Home » Finance You are browsing entries filed in “Finance”

Turkey lands World Bank $500m-loan to support firms hit by covid-19 pandemic

The World Bank has approved a $500 million loan to Turkey to support small- and medium-sized enterprises (SMEs) affected by the covid-19 pandemic to keep afloat. The loan to be released under the Turkey Emergency Firm Support Project will be implemented through two public banks. One portion, a $250 million line of credit to VakifBank […]

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

Abu Dhabi-based Waha Capital launches third $500m fund

Public listed investment company headquartered in Abu Dhabi, Waha Capital, has launched its third fund with capacity in excess valued at $500 million, Trade Arabia reports. The fund, Waha Islamic Income Fund SP, will invest in sharia-compliant assets across the sukuk and equity markets, and will have a global outreach for investments, the Bahrain-based media […]

August 31st, 2020 | Posted in Finance,Gulf News,Headlines | Read More »

Saudi Arabia’s Aramco appoints new CEO to run $500m investment arm

Saudi Arabia’s energy giant Aramco has named a new CEO for its $500 venture capital and investments arm, Gulf Business reports citing sources with knowledge of the matter. The new appointee, Mahdi Aladel, former head of the company’s base oils and lubricants division will take over from Majid Mufti who led Saudi Aramco Energy Ventures […]

August 29th, 2020 | Posted in Energy,Finance,Gulf News,Headlines | Read More »

Kuwait: budget deficit widens, inability to pay salaries after November looms

Kuwait Wednesday warned it will not be able to pay salaries of civil servants from November for lack of funds amid increase in budget deficit caused in part by slump in oil revenues. Finance Minister Barak Al-Sheetan rung the alarm bell before the parliament. He said the Gulf country is withdrawing from its General Reserve […]

August 20th, 2020 | Posted in Finance,Gulf News,Headlines | Read More »

Qatar’s national carrier signs $8-million sponsorship deal with football Club

Qatar’s national carrier, Qatar Airways has signed an $8-million sponsorship deal with Tunisia’s top tier football league team Club Africain – first such deal by the Gulf airline. The four-year deal will enable the trade brand of the Gulf airline feature on the various sport kits of the Tunisian club. Established in 1920, Club Africain, […]

August 17th, 2020 | Posted in Finance,Gulf News,Headlines,World News | Read More »

Emirates NBD in talks to acquire Lebanese BLOM Bank Egypt

Dubai’s largest bank, Emirates NBD is in early talks with Lebanon’s BLOM Bank which is looking to sell its Egypt-based subsidiary BLOM Bank Egypt. The deal is not certain, the Dubai-based bank said though both sides are still continuing the discussion. The talks came into being after BLOM Bank, reportedly hired CI Capital to advise […]

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

Beirut blasts: Lebanon’s Central Bank freezes assets of heads of Beirut port, customs officials

Lebanon’s Central Bank has ordered the freeze of accounts of heads of Beirut port and several individuals including those of Lebanese customs along with five others, in the wake of the Beirut port warehouse blast, Reuters reports. The bank through its special investigation commission for money laundering and terrorism fighting Thursday issued the directive to […]

August 7th, 2020 | Posted in Finance,Headlines,World News | Read More »

Lebanese banking association toys with the idea of pulling out of talks with IMF

Lebanon’s banking association said Thursday it might withdraw from talks with IMF owing to rows over the scale of the country’s vast financial losses, Zawya reports. “The atmosphere that prevailed at a meeting today at the finance ministry brought matters back to square one and does not encourage moving forward towards an understanding. … Not […]

July 24th, 2020 | Posted in Finance,Headlines | Read More »

EBRD approves Algeria’s membership application

The European Bank for Reconstruction and Development (EBRD) has validated Algeria’s membership request, a first stage in the full acceptance of the North African country as member of the financial institution founded in 1991. The shareholders of the London-based institution have approved Algeria’s application submitted in March to become recipient of EBRD financing and advisory […]

July 14th, 2020 | Posted in Finance,Headlines,World News | Read More »

Bahraini bank officials sentenced to five years in prison over money laundering charges

Bahrain’s High Criminal Court requested five years in prison for five officials of a local bank suspected for involvement in a money laundering case in connection with three Iranian banks. The officials from Future Bank are also fined a million Bahraini dinars ($2.65 million) each. The court ordered the confiscation of the funds transferred by […]

July 10th, 2020 | Posted in Finance,Gulf News,Headlines | Read More »