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Egyptian banks tighten foreign currency withdrawals

Egyptian banks have tightened limits on foreign currency withdrawals from local currency accounts as they seek to conserve scarce dollars. Though no industry-wide rules have been announced, in recent days a number of banks have sent notifications instructing clients with Egyptian pound accounts of new monthly limits on how much foreign currency they can withdraw […]

Aramco to keep full oil supplies to north Asia despite OPEC+ cuts

Saudi Aramco has told at least five customers in North Asia they will receive full contract volumes of crude oil in November, according to several sources. The allocation comes despite a decision by the OPEC+ group – the Organization of the Petroleum Exporting Countries and allies including Russia – to lower their output target by […]

Qatar population rises 13.2% in World Cup hiring surge

Qatar’s population has surged by 13.2 percent in a year, official data shows, as the tiny Gulf state recruits thousands of overseas workers ahead of hosting the World Cup in November and December. The wealthy gas producer’s population stood at 2.94 million after some 370,000 additional people moved to Qatar in the 12 months to […]

EBRD head raises concerns over Turkey’s rate-cutting policy

The head of the European Bank for Reconstruction and Development (EBRD) raised some concerns with Turkish authorities over their “outlier” policy of seeking to drive economic growth with low interest rates, she told Reuters on Friday. Odile Renaud-Basso, president of the EBRD, was in Istanbul after meetings that she called “frank and transparent” with Turkey’s […]

Israel’s central bank chief sees rates peaking to avoid recession

Israel’s aggressive interest rate hiking cycle aimed at lowering inflation was at a “well advanced” stage, Bank of Israel Governor Amir Yaron said, with price pressures starting to ease and inflation hopefully moving back into its target range next year. Israel will likely avoid a recession, Yaron said, and growth will be stronger than the […]

Paris-based Eutelsat accuses Iran of jamming its satellites

Eutelsat alleged on Thursday that Iran had jammed two of its satellites since Sept 26, adding that it had asked the relevant authorities to stop the interference immediately. Paris-based Eutelsat also said in a statement that it had reminded the Iranian authorities that intentional jamming is “explicitly prohibited” by the International Telecommunication Union (ITU) Radio […]

Person, Human, Money

Turkey receives $780m from South Korea under swap deal

South Korea made a transfer worth $780 million to Turkey’s central bank last week, a portion of the $2 billion agreed under a swap deal signed in 2021, two bankers told Reuters. The total amount transferred to Turkey from South Korea under the deal is now worth almost $1 billion, said bankers, citing calculations based […]

India’s Nykaa and Dubai’s Apparel Group forge Gulf alliance

Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion conglomerate Apparel Group have struck an alliance to expand in the Gulf region, the companies said on Thursday. With the agreement, Nykaa hopes to grow in a region where it sees high demand for beauty products, months after inflationary pressures in India led it […]

Oman’s SalamAir places $935m order for six Embraer jets

Embraer SA said on Thursday that Oman’s low-cost carrier SalamAir has signed a firm order for six E195-E2 jets, with options for a further six aircraft, an announcement that sent shares in the Brazilian planemaker higher. The deal was valued at $934.6 million with all options exercised and will be added to Embraer’s third-quarter backlog, […]

Moody’s upgrades Oman’s outlook to ‘positive’ on higher oil prices

Global ratings agency Moody’s on Thursday upgraded Oman’s outlook to “positive” from “stable”, citing elevated oil prices easing the Middle Eastern nation’s debt position over the next few years. Oman, one of the Gulf’s weaker economies, swung to a budget surplus in the first half of 2022, easing pressure on public finances and improving its […]

Mubadala to lead $105m in funding for Brazilian fintech Cerc

Mubadala Capital LLC, Abu Dhabi’s state investor, is set to lead a funding round of up to 550 million reais ($106.6 million) in Brazilian receivables exchange Cerc, the Brazilian firm said on Thursday. Cerc confirmed Mubadala’s interest in the investment, first reported by a Brazilian news website, which it said was still pending regulatory approval. […]

James Bond producers mull choice as film franchise turns 60

James Bond, the martini-drinking, tuxedo-wearing British secret agent, celebrated 60 years on the silver screen on Wednesday — but who will be the next actor to take on the iconic role? According to sibling Bond producers, Barbara Broccoli and Michael G Wilson, the search for a new actor has not even begun following Daniel Craig’s […]

Building, Office Building, Urban

Egypt’s central bank to allow trading in NDFs and derivatives

The new governor of Egypt’s central bank, Hassan Abdalla, has alerted Egyptian banks that it may soon allow them to begin trading in non-deliverable forwards (NDFs) and derivatives for local currency transactions. The measures, part of a new foreign exchange convention under review by banks, are designed to smooth operations as the central bank moves […]

Person, Human, Shelf

Tunisia raises key interest rate again to combat inflation

Tunisia’s central bank on Wednesday raised its key interest rate by 25 basis points (bps) to 7.25 percent to combat inflation, the bank said, the second hike in five months. The central bank also decided to raise the interest rate on savings by 25 bps to 6.25 percent. Inflation in the North African country rose […]

Cityscape, Urban, Building

Bahrain attracts $921m direct investment in diversification drive

Bahrain’s Economic Development Board (EDB) said on Wednesday it attracted $290 million direct investment in manufacturing and logistics in the first nine months of 2022 as the country seeks to diversify its oil-based economy. The investments, through 25 manufacturing and logistics companies setting up and expanding in the small island nation, are expected to create […]

qatar world cup

Qatar to intensify labour inspections during World Cup

Qatar will intensify labour inspections during the soccer World Cup including extra health and safety checks to protect workers from exploitation, the International Trade Union Confederation (ITUC) said on Wednesday. Rights groups and labour unions have warned that hospitality, transport and security workers are especially vulnerable during the month-long tournament, the first held in a […]

Road, City, Town

MENA’s growth rate this year to be fastest since 2016

The Middle East and North Africa region is expected to post economic growth of 5.5 percent in 2022, the fastest pace since 2016, before slowing to 3.5 percent next year, the World Bank said on Wednesday. Oil exporters in MENA, the six-country Gulf Cooperation Council (GCC), have received a windfall from high oil prices. The […]

NMC Healthcare granted anti-suit injunction from Abu Dhabi court

United Arab Emirates hospital group NMC Healthcare (NMCH) was granted an injunction from an Abu Dhabi court on Wednesday to prevent one of its creditors from taking legal action against it in another jurisdiction. NMCH was forced into administration in 2020 after the disclosure of more than $4 billion in hidden debt left many UAE […]