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Director of the Central Bank of Oman Hamood bin Sangour Al-Zadjali said the establishment of a common currency between the six members of the Gulf Cooperation Council (GCC) could become a reality in the near future as “serious measures” continue Read more
Canadian plane and train maker Bombardier has unveiled a plan to set up a railway cluster in Morocco to serve as an industrial platform to provide services to African countries. The goal of Bombardier Transportation cluster to be established in Read more
Saudi Arabia and Softbank Group Corp (SBG) have signed a Memorandum of Understanding, under which the oil rich kingdom will be a primary investor in its Softbank Vision Fund, to be dedicated to investments in the technology sector. The investment Read more
The World Bank (WB) said Algeria’s economy is stumbling on the backdrop of the sharp drop in oil prices and the lack of economic diversification with growth rate falling to 3.6% in the first half of 2016 compared to 3.9% Read more
A senior Algerian government official under the condition of anonymity has revealed that authorities are preparing to invite foreign and private investors to acquire controlling stakes in state-run banks. There are six (6) state banks in the country and they Read more
King Mohammed VI of Morocco has hailed the role played by Central Banks in mitigating the gravity of the financial and economic crisis that hit the world about a decade ago. “During the past decade, as governments found themselves with Read more
Egypt’s Finance Minister Amr El Garhy stated, while presenting the monthly financial report, that the country’s budget deficit has increased from 10.8% last year to reach 11.2% in the first 11 months of the current financial year. The financial year Read more
The Egyptian parliament has passed a law on Value Added Tax (VAT) after an intense debate and Finance Minister Amr El Garhy said “it’s a tax reform that Egypt needed to begin its economic reform process.” The VAT, fixed at Read more
International Financial Corporation (IFC), a member of the World Bank Group, approved last year $839 million loans to banks in North Africa & Middle East region to help them provide trade financing for their clients, boost cross border trade and Read more
Five political parties, four NGOs and tens of union leaders and public figures have petitioned President al-Sisi not to approve the three-year $12 billon loan agreement with the International Monetary Fund (IMF) deeming the deal will lead the “miserable” economic Read more