Egypt Free Floats Pound, Raises Lending Rates to Spur Economy

Egypt took the unprecedented step of allowing its currency to trade freely as it announced a series of sweeping measures to stabilize the economy.
Among other changes announced by the central bank early Thursday was […]

From Regulation to Innovation: New Product Development in Banks

One of the commonly mentioned obstacles to SME and Retail banking innovation is regulation – banks generally decry the amount of resources (time, attention, money, opportunity cost) they have to dedicate to navigating their legal […]

NBK moving closer to customers digitally

NBK moving closer to customers digitally – Bank leads change with best global practices

The National Bank of Kuwait continues to position itself as the premier bank of choice for both domestic and foreign corporates doing […]

Tanzania: Dar Bank Introduces SMEs Centre

Stanbic Bank has launched a new centre which offers full range of banking services to SME’s to provide more convenient services to entrepreneurs.

The new centre dubbed Enterprise Direct, comes up with a wide range of […]

60% of EIB investment in MENA region directed to Egypt in 2015-2016

Among other ventures planned for the near future, the European Investment Bank expects to sign a loan worth €115m with the Gulf of Suez Wind Farm, says EIB’s chief economist Debora Revoltella

The European Investment Bank […]

Which MENA Countries Lead in Digital Banking Adoption?

Mobile banking adoption rates are at their highest in emerging markets, according to the “Mobile Banking 2015” report by KPMG. And Gemalto estimates that mobile banking users in the Middle East and Africa will exceed […]

Tanzania Banking Sector Is Sound, Stable – Bank of Tanzania

The banking sector has remained sound and stable with levels of capital and liquidity above regulatory requirements.

The sector continued to record steady growth with total assets growing by 14.6 per cent to 26.98tri/- at the end of April 2016, compared to 23.55tri/- recorded at the end of April, last year.

As at the end of March 2016, the ratio of core capital to total risk weighed assets and off-balance sheet exposure was 18 per cent compared with the minimum legal requirement of 10 per cent. […]

Expect Much Higher Oil Prices As The Cycle Comes To An End

 

Global Oil Markets would soon be back in balance. Picking an exact date when an oil cycle will end is difficult, but they do call them “cycles” for a reason. This cycle is no different than all of the others that came before it. Oil producers and consumers respond to price changes, which brings supply & demand back into balance, just like they always do. […]

Saudi Prince Says Aramco Valuation Seen at Above $2 Trillion

 

Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said he expects the value of Saudi Arabian Oil Co. to exceed $2 trillion as the kingdom prepares to sell part of the company in what could be the world’s largest initial public offering.

The valuation of the oil producer known as Saudi Aramco hasn’t been completed, Prince Mohammed said in an interview with Saudi-owned Al Arabiya television. The government plans to turn Aramco into a holding company and will sell less than 5 percent of that entity, he said. Aramco units may be offered for sale at a second stage, he said.

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Angola Hits Jackpot in Oil and Natural Gas Reserves

 

The Angolan National Society of Fuels (Sonangol) discovered enormous reserves of oil and natural gas reserves equivalent to the basins of Cuanza and Congo, reported today the Public TV.
According to estimates, the exploitation of these new reserves would be enough for a daily production of two million barrels of oil during three years.

The event would help Angola to increase production that at present is estimated in 1.8 million barrels per day of the fuel.

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Is 2016 the year when the world tumbles back into economic crisis?

Some see China’s share collapse as merely a symptom of middle-class prosperity. Others take a darker view – and if they are right, the global threat is real.
Rarely have financial markets had a more traumatic start to the year. Shares plunged, the price of oil clattered to its lowest level in 11 years, trading on the Chinese stock market was halted twice, and the World Bank warned that a “perfect storm” might be brewing.

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Saudi Aramco privatisation plans shock oil sector

If flotation goes ahead, Saudi oil producer will be world’s most valuable quoted company, dwarfing Apple, ExxonMobil and Google.
Saudi Aramco, the world’s biggest oil producer, is studying plans to privatize some of its subsidiaries as well as offering shares in the main business.

The news follows comments made by Deputy Crown Prince Mohammed bin Salman on Thursday that he supported the trillion-dollar company being prepared for an initial public offering (IPO). If the float goes ahead it will be the world’s most valuable quoted company, dwarfing Apple, ExxonMobil and Google.

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