The World Bank forecasts Egypt’s economy would grow by 5.8% this fiscal year. The projection is lower than the government’s target of 6-7%. In a country note released last weekend, the World Bank inched up its growth estimate for Egypt’s gross domestic product (GDP) in the last fiscal year to 5.6% from 5.5%, matching the […]
King Mohammed VI stressed the social role that Banks and financial institutions have to play in supporting Morocco’s development efforts through notably facilitating access of young graduates and SMEs to funding. The King insisted, in a speech at the opening of the Parliament’s fall session, that banks and financial institutions should be at the heart […]
Russia’s sovereign wealth fund has opened an office in the kingdom, a move Moscow describes will boost cooperation in a wide range of areas. The opening of the Russian Direct Investment Fund (RDIF) office is coming few days before the expected visit of the Russian leader, Vladimir Putin. The Russian President should visit the Gulf […]
Saudi Arabia’s stock exchange Tadawul has received the approval to list foreign companies operating in the kingdom or in the region, Trade Arabia reports. The Capital Market Authority, the Bahrain-based media reports, has approved the new listing regulations as well as conditions tied to companies listing. According to the amended laws, foreign companies will be […]
Sanabil Investments, a subsidiary of the kingdom’s Fund has acquired 49 per cent of New York-based Consulting firm, Richard Attias & Associates (RAA), reports say. The amount of the deal has not been revealed but the acquisition follows Richard Attias & Associates early this year purchase of 49 per cent of advertising firm WPP agreed […]
Saudi Arabia will inject about $100 million investments in India’s petrochemical, energy, mining and several other sectors, the Saudi ambassador to the country has revealed. Dr Saud bin Mohammed Al Sati told Indian largest news agency PTI that the kingdom is looking to make investments worth $100 million as it seeks to expand its trade […]
The United Arab Emirates has partnered with FAO to provide $4 million in funding to foster rural development in Liberia. The contribution comes from the UAE’s Ministry of Foreign Affairs and International Cooperation, and aims to support 1,500 rural women in three counties with improved and sustainable poultry and vegetable production, the FAO said in […]
Kuwaiti national carrier will spend around $2.5 billion on the purchase of 28 new aircraft up to 2026. The operation, according the airline’s Yousef A. M. J. Alsaquer, will be financed with bank loans, the airline’s own capital and through the sale and re-leasing of the carrier’s planes, Zawya news reports. The Kuwaiti […]
The Iraqi finance ministry has approved the release of the $60 million needed for refurbishing a cement plant damaged in the war that ravaged the country following the US intervention in 2003. Reports citing a statement of the ministry said Kufa Cement Plant will undergo shortly “rehabilitation and rebuilding”. The Finance Ministry has approved $60 […]
The UAE will multiple its investment in Zimbabwe three times in the coming years, the ambassador of the Gulf country to Harare recently said, Trade Arabia reports. The Arab country recently donated over $2 million in equipment and medicines to Zimbabwe’s National Pharmaceuticals Company. Ambassador Mahash Saeed Salem Mahash Al Hameli speaking at the […]