Finance UAE extends $1bn deposit with Egypt until 2026 By Pramod Kumar December 1, 2023, 5:15 AM Unsplash.com The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the country The UAE has renewed its $1 billion deposit with the Central Bank of Egypt for an additional three years. The deposit, which matured in June this year, has been extended until June 2026, Egypt Today newspaper reported, citing a central bank report. Deposits of Arab countries with the central bank accounted for more than half of the short-term debt balance as of June 2023, reaching $15.4 billion. Egypt’s agriculture sector gets $100m funding boost RedSea to dig further into Egypt’s agricultural market Majid Al Futtaim to invest $1bn in Egyptian market In addition, a currency swap agreement worth $2.5 billion was signed between Egypt’s central bank and the People’s Bank of China. In October 2022, Cairo negotiated new deposits worth $6 billion from three Gulf nations, including Saudi Arabia ($3 billion), the UAE ($2 billion) and Qatar ($1 billion), the news report said. Total Gulf deposits with Egypt’s central bank stood at $29.9 billion as of March 2023.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
