Arab Funds – Wagdy Ghoneim http://wagdyghoneim.com/ Fri, 21 Jan 2022 17:42:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wagdyghoneim.com/wp-content/uploads/2021/03/wagdyghoneim-icon-70x70.png Arab Funds – Wagdy Ghoneim http://wagdyghoneim.com/ 32 32 Soaring global oil prices boost sentiment; M-cap wins QR 16 billion https://wagdyghoneim.com/soaring-global-oil-prices-boost-sentiment-m-cap-wins-qr-16-billion/ Fri, 21 Jan 2022 16:21:00 +0000 https://wagdyghoneim.com/soaring-global-oil-prices-boost-sentiment-m-cap-wins-qr-16-billion/

The strengthening of global oil prices, which reached their highest level in seven years due to geopolitical tensions, was reflected in the Qatar Stock Exchange, whose key barometer had once crossed 12,600 levels this week.
Gulf institutions were increasingly viewed as net buys, with Qatar’s 20-stock index adding around 194 points or 1.57% this week, helping Qatar Islamic Bank report a profit net of 3.56 billion QR in 2021.
The transport, real estate, industrial and banking counters saw above average demand this week, which led to the Commercial Bank posting a net profit of QR 2.3 billion in 2021.
About 66% of traded constituents extended their gains in the main market this week, which saw Woqod record a net profit of QR 974 million in 2021.
Arab individuals have been seen on the rise this week, which saw a Qatar economic outlook report expect Qatar to maintain its position as the top and biggest exporter of liquefied natural gas by 2026. .
Significantly weakened net selling pressure from domestic institutions also had its influence on the stock market this week, which saw Mannai Corporation enter into exclusive negotiations with a group of investors, led by Bains Capital Private Equity, to offload all of its stake in the French IT services company Inétum.
Islamic stocks rose more slowly than other indexes this week, which saw Qatar’s industrial production index rise 1.8% year-on-year in November.
Foreign and Gulf individuals continued to be net buyers, albeit less vigorously this week, which saw a total of 291,021 Bank of Doha-sponsored exchange-traded funds, QETFs, worth $3 .52 million QR, change hands over 50 transactions.
Six of the seven sectors were in the spotlight this week, which saw as many as 54,189 QATRs sponsored by Masraf Al Rayan worth 147,729 million QRs traded across 24 transactions.
Market capitalization increased by more than QR 16 billion or 2.3% to reach QR 716.4 billion this week, mainly in the large and mid cap segments, which saw industrials, banking and real estate together constitute more than three quarters of the total volume of trade.
The index for the transport sectors soared by 2.87%, real estate (2.68%), industrials (1.95%), banks and financial services (1.75%), consumer goods and services (1.2%) and telecoms (0.87%); while insurance fell 0.43% this week which saw no sovereign bond trading.
Some of the main market winners include Mannai Corporation, Ezdan, Qatar Islamic Insurance, QNB, Nakilat, Ahlibank Qatar, Masraf Al Rayan, Dlala, Salam International Investment, Woqod, Qatar Industrial Manufacturing, Qatar Industries, Qamco, Qatar Electricity and Water, Barwa. and Gulf warehousing.
In the venture capital market, Al Faleh Educational Holding and Mekdam Holding saw the value of their scrips appreciate this week, which saw no trading in Treasuries.
Nonetheless, major losers in the core market included Qatar General Insurance and Reinsurance, Al Khaleej Takaful, Mesaieed Petrochemical Holding, QLM and Commercial Bank this week, which saw a Qatar Financial Center economist say Doha should capitalize on factoring to “unlocking the full potential” of trade finance.
Net purchases by Gulf institutions increased sharply to QR 93.42 million from QR 38.63 million in the week ended January 13.
Arab individuals became net buyers of QR 14.47 million compared to net sellers of QR 1.46 million the previous week.
National fund net sales dropped drastically to QR 64.29 million from QR 473.65 million a week ago.
However, net sales by Qatari individuals notably jumped to QR 402.47 million from QR 331.37 million in the week ended January 13.
Net purchases by foreign funds decreased significantly to QR 353.09 million from QR 759.7 million the previous week.
Net purchases by overseas individuals declined significantly to QR 4.24 million from QR 6.46 million a week ago.
Net purchases by Gulf individuals decreased slightly to QR 1.53 million from QR 1.67 million in the week ended January 13.
Arab institutions had no upcoming major exposure.
Total trading turnover and volume increased this week in the main market, which saw a downward trend in value and volumes in the venture capital market.
The banking and financial services sector accounted for 27% of total trade volume, followed by industries (25%), real estate (24%), consumer goods and services (14%), transport and telecommunications (4% each) and insurance (2%) this week.
In value terms, the share of the banking and financial services sector was 48% of the total, industry (22%), real estate (10%), consumer goods and services (8%), transport (6 %), telecoms (5%) and insurance (2%) this week.
Total trading volume in the market increased by 8% to 951.75 million shares, value by 15% to 3.32 million QR and trades by 18% to 66,807.
The real estate sector’s trading volume jumped 78% to 227.88 million shares, the value by 75% to QR 334.52 million and transactions by 22% to 6,731.
Telecom sector trading volume jumped 48% to 35.28 million shares and value more than doubled to QR 149.28 million on a 58% increase in trades to 3,494.
There was an 18% increase in insurance sector trading volume to 22.93 million shares, but a 14% drop in value to QR 62.61 million amid rising trades by 79% to 1,686.
Banking and financial sector trading volume jumped 17% to 253.51 million shares, value jumped 12% to QR 1.58 billion and trades jumped 21% to 30,384.
The market saw a 12% expansion in transportation trade volume to 39.96 million shares, 11% in value to 197.69 million QR and 37% in trades to 3,019.
However, the industrial sector’s trading volume fell by 19% to 236.71 million shares and its value by 1% to QR 729.03 million; while transactions rose 2% to 15,124.
The consumer goods and services sector saw a 16% contraction in trading volume to 135.48 million shares, but a 15% increase in value to 259.05 million QR and 15% increase in trades at 6,369.
In the venture capital market, trading volume fell by 27.24% to 0.96 million shares, value by 31.46% to QR 5.99 million, and transactions by 13.27% at 562.

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QSE crosses 12,600 points on high global energy prices https://wagdyghoneim.com/qse-crosses-12600-points-on-high-global-energy-prices/ Wed, 19 Jan 2022 17:46:00 +0000 https://wagdyghoneim.com/qse-crosses-12600-points-on-high-global-energy-prices/

The Qatar Stock Exchange crossed 12,600 levels on Wednesday, reflecting the rise in oil prices, which had reached their highest level in seven years on international markets.
The property, transport and industrials counters saw above-average demand, with Qatar’s 20-stock index coming in around 42 points or 0.33% higher at 12,612, 32 points, recovering from an intraday low of 12,559 points.
Weakening net selling pressure from local retail investors and national funds had its influence on the market, whose capitalization saw over QR 1 billion or 0.19% add to 719.31 billion of QR, mainly thanks to the small cap segments.
More than 54% of traded constituents extended gains to investors on the exchange, where the banking, industrial and real estate sectors accounted for about 76% of trading volume.
Foreign and Gulf institutions also continued to be net buyers, but with less strength on the exchange, which saw a total of 40,758 exchange-traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at 351,975 QR changed hands through 13 transactions.
The Islamic index was seen gaining slower than the main market barometer, which saw no sovereign bond trading.
Total trade turnover was seen falling amid higher volumes on the exchange, which saw no trading in Treasuries.
The Total Return Index gained 0.33% to 24,966.85 points, the All Share Index by 0.24% to 3,969.58 points and the Al Rayan Islamic Index (Price) by 0.31% to 2,766 .68 points.
The real estate sector index jumped 1.66%, transport (1.4%), industrials (0.89%) and consumer goods and services (0.11%); while insurance fell by 0.94%, banks and financial services (0.11%) and telecoms (0.11%).
Some of the main market winners include Mannai Corporation, United Development Company, Qatar Industrial Manufacturing, Nakilat, Barwa, Doha Bank, Dlala, Qatar Industries, Investment Holding Group, Qamco, Vodafone Qatar, and Milaha.
Nevertheless, Ahlibank Qatar, Al Meera Consumer Goods, Qatar Insurance, Qatar Cinema and Film Distribution, Qatari German Medical Devices and Baladna were among the losers in the core market.
In the venture capital market, Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate.
National fund net sales decreased significantly to QR 24.1 million from QR 85.95 million on January 18.
Qatari retail net sales also declined significantly to QR 32.93 million from QR 83.55 million the previous day.
However, net profit bookings from Arab individuals rose sharply to QR 4.31 million from QR 1.71 million on Tuesday.
Gulf individuals were net sellers of QR 0.39 million against net buyers of QR 2.32 million on January 18.
Net purchases by foreign institutions decreased significantly to QR 58.16 million from QR 150.3 million the previous day.
Net purchases by Gulf institutions weakened significantly to QR 3.36 million from QR 12.61 million on Tuesday.
Net purchases by foreign individuals notably decreased to QR 0.21 million from QR 5.98 million on January 18.
Arab funds continued to have no major net exposure.
Total trading volume in the main market increased by 22% to 169.03 million shares, while the value fell by 8% to 651.16 million QR and transactions by 6% to 13,243.
Real estate trading volume more than doubled to 37.2 million shares and value more than tripled to QR 69.46 million on a 66% increase in trades to 1,231.
The transport sector’s trading volume more than doubled to 15.66 million shares and the value nearly doubled to 74.98 million QR on trades more than doubled to 1,103.
There was a 6% expansion in industrial sector trading volume to 37.23 million shares, 11% in value to 136.29 million QR and 10% in trades to 2,912.
Trade volume in the consumer goods and services sector increased by 2% to 15.4 million shares, value by 26% to 41.54 million QR and transactions by 4% to 1,306.
The banking and financial services sector saw a 1% gain in trading volume to 53.83 million shares, but a 31% contraction in value to 303.91 million QR and 21% contraction in trades at 5,763.
However, the volume of the telecommunications sector fell by 38% to 5.31 million shares, the value by 57% to 13.42 million QR and transactions by 41% to 580.
The insurance industry reported a 17% drop in trading volume to 4.41 million shares, 20% in value to 11.55 million QR and 36% in trades to 348.
In the venture capital market, volumes climbed 66.53% to 91,952 shares, value by 26.62% to 0.41 million QR and transactions by 42.31% to 37.

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Qatar shares prolong rally; reference inches to 12,500 points https://wagdyghoneim.com/qatar-shares-prolong-rally-reference-inches-to-12500-points/ Mon, 17 Jan 2022 20:13:00 +0000 https://wagdyghoneim.com/qatar-shares-prolong-rally-reference-inches-to-12500-points/

The Qatar Stock Exchange gained 38 points on Monday and its key index edged closer to levels of 12,500, mainly on strong buying interest from foreign institutions.
Banking and industrial counters saw above-average demand, with Qatar’s 20-stock index rising 0.3% to 12,471.4 points, recovering from an intraday low of 12,392 points .
The Gulf and domestic institutions continued to be bullish, but with less strength in the market, whose year-to-date gains reached 7.27%.
Nonetheless, more than 63% of constituents traded were in the red on the exchange, whose capitalization saw around QR 5 billion or 0.7% addition to QR 714.07 billion, mostly on the back of segments of mid cap.
The Islamic index was seen down from the gains of conventional indexes in the market, where real estate, banking and industrials accounted for around 78% of trading volume.
Foreign retail investors were seen bearish in the main market, which saw a total of 107,950 exchange-traded funds (QATR sponsored by Masraf Al Rayan and QETF sponsored by Bank of Doha) valued at QR 1.23 million on 16 trades.
Total trade turnover rose amid falling volumes on the exchange, which saw four of the seven sectors under selling pressure.
The total return index gained 0.3% to 24,687.88 points and the All Share index 0.53% to 3,934 points, while the Al Rayan Islamic (Price) index fell 0, 22% to 2,739.88 points in the market, which saw no trading in sovereign bonds and treasury bills. bills.
The banking and financial services sector index increased by 0.83%, industry (0.65%) and insurance (0.13%); while real estate fell by 0.58%, transport (0.45%), consumer goods and services (0.23%) and telecoms (0.16%).
The main winners in the main market are Qatari German Medical Devices, Ahlibank Qatar, Qatar Industries, QNB, Qatar First Bank and Qatar Insurance.
Nevertheless, Investment Holding Group, Gulf International Services, Qatar Oman Investment, Salam International Investment, Qatar Industrial Manufacturing, Qatar Islamic Bank, Aamal Company, Qamco, QLM, United Development Company, Ooredoo and Nakilat were among the losers in the core market.
In the venture capital market, Mekdam Holding saw its shares depreciate.
Net purchases by overseas institutions increased significantly to QR 95.71 million from QR 10.38 million on January 16.
However, Qatari retail net sales increased significantly to QR 115.56 million from QR 70.9 million the previous day.
Overseas individuals became net sellers of QR 3.15 million against net buyers of QR 5.69 million on Sunday.
Gulf individuals were net sellers of QR 0.09 million against net buyers of QR 0.9 million on January 16.
Net purchases of Gulf funds fell drastically to QR 13.81 million from QR 28.5 million the previous day.
National Institutions also decreased significantly to 6.69 million QR from 13.92 million QR on Sunday.
Net purchases by Arab individuals fell sharply to QR 2.59 million from QR 11.51 million on January 16.
Arab funds continued to have no major net exposure.
Total trading volume on the main market fell 4% to 220.8 million shares, while value rose 9% to QR 626.69 million amid trades down 4% to 12,715.
There was a 52% drop in transport sector trading volume to 3.67 million shares, 55% in value to 17.83 million QR and 4% in trades to 431.
Trade volume in the consumer goods and services sector fell 48% to 30.68 million shares, value fell 31% to 53.88 million QR and trades fell 4% to 1,396.
There was an 18% contraction in industrial sector trading volume to 45.71 million shares, 4% in value to QR 137.14 million and 23% in trades to 2,601.
However, the insurance sector’s trading volume soared 50% to 5.78 million shares and the value by 37% to 15.54 million QR on trades more than doubled to 363.
The market saw a 37% increase in real estate sector trading volume to 79.37 million shares, 23% in value to 100.32 million QR and 3% in trades to 1,723.
Telecom volume jumped 29% to 9.49 million shares and value jumped 24% to QR 50.47 million, while trades fell 30% to 632.
The banking and financial services sector saw an 18% increase in trading volume to 46.1 million shares, 39% in value to 251.52 million QR and 6% in trades to 5,569.
In the venture capital market, volume decreased by 64.73% to 88,514 shares, value by 71.1% to 0.46 million QR and transactions by 68% to 40.

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Saudi retailer BinDawood to create unit that will ‘capitalize on investment’ https://wagdyghoneim.com/saudi-retailer-bindawood-to-create-unit-that-will-capitalize-on-investment/ Sun, 16 Jan 2022 06:53:48 +0000 https://wagdyghoneim.com/saudi-retailer-bindawood-to-create-unit-that-will-capitalize-on-investment/

RIYADH: Ronaldo Mouchawar, MENA’s first internet man, may have sold the company he started for $580m, but he has the same drive he had when he joined his first startup 20 years ago.

The Syrian entrepreneur built the region’s largest online marketplace, Souq.com, in 2005 and 12 years later sold it to US tech giant Amazon.

But rather than sunbathe on the world’s most exclusive beaches, he stayed to become Vice President of Amazon MENA.

Souq now attracts over 45 million customers per month and offers 9.5 million products on its platform, ranging from consumer electronics, homewares, fashion brands to baby products. It employs 4,500 people.

Mouchawar’s career is closely linked to web development in the region.

Born in Aleppo, Syria, into a family of traders and engineers, Mouchawar was a basketball star for local team Jalaa SC Aleppo, before heading to Northeastern University of the United States in Boston at the late 1980s to study a bachelor’s degree and then a master’s degree in computer science. Science.

He remained in the United States, working at the information technology company EDS, founded by billionaire Ross Perot, who unsuccessfully ran for US President in 1992. Mouchawar has been busy with the business dealing in the emerging field of image processing and video digitization for automotive manufacturers. , health organizations and publishing houses.

As the web grew rapidly in the United States in the early 2000s, Mouchawar returned to the Middle East, where digital businesses were an emerging business.

He joined Jordan-based Maktoob.com, whose founders Samih Toukan and Hussam Khoury pioneered online services in the Middle East. At that time, not much on the Internet was in Arabic.

“Samih and Hussam built the first Arabic version of email,” Mouchawar told Arab News. “And many Arabic speakers around the world started using this tool because it allowed you to write in Arabic wherever you are and whatever operating system you were using. Maktoob also provided a chat room in Arabic and instant messaging.

“We immediately saw traction with young people. It was about self-expression, as we weren’t producing our own content – ​​it was entirely user-generated.

“We were receiving energizing emails from customers who were using our platform to communicate, post blogs and create forums.”

But while Maktoob grew in popularity, its earnings were low. “We wanted to monetize our portals as traffic increased,” Mouchawar said.

“And we thought creating an e-commerce section would make a lot of sense.”

Mouchawar led the effort to create Maktoob’s online shopping platform, offering an auction system modeled on eBay.

This prototype online marketplace faced business challenges from the start because, as 52-year-old Mouchawar said: “Our business model was based on online advertising and, at that time, almost all media spending of a company were devoted to traditional media: television, outdoor advertising, written press. , newspapers, leaflets, etc. Digital was still a very small segment.

“But the fun part was every month we felt like we were better than the month before. Even though it didn’t all make much sense to us. We’ve always asked ourselves, ‘How can we get people to trade safely? How do we get people to trust us? How can we get merchants to sell and can we get customers to buy? »

“It was a bit of chaos theory at work, in terms of learning, trying lots of new things and building confidence.”

But their hard work paid off and Maktoob established itself as a key e-commerce site in the Gulf.

Mouchawar’s influence within the company grew but he remained an employee, even though he had ambitions to be his own boss.

With Toukan’s investment, Mouchawar co-founded the marketplace Souq.com (souq means marketplace in Arabic), which was founded in Dubai in 2005. Toukan became the company’s other co-founder.

“We were sort of incubated within the Maktoob ecosystem,” Mouchawar said.

He added, “With Maktoob, we were trying to cover the whole region. The souk’s mission was to use technology to break down barriers and borders and enable trade, but focused on just three countries – the United Arab Emirates, Saudi Arabia and Egypt.

Souq focused on business-to-customer and peer-to-peer selling, where ordinary users sell to each other.

There was an influx of funds in 2009 when Maktoob was bought by Yahoo for $164 million. Toukan was a key shareholder but Mouchawar also benefited from the stock options he held.

Mouchawar said, “At that time, we looked carefully at the customer journey. We decided to become a fully business-to-customer site and shut down some early community tools.

“And that was the turning point, where we went from kind of a community environment to what was more like an Amazon offering.”

Souq achieved growth in three ways. Its sales figures have increased, it has bought out rivals and launched other logistics and online payment startups. The contractor said the moves turned out to be a virtuous cycle, as these areas supported each other.

Mouchawar has also brought in global talent, hiring senior executives from US multinationals such as Proctor & Gamble, Gillette and major international banks.

This led to Souq’s first venture capital investment round in 2012, with $40 million in equity financing led by US investment firm Tiger Global Management and South African fund Naspers.

“This investment has taken us to another level in terms of being able to focus on service and delivery,” Mouchawar said. “Over the next four years, we grew from $60 million to $400 million in revenue. It was crazy growth. And we were bringing in new people – university graduates who, in two or three years, were leading teams of 40 people. It changed their life.

“And we were serving our customers better, shortening delivery times and improving our payment proposition. We first held our first White Friday (a regional version of the American-inspired Black Friday sales that takes place in late November) in 2014, with the participation of major brands.

Advisors attempted Mouchwar to expand into many different countries, but he was determined to expand the business into his existing territories.

“I say this to many entrepreneurs – sometimes doing less you do more. There are many brilliant people with great ideas, but you have to stand up for something – and we wanted to stand up for business-to-consumer e-commerce in this part specific to the world. We wanted to make it easier to connect, build trust, and help entrepreneurs build businesses online.”

Another key funding round came in 2016, when Souq raised $270 million in investments led by Standard Chartered Bank and venture capital group International Finance Corporation.

“It was a great ride. That’s when we surfaced on the world map,” Mouchawar said.

The company has raised a total of $425 million across multiple funding rounds by 2017, according to tech data website CrunchBase.

Now, Mouchawar added that Souq’s early investors were hungry for returns, and with interest from the world’s biggest tech companies, the chances of an acquisition have increased.

Dubai property company Emaar had sought to buy the online business.

But a team from Amazon, led by CEO Jeff Bezos, flew in to meet with senior Souq executives and toured the area, leaving in awe of what they saw.

An Amazon takeover of Souq made sense for both parties, Mouchawar said. For Souq, the American giant would offer a new level of infrastructure. For Amazon, Souq represented access to one of the fastest growing online marketplaces in the world.

“I thought that with Amazon, we could build a great company with exciting innovations in a region with high mobile adoption, a young user base, and a huge opportunity for commerce, cloud content, and devices. Also, with over 420 million Arabic speaking people in the world, there are still many services we could develop for them.

The deal was signed in March 2017 when Amazon paid Souq $580 million for the business.

However, Mouchawar felt compelled to stay and accepted the position of Vice President of Amazon MENA.

“Like other Souq colleagues, I didn’t feel the mission was complete,” he said. “There was still a lot to do. I was excited to learn so much more about Amazon and how things work on this scale. We could employ more people, empower more people and develop more talent. »

Amazon sales rose 38% to $386 billion as net income jumped 84% to $21.3 billion last year as stranded consumers around the world ordered on the platform. The tech giant’s international sales, which includes Souq, jumped 40% in the same period.

Mouchawar said: “Since then, we have launched Amazon in Arabic in the United Arab Emirates, Saudi Arabia and Egypt. And the December release of our virtual assistant Alexa in many regional dialects of Arabic was another key moment.

Mouchawar seems comfortable working as the tech giant’s main man in the region.

He said: “For me, it’s always about working with smart, bright people, both locally and globally. As I learn to bring new things to the area, I always feel excited about the role I play.

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The UAE just invested $100m in Israel’s tech sector as the two countries grow closer https://wagdyghoneim.com/the-uae-just-invested-100m-in-israels-tech-sector-as-the-two-countries-grow-closer/ Fri, 14 Jan 2022 17:19:00 +0000 https://wagdyghoneim.com/the-uae-just-invested-100m-in-israels-tech-sector-as-the-two-countries-grow-closer/ A major sovereign wealth fund in the United Arab Emirates has invested around $100 million in venture capital firms in Israel’s tech sector, according to people familiar with the investments, a further sign of deepening trade and investment ties between the countries at the forefront of the Abraham Accords.

A year and a half after the deal that normalized diplomatic relations between Israel and the UAE, business is booming, with trade between the two countries expected to hit $2 billion this year, from around $250 million a year before the agreements, according to the UAE. -Israel Business Council, a business body representing 6,000 Emirati and Israeli businessmen.

Israeli companies are investing in new offices in Dubai and Abu Dhabi and moving staff from Tel Aviv. Emirati sovereign wealth funds invest directly in Israeli tech companies, and UAE companies are positioning themselves as partners for Israeli expansion in the rest of the Middle East.

Abu Dhabi’s Mubadala Investment Co., which manages $250 billion in assets, has invested up to $20 million in six Israel-based or targeted venture capital firms, including Mangrove Capital Partners, Entrance Capital, Aleph Capital, Viola Ventures, Pitango and MizMaa, according to a spokeswoman.

Mubadala’s previously unreported investments were based on the financial performance of each venture capital firm and the personal bonds forged between the two teams, after the Abu Dhabi fund met around 100 investors, said a person familiar with the fund.

Israeli Foreign Minister Yair Lapid, left, at the inauguration of the Israeli Embassy in Abu Dhabi last June.


Photo:

shlomi amsalem/Agence France-Presse/Getty Images

The fund was originally established by Crown Prince Mohammed bin Zayed, a key supporter of the Abraham Accords, and although Israeli investments are small relative to Mubadala’s size, they are strategic for Abu Dhabi, which hopes to attract startups to diversify its oil. economy.

The sovereign wealth fund, which has been one of the most active in the world in the pandemic and an anchor investor in SoftBank Group Body

Vision Fund, now plans to start investing direct stakes in Israeli tech companies as well, the person added.

Avi Eyal, the managing partner of Entree Capital, said he spent years developing a relationship with Mubadala’s head of venture capital, Ibrahim Ajami, before receiving an investment from the Emirati fund. After a first meeting at a dinner in London, the two leaders co-invested in startups and Mr. Ajami invited his Israeli counterpart to be a panelist at a conference in Abu Dhabi in February 2020, before the agreements, when the two publicly shook hands. stage.

“It all grew out of relationships, knowing people, not chasing money,” said Eyal, whose fund has also invested around $15 million in UAE-based startups.

The agreement reached by Israel in the summer of 2020 to normalize relations with the United Arab Emirates, Bahrain, then Morocco and Sudan, was initially met with euphoria in the business world. Israelis have flown into the UAE in droves, and Israeli and Emirati companies have signed agreements to work on developing technology and defense ties. Israel’s vibrant tech sector was seen as ripe for investment from deep-pocketed Emirati government funds.

Israeli Prime Minister Naftali Bennett, right, met with UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber in Abu Dhabi on December 13.


Photo:

Haim Zach//Israeli Government Press Office/Associated Press

But there were initially few meaningful concrete agreements. The pandemic has limited travel and businesses from the two countries – once apparent enemies – have taken longer than normal to understand each other, business leaders say.

“The headline is business is on,” said Israel-based Dorian Barak, founder of the UAE-Israel Business Council. “It’s happening more slowly than people would have hoped.”

The momentum changed last year when Mubadala Petroleum, the fund’s oil and gas arm, bought a roughly $1.1 billion stake in an offshore natural gas field from one of the biggest energy companies. of Israel. In November, the public defense company Israel Aerospace Industries Ltd. signed a deal with Dubai’s Emirates airline to convert four ocean liners into cargo planes and struck a deal with Emirati defense firm Edge to produce drones. Another Abu Dhabi sovereign wealth fund, ADQ, also led a $105 million investment in Aleph Farms, an Israeli company that grows lab-grown steak meat.

Didier Toubia, managing director of Aleph Farms, said the deal fits the long-term goals of both parties. Aleph plans to build a production facility in the UAE within the next two years to sell to the wider Middle East and ADQ is interested in technologies that help the UAE manage food security.

“Sometimes Israelis think they can just go to the UAE and do business,” he said. “You have to find ways to fill in the gaps.”

Samuel Shay, a member of the UAE-Israel Council and a consultant who aims to connect Israeli tech companies to Persian Gulf development projects, said some Israeli companies have struggled to navigate the UAE’s business environment. Although it is home to the regional headquarters of hundreds of multinational companies, the UAE is also dominated by Emirati family or state-owned companies that traditionally take a stake in the local operations of foreign companies.

The message from these companies, Mr. Shay said, is, “Give us your best services, technology, we’ll pay for it.” But, he said, “they are not looking to be partners with the individual Israeli.”

Israeli travelers in a hotel in Dubai.


Photo:

karim sahib/Agence France-Presse/Getty Images

One Israeli tech company that has signed a joint venture with an Emirati family business is RR Knowledge Systems and Technologies Ltd., a medical records software developer. Its CEO, David Santar, met an Emirati doctor through an online forum organized by the Dubai and Israel chambers of commerce. The doctor introduced him to his brother Khalaf al-Falasi, who after months of discussions and due diligence, including a social visit to the desert in the United Arab Emirates, decided to form a partnership with the Israeli company.

The UAE joint venture, called ezMedSoft, has sold the Israeli company’s software to a dermatology clinic in Abu Dhabi and plans to market it to other private hospitals and medical centers. “We knew it would take a long time to build the relationship,” Falasi said.

In 2020, President Trump presided over the signing of a Middle East peace agreement between Israel, the United Arab Emirates and Bahrain. Photo: Alex Brandon/Associated Press

Write to Rory Jones at rory.jones@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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UN: escalating war in Yemen causes hunger, collapse https://wagdyghoneim.com/un-escalating-war-in-yemen-causes-hunger-collapse/ Wed, 12 Jan 2022 22:07:40 +0000 https://wagdyghoneim.com/un-escalating-war-in-yemen-causes-hunger-collapse/

UNITED NATIONS (PA) – The intensification of military action in Yemen has displaced more than 15,000 people in the past month, killed or injured more than 350 civilians in December and left the poorest nation in the Arab world facing growing famine and economic collapse with no political solution in sight, senior UN officials said on Wednesday.

UN special envoy Hans Grundberg told the UN Security Council that in the seventh year of conflict, warring parties appear to be seeking military victory. But, he said, “there is no lasting long-term solution to be found on the battlefield” and both sides must speak up even if they are not ready to lay down their arms.

The civil war in Yemen began in 2014 when the Houthis captured the capital Sana’a and much of the north of the country, forcing the government to flee south and then to Saudi Arabia. A Saudi-led coalition, backed at the time by the United States, went to war months later seeking to restore the government to power.

The conflict has since evolved into a regional proxy war that has killed tens of thousands of civilians and combatants. The war also created the world’s worst humanitarian crisis, leaving millions of people with shortages of food and medical care and pushing the country to the brink of famine.

“We appear to be entering once again into a cycle of escalation with predictable devastating implications for civilians and for the immediate prospects for peace,” Grundberg told the council.

Iran-backed Houthi rebels continue their assault on the key city of Marib, the last government stronghold in northern Yemen, and fighting resumes in the southern province of Shabwa, where the internationally recognized Yemeni government has taken over three districts to the Houthis, he said. .

Elsewhere, airstrikes have increased not only on the front lines but also in Sana’a, including in residential areas, and in the city of Taiz, he said, as fighting continues in the south. Hodeidah, where the country’s main port is located, and attacks have increased. on neighboring Saudi Arabia.

Grundberg has expressed concern that battles will escalate on other fronts, pointing to the recent Houthi seizure of a vessel flying the flag of the United Arab Emirates. He also called accusations that the predominantly Houthi-controlled ports of Hodeidah – a lifeline for bringing aid, food and fuel into the country – are militarized “worrying.”

Ramesh Rajasingham, deputy head of UN humanitarian aid, said fierce fighting continued along dozens of the front lines and that in December 358 civilians were reportedly killed or wounded, “a figure that is tied for the highest in three years “.

He said aid agencies have helped 11 million Yemenis every month in 2021, but the United Nations World Food Program has been forced to cut food aid to 8 million people due to a lack of funding. funding. Other programs providing water, protection to civilians and reproductive health services have also been forced to scale back or close in recent weeks due to a lack of funds, he said.

Last year’s UN appeal for around $ 3.9 billion to help 16 million people was only funded at 58% – the lowest level since 2015 – and Rajasingham said that The UN expects this year’s aid operation to require about as much money. He urged donors to maintain and if possible increase their support this year.

Rajaingham also called in particular on the Houthis to improve access for humanitarian workers and stop attempts to interfere with their work. Despite assurances from the Houthis, he said, they still did not give access to two UN personnel detained in Sana’a in November.

While humanitarian aid is essential, Rajasingham stressed that the main drivers of people’s needs are economic collapse accelerated by conflict.

He said humanitarian needs could be reduced by resuming injections of foreign currency through the Central Bank as well as by political decisions to lift import restrictions and use the proceeds from imports to pay for foreign exchange. basic services provided by public institutions.

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Saudi fintech investment jumps as regulators set landscape for 2021: Year in review https://wagdyghoneim.com/saudi-fintech-investment-jumps-as-regulators-set-landscape-for-2021-year-in-review/ Sat, 08 Jan 2022 22:25:17 +0000 https://wagdyghoneim.com/saudi-fintech-investment-jumps-as-regulators-set-landscape-for-2021-year-in-review/

Saudi Arabia’s ‘Unprecedented Growth’ Expected to Solidify M&A Leader Position in 2022

RIYAD: Saudi Arabia has become one of the most attractive markets for international companies looking for new mergers and acquisitions, and it is expected to maintain its position in 2022.

The country’s growth stood at 6.8% for the third quarter. This is due to the growing global demand for crude oil, the ambitious goals of Saudi Vision 2030, the reduction of the Kingdom’s dependence on the sale of hydrocarbons through the development of non-oil sectors, as well as advances in the fight against the COVID pandemic.

This has enabled Saudi Arabia to continue its growth in mergers and acquisitions in the coming year.

“The Saudi market is probably one of the most active M&A markets in the region, along with the United Arab Emirates and Egypt,” said Fikry Younis, Riyadh-based partner of Lumina Capital Advisers.

Economist Robert Mogielnicki of the Arab Gulf State Institute in Washington points out that the most obvious spaces to watch for mergers and acquisitions in Saudi Arabia are the energy and tech spaces.

“Saudi Arabia has a comparative advantage in the energy sector and is very keen to monetize its energy assets. Tech companies are thriving globally and Saudi Arabia is striving to become a global tech hub, ”he added.

Saudi Arabia is witnessing mergers and acquisitions across sectors, Younes said, with a focus on social infrastructure – including healthcare, education and logistics – tourism, entertainment and sports , environmental, social and governance investments and green energy.

There is also significant action in technology which acts as a catalyst for other sectors, such as health technology, educational technology and financial technology.

QUICKFACTS

The country’s growth stood at 6.8% for the third quarter. This is due to the growing global demand for crude oil, the ambitious goals of Saudi Vision 2030, the reduction of the Kingdom’s dependence on the sale of hydrocarbons through the development of non-oil sectors, as well as advances in the fight against the COVID pandemic.

The most significant transactions announced this year were the acquisition of 49% of Aramco’s Oil Pipeline Co. by a consortium led by EIG Global Energy; the acquisition of a portfolio of gas assets from Aramco by the US companies Air Products and ACWA Power, and the acquisition of a 50% stake in the Saudi National Petrochemical Company by the Saudi Industrial Investment Group.

Tourism is expected to account for more than 10% of Saudi Arabia’s gross domestic product by 2030 thanks to Neom, a futuristic $ 500 billion city comprising a nature reserve and heritage sites on islands in the Red Sea, as well. than a big entertainment and sports project called Qiddiya.

The Kingdom plans to invest more than $ 1 billion in the tourism sector over the next 10 years.

For Habib Aoun, partner at Broadgate Advisers, if we look at the classification by value of transactions, energy and materials remain by far the most promising sectors, driven by strategic acquisitions often involving government entities such as ARAMCO.

However, when one considers the number of transactions, rather than their size, demand is important for assets in the consumer, health, education and ICT sectors, both from strategic investors. than financial.

“Saudi Arabia has always been and remains one of the region’s main M&A markets, thanks to its large population, numerous government initiatives and the recent recovery in oil prices,” Aoun said.

The expert estimates that in 2021, there were $ 44 billion in agreements announced in the Kingdom, compared to $ 75 billion for the entire Middle East and North Africa region, including including Saudi Arabia.

The most significant transactions announced this year were the acquisition of 49% of Aramco Oil Pipeline Co by a consortium led by EIG Global Energy; the acquisition of a portfolio of gas assets from Aramco by the American companies Air Products and ACWA Power, and the acquisition of a 50% stake in the Saudi National Petrochemical Company by the Saudi Industrial Investment Group, according to Aoun .

Saudi British Bank, a subsidiary of HSBC Holdings, has also finalized its merger with Alawwal Bank. The year also saw the merger of the National Commercial Bank and the Samba Financial Group under the name Saudi National Bank. SNB will account for 25 percent market share, with combined capital of SR 120 billion ($ 31.96 billion)

In addition to these large transactions in the energy and materials sectors, there was notable activity in mid-cap transactions, including the sale of Naturepack Beverage Packaging to Norwegian company Elopak; HSBC’s asset management activity at Alawwal Invest; From the Saudi Enaya cooperative to the Amana cooperative, and; Fourth Milling Co. to a consortium of strategic Saudi agricultural investors.

In education, King’s College Riyadh – an offshoot of Dorset King’s College – became the first British boarding school to settle in Saudi Arabia. Additionally, Saudi Arabia’s Tourism Development Fund and London-based hotel company Ennismore have established a $ 400 million fund to bring Ennismore lifestyle brands to the kingdom.

“Mega-deals like the Samba-NCB merger as well as PIF’s acquisition of Newcastle United are getting all the publicity, however, there are many private deals of all sizes going under the radar,” Younes said.

Without a doubt, Vision 2030 is the main driver of the wave of M&A activity in Saudi Arabia, Younes says.

“One of the fundamental pillars of Vision 2030 is the localization of know-how. So we’ve seen many sub-industries across the broader manufacturing spectrum benefit from government initiatives – chemicals and materials, pharmaceuticals, etc. of Vision 2030 are the infrastructure – including telecommunications, education, tourism – including catering and healthcare where investments are needed to support expected economic growth. Covid has of course had an impact, mainly in the first half of 2020, but as is the case in the world, most sectors have recovered well in 2021, ”adds Aoun.

Saudi Arabia’s M&A activity is both inbound and cross-border, experts agree.

An example is that of the agreements concluded between Saudi companies and their Omani counterparts for a value of 10 billion dollars.

“Within Saudi Arabia, investors and family offices are reviewing their portfolios and divesting non-core assets to redirect funds to expanding core assets,” Younes said, adding: to seize the opportunities that are presented following Vision 2030.

“International investors are investing in Saudi Arabia in order to benefit from unprecedented growth, especially with the challenges many face in their home countries: COVID, supply chain challenges, inflation, etc. Local investors investing overseas invest in the order to bring overseas expertise and capabilities to Saudi Arabia. ”

For Aoun, the outlook for M&A activity in the Kingdom is optimistic, driven by current levels of oil prices and the government’s continued efforts to modernize the country and position Riyadh as the financial capital of the region.

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Saudi Arabia’s ‘Unprecedented Growth’ Expected to Solidify M&A Leader Position in 2022 https://wagdyghoneim.com/saudi-arabias-unprecedented-growth-expected-to-solidify-ma-leader-position-in-2022/ Fri, 07 Jan 2022 10:11:25 +0000 https://wagdyghoneim.com/saudi-arabias-unprecedented-growth-expected-to-solidify-ma-leader-position-in-2022/

Saudi Arabia has emerged as one of the most attractive markets for international companies seeking new mergers and acquisitions, and it is expected to maintain its position in 2022.

The country’s growth stood at 6.8% for the third quarter. This is due to the growing global demand for crude oil, the ambitious goals of Saudi Vision 2030, the reduction of the Kingdom’s dependence on the sale of hydrocarbons through the development of non-oil sectors, as well as advances in the fight against the COVID pandemic.

This has enabled Saudi Arabia to continue its growth in mergers and acquisitions in the coming year.

“The Saudi market is probably one of the most active M&A markets in the region, along with the United Arab Emirates and Egypt,” said Fikry Younis, partner of Riyadh-based Lumina Capital Advisers.

Economist Robert Mogielnicki of the Arab Gulf State Institute in Washington points out that the most obvious spaces to watch for mergers and acquisitions in Saudi Arabia are the energy and tech spaces.

“Saudi Arabia has a comparative advantage in the energy sector and is very keen to monetize its energy assets. Tech companies are thriving globally and Saudi Arabia is striving to become a global tech hub, ”he added.

Saudi Arabia is witnessing mergers and acquisitions across sectors, Younes said, with a focus on social infrastructure – including healthcare, education and logistics – tourism, entertainment and sports , environmental, social and governance investments and green energy.

There is also significant action in technology which acts as a catalyst for other sectors, such as health technology, educational technology and financial technology.

Tourism is expected to account for more than 10% of Saudi Arabia’s gross domestic product by 2030 thanks to Neom, a futuristic $ 500 billion city comprising a nature reserve and heritage sites on islands in the Red Sea, as well. than a big entertainment and sports project called Qiddiya.

The Kingdom plans to invest more than $ 1 billion in the tourism sector over the next 10 years.

For Habib Aoun, partner at Broadgate Advisers, if we look at the classification by value of transactions, energy and materials remain by far the most promising sectors, driven by strategic acquisitions often involving government entities such as ARAMCO.

However, when one considers the number of transactions, rather than their size, demand is important for assets in the consumer, health, education and ICT sectors, both from strategic investors. than financial.

“Saudi Arabia has always been and remains one of the region’s main M&A markets, thanks to its large population, numerous government initiatives and the recent recovery in oil prices,” Aoun said.

The expert estimates that in 2021, there were $ 44 billion in agreements announced in the Kingdom, compared to $ 75 billion for the entire Middle East and North Africa region, including including Saudi Arabia.

The most significant transactions announced this year were the acquisition of 49% of Aramco Oil Pipeline Co by a consortium led by EIG Global Energy; the acquisition of a portfolio of gas assets from Aramco by U.S. companies Air Products and ACWA Power, and the acquisition of a 50 percent stake in the Saudi National Petrochemical Company by the Saudi Industrial Investment Group, according to Aoun.

Saudi British Bank, a subsidiary of HSBC Holdings, has also finalized its merger with Alawwal Bank. The year also saw the merger of the National Commercial Bank and the Samba Financial Group under the name Saudi National Bank. SNB will account for 25 percent market share, with combined capital of SR 120 billion ($ 31.96 billion)

In addition to these large transactions in the energy and materials sectors, there was notable activity in mid-cap transactions, including the sale of Naturepack Beverage Packaging to Norwegian company Elopak; HSBC’s asset management activity at Alawwal Invest; From the Saudi Enaya cooperative to the Amana cooperative, and; Fourth Milling Co. to a consortium of strategic Saudi agricultural investors.

In education, King’s College Riyadh – an offshoot of Dorset King’s College – became the first British boarding school to settle in Saudi Arabia. Additionally, Saudi Arabia’s Tourism Development Fund and London-based hotel company Ennismore have established a $ 400 million fund to bring Ennismore lifestyle brands to the kingdom.

“Mega-deals like the Samba-NCB merger as well as PIF’s acquisition of Newcastle United are getting all the publicity, however, there are many private deals of all sizes going under the radar,” Younes said.

Without a doubt, Vision 2030 is the main driver of the wave of M&A activity in Saudi Arabia, Younes says.

“One of the pillars of Vision 2030 is the localization of know-how. So we’ve seen many sub-industries across the broader manufacturing spectrum benefit from government initiatives – chemicals and materials, pharmaceuticals, etc. of Vision 2030 are the infrastructure – including telecommunications, education, tourism – including F&B and healthcare where investments are needed to support expected economic growth. Covid had an impact of course, mainly in the first half of 2020, but as is the case in the world, most sectors recovered well in 2021, ”adds Aoun.

Saudi Arabia’s M&A activity is both inbound and cross-border, experts agree.

An example is that of the agreements concluded between Saudi companies and their Omani counterparts for a value of 10 billion dollars.

“Within Saudi Arabia, investors and family offices are reviewing their portfolios and divesting non-core assets to redirect funds to expanding core assets,” Younes said, adding: to seize the opportunities that are presented following Vision 2030.

“International investors are investing abroad in Saudi Arabia in order to benefit from unprecedented growth, especially with the challenges many face in their home countries: COVID, supply chain challenges, inflation, etc. Local investors investing overseas invest in the order to bring overseas expertise and capabilities to Saudi Arabia. ”

For Aoun, the outlook for M&A activity in the Kingdom is optimistic, driven by current levels of oil prices and the government’s continued efforts to modernize the country and position Riyadh as the region’s financial capital.

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How to be protected against bank fraud and how to file a complaint – Criminal law https://wagdyghoneim.com/how-to-be-protected-against-bank-fraud-and-how-to-file-a-complaint-criminal-law/ Wed, 05 Jan 2022 09:11:26 +0000 https://wagdyghoneim.com/how-to-be-protected-against-bank-fraud-and-how-to-file-a-complaint-criminal-law/

United Arab Emirates: How to be protected against bank fraud and how to file a complaint

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Bank frauds are of different types and can include different types of financial crimes. It is essential to raise awareness about the different types of bank fraud and also to put into practice the measures that one can take to avoid falling victim to such criminal acts. In this article, we will also discuss the steps one can take to file a complaint in such circumstances.

Different types of bank fraud:

  • ATM fraud: ATMs are sometimes manipulated by fraudsters in various ways. Such as the inclusion of a camera to record your PIN details, connecting a device to the card slot to record your card details, as well as attaching a fake keypad. Once the criminals intercept the data on the card’s magnetic stripe and / or the user’s secure PIN, the data is then used to create fake cards with which funds are then fraudulently withdrawn.
  • Fraudulent or phishing emails: It is a common tactic followed by cyber criminals to send phishing emails representing a particular bank or the UAE central bank and thereby trick a victim into sharing their personal credentials online. Emails are designed to appear authentic by including logos and similar domains in order to gain the trust of unsuspecting victims. Be especially wary of emails informing you that your account is now blocked. In the past, this was seen as a very common tactic followed by fraudsters, trying to panic you and attempting to request sensitive data under the guise of unlocking or unfreezing your bank account. UAE banks and UAE central bank have repeatedly issued notices advising their customers that banks would not require verification process through such emails and would not freeze either your bank account at random for no apparent reason. Often times, these phishing emails also contain viruses or external links that attempt to access and store your personal data.
  • Fraudulent calls: Similar to phishing emails in this type of bank fraud, a fraudster attempts to obtain sensitive personal information such as date of birth, passwords, card details by making convincing phone calls. Often, such calls are made masquerading as the technical team of the bank or the UAE Police Department, while attempting to obtain sensitive information by deceiving or threatening the unconscious victim.
  • Fraud by bank check: In this type of fraud, the scammers provide a magic ink / pen for the purpose of writing the check. Using the same, the amount of the written check ends up disappearing after a few hours, thus providing the fraudster with the perfect opportunity to replenish the value of the check and then cash the check for a higher value than expected by the check. transmitter.

How to file a complaint in the event of bank fraud:

  • The first step: File a formal complaint with the bank as a preliminary step. This will provide you with a record of the complaint and ensure proper procedures until the matter is resolved. Use the formal steps to register a complaint with the appropriate reference number and with documented records. In addition, also make sure you reach the right department within the bank; for example, there is a separate department for corporate banking and personal banking, and each bank also has a legal department in addition to a dedicated customer service.
  • Step two: file a police report: Right now, be sure to file a police complaint to register your loss and the attempted hack into your account. Depending on the nature of the financial crime, you can file a complaint with the cyber division, such as with online scams.
  • Step three: File a declaration with the central bank:Once you have filed your complaint with the bank and an investigation is underway, you may also consider escalating the complaint to the UAE central bank. The Consumer Protection Department of the UAE Central Bank is responsible for resolving disputes between customers and a particular financial institution. This step should, of course, be taken after an initial internal resolution attempt with the financial institution concerned. However, if the complaint is not resolved even after a period of thirty days or if you are not satisfied with the resolution, then consumers can address their complaint to the central bank.

Bank fraud is increasingly prevalent around the world and in the United Arab Emirates. Aware of the growing number of such scams, awareness campaigns are regularly carried out by the UAE central bank alongside public authorities such as the Dubai and Abu Dhabi police to raise awareness. Awareness is essential to prevent such scams.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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US Senator calls for new investigation into murder of Palestinian activist Alex Odeh – – IMEMC News https://wagdyghoneim.com/us-senator-calls-for-new-investigation-into-murder-of-palestinian-activist-alex-odeh-imemc-news/ Mon, 03 Jan 2022 08:47:17 +0000 https://wagdyghoneim.com/us-senator-calls-for-new-investigation-into-murder-of-palestinian-activist-alex-odeh-imemc-news/

In a report filed Saturday in the magazine Liberation by Reem Zubaidi, the author explains that new information has been revealed on the assassination of Alex Odeh, a Palestinian-American human rights activist killed in 1985 by a bomb. handcrafted in his office.

Odeh’s murder has never been elucidated – and he was one of many Palestinian and Arab activists targeted in the 1980s by anti-Arab terrorist groups operating in the United States.

Zubaidi writes: New information came to light during a recent Los Angeles Times interview with a former Santa Ana police officer. The revelations prompted US Senator Richard J. Durbin, head of the Senate Judiciary Committee, to call on the FBI to “step up its efforts to investigate Mr. Odeh’s murder and bring his killers to justice.”

On October 11, 1985, Alex Odeh, 41, was killed in a premeditated attack while opening the door to his office in Santa Ana. Odeh’s office was broken into and the bomb that killed him was planted the night before.

Odeh was a Palestinian activist and the West Coast Regional Director of the American-Arab Anti-Discrimination Committee, an organization that protects the civil rights of Arabs and Arab Americans in the United States. He was also a poet and the father of three young girls at the time of his murder 36 years ago. So far, no one has been charged with the murder despite strong evidence against the suspects who fled to Israel after the attack.

The Arab-American Committee Against Discrimination (ADC) said it welcomed the renewed interest in Odeh’s case, but wanted to put it in context. “While, naturally, we have focused on bringing Alex’s killers to justice, we also want to make sure that this attack is not seen as an isolated incident. This was a deliberate attempt to silence an Arab-American civil rights icon and organization, ”said Samer Khalaf, CDA national president, adding that CDA offices were also targeted in Boston. and Washington, DC.

The attack came amid a wave of anti-Arab and anti-Muslim hysteria stoked here by the media in response to international incidents where American lives have been lost. Odeh was killed just hours after appearing on two television news broadcasts defending the Palestine Liberation Organization (PLO), explaining that the PLO played no role in the hijacking of the Achille Lauro ship.

The FBI called the attack a terrorist attack. The assassination has been condemned by President Ronald Reagan and even by Zionist organizations like the American Committee on Israel and the Anti-Defamation League. Two weeks after Odeh’s death, the FBI attributed the assassination – along with two other bombings – to the Jewish Defense League, a terrorist organization founded by fascist American-Israeli politician Martin Kahane. JDL National President Irv Rubin issued a public statement after the bombing: “I have no tears for Mr. Odeh. He got exactly what he deserved.

In response to the FBI’s statement linking the JDL to the attack, Rubin denied any involvement. After facing backlash, the FBI went back to its original position, saying instead that further investigation was needed before any final attribution, although the JDL was “probably” responsible for the attacks.

36 years later, the Department of Justice is still dragging its feet

For decades, the Justice Department dragged its feet in bringing justice to Odeh and his family. Meanwhile, evidence continued to surface that further implicates the murder suspects, who were then under surveillance. A few years ago, retired law enforcement officers handling the case at the time expressed frustration at the lack of arrests despite the identification of suspects: “We know who did it. We know where they lived. We know why they did it, how they did it.

The suspects moved to Israel where two of them still live freely in a West Bank settlement. Israeli officials have continuously thwarted efforts to gain information about the JDL’s movement between the United States and Israel despite the organization and the suspects being linked to several other attacks in the United States. murder after two years of extradition proceedings, but not for the attack that killed Odeh.

ADC Legal and Political Director Abed Ayoub explained on December 21: “To have a senior member of the Senate, a majority whip and the chairman of the Senate Judiciary Committee take a serious look at this matter is welcoming and long awaited. We hope this provides some answers from the FBI on what is taking so long in this case and why justice has not been served for those responsible for Odeh’s murder.

Zubaidi writes in her Liberation magazine article that she believes Odeh’s murder and the failure of law enforcement to deliver justice to him and his family decades later make it clear that the government American is a partner in silencing pro-Palestinian activists.

She adds that she believes there is a double standard in the way these cases are handled. For example, the US government wrongly designated the Holy Land Foundation, the largest Islamic charity in the United States, as a “terrorist organization”, shut it down, and even jailed its organizers and activists. Yet the United States supports Israeli NGOs that raise funds in the United States for illegal Zionist settlements and settler terrorism.

Most recently, on December 15, the civil rights group Council for American Islamic Relations revealed that informants there were recording and passing confidential information to an anti-Muslim hate group with ties to the Israeli government. Yet there has been no media outcry or investigation by the Justice Department.

Featured Image: Alex Odeh with his daughters months before his murder. Photo: American-Arab Anti-Discrimination Committee

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