Development Saudi gives Yemen money and urges peace talks Saudi Arabia welcomed the Yemeni president’s decision to transfer his powers to a new presidential council, urged the body to start negotiations with the Houthi group and said it would arrange $3 billion of support to the war-torn country’s economy, state news agency SPA said. Two billion dollars would come from Riyadh and another $1 billion […] April 6, 2022
Banking & Finance Egypt private sector activity shrinks as Ukraine war takes toll Activity in Egypt’s non-oil private sector shrank in March at its fastest since the earlymonths of the coronavirus pandemic as fallout from the Russian invasion of Ukraine hit businesses and fuelled costs, a survey showed on Tuesday. The S&P Global Egypt Purchasing Managers’ Index slid to 46.5 from February’s 48.1, its 16th month below the […] April 5, 2022
Banking & Finance Saudi non-oil private sector maintains solid growth Saudi Arabia’s non-oil private sector kept up its solid pace of growth in March as output expanded at the fastest rate in over four years, a survey showedon Tuesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy rose to 56.8 in March from 56.2 in February, exactly […] April 5, 2022
Banking & Finance Egypt’s net foreign assets turned sharply negative in February Egyptian net foreign assets (NFAs) went sharply negative in February, declining by 60 billion Egyptian pounds ($3.29 billion) to minus EP 50.3 billion, central bank data showed on Sunday. It was their fifth month of declines. An outflow of foreign currency helped prompt the central bank to devalue the pound by 14 percent on March […] April 3, 2022
Banking & Finance Egypt plans to issue first sovereign sukuk Egypt plans to issue its first sovereign sukuk before the end of the current fiscal year ending in June, Finance Minister Mohamed Maiit said in a statement onSaturday. Maait also said that Egypt plans to tap the Japanese market by offering new issues in the future. Last month, Egypt issued 60 billion yen ($489.84 million) […] April 2, 2022
Real Estate UAE’s Aldar Properties buys beach property in Ras Al Khaimah Abu Dhabi’s Aldar Properties, through its investment arm, has acquired the “Rixos Bab Al Bahr” beach property in the emirate of Ras Al Khaimah for 770 million dirham ($210 million), it said on Friday. The acquisition will bring its total investment in Ras Al Khaimah to 1.5 billion dirhams, including the earlier acquisition of Al […] April 2, 2022
Banking & Finance Saudi Arabia deposits $5bn in Egypt’s central bank Saudi Arabia has deposited $5 billion in Egypt’s central bank, the Saudi state news agency reported on Wednesday, and the kingdom is expected to invest further as the Ukraine war adds to the pressure on the Egyptian economy. Last week Egypt said it was in talks with the International Monetary Fund for potential funds and […] April 1, 2022
