First Independent Mena Newspaper
Abdul Magid Breish, once the undisputed leader of the Libyan Investment Authority (LIA), has warned that the country’s $67 billion sovereign wealth fund should continue to be frozen “until we have total stability.” Four chairmen are claiming to be representing LIA for the past two years but Breish stressed that the two rival governments and armed […]
Algeria’s foreign exchange reserves plummeted by half in the first quarter of 2015 due to the fall in global crude oil prices, the country’s central bank said. The forex reserves went down by $ 19.02 billion to $159.9 billion in the first quarter of 2015, Algerian central bank added, noting that the sales of hydrocarbons […]
British Prime Minister is expected to ask lawmakers Monday to consider increasing the defence budget as such an increase is necessary to face up the threat posed by the Islamic State threat and to protect the country. Prime Minister David Cameron will also discuss with Defence Security Chiefs means of boosting the defence budget and […]
Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest shariah-compliant lender, is planning expansion in Africa markets to tap demand in countries with a large Muslim population. In Africa, The bank has “looked closely” at Algeria and Morocco, Chief Executive Officer Tirad Mahmoud told reporters. “We are actively visiting locations where we may be […]
Ties between Beijing and Cairo should be boosted because the two share complementary pro-development policies and the North African country will play a crucial role in the Silk Road Economic Belt and the 21st-Century Maritime Silk Road initiative often known as the Belt and Road. The remarks were made by Han Bing, counselor for economic […]
Etisalat has announced that 20% of its stakes will be available to foreign individuals and institutions but a date has not been set yet for acquisitions. It will be the first time that foreign investors will have shares in the company. The company operates in around 18 countries across the Middle East, Africa and Asia. […]
Suspense has been building over the past few weeks about whether the French automaker PSA Peugeot Citroen would build a factory in Morocco or not. The suspense was finally dispelled on Friday. Morocco and the French firm have actually signed the accord under which PSA will build a factory in the North African country in […]
Turkish top business entrepreneurs on Wednesday met with Turkish politicians to urge them to overcome their differences and form as soon as possible a coalition government that will help solve many problems. A delegation of managers, members of the EU-Turkey Joint Consultative Committee, led by the head of the Turkish Union of Chambers and Commodities […]
Saudi Arabia, the world’s largest oil producer, has opened Monday for the first time its stock market to foreign investors in a bid to attract more international capital to help the country diversify its economy and reduce its heavy dependence on oil. The stock market liberalization move comes following the sharp fall in oil prices […]
The African Export-Import Bank (Afreximbank) has agreed to extend Egypt a $ 500 million credit line to support its trade projects and exports to other African countries. The deal was confirmed by the Egyptian Trade Minister Mounir Fakhry Abdel-Nour on the sidelines of the economic summit held earlier this week in the resort of Sharm […]