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Apicorp and IsDB are working together on a $1 billion infrastructure financing project

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Apicorp and IsDB are working together

Initiative to target projects with limited entrance to international financings, such as renewable energy or natural gas projects and water and waste management facilities.

The Arab Petroleum Investments Corporation (Apicorp), an energy-concentrating multilateral development bank. And the Islamic Development Bank (IsDB) have launched the Infra Initiative, a $1 billion private-sector infrastructure financing initiative.

The 2 institutions will work together to identify and deliver structured finance facilities to utility projects. That do not have easy access to international financing. Funds will be allocate under the Infra Initiative to electricity generation and transmission projects that use renewable energy or natural gas or water and waste control facilities.

Participation of the private sector at the local, regional, and international levels will also be prioritized in the project selection process.

Apicorp and IsDB drive to address low private sector participation in funding energy projects. Through the Infra Initiative by incentivizing public-private partnerships (PPPs) to bridge the evaluated US $200 billion investment gap in like projects in the Organization of Islamic Cooperation (OIC) member countries.

Furthermore, the initiative mobilizes additional financing channels from commercial banks, other multilateral development banks, development agencies, and capital markets.

Apicorp and IsDB

Apicorp and IsDB

Dr. Muhammad Al Jasser, President of the IsDB, stated on this occasion. We recognize that quality infrastructure is critical to economic and social development. As a result, one of the IsDB’s top priorities is to address our member countries’ infrastructure needs. This is the spirit in which we collaborate with Apicorp on the Infra Initiative. It is intend to increase our impact by combining our two institutions’ resources, skill sets, and market knowledge. It also supports our respective commitments to the Sustainable Development Goals, particularly goals 6 through 9.”

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Indian rupee falls 0.7 paise due to growing oil prices.

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indian rupee vs dollar and dirham

On the other side the Dollar index grows by 0.04% to 95.95. Indian Rupee falls 0.7 paise due to multiple reasons vs Dirham and Dollar. 

Indian rupee vs dirham and dollars

Indian rupee vs dirham and dollars

It’s like D and P are hurting the Indian rupee. Rupee down 0.7 paise due to poor equity market and high oil prices. 

The Indian rupee falls 0.7 paise to 74.67 versus the US dollar (20.34 against the UAE dirham) in opening trade on Tuesday morning 25th Jan 2022. Weighed down by the power of the American currency and muffled Indian equities.

Forex traders stated geopolitical tensions maintained foreign fund outflows affecting Indian Rupee. Also, advanced crude oil prices dragged down the rupee. Many investors are waiting for the US Federal Reserve meeting this week. Today Indian Rupee opened flat, but it lost momentum and went down to 74.67. It declined 0.7 paise from 74.60 last close on Monday 24th Jan 2022. 

Indian Rupee this week:

On Monday 24th Jan 2022, the rupee had fixed at 74.60 vs the dollar. The dollar index, which gauges the greenback’s force against six currencies, rose by 0.04 percent to 95.95.

The US dollar climbed to a 2-week high vs its major peers on Monday amid escalating concerns about both a more rapid pace of Federal Reserve policy tightening. And the potential military conflict in Ukraine vs Russia.

Ukraine border tension is affecting the Asian market. Two big nations are coming towards each other due to one problem. Talks between US and Russia not going in the right direction is a big concern for other countries in Asia. 

Per Barrel heading towards 100$ again?:

Due to the recent issues, the global oil benchmark Brent jumped 0.54 percent to $86.74 per Barrel. Many predict 100$ per Barrel in near time in 2022. 

Sensex traded more than 305.80 points or 0.54 percent lower at 57,187 points. Broader NSE Nifty fell by 71.27 points or 0.41 percent 17,079 points.

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Outgoing Chemical Shipment soars, Saudi non-oil export growth hit 26.1% in November.

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Outgoing Chemical Shipment soars

Great news coming from Chemical shipment business. Outgoing Chemical Shipment soars, Saudi non-oil export growth hit 26.1 last November 2021. Data is provided by Gastat source of news Arab news.

Outgoing Chemical Shipment soars image from shutter stock

Outgoing Chemical Shipment soars image from shutter stock

Outgoing Chemical shipment:

Exports of Chemicals industries is expanding by 71%. More than 35% of non-oil merchandise export done.

According to sources, sales of rubber then plastic is also increased by nearly 40%. The ratio of non-oil exports to imports bounced to 53 percent in November 2021, up from 42 percent in the previous month Dec 2021. In its latest report, imports grew by only 1.4 percent, corresponding to the higher growth of non-oil sales, Gastat pointed out in its latest news.

Moreover, oil exports poured by 113 percent, and its share of total exports rose to 76 percent in November 2021. It is up from 65 percent in the same month of the earlier year. Overall goods exports jumped 83 percent from a year before.

China was the Kingdom’s leading trading partner, accounting for 17 percent of exports and 21 percent of imports. India and Japan are other significant recipients of Saudi goods and services, buying 12 percent and 10 percent, respectively, of exports. South Korea, the US, the UAE, and Egypt were among the top 10 exporting termini.

In addition, the US and the UAE supplied Saudi Arabia with 12 and 6 percent, respectively, of its imports.

The important customs ports for imports, Gastat said that 26 percent of total buys came via the Jeddah Islamic Sea Port in November 2021. Then second is King Abdulaziz Port, King Khalid International Airport, and Bat’ha.

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Zuckerberg’s new promising the world’s largest artificial intelligence supercomputer

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Mark Zuckerberg

According to Zuckerberg’s new promising, the cluster of machines can process images and video up to 20 times faster than their current systems.

Despite Zuckerberg’s new promising ongoing disputes over privacy and disinformation, Facebook’s parent company Meta announced on Monday. That it was posting one of the world’s most decisive supercomputers to increase its data processing capacity.

“The experiences we are set for the metaverse require enormous compute power (quintillions of operations per second!,” wrote Meta CEO Mark Zuckerberg on Facebook. Referring to his concept of a 3D internet in which users wear virtual reality headsets. Also sensor equipment to create an immersive experience.

The company plans to create Artificial Intelligence (AI) tools that will allow people speaking in different languages to comprehend each other in real-time, among other things.

The AI Research Super Cluster (RSC) machine, according to Meta. This is already among the top five fastest supercomputers also will become the fastest AI machine in the world when fully made in the coming months.

Largest Artificial Intelligence supercomputer

Largest Artificial Intelligence supercomputer

Platforms such as Facebook and Google have long been chastise for processing and using the data they collect from their users.

The two companies are currently facing legal action throughout the European Union. Which alleges that data transfers from the EU to the US are illegal. Furthermore. The AI algorithms that direct Facebook users to appealing posts have been chastised for contributing to the spread of misinformation also hate speech.

‘Technology superpower’

Facebook has repeatedly apologized for the damaging effects of its algorithms also has long emphasized. Its investment in content moderators also other measures to combat problematic posts.

EDR, a network of non-governmental organizations (NGOs) campaigning for extensive tech regulation, acknowledged on Monday. That Facebook had to make efforts to improve but questioned what the company might do with such a powerful tool.

“Nothing good can reach from all of that computer power in the hands of such a tech superpower. The group’s policy director, Diego Naranjo, told AFP. Two Meta’s AI research team members emphasized weeding out harmful content as one of the “critical use cases” for its AI development in a blog post announcing the supercomputer on Monday.

According to the researchers, the high-definition video was increasing demand for processing power. While the company was pushing for AI tools based on trillions of data points.

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