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Dubai, United Arab Emirates -The United Arab Emirates, which already boasts the world's tallest skyscraper and has launched a bold Mars mission, now hopes to become a pioneer in the depths of the metaverse.

In a project launched at Dubai's gleaming Museum of the Future, it announced that the UAE's economy ministry was setting up shop inside the immersive virtual world that is now taking shape.

Those who don their virtual reality goggles or use other means to venture within will find a ministry open for business with companies and even ready to sign bilateral agreements with foreign governments, officials said.

The metaverse is an online world where users will eventually be able to game, work and study, its proponents say -- although it is still in a "test" phase, the UAE's economy minister conceded.

Abdulla bin Touq Al Marri was speaking at the inaugural Dubai Metaverse Assembly, held at the museum whose innovative ring shape decorated with Arabic calligraphy flanks the city's main thoroughfare.

Representatives of tech giants mingled with entrepreneurs and developers exploring the potential of the metaverse, a network of digital spaces intended as an extension of the physical world.

"In the last couple of years we've seen investments, we've seen companies move in, and with the changes of the (visa) regime... we see talent coming in," Al Marri told AFP in an interview.

"We trained our employees to really immerse themselves in the metaverse, use the metaverse and engage with the Generation Z that is going to come," he added.

The UAE, which has a history of bold projects including the 830-metre (2,723-foot) Burj Khalifa, hopes the metaverse can add $4 billion to annual GDP and 40,000 jobs to its workforce by 2030.

In its bid to become one of the world's top-10 metaverse economies, Dubai wants to attract 1,000 companies specialising in blockchain and related technologies, helped by eased visa rules for freelancers, entrepreneurs and creatives.

As the coronavirus pandemic pushed more people into the online world, "Covid really accelerated" the trend, Al Marri added.

"We thought the metaverse is a phase technology" that might take 10 to 20 years to emerge," he said. "Covid-19 really immersed us so fast and expedited the use of the metaverse."

 

- Virtual Mars trips -

 

Unlike the UAE's oil-rich capital, Abu Dhabi, crude represents just five percent of Dubai's economy which has pivoted towards business, tourism, real estate and new technologies.

The UAE has already introduced a law governing virtual assets and a regulatory body for cryptocurrencies, while welcoming major crypto exchange platforms.

One of the UAE's early private-sector metaverse projects is called 2117, named after the dream of Dubai's ruler Sheikh Mohammed bin Rashid to colonise Mars a century from now.

Metaverse users can now buy tickets to join a virtual shuttle carrying settlers to the red planet.

"A lot of us won't live long enough to see this mission with our own eyes," said Amin Al Zarouni, founder of the Bedu start-up behind the virtual Mars trip.

"We'll try to replicate this experience in the metaverse."

Until now, use of the metaverse is niche and even its architects say widespread adoption is years away. How it will develop is unknown.

According to Meta, which owns Facebook and other social media titans, Analysis Group research has shown that the metaverse could add $360 billion to GDP in the Middle East, North Africa and Turkey in 10 years, if it follows the growth pattern of mobile technology.

"We also know that when policy supports innovation, it accelerates the adoption of new technologies," the company said, when asked about Dubai's prospects of becoming a metaverse hub.

"If we look at the context of Dubai, there's already a clear strategy and goals to accelerate metaverse adoption and investments in the building blocks of the metaverse."

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© Agence France-Presse

 

Eyes glued to his mobile phone, farmer Sotiris Mournos pores over the latest microclimate and humidity data about his fields on the plain of Imathia in northern Greece.

The high-tech farming techniques he uses are making slow progress in Greece's tradition-bound and struggling agricultural sector, but growers like him see them as key to their future.

Mournos, 25, employs a Greek smart-farming app to boost production of his family's cotton fields and fruit trees.

Using real-time data recorded by a weather station, he can analyse and correlate the impact of weather conditions on his 10-hectare (nearly 25-acre) cotton plantation.

"We've managed to reduce the use of fertiliser and irrigation... (and thereby to) increase the financial return" of the farm, said Mournos, who gave up studying computer science at university to devote himself to the family holding in the town of Platy.

Measuring the humidity or the nitrogen level in the soil helps to curb the excessive use of fertilisers and saves water, he notes.

As in many other southern European countries, Greece's agricultural sector is chronically short of water and smart farming could help deal with that problem.

 

- Boosting yields -

 

The sector has also lost a major share of its available labour in recent decades, as young people snub farm work for better-paid jobs in services such as tourism.

Agriculture now represents just five percent of Greece's GDP, half what it was 20 years ago.

The government has budgeted 230 million euros ($231 million) over the next three years to revive the country's farming industry.

Most of that derives from the European Union's Common Agricultural Policy innovation fund.

"Most young people in my village prefer other jobs and have given up working in the fields," Mournos told AFP.

But he is making a go at farming, aiming to work smart by using the farming app for several years now.

It means he uses 40 percent less fertiliser on his cotton field and can avoid using two pesticide sprays -- altogether saving 9,000 euros (about $9,000) -- without affecting production rates.

Analysts say the farming app is not widely used in Greece although interest is gradually picking up.

But persuading farmers who may be less technologically minded than Mournos to embrace it faces myriad challenges.

A key hurdle is the small size of Greek farms -- less than 10 hectares on average -- and the country's largely mountainous terrain.

Greek farms are often family businesses or involve rented fields, making investment in tools and practices less appealing.

 

- Convincing farmers -

 

Meanwhile, an "endemic" lack of cooperation among farmers prevents them sharing costs, says Aikaterini Kasimati, an agricultural engineer at the University of Agronomy in Athens.

As a result, Greece lags far behind other European states in the use of smart farming, says Vassilis Protonotarios, marketing manager of Neuropublic, a company specialising in digital agriculture.

He said farmers could benefit from new technology without having to invest in expensive equipment or have "specialised digital skills".

Then, there is the difficulty of convincing farmers to try something new.

Organic farmer Thodoris Arvanitis says his colleagues are not interested in new technologies because they don't know enough about them and prefer long-used conventional methods.

"Farmers won't go after technology when they don't have enough money for fuel," he added, at his farm in the small town of Kiourka, some 30 kilometres (nearly 20 miles) north of Athens.

Attitudes may change in time as climate change puts additional pressure on farm costs, says Machi Symeonidou, an agronomist and creator of the agricultural IT startup Agroapps.

The war in Ukraine and its impact on global food supplies also shows that it is increasingly necessary to produce food at a local level, said agricultural engineer Kasimati.

"We see a constant degradation of fields and a fall in yield," she said, adding that water was also becoming expensive.

"But as the technology becomes simpler and cheaper, these tools will see more use," she added.

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© Agence France-Presse

 

Lisbon, Portugal-Nathan Hadlock moved to Portugal to escape the violence and lack of social welfare he saw in the United States, while still enjoying the sun and sea he had loved in California.

"Lisbon checked all the boxes," the 40-year-old American entrepreneur told AFP.

It even has a suspension bridge that is almost a dead ringer for San Francisco's Golden Gate.

"My partner and I were looking to slow life down and enjoy things more. And so we made a list of the top 10 places in the world and Lisbon quickly made it to the top."

The couple, who started a family when they moved to the Portuguese capital in 2020, were drawn by the weather, the good food, the cheaper lifestyle and the ease of travelling to other parts of Europe.

They also wanted to escape the darker sides of US society.

"One of the main reasons (US) investors are looking to move here, is their kids' safety. They often say, 'I don't want my kid to go to school and get shot,'" Hadlock insisted.

"And that's a real thing in the United States that just no one here in Europe has to experience."

Jen Wittman, who uprooted from the Golden State to Lisbon during the pandemic with her husband and teenage son, said the United States was "really kind of falling apart at the seams".

"The George Floyd incident and the pandemic, the political division, the racism... Everything was just getting overwhelming in America."

Having a European social net made a big difference too.

"America is terrible with health care. And it's terrible if you're a retiree and you have a health condition. Essentially in America you can be bankrupted by an illness," the 47-year-old said.

At around 7,000, the number of US citizens living in Portugal remains tiny compared to the 42,000 British expats who had made the country their home.

But while the influx of Brits -- the largest expat community from western Europe -- has begun to tail off, incomers from the States have doubled since 2018.

This year Americans are jostling with the Chinese for top spot among overseas investors lured by Portugal's "golden visas" -- residents permits issued for foreigners prepared to buy property or transfer capital to the Iberian country.

But most come on a D7 visa, which demands they have a regular "passive income" from pensions, rents or investments.

 

- 'Different mentality' -

 

Joana Mendonca, a lawyer for migration consultancy Global Citizen Solutions, speaks "almost every day" to US clients.

"Some come because they're digital nomads and want to work from home by the sea," she said.

"There are also entire families, who dream of one day getting their children into European universities.

"And there are retired people who sell everything in the States so they can enjoy a good retirement in Portugal."

Mendoca said Americans had "a different mentality" from other foreign investors, who were drawn to Portugal essentially by residency permits and tax exemptions.

"They really want to come and live here and adopt a different lifestyle," she said, even though the introduction of the golden visa scheme in 2012 has contributed to an unwelcome surge in property prices.

Hadlock started off as a digital nomad in Portugal. Now he works for an investment fund that buys up land for olive and almond groves in the rolling hills of the Alentejo.

The region south of Lisbon reminds him of California's Napa and Sonoma valleys.

 

- 'Surf and good wine' -

In Lisbon, Hadlock runs get-togethers to develop business ties between California and Portugal. The group calls itself Red Bridge, in a nod to the red suspension bridges spanning San Francisco Bay and the Tagus estuary.

Jonathan Littman, one of the members, still lives in California but is learning Portuguese.

He got to know Portuguese start-ups in Silicon Valley when Lisbon started organising yearly international web summits in 2016.

"We sort of see this as the California of Europe," he said.

"The surfing, the coast... We both have great wine. We both have a love of seafood and healthy cuisine. We both can be a little laid back."

Like her compatriots, Wittman and her family left the States to escape a "divisiveness" that Hadlock said is "pulling the US apart" and is palpable "as soon as you get off the plane".

But Portugal was not their first choice.

"We tried to move to Italy but they were not accepting American visa applicants at all," she recalled. "And so, we were like, 'Who in Europe will take Americans?' And it was Croatia and Portugal."

She and her husband run their own digital marketing company and have no plans to move back.

"It's safe. It's inclusive. We feel safe walking around, we feel safe at night. We do things that we could never do in America without being in constant fear," she said.

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© Agence France-Presse

Johannesburg (AFP) – South African Precious Moloi-Motsepe, one of the richest women in Africa, is a staunch promoter of fashion designers from the young, vibrant and culturally diverse continent

 

Style has coursed through her veins since she was a young girl growing up in Soweto township, and for her the time is ripe for "African designers to shine" on the international platform.

A decade-and-half ago, she founded the Johannesburg and Cape Town fashion weeks that bring together designers from across the continent with the aim of setting them up for the global stage.

Her goal is now starting to bear fruit, she told AFP with a confident smile, at a brand new luxury boutique in an affluent district of Johannesburg, South Africa's economic capital.

"Now more than ever, African designers are getting recognition here at home," said the 58-year-old, elegantly wearing her make-up and a flowing black trousers with a silk blouse.

"At big events on the continent, musical awards, football events, you will find celebrities wearing local designers," said the wife of Confederation of African Football president Patrice Motsepe. "They definitely have become household names".

With her husband, Africa's the 9th richest man according to Forbes, they are South Africa's most prominent "power couple".

Elsewhere, "celebrities, Michelle Obama or Beyonce,... now wear African brands," she said, adding that the Wakanda phenomenon, linked to the Black Panther movie has "spread our culture, our heritage, to the world. That has an impact on driving fashion as well".

Moloi-Motsepe grew up in Soweto, a poor township that was a hotbed of resistance to apartheid regime. It was there where she acquired a sense of style.

"My grandmother made her own clothes,... and she wore that so elegantly," she said. Soweto "people loved to dress up", albeit closely shaped by and following American trends and brands.

Later on she had an opportunity to travel and attended a Paris fashion show by the talented designer John Galliano.

It was a shocking eye-opener, realising that designers "get their inspiration from history, heritage, culture, which I thought Africa had plenty of".

Africa seemed to be a source of inspiration for Western designers, "but I didn't see many African designers on runways," she said.

- 'Changed mindset' -

That was the trigger to create a space to "propel the best of African creators to global acclaim" a project that the medical doctor-turned philanthropist and creative art financier, set about with vigour.

"First I had to make sure that they were well-recognised here at home, that we changed mindsets, make people appreciate and value African fashion designers," not just as tailors but as respected designers.

That was an ambitious challenge, not yet realised but well underway.

"African consumers are now recognising their own designers are as valuable any of the brands they buy globally," she said.

One of those showcasing at the fashion week in Johannesburg last week was Cameroonian fashion designer, Anna Ngann Yonn whose label Kreyann is making a name for itself in Afrialsoca and beyond.

The fashion weeks she launched in South Africa, featuring super models such as South Sudanese Alek Wek and prestigious guests from New York, Milan and Paris, have enabled designers to "showcase their work, network with other designers, get attention from media".

The next leg of the mission is to take them to "international platforms" to ensure the presence of Africa in the global fashion dialogue. Africans in the diaspora are serving key role as ambassadors.

The entrepreneur remembers taking some African designers to exhibit in Paris on the sidelines of fashion shows a few years back.

Some the feedback, was "positive, some not so positive," she said, laughing softly. But "we took that as step in the right direction".

"What was important for the young designers and what we thought were established designers back then, and still now, is the voice," said Moloi-Motsepe.

Africans remain under-represented among the major global brands. And in many parts of Africa, sporting foreign brands is still a symbol of social success, she agreed.

"We have a lot of work to do," she said, but the African fashion advocate is not discouraged.

 
 

Cairo (AFP) – French fashion house Dior held its first show at Egypt's ancient Giza pyramids, presenting its 2023 fall men's collection in the shadow of the millennia-old tombs.

Dwarfed by the vast Giza necropolis -- their imposing ridges illuminated by white light for the show -- models showcased the collection titled "Celestial".

Saturday's show was the second by a European fashion house to use Ancient Egyptian heritage sites as a backdrop this year.

In October, Italian designer Stefano Ricci showcased his most recent collection at the Temple of Hatshepsut in Luxor.

Egypt's Giza necropolis, just west of the capital Cairo, has in recent years played host to ever-grander events, including pop concerts and contemporary art exhibitions, as the North African country seeks to project a revitalised image to draw in new tourism and business.

Media entrepreneur Amy Mowafi said events like Dior's "put Egypt on the map as a new hub for creativity and design" where creators can draw on "seven thousand years of inspiration."

 

Barcelona (AFP) – When they were just eight years old, Spanish twins Sergio and Javier Torres set a goal: they wanted to become chefs who were among the top in their field.

To achieve this they strategically split up to get training in different esteemed kitchens around the world, published books on cooking and presented a popular TV show.

The plan worked.

Over four decades after they surprised their family by saying they wanted to be chefs, Sergio and Javier's Barcelona restaurant, Cocina Hermanos Torres, was awarded a third Michelin star last month.

"We developed a plan, that I think is a perfect plan," a smiling Javier, 51, said at the restaurant, one of only 13 in Spain and Portugal with the top three-star ranking from the prestigious French guide.

"When we started to go out of Barcelona we thought that Sergio would take one path, I would take another, and we would never coincide until we were ready," he added.

The journey took the twins -- who grew up in a working class Barcelona neighbourhood -- to different elite restaurants in Spain, Switzerland and France.

Before moving to Paris where he worked with top French chef Alain Ducasse, Sergio spent two years at the award-winning Le Jardin des Sens in Montpellier which is also run by twins -- Jacques and Laurent Pourcel.

"We were separated but every month we met up in a restaurant, ate well, we spent the little money we had and developed the next steps of our strategy," said Sergio as sat beside his brother.

Each brother specialised in different areas -- one learned to cook meat and vegetables, the other fish and bread, he added

Both siblings credit their grandmother for their passion for cooking.

She was part of a wave of people who moved from the southern region of Andalusia to the more industrialised Catalonia in the northeast in search of better life following Spain's devastating 1936-39 civil war.

"Our grandmother looked after us, and since she was in the kitchen all day we literally grew up in a kitchen," said Sergio.

After earning two Michelin stars with their previous project "Dos Cielos" and becoming familiar faces thanks to their participation in a cooking show, they decided to open Cocina Hermanos Torres in 2018.

The twins visited some 200 possible locations before settling on an industrial building near Barcelona's iconic Camp Nou football stadium.

They invested nearly three million euros to convert it into the restaurant, which seats a maximum of 50 people in tables with no wall separating them from the three work stations were staff prepare meals.

"We wanted to reflect what we experienced in our childhood, which was a kitchen and a table, and everyone around the table," said Javier.

'Difficult road'

The tasting menu costs 255 euros ($265), with another 160 euros if it is paired with wine, a stiff price in a country where the monthly minimum wage is around 1,000 euros.

Praised for its creative and playful cuisine, among the dishes served is cured squid with poultry broth and an onion soup with Parmesan cheese and truffles.

"You will experience flavours that you have never experienced before, because you will discover a cuisine where you will like what you don't like," said Sergio.

On a recent visit at noon 50 staff members -- many of them young -- are busy at work finalising details before customers arrive.

"It seems like today a chef is like a 'super star'. It's a very difficult road, very difficult, with long hours and it's very hard to make it, it takes tremendous perseverance," said Sergio.

"You have to risk it, go for broke, give it your all, because if you don't, you are not living," he added with a smile.

 
 

Ravers sporting face paint and flashing LED sunglasses jump in time to the thudding beats of Dish Dash, a DJ act whose rise mirrors that of the Saudi music scene.

The confetti-strewn dance hall in Riyadh is packed with young men and women, most in streetwear hoodies and jeans, a few in traditional white robes and abayas.

The setting bears scant resemblance to the venues where Dish Dash -- the Jeddah-born brothers Abbas and Hassan Ghazzawi –- began performing more than 15 years ago.

Among their early gigs were gender-segregated weddings in which the duo would be walled off from female guests.

"They used to lock us in the room. We would stay in this room for five hours and basically DJ for the wall," Hassan recalled, laughing.

"The only way you could tell if people are enjoying it is if you hear people are screaming."

Like other facets of cultural life in conservative but fast-changing Saudi Arabia, the music scene is undergoing a revamp, emerging as a regular stop for top global pop stars from Justin Bieber to Usher and Mariah Carey.

At this past weekend's MDLBEAST Soundstorm festival, organisers said more than 600,000 fans took in sets by the likes of Bruno Mars and DJ Khaled, who dutifully documented his sampling of Saudi food and traditional sword-dancing for his 31 million Instagram followers.

Such events have helped advertise reforms championed by Crown Prince Mohammed bin Salman, who has overseen an easing of rules that once barred cinemas and gender-mixed concerts –- albeit during a ramped-up repression of political dissent.

Now, Saudi performers like Dish Dash want to take advantage of the opening-up to foster a domestic music industry that can thrive even when the spotlight veers elsewhere.

 

- 'New boom' -

 

In between their sets at Soundstorm, Saudi acts told AFP they were encouraged by the progress so far, pointing to new labels, studios and performance venues that make it easier to build careers.

Not long ago "people used to tell us, 'Dude, you're just wasting your time. You're not doing anything,'" Hassan said.

"And now people are calling us to get (on) guest lists and stuff like that."

Nouf Sufyani, a DJ who performs under the name Cosmicat, said she only began taking a music career seriously after the first edition of Soundstorm in 2019.

Before that, she had been working as a dentist and DJing on the side, but the buzz around the event spurred her to pursue music exclusively.

Today "I'm 100 percent able to live on music alone," she said. "And that should be a push also for anyone who wants to do music, and has the talent, but hesitates."

It is an increasingly common story in a kingdom whose youthful population of 34 million represents a vast underserved market, said Talal Albahiti, MDLBEAST's chief operating officer.

"I keep telling people this is our new black gold," he said, a reference to the oil that Saudi Arabia is primarily known for.

"This is the new boom, and it's all about these creatives and what they bring to the table... I believe the next big hit or superstar will come out of this region."

 

- 'Baby steps' -

 

But challenges remain, notably a still-developing network of recording studios that until five or six years ago "were mainly focused on classical Arabic music" and "pretty much neglected all other genres and all other types of artists", Albahiti said.

The process of setting up rules governing music rights, licensing and royalties is also "in its infancy still", he added.

On top of that, Saudi Arabia's alcohol ban could slow the emergence of a club scene that can support artists beyond sporadic festivals.

But Hassan, of Dish Dash, said he believed such a scene would ultimately be viable, calling it the logical "next step".

The changes to date have already captured the attention of artists elsewhere in the region, including from bigger markets like Egypt.

Disco Misr, an Egyptian DJ trio known for up-tempo remixes of Arabic pop classics, first played Saudi Arabia in 2019 and returned to perform in September at the Azimuth music festival in the northern desert city of Al-Ula.

That event, more intimate than Soundstorm, attracted around 1,000 fans to a stage nestled between sandstone mountains for two nights of dusk-to-dawn sets.

"Their baby steps are surprising. I cannot call them baby steps. It's huge... I can only compare what's happening in Saudi Arabia with Tomorrowland," Disco Misr member Schady Wasfy said, referring to the Belgian electronic dance music festival.

"I cannot compare (it) with anything happening in the Arab region. I'm actually surprised -- I'm really surprised. And I'm hoping to see more."

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© Agence France-Presse

 

San FranciscoUnited States - Google parent Alphabet  reported quarterly earnings that fell short of market expectations as belts tightened in the digital ad market that drives its revenue.

Alphabet said it made a profit of $14 billion in the third quarter on ad revenue that grew just 6 percent to $69 billion when compared with the same period of last year.

Aside from one period at the start of the Covid pandemic, that would mark the weakest revenue growth at Alphabet for any quarter since 2014.

"When Google stumbles, it's a bad omen for digital advertising at large," said Insider Intelligence analyst Evelyn Mitchell.

"This disappointing quarter for Google signifies hard times ahead if market conditions continue to deteriorate."

Alphabet shares slipped 6.8 percent to $97.35 in after-market trades that followed the release of the earnings report.

Google's foundation in advertising on its heavily used search engine does give it an advantage, however, over other ad-reliant tech firms such as Meta, Snap and Twitter, the analyst added.

"Over time, we've had periods of extraordinary growth and then there are periods I viewed as a moment where you take the time to optimize the company to make sure we are set up for the next decade of growth ahead," Alphabet and Google chief Sundar Pichai said on an earnings call.

"I view this as one of those moments."

Alphabet chief financial officer Ruth Porat said the financial results in the quarter showed "healthy fundamental growth in Search and momentum in Cloud" computing revenue, but suffered from foreign exchange rates given the strong US dollar.

"We're working to realign resources to fuel our highest growth priorities," Porat said.

Big tech firms are grappling with multiple challenges, from inflation to the war in Ukraine, putting pressure on earnings.

Alphabet recruited throughout the pandemic, but announced a slowdown in hiring as ad revenue growth cooled this year.

"Within this slower headcount growth next year we will continue hiring for critical roles, particularly focused on top engineering and technical talent," Porat said.

Many other tech companies have decided to lay off staff, including Netflix and Twitter, or slow the pace of hiring, such as Microsoft and Snap.

 

- YouTube squeeze? -

 

Worsening the financial situation for Alphabet is the fact that Google tends not to aggressively promote advertising on its platform with tactics such as trying to convince businesses that online marketing is a smart move during tough economic times, said independent tech analyst Rob Enderle of Enderle Group.

"They don't like the idea of making their money off advertising, so they don't treat the market very well," Enderle contended.

"Now, you are seeing the adverse impact of not taking your revenue source seriously."

The earnings report also showed that ad revenue at YouTube was slightly lower than it was in the same quarter a year earlier, despite a hot trend of people watching video on-demand on the internet.

"Overall, I feel YouTube remains in a really good position to continue to benefit from the streaming boom," chief business officer Philipp Schindler said during an earnings call.

However, Alphabet noticed a "pullback in spending" by advertisers at YouTube in the quarter, Schindler told analysts.

"They have a ton of competition in video, and TikTok is probably hitting YouTube pretty hard," Enderle said.

Netflix last week reported that it gained subscribers in the recent quarter, calming investor fears that the streaming giant was losing paying customers.

The company said it ended the third quarter with slightly more than 223 million subscribers worldwide, up some 2.4 million, after seeing subscriber ranks ebb during the first half of the year.

The turn-around in subscriber growth comes as Netflix is poised to debut a subscription option subsidized by ads in November across a dozen countries.

Rival streaming platform Disney+ is to launch ad-subsidized subscriptions in December.

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© Agence France-Presse

Riyadh (AFP) – The head of an Israeli bank appeared at a Saudi investor forum and hailed "amazing" opportunities in the kingdom, a sign of the business world's interest in seeing diplomatic ties between the former enemies.

Samer Haj-Yehia, the Arab-Israeli chairman of Bank Leumi since 2019, was addressing the Future Investment Initiative, a three-day conference held in the Saudi capital and often referred to as "Davos in the Desert".

"The opportunities are amazing and the fintech industry in particular is on the rise," he said during a panel discussion.

"You see the economy is very healthy, unlike other economies around the world, and the prospects for the future are very positive," he added, highlighting strong access to capital in oil-rich Saudi Arabia and the young population's adoption of "very advanced mobile technology".

A statement from Bank Leumi described Haj-Yehia's appearance as "the first official public visit of a senior Israeli business official to the country".

It comes amid rampant speculation about future bilateral ties between Saudi Arabia and Israel, which US officials stoked ahead of President Joe Biden's visit to Jeddah in July.

Saudi Arabia does not recognise Israel and did not join the 2020 US-brokered Abraham Accords that saw the Jewish state establish ties with two of the kingdom's neighbours, the United Arab Emirates and Bahrain.

Several Israeli journalists who hold foreign passports were able to visit Saudi Arabia both before and during Biden's tour of the Middle East.

The Saudi civil aviation authority announced during that trip that it was lifting overflight restrictions on "all carriers", paving the way for Israeli planes to use Saudi airspace.

But the Saudi foreign minister later said the move had "nothing to do" with Israel and was "not in any way a precursor to any further steps" towards normalisation.

Riyadh has repeatedly said it would stick to the decades-old Arab League position of not establishing official ties with Israel until the conflict with the Palestinians is resolved.

Thursday's panel also featured the CEO of the Saudi EXIM Bank Group and bankers from the United States, France and elsewhere.

'Baby step'

Haj-Yehia is not new to the Gulf.

In late 2020, around the signing of the of the Abraham Accords, he "led the first delegation of senior Israeli businessmen to Dubai", according to the statement from Bank Leumi.

That visit saw Bank Leumi sign memoranda of understanding with First Abu Dhabi Bank and Emirates NBD Bank in Dubai.

The following year, Haj-Yehia led a visit to Bahrain "with the aim of promoting business and economic cooperation", the bank's statement said.

After Thursday's panel, Haj-Yehia declined to answer journalists' questions about how his bank might overcome the current hurdles Israeli firms face to doing business in the Saudi market.

He also declined to answer questions about the logistics of his travel and the passport he used.

His appearance was nevertheless "a further baby step towards increased but limited Saudi-Israeli interaction, cooperation and even commerce", said Hussein Ibish of the Arab Gulf States Institute in Washington.

"The Israelis will take anything they can get from the Saudis," he said. "And the Saudi government is effectively comfortable with anything that doesn't create too much public controversy: limited steps, things that appear not to signal a major change in relations or policy. This is like that."

 

CopenhagenDenmark - Denmark votes in what is set to be a tight parliamentary election between the incumbent left-wing bloc and right-wing and far-right candidates.

Here are five things to know about the Scandinavian country, home to more bikes than cars, and millions of polluting pigs.

Covering some 43,000 square kilometres (about 16,500 square miles), mainland Denmark is home to 5.9 million people spread across the Jutland peninsula north of Germany and 444 islands.

But factoring in its two autonomous territories -- the Faroe Islands in the North Atlantic, and the Arctic island of Greenland and its more than two million square kilometres -- the Nordic nation is the largest country in the European Union and the twelfth largest in the world.

 

The Faroe Islands and Greenland, which also have local parliaments, have four seats in the 179-seat Danish parliament, the Folketing.

With polls predicting a tight race, these MPs could be decisive in forming a parliamentary majority.

In 1998, the election of a left-wing MP in the Faroe Islands, with a lead of only 176 votes, enabled Social Democrat Poul Nyrup Rasmussen to form a government.

 

As far-right parties have had an influence on politics since the 1990s, Denmark has adopted a hard line on immigration.

Even as a member of the centre-left Social Democratic party, current Prime Minister Mette Frederiksen has been an advocate of "zero refugees" policies since she came to power in 2019.

The country was the first, and so far only, country in Europe to rescind residence permits of Syrian refugees from Damascus in 2020, on the grounds that the situation there was now sufficiently safe to return.

Like the UK, the government seeks to open centres abroad to relocate asylum seekers during their application process, with discussions ongoing with Rwanda.

 

At the outset of the 2015 migration crisis, Denmark adopted a number of measures to deter asylum seekers, including passing a law that allowed the confiscation of migrants' belongings to help finance their care.

In the small country, which prides itself on being a champion of green energy, climate is one of the main concerns of voters.

According to a recent poll, 36 percent of Danes believe the next government should make climate a priority, just behind healthcare and the economy.

Denmark likes to highlight that it sources 67 percent of its electricity from renewable energy (46.8 percent from wind power and 11.2 percent from biomass), but it is at the same time one of the world's largest pig-farming nations, a highly polluting industry.

The Social Democrats government has announced plans to introduce a carbon tax on agriculture, a measure supported by the majority of other parties.

Home to the world's largest wind turbine manufacturer, Vestas, Denmark aims to reduce its emissions by 70 percent by 2030, compared to a 55 percent reduction by the EU as a whole.

It aims to achieve climate neutrality by 2050, in line with EU commitments.

Denmark boasts an extensive welfare state model, financed by high taxes to ensure a social safety net.

Access to education and healthcare is free of charge, and a normal work week is 37 hours.

A staunch defence of freedom of expression is a cornerstone of Danish society, which is modern and progressive.

Homosexuality was decriminalised in 1933 and the country was also the first in the world to recognise same-sex unions with the creation of registered partnership in 1989.

 

Same-sex marriages were then introduced in 2011.

One of the capital's landmarks is the libertarian neighbourhood of Christiania, the home of a self-managed community since 1971 known for its overt narcotics trade.

The country also has the largest sperm bank in the world, which exports to over 80 countries.

Danish cyclist Jonas Vingegaard's 2022 Tour de France victory, which began in Copenhagen, underscored Danes' passion for cycling.

The flat country, the highest point of which is merely 170 metres (560 feet) above sea level, has more than 12,000 kilometres of cycle paths and 15 percent of daily trips are made by bike, in summer and winter.

In Copenhagen, which claims to be the world's cycling capital, there are five times as many bicycles as cars.

Sport is also omnipresent.

 

Danes, who invented handball at the end of the 19th century, are among the most athletic in the EU with 59 percent of them practising some sport at least once a week.

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The Foreign Post is the newspaper of the International Community in the Philippines, published for foreign residents, Internationally-oriented Filipinos, and visitors to the country. It is written and edited to inform, to entertain, occasionally to educate, to provide a forum for international thinkers.

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