Prince Alwaleed and Google’s Schmidt discuss investments

Updated 27 November 2013
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Prince Alwaleed and Google’s Schmidt discuss investments

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), recently met with Eric Schmidt, executive chairman of Google in Chicago, US.
Shadi Sanbar, KHC’s executive director and CFO and member of the investment committee, Heba Fatani, senior executive manager, corporate communications department, Nahla Nasser Alanbar, private executive assistant to the chairman, Naief Hussam Alzuhair, manager, website and social media and Fahad bin Saad bin Nafel, executive assistant to the chairman, also attended the meeting.
The chairman and Schmidt discussed business and economic issues during their meeting.
The two also discussed Prince Alwaleed’s investments in the US.
Also, on the agenda of discussions was future potential business cooperation between KHC and Google in the technology field.
In February 2013, Prince Alwaleed met with Eric Schmidt at The Savoy hotel, UK.
Also, Prince Alwaleed and Google’s Schmidt held a lunch meeting in the presence of, Prince Khalid bin Alwaleed bin Talal and Shadi Sanbar.


Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

Updated 2 min 55 sec ago
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Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

  • Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the IMF
  • Egypt has been praised by international lenders for swift reforms implemented since 2016
CAIRO: Egypt’s economy grew 5.6 percent in the 2018/19 fiscal year and is “on the right track” as it completes IMF-backed reforms, Prime Minister Mustafa Madbouli said on Wednesday.
The budget deficit came in at 8.2 percent of GDP, he said, which was slightly below an official forecast of 8.4 percent.
Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the International Monetary Fund.
Madbouli said Egypt’s primary surplus stood at 2 percent for the fiscal year, which ended in June, and also pointed to a recent drop in inflation as positive signs. Economic growth was up from 5.3 percent in 2017/18 and in line with a government forecast.
“At the same time, it induces us to complete the implementation of reforms and the efforts exerted to achieve the targets for the new fiscal year,” Madbouli said in a statement said.
Egypt has been praised by international lenders for swift reforms implemented since 2016, though austerity measures and inflation have left many Egyptians struggling to get by.
The reforms included a sharp devaluation of the currency, the introduction of value-added tax and the elimination of subsidies on most fuel products.
Headline annual inflation dropped to 9.4 percent in June from 14.1 percent the previous month, though it is expected to rise over the rest of the summer as the impact of the latest round of fuel subsidy cuts kicks in.