Libya runs out of money to finance ministries
Oil protests in Libyahavegreatly affected the country’s budget as oil and gas exports are the main source of the government’s budget,which has made it impossible […]
Finance
Egypt’s Central Bank Slowly Running out of Cash
After Egypt’s foreign currency reserves had fallen to 17 billion USD in December last year compared to 17.8 billion USD a month earlier, Cairo had […]
EIB Lends Egypt € 205 Mln for Energy Project
The European Investment Bank (EIB) has lent Egypt € 205 million to enable the North African country carry out a new energy project which consists […]
Omantel privatization continues, government steps back
Omantel, former telecommunications monopoly of the Omani government, is undergoing a privatization phase as announced in September. The government plans to reduce its 70 percent […]
Banks in Saudi Arabia to increase capital
With an enormous growth in deposits which arrived at $344 billion last year according to data released by Saudi Arabian Monetary Agency (SAMA), Saudi banks […]
Tunisia : IMF approval gives hope to Central Bank
A much delayed $506 million loan, part of a two-year $1.76 billion package agreed upon last year, approved by the International Monetary Fund (IMF) was […]
Mauritania : Islamic finance to be introduced
In its efforts to modernize the banking system and make long-term loans available to companies, Mauritania’s central bank aims at developing the Islamic finance, Central […]
Egypt : Saudi Arabia’s aid package to save dwindling economy
Saudi Arabia will be offering $5billion to Egypt to save its declining economy. The Egyptian Stock Exchange has been on the decline forcing the Board […]
MENA : Islamic banks growth to depend on ethics
After coming into existence in the 1970’s, Islamic banks have experienced impressive growth in the Middle East and North Africa. The banks are now expected […]
GCC: Budget deficits to rock states by 2015, IMF
Members of the Gulf Cooperation Council namely Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain could be facing serious economic woes and budget deficits […]