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The UAE has joined as new member the New Development Bank (NDB), founded by BRICS states, namely Brazil, Russia, India China and South Africa, the bank said in a statement relayed by Zawya. “We warmly welcome the UAE into the Read more
HSBC Saudi Arabia unveiled Wednesday the “HSBC Global Equity Climate Change Fund”; the kingdom’s first environmental initiative investment fund. The fund, the bank said in a statement, will provide eligible investors with exposure to renewable energy, clean transport, sustainable water Read more
Abu Dhabi-based InsurTech Hala has successfully closed its Series A round at $5 million, MAGNiTT reports. The investment round was led by Entrée Capital, with participation from Mubadala Investment Company, EQ2 Ventures, Global Founders Capital, 500 Startups, and Hambro Perks Read more
Egypt’s Central Bank Tuesday reported $28.5 billion of remittances by Egyptians working abroad, a 13 per cent increase year-on-year from July 2020 to May 2021, the first 11 months of Egypt’s financial year (FY), Reuters reports. The remittances according to Read more
Riyadh-based Saudi real estate investment fund Riyad REIT Fund has acquired an office building located in Conshohocken (Philadelphia MSA), Pennsylvania, used by AmerisourceBergen Global one of the world’s largest global companies, Argaam reports. The acquisition, the Argaam notes, cost the Read more
The Arab Monetary Fund, AMF, has allocated a credit line worth $282 million to Egypt to help the Arab republic implement economic and financial reforms and overcome various challenges, the financial institution said in a statement. The Abu Dhabi-headquartered organization Read more
Saudi Arabia’s sovereign wealth Fund officially known as Public Investment Fund (PIF), has increased its investment in American video game company Activision Blizzard ATVI.O by 13.3%, reports say. PIF, Zawya reports citing a Securities and Exchange Commission filing on Monday, Read more
Saudi Arabia’s General Authority for Competition (GAC) announced that it has no objection to the merger of 32 companies and local exchange institutions (purchasing and selling foreign currencies), reports say. GAC in a statement said it sees no objection to Read more
UAE-based Company, Sky Abu Dhabi Real Estate Development, the real estate arm of Diamond Group is planning to invest 15 billion Egyptian pounds ($959 million) in Egypt in the next two years, including more than 4 billion pounds in two Read more
The Kuwait Investment Authority (KIA), the Gulf state’s sovereign wealth fund, has appointed a new board of directors, reports citing the cabinet. The new board approved by cabinet is made of Khaled Ali Al-Fadil, Sheikh Mishaal Jaber Al-Ahmad, Fahd Muhammad Read more