Monday 18 October 2021

Cura announces a $4m Series-A investment from ELM, Wa’ed

Cura, Saudi-based leading telehealth startup, has announced closing SR15 million ($4 million) Series-A investment from ELM and Wa'ed (the entrepreneurship arm of Saudi Aramco).    Established in 2016 by software engineers Wael Kabli and Mohammad Zekrall


Mashreq launches API developer portal

Mashreq, a leading financial institution in the UAE, has become the region’s first bank to launch an active Application Programming Interface (API) developer portal to encourage development of innovative digital journeys for consumers. The platform, which is already active,


BENEFIT marks importance of women leadership

BENEFIT, a leader in Fintech and electronic financial transactions service in Bahrain, has marked the importance of women leadership in the Kingdom in-line with the Bahrain’s Supreme Council of Women (SCW)’s vision for women in the Kingdom. BENEFIT highlighted the cou


Moody’s changes Oman outlook to stable

Moody’s Investor Service has changed the outlook on Oman’s credit rating to stable from negative and affirmed its rating at Ba3 in a new announcement. The change in outlook reflects the significant easing of pressures on government liquidity and external financing, re


Central Bank of Bahrain to launch e-Cheque system

The Central Bank of Bahrain (CBB) is set to introduce the electronic cheque system from October 19, complementing the traditional paper cheques - a popular payment instrument in the kingdom.   The Bahrain Electronic Cheque System (BECS) is the first fully pledge


ADQ acquires remaining Daman stake from Munich Re

ADQ, one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, entered into a definitive agreement to acquire the remaining 20 per cent equity stake of The National Health Insurance Company


Sodic signs $100m long-term syndicated facility

Leading real estate developer Sodic has signed a long-term syndicated facility worth EGP1.57 billion ($100 million) with Arab African International Bank (AAIB) and Banque Misr (BM) to finance its West Cairo flagship development Sodic West.   The facility will be


Clifford Chance advises lenders on $280m refinancing for FOT

Leading international law firm Clifford Chance has advised lenders on a $280 million refinancing transaction for Fujairah Oil Terminal (FOT), a joint venture between Sinopec, Prostar Capital and the Government of Fujairah. The lenders comprise a club of international bank financiers.


UAE Cabinet agrees $79bn budget for 2022-2026

The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the federal budget for 2022-2026 with a total expenditure of AED290 billion ($79 billion). Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy


UAE non-oil foreign trade surges 27% to $245bn in H1

The total value of UAE’s non-oil foreign trade amounted to nearly AED900 billion ($245 billion) in the first half (H1) of 2021, marking a 27% rise compared to H1 2020 and indicating a rapid recovery in the country’s return to growth trajectory. This also indicates a 6% grow

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