Leading News Source For Middle East
Saudi and Omani companies have signed 13 memoranda of understanding in Muscat worth $30 billion, the official Saudi press agency SPA reported on Tuesday. These trade agreements which aim to diversify the economies of the two countries cover several cooperation Read more
UAE Monday decided to raise investments in pharmaceutical industry by 20% as the Gulf country aims at producing more good quality medicines locally and draw more investments into the sector, reports say. “Today, I chaired a cabinet meeting at Expo Read more
The Arab Fund for Social and Economic Development (AFESD) is expected to sign an agreement with one of the Egyptian banks to finance SMEs with $30 million, Arab Finance reports. The future new funding comes on top of the ongoing Read more
The Abu Dhabi National Exhibitions Company (ADNEC), a subsidiary of state holding company ADQ, has acquired Etihad Holidays, the destination and leisure management arm of Etihad Airways, Zawya reports. The transaction, ADNEC is a statement said, will expand its footprints Read more
The Saudi Central Bank (SAMA) has granted Fintech license to Al-Hulul al-Shamilah Finance that facilitates bill payment in the kingdom, Zawya reports. The company using the country’s SADAD system has become the 14thfintech venture in the country. The central bank, Read more
The British bank’s global Islamic banking brand, Standard Chartered Saadiq, has launched an Islamic financial programme to fund Halal businesses of small and medium-sized enterprises (SMEs) across Asia, the Middle East and Africa, Zawya reports. The fund, $100 million in Read more
Saudi food giant Almunajem Foods has announced plans for an Initial Public Offering (IPO) and listing of its ordinary shares on the Saudi Stock Exchange (Tadawul), reports say. The company in a statement Thursday said the listing will involve a Read more
The kingdom of Saudi has deposited $3 billion into Egypt’s central bank, CBE, in a move to shore up the foreign reserve of the Arab republic, reports say. The fund, Arab Finance reports citing the kingdom’s state-run news agency, is Read more
G20 leaders unanimously approved a 15 percent global minimum tax on large corporations, official sources said. “Today, all G20 leaders approved a historic agreement on new international tax rules, including a global minimum tax,” said Janet Yellen, U.S. Treasury Secretary, Read more
Arab Authority for Agricultural Investment and Development (AAAID), an investment institution based in Khartoum with focus on agriculture investment, has announced plans to inject $220 million in Egypt’s agriculture sector. The funding will be allocated to the small farmers and Read more