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Egypt’s first Special-purpose acquisition companies (SPAC) will start operating next month, 90 days after the government gave the go-ahead. “At the end of this month or early next month, we will have the first blank check company,” Mohamed Omran, Chief Read more
South Korea will grant Egypt $1 billion, the Asian country’s envoy to the Arab country has announced, ahead of Moon Jae-in’s visit this week. Hong Jin-wook, Arab Finance notes, informed Al Mal News about the financial facility without providing further Read more
Bahrain-based GFH Financial Group has set up a new company with a capital of up to $1 billion dirhams, Zawya reports citing a disclosure on Monday. According to the disclosure, the new company Infracorp, will manage a portfolio of infrastructure Read more
After more than a year of efforts and attempts at mediation between the opposing political forces in Lebanon, France has not yet succeeded in getting the Beirut government to make progress in implementing economic, political and social reforms to tackle Read more
Tourism Development Fund (TDF), Saudi Arabia’s fund for tourism development, has agreed with investment solutions firm Derayah Financial to establish a SR100 million ($26 million) private close-ended equity fund – first private equity fund focused on tourism, reports say. The Read more
The Kuwaiti Sovereign Fund also known as the Kuwait Investment Authority (KIA), has remained world’s third largest sovereign funds with assets on the increase, about $45 billion, reports say. The new ranking by The International Institute for Global Sovereign Funds Read more
The Saudi Arabia Grant Management Committee signed several financing agreements to contribute to financing Egyptian small, medium and micro enterprises (SMMEs) for an estimate of EGP300 million (around $20 million), Arab Finance reports. The funding will be made through three Read more
Egypt has been accepted as member of the New Development Bank (NDB) established six years ago by Brazil, Russia, India, China and South Africa, forming a group known as BRICS. The accession represents a testimony of confidence in the solidity Read more
The CEO of Dubai-based Emaar Development has resigned after three years in the role, citing personal reasons, Zawya reports. Bader Hareb’s resignation was announced in a stock market statement on Thursday, but no announcement was made regarding his replacement, the Read more
The lira tumbled almost 8% against the dollar on Monday amid persisting investor concern over Turkey’s monetary policy, after the Lira surged more than 50% last week following billions of dollars of state-backed market interventions. The lira was also supported Read more