Gaza initiative empowers Palestinians to reclaim employment amid conflict

A pioneering initiative in the central Gaza Strip city of Deir el-Balah has helped Palestinian youths resume work, serving as a beacon of hope and resilience amidst challenges posed by the protracted conflict that has brought most businesses and projects to a halt in the war-torn enclave.

Palestinian software developer Sherif Naeem has established a remote workspace in Gaza, enabling locals to earn an income while navigating the challenges of the conflict.

Supported by international organizations, the youth project has equipped the workspace with solar-powered electricity and high-speed internet, and covered the rent for six months.

"The war interrupted our work, so we began to think about practical solutions to return to our normal life and resume work under these difficult circumstances. I thought about how I could provide a suitable work environment. The idea developed when 70 young men and women were able to return to normal work," said entrepreneur Sherif Naeem.

This initiative has facilitated the re-engagement of Palestinian software developers and content creators with international partners, rekindling lost connections and opportunities.

"I returned to work and contacted the company I was working for after electricity and the Internet became available. That's when the company I work with allowed me to resume duties," said Yasmine Helles, a software developer.

Sami Mushtaha, a Palestinian content creator who was displaced from Gaza City to the central area of the Strip after the destruction of his home and the loss of his source of income at the beginning of the war, expressed gratitude for the opportunity to revive his business through the initiative.

"During this period, we were able to resume our work and communicate with customers abroad. Our business began to progress, and we achieved revenues we had before. We try to continue working, even if with minimal capabilities, in light of the pain that befell us,"said Sami Mushtaha, Palestinian content creator.

Official figures indicate that Palestinian youth represent over 21 percent of Gaza's population, with the war resulting in casualties, displacement, and severe living conditions under relentless Israeli airstrikes.

Despite the ongoing war, people in Gaza are working hard to lead their life as normally as possible, including creating conducive environments to resume work. From within the depths of their suffering, they are searching for hope and are using their intelligence and scant resources to rebuild their life.

Gaza initiative empowers Palestinians to reclaim employment amid conflict

The onshore Chinese currency renminbi, or the yuan, strengthened to below 7.10 against the U.S. dollar in August.

In August, the weighted average rate on new corporate loans registered around 3.6 percent, a decline of over 0.2 percentage points from an already relatively low benchmark in 2023.

This indicates that China has continued to lower the overall financing costs and is encouraging financial institutions to pass on profits to the real economy.

The RMB exchange rate has seen an appreciation. The U.S. dollar index, which measures the greenback against six major peers, has retreated from its peak since August, decreasing from above 104 to below 101, marking a new low in over a year with a decline of about 3 percent.

The onshore RMB exchange rate against the U.S. dollar has strengthened from a high point of 7.27 yuan in mid-July to below 7.10 yuan, a cumulative appreciation of 2 percent.

Cross-border funds continued to flow into the Chinese domestic market, maintaining a net increase trend. In August, overseas investors increased their net holdings of domestic bonds by approximately 17 billion U.S. dollars, marking the 12th consecutive month of net inflows.

Onshore Chinese yuan strengthens against USD in Aug