Economy Kuwait renews $2bn deposit with Central Bank of Egypt By Pramod Kumar December 4, 2024, 11:20 AM Reuters Kuwait currently holds $4bn in deposits with the Central Bank of Egypt Kuwait has renewed a $2 billion deposit with Egypt for an additional year, the Central Bank of Egypt (CBE) said in its latest external report. The deposit, scheduled to be due in April 2024, will now mature in April 2025. The Gulf nation currently holds $4 billion in deposits with the CBE. While one tranche has now been extended, the status of another $2 billion deposit that matured in September remains unclear. Additionally, deposits totalling $5.3 billion from Saudi Arabia are set to mature in October 2026, the CBE said. Egyptian Ambassador to Kuwait Osama Shaltout said in September that the Gulf nation has invested $20 billion in Egypt, with the financial sector being the largest recipient, Arab Times reported. Kuwaiti lender sells stake in Sharjah Islamic Bank for $351m BA drops Kuwait after 60 years… but why? Egypt’s economy is bouncing back – for now In February, Egypt-Kuwait Holding announced it had finalised an investment of $120 million in a new medium-density fibreboard manufacturing facility and plans to expand into Egypt’s power sector. A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop Ras El Hekma on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts told AGBI.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 3 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 4 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 5 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 5 hours ago
