Wednesday 27 October 2021

Saudi Arabia supports Pakistan economy with $3bn deposit

The Saudi Fund for Development (SFD) has announced the issuance of a Royal Directive to deposit $3 billion into the State Bank of Pakistan to help the Pakistani government support its foreign currency reserves and help it in facing the impacts of the coronavirus pandemic.  


Ripple, Pyypl debut new ODL service in Middle East

Ripple, a leading provider of enterprise blockchain and crypto solutions for cross-border payments, has launched RippleNet’s first-ever On-Demand Liquidity (ODL) deployment in the Middle East, together with Pyypl, a blockchain-based fintech. ODL leverages XRP, the best digi


Dubai CommerCity signs strategic deal with Mashreq

Dubai CommerCity, the first and leading e-commerce free zone in the region, has signed a strategic Memorandum of Understanding (MoU) with Mashreq, one of the leading financial institutions in the UAE.   The MoU aims to offer Small to Medium Enterprises (SME) wit


WAIFC leaders convene in Dubai for the first time at DIFC

The World Alliance of International Financial Centres (WAIFC) leaders have convened in Dubai for the first time at DIFC and unanimously approved the membership of The Italian Banking, Insurance and Finance Federation (FeBAF).   FeBAF was an observer before, and


IHC announces $98m cash offer for Arena Events Group

Abu Dhabi’s leading conglomerate International Holding Company’s subsidiary Theta Bidco will acquire Arena Events Group, a world-leading events services business for a recommended AED359 million ($98 million) cash offer.   The deal is at 21p per Aren


Speakers named for 12th World Chambers Congress

Over 80 speakers will gather for the 12th World Chambers Congress (12WCC) in Dubai and share their insights on “Chambers 4.0”, a new approach to how chambers of commerce should serve their members and social ecosystems. Co-organised by the International Chamber of Com


S&P affirms stable credit rating for Ras Al Khaimah

S&P Global Ratings updated the credit ratings on Ras Al Khaimah, affirming the A-/Stable/A-2 sovereign rating. Key highlights: •    The stable outlook reflects S&P Global Ratings' expectation that RAK's government


‘2021 to be first trillion-dollar year for green bonds’

The year 2021 is set to be the first trillion-dollar year for green bonds, with a “major industrial transformation” in the next decade pushing firms to become carbon neutral or carbon light, said Noel Quinn, CEO of HSBC. Speaking at the Middle East Green Initiative Su


Yokogawa invests in Web Synergies to expand digital transformation capabilities

Yokogawa Electric Corporation has said it has invested in Web Synergies, a Singapore-based company that provides IT and integrated IT and operational technology (OT) solutions to many industries including oil and gas.   Both companies have been successfully coll


Saudi fintech investments top $340m in 12 months

Saudi Arabia’s financial technology sector grew at an accelerating pace over the past 12 months, as the number of fintech companies increased by 37% and investments topped SR1.3  billion ($347 million), said Fintech Saudi  in a new report. “Despite the excep

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