First SPAC in Egypt to start next month

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

Saudi Arabia sets up first private equity fund to develop tourism

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

Kuwaiti Sovereign Fund retains position of world’s third largest sovereign Fund

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

Saudi Arabia to provide financial support for Egyptian SMEs

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

UAE: CEO of Emaar Development steps down for personal reasons

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

Turkish lira slides almost 8% after intervention-driven surge

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