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IMF reportedly expects Egypt to switch to flexible exchange end of December

Arabiya Capital Staff -
The International Monetary Fund (IMF) is expecting Egyptian authorities to switch to a flexible exchange rate after a requirement to finance imports through letters...
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IMF executive board approves $3 billion Egypt extended arrangement

Arabiya Capital Staff -
The International Monetary Fund (IMF) said Saturday that its executive board has approved a 46-month $3 billion financial support package for Egypt which is...
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AD Ports, Invictus Investment to jointly invest $6 billion to develop Sudan’s Red Sea port

Arabiya Capital Staff -
Sudan has signed a preliminary agreement with a consortium led by the UAE’s AD Ports Group and Invictus Investment to develop, manage and operate...
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Saudi wealth fund PIF reportedly plans to acquire Egypt’s United Bank for $600 million

Arabiya Capital Staff -
Saudi Arabia’s Public Investment Fund (PIF) is reportedly in advanced talks to acquire Egypt’s United Bank in a deal that could value the state-owned...
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UAE’s Mashreq inks regional sponsorship deal with Argentina football team

Arabiya Capital Staff -
UAE’s Mashreq Bank said Friday that it has signed a regional sponsorship agreement with Argentina’s national football team until 2023. The deal makes Mashreq...
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Egypt’s headline inflation jumps to five-year high in November

Arabiya Capital Staff -
Egypt’s annual urban consumer inflation soared to a five-year high of 18.7% in November, data from state-run statistics agency CAPMAS showed Thursday, as the...
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UAE’s Majid Al Futtaim raises $1.25 billion sustainability-linked loan

Arabiya Capital Staff -
Majid Al Futtaim, the Middle East region’s biggest mall operator, said Monday that it had raised a $1.25 billion revolving credit facility linked to...
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NBK—Egypt’s 9M2022 net profits surges by 22.55% to EGP 1.29 billion on corporate credit growth

Arabiya Capital Staff -
National Bank of Kuwait—Egypt (NBK)  has reported a net profit of EGP 1.29 billion for the first nine months of 2020, a 22.55% year-on-year...
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Saudi Arabia fintech firm Tweeq secures license to offer e-wallet services

Arabiya Capital Staff -
The Saudi Central Bank (SAMA) said Tuesday that it has issued an electronic money institution (EMI) license to Tweeq International Financial Company to provide...
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Egyptian startup Grinta raises $8 million in seed funding to strengthen technology platform

Arabiya Capital Staff -
Egyptian startup Grinta said Monday that it raised $8 million in seed funding led by Raed Ventures and Nclude as the company seeks to...
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