Business

OPEC picks Kuwait oil executive as top diplomat

Published

2 years ago

04/01/2022

MNN

Organization of the Petroleum Exporting Countries has chosen Haitham al Ghais to become the group’s top diplomat, as it navigates a delicate recovery from the Covid-19 pandemic.

Top oil-producing countries have picked Kuwaiti’s Haitham al Ghais as the next secretary general of the Organization of the Petroleum Exporting Countries (OPEC).

OPEC said in a statement on Monday that Ghais was appointed by acclamation and will take up his three-year post on August 1.

He will replace Nigeria’s Mohammed Barkindo, who took over the helm of the organisation in 2016 and led it for two terms.

It was during Barkindo’s tenure that the grouping drastically slashed oil output in 2020 as the coronavirus pandemic hit global markets.

Ghais, who was Kuwait’s OPEC governor from 2017 to June 2021, serves as a deputy managing director of the Kuwait Petroleum Corporation (KPC).

His decades of experience in the industry include stints in Beijing and London for the state oil corporation.

Prices bouncing back

Last year, OPEC and 10 allies including Russia began to gradually open the tabs again, and prices have bounced back.

The Vienna-based organisation comprises of 13 members led by Saudi Arabia, which fix output to control prices along with the 10 other countries in a grouping dubbed OPEC+.

So far OPEC+ has resisted pressure by top oil-consuming nations, such as the United States, to more aggressively boost production.

A monthly OPEC+ meeting of all 23 members via videoconference on Tuesday is expected to continue to stay the course and modestly boost output.

The OPEC general secretary has no executive power, but is the public figure of the organisation, which represents countries with divergent interests, such as Saudi Arabia and Iran.

The group in its statement credited Barkindo with being “instrumental in expanding OPEC’s historical efforts to support sustainable oil market stability through enhanced dialogue and cooperation with many energy stakeholders” in the face of the pandemic.

Source: AFP / TRT

Business

Economic growth slowed down 4.7% in 2023.: MMA

Published

3 hours ago

08/05/2024

Maldives Monetary Authority (MMA) reports the economic growth slowed down 4.7% in 2023.

In its annual report, the central bank reported economic growth slowed owing to muddied performances in the tourism and construction industries.

While last year economic growth slowed 4.7%, it rose by 13.9% in 2022.

Tourism industry activity slipped last year because of the decline in the average duration of stay.

While tourism and construction industries, two of the major economic sectors, observed decline, other major sectors such as financial, fisheries, and private sector credit had gone up.

The Maldives government is taking corrective measures to rectify the economic growth, while President Dr. Mohamed Muizzu’s vision is to elevate the country’s national GDP to USD 12 billion, according to the Minister of Economic Development and Trade Mohamed Saeed.

Source(s): sun.mv

Business

TMA becomes first Asian operator to receive Havilland Certificate

Published

14 hours ago

08/05/2024

Trans Maldivian Airways (TMA), the world’s largest seaplane operator, receives De Havilland Canada’s endorsement certificate, making it the first operator in Asia to achieve the recognition.

At the official endorsement ceremony held last Sunday, De Havilland’s Chief Executive Officer Brian Chafe awarded the endorsement to TMA Chief Executive Officer A.U.M Fazy.

De Havilland owners Sherry Brideson and Robert McDonald, along with senior representatives of the Canada’s aerospace company and TMA officiated the ceremony.

TMA Chief Fauzy had thanked De Havilland’s continued support with its Twin Otters, elevating the operator’s success.

De Havilland CEO highlighted TMA’s success of completing two million flight cycles, which he added is unprecedented anywhere else.

The Canadian aerospace company affirmed continued support to TMA in future as well.

Source(s): sun.mv

Business

BML announce new MVR 1-mil loan facility without collateral

Published

2 days ago

06/05/2024

The Bank of Maldives (BML) on Monday officially announced the launch of two new home loan products; the Home Build Loan and the Home Equity Loan.

The new loan facilities have been introduced to cater to the growing customer needs for home construction and renovation, BML said.

The new Home Build Loan has been designed to allow individuals to borrow up to MVR 1 million without any additional security. The facility provides a repayment period of over 15 years, which is ideal in renovation projects or larger home construction projects across the Maldives.

The bank also, for the first time, has introduced Home Equity Loan for existing Home Loan and Financing customers. This new facility enables these customers to borrow up to the repaid amount, or the usable equity, of the primary loans. The Home Equity Loan is offered for borrowings of more than MVR 50,000 with a repayment period of 20 years.

Moosa Nimal, the Director of Retail and SME Banking said, “These products are designed to make access to finance easier for our customers across the country.”

“The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Our Home Equity Loan offers our existing home financing customers to access usable equity available on their property, at a low rate of just 10%.”

The newly introduced loan facilities are available for BML Islamic customers as well.

Source(s): sun.mv