, which has been battered by a rise in food prices since the Ukrainian war started.
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On Russian Gas, Germany Has Bad Options — or Worse Options – Bloomberg — www.bloomberg.com
Highlights:
– Germany will face the same dilemma that Poland and Bulgaria encountered a few days ago: pay for Russian gas on Vladimir Putin’s terms, effectively breaching European sanctions, or see the Kremlin close the valves.
– Putin has essentially written off its gas business with Germany. Either in four weeks or in 24 months, Russia knows that it will not sell energy to Berlin.
– The Kremlin has told its European gas customers that if they want to continue receiving Russian gas, they have to pay for it via an account at Gazprombank, a state-controlled lender.
– Putin has turned the table: he’s using the EU sanctions now against them by forcing them to do business with the central bank in rubles.
– Putin will exploit the gas weakness for more. Now is ruble payments; tomorrow may be about rolling back sanctions or military aid to Ukraine.
– The era of cheap-Russian gas fueling the German economy is over. German energy-intensive companies, like its chemical giants, could not compete in the global market.
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Palm Oil Price Jumps as Traders Weigh Severity of Indonesia Export Ban – Bloomberg — www.bloomberg.com
Highlights:
– Indonesia imposed the ban just as the country that’s home to the world’s largest Muslim population heads into the Eid al-Fitr holiday. The local shortage of edible oil has led to street protests and become a key political issue for President Joko Widodo.
– Supply will be tight until at least the year-end as top producer Indonesia implements moves to secure its own domestic supply.
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Majority of India’s 900 Million Workforce Stop Looking for Jobs – Bloomberg — www.bloomberg.com
Highlights:
– Between 2017 and 2022, the overall labor participation rate dropped from 46% to 40%. Among women, the data is even starker. About 21 million disappeared from the workforce, leaving only 9% of the eligible population employed or looking for positions.
– Now, more than half of the 900 million Indians of legal working age — roughly the population of the U.S. and Russia combined — don’t want a job, according to the CMIE.
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