Middle Eastern Funds to Increase Investments in Egypt
Middle Eastern fund managers plan to raise their investments in Egypt in the second quarter of 2020
News / Business
Egypt, ITFC Ink USD 100 mn Deal to Secure Essential Commodities
The International Islamic Trade Finance Corporation (ITFC) Inked USD 100 mn financing agreement with the General Authority for Supply Commodities (GASC) to cover the Egyptian government’s essential strategic commodity needs amid the COVID-19 pandemic, state-run Ahram Online news website.
COVID-19 to Batter GCC Corporate Earnings in H1: Analysts
GCC corporate earnings will be negatively impacted in the first half (1H) of the year as businesses and the economy have been severely hit by the COVID-19 pandemic, Reuters reports.
Gov’t Eases Payment of Health Sector Dues
Egypt’s Ministry of Finance issued new decisions regarding the payment of financial dues by the health sector amid the coronavirus (COVID-19) crisis
Seven Tides Rolls out Support Measures for Tenants
UAE's property developer Seven Tides said its residential, commercial, and retail tenants in Dubai's Discovery Gardens and Ibn Battuta Gate are eligible to receive rent relief measures if they experienced job cuts, salary reductions, or disruptions to their businesses because of the Covid-19 crisis
Tourism Minister Revokes Hotel License Over Coronavirus Layoffs
Tourism and Antiquities Minister Khaled El Anany issued a decision on April 26 to revoke the license of a leading hotel in Sharm El-Sheikh after it laid off all workers due to the coronavirus pandemic
Saudi Arabia Eases Curfews Nationwide
Saudi Arabia has partially lifted restrictions on April 26 across the country, while keeping 24-hour curfews in the city of Mecca and neighborhoods previously put in isolation
Moody’s Keeps Egypt’s Credit Rating At B2
The credit profile of Egypt rating at B2 is supported by A3 economic strength according to Moody’s report, as reported by Ahram Online.
Suez Canal Zone Inks Deal to Boost Investments
Egypt’s Suez Canal Zone Authority (SCA) and its Suez Canal Container Terminal (SCCT) unveiled an agreement on April 14, committing to USD 50 mn of investments
IMF Says Egypt Among Emerging Economies Seeing Vulnerabilities
The International Monetary Fund (IMF) said that Egypt is among the major emerging and frontier market economies witnessing key vulnerabilities and a number of shocks, including growth challenges and oil price declines
