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Abu Dhabi Investment Authority, ADIA, UAE’s biggest sovereign wealth fund, is set to invest $400 million into Indonesia’s tech company preparing its Initial Public Offering (IPO), Zawya reports, citing the fund. The future investment to take place before the IPO, Read more
The International Monetary Fund (IMF) on Tuesday announced new forecasts for Moroccan economy in 2021 that revised upward growth rate to 5.7% against the 4.5% revealed in April. This is one of the most robust growth rates in the Middle Read more
UAE Tuesday adopted the general budget for the years 2022- 2026with federal spending of $78.96 billion, Zawya reports. The cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai also Read more
Investcorp, a Bahrain-based Middle East private equity firm, has acquired 89 industrial properties in the United States for $380 million, Zawya notes, citing the company. The new acquisitions are located in Los Angeles, California, Dallas, Texas, Phoenix, Arizona, Seattle and Read more
A ruling by Egypt’s Examination and Investigation Commission ordered the unfreeze of the funds of Alaa and Gamal, the sons of the late President Hosni Mubarak, and their families. “Ending the prohibition order No. 3 of 2011, related to each Read more
Kuwait-based investor International Financial Advisors Holding (IFA) will invest AED 37.69 million ($10.26 million) in a branch of smart hotel brand Yotel in Dubai’s Palm Jumeirah, Zawya reports. The investment will provide IFA, 10.5 per cent of the hotel brand. Read more
Five Egyptian state-run companies will be listed during the fiscal year (FY) 2021/2022, on the country’s stock exchange, Egyptian Exchange (EGX). Finance Minister Mohamed Maait speaking to CNBC Arabia said the companies include e-Finance, Banque du Caire, and Ghazl El Read more
South Korea will provide Egypt with a loan worth $250 million for the railway modernization project, as part of efforts to promote economic cooperation with Cairo, Arab Finance notes, citing the Ministry of Finance. The Economic Development Cooperation Fund (EDCF) Read more
The European Bank for Reconstruction and Development (EBRD) has granted Egypt a loan worth €25 million for financing the country’s first dry port in the city of 6th of October, reports say. The financial facility will cover the design, development, Read more
Saudi Arabia’s Mohammed Hassan Al Naqool Sons Co. has signed an agreement to invest $4 million (15 million Saudi riyals) in Silicon Valley venture capital firm, Graphene Ventures, Zawya reports. Graphene Ventures will use the investment to explore promising technical Read more