Latest news with #JaneMerriman
Zawya
07-07-2025
- Business
- Zawya
Egypt's net foreign assets rise in May to $14.7bln
Egypt's net foreign assets rose by $1.2 billion to $14.7 billion in May, central bank data showed on Monday, approaching levels reached in March when the International Monetary Fund approved a $1.2 billion disbursement for the country. Egypt's net foreign assets, which include assets held by both the central bank and commercial banks, turned negative in February 2022 and only returned to positive territory in May last year. They had fallen by $1.5 billion in April to roughly $13.6 billion. The previous month, they had shot up to more than $15 billion after the IMF approved the disbursement following completion of a review of the country's $8 billion economic reform programme. Commercial banks' net foreign assets rose by $3.2 billion in May, reaching $4.8 billion, the highest level since February 2021, Egypt's central bank said. (Writing by Alexander Dziadosz. Editing by Jane Merriman)
Zawya
23-04-2025
- Business
- Zawya
Saudi Flyadeal confirms order for 10 Airbus A330neo jets
Saudi budget carrier flyadeal on Wednesday confirmed a deal to order 10 Airbus A330neo wide-body passenger jets as it expands into fast-growing long-haul markets in Southeast Asia. The sister airline of state-owned national carrier Saudia said it had also acquired purchase rights for a further 10 of the same planes, also known as A330-900. The announcement at a ceremony in Toulouse confirms details reported by Reuters in January. The deal - which had previously been listed by Airbus as an unidentified buyer - is worth $1.2 billion after typical discounts, according to estimated delivery price data from UK-based consultancy Cirium Ascend. (Reporting by Tim Hepher. Editing by Jane Merriman)
Zawya
05-03-2025
- Business
- Zawya
Saudi PIF signs $3bln agreement with Italian export credit agency, Al Ekhbariya TV
Saudi Arabia's Public Investment Fund (PIF) on Wednesday signed a memorandum of understanding worth $3 billion with Italy's state export credit agency SACE, Saudi's Al Ekhbariya TV reported. The agreement provides the necessary financial support to enhance the collaboration of Italian private sector companies with PIF and its portfolio companies, Al Ekhbariya said. (Reporting by Jana Choukeir. Editing by Jane Merriman)
Zawya
02-03-2025
- Business
- Zawya
Mideast Stocks: Saudi bourse extends losses on lacklustre earnings; Egypt gains
Saudi Arabia's stock market ended lower on Sunday, extending losses for a fourth session, amid disappointing corporate earnings, while Egypt's stock index was buoyed by upbeat company results. Saudi Arabia's benchmark index fell 0.6%, hit by a 0.4% drop in Al Rajhi Bank and a 3.4% decrease in Riyad Bank. Elsewhere, Saudi Tadawul Group eased 0.5%, after the operator of Saudi Arabia's stock exchange missed analysts' estimates on annual profit. Meanwhile, oil prices fell on Friday as markets watched an Oval Office argument between the U.S. and Ukrainian presidents while also bracing for Washington's new tariffs and Iraq's decision to resume oil exports from the Kurdistan region. Outside the Gulf, Egypt's blue-chip index gained 0.8%, snapping a four-day losing streak. Commercial International Bank rose 1.1%, while Fawry for Banking Technology and Electronic Payment jumped 4.4%, following a rise in 2024 profit. Among other gainers, E-Finance for Digital and Financial Investments finished 2.7% higher, as the payments company reported a steep rise in fourth-quarter profit. Egypt's M2 money supply was up by 32.1% year-on-year in January, central bank data showed. ** Qatar was closed for a public holiday SAUDI ARABIA fell 0.6% to 12,035 EGYPT rose 0.8% to 30,858 BAHRAIN gained 0.6% to 1,971 OMAN was up 0.1% to 4,441 KUWAIT added 0.5% to 8,732 ($1 = 50.6000 Egyptian pounds) (Reporting by Ateeq Shariff in Bengaluru. Editing by Jane Merriman)
