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Bahrain: Central Bank orders retail lenders to refrain from freezing accounts after job loss

The Central Bank has banned retail lenders from freezing accounts of customers who lost their jobs or after retirement in a move to “protect consumer interests and promoting sound and fair banking practices”, Zawya reports. The ban, the Central Bank also added in a statement applied regardless of whether or not contractually the bank has […]

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

Lebanon: National Carrier reverses decision to accept only US dollar

Lebanon’s national carrier, Middle East Airlines (MEA), Sunday scraped its decision to only receive US dollars for the payment of flights tickets in response to collapsing national currency, the Lebanese pound, amid struggling economy. The state-owned news agency indicated that “from Monday, Middle East (Airlines) and other airline companies operating in Lebanon will only accept […]

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

KSA: Privatization of Saudia Medical Services Company (SMS)

Saudi Arabia has relinquished management of Saudia Medical Services Company (SMS), the kingdom’s first state-run medical entity. Soliman Abdel Kader Fakeeh Hospital Company takes control of SMS after it acquired majority stakes of the medical entity owned by national carrier Arabian Airlines, Jadwa Investment, which acted as exclusive advisor on the operation, said. “We are […]

February 5th, 2020 | Posted in Finance,Gulf News,Headlines | Read More »

Saudi Fund for Development (SFD) loans Ethiopia $140m for economic development

Ethiopia has landed two loans worth $140 million from the Saudi Fund for Development (SFD) earmarked to boost economic development, creation of vital infrastructure and address water scarcity, Arabian Business reports. The first loan will enable the eastern African country to provide a water, sanitation and hygiene program (WASH) to rural and urban areas. World […]

December 24th, 2019 | Posted in Finance,Gulf News,Headlines,World News | Read More »

Morocco Gets $ 275 Mln WB Loan to Improve Natural Disasters Response

The World Bank approved on Wednesday a $275 million loan for Morocco to enable the country better deal with the impacts of natural disasters and climate-related shocks, and to upgrade its institutional framework for disaster risk management. The loan will “help Morocco develop a comprehensive framework for disaster risk management, building on a previous World […]

December 12th, 2019 | Posted in Finance,Headlines,World News | Read More »

Egypt: Over $6bn initiative to boost private sector

Egyptian and foreign banks will provide loans at lower rates to private sector industry under an initiative worth 100 billion pound ($6.2 billion) launched Wednesday to boost local production, Bloomberg reports. Under the initiative, the loans will be granted at an interest rate of 10 per cent to factories with sales under 1 billion pound. […]

December 5th, 2019 | Posted in Finance,Headlines,World News | Read More »

Egypt eyes good economic performance for 2020/2021

Egypt targets a growth rate of 6.4 percent during the fiscal year 2020/2021. The information was given by the Minister of Finance, Mohamed Ma’it, on November 11 and reported by egypttoday.com. According to the media, Ma’it also declared in the preliminary statement for the next fiscal year, that the government aims to reduce the overall […]

November 12th, 2019 | Posted in Finance,Headlines,World News | Read More »

Egypt: World Bank forecasts economy to grow by 5.8%

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 […]

October 15th, 2019 | Posted in Finance,Headlines,World News | Read More »

Banks should help youth and SMEs access loans- Moroccan King says

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 […]

October 11th, 2019 | Posted in Finance,Headlines,World News | Read More »

KSA: Russia’s sovereign wealth fund sets up office in Riyadh

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 […]

October 9th, 2019 | Posted in Finance,Gulf News,Headlines,World News | Read More »