Middle East > Banking / Investment
Banking / Investment in Middle East
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Saudi billionaire to invest $800 million in Egypt tourism
EGYPT, 2017/09/02 Saudi Arabian billionaire Prince Alwaleed bin Talal is to invest additional than $800 million in hotels in Egypt, the investment ministry in Cairo said on Monday. The announcement came next parliament in May adopted a new law aimed at attracting foreign investment as the authorities seek to reinvigorate the North African country's struggling economy. -
Abdulaziz Bin Nasser Al-Khalifa, CEO, Qatar Development Bank
QATAR, 2017/08/17 Encouraging entrepreneurs and building a thriving SME sector is integral to the National Vision 2030 plan to develop a sustainable and diversified economy that is not overly dependent on oil revenues. Since 1998, Qatar Development Bank has granted QAR 4.85 billion ($1.33 billion) in loans and advances to Qatari SMEs, while the Qatar Business Incubation Center looks to nurture the emirate’s next QAR 100 million companies -
Yemen's central bank floats exchange rate amid deepening crisis
YEMEN, 2017/08/15 The Central Bank of Yemen has decided to float its currency, starting at the price of 250 Yemeni rials to 1 U.S. dollar, down from 215 rials next additional than two years of civil war. In a statement to commercial banks, the Central Bank said as of Tuesday, the currency policy will be based on a floating exchange rate rather than the previous fixed rate. -
Crimea: Circumventing Trade Sanctions Via Novorossiysk
ARMENIA, 2017/07/08 Despite trade sanctions, Crimea is maintaining connections to international markets. Crimean traders are performing some logistical gymnastics to skirt sanctions, in particular transiting goods through the Russian port of Novorossiysk. On paper, of course, Crimea is experiencing a severe trade crisis. Official statistics indicate that Crimea’s import volume in 2016 shrank by a full third compared to the 2015 level, a drop of $33.6 million. Exports fell by $31.8 million, a 40-% decline from 2015. The city of Sevastopol, which is not formally part of the Republic of Crimea, reported a 12.6 % fall in its imports and 66.8 % fall in its exports in the same period, with volumes shrinking to $33.4 million and $5.9 million, respectively. -
First-quarter figures show increase in money supply at Oman’s banks
OMAN, 2017/06/30 Central Bank of Oman (CBO) statistics show an upswing in money supply part the country’s banks in the initial quarter of 2017, with total deposits to conventional banks rising by 4.2% to OR19.02bn ($49.4bn), compared to increase of 2% in quarter one 2016. The increase was supported by a 6.9% quarter-on-quarter (q-o-q) rise in government deposits to commercial banks between January and March, inclunding q-o-q expansion of 5.7% and 3% in public enterprise deposits and private sector deposits, respectively. In a June statement, ratings agency Moody’s said that 34% of banking system deposits were made by the government and related entities over the period, citing higher oil prices as behind improved national revenues and deposit increase. -
Bond issuances set to continue in Sharjah this year
UNITED ARAB EMIRATES, 2017/04/15 Corporate and sovereign offerings of both conventional and Islamic bonds are expected to maintain their momentum in Sharjah next a strong showing last year. -
Bahrain Banking & Fintech Regional leader backed by 40 years of banking tradition
BAHRAIN, 2016/12/25 As the foremost financial services center in the Gulf, Bahrain has proved to be resilient in the face of liquidity challenges posed by low oil prices and austerity. By presently an international leader in Islamic finance, the kingdom is presently firmly focused on nurturing a globally competitive financial technology (fintech) industry. Bahrain is accustomed to punching above its weight. With a people of just 1.3 million, this tiny country of islands in the Persian Gulf has played a pivotal role in trade and commerce since antiquity. Today, Bahrain stands out as the major banking hub in the Gulf and a regional pioneer in financial services. “Bahrain has a very sophisticated and mature financial sector,” explains Khalid Abdulla, Managing Director of Eskan Bank. “It is the oldest in the region and has been widely recognized as the Gulf’s financial capital for additional than 40 years. We have led the Middle East in a range of sectors – from banking, to investment management, to Islamic finance.” -
Bank of Israel keeps policy rate unchanged in September
ISRAEL, 2016/10/13 At its 26 September monetary policy conference, the Bank of Israel (BoI) decided to leave the policy rate unchanged at 0.10%, in line with market expectations. The rate has been held at 0.10% since February 2015. The BoI stated that annual increase in Q2 had been revised upward under a second estimate, thus confirming the healthy acceleration over the initial quarter. According to the available data for the third quarter, the economy should have grown at a steady rate. The labor market remains healthy, with low unemployment, a high vacancy rate and growing real wages. -
Sheikh Abdullah bin Saud Al-Thani, Governor of the Central Bank of Qatar
QATAR, 2016/10/08 Central Bank Governor Sheikh Abdullah bin Saud Al-Thani remains confident about the prospects for Qatar’s economy, in spite of multiple challenges facing the Middle East-North Africa region and the world at large Persistently low oil prices, rolling conflicts throughout the Middle East, a massive outflow of humanity sparking the world’s biggest refugee crisis since World War II, vicious attacks by terror groups, even the Brexit vote for the U.K. to leave the European Union: all have added to the uncertainty that is shaking international markets and, specifically, those in the Middle East-North Africa (MENA) region. But through the challenges and instability, Qatar has been standing strong, not least because of a decade of prudent management by the Central Bank. -
WB Baku office names new head
AZERBAIJAN, 2016/09/23 Naveed Hassan Naqvi was appointed the new chief of the World Bank’s (WB) office in Azerbaijan, Trend reported. Naqvi began his career at the WB in 2004 and has worked in the South Asia, Europe and Central Asia regions, where he has led both analytical work and lending operations.
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