AGMC Geely launches all-new Tugella

AGMC, the official distributor of Geely vehicles in the UAE, has announced the launch of the all-new Geely Tugella in the UAE. Tugella features an iconic 14-degree fastback coupe design that combines elegance with superior aerodynamics, alongside a raft of exciting technology, unrivalled performance and incredible value at a starting price of AED105,900.Defined by leading features such as an L-shaped asymmetrical cockpit – an innovative design offering unmatched visibility and easy-to-reach controls – and outstanding driver and passenger comfort, all underpinned by Geely’s pioneering Compact Modular Architecture (CMA), the all-new Tugella allows customers to discover the joy of a premium driving experience. The sportback’s elegance and superior aerodynamics are the result of the 14-degree golden ratio unbroken roofline extension from the top of the windshield down to the tail of the car.Commenting on the launch, Dr Andreas Schaaf, CEO – New Ventures at Albatha Automotive said: “We are delighted to introduce our valued customers in the United Arab Emirates to the all-new Geely Tugella, a trendsetting sportback SUV boasting a luxurious interior and advanced technology, safety and performance features. With a compelling price positioning, the launch of this latest model will only serve to boost Geely’s popularity in the UAE, and we are deeply thankful for the trust in Geely shown by customers across the country so far. With the sleek and sporty Tugella, we are confident that they will be thrilled by the unmatched value alongside the superior driving experience and impressive list of features. Backed by Geely’s impeccable commitment to quality, the Tugella is certain to become a hot favourite among motorists in the UAE.”The Geely Tugella elevates driving to a new level with its 2.0-litre turbocharged four-cylinder direct-injection engine, providing a power output of 238hp and torque of 350Nm. Its Aisin 8-speed automatic transmission and BorgWarner’s fifth generation 4WD system ensure superior road handling through even distribution of power between its axles. This sophisticated combination of powertrain and chassis technology enables the Tugella to accelerate from 0 to 100km/h in just 6.9 seconds – setting the stage for a thrilling driving experience on the UAE’s roads.The Tugella’s stunning list of features includes top-of-range industry benchmarks such as keyless start, Electric Parking Brake, and adaptive cruise control system, in addition to a bundle of impressive safety and driver assist functions such as a 540° camera, Hill Start and Descent Control, Blind Spot Detection, Rear Crossing Traffic Alert, Lane Departure Warning and Speed Limit Identification Function (SLIF). An in-built wave radar scans blind spots to ensure driving safety, especially when reversing at low speed – where pedestrians and vehicles approaching laterally can be detected in real-time.A key highlight of the Geely Tugella’s interior is the Interstellar Aurora Cockpit featuring a seamless blend of superior technology, a jet plane throttle-inspired gear shifter, and an 8-color ambient light display that changes as per the selected driving mode – Normal, Eco, Sport, Snow/Sand, or Off Road.The latest intelligent vehicle technologies turn the Tugella into a smart car providing greater connectivity and convenience, while the high-tech dual 12-inch screen can also display Advanced Driver Assistance Systems (ADAS) functions that make every journey safer. The 12 discreetly installed Bose speakers ensure that all on board can revel in a truly immersive sound experience. The all-new Geely Tugella’s sporty exterior is complemented by its array of colour options, including crystal black, titanium silver, moonstone white, deep ocean blue, and amber red.With an unbeatable combination of style, safety and technology, it’s no wonder that the Geely Tugella recently surpassed the global auto industry reliability verification standards, derived from performance tests conducted in 57 environments.

Foreign Investor Ownership in Saudi Capital Market Surges by 300% Over 5 Years

The value of foreign investments in the Saudi capital market has increased by 300% over the past five years, specifically from 2018 to the end of 2022, reaching SAR 347.01 billion by the end of the period. This constitutes 14.2% of the total value of the free float in the main market, compared to SAR 86.86 billion in 2018, which represents 3.77% of the total value of free float shares in the main market for that year.In this regard, the Capital Market Authority's (“CMA's") Deputy of Listed Companies and Investment Products, Abdullah Mohammed Binghannam reported that the CMA aims to position the Saudi capital market among the leading markets regionally and internationally. Diversifying the investor base is critical to reaching such a ranking. The CMA has made major efforts in recent years to increase the attractiveness of the Saudi capital market to foreign investors and to encourage their entry and participation in the trading and offerings, as well as in the general assemblies of firms. Since allowing foreign investors to directly invest in the capital market in 2015, the Saudi Capital Market has evolved from a local market to one where the foreign investor participates in daily trading at rates exceeding 17%, compared to less than 4% before. The foreign ownership value now exceeds SAR 347 billion.Foreign investment in the main capital market has increased significantly, reaching unprecedented historic levels. From 2018 to 2022, net foreign investment in the main market exceeded SAR 180 billion. The contribution of foreign investors to company offerings has increased, and foreign investor ownership in the Saudi debt instruments market has increased more than tenfold since the debt instruments market was opened to all categories of foreign investors without restrictions by the end of 2020. Since the Saudi capital market joined the major emerging market indexes in 2019, the rate of increase in foreign investments throughout 2022 has been the highest. This development has contributed to QFI ownership increasing to 1877%, reaching SAR 271.23 billion by the end of 2022, up from SAR 13.7 and SAR 134.48 billion in 2018 and 2019, respectively. By the end of the preceding year, QFIs accounted for 78% of total foreign investment.According to the CMA's Deputy of Listed Companies and Investment Products, the anticipated positive effects of raising foreign investors' share of the capital market and improving their cash flows go beyond that. They stimulate the local economy by attracting new foreign capital to finance the growth of listed firms, as well as offering knowledge and expertise to local companies by strengthening the foreign investor's position in them.Binghannam added that the CMA exerted strenuous efforts during the previous period to increase foreign investors' participation in the Saudi capital market. Among the said prominent efforts are allowing foreign investors to directly invest in debt instruments and approving Instructions for International Central Securities Depositories, a step that contributes to facilitating procedures for attracting foreign investments to Sukuk and debt instruments domestic market. In addition, the recent approval of the Rules for Foreign Investment in Securities. These Rules were methodically and gradually facilitated to minimize the differences between QFIs and other investor categories in the Saudi market, facilitate procedures for foreign investors' entry to the Saudi capital market, and enable broader access to other investment types. The approved Rules can be reviewed through the following link: (Link)The Deputy concluded that CMA's strategic plan, along with its main pillars, aim to raise the Saudi market's status and global classification in a way that shall contribute to raising the attractiveness and efficiency of the capital market and enhancing its competitiveness regionally and internationally. One of the strategic objectives of the CMA's plan is to raise the attractiveness of the market to foreign investors. ?

Kuwait bans cryptocurrency to combat money laundering

Kuwait has declared a ban on cryptocurrency for payments or investments, aimed at thwarting money laundering activities.The Capital Markets Authority (CMA) of the country has introduced a set of regulations that impose an "absolute ban" on the usage of digital currencies in the context of making payments. These regulations go as far as declaring all virtual assets as illegal. Furthermore, the CMA has also disallowed digital asset mining and disavowed crypto as a decentralized form of currency. Businesses are prohibited from offering any services related to cryptocurrencies.However, it is crucial to note that this prohibition does not apply to securities regulated by the Central Bank of Kuwait or other securities and financial instruments overseen by the Capital Markets Authority, as explicitly stated in the circular.The Central Bank of Kuwait, together with the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulatory Unit, have issued circulars pertaining to the supervision of virtual assets used as a means of payment or recognized as decentralized currency in Kuwait. They have emphasized on abstaining from engaging in transactions that involve virtual currency as a payment method within the boundaries of this prohibition, as reported by Al-Jarida daily.These circulars are aligned with the recommendations set forth by the Financial Action Task Force (FATF) and the National Committee for Combating Money Laundering and Financing of Terrorism, aiming to enforce the implementation of Recommendation No 15 of the international requirements issued by FATF. As a consequence, dealing with virtual assets as an investment tool is strictly prohibited.Moreover, it is of utmost importance to refrain from providing any services related to virtual assets to customers, issuing licenses to individuals or entities for offering virtual asset services as a business, either for personal gain or on behalf of others. Notably, no such licenses have been granted previously. The circulars also extend the ban to encompass all virtual currency mining activities.The CMA stresses that the ban aligns with the guidelines put forth by the Financial Action Task Force on crypto assets and is a direct result of the study conducted by the National Committee for Combating Money Laundering and Terrorist Financing.