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Germany and Egypt have signed a cooperation agreement worth €57.7 million for the financing of six development projects to be implemented in the Arab Republic. The projects, per the agreement, cover several sectors namely energy efficiency, renewable energy, technical education Read more
Egypt’s sovereign Fund (TSFE) and the Arab Republic-based financial service company EFG Hermes Holding have acquired 76 percent of Arab Investment Bank (AIB). The acquisition deal, EFG Hermes have the majority share of 51 percent and will increase the paid-up Read more
Mamo, a Dubai-based digital wallet and payment platform, has raised $8 million in a Pre-Series funding round, the company said in a statement. The funding led by Global Ventures, will be used initially on developing the company’s service offerings, increasing Read more
HSBC Middle East has appointed its chairman of corporate and institutional banking Samir Assaf to replace David Eldon who is resigning this month, Zawya reports. Assaf will assume office on May 1st, the bank reportedly said. He is described as Read more
First Abu Dhabi Bank, UAE’s largest bank, is set to acquire Bank Audi Egypt, a private financial institution in the North African country. FAB Egypt CEO Mohamed Abbas Fayed broke the news to Al Mal News adding that the transaction Read more
Qatar, which looks to increase its aid to the besieged Gaza strip by 50 per cent, announced a $10 million grant that will benefit 100,000 poor families in the Palestinian enclave. The beneficiaries will have to go to the government Read more
Tunisia will earmark over $1.6 million to grant assistance to needy families to muddle through the holy month of Ramadan, Prime Minister Hichem Mechichi has announced. Speaking to governors on Saturday, Mechichi indicated that the financial aid will be distributed Read more
Investment Holding Group (IHG), a Doha-based Investment Management company, is mulling plans to acquire Elegancia group, a business supplies and equipment conglomerate also located in the Qatari capital. IHG’s board of Directors, Zawya notes, indicated to the Qatar Stock Exchange Read more
The Board of Directors of Abu Dhabi-based Agthia Group, a company operating in food and beverages, has approved the acquisition of majority stakes in Ismailia Investments, an Egyptian producer of frozen processed chicken and beef products, Zawya reports. The board Read more
Saudi Arabia’s national carrier, Thursday said it reached deal with several partners to fund the purchase of 73 passenger planes from Airbus and Boeing. Al Rajhi Bank, Saudi British Bank (SABB), Arab National Bank (ANB), Samba, Bank AlJazira, and Read more