Saudi Arabia’s Agricultural and Livestock Investment Company, Salic, has acquired 29.81 per cent of Daawat Foods Ltd (DFL) from the India Agri Business Fund. The acquisition is in line with the Saudi investment company’s strategy to invest in rice, the aim being to strengthen the rice supply chain and make it more efficient and robust. […]
The director of monetary operations at the central bank, Mazen Hamdane has been charged with manipulating exchange after he was arrested last week, reports say. Financial prosecutor Ali Ibrahim, AFP reports citing a judicial source, found Hamdane of the manipulating the national currency and breaching the pound’s stability through directly buying dollars from money changers. […]
Saudi finance ministry announced Monday the kingdom the value added tax (VAT) rate will increase from 5 % to 15 % from July 1 as part of austerity measures taken to prop up the economy hit by the impacts of low global oil price and covid-19 pandemic. In addition to the three-fold increase in the […]
The World Bank has rubber-stamped a $100 million-loan to assist Turkey in the fight against covid-19 which has infected 112,261 according to health ministry figures. “The project is part of the World Bank’s $14 billion global Fast Track Facility announced on April 2,” the bank said in a statement on Friday. “The funding will strengthen […]
The International Air Transport Association (IATA) has forecast $3.1bn-loss for Algerian aviation industry as the result of all of grounding of all commercial passenger jets owing to covid-19 pandemic, reports say. The trade association of world’s airlines in a report issued last week indicated that the collapse of air transport over pandemic which has gripped […]
Jordan’s national flag airline has enough cash to keep head over water until June but will apply for government tax break to address adverse effects of the lockdown imposed by authorities to curb the spread of the novel covid-19 disease, the airline’s Chief Executive Officer (CEO) has said. “I don’t think it’s time to talk […]
Al Salam Bank has appointed board member Sheikh Khalid Bin Mustahail Al Mashani as new Chairman following the resignation of Khalifa Butti bin Omair bin Yousif Al-Muhairi. Upon his appointment, which took place this week, Sheikh Khalid thanked his predecessor for the work done at the helm of the financial institution. “We, as Board of […]
Boursa Kuwait has postponed the initial April 19 date to list its shares on the country’s stock exchange owing to the Coronavirus disease spread, reports say. The state-run financial institution in a statement seen by public news agency, KUNA, said the decision was taken as result of the extraordinary circumstances resulting from the novel coronavirus, […]
The Central Bank of Kuwait (CBK) has announced a stimulus package aiming at supporting vital sectors, banks and Small and Medium Size Enterprise (SMEs) to resist adverse effects of the Coronavirus in the Gulf country. The measures announced Thursday include reduction in the liquidity and capital adequacy requirements for banks and cut in risk weighting […]
Bahrain-based Gulf International Bank BSC has hired Deutsche Bank AG’s CEO Jamal Al Kishi to become the new CEO of the parent company, Gulf International Bank B.S.C, Bloomberg reports. Al Kishi will also become the deputy group CEO, GIB said in a statement seen by Bloomberg. Al Kishi has been Deutsche Bank AG […]