https://arab.news/6nq4r
Riyadh: The company said in a statement that the GM zero electric vehicle assembly plant will now be operational at the former Detroit-Hamtrak assembly plant.
This "milestone" was achieved in less than two years after General Motors announced that it would spend $2.2 billion to fully renovate the factory to produce a variety of all-electric trucks and sport utility vehicles.
"General Motors' manufacturing expertise is the key to realizing our all-electric future," said Mary Barra, Chairman and CEO of General Motors. "This is a commemorative day for the entire GM team. We have transformed the Zero Factory with the best and most advanced technology in the world to manufacture the highest quality electric vehicles for our customers."
The new production process will support one of GM Middle East’s two different strategic business pillars-providing many electric vehicles that will accelerate the regional future across the electrified, autonomous and connected mobility agenda through a green circular economy.
"On a regional scale, the launch of the Zero Factory strengthens our position as a leader in future mobility. Most countries in the Middle East are actively working to achieve their net zero plans, most of which address transportation solutions. When we look forward When adopting our EV and AV product portfolio in the future, this is promising. After mass production in the zero factory, these products are now one step closer to the road in the Middle East," said Luay Al-Shurafa, General Motors Africa and Middle East President and Managing Director.
Riyadh: Gulf Capital, a financial institution headquartered in the UAE, has added Dubai and Abu Dhabi to its list of possible markets for an initial public offering of an asset in 2022, CEO Karim El-Solh told Al-Bayan newspaper.
The return of IPOs in the financial markets of Dubai and Abu Dhabi encouraged the company to consider this step, which means that they compete with Saudi Arabia and Egypt.
According to Albayan reports, El Solh stated that Gulf Capital is betting that growth in Asia will outperform the US and European markets.
According to Reuters, El Solh told reporters that Gulf Capital, which manages more than $2.5 billion in assets, has been expanding its company's exposure in Asia through organic growth, joint ventures and new market entry.
Riyadh: According to Fahd Al Mubarak, Governor of the Saudi Central Bank, during the financial crisis of 2008/9, no Saudi bank was lost, and the financial sector was once again in a strong position because it faced the COVID-19 crisis. Popular economic impact. Al Mubarak said at the Financial Stability Conference in Riyadh on Thursday that the central bank-also known as SAMA-has been and will continue to strictly apply international standards, as do other institutions in the Kingdom. SAMA applied the Basel II international regulatory framework for banks during the global financial crisis and is currently following its successor, Basel III. The governor said that this means that the Kingdom’s banks have the reserves and strength to deal with all the consequences of the time, even during the COVID-19 pandemic. He said that Saudi Bank’s capital coverage ratio is 20%, liquidity is 80%, and non-performing loans are only about 2%. Al Mubarak said that the banking, financial and insurance industries are all in favorable conditions to overcome the current crisis. He added that in addition, SAMA is not only seeking to protect the financial sector, but also to ensure that the economy continues to function. According to Al Mubarak, SAMA has taken a number of actions to protect parts of the private sector, especially small and medium-sized enterprises, and launched four programs, including loan extensions. He said that banks and financial companies have postponed the repayment of more than 100,000 loan contracts, valued at more than 200 billion rials (53.3 billion U.S. dollars). He said that SAMA injected 50 billion riyals into banks based on the amount of deferred loans. He said that in March 2020, SAMA and Kafalah launched a 13.2 billion riyal loan guarantee program to provide guarantees for 95% of loans to small and medium-sized enterprises, thereby being able to provide 7,500 new contracts. He said that SAMA has also invested in the Kingdom's digital payment infrastructure, helping to reduce the cost of digital payment by 1.2 billion Saudi Riyals. He said that the insurance industry is very strong, with over 170% healthy fill profit margins, less than 80% loss rates, and 10% subscription growth. Al Mubarak said that the mortgage sector has witnessed the growth of individuals and companies. He said that the retail mortgage loans of banks accounted for no more than 20% of the credit portfolio. He added that these levels are reasonable and mortgage loans generally do not exceed 25% of the credit portfolio. According to Al Mubarak, buying a home by an individual can help achieve more than one goal. He said that according to the 2030 vision, they become homeowners and provide citizens with assets instead of paying rent, which will help promote the development of the construction, real estate and land sectors, thereby further promoting economic development. The governor said that SAMA is monitoring the growth of mortgage loans, so it will not affect the kingdom's financial stability.
Riyadh: EFG Hermes' financial technology subsidiary valU plans to expand in Saudi Arabia and North Africa next year after strong growth in the Egyptian home market, said CEO Walid Hassouna. Hassouna told Asharq on Thursday that as part of the 2 billion Egyptian pound plan by 2023, valU is also committed to issuing new bonds worth 500 million Egyptian pounds (31.8 million US dollars) in the first half of 2022. He said the company will also seek acquisitions in Egypt next year, including companies that do not operate in the same field but provide services to the same customers. He said that after doubling this year to 2 billion Egyptian pounds, value income is expected to double in 2022 to 4 billion Egyptian pounds. EFG Hermes is the largest investment bank in the Middle East, providing leasing, financing, factoring, microfinance, consumer finance, real estate finance, insurance and digital payments through its subsidiaries. According to Asharq, EFG issued a bond of 322 million Egyptian pounds for valU in September, which has a 12% share of the Egyptian consumer finance market and hopes to increase it to 20%.
Data from the German Federal Statistical Office show that the annual growth rate of Germany's gross domestic product in the third quarter of this year was 2.5%.
This was due to a 5.5% year-on-year increase in exports and an increase in overseas shipments.
Household and government final consumption has also increased, with a year-on-year growth of 1.6% and 2.2% respectively.
Compared with the same period last year, the total value added of almost all industries in the third quarter of 2021 increased. Business services grew the fastest, with an increase of 6.1%.
The public services, education and health sectors increased by 2.9%, while the trade, transportation, accommodation and food sectors increased by 2.8%.
Employment also increased slightly, up 0.6% from a year ago. Labor productivity has also increased by 0.1%.
At the same time, according to the German GfK Group, consumer confidence in the EU's largest economy has declined. The Nuremberg-based company predicts that the consumer confidence index will fall to -1.6 in December from 1 in November.
This is the lowest level in six months, partly because Covid-19 cases have returned and may be restricted.
GfK stated that consumer economic and income expectations have fallen.
Korea's interest rate decision
At the latest meeting of the Monetary Policy Committee, the Bank of Korea decided to raise the country's interest rate by 25 basis points to 1%.
Due to the low base effect and rising oil prices, consumer price inflation has reached about 3%, and the Bank of Korea hopes to control inflationary pressures.
The central bank also released its GDP forecast for the country in its economic outlook report. The Korean economy is expected to grow by 4% and 3% in 2021 and 2022, respectively.
According to the report, the recovery of private consumption will continue the expansion path of exports and investment.
Official data show that Mexico’s production in the third quarter of this year narrowed by 0.4% quarter-on-quarter.
Although the output of the primary and secondary industries increased by 1.3% and 0.3%, respectively, the output of the tertiary industry (mainly the service industry) fell by 0.9% month-on-month.
The country's official statistics agency data show that the annual rate of producer prices in Spain surged by 31.9% in October, higher than the 23.8% in the previous month.
This was mainly driven by soaring energy prices, which rose by 87.3% year-on-year. The price of intermediate products also rose sharply, rising by 19%.
Jeddah: Flyadeal opened its first direct flight from Jeddah to Dubai on Thursday, November 25, marking the company's first international journey from the airport.
This low-cost airline is a subsidiary of Saudi Arabian Airlines and now operates 6 routes to the UAE every day, with another 5 from Riyadh.
"We chose Dubai as our first international market because our model and all low-cost airline models are based on point-to-point. In Dubai, we can have as many inbound passengers as outbound passengers," flyadeal's chief commercial officer Officer Ahmed Albrahim (Ahmed Albrahim) speaks Arab News.
The official ceremony was held at King Abdulaziz International Airport. Albrahim and the head of the airport, Issam Nur, attended the ceremony.