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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Digital voice-based banking to become the new reality in 2022?

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    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

  • Markets
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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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    Brazil mills cancel new sugar export contracts, shift output to ethanol

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Commodities Sets to Face Threat Amidst Coronavirus, Says Mubadala Exec

The Global Economics by The Global Economics
February 12, 2020
in Banking
Reading Time: 1 min read
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Since the coronavirus outbreak has come into the picture, the markets started crimping globally and the effect can be witnessed worldwide. According to a high-end executive official at Mubadala Investment Co., commodities markets are set to “fizzle” as the coronavirus crimps business worldwide.

Fall in the commodity prices is posing a risk for the emerging economies of the globe that depend on these markets for the production of raw materials. Deputy Chief Executive Officer Waleed Al Mokarrab Al Muhairi, Mubadala advised investors to “be a little bit cautious,” on Tuesday in Abu Dhabi. He further added that the unpredictable perspective for the coronavirus makes it difficult for the investors to decide where to invest their capital. The infection is weakening economic growth as airlines are terminating flights to China, the origin country of coronavirus. As a result, factories have to look somewhere else for components which they used to buy from China. The upswing in demand for oil was already weak amid a supply surfeit, plus benchmark Brent crude has plunged 18% this year.

Al Muhairi said, “Commodities are going to be impacted. You see that in aluminium, you see that in iron ore, you see that in oil.”He explained that Middle Eastern oil producers are required to amplify their efforts to make their economies diverse and ready for a time when sales of crude will generate limited revenue.

As the coronavirus infection has already brought a considerable loss in the global marketplace, Al Muhairi concludes by the view that the investors should prefer aiming countries that provide a diversity of industries and don’t rely entirely on the outcome of raw materials.

The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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