Day: August 20, 2024

Ramallah-Ma’an- The National Bank has obtained the ISO 27001:2022 international certificate for meeting international specifications for information security, after a series of audits and examinations conducted on the bank throughout the year by an accredited international company that conducted a comprehensive assessment of the information security controls applied and related to the data center, information and communications technology, making the National Bank the first Palestinian bank to obtain this certificate.

While receiving the certificate, Assistant CEO for Information Technology Adel Hassan pointed out that the National Bank is making continuous efforts to preserve and protect information assets and enhance preventive controls to reduce cyber risks, noting that the banking and financial technology sector is witnessing rapid developments, which imposes the need to enhance efforts to protect customer data, considering obtaining the ISO/IEC 27001:2022 certificate an international badge for the bank
that reflects its commitment to the highest standards of protection.

In turn, the Public Relations Manager at the National Bank, Reem Anani, stressed that this certificate reflects the bank’s culture of continuous improvement and development and the proactive approach it follows to effectively manage risks within its digital system. It also emphasizes maintaining confidentiality and protecting the information and funds of customers who have placed their trust in the bank. She pointed out that this achievement makes the National Bank move with confident steps in its journey towards digital transformation.

It is worth noting that the ISO/IEC 27001:2022 certificate is an affirmation of the bank’s commitment to applying international standards in establishing, implementing, maintaining and continuously improving the information security system, in addition to assessing and addressing the risks related to this system.

SourceMaan News Agency

Manama, This week’s BD 100 million issue of Government Treasury Bills has been oversubscribed by 248%.

The bills, carrying maturity of 12 months, are issued by the CBB, on behalf of the Kingdom of Bahrain.

The issue date of the bills is August 22, and the maturity date is August 21, 2025.

The weighted average rate of interest is 5.75% compared to 6.10% for the previous issue on July 18.

The approximate average price for the issue was 94.508% with the lowest accepted price being 94.315%.

This is issue No. 119 (ISIN BH00046X0909) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion.

Source: Bahrain News Agency

Manama, The Information and eGovernment Authority (iGA) has released its July 2024 Foreign Trade report, which encompasses data on Trade Balance, Imports, National Origin Exports and Re-exports.

As per the report, the value of non-oil imports has increased by 5%, reaching BD464 million in July 2024 in comparison with BD441 million for the same month in 2023. The top 10 countries for imports recorded 70% of the total value of imports.

According to the report, China ranked first for imports to Bahrain, with a total of BD73 million (16%), followed by Australia with BD65 million (14%) and Brazil with 37 million (8%).

Other Aluminum Oxide is recorded as the top product imported to Bahrain with a total value of BD66 million (14%), followed by Non-Agglomerated Iron Ores and Concentrates with BD42 million (9%) and Private Cars being the third with BD14 million (3%).

On the other hand, the total value of non-oil exports (National Origin) increased by 4% to reach BD337 million during July 2024, compared to BD323
million for same month in 2023. The top 10 countries in exports (National Origin) accounted for 68% of the exports (National Origin) value.

The Kingdom of Saudi Arabia ranked first among countries for non-oil exports (National Origin) with BD61 million (18%). The United States of America was second with BD28 million (8%) and the United Arab Emirates was third with BD25million (7%).

Agglomerated Iron Ores and Concentrates Alloyed were recorded as the top products exported in July 2024 with BD83 million (25%), followed by Unwrought Aluminum Alloys with a value of BD77 million (23%) and Unwrought Aluminum not Alloyed with BD18 million (5%).

The total value of non-oil Re-exports increased by 22% to reach BD61 million during July 2024, compared to BD50 million for same month in 2023. The top 10 countries in Re-exports accounted for 84% of the re-exported value. The United Arab Emirate ranked first with BD21 million (34%) followed by Kingdom of Saudi Arabia with BD18 million (30%) and Germany with BD3 million (5
%).

As per the report, Private Cars was the top product re-exported from Bahrain with a value of BD9 million (15%), followed by Gold Ingots BD6 million (10%), and Smartphones came third with BD3 million (5%).

As for the Trade Balance, which represents the difference between exports and imports, the deficit recorded BD66 million dinars in July 2024 compared to a deficit of BD68 million dinars in July 2023.

Source: Bahrain News Agency

Abu Dhabi, The Abu Dhabi Chamber of Commerce and Industry, in cooperation with Etihad Credit Insurance (ECI), has developed a research paper, which revealed a 23.8% year-on-year (YoY) increase in the number of certificates of origin issued between January and May 2024, compared to the same period in 2023.

In a press release on Tuesday, the chamber said that this significant growth reflects Abu Dhabi’s expanding exports and underscores local efforts to boost trade opportunities and enhance the UAE’s global trade footprint.

The paper highlighted the top 10 regional and global markets targeted for exports by Abu Dhabi Chamber members, which are, respectively: Saudi Arabia, Kuwait, Oman, Qatar, USA, Egypt, Bahrain, Jordan, Iraq, and India.

According to the Emirates News Agency (WAM), the study indicated that the chamber’s efforts contributed to an increase in local commercial activity compared to 2023, coinciding with a rise in the number of new industrial companies registered with the Abu Dhabi Chamber.

T
he transportation and storage sector witnessed a remarkable 78% increase between January and May compared to the same period in 2023.

Additionally, the paper observed that by the end of 2023, the total value of the UAE’s non-oil foreign trade with countries with which it has signed Comprehensive Economic Partnership Agreements (CEPA), both those implemented and those nearing conclusion, surpassed AED390 billion.

The paper also confirmed that the CEPAs have significantly contributed to driving the UAE’s economic growth, facilitating the entry of Emirati exports into several major markets in the world, most notably India, Indonesia, Turkey, Korea, and Malaysia.

This includes a variety of products such as electronic equipment, machinery, metals, medicine, vegetable oils, and others.

The paper revealed that the patterns of exporting non-oil goods from the UAE now encompass a diverse global scope, with Asia emerging as the leading export destination, followed by the European Union and North America.

Other not
able regions include the European Free Trade Association (EFTA) and Africa, along with significant growth in the UAE’s exports to South America, Eastern Europe, Oceania, and Central America.

As of July, the UAE has signed 12 CEPAs with countries at regional and global levels, with ongoing discussions to establish new agreements with promising and vital markets.

Source: Bahrain News Agency