The Arab Monetary Fund (AMF) will establish an independent regional entity for the clearing and settlement of intra-Arab payments in order to help bolster trade and investment between Arab nations
“The objective of the entity is to promote the use of local currencies intra-Arab payments clearing and settlement transactions, alongside main international trading currencies,” the AMF said in a statement on their website.
“This will help to contribute to reduce the costs and time associated with the cross-border payments operations and therefore promote investment and intra-Arab trade.”
The board of governors of the AMF approved the new entity, which will have a capital of $100 million, at its 41st session held on April 10 at the Dead Sea in Jordan. The approval came after a feasibility study, the AMF said.
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Abdulrahman Al-Hamidy, director general of the AMF, said the project will boost trade and investments between Arab countries. It will also spur commerce between Arab countries and their main trading partners. The entity will offer value added service to central banks, commercial banks and exchange houses in the Arab region, Mr Al-Hamidy said.
Arab central banks are committed to supporting the project throughout the whole development of the new entity and that the AMF will work closely with the central banks until it goes live. The AMF didn’t say when that would be.
Trade and investment between Arab countries has traditionally been low and the dearth of investment between Arab countries is particularly hurting the growth of small and medium-sized enterprises (SMEs) in the region who as a result find themselves with a 300 per cent funding gap, AMF said.
Funding such SMEs has become more difficult in the aftermath of the 2008 global financial crisis.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
THE SPECS
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Under 19 Cricket World Cup, Asia Qualifier
Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Napoleon
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