The International Finance Corporation, the private sector investment arm of the World Bank, aims to invest close to a record US$2.5 billion (Dh9.18bn) in the Arab world this year as it intensifies its focus on job creation.
A large slice of the resources will go towards bolstering small and medium-sized enterprises and upgrading infrastructure, said Mouayed Makhlouf, an IFC director, Middle East and North Africa.
"Our focus remains on job creation," he said.
"We are looking to restore confidence as after the Arab Spring, confidence was shaken in many parts of the region."
Last year, the IFC pumped $2.2bn into the region, 21 per cent more than the year before.
It generated a further $700 million in investment from other sources in keeping with its policy of typically committing funds in tandem with the private sector in a project or industry that might otherwise struggle to attract finance.
The IFC has been gradually ratcheting up its investment in the region since 2011, when a wave of unrest ricocheted across the region, scaring off foreign investors and dimming hopes of cutting unemployment.
"It's definitely a refocus of IFC's investment," said Mr Makhlouf. "Mena is a priority for IFC as it's a region in transition and we see a huge need for the IFC here.
"These countries have been through a lot in recent years and we can't expect everything to go back to normal straight away."
It is planning to launch currency swaps in Egypt to help companies meet foreign exchange needs. Some companies in the country are struggling to access US dollars to cover imports and debt repayment as instability drains the level of government reserves.
It is also considering supporting local currency bonds in some countries.
A key area of focus is improving access to capital, especially for SMEs. Only 15 per cent of loans in Mena go to SMEs, said Mr Makhlouf. In the GCC, the allocation for SMEs falls to 2 per cent.
In December 2011, it sealed a $170m loan to Bank Muscat to help bolster the bank's capital position and free up dollar funding for smaller companies. The IFC followed that move with a $195.1m investment in Bank Muscat in February.
It has also been working with the UAE Ministry of Finance on draft legislation to set up a register of small businesses assets to help them secure loans. Once it receives final approval, the measure is expected to increase the banking sector's willingness to lend to local entrepreneurs and reduce dependence on cheques as a means of backing business loans.
"We have been engaging with the Ministry of Finance for about a year and we expect the asset registry law to come out in the next six months," he said.
tarnold@thenational.ae
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The%20specs%20
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J%20Street%20Polling%20Results
%3Cp%3E97%25%20of%20Jewish-Americans%20are%20concerned%20about%20the%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E76%25%20of%20US%20Jewish%20voters%20believe%20Donald%20Trump%20and%20his%20allies%20in%20the%20Republican%20Party%20are%20responsible%20for%20a%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E74%25%20of%20American%20Jews%20agreed%20that%20%E2%80%9CTrump%20and%20the%20Maga%20movement%20are%20a%20threat%20to%20Jews%20in%20America%22%3Cbr%3E%3C%2Fp%3E%0A
'Ashkal'
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Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
Company%20Profile
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Everybody%20Loves%20Touda
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
57%20Seconds
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
COMPANY%20PROFILE
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