Saturday 27 August 2016
 
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Egypt plans to lift fuel subsidies in three years

Egypt plans to lift fuel subsidies within three years and is aiming to increase fuel prices to 65 per cent of their actual cost during the 2016/17 fiscal year, two government sources told Reuters on Tuesday. Egypt, which is struggling to revive its economy after an uprising in 20

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KFH-Bahrain launches new Wakala account

Kuwait Finance House-Bahrain (KFH-B) has launched a new investment product, reported the Gulf Daily News, our sister publication. To read further, please visit GDNonline.

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KHCB inks financing deal with developer

Khaleeji Commercial Bank (KHCB), a Bahrain-based Islamic retail bank, has signed an agreement with Burooj Property Development to offer customised financial solutions, reported the Gulf Daily News, our sister publication. To read further, please visit

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UAE to provide Egypt with 6-year, $1bn deposit

The United Arab Emirates has agreed to provide Egypt's central bank with a $1 billion deposit for a duration of six years, the United Arab Emirates' official state news agency WAM said on Monday. Egypt this month signed a preliminary deal for a $12 billion IMF le

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GFH aims to buy control of Bank Al Khair

Bahrain-based Islamic investment bank GFH Financial Group (GFH) has signed a memorandum of understanding to buy a majority stake in Bank Al Khair, a Bahraini lender with a presence in several countries, GFH said on Monday. GFH didn't give any financial details but said the ac

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Biggest milestone: Nakheel completes recovery

Dubai developer Nakheel will be completely debt-free following full payment of its Dh4.4 billion ($1.2 billion) trade creditor sukuk when it matures on Thursday (August 25), the company has announced.   The scheduled payment marks the end of the company’s financial rest

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Korean businesses urged to invest in Bahrain

Korean business owners have been invited by Bahrain Chamber of Commerce and Industry (BCCI) to venture in the Bahraini market, reported the Gulf Daily News, our sister publication. To read further, please visit

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Mena IPO activity remains subdued in Q2

The Mena region witnessed six IPOs in the second quarter (Q2) of 2016, collectively raising $397.2 million, a 40 per cent decrease in volume and 81 per cent decrease in value compared to Q1 2016. “Given the recent trends, Saudi Arabia and Egypt are the key Mena markets that

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Dubai Wholesale City in bid boost trade with Spain

Dubai Wholesale City (DWSC), the largest global market for wholesale products, and a visiting delegation from the Spanish embassy in the UAE recently discussed emerging opportunities and key challenges in building synergies. Abdulla Belhoul, CEO of Dubai Wholesale City, and senio

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Acwa Power steps up revolving facilities to top $925m

Saudi Arabia’s Acwa Power, a leader in power generation and desalination, plans to increase its revolving facility by $160 million, enhancing the total revolving facilities at the company’s disposal to $929 million. Saudi Arabia’s Acwa Power, a leader in power g

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