The US's decision to remove Sudan from its State Sponsors of Terrorism list after nearly three decades will benefit the country's private sector by providing much-needed access to finance and technology, analysts told The National.
“Short-term, it will allow the banking system to finally establish corresponding relationships with banks overseas. For the past 27 years, I think all of Sudan had one bank – one corresponding relationship with the world,” Amro Zakaria Abdu, chief executive of Madarik Finance, said.
“That, in a way, crippled the banking system and it made it much more expensive for people to secure loans or loan guarantees. Because you always had to go through third parties … that would charge exuberant amounts of interest,” he added.
The lack of an ability for many Sudanese firms to buy directly from the US has hampered a range of industries – from farmers struggling to buy machinery to an aviation industry that had “broken down” due to an inability to secure spare parts, said Mr Zakaria, a Sudanese national whose company is based in the US.
“We have been left behind for almost three decades. The country needs everything and every little development will have a huge impact on the quality of life for people,” he said.
The US had lifted many sanctions on Sudan in 2017, but its removal from the State Sponsors of Terrorism list on Monday “removes another barrier to international trade and investment”, said Peter Feldman, a partner at law firm Dentons.
“While this designation, in itself, did not prohibit all commercial activity with Sudan, it did prohibit some, and the reputational risks that it carried made even business that was allowed riskier,” Mr Feldman said. “Removing Sudan from the list of State Sponsors of Terrorism is another step on the path to reintegrating Sudan in the global economy.”
Sudan’s economy is facing multiple challenges. Gross domestic product was shrinking even before Covid-19 and is forecast to contract 8.4 per cent this year, according to the International Monetary Fund.
The Washington-based lender also projects annual inflation will increase to over 140 per cent this year and that higher government borrowing to fight the pandemic will push the government’s debt-to-GDP ratio above 259 per cent.
“Sudan's macroeconomic indicators remain worrying – inflation is extremely high and purchasing power is continuing to be eroded,” said Aly Verjee, senior researcher at the US Institute of Peace.
While the country’s SST delisting is “well overdue”, its removal alone will not be enough to rescue the country’s economy, he said.
Many of Sudan’s challenges are linked to “years of ineffective governance and political instability”, Isaac Kwaku Fokuo Jr, founder of Dubai-based Botho Emerging Markets Group, said.
“The current transition government needs to do its part to build an enabling ecosystem for local entrepreneurs and job creators to attract foreign investments and partnerships.”
Sudan has a lot of economic potential, he said, with 80 per cent of its 135 million acres of agricultural land still uncultivated. It also benefits from a strategic position between Sub-Saharan Africa and the Middle East.
“Well-curated political reforms, led by the transition government, will allow the country to make positive strides towards economic growth,” Mr Fokuo Jr added.
Removal from the list will open the door for Sudan to secure debt relief from the IMF and other multilateral agencies, Sanya Suri, an analyst at The Economist Intelligence Unit, said.
“In order to secure debt relief from the IMF, though, the Sudanese authorities will need to demonstrate evidence of having implemented economic policies approved by the IMF, in particular those set out in the new 12 month staff monitored programme agreed in September 2020.”
Once this completes, she expects the fund to approve another, and for new funding from the IMF to begin flowing in early 2022.
Some bilateral lenders could also write off debts, Ms Suri said, but added this would be contingent on a successful democratic transition in the country.
“While foreign direct investment will pick up in 2021, stronger investment growth is likely only after the completion of the 2022 elections,” she said.
One significant bonus of the banking system reopening will be that currently “remittances currently flow into Sudan largely through informal means”, Matthew Ward, an East and Central Africa senior analyst at consultancy Oxford Analytica, said.
A United Nations Development Report published in September found that about $3bn of annual remittances flow into Sudan – 10 times the amount received through official transfers.
“If they were to be re-routed through the formal banking sector this would provide an immediate boost to the tax base and foreign exchange inflows, which could in turn help stabilise the currency,” Mr Ward said.
“However, this is unlikely to happen quickly, as the huge gap between the official and black-market exchange rates effectively makes this a loss-making proposition for remitters.”
COMPANY%20PROFILE
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65
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
COMPANY%20PROFILE
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Naga
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
How Beautiful this world is!
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
The Case For Trump
By Victor Davis Hanson
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
BIRD%20BOX%20BARCELONA
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MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
UAE currency: the story behind the money in your pockets
