Central Bank of Egypt to issue T-bills tender worth $1bn

 Central Bank of Egypt to issue T-bills tender worth $1bn
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Updated 06 December 2021

Central Bank of Egypt to issue T-bills tender worth $1bn

 Central Bank of Egypt to issue T-bills tender worth $1bn

RIYADH: The Central Bank of Egypt will on Monday Dec. 6 issue a tender for one-year US dollar-denominated Treasury bills worth $1 billion.

The proceeds of this tender will be used to pay the value of a previous bid, which the CBE offered on Dec. 8, 2020, through which $1 billion was withdrawn, Daily News Egypt reported.

The CBE said that it had received 33 offers from local and international investors worth $1.8 billion to cover a similar bid that the bank put forward on Nov. 15, 2021, worth $1.6 billion.

The Central Bank accepted 28 of those offers, worth $1.6 billion.


Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
Updated 14 sec ago

Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
  • The Ready-made Garments Export Council has attracted 23 new factories in 2021

The value of Egyptian ready-made garment exports set an all-time high record during 2021.

They increased to $2.49 billion, up from $1.457 billion the previous year, amounting to a 41 percent increase.

The Ready-made Garments Export Council has attracted 23 new factories in 2021, with 11 facilities from small and medium factories re-attracted, the head of the council, Marie Lewis, revealed. 

Lewis added that services provided by the council are being expanded, to include promotional and marketing services. It has prepared a number of initiatives to develop e-marketing tools for its exporters.

The council has also participated in four international and local exhibitions, and has provided 33 export opportunities. It also arranged 22 bilateral meetings between its exporters and buyers.

It organised 32 workshops and training programs to enhance the export capabilities and production efficiency of the council's exporters, she added. 


MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services
Image: Shutterstock
Updated 23 January 2022

MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services

RIYADH: Saudi information technology firm Al Moammar Information Systems Co., MIS, has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co.

This followed the approval of the company’s board of directors.

As per the first contract, worth SR57 million and valid for 18 months, Edarat will provide data center services to MIS, the homegrown IT company said in a bourse statement.

In a separate announcement, MIS declared the closure of a 60-month deal valued at SR27.5 million with Edarat.

MIS signed the second deal to receive cloud hosting services as it aims to feed its helix cloud computing software, known as SaaS.

The financial impact of the agreements is expected to roll out on the company’s financial statements starting from the ongoing quarter and will last for each contract’s duration.  

Riyadh-based MIS owns 50 percent of Edarat. It was established in 1979 and marks Saudi Arabia’s first listed information technology company.


UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head
Updated 23 January 2022

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

RIYADH: Network International, a Middle East and North Africa digital commerce enabler, has appointed Abdulaziz Al Dahmash as managing director for Saudi Arabia, it said in a statement. 

Al Dahmash will be responsible for developing and implementing a comprehensive strategy to drive the company’s business growth and increase digital payments adoption in the Kingdom.

He has previously served as head of digital banking and payments in Saudi British Bank, or SABB and prior to that he contributed to developing the Saudi National Card Payment Network at the Saudi Central Bank. 

“As the Kingdom moves towards a less cash environment, it presents a significant opportunity for us to support the nation with its 2030 Vision and the goal of increasing the number of non-cash transactions to 70 percent in 2025,” CEO of the company, Nandan Mer, commented. 


Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors
Updated 23 January 2022

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

RIYADH: Abdullah Sharafi has been apponted to the board of directors of the Dubai Financial Services Authority, or DFSA. 

Dubai's deputy ruler and deputy prime minister Maktoum bin Mohammed appointed Sharafi who sits on several other boards in the UAE, with over 20 years experience at Emirates Industrial Bank. 

The appointment comes as a replacement of Abdul Wahid Al Ulama Chairman Fadel Al Ali said in a statement. 

It also reflects the authority’s efforts to consolidate the Dubai International Financial Centre as a major regional and global financial centre, he added. 


Airbus rejects Qatar Airways’ ‘mischaracterization’ in months-long A350 dispute

Airbus rejects Qatar Airways’ ‘mischaracterization’ in months-long A350 dispute
Updated 23 January 2022

Airbus rejects Qatar Airways’ ‘mischaracterization’ in months-long A350 dispute

Airbus rejects Qatar Airways’ ‘mischaracterization’ in months-long A350 dispute
  • The statements come as the Qatari carrier released images of the scarred exterior of grounded A350 jets

RIYADH/DUBAI: Airbus has rejected what it described as Qatar Airways’ “ongoing and public mischaracterization” of the A350 jet defects that could cost the European jet maker millions of dollars in compensation. 

“The airworthiness of the aircraft is not affected and the issues do not give any valid basis for the grounding of the aircraft,” a company's spokesperson reiterated in an email to Arab News. 

The statements come as the Qatari carrier released images of the scarred exterior of grounded A350 jets, saying they pose “serious and legitimate safety concerns.”

Airbus said it has already “identified the root cause of the issue and provided the necessary guidance to its customers worldwide to ensure they can continue to operate the A350.”

It added it has been working with the European Aviation Safety Agency to address the concerns, even as European regulators agreed the flaws don’t pose any airworthiness issues.

Qatari regulators have grounded around 21 planes since mid-2021 and Qatar Airways has been pressing compensation of up to $700 million.  

Last week, the Toulouse-based manufacturer confirmed it had revoked a contract with Qatar Airways to deliver 50 A321s, putting pressure on the airlines as it prepares to open new routes and host the World Cup.