Egypt’s central bank governor, Hesham Ramez, announced that Saudi Arabia has transferred USD 2bn in pledged aid from a total of USD 5bn, El Khabar El Eqtesadi reported.
The Saudi aid is divided between the transferred USD 2bn interest free 5-year deposit, a USD 1bn grant in support of Egypt’s state budget and a further USD 2bn in crude oil and products.
Saudi funds along with the arrival of USD 2bn in aid from the UAE last week boosted Egypt’s dwindling foreign exchange reserves to USD 20bn, according the governor of the central bank. Three Arab Gulf states - the UAE, Saudi Arabia and Kuwait, pledged a total of USD 12bn in aid for Egypt in the wake of the army –backed ouster of President Mohamed Morsi following a popular uprising on June 30.
Turkey will strike Kurdish militant camps in the mountains of northern Iraq if Baghdad does not itself clear the area of militants, President Recept Tayyip Erdogan said on June 7. On June 6, ... more
The Al Dahra Group of the United Arab Emirates (UAE) wants to purchase nearly 60,000 hectares of agricultural land along the Danube River, develop a logistics company including water and road ... more
The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more