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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

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Saudi Arabia extends term of $5 billion deposit for Central Bank of Egypt

The pause on interest rate change comes after 12-percent hikes since March 2022.
  • The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine
  • The package would allow Egypt to open '‘new financing channels with regional and international organizations''

Riyadh, Saudi Arabia – Saudi Arabia has extended the term of $5 billion deposit for Central Bank of Egypt as part of its effort to enhance the North African country’s economic stability of Egypt and its deal with International Monetary Fund. 

The package would allow Egypt to open ‘‘new financing channels with regional and international organizations” and help the completion of a preliminary $3 billion agreement the Middle East’s most populous country reached with the IMF in October, the state-run Saudi Press Agency said. 

The war in Ukraine and the coronavirus pandemic have hit the Egyptian economy hard. Russia and Ukraine supplied Egypt much of its wheat requirement. Following the Ukraine war, Egypt has struggled to combat surging inflation, which rose to 16 percent in October.

Egypt’s agreement  with the IMF last month aims to tackle Egypt’s inflation problem and restructure its ailing economy. The agreement saw Egypt’s government announce a series of immediate economic reforms including a hike in its key interest rates and a shift towards a flexible exchange rate.

Egypt received a $12 billion bailout from the IMF in 2016. 

Saudi Arabia and the United Arab Emirates have also come to the aid of Egypt, injecting billions of dollars into the country to shore up its economy.