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Reuters – Egypt’s foreign reserves rose to $17.414bn in March from $17.307bn in February, the Central Bank said on Monday. Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to the army after it deposed elected Islamist …
Reuters – Saudi Arabian conglomerate Ahmad Hamad Algosaibi& Brothers has called a meeting of creditor banks in Dubai on 7 May to discuss a proposed settlement of billions of dollars of unpaid debt, commercial bankers said on Monday. The 2009 collapse of Algosaibi’s Bahrain unit, The International Banking Corp, and Awal Bank, owned by Maan …
Bread is a politically-explosive issue in Egypt – failure to deliver it at an affordable price has triggered major riots in the past and the government wants to boost its storage capacity to reduce its reliance on international markets.
The head of the Syrian National Coalition, Ahmed Jarba, repeated calls on the international community to supply rebels with “sophisticated weapons”.
Relations between Egypt and the Gulf state have been strained over Doha’s backing for Islamist president Mohamed Morsi, who was ousted by the army in July following nationwide protests.
Final stage of the two-week joint exercise is set to commence within the next two days
The construction company said on Sunday that it had agreed with the Egyptian army to build the homes at 13 locations around the country on land provided free by the armed forces, which own a large amount of financial assets and real estate.
What was behind Gulf states’ diplomatic isolation of Qatar?
Reuters – Egypt’s shares rose slightly on Monday after a deal between the country’s army and a Dubai builder for an affordable housing project worth EGP 280bn ($40.2bn). Cairo’s benchmark index advanced 0.5%, recovering early-session losses and boosting 2014 gains to 17.6%. Under a deal with Cairo’s army-backed government, Dubai’s Arabtec will build one million …
United Arab Emirates praises recent Saudi decision to list the Brotherhood as a terrorist organisation
The International Transport Workers’ Federation (ITF) is running a campaign against Qatar Airways over its monitoring of staff and rules preventing women from becoming pregnant and getting married.
Air and naval forces two-week joint exercise latest example of Egypt-UAE cooperation
The survey showed great optimism towards Egypt with 53% of managers expect to raise their equity allocations
Although some Arabs are fantasising about it, a major alliance with Russia is unwise both morally and practically
Reuters – Saudi Arabia’s economy chugged along at modest annual growth rates of around 2.5% in the first three quarters of 2013. Then in the fourth quarter it soared, with gross domestic product jumping 10% from a year earlier. That is the picture delivered by data from the government’s statistics office. But it is not …
Dubai-based retail group Majid Al Futtaim (MAF) has plans to invest around $2.3bn in Egypt over the coming years
Reuters – Bankers and academics in Italy are stepping up efforts to develop Islamic finance in the country, a campaign which could benefit from growing economic links between Gulf countries and the euro zone’s third largest economy. Islamic finance has so far made only marginal progress in continental Europe, mainly in France and Germany. But …
GMS plans to sell new shares worth $100m, as well as an undisclosed number of shares currently held by private equity backers
Kuwait topped the Gulf Cooperation Council (GCC) countries on the press freedom list but dropped 14 points to rank 91st worldwide.
The first step was the disposal of the two very large crude carriers (VLCCs), and this week Gulf Navigation said it had agreed their sale to Bermuda’s DHT Holdings for $98m.
The investment plan is positive for Egypt’s army-backed government, which is trying to attract foreign money back to the country and create jobs to ease social discontent as it manages a difficult transition to elections this year.
The Gulf country has recently announced measures to boost the Egyptian economy
By Farah Halime A private equity fund launched by Gamal Mubarak managed to reel in millions of dollars of investment from Egypt’s elite, revealing the depths to which political and business connections ran as he began rising in stature in the late 1990s. According to a document obtained by Rebel Economy, Gamal Mubarak’s $54m Horus I Fund, …
Market analysts assert that the influx of Arabian capital into the Egyptian real estate market will assist in providing liquidity for small companies and subcontractors.
With major events and developments looming, conditions in the Gulf states will be illuminated under the international spotlight
The results of the survey of leading fund managers in the region, conducted in the past 10 days, show growing optimism about a recovery of Egypt’s economy
By James M Dorsey Gulf states are lining up as targets for criticism by international trade unions and human rights groups for their treatment of foreign workers. Qatar, long in the firing line following its winning three years ago of the right to host a World Cup, was joined this week by Abu Dhabi as …
Reuters – Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from Gulf Arab states after the army ousted Islamist President Mohamed Morsi in July. The current account ran a surplus of $757 million between July and September, driven by a massive increase in official transfers, according to …
Egypt index gained 0.4 percent to 6,748 points.
A few weeks ago, in his regular New York Times column, Thomas Friedman applauded the “radical evolutions” taking place across the Arab Gulf, dubbing them “The Other Arab Awakening“. Friedman makes the sweeping claim that, “in the wake of the Arab Spring, [Gulf leaders] are deeply concerned with their legitimacy, which they are discovering can …