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Canadian-owned plane maker Bombardier is planning to relocate parts of its operations in Belfast, in Northern Ireland, to Morocco and Mexico in a move to reduce cost and meet competition, Belfast telegraph reported on Friday. The company employing around 5,000 Read more
Egypt and the International Monetary Fund (IMF) have reached an agreement for the three-year $12 billion loan needed by Cairo to support its reform program. The head of the IMF delegation Chris Jarvis said the country has a “great potential Read more
After 16 years of budget surplus dating back to the end of the 1999 fiscal year, Kuwait has announced that it registered its first budget deficit in 2016. Finance Minister Anas al-Saleh had informed the parliament last month that they Read more
As Egypt’s foreign reserves continue to fall reaching $15.5 billion in July from $17.5 billion in June, authorities continue their crackdown on foreign exchange offices allegedly engaged in manipulating and speculating on the prices of foreign currencies that heavily contributed Read more
The International Monetary Fund has commended the reforms carried out successfully by Morocco, saying the North African Kingdom has implemented challenging reforms such as modernizing the budget framework, enacting energy subsidy reforms, strengthening the domestic financial sector, and most recently Read more
Hezbollah’s Loyalty to Resistance parliamentary bloc reacted to the authorities decision to close around 100 Hezbollah-linked bank accounts and their plans to close thousands more, saying the decision means that the Central Bank has renounced national sovereignty. The parliamentary bloc Read more
Data released by the Saudi Arabian Monetary Agency showed that the kingdom’s foreign assets dropped by 1.1% in April highlighting that Riyadh is struggling with its finances as it is the 15th consecutive month that foreign assets are dwindling. The Read more
35The International Monetary Fund (IMF) has welcomed the economic and financial reforms undertaken by Bahrain to battle fiscal and external imbalances. The Executive Directors of the IMF signaled that the low global oil prices have “adversely affected” the country’s economy Read more
Saudi Arabia will embark on a broad reform plan meant to diversify the country’s economy beyond dependence on oil exports, state media reported on Monday. The plan, known as Saudi Arabia’s Vision 2030, was approved Monday by the Saudi cabinet. Read more
Saudi Arabia is stepping up efforts to shift its economy’s reliance away from oil with investments from the Public Investment Fund (PIF) expected to control more than $2 trillion. The announcement was made by Deputy Crown Prince and Defense Minister, Read more