Cairo, Egypt--The Engineering Export Council (EEC) of Egypt has announced that the sector’s exports increased by 10% to $3.32bn from January-November 2022, compared to $3bn in the same period in 2021. Also read: Egypt economy to grow 5.2% in 2021-22 According to the EEC's monthly report, the most notable industries...

Abu Dhabi, UAE--The bilateral trade between Pakistan and the United Arab Emirates is expected to double from the US$10.6 billion, according to Pakistan's ambassador to the UAE Faisal Niaz Tirmizi. The last calendar year recorded a US$10.6 billion in trade “the highest volume Pakistan had in the Middle East and...

Washington, United States--Two World Bank entities provided a record $75 billion in financing last year, said a letter by its president, as developing countries faced crises like climate change and Russia's invasion of Ukraine. The aid comes as countries emerging from the Covid-19 pandemic were hit by fallout from war in...

Beijing, China--China Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown on excessive borrowing and rampant speculation in the real estate sector. In an email seen by AFP, chairman Hui Ka Yan told staff that "2023 is a key year for...

Doha, Qatar-- Qatar Financial Centre (QFC) is managing assets worth $28.3 billion and has more than 1,500 local and global enterprises operating in the financial and non-financial sectors. This was disclosed by Chief Executive Officer of QFC Yousuf Mohamed Al Jaida in an interview to the media. Al Jaida said...

Abu Dhabi--The UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion, according to the Arab Monetary Fund (AMF). According to the AMF's Joint Arab Economic Report, the UAE's manufacturing industry exports account for 43.9 percent...

Riyadh, Saudi Arabia--Saudi Arabia has invested some $6.12 billion in more than 6,000 projects in Egypt, according to the Minister of Trade and Industry of Egypt Ahmed Samir.  The trade minister announced the investment figure during his visit to Riyadh on Dec. 25, where he met Saudi ministers and senior...

Algiers, Algeria-- Algeria approved the 2023 budget, the largest in the country's history after President Abdelmadjid Tebboune approved the Finance Law on Sunday. The Algerian government allocated the largest budget since its independence - 6 decades ago - at a value of $98.5 billio), an increase of $24.5 billion over...

Cairo, Egypt-- The Central Bank of Egypt has raised the overnight interest rates by 300 basis points, exceeding expectations. The Monetary Policy Committee (MPC) of the Central Bank of Egypt raised the overnight deposit rate, overnight lending rate, and the rate of the main operation to 16.25 percent, 17.25 percent, and...

A survey undertaken in Germany has revealed that consumers are heading into 2023 feeling upbeat as government interventions take some of the sting out of soaring energy costs. Pollster GfK said its forward-looking survey of around 2,000 people inched up by 2.3 points to reach minus 37.8 points for January.

As the Gulf nations look to deepen economic partnership with China, the US, the region's dominant security force, watches with concern the GCC tilt toward its rival.

Cairo, Egypt--The IMF's new $3 billion financial support package for Egypt aims to reduce government debt to less than 80 percent of the gross domestic product in the medium term, according to a cabinet report released on Saturday.  The IMF did not require the Egyptian government to cut spending on...

Washington, United States--The Executive Board of the International Monetary Fund on Friday approved a $3 billion loan to Egypt, with an immediate disbursement of $347 million, the IMF said in a statement. Egypt will benefit from the loan over 46 months under the Extended Fund Facility. The agreement is for 2,350.17 million...

IMF chief Kristalina Georgieva has regretted the shortage of funds needed to help low-income countries tackle the impacts of climate change. Although IMF has secured $40 billion worth of commitments, its chief still feels that the amount is "nothing in comparison with the needs."

The $1.5bn deal will herald a new energy transition phase.

Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as the pace of recovery from the COVID-19 crisis quickens. It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for...

Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its own projections. The kingdom's finance ministry said that the surplus for 2022 touched $27 billion, representing 2.6 percent of GDP.

With talks suspended over a nuclear deal between Iran and the Western countries, Islamic Republic has begun the construction of a new nuclear plant in the southwestern province of Khuzestan. Estimated to cost between $1.5 billion and $2 billion, the plant will take seven years to complete.

Non-oil trade exchange between the UAE and Cameroon grew by 33.5 percent between 2012 and 2021, reaching $522 million by the end of last year

Washington, United States— The US government on Tuesday announced the approval of a $1 billion sale of FS-LIDS counter-drone systems and other equipment to Qatar. "The proposed sale will improve Qatar's capability to meet current and future threats by providing electronic and kinetic defeat capabilities against Unmanned Aircraft Systems," the US...

Riyadh, Saudi Arabia—The Arab Monetary Fund has signed a $1 billion agreement with the Yemeni government to shore up the war-scarred country's economic reform program. Sponsored by the Kingdom of Saudi Arabia, the program seeks to contribute to backing efforts made to implement reforms to strengthen the financial status of...

Appealing to guilty parties to hand themselves in and return all the money, the prime minister of Iraq has revealed that the country has recovered part of $2.5 billion in public funds fraudulently withdrawn from a government account. A wealthy businessman implicated in the theft had given back $125 million.

MENA startups had begun the year with a deluge of funding from investors, but toward the year end a dark cloud hovers over new businesses as global crises dip the enthusiasm.

It will now trade on Boursa Kuwait under KPROJ.

The $3.2bn plant will make batteries for electric vehicles.

Doha, Qatar—Qatar has recorded a trade balance surplus in the third quarter of 2022 of $29.47 billion up from $15.87 billion in Q3 of 2021, an increase of 85.6 percent. The Planning and Statistics Authority (PSA) issued the press release on "Quarterly Foreign Merchandise Trade Statistics, Q3 2022 State of...

Doha, Qatar—  QatarEnergy and Chevron Phillips Chemical (CPChem) have announced they have reached a final investment decision to build an $8.5 billion polymers facility in Texas. Located about 180 kilometers east of Houston, the plant will include an ethylene cracker unit with a capacity of 2.08 million tons per annum,...

The income vaulted to $1.77bn in the first nine months of 2022.

It will sell 10% of its stake, amounting to 12m shares.

Although its subscriber base has swelled by 12 million users, Disney+ has seen its operating losses touch $1.47 billion for the July to September period. The number of people subscribing to Disney+ reached 164.2 million people, more than 161 million estimated by Factset, a data company.

The company hopes to elevate its investments in India to $5 billion within the next five years, up from just over $600 million currently.

New York, United States— The US government announced Monday it had seized $3.4 billion in bitcoin from a real estate developer who stole the cryptocurrency from the dark web marketplace Silk Road a decade ago. James Zhong, 32, pleaded guilty Friday to committing wire fraud in September 2012 ago when he...

Expected to fetch more than $1 billion at the two-day sale in New York, late Microsoft co-founder Paul Allen's art collection will be up for grabs at Christie's at a time when experts say the super wealthy are viewing art as a safe investment this year amid a tumultuous global...

It posted a net profit of $1.36bn in H1.

Cairo, Egypt— Suez Canal Authority will make an investment of $550 million in the current fiscal year, according to Minister of Planning and Economic Development Hala Saeed. This comes as the authority – which owns and operates the Suez Canal – is targeting to increase the production rates. The revenue...

It attracted total orders of nearly $1.7 billion.

Scuttling an "international trafficking attempt" to West Africa, Morocco has made a large seizure of more than two million amphetamine-type captagon pills on the kingdom's northern coast. The drugs were hidden inside a goods container onboard a maritime transport ship headed from Lebanon to West Africa.

The telecom company's net profit vaulted to $680.5m in Q3.

The third quarters profits were boosted by higher oil prices.

Tokyo, Japan— Toyota kept its annual net profit forecast unchanged on Tuesday, as the weaker yen offsets supply-chain disruptions that have forced the Japanese car giant to slash production targets. The world's top-selling automaker said it now expects to sell half a million fewer vehicles in the current financial year because...

Riyadh, Saudi Arabia— Egypt's Sovereign Fund has accumulated assets worth $621-660 million as it seeks to double it by the same size next year. The CEO of the fund, Ayman Soliman, said that the issued capital of the fund has been fully covered at $5 billion. The fund's financing sources,...

The license will allow investors to buy or rent lands, operate and manage the projects and allocate the necessary facilities for it with just a single approval.

It recorded $173m profit in the first nine months of 2022.

It said profit was driven by multi-sector investments.

It recorded a150% rise in profit in first nine months of 2022.

Riyadh, Saudi Arabia— Aramco will launch a $1.5 billion sustainability fund to invest in stable and inclusive energy transition technology. According to its CEO Amin Nasser, the fund will be managed by the company's venture capital arm Aramco Ventures. The CEO said that the fund will be “among the biggest...

The embrace of digital services by it customers drove growth.

The economic ties between the UAE and Egypt were strengthened this year by the signing of the Industrial Partnership for Sustainable Economic Growth, crowning a more than fifty-year long trade relationship between the two nations that has grown to $67 billion in the last twenty-two years.

The bank's profit rose to $1.3bn in the first nine months of 2022.

It will build the $7bn project with Oman and a US firm.