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Saudi Arabia has deposited $5 billion at the Central Bank of Egypt (CBE), the kingdom’s press agency SPA has announced. As part of historical solid bonds and close cooperation relations between the Kingdom of Saudi Arabia and the Arab Republic Read more
Raghavan Seetharaman, the veteran CEO of Doha Bank has resigned after 15 years of service at one of the biggest commercial banks in Qatar, Zawya reports. It is unclear why the Indian man has resigned as the bank did not Read more
UAE-based Oman Insurance has acquired the life insurance portfolio of Italian insurer Assicurazioni Generali in the UAE, Zawya reports. Oman Insurance said in a statement on Monday said it landed the acquisition of Assicurazioni Generali in the Gulf country adding Read more
Egypt’s three biggest state-owned banks are setting up an $85 million financial technology fund that aims to accelerate innovation in the sector, Reuters reports citing venture capital firm Global Ventures, a partner in the fund. Global Ventures, which focuses on Read more
The International Finance Corporation (IFC), a member of the World Bank Group, announced Wednesday the investment of $5 million a new venture capital fund from Disruptech Ventures to support development in Egypt’s fintech sector and help expand access to financial Read more
The Egyptian government has branded rubbish reports it is in talks with the International Monetary Fund (IMF) for an assistance package. Planning minister Hala El-Said told Reuters the Arab country is not seeking a loan from the Washington-based institution, Arab Read more
UAE’s First Abu Dhabi Bank (FAB) will open a representative office in Iraq as the largest lender of the Gulf country rolls out its expansion plan. “FAB will be expanding its regional footprint with the opening of a representative office Read more
A Lebanese prosecutor Thursday issued travel bans against the heads of the boards of five Lebanese banks as a precautionary measure as she investigates transactions made by their banks, reports say. Judge Ghada told Reuters, she issued the bans against Read more
UAE’s biggest lender First Abu Dhabi Bank (FAB) has sold a 60 percent stake in its payments firm, Magnati, to Canada’s Brookfield Business Partners, Zawya reports. The transaction will bring to the Abu Dhabi-based bank around $690 million. FAB will Read more
The Saudi British Bank (SABB) has signed a project financing agreement with Nesma & Partners Contracting Company Ltd. worth $693 million (2.6 billion riyals) for the construction of a mall in the Saudi capital Riyadh, Zawya reports. The deal will Read more