The Central Bank has banned retail lenders from freezing accounts of customers who lost their jobs or after retirement in a move to “protect consumer interests and promoting sound and fair banking practices”, Zawya reports. The ban, the Central Bank also added in a statement applied regardless of whether or not contractually the bank has […]
Lebanon’s national carrier, Middle East Airlines (MEA), Sunday scraped its decision to only receive US dollars for the payment of flights tickets in response to collapsing national currency, the Lebanese pound, amid struggling economy. The state-owned news agency indicated that “from Monday, Middle East (Airlines) and other airline companies operating in Lebanon will only accept […]
Saudi Arabia has relinquished management of Saudia Medical Services Company (SMS), the kingdom’s first state-run medical entity. Soliman Abdel Kader Fakeeh Hospital Company takes control of SMS after it acquired majority stakes of the medical entity owned by national carrier Arabian Airlines, Jadwa Investment, which acted as exclusive advisor on the operation, said. “We are […]
Ethiopia has landed two loans worth $140 million from the Saudi Fund for Development (SFD) earmarked to boost economic development, creation of vital infrastructure and address water scarcity, Arabian Business reports. The first loan will enable the eastern African country to provide a water, sanitation and hygiene program (WASH) to rural and urban areas. World […]
The World Bank approved on Wednesday a $275 million loan for Morocco to enable the country better deal with the impacts of natural disasters and climate-related shocks, and to upgrade its institutional framework for disaster risk management. The loan will “help Morocco develop a comprehensive framework for disaster risk management, building on a previous World […]
Egyptian and foreign banks will provide loans at lower rates to private sector industry under an initiative worth 100 billion pound ($6.2 billion) launched Wednesday to boost local production, Bloomberg reports. Under the initiative, the loans will be granted at an interest rate of 10 per cent to factories with sales under 1 billion pound. […]
Egypt targets a growth rate of 6.4 percent during the fiscal year 2020/2021. The information was given by the Minister of Finance, Mohamed Ma’it, on November 11 and reported by egypttoday.com. According to the media, Ma’it also declared in the preliminary statement for the next fiscal year, that the government aims to reduce the overall […]
The World Bank forecasts Egypt’s economy would grow by 5.8% this fiscal year. The projection is lower than the government’s target of 6-7%. In a country note released last weekend, the World Bank inched up its growth estimate for Egypt’s gross domestic product (GDP) in the last fiscal year to 5.6% from 5.5%, matching the […]
King Mohammed VI stressed the social role that Banks and financial institutions have to play in supporting Morocco’s development efforts through notably facilitating access of young graduates and SMEs to funding. The King insisted, in a speech at the opening of the Parliament’s fall session, that banks and financial institutions should be at the heart […]
Russia’s sovereign wealth fund has opened an office in the kingdom, a move Moscow describes will boost cooperation in a wide range of areas. The opening of the Russian Direct Investment Fund (RDIF) office is coming few days before the expected visit of the Russian leader, Vladimir Putin. The Russian President should visit the Gulf […]