Showing posts with label Latin America. Show all posts
Showing posts with label Latin America. Show all posts

Monday, March 30, 2009

Arab-Latam bid for a diverse world,


By Lucia Newman, Latin America editor
The Moors invaded and conquered much of the Iberian Peninsula in 711AD.

By the time they were driven out of Granada in 1492, the Arabs had left an indelible racial and cultural imprint.

Both the Spanish and Portuguese languages have a marked Arabic influence.

Yet when the Spanish and Portuguese crossed the Atlantic to conquer America, the close connection with the Arab world was somehow lost as the new colonies fought to establish their own identities.

More than five centuries later, the arrival of South American heads of state in Doha, Qatar, to attend a presidential summit with Arab leaders is a conscious effort on each side to rediscover the other and forge a relationship that is seen as long overdue.

For Luiz Inacio Lula da Silva, the president of Brazil, it is a priority.

"It is imperative for the countries of South America to establish a real understanding with the nations of the Middle East, with the Arab world, so that we can establish not just a commercial relationship, but a political and cultural relationship, so that we can be free of the ties and decisions of the so called rich countries," he said in an exclusive interview with Al Jazeera.

Common ties

The effort to find common ground with the Arab region reflects Latin America's changing priorities.

In the last eight years, the political map has changed radically, with every major South American country, except Peru and Colombia, now being led by a left or centre-left government.

From Venezuela' fiercely anti-American president, Hugo Chavez, to Chile's and Brazil's more moderate leaders, all are staunch proponents of a multi-polar world, not dominated by a super power nor a bloc of industrialised nations.

"Ten years ago it would have been impossible to think of a meeting like this between the Arabs and Latin America or South America," Chavez said.

"It is now that the left-wing movements have managed to obtain political power and lead governments in Latin America, that this possibility has opened, because before our governments would always kneel before the US state department," he said.

Limited links

While they are on opposite sides of the globe and have very different cultures and political structures, the two regions share a common colonial experience.

Given the changing global political and economic map, South America and the Arab region are attempting to join forces, so their voices carry more weight, especially in multi-lateral forums such as the G20 group of leading industrialised nations.

South America's powerhouse, Brazil, is counting on Arab support to help push its candidacy for a permanent seat on the UN Security Council which, if successful, would give the Arab region an ally in a strategic arena.

The South American-Arab Leaders' Summit was the brainchild of the Brazilian president, who hosted the first such meeting in 2005 in Brasilia.

At the time it was little more than a declaration of good intentions to strengthen ties, yet it was as significant first step.

"Our relations with [the Arab world] were very limited, very small ... we had a trade balance of $8bn with the Arab world, and after that meeting, after that initiative of our government, our trade balance has climbed to $20bn," Lula said.

Something similar has happened in Argentina where, in just three years, exports to the Arab region have jumped from $1.8bn to $4.5bn, according to Sattam Al Kaddour, the secretary-general of the Argentine-Arab Chamber of Commerce.

Arabian origins

It should not be so surprising.

There are up to 20m Arabs and descendants of Arabs living in the region, most of them in South America.

In Brazil alone, there are an estimated 10m. About 8m of them are Lebanese - more than in Lebanon itself.

Argentina has an estimated 3.5m people of Syrian and Lebanese origin. Carlos Menem, Argentina's former president, is the son of Syrian immigrants.

Neighbouring Chile has the largest community of people of Palestinian origin outside of the Middle East, the vast majority Christian Palestinians who migrated from Beit Jala and Bethlehem.

The first exodus occurred in the mid-19th century, when Palestine was ruled by the Ottomans.

After the foundation of Israel in 1948, when hundreds of thousands of Palestinians lost their homes, many Christian Arabs followed their ancestors to the Americas.

The majority went to Chile, where the mountains and Mediterranean climate of Santiago's central valley seemed familiar.

Today, many Chilean Palestinians are prominent members of the business and political community.

Nevertheless, despite the large number of South Americans of Arab origin, the direct contact between the two regions has been limited.

It was not until last year that the first direct flight between a South American city (Sao Paulo) and an Arab country (Dubai) was inaugurated.

Trade benefits

So, why has it taken so long?

Celso Amorim, the Brazilian foreign minister, said: "Until now, both regions used to always look towards the United States or towards Europe, but never towards each other.

"The unprecedented push to bring the two regions closer is being applauded, especially by the South American business community.

"The potential here is unimaginable because, if we look towards the Arab world as a whole and Latin America, we see that the economies of the two regions compliment each other perfectly.

"In the Arab region they have large deserts and a very dry climate, and in Latin America we have green, fertile soil and 26 per cent of the world’s fresh water supply," Al Kaddour said.

The balance of trade so far is in South America's favour.

"The food export sector is the most important right now because the Arab region is a big buyer of food products and South America, especially Brazil and Argentina, are countries with a large agro-industry," Al Kaddour said.

It is hoped the second South American-Arab Leaders' Summit in Doha will give a push to the new found relationship.

The widespread sympathy for the Palestinian cause in South America, especially after Israel's recent war on Gaza in which more than 1,300 Palestinians were killed, should contribute.

Venezuela and Bolivia went as far as to expel the Israeli ambassadors in their countries, and Chile and Brazil issued strong condemnations during the Israeli attacks on Gaza.

"It is very interesting to exchange views between Arab and South American leaders, to establish accords, no?" Chavez said.

"The most important thing, though, is the geopolitical relationship. I think this is the beginning of a path that we are building, in the construction of a multi-polar world."

Source: Al Jazeera

Thursday, November 20, 2008

Global financial community turns towards Middle East


Continuing with the financial community's interest in the MENA region, NASDAQ OMX is hosting its first ever Middle East Investor Conference on 20 November in Dubai.

As the single largest exchange entity worldwide, NASDAQ OMX offers a full suite of capital raising solutions to publicly traded companies around the world.

The event, held jointly with the NASDAQ Dubai, will provide the Middle Eastern investor community with the opportunity to meet with and learn more about the strategies of several leading listed companies, as well as learn more about NASDAQ Dubai's exciting new equity derivatives initiative. The regional potential for exchange-traded funds will also be discussed.

The NASDAQ OMX Middle East Investor Conference further supports this growing interest by bringing together private and institutional investors with regional businesses within a networking and information exchange forum.

NASDAQ OMX has been hosting investor programs in Europe and Asia for over 13 years and they have grown to become the largest institutional investor programs for U.S. equities in Europe. In 2008 alone, the NASDAQ OMX international investor programs will have hosted over 130 NASDAQ-listed companies.

In addition to the conference discussion panels and many high level-networking opportunities, investors from the Middle East will be offered access to the senior management of many leading companies in the form of private one-to-one meetings.The day will conclude with an Opening Bell Ceremony for The NASDAQ Stock Market. It marks the first time a global exchange has opened its market remotely from Dubai.

The Bell Ceremony will take place at the DIFC Gate and will be broadcast live in New York's Times Square and around the globe.

Presentations will be made by the senior management of 28 companies, from across the

These participating panelists, will not only be in the optimal position to secure investment funds to fuel their continued growth, but as well, serve as corporate ambassadors for the region by building strategic relationships with business leaders, key investors, and with local and international business media.

Being such an integral facilitator of both financial jurisprudence as well as global liquidity, both at the corporate and investor levels, it is no wonder that NASDAQ OMX has turned its focus to one of the remaining economic dynamic regions of the world.

The GCC countries continue to enjoy growth and liquidity due to a spate of profitability in recent years, coupled with budget surplus supported by high oil and commodity prices, and an economic diversification policy that has decreased the reliance on oil-based income, according to reports.

NASDAQ Dubai is a strategic union that will offer investors everywhere greater exposure to Middle Eastern companies, while simultaneously positioning MENA region businesses for a broader pool of capital raising possibilities.

The rebranding NASDAQ Dubai is instrumental in putting the spotlight on MENA based companies and helping them attract investor interest and raise capital.

In addition to a more liquid financial context, comparatively speaking, the GCC continues to house companies that are seeking expansionary and operational financing.

Investors cashing in on the opportunity to pick up equities and other securities at a fraction of their market values mere months ago, and with growth potential, are answering the call.

Many multinationals that have set up establishments in the UAE in recent years, a number of local and regional companies have also established their presence on the MENA corporate horizon, with grand ambitions and the desire to raise the necessary capital to achieve them.

Finally, the events of this week-the NASDAQ Dubai rebranding, the Middle East Investor Conference, and the opening bell ceremony - all indicate the beginning of a fruitful relationship between Dubai and New York, and other global exchange capitals.
Source : Sukuk.net