Abdulrahman Bin Abdullah Al Hamidy, director general of the Arab Monetary Fund, says intra-Arab payment and clearing system to boost trade and investment. Christopher Pike / The National
Abdulrahman Bin Abdullah Al Hamidy, director general of the Arab Monetary Fund, says intra-Arab payment and clearing system to boost trade and investment. Christopher Pike / The National

Arab Monetary Fund to create clearing and settlement entity



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.

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

UAE currency: the story behind the money in your pockets
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A%20QUIET%20PLACE
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TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

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If you go

The flights

Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.

The car

Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.

Parks and accommodation

For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.

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Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club

  • 1st ODI, Wednesday, April 10
  • 2nd ODI, Friday, April 12
  • 3rd ODI, Sunday, April 14
  • 4th ODI, Sunday, April 16

Squads:

  • UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
  • Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
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Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

DC%20League%20of%20Super-Pets
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MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports