The saudi Public Investment Fund (PIF) announced Monday the establishment of $1.07bn Fund to support Small and Medium Size companies as part of continued policy to diversify the economy and end dependence of oil revenues. The fund called Fund of Funds according to the PIF will create 2,600 jobs and contribute around $156,000 to the […]
Qatar’s Doha Bank operating in the United Arab Emirates (UAE) has started downsizing staff as the diplomatic spat between the emirate and its regional neighbors continues and looks to head on. The bank is the fifth largest lender of the small rich monarchy. According to sources familiar with the situation, 10 jobs have been cut […]
Oman has secured a $3.55 billion loan from Chinese financial institutions and the undersecretary of the Ministry of Finance Nasser Khamis al Jashmi is relieved that the country has “successfully completed the financing requirements for the expected 2017 fiscal deficit.” The Omani official revealed on Thursday that the loan was sealed on July 11 as […]
Fuel and energy prices in Egypt have increased significantly on Thursday as the country deals with its economic and financial crisis triggered by the mass protests that brought an end to the government of Hosni Mubarak and a coup d’état to Mohamed Morsi. An increase in prices was expected following the $12 billion loan from […]
Governor of Qatar’s Central Bank Sheikh Abdullah bin Saud Al-Thani has released a statement underlining that the ongoing diplomatic rift between Doha and its neighboring Gulf States has not affected its usual operations. “The banking transactions and procedures in the State of Qatar continue to be normal, both at the level of local financial transactions […]
Bahrain Central Bank has ordained all banks operating in the tiny kingdom to freeze assets of the 12 organizations and 59 people put on the Qatar-linked terror blacklist. “The central bank issued a directive to all the financial institutions licensed in the kingdom of Bahrain to freeze accounts, cash, deposits, investments, insurance policies and all […]
West Bank-based Palestine’s Monetary Authority (PMA) has indicated that leaders are mulling plans to issue a Palestinian digital currency in five–year time as a move to skirt around Israel’ powerful control over Palestinian economy. Azzam Shawwa, head of the institution noted that the move gives more control to Palestinians over supply and inflation. “That is […]
Foreign Direct Investment (FDI) in United Arab Emirates’ real estate industry has soared by 25 per cent reaching a record $6.54 billion last year. The increase in the sector has also caused increase of total FDI, which hit the $25.86 billion thresh-hold. The lucrative construction sector has therefore increased its contribution to gross domestic product […]
Morocco’s leading Attijariwafa bank group has taken full control of British Barclay’s Egypt branch. The transaction was completed Wednesday, Moroccan online media challenge.ma notes citing the bank. The Moroccan bank in October bought Barclay’s Egypt Branch beating several global bank groups, among which Emirati NBD. The deal was estimated at $400 million. With this new […]
Tunisia’s Prime Minister Youssef Chahed on Sunday replaced his Finance Minister as opponents in the North African nation accuse her for the sharp fall of the local currency and slow progress in economic reforms. The prime minister replaced Finance Minister Lamia Zribi with Minister of Investment Fadhel Abd Kefi, without giving a reason for the […]