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The Saudi central bank increased Wednesday the interest rate by 50 basis points in a bid to control inflation, Arab News reports. The bank known as SAMA, said the move is in line with objectives of maintaining monetary and financial Read more
Qatar has made its entry among the world’s leading countries for entrepreneurs per the 2020 assessment index for 50 countries around the world by Global Entrepreneurship Monitor (GEM). GEM’s National Entrepreneurship Context Index (GEM NECI) ranks the Gulf country 9th Read more
Riyadh-headquartered B2B ecommerce marketplace Retailo has announced the acquisition of Dubai-based online marketplace DXBUY for an undisclosed investment, after the company raised $36 million for its Series A round in February this year. The platform in a statement said the Read more
King Hamad bin Isa Al Khalifa of Bahrain has ratified and promulgated a law on the Future Generations Reserve Fund, following its approval by the Shura and Representatives Councils, Trade Arabia reports, citing state-run news agency. Per the new funds Read more
The Capital Market Authority (CMA) of Saudi Arabia has validated that capital increase by $4 billion of the country’s largest company Aramco through the issuance of bonus shares, Zawya reports. The CMA, media reports, has issued its resolution approving Saudi Read more
UK-headquartered Standard Chartered Plc has revealed plans to further develop its operation in Egypt and Saudi Arabia, the two largest and fast-growing in the Middle East and North Africa region (MENA), reports say. In a statement seen by Bloomberg, the Read more
First Abu Dhabi Bank (FAB) , the UAE’s biggest lender, has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes, the bank said in a statement on Thursday, reports say. “After careful consideration and in Read more
The Egyptian Businessmen Association (EBA) is set to submit a proposal to the government to open RUB banking accounts for exporters to Russia, Arab Business reports citing Borsa News. The proposal, EBA Chairman Ali Issa told Borsa News, will be Read more
The European Union has pledged to Egypt with €100 million to surf the consequences of rising prices of food and commodities as part of the bloc’s response to mitigate the impact of Russia’s war against Ukraine on the EU’s partner Read more
Malta Government Investments (MGI), the Sovereign Fund of Egypt (SFE), and French public investment bank Bpifrance have signed to found the European, Middle East, and North Africa (EMENA) Sovereign Wealth Funds Foundation in Malta, the three said in a statement. Read more