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Saudi billionaires excluded in Forbes’s World Richest Arabs

For its 2018 ranking of the World Richest Arabs, the US-based Forbes Magazine has not included Saudi billionaires in the wake of the November anti-graft purge, which saw dozens of Saudi business tycoons locked up for several months The 2018 ranking, which the magazine says is based on stock prices and exchange rates from February […]

March 8th, 2018 | Posted in Finance,Headlines | Read More »

Saudi Crown Prince shows generosity during first visit to Egypt

Saudi Arabia’s Crown Prince Mohammed Bin Salman showed generosity during his first visit to Egypt Sunday as the two nations have signed agreements to activate a 60 billion Saudi riyal ($16 billion) investment fund, agreed upon in 2016. The Crown Prince and President Al-Sisi have also set up a joint fund to develop the planned […]

March 5th, 2018 | Posted in Finance,Headlines | Read More »

UAE Offers $2 mln to Avert Shutdown of Gaza Hospitals

Gaza hospitals will be able to offer health services after the United Arab Emirates donated $2 million in support of a UN program, supplying electricity to hospitals across the strip, the Abu Dhabi-based official news agency said. The UAE announced the donation after a WHO official warned that fuel for backup generators in Gazan hospitals […]

February 8th, 2018 | Posted in Finance,Headlines | Read More »

KSA: PIF to invest $500m to acquire ‘10 per cent’ of Hollywood agency

Saudi Arabia’s gigantic Public Investment Fund (PIF) is eyeing 5 to 10 per cent of stakes in Endeavor, the holding managing Hollywood talent agency WME, for an investment to exceed $500 million in the end, reports say. According to Bloomberg, which cited anonymous sources aware of the matter, the PIF is in talks with the […]

January 17th, 2018 | Posted in Finance,Gulf News,Headlines | Read More »

UAE Government taken aback for appearing in EU tax blacklist

The UAE government Thursday expressed surprise at its presence on the European Union’s black list of countries considered tax-havens, although it aligns with the block’s transparency standards. EU countries Tuesday published a list of 17 countries, including the United Arab Emirates (UAE), Bahrain and Tunisia, which promote tax avoidance. Countries on the black list could […]

December 8th, 2017 | Posted in Finance | Read More »

Qatar’s Economy to Grow 3.1% in 2017 Despite Saudi-led Blockade

Despite the economic blockade imposed by its neighbors and a plunge of crude prices, Qatar’s economy is still projected to expand by 3.1% in 2018 up from 2.5% in 2017. The real GDP growth is expected to pick up on account of recovery in global crude oil prices and their positive spillover effects on both […]

November 26th, 2017 | Posted in Finance,Gulf News,Headlines | Read More »

EBRD Earmarks €15 mln to Supporting Small Businesses in Morocco, Tunisia & Egypt

The European Bank for Reconstruction and Development (EBRD) has committed €15 million to Mediterrania Capital III Funds to boost small businesses in Egypt, Morocco and Tunisia. This funding is part of the first close of Mediterrania Capital III LP (MC III), which could increase up to €35 million in subsequent closings, the EBRD said in […]

November 15th, 2017 | Posted in Finance,Headlines,World News | Read More »

Russian Tourists Bring About Rebound in Turkey’s Tourism Sector

Plagued by security fears following an attempted coup and a series of terrorist attacks, Turkey saw its tourism revenues dwindle to $22.1 billion dollars, down from $31 billion in 2015. The warming of ties between Turkey and Russia has resulted in an increase in Russian tourists leading to a rebound of 40% of the tourist […]

November 9th, 2017 | Posted in Finance,Headlines,World News | Read More »

Dozen Saudi Princes Arrested in “Corruption” Purge by MBS

A major purge of Saudi political and business leaders has been launched by Saudi Crown Prince, Mohammed bin Salman, aka MBS, in a bid to consolidate his power grab. The newly established, anti-corruption committee, headed by Bin Salman himself, has dismissed a number of senior ministers and detained nearly a dozen princes. The “supreme committee” […]

November 5th, 2017 | Posted in Finance,Gulf News,Headlines | Read More »

Cash-strapped Bahrain asks Gulf Allies for Financial Assistance

Bahrain has asked Gulf allies for financial assistance as it seeks to replenish its foreign-exchange reserves and avert a currency devaluation that could reverberate across the region, Bloomberg reported. Saudi Arabia, the UAE and Kuwait were approached for aid, the news agency said, adding that wealthy Gulf States required the island kingdom to undertake reforms […]

November 5th, 2017 | Posted in Finance,Gulf News,Headlines | Read More »