Finance iMENA Group plans IPO with backing of PIF’s Sanabil A unit of Saudi Arabia’s Public Investment Fund (PIF) is investing in iMENA Group as the technology company seeks to raise $135 million from investors and prepare for an initial public offering. Riyadh-based Sanabil Investments – which is owned by $940 billion PIF – made the investment among other financiers including venture capital firm FJ […] April 29, 2025
Economy Risks for Turkey’s economy despite stable credit rating Turkey’s economic outlook has retained its “stable” rating, according to ratings agency S&P Global, despite heightened political and economic uncertainty since March, with more downside risk than upside opportunity. The agency had raised Ankara’s sovereign debt rating to its present BB-, just below investment grade, in November, the second increase in 2024. It affirmed that […] April 29, 2025
Economy IMF urges Egypt to accelerate sale of state assets The International Monetary Fund has urged Egypt to move faster in selling off state assets to spur growth and reduce debt. The country’s economic growth is forecast to increase from 2.4 percent in fiscal year 2024 to 4.3 percent in fiscal year 2026, according to Jihad Azour, director of the IMF’s Middle East and Central […] April 29, 2025
Economy Mena economic data The latest indicators for the largest Middle East and North Africa economies outside the GCC, including Egypt, Iran and Turkey April 29, 2025
Banking & Finance First Abu Dhabi Q1 profit rises by nearly a quarter First Abu Dhabi Bank (FAB) reported an increase in profits in the first quarter of this year, fuelled by higher revenue from its retail, wholesale and investment banking segments. FAB’s net profit rose 23 percent to AED5.1 billion ($1.4 billion) in the January to March period, while revenue saw an 11 percent growth to AED8.8 […] April 29, 2025
Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain – plus links to in-depth pages on each country April 29, 2025
