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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 »

UAE: IMF projects a 3.4 per cent economic growth in 2018

The International Monetary Fund (IMF) Monday predicted a 3.4 per cent economic growth for the United Arab Emirates in 2018 with Dubai’s and Abu Dhabi’s non-oil sectors to be major boosters. The new forecast shows a steady growth of Emirati economy in comparison to this year predictions estimated at 1.3 per cent. The positive trend […]

November 1st, 2017 | Posted in Finance,Headlines | Read More »

KSA: Local SMEs get financial boost with $1.07bn Fund

The saudi Public Investment Fund (PIF) announced Monday the establishment of $1.07bn Fund to support Small and Medium Size companies as part of continued policy to diversify the economy and end dependence of oil revenues. The fund called Fund of Funds according to the PIF will create 2,600 jobs and contribute around $156,000 to the […]

October 10th, 2017 | Posted in Finance,Headlines | Read More »

Gulf Crisis: Doha Bank in UAE begins staff cutting as spat continues

Qatar’s Doha Bank operating in the United Arab Emirates (UAE) has started downsizing staff as the diplomatic spat between the emirate and its regional neighbors continues and looks to head on. The bank is the fifth largest lender of the small rich monarchy. According to sources familiar with the situation, 10 jobs have been cut […]

September 15th, 2017 | Posted in Finance,Gulf News,Headlines | Read More »