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Banking & Finance

Digital bank Wio partners with First Abu Dhabi Bank to facilitate deposits

Arabiya Capital Staff -
State-backed digital bank Wio Bank said Monday that it has joined forces with First Abu Dhabi Bank (FAB) to offer business customers cash and...
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Egyptian authorities cancel letters of credit for importers. Here’s why

Arabiya Capital Staff -
Egypt said Thursday that it had scrapped a requirement for importers to secure letters of credit as part of the government’s broader strategy to...
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Allianz Egypt renews multi-year life insurance deal with Banque Misr

Arabiya Capital Staff -
Allianz Egypt said Wednesday that it has extended its partnership with Banque Misr for five years to integrate the insurance services offered by the...
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Egypt’s President Sisi banks to help clear import backlog within days

Arabiya Capital Staff -
Egypt’s President Abdel-Fattah El-Sisi said Monday that banks will help secure the necessary dollars to clear a backlog of imports, which is estimated to...
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Egypt secures $500 million from the World Bank to expand social security

Arabiya Capital Staff -
The World Bank has approved $500 million in new development financing to expand and strengthen Egypt’s social safety net and protection programme as the...
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Egypt’s central bank hikes key interest rates by 300 bps

Arabiya Capital Staff -
Egypt hiked overnight interest rates by a more-than-expected 300 basis points (bps) on Thursday, the most since 2016, as part of the authorities’ broader...
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UAE-based Fintech Galaxy expands into Egypt with the acquisition of Underlie

Arabiya Capital Staff -
UAE-based Fintech Galaxy said Thursday that it has acquired Underlie, an Egyptian open banking platform that offers application programming interfaces (APIs) to banks and...
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IMF reportedly expects Egypt to switch to flexible exchange end of December

Arabiya Capital Staff -
The International Monetary Fund (IMF) is expecting Egyptian authorities to switch to a flexible exchange rate after a requirement to finance imports through letters...
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IMF executive board approves $3 billion Egypt extended arrangement

Arabiya Capital Staff -
The International Monetary Fund (IMF) said Saturday that its executive board has approved a 46-month $3 billion financial support package for Egypt which is...
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AD Ports, Invictus Investment to jointly invest $6 billion to develop Sudan’s Red Sea port

Arabiya Capital Staff -
Sudan has signed a preliminary agreement with a consortium led by the UAE’s AD Ports Group and Invictus Investment to develop, manage and operate...
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