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South Korea will provide Egypt with a loan worth $250 million for the railway modernization project, as part of efforts to promote economic cooperation with Cairo, Arab Finance notes, citing the Ministry of Finance. The Economic Development Cooperation Fund (EDCF) Read more
The European Bank for Reconstruction and Development (EBRD) has granted Egypt a loan worth €25 million for financing the country’s first dry port in the city of 6th of October, reports say. The financial facility will cover the design, development, Read more
Saudi Arabia’s Mohammed Hassan Al Naqool Sons Co. has signed an agreement to invest $4 million (15 million Saudi riyals) in Silicon Valley venture capital firm, Graphene Ventures, Zawya reports. Graphene Ventures will use the investment to explore promising technical Read more
The UAE has joined as new member the New Development Bank (NDB), founded by BRICS states, namely Brazil, Russia, India China and South Africa, the bank said in a statement relayed by Zawya. “We warmly welcome the UAE into the Read more
HSBC Saudi Arabia unveiled Wednesday the “HSBC Global Equity Climate Change Fund”; the kingdom’s first environmental initiative investment fund. The fund, the bank said in a statement, will provide eligible investors with exposure to renewable energy, clean transport, sustainable water Read more
Abu Dhabi-based InsurTech Hala has successfully closed its Series A round at $5 million, MAGNiTT reports. The investment round was led by Entrée Capital, with participation from Mubadala Investment Company, EQ2 Ventures, Global Founders Capital, 500 Startups, and Hambro Perks Read more
Egypt’s Central Bank Tuesday reported $28.5 billion of remittances by Egyptians working abroad, a 13 per cent increase year-on-year from July 2020 to May 2021, the first 11 months of Egypt’s financial year (FY), Reuters reports. The remittances according to Read more
Riyadh-based Saudi real estate investment fund Riyad REIT Fund has acquired an office building located in Conshohocken (Philadelphia MSA), Pennsylvania, used by AmerisourceBergen Global one of the world’s largest global companies, Argaam reports. The acquisition, the Argaam notes, cost the Read more
The Arab Monetary Fund, AMF, has allocated a credit line worth $282 million to Egypt to help the Arab republic implement economic and financial reforms and overcome various challenges, the financial institution said in a statement. The Abu Dhabi-headquartered organization Read more
Saudi Arabia’s sovereign wealth Fund officially known as Public Investment Fund (PIF), has increased its investment in American video game company Activision Blizzard ATVI.O by 13.3%, reports say. PIF, Zawya reports citing a Securities and Exchange Commission filing on Monday, Read more