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Saudi public investment fund poised to invest in Egypt’s sovereign wealth fund

Saudi Arabia’s Public Investment Fund (PIF) is keen to inject investment into Egypt’s Sovereign Wealth Fund (TSFE) as well as into other projects, reports say citing a statement from the Egyptian government. TSFE has according to the statement submitted investment proposals to the Saudi fund. The announcement came during Wednesday’s meeting between Egypt’s Moustafa Madbouly, […]

November 6th, 2020 | Posted in Finance,Headlines | Read More »

Egypt, USAID inks deals worth $112.5 million

Cooperation deals between Egypt and the United States Agency for International Development (USAID) signed this year have reached $112.5 million (EGP 1.765 billion), Minister of International Cooperation Rania al Mashat has announced. The agreements have covered several areas including health, higher education, and scientific research as reported by Egyptian officials following a meeting with Leslie […]

November 5th, 2020 | Posted in Finance,Headlines | Read More »

Sberbank, Russia’s largest bank to open shop in UAE before end of 2020

Russia’s largest commercial bank will start operating in Abu Dhabi, UAE, under Sber Investment Middle East (SIME), by end of this year and will chiefly provide Islamic finance services, Zawya reports. The move follows late September agreement with Abu Dhabi sovereign investor Mubadala Investment Company to “tap the potential of mutually beneficial opportunities”, the media […]

October 23rd, 2020 | Posted in Finance,Headlines | Read More »

Kuwait introduces five per cent VAT for first time amid struggling economy

Kuwait Monday introduced a five per cent value-added tax (VAT) to come into force next year, as the country’s economy has gone into slow motion owing to struggling oil production. Country’s leader Sultan Haitham bin Tariq issued a decree for the next tax which will be imposed on goods and services except for certain products […]

October 13th, 2020 | Posted in Finance,Headlines | Read More »

Egypt-based NowPay start-up raises $2.1m to deepen footprint in Mena region

Nowpay, a start-up based in Cairo and which provides a financial-wellness platform for employees in emerging markets, has raised $2.1 million to deepen its presence in the Middle East and North Africa Region and increase the capabilities of its platform. The Fin-tech start up in a statement said the investors emanates from the U.S, UAE, […]

October 12th, 2020 | Posted in Finance,Headlines | Read More »

European Investment Bank poised to finance over quarter of wastewater project in Egypt

The European Investment Bank, EIB, has said it plans to invest €78 million into expansion of Helwan Wastewater Treatment Plant in Egypt valued at € 200 million, Arab Finance reports. The lender in a statement, the online media notes, is expected to enhance the public health situation in Helwan district by improving water quality and […]

October 1st, 2020 | Posted in Finance,Headlines | Read More »

Egypt loans national carrier EgyptAir $191m to finance external debt

Egypt has approved a financing request of EGP 3 billion (about $191 million) by national carrier EgyptAir to be used to pay external debt, reports say. The Central Bank of Egypt will release the funds in form of loan, state-run Ahram online reports. EgyptAir, which resumed flying from July 1st after several months of hiatus […]

September 30th, 2020 | Posted in Finance,Headlines | Read More »

Syrian crisis: Washington announces $720 million humanitarian aid

The United States announced on Thursday it would provide more than $720 million in humanitarian assistance for the response to the crisis in Syria. Deputy Secretary of State Stephen Biegun made the announcement on Syria at an event on the sidelines of the UN General Assembly in New York. He said the money would go […]

September 25th, 2020 | Posted in Finance,Headlines,World News | Read More »

UAE decrees equal pay for men, woman in private sector

Women and men doing same work in the private sector in the UAE, will get same salary, a decree signed by the President of the Gulf country Sheikh Khalifa bin Zayed Al Nahyan, has ordered. The decree notes that the wages or salaries will no longer be determined by gender but by market standards. The […]

September 25th, 2020 | Posted in Finance,Gulf News,Headlines | Read More »

Saudi SIIG & Petrochem eye merger after incurring losses

Saudi Industrial Investment Group (SIIG) and National Petrochemical Company (Petrochem), two of the kingdom’s petrochemical companies, are planning to merge after the two posted losses. SIIG Sunday indicated in a bourse filing to Saudi Stock Exchange (Tadawul) that its board of directors has issued an approval to hold initial discussions with Petrochem, Zawya reports. The […]

September 21st, 2020 | Posted in Energy,Finance,Gulf News,Headlines | Read More »