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Egypt has been accepted as member of the New Development Bank (NDB) established six years ago by Brazil, Russia, India, China and South Africa, forming a group known as BRICS. The accession represents a testimony of confidence in the solidity Read more
The CEO of Dubai-based Emaar Development has resigned after three years in the role, citing personal reasons, Zawya reports. Bader Hareb’s resignation was announced in a stock market statement on Thursday, but no announcement was made regarding his replacement, the Read more
The lira tumbled almost 8% against the dollar on Monday amid persisting investor concern over Turkey’s monetary policy, after the Lira surged more than 50% last week following billions of dollars of state-backed market interventions. The lira was also supported Read more
International Finance Corporation (IFC), a member of the World Bank Group, will set up a joint venture with Dubai-headquartered Tabreed to invest $400 million in India over the next five years, Zawya reports. Both sides, media notes, signed partnership agreement Read more
Algeria has granted a $300 million credit facility to Tunisia to help the North African country navigate economic distress. The deal for the credit according to Tunisia’s national gazette, was signed on Dec. 09 during the visit of the Algerian Read more
Saudi Arabia is expecting a surplus of $24 billion (SR90 billion) from 2022 budget; first time since 2013, reports say. A cabinet statement has indicated that the Gulf country will achieve a total revenue for 2022 of SR1.05 trillion, while Read more
First Abu Dhabi Bank-Egypt is set to complete the acquisition of Bank Audi-Egypt in collaboration with the Arab country’s Central Bank of Egypt (CBE), Arab Finance reports. FAB and Bank Audi agreed in January this year for a merge with Read more
Bahrain’s state legislature on Wednesday approved a bill to double the country’s Value Added Tax (VAT) from the existing 5 per cent to 10 per cent, Gulf Business reports. The Shura Council; the upper house of the legislature, is expected Read more
UAE and Abu Dhabi investment fund, Mubadala Investment Company has acquired 1.9 per cent of Sibur; Russia’s largest integrated petrochemicals company, Zawya reports. The fund did not provide details on the operation, but the investment is the fund’s largest in Read more
Munich-headquartered Kempinski Hotels will open in Dubai in 2023, the world’s first floating hotel complex with 12 luxury villas grouped with the possibility to sail to other anchorages at times, Trade Arabia reports. Dubbed Kempinski Floating Palace will be established Read more