Credit Suisse has opened a new branch in Saudi Arabia to provide extra financial services in the Gulf Kingdom, after securing in 2019 local banking license for the purpose, reports say. The financial institution on Monday said it had opened a branch in Riyadh to offer wealthy Saudi Arabian clients a greater range of financial […]
Oman expects to raise OMR300m ($779m) in revenue this year as it begins the implementation of 5 per cent of VAT, reports say. The sultanate Friday announced the 2021 budget marked by a 14 per cent drop in spending and a 19 per cent decline in revenue. The slump in revenue is due to lower […]
The European Investment Bank, EIB, will finance up to €1.1 billion three metro projects in Egypt following an agreement with the North African country, Arab Finance reports citing a statement from the Egyptian government. The financing includes €138 million for upgrading the Raml tram, €750 million for converting the Abu Qir-Alexandria railway into a subway, […]
Saudi Arabia’s wealth fund PIF has started a security firm in Riyadh as part of its policy to diversify its business, Gulf Business reports say. The company named National Security Services, SAFE, will according to the fund, focus on providing security services that include security consulting, security solutions, training and development, and a range of […]
Egypt is in talks with the World Bank for two combined loans valued $400 million earmarked for the financing of transport projects, reports say. The two credit facilities, $200 million each, reports say, are directed for the development of the electric railway signaling system, as well as the upgrade of tracks and control systems, in […]
The Egyptian government has approved Italy’s $7.6 million financial support for the Robbiki Leather City project in the African country’s industrial city of Badr. The European country pledged the investment early last month in an agreement with the Egyptian Ministry of International Cooperation. The project includes six factories, including one for thin yarn, another for […]
El Nasr Automotive Manufacturing Company is expected to sign this month a partnership agreement with Chinese car manufacturer Dongfeng Motor that will enable the Egyptian firm to produce 25,000 electric cars annually, reports say. The deal is in its final stages, said the Egyptian company’s CEO and Managing Director Hany el Kholy. The production is […]
Saudi Arabian insurers Al Ahlia and have gone into a merger in a move that will increase the Gulf Union shares. Gulf Union made the statement about the operation that brings its shares from 15 million to 22,947,464 and paid capital from SAR 150 million ($40 million). It will also acquire Al Ahlia’s assets and […]
French insurance giant AXA Group announced it has relinquished its Gulf region operations to GIC Gulf Insurance for $290 million as it moves to slim its activities. The transaction will enable GIC Gulf Insurance to take control of Axa Gulf and Axa Cooperative Insurance Company which focus largely on health and property insurance. Both of […]
Saudi Arabia’s Public Investment Fund (PIF) is keen to inject investment into Egypt’s Sovereign Wealth Fund (TSFE) as well as into other projects, reports say citing a statement from the Egyptian government. TSFE has according to the statement submitted investment proposals to the Saudi fund. The announcement came during Wednesday’s meeting between Egypt’s Moustafa Madbouly, […]