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A European consortium which includes the alliance of Eurojet Germany, Conchepe Italy and Habag Lloyd for International Shipping Lines agreed with Egyptian authorities to inject $500 million in the development of “Tahya Misr 1”; the second terminal at Damietta Port. Read more
The European Union (EU) has agreed to allocate 138 million euros in form of grants for Egypt to back several development projects in multiple areas including agriculture and decentralization. The Egyptian Ministry of International Cooperation signed the agreement with the Read more
The European Bank for Reconstruction and Development (EBRD) is expected to provide a senior unsecured debt facility of $20 million to the Commercial International Bank Egypt (CIB) (COMI) to support private small- and medium-sized enterprises (SMEs) led by women, Arab Read more
The Saudi central bank increased Wednesday the interest rate by 50 basis points in a bid to control inflation, Arab News reports. The bank known as SAMA, said the move is in line with objectives of maintaining monetary and financial Read more
Qatar has made its entry among the world’s leading countries for entrepreneurs per the 2020 assessment index for 50 countries around the world by Global Entrepreneurship Monitor (GEM). GEM’s National Entrepreneurship Context Index (GEM NECI) ranks the Gulf country 9th Read more
Riyadh-headquartered B2B ecommerce marketplace Retailo has announced the acquisition of Dubai-based online marketplace DXBUY for an undisclosed investment, after the company raised $36 million for its Series A round in February this year. The platform in a statement said the Read more
King Hamad bin Isa Al Khalifa of Bahrain has ratified and promulgated a law on the Future Generations Reserve Fund, following its approval by the Shura and Representatives Councils, Trade Arabia reports, citing state-run news agency. Per the new funds Read more
The Capital Market Authority (CMA) of Saudi Arabia has validated that capital increase by $4 billion of the country’s largest company Aramco through the issuance of bonus shares, Zawya reports. The CMA, media reports, has issued its resolution approving Saudi Read more
UK-headquartered Standard Chartered Plc has revealed plans to further develop its operation in Egypt and Saudi Arabia, the two largest and fast-growing in the Middle East and North Africa region (MENA), reports say. In a statement seen by Bloomberg, the Read more
First Abu Dhabi Bank (FAB) , the UAE’s biggest lender, has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes, the bank said in a statement on Thursday, reports say. “After careful consideration and in Read more