Egypt’s sovereign fund eyes investment in fintech sector

Egypt’s sovereign fund eyes investment in fintech sector
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Updated 21 September 2021

Egypt’s sovereign fund eyes investment in fintech sector

Egypt’s sovereign fund eyes investment in fintech sector

RIYADH: The Sovereign Fund of Egypt is exploring investment opportunities in the fintech sector with a focus on small and medium projects, Ayman Suliman said in a CNBC Arabiya interview.

Talking about investments in other sectors, the chief executive officer of the fund said the tourism sector represents 20-20 percent of the fund's total investments.

Suliman also mentioned the fund’s plans to transform the historic Bab Al-Azab area in Cairo’s Salah Al-Din Al-Ayoubi Citadel into the first integrated innovation zone in the Middle East and North Africa.  

He said several projects in the health sector are also being studied such as the expansion of pharmaceutical exports.

“The health sector is a mainstay in the fund’s investment portfolio,” the CEO added.

The fund aims to attract private investments in Egypt’s underutilized assets and create wealth for future generations and boost the country’s economic growth.


Saudi Arabia continues to climb in Maritime Connectivity Index

Saudi Arabia continues to climb in Maritime Connectivity Index
Updated 6 sec ago

Saudi Arabia continues to climb in Maritime Connectivity Index

Saudi Arabia continues to climb in Maritime Connectivity Index

RIYADH: Saudi Arabia made impressive progress in maritime connectivity at the regional level, according to the UN Conference on Trade and Development report for the third quarter of 2021.

The Kingdom achieved 70.68 points in the Maritime Connectivity Index, which is the highest in the region, said the report.

The Saudi Ports Authority, also known as Mawani, has forged partnerships with operators and major international shipping lines to develop the Kingdom’s seaports and contribute to the national goal of transforming Saudi Arabia into a global logistics hub.

Omar bin Talal Hariri, president of Mawani, said the authority is proud of the achievement and will intensify its efforts to meet the aspirations of the Kingdom’s leadership.

The index includes several sub-indicators, most notably, the number of scheduled visits by ships to the country within a week, capacity of the ships in standard units, in addition to the number of regular service paths provided by shipping lines to and from the country.


UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe

Updated 34 min 49 sec ago

UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe


RIYADH: Al Dhara Holding, an Abu Dhabi-based agricultural company, will establish five new animal feed plants in Eastern Europe.

The new plants will be established in Serbia, Romania and Bulgaria. The new facilities are part of the company’s efforts to expand its horizons and diversify its sources of production.

The company has opened its first plant for compressing and drying animal feed in Serbia with a production capacity of 120,000 tons and storage capacity of 20,000 tons.

 


Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister
Updated 17 October 2021

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

CAIRO: Egypt's oil minister said on Sunday that foreign investments in the sector fell 26.02% to $5.4 billion in the financial year 2020-21, versus $7.3 billion a year earlier.

“The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,” Tarek El Molla said in a speech to the Egyptian Petroleum Association. 


Over 86,000 Saudi families benefit from Sakani subsidized loans

Over 86,000 Saudi families benefit from Sakani subsidized loans
Updated 17 October 2021

Over 86,000 Saudi families benefit from Sakani subsidized loans

Over 86,000 Saudi families benefit from Sakani subsidized loans

RIYADH: More than 86,000 Saudi families benefited from the Housing Ministry’s Sakani program subsidized real estate loans since the beginning of the year till September, the Saudi Press Agency reported on Sunday.

The program offers two types of subsidized loans, one for ready-made housing units and the other meant for under-construction buildings.

Of the total, 69,497 families benefited from the loan offered for ready-made housing units.

The Ministry of Housing and the Real Estate Development Fund formed Sakani in 2017 to facilitate homeownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals, and financing their purchase. It has a goal of reaching 70 percent homeownership by 2030.

The program also launched new e-services to serve people effectively.


Uber, Careem may pay a tax bill of $100m to Saudi government: Bloomberg

Uber, Careem may pay a tax bill of $100m to Saudi government: Bloomberg
Updated 17 October 2021

Uber, Careem may pay a tax bill of $100m to Saudi government: Bloomberg

Uber, Careem may pay a tax bill of $100m to Saudi government: Bloomberg

RIYADH: Saudi Arabia is charging several technology firms, including Uber Technologies Inc. and its Dubai-based subsidiary Careem, with tax bills worth tens of millions of dollars, Bloomberg reported, citing people with knowledge the matter.

Uber and Careem face a combined bill worth around $100 million, it said. The claims are related to a dispute over how to calculate the value-added tax owed over the past few years and include hefty penalties for late payment, Bloomberg reported.