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Egypt’s first Special-purpose acquisition companies (SPAC) will start operating next month, 90 days after the government gave the go-ahead. “At the end of this month or early next month, we will have the first blank check company,” Mohamed Omran, Chief Read more
South Korea will grant Egypt $1 billion, the Asian country’s envoy to the Arab country has announced, ahead of Moon Jae-in’s visit this week. Hong Jin-wook, Arab Finance notes, informed Al Mal News about the financial facility without providing further Read more
United Kingdom and Egypt Saturday vowed to cooperate on climate change as the current and incoming presidencies of the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP), reports say. “We affirm our joint commitment to Read more
IHC Food Holding, a subsidiary of International Holding Company (IHC), has acquired 75 per cent of Abu Dhabi Vegetable Oil Company (ADVOC), IHC has announced, Zawya reports. The conglomerate did not provide details on the operation but indicated that the Read more
Egypt plans to develop industrial mining cities for the extraction of gold, copper, and phosphate in line with the aim of seeing the mining sector to grow tenfold over the next two decades. Oil Minister Tarek El Molla reportedly told Read more
Gulf Marketing Group, best known as GMG, has availed plans to open 100 stores across Egypt by 2026, as part of its expansion plans in the North African market. The expansion will be carried out within the next five years Read more
Turkish President Recep Tayyip Erdoğan will visit Saudi Arabia in February as Turkey works to thaw ties with Arab countries in the region. Erdogan also announced he will also discuss trade with Saudi authorities. Turkey has been pushing to end Read more
The Saudi Arabia Grant Management Committee signed several financing agreements to contribute to financing Egyptian small, medium and micro enterprises (SMMEs) for an estimate of EGP300 million (around $20 million), Arab Finance reports. The funding will be made through three Read more
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 Egyptian government plans to sell shares in power plants it built in partnership with Germany’s Siemens, Zawya reports citing a statement by the state. Ayman Soliman, head of Egypt’s sovereign fund said according the statement the proposed offer on Read more